Chris McKitterick (mckitterick) wrote,
Chris McKitterick

$700 billion bailout

You do realize that it's our money that's bailing out these f'ed-up Wall Street companies (rather than the homeowners who'll be losing their homes)? And that this means we will be the ones holding the keys to the banks?


1) Let's examine this proposal. It's our money, after all, so we if we're buying into an almost-incomprehensively expensive deal, I have to object to a few things. Let's start here:
Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Really? No review by anyone, eh? So the people who brought us The War on Terror, The Iraq War, and, oh, The Most Massive Budget Deficit and Economic Fuckups Ever should have "non-reviewable" control of $700 billion of our money?

Um, how about NO.

2) Another of my favorites: Wacky-finances bank Lehman Brothers has gone bankrupt, tons of its employees have lost their jobs, we American taxpayers are going to shoulder their bills... but some of its top execs will get a bonus totaling $2.5 billion.

How about FRACK NO.

3) Doesn't this smell like socialism to you? The folks proposing this deal are from the Republican party, once known as socially conservative and anti-big-government. Hahahahahaahahaha! I laugh! Except that the laugh is angry and frustrated rather than humored.

4) Finally, if you and I are buying up a lot of "bad loans," why help the damn fools who made these loans? Mind you, "bad" mortgages belong to people who were often talked into taking loans they shouldn't have at indecent rates. Why not instead spend the same amount of money to ensure that these homeowners can keep their homes? That would help, y'know, people instead of the assholes who brought us this mess. And infusing security into the housing sector would save the economy in every single way, providing a foundation to the market that collapsed with the housing market. That's no more "socialist" than what the Bushies are suggesting right now, but would help people rather than once again dumping money into corporations and the executives who messed up in the first place.

PS: Wouldn't this be a handy time to have that $500 billion we've wasted on the Iraq War?

I'm disgruntled. How can we stop this horrible, horrible thing from happening the way the administration thinks they should do it?

Tags: politics

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