The Mother of All Bailouts = The Death of Fiscal Conservatism
Scroll for updates…10:54am Eastern Bush speaking now…bailout will be “grease for the gears”… “we expect this money will eventually be paid back”…HA-HA-HA…
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.
Yes, yes, crony Democrats are to blame for much of how we got here. You don’t need to recite all the talking points back to me. I’ve been writing about the Fannie/Freddie debacle for years.
But it is September 19, 2008. And this is a Republican White House presiding over the Mother of All Bailouts. Every step along the way since stimuluspalooza began last summer, we’ve heard that every bailout step was just a one-off. Each step was supposed to calm the markets. Each new government intervention and allocation of taxpayer dollars was supposed to achieve “stability.” Each new package of goodies rewarding irresponsible behavior and bad financial decisions was supposed to prevent new ones.
None did. And now, here we are.
This is your Bush legacy — not Pelosi’s, not Reid’s, not Obama’s: A ginormous bailout of every last, failing, panicked financial institution’s illiquid assets that may reach into the trillions — TRILLIONS – when all is said and done.
Reader John in Venice, CA e-mails: “Going forward there is no debate a conservative can win when pitted against a liberal wanting to spend money on social programs. What would the argument be against spending money on terrible social programs? Government money does not work? Conservatives who are supporting this welfare bailout are no different than Maxine Waters or Barbara Boxer. We have lost. Conservatism has absolutely no more moral high ground to speak from.”
Fiscal conservatism has been on life support for quite some time. Bush/Paulson pulled the plug permanently today.
***
I mentioned the other day that both presidential candidates from the Evil Party and the Stupid Party support bailing out the automakers next.
Here’s more:
The auto industry and Wall Street took center stage in the presidential race Wednesday when Republican John McCain, after touring a suburban Detroit auto plant, declared in his strongest language so far that he will fight for government loans to help the U.S. auto industry retool.
Democrat Barack Obama’s campaign retorted that he’s late to the game.
McCain made an unscheduled stop at General Motors Corp.’s Orion assembly plant in the morning before joining his running mate, Alaska Gov. Sarah Palin, for a town hall meeting in Grand Rapids.
He told a crowd of supporters in downtown Grand Rapids that the economy can be fixed.
“I reject the doom and gloom that says our nation is in decline, because our best days are ahead of us. We will restore America, we will restore this economy,” McCain said.
At the GM plant, McCain spoke to about 100 workers after a short tour.
“I’m here to send a message to Washington and Wall Street: We are not going to leave the workers here in Michigan hung out to dry while we give billions in taxpayer dollars to Wall Street,” McCain said. “It is time to get our auto industry back on its feet. It’s time for a new generation of cars and for loans to build the facilities that will make them.”
McCain’s support of the auto industry on Wednesday contrasts with his position last month when he visited the GM Tech Center in Warren and said he wasn’t inclined to support loans for the auto industry.
McCain, who also did not vote on the energy bill creating the loan program in December 2007, said then through his campaign that his proposals — a $5,000 tax credit for consumers to buy more efficient models and a $300-million prize for battery technology — would accomplish the same goals as the loan program.
Auto industry officials said they believed that without McCain’s support, the funding would get labeled a Democratic ploy. Michigan’s Republican lawmakers, especially U.S. Rep. Fred Upton, are credited with convincing McCain to back the loans.
Obama has backed up to $50 billion in loans for automakers.
***
Here’s Jim Pethokoukis’s take.
Hans Bader at OpenMarket.org: Trillion Dollar Bailout Will Lead to Future Bubbles. Read it all.
***
Update 10:54am Eastern: Bush speaking. He says the bailout will be “grease for the gears”…”we expect this money will eventually be paid back”…HA-HA-HA.
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I take solace in the fact that my wife and I did not buy a home or any other goods we could not afford. We do not take part in any kind of “short sales.” We paid our taxes, as demanded by Uncle Sam.
In the end, we got screwed. So much for doing the right thing.
People need to go to jail.
Unleash Spitzer as a special prosecutor on these clowns. Maybe he can redeem himself.
Just heard Dodd say we may be “days away from a complete (banking) meltdown.”
This from the corrupt chairman of the Senate Banking committee that should have fixed this problem before it started.
Anyone think that will affect the market?
Depressing. The least the government should do is say that if your mortgage company goes out of business then you own you home outright. Seems only fair
Conservatives do NOT support this bailout – and yes, we still do hold the high ground.
The problem is liberalism. They got what they wanted – and everyone else pays for it.
Can we stop bailing out other countries and save at least that money?
So what do we do when China asks for repayment of the $100 trillion THEY LOANED us for the stimulus? And Bela Pelosi wants ANOTHER stimulus?
Also, why are Raines, Gorelick and Johnson allowed to take trailer trucks full of cash that belongs to the US taxpayer? Why is there no automatic jail term? What has happened to any sense of decency, responsibility and accountability? There is some evil kind of mesmerization going on in D.C.
My only solace is that all their millions will be as worthless as all of ours soon.
I read that Obama feels that we really need to be aggressive in solving these veru serious problems so…
Yep..leading the country like only Obama can. He’s a regular whiz when it comes to economics.
I am a Buchananite.
http://www.humanevents.com/article.php?id=28616
The federal reserve is neither federal, nor a reserve. If only there were a political party opposed to Socialism….
I have to, reluctantly, agree with sandyb in post #7.
Then join me, Michelle, and vote for Bob Barr. Let’s put our vote where our mouths are. Deep in your heart of hearts you know Libertarians would never support these plans. You know they would never hesitate to use their veto power. If you want fiscal responsibility, if you want to support the free market without government interference and without milking the taxpayers, then vote Barr.
It’s not enough to diagnose a problem. There must be a solution. And for many the solution always rests on the backs of taxpayers. No more. We vote them in and we can vote them out.
Vote the bums out.
If they aren’t going to criminally prosecute these CEO’s, at a minimum they should be civilly sued for the amount of their compensation/golden parachutes.
Although I think a multi-kabillion dollar fine and a prison term is fair. Starting with those Fannie/Freddie CEO’s working for OB.
So in a way we are back to voting on the lesser of two evils in this election. Awesome.
Since when is “conservativism” a suicide pact?
If the Bush administration had done nothing it would have presided over a far bigger meltdown, as the cascading effects of the Freddie/Fannie scandal and Wall Street debacles would have sent the financial system collapsing on itself.
With it would have gone millions of jobs, and billions in destroyed 401(K)s and pension plans. Not only would the GOP be finished as a political force, but the Dems would rebuild this country along socialist aka progressive principles — and we’ve all seen how that’s worked out elsewhere
So: since when is mitigating potentially catastrophic political, economic and fiscal damage a betrayal of conservatism?
Sometimes bad is bad.
Since when is “conservativism” a suicide pact?
If the Bush administration had done nothing it would have presided over a far bigger meltdown, as the cascading effects of the Freddie/Fannie scandal and Wall Street debacles would have sent the financial system collapsing on itself.
With it would have gone millions of jobs, and billions in destroyed 401(K)s and pension plans. Not only would the GOP be finished as a political force, but the Dems would rebuild this country along socialist aka progressive principles — and we’ve all seen how that’s worked out elsewhere
So: since when is mitigating potentially catastrophic political, economic and fiscal damage a betrayal of conservatism?
Sometimes bad is bad.
I think Fiscal Conservatism has been dying for a good long time. It was dealt its first blow when income taxes we’re introduced in 1913, crippled after WWII as the taxes were raised on everyone to pay for the war and the ‘cold war’, gutted when LBJ raided the Social Security Trust fund in 1964 and replaced the funds with IOUs while diverting the SSI funds to the general treasury, blinded as incomes grew due to inflation but rates not indexed – giving the fed an automatic increase in tax funds, and the introduction of a non-inflation indexed alternate minumum tax (enough said).
All of these factors – combined with the government spending our tax dollars (pork, earmarks, expanding the scope and reach of government, and all of the ‘feel good’ entitlements programs) – as if it wasn’t our money to begin with – has killed fiscal conservatism.
This reminds me of the old quote: “Kill one man, and you are a murderer. Kill millions of men, and you are a conqueror. Kill them all, and you are a god.” Only here, it is: Lose $500 on blackjack, you are a fool. Lose $5000 on blackjack, you are a huge fool. Lose 500 bazillion in ridiculously risky investments, you are a victim and will be saved.
Its worse that the death of fiscal conservatism. It is the death of Capitalism. It is the death of the US Constitution.
Where in the constitution does it say the Feds have the right to spend our money (or inflate it to oblivion), without approval from Congress?
The Globalist have been stealing our country right out from under us, and sorry to say, Bush is one of them.
The banking conglomerate and those who enabled them profit and the taxpayers pay!
When will the CEOs who ran their companies into the ground, yet made millions from their dishonesty, me held accountable for their failures. They should not be allowed to profit.
When will the congressional enablers be held accountable for their actions?
It’s getting more and more disgusting as each day goes by.
The only one’s who are gleeful at all of this economic bad news are the Dems – anything that hurts this country works to their polical advantage which is all they care about.
It is more than just that. The system itself has been corrupted.
How in the world can anyone blame these corporations? Logically speaking, why would any company want to loan money to someone they know will not be able to pay. Believe it or not, they aren’t stupid, they don’t want to take that sort of risk. They really DO want their loans to be paid. It’s because big government (under Clinton) had a great idea to help the poor and those who can’t afford a home, get one by relaxing requirements. Today, we are suffering from this hairbrained idea but Obama wants to institute more of the same. And now, we listen to Obama blame the corporations and those people who should never have had a loan are linning up right behind him…what complete idiots and they will vote these numskulls in again!
This reminds me of the old quote: “Kill one man, and you are a murderer. Kill millions of men, and you are a conqueror. Kill them all, and you are a god.” Only here, it is: “Lose $500 on blackjack, you are a fool. Lose $5000 on blackjack, you are a huge fool. Lose $500 bazillion in ridiculously risky investments, you are a victim and will be saved.
Then how do you explain Wells Fargo, which is at an all time high and quite profitable?
Well, now that our government operates the way the Chinese government does, maybe we can compete with them. And we didn’t even have to wait for Obama to become premier of the Peoples Republic of America.
Bailouts are the result of the undue influence of the MSM in shaping, and shaking, public opinion against Republicans and conservatives of all stripes.
As long as Republicans give in to their justifiable fear of the MSM turning voters against them, by protraying them as unfeeling and indifferent to the plight of “oridnary folks,” money – tax payer money – is and will continue to be thrown at every problem we perceive to exist, or, at least, those problems the MSM works us into a lather telling us exists.
But there is a bright side to the bailout-bongo we’re all dancing to – at least the Democrats are NOT in control of the White House; if they were, rest assured the bailouts would be much greater and farther reaching than they are now.
Hopefully, one day soon, there will be enough Republicans elected in both Houses to where they will no longer fear retribution by the MSM, and they will feel comfortable enough to once again behave in a fiscally responsible manner.
If I were Obama I would recommend that we appoint a committee to conduct a study on whether to appoint a committee to solve the crisis. He can saw that in 300 words and mention “change” and “wealthy” a few times and be set.
I read #7 after posting, and I must agree.
Why doesn’t McCain return any and all funds donated to him by Fannie, Freddie or anyone else? And in doing so, why doesn’t he call on Obama and the Dems who got much more (10 times? 100 times?) to return their donation? It’s the least they can all do to contribute to the bailout.
Bush said “we expect most of this money to be paid back.”
No, Jorge, we expect ALL this money to be paid back. With interest.
Even if we know that’s a pipe-dream.
I’m so happy the wealthy greedheads of our “free market” economy are protected from their own folly. What matter if it destroys a few million people who were stupid enough to try to live within their means and build a life the old-fashioned way?
OF GOODIE!!!!!
I get to work another 400 hrs a year for a bunch of criminals and clueless politicians
Time to form a new party yet?
With all due respect, Michelle, after eight years of George Bush growing government like a democrat, how can we be at all shocked by the bailout?? He has thrown us bones like stem cell research bans and an occasional Bible quote, but he is NOT ONE OF US!!!
I am a Conservative, not a republican. Our country is going to endure a living hell for the next four years, no matter who is elected. Conservatives must decide in the interim if we can take back the “stupid” party or start their own.
In the meantime, cash out and stock up food and ammo. It’s going to get real ugly.
Once again, the greedy and the irresponsible are leaving the rest of us holding the bag. If Franklin Raines doesn’t go to prison for a long time, then we are no longer a nation of laws. Remember, Freddie and Fannie were backing these crummy sub-prime loans which encouraged the banks and lending institutions to write them in the first place. They KNEW they were loaning out taxpayer money right from the start. Guess what, some people aren’t responsible or smart enough to own a home. But the government now wants equality of outcome in home ownership. We are sewing the seeds of future pain here, regardless of what that moron Paulson says. These bailouts are still going to boomerang because the collateral for these loans is still in the hands of people who WILL NEVER and CAN NEVER make good on them. I feel like a moron working two jobs to make my mortgage payment, when the rest of the country just bought whatever house they wanted, and quit making the payments and the government is now going to ride to the rescue of the homeowner AND the idiot bank.
No it’s time for torches and pitchforks.
I’m totally sick. Not only did my family purchase a home we could afford with a conventional loan so we didn’t have to worry about adjustable rates, but we did not invest in these financial institutions that made these bad loads.
We didn’t speculate, we were honest, hard working citizens who followed financial good principles.
Now, we just got “invested” in a bad insurance company and a bunch of bad loans. So Wall Street is all happy again. All the big speculators made their money and will now not suffer any loses – thanks to me, the taxpayer.
The tar is warming up. Who’s got the feathers?
It’s time to listen to Ron Paul. He actually was the smartest man in the room. Here’s some interviews:
here
here
and here
I’m getting a “Don’t blame me, I voted for Ron Paul” bumpersticker.
We need to make our voices heard. It won’t change anything but the people in DC need know how mad and disappointed we are. Call Chris Dodd, Harry Reid, Nancy Pelosi, the White House, the US Treasury. Shut down the switchboards!
I’m not saying greed isn’t involved. I think companies charge an assanine amount for tennis shoes for cryin out loud because they “can.” I think you’ll agree though that you cannot say a mortgage company granted loans when they knew the repayment of those loans were “iffy.” I think Clinton opened the door and the rats ran in. I will say there is virtually no corporate responsibility anymore, but these mortgage companies are completely to blame.
I reluctantly agree. Sometimes the immediate action necessary is not the best long-term solution. (Analogy: My wife is a nurse. She says sometimes they give alcoholics an alcohol IV “drip” to keep them from going into DTs while they address the more urgent medical problems.)
This is a HUGE mess. We need to pressure our leaders for a conservative solution but lets not commit economic suicide for the sake of principles.
Why you racist!
The other day I heard a fabulous solution for the auto industry. The auto industry is asking the Feds for $50 billion dollars to retool.
An astute individual pointed out they can get their $50 billion and we can save $50 billion in taxes. The answer? Repeal the new Federal fuel efficiency mandates to the auto industry, because their estimated cost is $100 billion.
It should be noted that GM is making billions overseas, because those countries do not have our ill-conceived regulatory nonsense.
From the people who brought you the Senate cafeteria!!!
Watching all this unfold over the last 5 yrs has me scratching my head in WONDERMENT… This is like trying to fix a FLAT TIRE while the car is MOVING… It don’t work… We need to take the time to let this thing slow down, or it WILL consume US… Right now it is CONSUMING US… And all the while the very PEOPLE who are supposed to be guiding our ECONOMY, the FED RESERVE, the SEC, CONGRESS, the PRESIDENT are selling all of US down the RIVER…
I am sure they could use the money right now.
And remember what “taxpayer-funded” really means…
Half of our citizens will bear ninety-seven percent (97%) of that massively massive burden, while the other half of our citizens will only bear three percent (3%) of that burden.
Put another way, one percent (1%) of our citizens will bear thirty-nine percent (39%) of that burden.
As Rush Limbaugh shows on his web site:
The top 1% of income earners pay 39% of taxes
The top 25% of income earners pay 86% of taxes
The top 50% of income earners pay 97% of taxes
This “bailout” is a “tax the rich” program.
The Democratic Socialists have won a huge victory,
and President Bush was gullible enough to approve it.
The Democratic Socialists that Obama spoke to in Germany agree:
We must elect Republicans in every race in November (even if a RINO won the primary) and take as many Democratic Socialists out of our government as possible. Then, next election, ensure that only true conservatives win the Republican primaries.
The future of our Constitutional Republic is literally hangs in the balance. This election will determine to which side the balance tips…
The suck it up crowd is to blame for this. If they would have done what was needed last year the price would have been small potatoes. Instead the suck it up crowd wanted the bankers to pay, wanted the homeowners to pay, ect etc. Well they paid and it ended up costing the entire system. I hope all those people that were happy that people were losing their houses because of their “mistake”, that bankers were getting what they diserved are happy. The suck it up club had no idea the ramifications of systemic failure. They still don’t. Fical conservatism isn’t did. Could you all imagine the gov spending that would be coming if we go into a \nother depression. It would make a trillion dollars look tame. Last depression got us SS and the trillions in taxes for 70 years we have been paying.
The suck it up crowd does not understand that we are going to pay one way or the other we will pay.
This is just too scarey. But who is going to get the blame when these companies fail? How loud will the screaming be when we find out the corporate heads are also getting a huge package when they leave and the company is belly up? Which representatives and senators will have benefited?
links didn’t work:
here
here
and here
Brilliant idea!
I think I know what that grease is for… and it ain’t gears.
Paid back?.. uh yeah.. right.
Can’t disagree regarding the sentiments about bailouts, however I believe we reached this point as the result of Market manipulation. And by not nipping it in the bud were left with no good choices.
S.E.C. Issues Temporary
Ban on Short-Selling
New York Times(today)
“Traders who have sought to profit from the financial crisis by betting against bank stocks were attacked on two continents on Thursday and Friday.
This is no doubt aimed at Uber Liberal benefactor George Soros and his brethren.
Soros was kicked out of his homeland Hungary for trying to destroy their financial system. He then went to Britain and did the same and was booted. Now he is here in America living on Long Island pulling the same sh*t. The ban on short selling of Bank stocks is a start, but this a-hole has got to go.
We should have dealt with him and his ilk long before it evolved into the present crisis.
In the same way we should have dealt with the Libs like Clinton, Gorelick, Raines, Johnson,Obama, et al. who were behind the Fannie May/Freddie Mac fiasco.
How will the republicans get the message that we hate them, if we keep voting them in? So first we vote for a bunch of RINO’s who are complicit in this socialism, then we get real conservatives next election? Yeah right…
You can put the “I helped elect President Obama” bumpersticker right next to it…
This is why Sarah is the answer. We need someone to ruffle some feathers, reform the good ‘ol boy network, reform, someone who knows more about energy, reform, than anyone in America, reform, Charlie, Charlie, Charlie.
if you are going to sit out this election why don’t you shut up, whikle us adults handle things?
SCREW YOU whiners!!!
McCain is part of the problem. Palin is part of the solution.
This is a totally “wild duck” idea, but I ask it in all seriousness:
Would anyone here support Palin running third party?
If so, who would you want on the ticket with her?
I would like to see Sarah get some of Michelle’s anger.
“Tax the rich” = Higher unemployment = More foreclosures = More bank failures = More government intervention = Great Depression 2, the sequel “Bigger and Better Than the Original!!”
Or, I could vote McCain and get the bumpersticker: “Republicans who support socialism!” Maybe we can make a new PAC.
While not a fan of Pat Buchanan, I believe he is spot on with his assessment as to where this country is headed. I think we’re beyond Republicans or Democrats bailing us out of this one.
McCain learned well from George W – throw money at it.
The logic contained in that premise is ZERO.
The logic contained in that premise is ZERO.
You have hit on another major part of this problem… multinational corporations and many of the politicians have taken the globalization bait (hook, line, and sinker) and in the meantime are destroying our economic national security in the process.
We don’t need to worry about the Islamofacists destroying us… we are doing it to ourselves from within.
George W. Bush has just about killed the Republican Party as we knew it under Reagan.
I guess there will just come the time when all these debts will have to be paid by the American people and to do so, we’ll see 80+% income tax rates. We just wont go to work anymore and the who thing will have to default. This will have to happen because the politicians don’t want to accept it. The gov’t is $400+B in debt just this year and is promising billions more in ‘relief’. I wish I could do that with my life…
It’s a question I think Palin has already answered.
*vomits twice*
soon we will have more government-owned corporations than China
This really should end up being Bill Clintons’ legacy!
On September 19th, 2008 at 11:00 am, Last Massachusetts Conservative said:
As the old saying goes: If you laid all the economists in the world end-to-end they still would not reach a conclusion.
In any case, this sort of nonsense bill is what you get when you vote republican. If they spent as much time practising as preaching we might have never come to this place. As it is, they should be voted out. Every single one of them who is or has any part of this congress should be voted out of any office they seek. That includes McLame and Barry “I am your Venus, I am your Fire” O. and whoever else doesn’t have the guts to drink some hemlock before November. They are all awful, evil people.
willie,
soros is much more than that as am sure you know. HE funded the disarmament of europe and now Uk has sharia courts the list goes on BUTTTT by all means let the whiners in America moan about minutia and feel bold in thier momma’s basement.
to all the whiners DON’T even try to claim you are GOP and not voting
NO SALE hell you arent even American in my book.. AN AMERICAN VOTES because all
too many have died so we could.
screw you
On September 19th, 2008 at 11:11 am, Ahh a Lion! said:
We need the RINOS for headcount reasons. Remember that in 2000 we won a “majority” of the senate with a 50/50 split and Cheney as the tie-breaking vote…until RINO Jim Jeffords left the Republican party (to become an “Independent”), and the Democrats took a 50/49/1 “majority”.
We need the RINOS to help give us the numbers necessary to regain control.
We can replace the RINOS next time around. But not voting for the RINO now helps the Democratic Socialists keep control.
Politicians don’t have the balls to tax. They will simply print the money for all their adventures in stupidity. Then we get stuck with higher prices and a worthless dollar.
not to worry, Saudi Arabia will save us.
I have to agree with this. Spitzer is truly a scumbag but, he had a grip on the Street corruption for sure.
Oh come on, everybody–let’s stop whining. Remember that “a rising tide lifts all boats,” except that it doesn’t when wages are deliberately depressed by illegal immigration.
Costa Rica is starting to look better and better.
forgot to mention those quotes are from @ 1995
How did that plan work out?
Shan,
every rock unturned there is a wee d after the name of you are right.
but yet we have socalled GOP and whiney Americans going to sit out the election
and pout about a fence or this or that.
hm self censored that and that….
anyway McCAIN/PALIN 2008
the only thing that steams me more than taxes is whiney GOP types, I expect it from the dims….
Sorry for sounding stupid here, but Michelle wasn’t exactly clear — who are they bailing out this time?
People need to be in Jail for this mess.
Bailouts are defensible as a form of “controlled bankruptcy.” The precipitous collapse of a firm like AIG would have dragged the economy down a black hole. Millions of insurance transactions would have been invalidated or at least put in legal limbo, assets dumped at fire sale prices (further depressing the market), panic and subsequent paralysis induced. The government has a right to slow down the process to avert a stampede. It does the same when it limits short-selling. But beyond that is where the “moral hazard” argument gradually takes precedence. Mitigating extreme behavior is one thing, imitating Robert Reich’s “industrial policy” is another.Politicians as a class have even less self-restraint than the brokers and lobbyists they (properly) want to regulate. Hopefully that’s where we as voters come in. Call it checks and balances if you like.
Let me ask you a question Red Pill: Do you think that if Republicans were in control of congress right now, that they would be acting like conservatives, or supporting the actions of the White House? More importantly, do you think that if a RINO gets elected president, and the congress is controlled by RINOs, would anything be different? It’s not rhetorical, I’m interested in what you think.
Had,
yes lets go thru the list of the companies Spitzer extorted $ from for his run to gov, never EVER actually taking them to court. Spitzer did a real fine job with AIG aye?
oh and a reminder thee is a D after eliot’s name…..
Seth you are right!!!
this aint rocket science it is what it is the dems have screwed things up so bad….
but by all means let the ones who claim that are SOOOOO patriotic they are going to sit home and not vote
BARF
Okay, when you’re faced with a crisis of massive proportions, just HOW do you CONSERVATIVES plan to respond? I bought a house I can afford, well within in my means. I work as a freelance writer and photographer for car magazines, some of them quite big. When the money dries up in the book/magazine market because people have to buy essentials with their dollars, they won’t buy magazines, so the editors won’t be able to hire freelancers. I’ll be out of a paycheck. If CA doesn’t handle their budget impasse by Sept 30, my wife won’t receive a paycheck from the school district she works for. She’ll receive a “voucher”. I can’t pay my bills with a voucher! Quite literally, even with a near-800 credit score, I’ll be completely broke and without income. The reasons are many; high fuel costs slow the economy, people buy fewer new homes when the economy slows, older homes drop in price drastically when the market is flooded with homes people can’t buy, product prices rise in response to transportation costs, but are metered partly by lowered demand, which helps to keep product prices somewhat in check, company expenses for fuel, electricity, operating costs rise, so to preserve profit they have to cut employees, employees without jobs cannot pay loans at all, more homes flood into the market where they sit, unpurchased because people can’t buy them.
Folks this is an economic crash. We were not in a “recession” but, if the Gov’t doesn’t step in here, we WILL face a full-blown 20% unemployment DEPRESSION the likes of which we haven’t seen since 1929-1938.
Congress, which could have acted, is filled with clueless, self-serving cluckwits from both parties. They refused to act when they could because the money was good, and they didn’t want to “spook the market”. Well, baby, now the market’s spooked. Scared shitless, more like, and the only thing which will TAME it is SHORING UP THE BAD INVESTMENTS. Period. To stop the slide the money HAS to be invested in the mortgage fund market, and indirectly, in backing the American homeowner’s loan.
Right now, the investment “experts” on TV are telling you to “keep your money in the stock market”. Unfortunately, there will come a time, possibly very soon, when the average investor just won’t do that. When that money leaves, that’s the tipping point. This stock market WILL crash. The “experts” on TV are telling you that you cannot get a matching investment rate through any other means, but eventually it gets away from making money, and simply becomes a fight to PRESERVE what money you have. They don’t see this. Their job revolves around making money and they don’t SEE the need that people will have to simply try to hold on to what they’ve got.
Banks are over-leveraged in real estate. Simply put, they don’t have the assets or liquidity to cover their loans. Mortgage houses are over-leveraged and don’t have the assets or liquidity to cover their loans. AIG didn’t. Lehman Brothers didn’t Merrill Lynch didn’t. ALL OF THESE COMPANIES DID BUSINESS IN THE SAME FINANCIAL MARKET! Don’t you get it. This is the NORM, not the exception right now! They are all over-leveraged, and now, they cannot get loans to cover their losses. Not only that, they cannot sell off the functioning portions of their businesses because NOONE ELSE HAS THE LIQUIDITY TO BUY IT!
No one but the Federal Government, and by proxy, the American People.
Get it now?
Dammit, I’m a conservative too. I vote Republican. Always have. I’d really like to see America continue as a country past the next year, if ya’ll don’t mind. I hate taxes, but I’ll pay more (that’s not a vote for Obama btw) if it helps the government stabilize the financial sector. We simply CANNOT AFFORD not to do it.
This is not the “death of conservatism” or the triumph of socialization. We are fully coming into a “preservation of the Union” mode, and the sooner we realize it (like the mobilization of the US economy to fight WW2) the sooner we can get off our fat American asses and get to work on it!
If Obama is elected there will be a new definition of fiscal conservative…I hope we don’t see that.
On September 19th, 2008 at 11:14 am, 7thson said:
Great Depression 1 led to some of the most socialist programs in this country, including FDR’s Social[is In]Security.
Great Depression 2 would lead to the revolution that Communists have been dreaming of for over a century. Did you know that Communist “May Day” traces its roots to Chicago 1886?
Obama: “I remember May Day 2006”
Obama:
FDR’s Social[ist In]Security
The logic contained in that premise is ZERO.
Here is logic for you. During depressions the entire society pays. IT is human nature. Governments will come in and try to pass programs etc. The logic is that we will pay one way or the other. The suck it up crowd thinks somehow we will aviod paying if we didn’t “bailout” these companies. If Bear Streans would have failed we would have had the selloff we had this week but much worse. We would have gone into a depression like in 1929. Then we would have had all the government programs, the increase in FDIC, food stamps, unemployment benifits, section 8, etc. So it cost 30 billion to bailout bear streans. The ramifications of what would happen if we didn’t are not discussed by the suck it up crowd. The tax increase, the governmental programs, the loss of 401ks, pensions funds, savings as banks fail, the non functioning of credit within this economy etc.
The suck it up crowd thinks that if the gov doesn’t bail out these companies then only those companies would be impacted. We are talking about a depression here folks. You think politicians will allow bread lines in this day and age? If we would have done what was needed last year it would have been a very small amount of money. Now the suck it up crowd is seeing by not doing anything last year it will cost a $trillions instead of billions. They have to understand reality and understand that the piper is going to be paid. The question was always how much the bill was going to be not if he was going to get paid. The suck it up crowd did not understand that and from this post they still don’t.
This is the kind of blind partisanship that is absolutely going to destroy this country.
So. . . McCain is in Detroit talking about job creation there and a bail out. I would like for him to come to Winston Salem, NC to see what his ‘Tobacco Settlement’ (AKA Trial Lawyer Enrichment Program and Politician Pandering Package) has done to the local community.
As a result of this Trial Lawyer Enrichment Program, RJR has been laying off workers at an alarming rate. RJR used to employ 1 out of 5 people in Winston Salem – AMERICAN WORKERS. They have laid off at least 10,000 since that settlement.
Talk about how you are ‘for the American worker’ McCain. Then force the cheap illegal alien labor on the workforce and bail out many other of your pet project companies with everyone else’s money.
I don’t have any respect for anyone in Washington DC actually. All they all do is spend other people’s money to their own benefit. . . that and vote themselves more power.
This is like amnesty before the fence. It won’t fix anything; just a short-term, feel-good, taxpayer boondoggle.
please go back to school.
do some research.
let it burn.
aah lion,
bark up another tree. I am a rock solid American you got nothing to sell me.
The piper will be paid, and what we have done is still only postponing the reckoning. The only thing that has changed is that the American people are now on the hook for the problems government created in the first place. What you are advocating is justification for socialism, and we have seen where it will take us.
As you said, the piper will be paid, but not by government.