Game Over

America is now considering bailing out the financial institutions of the World.

… To even entertain this idea, we are obviously on crack. I mean first off, why don’t we try to help the Americans who were tricked by corporate hacks into thinking they could afford homes they couldn’t by paying off their mortgages so they don’t default on their loans? This would help the banks get their money AND would help the people keep their homes. This seems to be an infinitely better course of action than to simply give money to corporations so they don’t tank.

What the fuck is going on? Everone has obviously gone totally insane.

As an aside, the trouble we are in is not only due to the Republican tenet of small government and deregulation, but also likely due to the greedy actions of a few inside traders who orchestrated the collapse of Bear Sterns and Lehman Brothers. Now, I think we would be screwed even if these pillars of the financial world remained intact, but we probably would not be as totally flat-out fucked as we are today if these greedy bastards didn’t play their games with wild put options.

Every day more information comes to light that just makes me want to wretch. Behold the legacy of the Bush Administration, total financial ruin! Who are all the people who actually want to vote for McCain at this point? This is the guy who wants to privatize both the Social Security System, and the healthcare system because, in theory, markets free from government intervention run better… Do you have any idea what Americans would be dealing with right now if both of these institutions were privatized?

Wake up people!

(Update 1)

It looks as if at least some people are attempting to factor in the common man, as well as the ridiculous compensatory packages that are being considered for the executives of these horrendously mismanaged companies. Nancy Pelosi said, “We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome.” Bravo! None of the CEOs associated with any of these companies should get a cent for bankrupting their organizations and putting America on the brink of financial armageddon the way they have. Hell, they should consider themselves lucky that we don’t have them arrested for gross negligence, collusion, malpractice, or whatever else might be applicable when someone or a group of people take actions that nearly bankrupt the Country… The RICO Act perhaps?

(Update 2)

After reading this headline I really wonder if we are all suddenly becoming retarded.

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~ by Woeful on September 21, 2008.

8 Responses to “Game Over”

  1. Reading your post is fueling my anger. You are making far too much sense so I might have to stop. I am employed by one of the two investment banks that were just turned into holding companies. I can tell you that it’s no fun working in the trenches. You want to see the guilty parties get their due, but not at the expense of your own job!

  2. Not to disagree with much of what you say about compensation and the general distaste for bailouts, but I put forth the suggestion that you underestimate the precipice that we stand on. I also suggest you not forget the role that Clinton era policies play in today’s situation.

    If this bailout is blocked by Congress, or somehow fails in its implementation, the credit markets will fail. If the credit markets fail, noteabley the commercial paper markets, then you will see not only many money market funds fail, but you will also see a string of banks pulled under. Not, by the way, a string of community banks, but a string of second and third tier banks… possibly even a top tier bank (of the group of B of A, JPM Chase, Citi, Wachovia, and Wells Fargo). After that, banks would pull credit from borrowers, both personal borrowers and business borrowers… even other banks. Businesses (who don’t keep much cash laying around) would run out of cash without their credit facilities to smooth their cash flow. It’s really not a good situation.

    I know it sounds like I’m just being a kook, but people said that about Ron Paul six months ago when he talked about the Fedeal Reserve and Wall Street. Just sayin’.

  3. Wall Street Woes May be Wall Street’s Fault? Who the heck wrote that? What, slow news day? Did the monkeys just start typing and they actually got it right?

    Insanity does not even begin to describe it. Of course, what still gets me, if anything, is how the “polls” are STILL close. I mean, what do the Repubs. have to do for it to be a no-brainer, they have to be voted out? How bad do they have to fuck the country (literally or otherwise) before wise up and finally say, “I am not taking this anymore?” I am telling you, the more days go by, the more moving to Canada looks better. Heck, I speak Spanish, so Latin America is also an option at this point. And yes, I know Latin America is not perfect, but at least if a government is made up of assholes, someone gets on their horse, leads the peasants in a coup, and new government. And even if the caudillo loses, at least they stood up, which is more than the cowardly morons here who keep voting for the same clowns over and over. Actually, calling them clowns would be insulting to the clown. At least clowns make you laugh.

    Sorry so long, but by now, nothing surprises me any more. I am just waiting for the next screw up and hoping it won’t cost us too much.

  4. The best post I’ve read about this is here: http://www.dailykos.com/storyonly/2008/9/21/9322/74248/245/602838

    It’s long, but written in everyday terms so that my eyes didn’t roll in the back of my head 🙂

  5. Dances With Books, Canada isn’t doing so great right now either. We’ve been hit by the sub-prime mortgage debacle too. Fewer Americans are buying Canadian products, meaning that 90000 manufacturing jobs have been eliminated this year alone.

    I don’t remember all that much from history class but I do remember “buying on margin” and how much trouble that caused so I don’t see why it should be happening again. Why would you give someone the deed to a house without requiring a down payment first?

  6. ‘What the fuck is going on? Everone has obviously gone totally insane.

    Yup. Everyone I talked to about this is running around like a chicken with their head cut off. Nobody really understands what’s going on, including myself. I find it ironic that a Republican wants to pull a “socialist” move as such and just as ironic that “liberals’ such as myself object to bailing out Wall Street. Between that and the “war on terror” they continue to f!ck us every which way they can!

  7. This is very sad… The mighty are reeling under immense pressure. I really do not like Pat Buchanan, but a recent editorial he wrote is so accurate it makes me ill:
    http://news.yahoo.com/story///uc/20080919/cm_uc_crpbux/op_337446

  8. Why would you indeed give the deed to a house (or anything for that matter) to someone who can’t pay, and you know can’t pay? One simple word: greed. I say hang the lot of them: the morons who took the loans out for houses they certainly could not afford and the other morons who gave them the loans when they knew better.

    And yea, I know, Canada may not be doing that great, but I mean, after the administration here, how bad can that be by comparison?

    At the end of the day, what we need in this country is to literally fire every single politician. Start completely from scratch. It should be such an overturn that there would be no incumbent left in office. But we all know that ain’t going to happen. Ay caramba.

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