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Wednesday, October 1, 2008
Incumbent Monkees, Public Footballs
So, the new and improved version of the bailout bill is even bigger than the first, over $100 billion bigger. I am by no means sophisticated in economic matters, and I don't know if we are truly facing an economic meltdown without this bill or not. I don't know if we, meaning the people, should support this bill or not.
But I do know a few things.
One, if someone is trying to stampede you into a decision, it is rarely in your best interests.
Two, the real physical wealth of the US isn't going anywhere. I don't care if the Chinese have bought the Golden Gate bridge, they aren't making off with it. The workers, the plants, the computers, the machine tools are going anywhere either.
Three, the rest of the world is voting with their feet, and running to the dollar. What do they know that we don't?
Fourth, I question that the financial geniuses that created this mess have suddenly become the best guys to get us out of it.
My final take - I will not support any bailout/rescue/Wall St/Main St/whatever bill that does not include provisions to severely punish, and I mean run out of office and jail punish, those that brought this crisis upon us. By this I mean those who promoted legislation to force lenders to make loans that they would otherwise not have chosen to make, and blocked legislation that would have created tools to control the GCEs that caused this mess. I'm talking you Barney Frank, Chris Dodd, Maxine Waters, Franklin Raines, and all the other operators that sought financial and political gain by enabling this dysfunctional betrayal of the American people.
And if that means I suffer through a depression, have to sell apples on the street corner, and live without credit for the next decade, well, that which does not kill me makes me stronger.
Update: The Senate has passed the bill, and I'm wrapping duct tape around my head to keep it from exploding. Not so much at the bill, though that's bad enough, but at the press conference they're having. They're patting themselves on the back so hard you'd think they were asphyxiating on a chunk of steak, telling us what great bipartisan statesmen they were to get this bill done. Hey fellas, great statesmen never would have gotten us in the mess.
More fitting would have been a rash of resignation speeches.