Tuesday, September 30, 2008

US house reject Bailout package,.Against=228 & For=205.

Using BlackBerrys in Congress should be a felony.The 110 page draft can be downloaded, but who has the time to read it.Let us get it over, soon and move on.

This plan is indefensible using reason. That's why all they have resorted to is fear mongering. Disgusting. Shameful. Irresponsible and insulting."...this sucker could down!" "Financial Armageddon""A once in a century event" "Unthinkable catastrophe" "3-4 million Americans will lose their jobs in the next 6 months" "A meltdown on Wall St. that will IMMEDIATELY cause a meltdown on Main St."Pelosi's statement was priceless- "All of this was done in a way to insulate Main St. and everyday Americans from the crisis on Wall St."Insulate? Then why no bankruptcy reform? Why no money for investigators and auditors to provide transparency of the web of toxic practices that got us into this mess? Why no commitment to shut down the CDS casino going forward? What you sold to everyday Americans is the most expensive blanket ever made while neglecting to fix the heat.The fundamental principle of this bi-partisan plan is a $700 billion dollar tax increase on Joe six-pack and his family to pay the gambling debts of multi-millionaires. That's just a fact. The bogus possibility of taxpayers recouping their losses on those worthless credit derivatives is dependant on the housing bubble re-inflating, which we should all be hoping will not happen! If it does, it will only be brief before it bursts again because bubbles must burst by definition. Inflated price/household income ratios are dangerous. Get it? Talk about voodoo economics. This is the equivalent of bloodletting to treat AIDS.200 economists wrote to Barney Frank and Co. urging them to wait and study alternatives. He told them to take a hike. The public, screaming in fury at their representatives in polls and thousands upon thousands of phone calls, letters and e-mails were told to take a hike.Exactly WHY there isn't more time has never, I repeat, NEVER been laid out in unambiguous terms. All we've been fed is a revolting diet of the politics of fear. "You won't be able to get a mortgage! Credit card rates will skyrocket! Businesses will be unable to expand and grow. Unemployment will rise!" They think we're idiots. All these things have temporarily happened before without cries of Armageddon.Sure, if you got bad credit, you won't get a sub-prime mortgage, which is a really good idea. But mortgages make banks money, they're not going to disappear. Credit card rates going up might cause people to stop living beyond their means, also not a bad idea. Businesses with good products and good models will grow because they are profitable, worthy of investing in. Those with no profits, when you take away the deceptive accounting tricks derivatives facilitate, will fail. And a jobs program would cost a lot less than $700 billion dollars.The policy makers on both sides of the aisle who accept this deal are lying to us and bowing to fear, subservient to financial industry lobbyists. This bill is a big, fat ugly mistake that must be stopped.
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