Sep 29 2008
Warning: I’ve been drinking and posting
So this bailout, which I’ve posted plenty about, was all rushed through the weekend so that the Asian stock market would improve… well it fell anyways. Good going on that one.
Please congress please, pay attention to the people who elect you, DON’T PASS THE BAILOUT.
It’s rumored that McCain may not attend the vote. If he doesn’t, he’ll at least have gained a little more of my respect. Not enough to get my vote, but at least the man would be listening to America.
I found this quote that amused me:
“For the average person, $700 billion sounds like a whole heck of a lot of money,” said John Silvia, chief economist for Wachovia. “It’s reasonable to look at that number and be scared about it, but in the end, the Treasury may actually make money from the deal.”
You think? Of course the treasury is going to make money! How much of that do you expect to trickle its way back to our pockets though?
Listen up government, we know you need to do something. We get that, so quit saying it. This bailout, however, is not the right thing to do.
“I’m tired of rewarding institutions and people for the bad decisions they have made,” said Dean from Madison, Wis. “Sure, it will hurt tax payers if/when some of these institutions fail, but perhaps we need to let that happen. We do not need more big government involved in our lives. Enough is enough.”
Couldn’t agree more.
“This is robbery pure and simple,” Anna from Denver posted on CNNMoney.com’s TalkBack blog this weekend.
Pretty much!
“Companies, like individuals, should be held responsible for their decisions,” wrote Jorge from El Paso, Texas. “This buyout does not address the other problems in the pipeline such as personal credit default and market slowdowns in most industries. No new jobs will be created.”
Exactly. And to boot, the Wall Street Investment firms are now all gone, merged, or regular banks, so what is Paulsen going to do with this money?
“Once I invested in something and lost money. Maybe I could just change the rules of investing so that my loss turns into a gain? Oh, I forgot only banks can do that!” Said Jordan from Charlestown, Ind.
Oh and btw those golden parachutes? Yeah those aren’t limited in the bill at all either.
“I will be watching to see which of our representatives vote for this bailout,” said R. Kidd in Troy, N.C. “Let the American people see how many we can fire come election time.”
Listen Congress, your jobs are on the line, Americans all over are pissed.
“Call your Congressman. Stop blogging, posting comments, and call your congressman. This is the patriotic thing to do. Let them hear your opinion, show them this is still America and that you will not stand for this!!” Said Danny from Texas.
List of the congressional switchboard toll-free numbers provided here:
1-800-833-6354
1-866-340-9281
1-877-762-8762
1-866-808-0065
1-888-355-3588
1-866-220-0044
“There is nothing in the bailout that will mitigate widespread damage caused by foreclosures,” said Michael Calhoun, president of the Center for Responsible Lending. “The bill includes a vague provision that calls for the government to buy mortgages and securities and then try to modify them, but this will have very limited impact. It doesn’t stop the epidemic that will continue to drag down property values for everyone.”
A full draft (100-something pages) can be found here:
http://money.cnn.com/2008/09/28/news/pdf/index2.htm
Argh, I’ll do more of this later…
