Great Depression 2.0 Update: And These Are Their Names
We’ll be honest with you: We see both sides of the bailout thing. On one hand, it most definitely is some new weird brand of Republico-Socialism to be bailing any of these fucking death merchants out. But on the other, you and I will probably suffer more if, right now, we don’t. History will be the ultimate judge of this toxic clusterfuck, and so, here’s the list of Local Prominent White Men, I mean, senators who are giving the new 45-page jawn a big ol’ thumbs up:
Senators Thomas Carper, D-Del., vice presidential nominee Joe Biden, D-Del., Frank Lautenberg, D-N.J., Robert Menedez, D-N.J., Robert Casey, D-Pa., and Arlen Specter, R-Pa
Well, if it’s gonna be that kind of party, I’m-a stick my dick in the mashed potatoes. Actually, I have no idea what that means. This story is so dry and messed-up that I already fell asleep at my desk. Damn.
PBJ: Cap’n Credit Crunch
Previously: Department Of Impending Economic Doom Might Cost You The Election: Jim Gerlach Edition
October 2nd, 2008 at 2:53 pm
May I recommend an easy-to-read primer (and treatise on the American brand of “free-market” capitalism in general)?
http://www.arthurmag.com/magpie/?p=3149
October 2nd, 2008 at 5:01 pm
The bailout is pretty much a must do at this point. The real story will probably get written in about 5 years.
There is no question that there has been a fox in the hen house for sometime.
Both parties are in full CYA mode to avoid the fall out that will come from letting things get so far out of hand.
October 2nd, 2008 at 5:31 pm
First, Su Su: I think you have the best handle ever (have I said this in a previous Philb thread?). Maybe it has something to do with my association of the song with Patrick Batemen and American Psycho – but it’s also clever yet subtle.
Second: this bailout should in no way be construed as “socialism.” It’s trickle-down corporate welfare at best. What the government did with Bear Sterns, Fannie Mae and Bernie – uh- Indy Mac is somewhat closer to “republico-socialism,” whatever that means. The government may be able to break even or even profit from these arrangements.
However, with this “700bil” bailout (keep in mind that the newly passed senate version adds an additional $150 bil in tax corporate/insanely-rich-person tax breaks!!!) all that we’re doing is relieving these fucksters of their troubled “assets.” We, the taxpayers, assume all their risk – they set up business as usual (with the assumption that their prosperity will trickle down to small businesses in the form of credit lines).
Don’t get me wrong – action needs to be taken, but this bill is so woefully inadequate, it’s a fucking joke.
The new senate version has slipped in a bunch of nigh-bribes to get the bill through the house this time (they inserted pet projects for specific congresspersons who voted no last time around). The house was more hesitant to pass this bill because their seats are up EVERY 2 YEARS and will actually be held accountable for this crime against the taxpayers. I urge everyone to find their local representative and DEMAND that they vote, “NO.”
Don’t know who represents you in-da-house? Look-y here:
http://www.visi.com/juan/congress/cgi-bin/newseek.cgi?site=ctc&state=pa
[end rant]