conraddobler

Ok where to start with this financial cluster we've got going on here and this bailout idear.

Oh where to start indeed.

The bailout, first of all over a hundred guys from the Chicago School of Economics, 4 of which won the nobel prize, said this is a bad idea and it won't work.

This money is just going to Ben Bernanke to fire bullets at the market when it dares try to correct itself, he's playing stretch Armstrong now, depleted his balance sheet completely of short term treasuries to trade for garbage and he can't sell the long dated stuff, 10's 20's and 30's without rocketing bond rates and killing off mortgages.

700 billion is just the credit line, with some wizardry it just expands the FED's ability to operate here, they'll probably start by offloading their toxic stuff they've held for people onto this new shiny taxpayer created line, so they can go out and hold more for people and the hits will just keep on comming.

They've sealed your fate as Americans here, they can buy any security they want, with minimal oversight and as always if we dare question them why the whole world is going to implode.

About the imploding world thing, well it's true, I've said this would happen for over a year now, it's here, but it's not done this is just the start, wave after wave of crisis is now going to appear one after the other because nothing they did fixes housing prices, if you can't fix that, and they can't then it just keeps on chugging.

We had choices here but we weren't allowed to debate them, no time, just gimme your wallet, NOW!

How come I could see this all comming so long ago but these guys couldn't?

How is that?

I work in credit but I have no special knowledge or Phd, and I told everyone how this would go but these guys with Phd's and former CEO's of Goldman Sachs, they had no idea it'd get this bad...

Ok your're being lied to and manipulated and extored and stolen from, it's that simple.

They knew what would happen on the way up and on the way down, we all are a lab experiment now for a lifetime academic with a theory of how to stop a depression dead in it's tracks, so enjoy the thing, just lay back and see how wonder boy does here.

You've been fleeced, now they're going to try and restart lending, manipulate the markets to the extreme, subvert morals, backdoor deals, chosen one capitalisim, the whole nine yards and in the process wipe themselves on what America is supposed to be about.

You, you are going to take it, you're going to sit there and let them, because they have you by the short hairs, so enjoy what they do, because your wallet is theirs now, they own you and I and our children too.

There are many ways to attack American's freedoms, they don't have to kick in your door, no all they have to do is be the sole source of lending, at that point how much power do you have to resist whatever they want to do?

Truth is there were many better ways to approach this, here's a couple choices to choose from not that you'll ever get that choice they're going to see to that tomorrow.

1. Let it all fail, that's certainly an option and absent any intervention the entire system would fail sooner or later, oh not right away it'd take a while, they lied about that too, it would have probably crashed the credit markets which are already frozen, then the stock market, then waves of credit default swap intertwined WMD's would of gone off leaving charred remains of our financial system and nothing more, total worldwide collapse and reset but that' would have meant we'd just have to start over, it's been done before and it'd of been bad but not the end of the world.

2. Send the money to home owners, a guy named McHugh had one idea on that, simply rebate 10 years of taxes to citizens and require we pay down debt with it, it would have cost a ton but probably less in the long run than this and the resulting re-alignment of our national debt ratio would of meant we could pay what was left and things would go back to climbing in terms of housing prices and these instruments would heal themselves.

3. My own idea is that we shoud repeal income taxes altogether, replace it with budget cuts, and Obama's taxes on corporations through loophole closing, it's a trillion $ hole you need to pay for, massive buget cuts, repeal of the prescription drug benefit, means testing SSI, defense cuts, bill Iraq for our staying, all of that would still leave you nearly 300 billion short but the rest I'd implement a national sales tax for to pay for and try and promote less consumption and more savings. Doing this would mean everyone's debt to income ratio would go down effectively and allow them to afford larger homes and I'd rebate all they paid in this year for immediate access to a down payment on a home.

Those are just a couple ideas, they may sound whacky but none of them involve ceeding our national checkbook to a bunch of people who presided over the creation of this mess, which is by the way the whackiest idea I've ever heard of.

So here we are, nothing is fixed, we're poorer, this mess will come back with a vengence the next time and we'll pay the piper one day.

There is no money fairy people, you pay as you go or there will be a day of reckoning, just don't let people take the one thing in your life that is the most important out of fear, that'd be your freedom.

People have died for it, you won't even call your congressman to keep it, you deserve exactly what they have in mind for you.

__________________
At what point then is the approach of danger to be expected? I answer, if it ever reach us, it must spring up amongst us. It cannot come from abroad. If destruction be our lot, we must ourselves be its author and finisher. As a nation of freemen, we must live through all time, or die by suicide.

~Abraham Lincoln Lyceum Address

AZZenny

I get the impression a ton of people called their congressmen, but the point is, they don't give a $#!T. We not only don't frighten them -- we don't really even interest them. If it isn't a well-defined, prepackaged identity-group, they know most of us will forget, will drift off, or can be picked off.

I don't want to believe it's hopeless to change the political system, but it sure feels that way.

__________________

oderint dum metuant (Latin for 'let them hate, so long as they fear').


Well, in truth I'm actually not a total hawk, but I'm not a dove either -- I'm more like an angry pigeon flying over the political arena after a really big meal. -Abba Gav

conraddobler

Well surprise surprise they are afraid of voters.

It was a bad bill, the amounts were never enough to do anything, there is no hiding from this, there are other ideas out there, something will get done and hopefully it'll be well thought out and worthwhile.

You have to restore trust, you can't do that by just dumping money into a black hole.

The real size of this is in the multi trillions, if you can't come up with that kind of cash there isn't anything you can do to save some of these banks.

__________________
At what point then is the approach of danger to be expected? I answer, if it ever reach us, it must spring up amongst us. It cannot come from abroad. If destruction be our lot, we must ourselves be its author and finisher. As a nation of freemen, we must live through all time, or die by suicide.

~Abraham Lincoln Lyceum Address