I just took the last 50 minutes or so reading the Emergency Economic Stabilization Act of 2008. I knew something would have to be on paper today, before the Asian markets opened. I’m really disappointed in this and I am willing to point fingers at both the GOP and the Democrats. First it aint comprehensive and there is no assurance we will be compensated after the said five years outlined in the bill. Im still confused, i mean why do I gotta bail out folks for there intentional disregard of the law, why am i being punished for others stupidity? Fuck insuring Wall street, substituting our tax dollars for more worthless paper in the form or insurance premiums. Am I that stupid? Then if the big willie we put over the loot to watch the corporations, decide to steal or do foul wall street shit, the bill dont even allow for the judicial branch to intervene. Cant even take folk to court. Now that is Bush-esque (loving the bankers, speculators over the regular folk). Dont even talk about dealing with laws that put us in this place like the Commodity Futures Modernization Act of 2000 . Rejected a stock transfer tax of 2.5% that would have made Wall street pay for some of this. It still promotes the wealth up to the top jones.
In a few words, this is a piece of shit. They say it is needed, that this legislation is necessary for the survival of the American financial market. They say that some action must be taken I just don’t know if this is the action required to fix the problem. They talk as if it is the do all and be all to deal with our economy. But I don’t see it, I mean; they don’t even know if it will work, at least I don’t. Add to that that if it doesn’t, what will be next.
My problem if passed or not, it is still a 50% chance it will still get worse. I just don’t know how u can come to a dollar figure for a bail out and u don’t know the real value of said assets that the bail out targets. It like paying protection money to a gangster or the Mob; knowing as long as other mobsters are out there, if they aint around (or bought up) they can’t provide no protection at all. From what I read, don’t say nothing about how to deal with the additional 230 billion this will add to the national debt alone and it won’t be effective until January 2010.
Then these sneaky bastards did all of this behind closed doors as if the folks who gone have to foot the bill, me don’t need to know how they plan to spend my loot. So much for state rights, guess they don’t exist anymore. It aint rocket science, Goldman was likely on the other side of the default swaps and these swaps in general were nebulous if they existed at all. All I can see that this bill does is cover up the past stupidity of our elected leaders – it covers up their actual legislative failures.
Like I say, they act like this will work or that they know it will, I aint so sure. I figure two things are possible. The first is a run on the dollar at home, im sure a few more banks gone topple over. I mean 57% of our treasury bonds, in the form of debt is own by foreigners. We can’t stop them, say like OPEC nations from getting together, what makes us so sure them folk wont hook up and be like,” let’s stop buying US Treasury bonds and lets sell them all?” And the way I understand Treasury bonds, they the mid point between what we spend as a country and what we save. Number two would be as I have written before – deflation and ask
I really think that they should have let the economy fall, then regular folks who don’t care, or who wont read the 106 page bill would have to start saving and get they shit together. Like I said they say it is gone work, I just don’t see it as being that certain. I do know that we some resilient folk – after all we still Americans but them folk on capital hill is way out of touch and out of line for this. I guess that’s what Meth was methaphorically describing in Shadow Boxing. Welcome to the shadow government. And Im gone read it again a few more times, i had to stop shit made me mad jones. vote