Friday, October 10, 2008

ECONOMIC SITUATION WATCH

So that Paulsen bailout really did the trick, huh?

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15 Comments:

Blogger Toast said...

I'm so vain, I sorta bet this post is about baiting me.

Yes, the bill was passed a week ago, and they're still in the process of putting it into action - a process which could take another month - but by all means go ahead and declare it a failure. That makes a ton of sense.

6:54 AM  
Blogger Mike said...

I'm so vain, I sorta bet this post is about baiting me.

You're correct about one thing: you're so vain. Other than that, you're wrong.

Yes, the bill was passed a week ago, and they're still in the process of putting it into action - a process which could take another month - but by all means go ahead and declare it a failure. That makes a ton of sense.

You're conveniently forgetting that the bill was rammed down our throats without debate, without alternatives, without honest explanation because it was "so urgent," "such an emergency," "needed right now."

I don't think it will "work" in the long-run and I'm opposed to it on moral, economic, and political grounds even if it does "work." I don't support looting my country's treasury for bankers. Especially when the majority of the poeple are opposed to such a thing. Just not my style, sorry.

But it was supposed to work "right away" since the problem was so "urgent." And it hasn't: the markets are still in free fall, the banks still aren't lending to each other, and there are no signs of any change coming soon.

The Bailout is a sham. And Paulsen will be back in Congress within the month asking for more. Mark my words.

7:02 AM  
Anonymous wfta said...

What do you get when you “hedge” five trillion of bond purchases with sixty trillion in credit default swaps? Fifty-five trillion in uncollectible side bets and legitimate businesses unable to finance their operations. In uder woids, dis shit.

I pray the bailout works, but the fact that the credit market remains frozen indicates that the banks don’t see the one trillion (I’m rounding up on faith) committed to buy worthless “assets” as enough to insure solvency.

I am beyond angry; not so much with the government as with the assholes who invented a new kind of arithmetic to make themselves multimillionaires while setting fire to my retirement and siphoning off tax dollars that I’d much rather see spent on healthcare and education. And apparently they managed to do it without breaking any laws so I don’t even get to enjoy imagining them sharing a cell with Big Leroy.

10:06 AM  
Blogger Agi said...

I don't think it will "work" in the long-run and I'm opposed to it on moral, economic, and political grounds even if it does "work."

Word.

They even threatened Congresspeople with martial law if the bill didn't pass. This was the financial version of the 2002 Iraq War authorization. We just gave Bush $1 trillion to play with during his last three months. I hope everyone is happy.

11:21 AM  
Blogger George said...

Mike, it's naysayers like you that are dragging the economy down. Think happy thoughts, dammit!

12:13 PM  
Blogger Weaseldog said...

We still need to give Bush's economic plan time to work. Once the tax rebates start taking effect, this will all go away.

Right?

2:22 PM  
Blogger Weaseldog said...

Exactly Mike.

This plan was rushed, so that it would prevent what is happening today.

It wasn't rushed an put into place to crash and burn the system to the ground, then like a phoenix rise from the ashes in months or years from now.

It was passed to prevent current events.

2:24 PM  
Blogger Smitty said...

Think happy thoughts, dammit!

See, it's because everyone is so negative that the bailout failed.

Everyone was in such a hurry to do "something," especially in an election year, that it's funny that anyone would act surprised that it isn't working or that Wall Street ignored it.

2:39 PM  
Blogger Rickey Henderson said...

Having impersonated the crazy bastard twice now, Rickey feel that it is his duty to tell you that it's spelled "Paulson."

4:32 PM  
Blogger DED said...

Exactly. The bailout was supposed to placate Wall Street and prevent exactly what we've seen since it passed. But the banks are still refusing to loan each other money and the market's tanking. Since the crash has already happened, let's keep the money (actually, it'd be more accurate to say "let's not dig our $10+ trillion hole any deeper") and let them go belly up. There will be others out there willing to take the risk and buy up the pieces.

5:46 PM  
Blogger Mike said...

Mike, it's naysayers like you that are dragging the economy down. Think happy thoughts, dammit!

See, it's because everyone is so negative that the bailout failed.


I'm sorry. But I accept the blame. I'm the cause of the bank failures, I made the economy the wreck it is.

And since I'm too big too fail, please "punish" me for my sins with $1 trillion. I promise I've learned my lesson.

it's spelled "Paulson."

You spell it ass-hole and I'll spell it asshole. A rose by any other name would still smell as horrendous . . .

let's keep the money (actually, it'd be more accurate to say "let's not dig our $10+ trillion hole any deeper") and let them go belly up.

Or at least "buy" preferred shares. As opposed to the "assets," their common stock shares, or whatever other slop is being slung.

7:26 PM  
Blogger DCup said...

I'd blame the minorities and poor people for this whole mess, but I'm too busy have a $750 manicure.

9:10 AM  
Blogger Mike said...

a $750 manicure.

You're aiming too low, DCup. You need to recognize the times in which you live and GO FOR IT.

Next time, give Pelosi or Bush a call and sign up for the $750 billion manicure.

9:38 AM  
Blogger Weaseldog said...

This is really my fault.

I never took out a second mortgage. I didn't borrow beyond my means.
I didn't buy tons of cheap plastic crap from China.

I am sorry. I still have a mortgage and I owe some back taxes.

Please bail me out. I think a $billion ought to cover it. And with the change left over, I promise to help the economy by engaging in frivolous spending and stock market gambling.

2:00 PM  
Blogger Mike said...

I never took out a second mortgage. I didn't borrow beyond my means.
I didn't buy tons of cheap plastic crap from China.


I always knew you hated America, Weas.

Maybe this time you'll do your part and buy yourself into bottomless debt.

7:03 AM  

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