Monday, September 22, 2008

Why do I get this feeling

Why do I get the feeling the financial bailout package and extraordinary powers given the Treasury Secretary isn't about saving the financial institutions but simply taking their failures off their books and transferring them, mostly subprime mortages, to the Treasury? Why do I get the feeling Bush and cohorts are selling us a failure in favor of their corporate friends? Why do I get the feeling we're being fucked and paying for it?

One thing I've learned from George Bush is that when he proposes something to Congress and demands it be done immediately and with no changes I'm already suspicious it's not in our interest, meaning both the taxpayers and the American public. And what I don't get from the media is that most of this has in the last 7 years. Gee, isn't that his administration? The one who touted deregulation and free market?

And now we're seeing just how bad they can be and can get. But the sad truth is this isn't just about Wall Street and financial institutions, it's about people's retirement accounts, individual, corporate and government ones. All of those are in the stock market big time. And they're now feeling the failures of the few account managers who made millions screwing everyone else.

The whole series has shown to me, it's not about profits above all else. Nothing new there, but now we see the reality of the few who didn't believe this and only believed about making money, and the apperance of being profitable, when in fact it was and is a false foundation of debt. There is no money behind their money, only debt, and mostly mortages and market funds, the latter being repackaged mortages.

In the end, somehow I just don't trust politicians when they begin talking about money. Especially this time. I want more public debate, but really I wouldn't mind seeing what would happen if the government hadn't bought Fannie Mae and Freddie Mac and bailout of Bear-Stearns. And I don't want to see the $700 Billion bailout of Wall Street. Maybe this country needs a really good recession to wake us up.

Yeah, I know that's not right or fair, and really stupid. And I really don't believe it, but we won't know will we? All we're doing now if accepting the debt of people who screwed us. Is that fair? Right? Or is it just the lesser of evils, where a few can destroy an economy and the rest of us write the checks?

But I also wonder about all those foreign corporations and many foreign government who also hold a significant amount of our debt, and significant stakes in financial institutions, and own parts, sometimes a majority, of US corporations. Do we write them checks as well? For what? We didn't cause or create this mess. Or is it just good international relations US taxpayers write checks to foreign corporations and governments?

And who will bail us out if this doesn't work and George Bush and his experts promise? After all, remember their past promises, how many of those were true? None? So, this one is any better?

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