The bailout


Today, I am not a Democrat. I am not a Republican. I am, simply, pissed off.

I was mad yesterday, when I learned Congress would not pass the bailout plan. I was mad today, when I learned Congress probably will pass a similar plan. I was made at John McCain for grandstanding; mad at Barack Obama for twiddling his thumb when the shit was about to hit the fan. I’m mad, mad, mad, mad.

Mostly, I’m mad at the greedy corporate fuckers (sorry, but I’m quite angry here) who were allowed—sans government regulation—to do whatever the hell they wanted to, RE: mortgages. After so many years of hearing certain politicians screaming for “smaller government” and “less regulation,” well, congrats! Y’all got exactly what you wanted—a potential Great Depression II: Electric Boogaloo. This is what happens when you let business people whose sole goals revolve around money, money, money roam free; what happens when the government refuses to step in and lay down proper restrictions; what happens with slick assholes driving BMWs and booking 1 pm lunch meetings at Per Se have a stake in the general good.

There’s no happy ending here—we’re screwed. The government will have to agree to a bailout, which—as my pal Jemele Hill accurately put it—makes me want to “throw up in my mouth.” The idea that we had to cut funding for youth programs for shelters; for public schools … yet we can come up with $700 billion in tax revenues to save the anuses who blew this … well, I’m devastated. And you probably should be, too.

 

1 thought on “The bailout”

  1. Actually, “smaller government” idiots like myself tend to think that government meddling caused this in the first place. Because the government encouraged and backed Fannie and Freddie in regards to backing sub-prime loans (i.e. risky mortgages), F&F were faced with a high-reward (high interest), low-risk (because the government was backing them) situation.* And, yes, if you’re going to screw up the whole way market decisions are made (risk vs. reward), then you’re going to have to prevent it from being exploited — and that didn’t happen, for a few political reasons.** But, my preference would be that these high risk loans never be made in the first place — and they wouldn’t have had the government not tried to manipulate the market.

    * 1999 NYT Article: http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1

    ** “I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.” – Bill Clinton

    *** See also http://freakonomics.blogs.nytimes.com/2008/09/18/diamond-and-kashyap-on-the-recent-financial-upheavals/

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