Monday, October 06, 2008

We Were Sold a Lie and Bought It

POST UPDATE: If you would like to get physically ill over this issue, please read this article, Congress Opens Hearings on Financial Meltdown which descibes Lehman executives liquidating company cofers into their own pockets, literally in the same breaths in which they are pleading for government rescue.

I hope they get life in prison. God is going to have a place for these theives in hell. Their abject greed is going to ruin millions have lives. And they don't care. This is not a credit crisis, but the act of evil, greedy men.

I said in the original post, it is an intelligence crisis. Our country is facing a moral crisis, pure and simple. World Com, Enron, just the tip of the ice berg.

Original post:

I am so angry at our Congress and our Senate right now.

They pushed a bad bill through that will saddle fiscally responsible taxpayers with a huge anchor that is tied to our financial future. Thereby creating more financial distress, not alleviating it.

Worse, they sold this bail out with fear--fear that the market would crash. So the bill passes and immediately the market crashes. I think it is a result of the smart people knowing what this bill really meant. I don't think it would have crashed as bad if it had not passed.

Anyway, the sell by fear was a lie. Thanks for nothing Congress. You promised us the market would stabilize by the passing of the bill, but it did not. It went the opposite way. But you now have want you wanted, an unsigned check for $700 billion from the American taxpayers.

When will this country rise up and stop living in fear? We have been knee-jerk reacting to fear since 9/11. And the Bush administration has been leading the charge. This type of behavior is only hurting us and we don't learn!

In the meantime, I am being flooded with internet ads, TV ads, and mass mail marketing hounding me to take advantage of easy credit.

Credit Crisis my rear end! We have an intelligence crisis. And that crisis is going to undo this once great country.


JMG said...

You're so right. Have you read some of the pork that was included in that bill? It's ridiculous!

I keep hearing that consumers aren't spending as much, so the retail Christmas season is beginning early in the hopes that people will come in and spend some money (and I'm sure that retailers of big ticket items will be willing to offer credit in an effort to sell more stuff). The problem is that now that Congress has passed this bill, we're going to have inflation from all the extra money they've had to create to pay for the bill. So how do they expect us to keep buying when the value of the dollar keeps going down? If milk and bread cost more, then more of my money has to go in that direction rather than to non-necessities.

And here's something else I don't understand: Last week WaMu failed, but it was bought up by JP Morgan Chase. Now Wachovia has failed and Citi and Wells Fargo are fighting over it. Why did the government need to pass a bill in order to become involved, if the banks that succeed are fighting each other to buy the banks that fail?

None of this adds up, and I'm mad about it. And I'm kind of scared too.

Tony Arnold said...

It is a political move, not a economic move. The market would have bought these companies up and at a reasonable price tag. If the gov't bails out an institution, in effect buying it, they will pay an inflated price, which will excerbate the problem.

Our politicians are selfish idiots, despite the fact their constituents said NO NO NO. They are trying to be protect their grafted company stocks and investments. I would love to see an internal investigation and public disclosure of every senator's and congressperson's portfolio.

There is an old saying in any investigative scenario: to find the motive, find the money interest.

A friend of mine commented, "Credit got us in this mess and the politicians think credit will get us out?

Tony Arnold said...

I cannot decide if I should default on my loan on purpose so that I can actually be able to use my tax dollars.

I bet some will. Bet the politicians did not think of that side effect.

Stupid, using thinking and politician in the same sentence again.