No. Seriously, no. This is fucking ridiculous.
As an update, kos at DailyKos is right.
I am now certain that this is all a giveaway to the GOP’s friends on Wall Street and an effort to financially handcuff the next administration. It has little to do with saving the economy. Otherwise, Treasury and White House officials wouldn’t be talking about bribing and arm twisting these banks into taking government handouts.
This is extortion, plain and simple. Give us money, or the economy gets it. wtf?
naked capitalism is a great resource.
Sign the Sanders letter! This guy gets it! h/t to the awesome OpenLeft.
In his post The bailout and 2010, kos is absolutely right. I certainly won’t forgot who votes for this bill. It’ll be right next to the list of people that voted for the FISA compromise this Spring. (Senator Bill Nelson, I’m looking at you.)
Matt Stoller channels my progressive rage: Opening the Day: Why Democratic Candidates Aren’t Harder Edged
Mr. Obama, in a statement, said: “When taxpayers are asked to take such an extraordinary step because of the irresponsibility of a relative few, it is not a cause for celebration. But this step is necessary.”
No, bullshit. I call bullshit. The top 0.5% can shoulder the burden of their own bailout. To force 99.5% of Amercians to pay for the blunders of the top 0.5% is simply unconscionable. This is revolting. Apparently, no we can’t, eh?
11 Comments
Brief, and to the point. Couldn’t agree more.
The sudden urgency feels exactly like the call for the Iraq war, and the lack of options is a hallmark of this administrations’ (lack of) planning. Rich CEOs are rewarded for creating this situation, and people with the loans and the taxpayers get to suffer.
Think if we took that 700$Bill and provided universal health care to everyone. Vets and the elderly are already covered, so it’s just be everyone else, then think about businesses and how much more completive they could be in the market. Less expenses for them, higher salaries for workers, more jobs stay here, no more runs in the ER for kids w/o insurance who just have colds…
Here’s why the banks need your tax dollars!!!
Washington Mutual Chief Executive Alan Fishman has a base salary of $1 million, which translates to $19,230 per week.
yeah i am suspicious about the credibility of this administration (read: none). but at least the deal isn’t guaranteeing all 700b just out of the gate with unfettered power for Hank Paulson. It’s classic Bush tactics: act now or see a mushroom cloud on the horizon. Do you believe it and be taken for a ride; or ignore it at possible peril?
This is not a republican issue. I am a libertarian, most of the republicans I know oppose this shit with a raging fury.
This is not capitalism. This is government subsidized failure. If I start a business and I fuck it up, nobody comes running at me with other peoples money to fix it. I wouldn’t want them to.
I also doubt these institution are in as deep of shit as they claim. How much property gets forclosed on as a result of these non-paying debters? How much do these banks hold in terms of hard assets?
I wonder if the bailout (i.e. govt purchase of banks) is actually just a way for these companies to make payrole for the next 3 years while the forclosures are in processing.
HAHAHAHAHA the GOPs friends? Are you fucking serious? The GOP stopped the bill from going through the house, your friends the Democrats pushed it through the senate and want it to go through the house. John Mccain is a fucking retard for trying to push this through but Obama is just a guilty or more. Obama stated that he was against the bill, they suddenly votes in FAVOR of it? Give me a break, he’s worse than a politician, he’s a fucking ass.
Bush doesn’t want this economic crash to be his legacy, thats why he’s pushing for this. The rest of the bailout supporters (both Dems and Reps) are on the Fanny Mae / Freddy Mac paybill. Take a look at how much money both McCain and Obama have received from these institutions.
The worst part of this is that these subprime mortgages haven’t even been valued yet - nobody knows how much they’re worth on the open market.
It is really outrageous that they expect my hard-earned money to pay for their incompetence and a list should be compiled of all the bill-supporters to ensure they are NOT re-elected.
Anyone who thinks this doesn’t play right into the GOP’s greedy porky hands is a fool. What better way to screw Obama than to saddle him with THIS fucked up pile of shit. And the billionaires get to keep their money, and will keep on giving lots of it to their GOP pals. Not that the Dems stood up for the little guy. They rolled over to avoid once again losing an unlosable election. After all, if the billionaires won’t pay for votes, who will? But that stills makes them all accomplices in this act of financial terrorism.
So the only way we can fight back is to boycott the banks? I don’t want to pay taxes if I’m inadvertently paying for houses/bad loans. Ahhh…this makes me so MAD.
Here is a balanced view: phuck the kocksucker ass-wipe Republicans - they are the dipshit big business coddlers asleep at the wheel who allowed the phucking mess we see the last 2 weeks. You call it - unregulated toxic lending bringing down the big financial institutions, Mid-East quagmire killing the sons/daughters of poor people, environmental laws strip-mined, out of control deficit dooming my kids future, stripping basic services for disabled - fuck those schithead bastards! Phuck those butt-phuckers and the mule they rode in on! All those phucktard assholes have done for the past 8 years is squat down and take a big steaming dump of schit right on the head of the little guy.
Every comment here, I think, speaks the great truth that many people are hardly aware of.
Like fak3r puts it, the whole thing has been incredibly impulsive and therefore tactically similar to gaining support for the Iraq War.
I can’t stand these people. Failed businesses are failed businesses, and I fought with a few organizations to let both legislative groups know what we believed absolutely needed to be done.
>:c <— my angry face
I mean, it’s only $700,000,000,000. Not like it’s useful anywhere else.
Or that awesome war, that’s real useful too.