Hot damn, maybe some people have finally come to their senses. I was watching eagerly as the House killed the bailout and I was finally impressed. Watching a good portion of the debate prior to the vote, which was fierce, I started to feel like the portion that were against the bill had actually read it and realized what it would mean for the general populace and Wall Street. Otherwise the only a small portion of those who were for it seemed to honestly understand that it wasn't perfect, although it was better than before. None the less, those that realized that still hadn't actually done the math.
September 29, 2008 - Choking on Billions
Per the norm, I believe most of the media, those making huge claims have not read the revised bill either. No matter what some claim or choose to twist it, it simply IS a bailout for Wall Street, its helping to keep the people that fucked up in the first place on track. Not only would it buy the assets from those companies for pennies on the dollar, though it would in turn give them the ability to manage those assets via a contract by the government. So give or take the governments over-sight, they would be managing their own assets, though they wouldn't have any responsibility if it failed yet again. It still leaves the tax payer responsible if things go belly-up in the future. Really, how many times do we have to shoot ourselves in the foot?
Around 5pm eastern-time McCain jumped on the band wagon saying that he went to Washington to work heavily on the bill and get both sides working together. He was correct in having gone to Washington, however, his stay was little more than a photo op as many witnesses said himself and Obama were merely 'in the way'. I can only giggle as he continues to pound away at the little scrape that his campaign is left.
Let me be clear on this, it doesn't matter that they added 100+ pages to this bill and threw in some over-sight and tax-payer benefit, this simply isn't a solution. You can release a 'Special Edition' DVD, that doesn't mean it will be better or the ending will change. We don't have the money to sport this insanity and we don't have anywhere to borrow it. Everyone needs to realize that the debit encored was from over-spending largely based on credit, blame it on a sales pitch, though its the fault of millions of Americans. We have to take responsibility for what is now the result and stop spending on borrowed money. This won't be easy but it needs to happen and if any country can bounce back (without a government bailout) its ours! I encourage everyone to take some time and at least read half the revised bill. Although it contains a lot of oversight it still doesn't solve the serious issue.
Lastly, since we're on the subject of 'billions of dollars', did anyone pay attention to the new appropriations for the Pentagon budget?
"Seriously Wallstreet, suck it!"
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