This Bailout’s About ME!

Oh, now I get it.  I just heard President Bush’s press conference and the reason why the government is pushing a $700 BILLION bailout is because he’s concerned about ME.  About my ability to get further in debt!  You see I just heard him say that if the government doesn’t take this action then I won’t be able to get a loan to buy crap I don’t need or I won’t be able to buy a house (isn’t that what got us in this mess in the first place?) that’s the size of a castle.

I would have more respect (well, probably not) if Bush had told us we all needed to cut up our credit cards, buy cars we can afford, and build houses less than 4,000 square feet.  Maybe plant a garden in our back yard so we can feed ourselves, and ride our bikes or walk more to not only save the planet, but improve our health as well.

But I guess the kind of advice my parents and grandparents advocated is for sissies.  Being patriotic now means going to the shopping mall and buying junk made in China.

We must be the laughingstock of the world about now.

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6 Responses to “This Bailout’s About ME!”

  1. I simply can’t comprehend it anymore.

    At some point this country went to Crazytown.

    .

  2. James Longford Says:

    > I just heard him say that if the government doesn’t take
    > this action then I won’t be able to get a loan to buy crap I
    > don’t need

    Do you understand what a total meltdown of the financial system means? It means this:-

    Firstly and most obviously, financial institutions collapse.

    Ordinary businesses collapse.

    Hyper-inflation.

    Pension plans become worthless.

    Savings become worthless.

    A collapse of public services.

    A collapse of public utilities.

    A collapse of food distribution.

    A breakdown of law and order – think ‘Post Katrina Superbowl’.

    Crime explosion.

    Looting.

    Mob rule.

    Martial law.

    A total meltdown of the financial system is an absolute certainty if no radical action is taken. Credit is the blood of the financial system. When the government says a collapse will occur within a few days, they are not speculating. Credit has ALREADY stopped flowing. Financial collapse is imminent.

    If you want to wait a few weeks just to see if the system collapses, then feel free. It will be the end of your world as you know it.

    > We must be the laughingstock of the world about now.

    You are, but not for having an imminent financial meltdown. You are the laughing stock of the world for complaining that your government is taking action to save you.

    An almost perfect analogy is the Titanic. When the Titanic hit the iceberg, most passengers felt a bump. The credit crisis has felt like a bump to most people. For hours after hitting the iceberg, passengers of the Titanic famously carried on eating and drinking. The band played on. Everything appeared to be normal. After all, the Titanic was unsinkable.

    Meanwhile, the lower decks were quietly taking in water and members of the crew fought a losing battle to control the flow. The end came relatively suddenly. The Titanic began to lilt. It split in two and sank taking most of the passengers with it. That will be how an economic meltdown occurs.

    If everything appears to be normal and yet you have no understanding of the problem, then be aware that out of sight, teams of people are fighting a desperate battle right now. If those people do not take immediate and successful action, the unsinkable United States is going down. Most of the world will go down with it. Recovery will be nigh on impossible since all the means for recovery will have disappeared.

    Your world as you know it, will end.

    ————

    NYT: Congressional Leaders Stunned by Warnings
    http://www.nytimes.com/2008/09/20/washington/19cnd-cong.html?hp=&pagewanted=print

    “When you listened to him describe it you gulped,” said Senator Charles E. Schumer, Democrat of New York.

    As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”

  3. James,

    Here’s my point. We are being told, without a whole lot of proof I might add, that the sky is falling. You’ve defined for yourself what that looks like. If it’s truly as bad as you believe, then why isn’t Paulson willing to put some constraints on Wall Street to prevent another meltdown?

    And you actually believe that what you are predicting above appeared in a dream overnight? That Alan Greenspan, etal kept all this a secret all these years?

    Then we are truly a stupid country. Again, I want to remind you that this is the same kind of language we heard after 9/11 and in the run up to the Iraq War. I simply have no respect for a government that asks me for $700 billion but isn’t willing to talk to me like an adult.

    I wasn’t joking when I wrote Bush said at the press conference that if the U.S. didn’t agree to this bailout then people wouldn’t be able to get loans. I didn’t hear him say one word about any of the things you mentioned above. Just that personal loans and mortgages would be more difficult to obtain.

    Perhaps that would be a good thing for the next six months or so.

    You are living your life based on fear, not reason. And that’s why our civil liberties are eroding and why we are wasting billions and billions of dollars in Iraq.

    BTW, are you a free marketer? Do you have any qualms about socializing this debt?

    I don’t believe life as I know it would disappear overnight if we put constraints on this bailout. If the government didn’t do enough, I do believe my 401K would become worthless and the FDIC would go belly up so the money I’ve worked hard for would disappear. I also think we, as the pissed upon, would finally get off our fat asses and demand change. We’d charge Washington wild-eyed and wielding pitchforks and there would a revolution in this country to rival the French Revolution.

    And I would say, about f’ing time.

  4. James Longford Says:

    > You’ve defined for yourself what that looks like.

    No. Actually I haven’t defined anything. Did you read that article? Forbes, Bloomberg, Time, Newsweek are all saying the same thing, as are all economists globally.

    > why isn’t Paulson willing to put some constraints on Wall Street to
    > prevent another meltdown?

    They will. Now is not the time. The damage has already happened. Right now constraints would make no difference whatsoever. It would be like putting a fence around a cliff you’ve just driven over.

    > And you actually believe that what you are predicting
    > above appeared in a dream overnight?

    I’m predicting nothing. That is exactly what has happened when any economy in history has collapsed. And the US economy is about to collapse.

    > That Alan Greenspan, etal kept all this a secret all these years?

    Alan Greenspan did not know this would happen.

    > I want to remind you that this is the same kind of language
    > we heard after 9/11 and in the run up to the Iraq War

    Nothing like. After 9/11 a recession was predicted. There was no talk of a total economic meltdown. Paradoxically, talk of economic trouble as a consequence of the Iraq War was correct. One of the reasons that this situation is more acute is because the United States is near the point of bankruptcy, a situation which has been made acute by the immense financial of the Iraq War.

    > I simply have no respect for a government that asks me for
    > $700 billion but isn’t willing to talk to me like an adult.

    > I didn’t hear him say one word about any of the things you
    > mentioned above.

    You won’t hear them say anything I mentioned. If Bush publicly said what I said here it would result in public disorder. There would be a rush on the banks and panic buying of food, fuel and weapons. You are not going to hear anything from them. What was said in the New York Times article I linked to above, was enough only to make sure that other senators came on board. Notice the language they used…

    “Mr. Schumer, Mr. Dodd and other participants declined to repeat precisely what they were told by Mr. Bernanke and Mr. Paulson”

    …but everyone who was in that meeting was utterly stunned by what they heard. The have all expressed amazement. Every single person, regardless of political party and regardless of views on ‘big government’, came out of that meeting with no question in their mind that extremely urgent action should be taken immediately and without hesitation. None of them would discuss fully what they were told.

    > You are living your life based on fear, not reason.

    Who said I was afraid? Not me. However, I am living my life based on reality. I am a journalist from Britain and I cover war. I live on a smallish island in the Mediterranean and will not be affected to any degree by public disorder, economic collapse or anything else. I’ll be quite happy fishing for food should there be no way for me to get away and work.

    > Do you have any qualms about socializing this debt?

    None whatsoever. The alternative is that you will lose everything.

    > We’d charge Washington wild-eyed and wielding pitchforks and there
    > would a revolution in this country to rival the French Revolution.

    Great. Meantime, just make sure your economy doesn’t collapse.

  5. James,

    So have you now read Paulson’s proposal? He’s asking for a blank check for $700 billion. No oversight whatsoever. I think Congress should call his bluff and demand oversight.

    Then we’ll see how serious Mr. Paulson is. If he says no way, then we’ll all know he’s full of shit. Because if the world is going to implode, then he’d have to agree to oversight. He wouldn’t have a choice.

    You need to read “Shock Doctrine” so you can get a grip on how the government loves catastrophic events so it can manipulate the rubes.

    BTW, I wasn’t referring to economic disaster when I wrote about the Patriot Act and the run up to the Iraq War. We, the people, and our representatives in government were lied to be the Bush Administration using the very same kind of language they used yesterday in describing this “disaster.” Scare the rubes, and we can have anything and everything we want.

    I’m saying, Not. This. Time.

  6. James Longford Says:

    > You need to read “Shock Doctrine” so you can get a grip on how the
    > government loves catastrophic events so it can manipulate the rubes.

    I’ve already read just about everything you can imagine and more.

    > We, the people, and our representatives in government were lied to
    > be the Bush Administration using the very same kind of language they
    > used yesterday in describing this “disaster.”

    You most certainly were lied to about the war and they would be very happy to lie to you again and again. The difference is that this is not a lie.

    If their rescue plan succeeds, to the ordinary person on the street it will be almost as if nothing had ever happened. If it does not succeed, the world as you know it ends in the next few days.

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