Bush Treasury Secretary Hank Paulson just wrapped up his press conference announcing the Mother of All Bailouts. He said a “bold” approach was needed to achieve “stability” in the market.
Let me translate that.
“Bold” = Massively massive, taxpayer-funded rescue.
“Stability” = Privatizing profits and socializing losses on a scale we have never seen before in our lifetimes.
I have had it with Pollyanna conservatives who continue to parrot the “fundamentals of the market are great!” line.
The fundamentals of the market suck. The fundamentals of capitalism have been sabotaged.
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This has got to stop! How much will this cost us in the long run for a short term improvement? Where is our representation? Thanks Bush, for showing us just why your approval rating is so low!
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#1
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Posted September 19 2008 - 11:02 PM
But seek first His kingdom and His righteousness, and all these things will be added to you. Matt 6; 33
#2
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Posted September 20 2008 - 08:17 AM
One thing is for sure and....it came out during the ENRON hearings, when an independent accountant testified before the Congress or Senate (whichever)..he laid out how deregulation among financial intitutions was "the other shoe yet to drop"....I confess I didn't really grasp exactly what he meant at the time.....Now I understand:
When the mortgage companies were awash with all that borrowed money from China and the like...they did everythg short of setting up shop and handing money out to "strangers"on street corners...now many want to blame the "strangers" for taking the cash!
During this " lending boom" you could buy a house easier than you could rent or lease an apartment!! And no social group was putting pressure on the guys handing out the cash...they didn't need to!!
When the mortgage companies were awash with all that borrowed money from China and the like...they did everythg short of setting up shop and handing money out to "strangers"on street corners...now many want to blame the "strangers" for taking the cash!
During this " lending boom" you could buy a house easier than you could rent or lease an apartment!! And no social group was putting pressure on the guys handing out the cash...they didn't need to!!
#3
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Posted September 20 2008 - 09:31 AM
stark, on Sep 20 2008, 11:17 AM, said:
One thing is for sure and....it came out during the ENRON hearings, when an independent accountant testified before the Congress or Senate (whichever)..he laid out how deregulation among financial intitutions was "the other shoe yet to drop"....I confess I didn't really grasp exactly what he meant at the time.....Now I understand:
When the mortgage companies were awash with all that borrowed money from China and the like...they did everythg short of setting up shop and handing money out to "strangers"on street corners...now many want to blame the "strangers" for taking the cash!
During this " lending boom" you could buy a house easier than you could rent or lease an apartment!! And no social group was putting pressure on the guys handing out the cash...they didn't need to!!
When the mortgage companies were awash with all that borrowed money from China and the like...they did everythg short of setting up shop and handing money out to "strangers"on street corners...now many want to blame the "strangers" for taking the cash!
During this " lending boom" you could buy a house easier than you could rent or lease an apartment!! And no social group was putting pressure on the guys handing out the cash...they didn't need to!!
Your right, there's enough blame to go around. The fact our leaders did nothing for 7(?) years while that bubble grew and grew. Knowing good and well once it popped there was gonna be one big sticky mess. It is indeed ugly brother. But I guess all of those hedge fund folks got rich, don't care about us because you and I (and our generations to come) have to clean up the mess.
But seek first His kingdom and His righteousness, and all these things will be added to you. Matt 6; 33
