Short post tonight as I am both short on time and shorty going to be throwing up if I listen to any more US senators speak about the bailout bill.
"We Must Do This Right"-What is "This" Exactly?
I have heard no less than 6 senators give as their main reason for backing the revised bailout bill that "We must do this right". What the hell does that mean? Do what? Pass a crazy expensive bill that has no oversight and no end as the deal itself is a revolving door for losing money? Helping out FICO score 500 deadbeats get more loans for more used cars they will default on? What? Crickets. Not one senator has so far explained why they themselves are backing this plan as a way to help the economy. All platitudes and cliches. Sick. Sad. Should be criminal.
Giving up on Any Chance for Prudence
I have seen many quotes from house republicans tonight that the "major" changes to the bill would likely change their vote to yes. I mean, can they even be serious? FDIC limits raised to $250k is nice I guess, but I bet you do not know even one person that was worried about losing their deposits over $100k! How about that major game changes of placing a tax on laminated arrows so that practice wooden arrows can remain competitive in the archery world? That clinches it for me, I would vote yes on the power of that change alone.
I had some hopes that the house vote on Monday was for real, but now it looks like it was a big mistake by the house by accident. This bill is going through. All that remains is to remove those that vote yes from office.
New poll question up tonight. Have at this one:
Now that the bailout bill will be passed, what response best capture Wall Street's reaction?
A. "Now we will be able to supply much needed credit to our fellow Americans and keep this economy going."
B. "WOW! They bought that whole Main Street will suffer bit, business as usual boys!"
Have a good night. After you puke.