Wednesday, October 1, 2008

Giving up on Any Chance for Prudence

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.

2 comments:

watchtower said...

Tight credit, fear send Sept. auto sales below 1M

By TOM KRISHER and BREE FOWLER, AP Auto Writers

"A few years ago I'd have jumped out the window with these numbers, and we're on the 39th floor here," Mark LaNeve, GM's vice president of North American sales, said in a conference call from the automaker's downtown Detroit headquarters."

"Mike DiGiovanni, GM's executive director of global market and industry analysis, said it is critical for Congress to approve the government's $700 billion bailout plan to free up credit for car buyers and small businesses."

"The psychological impact is of particular importance here," he said. "We need to break that cycle. The only way I know to do that is to pass this legislation."

Are these people on crack?
No wonder GM is going into the sh***r.
Do they not realize that most sane Americans see this bailout for what it is...a "bankster" grab?
You know I was actually thinking of buying one of the new Camaro SS's when they come out but this kind of sh** right here really pisses me off.


@ GYSC
From what I have read they put the "new" FDIC limit at $250,000 because everbody was taking their money out and putting it someplace else, basically did this to stem a "silent" bank run that was happening.

Anonymous said...

Hey All,

Watched it all Live on CNN. For shame..... what a shameful bunch of chumps and chimps up there telling each other how they must do the right thing and how this is the right and only thing to do!

Bu11 Cr4P!

Oh just a little heads up guys.
My coin dealer is completely out of silver. As in NONE! As in jack squat and gold is at least $40+ over spot. So the smart money already knows what the price of real wealth is .... just wait until food/gas/service prices all catch up with reality. Gun show this weekend..... load up boys!

G

PS: God speed GYSC league.