So there I am driving two hours to Stillwater for a full day of interviews. I have NPR cranked up and a bladder full of coffee. Then this guy calls into the Diane Reems Show complaining that the banks all got bailout money but nobody was helping him with his mortgage he can't pay. This pisses me off and I go into a rant... which would have been WAY more effective if I hadn't been alone in the car... about how the bailout was never supposed to protect the country against a depression or a recession or any kind of economic "set back." The Bailout was supposed to safeguard the basic infrastructure of the American Economic system... just keep the banks solvent so we can eventually recover.
Personally I think the banks should have failed, banks from other nations would have bought the mortgages for pennies on the dollar, a new class of American wealth would have been created and capitalistic life would have gone on as usual. But we didn't. We bailed out the greed merchants who dug their own hole then we filled the hole with our future incomes. Yeah us! We saved the Billionaires so they wont have to get real jobs on real incomes! Hip! Hip! Harrah!
Then the auto guys came to Washington because they went broke making gas guzzeling, greenhouse gas belching monster trucks for soccer moms. Even after the world saw the energy price crisis that happened when voting machines voted a couple of oil men into the Presidency.
Now, every self important yuppie wannabe that spent every cent he/she could get their hands on because they qualified for the loan is going to want somebody else to pay for their crap they could never afford in the first place. And it's time to say "BACK THE TRUCK UP!"
See, even if the Banks had spent the money where it needed to be spent, so they could support the infrastructure (rather than using it for European investments) we would still have the mortgage crisis that is now looming. So the banks are solvent IF there is a run, and future tax money that hasn't been earned from jobs that haven't been created, has been spent for the next century. Our children's children will still be paying off the debt of GW, but thank God he killed off all the terrorists. ...huh? He didn't? Well, at least he got the guy who bombed those building! ..huh?
OK so now we have this new guy. He's going to make everything better but he still wants to fight those pesky terrorists and cut taxes and spend money that hasn't been made, saved, earned or provided by jobs that don't exist. And now this stimulation package idea is sweeping the nation! People think they no longer need to pay credit card debts, house payments, car payments, nothing! And if business slows down, there's another package coming your way, just point out you loaned your brother in law $20 a few weeks ago and NOW you are classified as a bank and can fill your pockets with Stimulus money!
Did you know even the most stimulating business is looking for a stimulus package?
Go ahead. I DARE you to go back and click that link. heh heh
1 year ago