Get the idea? Yeah. If you listen to some members of Congress (and that idiot in chief), you'd think we're all doomed.
This old girl has bailout burnout in addition to being pretty damned torqued about this Wall Street Business.
Like some greedy hedge fund manager, I've been gobbling up info on this entire fiasco trying to figure it all out.
I think I may have it (altho I could be totally mistaken) - it all boils down to it's time for some over-leveraged peeps to pay the piper and they can't so they want to cry. (
Over leveraged - buying stuff you can't afford with money you don't have).
Now this "over leveraged" business applies to Main Street as well as Wall Street altho, in fairness, I think mostly Wall Street greed is to blame. Yeah, I know a lot of people who bought McMansions they couldn't afford and refinanced the house to buy a big new SUV. But frankly that's only about 10% of the problem (from what I understand).
And we don't need $700billion (with a B) to solve 10% of the problem. We probably only need 1/2 of that (at most) to pay off all of the bad mortgages. So why the ginormous price tag? You tell me. (Hank Paulson owns stock in Goldman Sachs, tho. Think that might have something to do with it?)
Seems some greedy bastards would like to make up for their over-leveraged losses. Since when do the taxpayers support hedge fund managers? (Which, BTW, most of us po' taxpayers don't make enough money to join a hedge fund in the first place).
That is, they must earn a minimum amount of money annually and have a
net worth of more than $1 million, along with a significant
amount of investment knowledge. You can think of hedge funds
as mutual funds for the super rich. (definition from investopedia.com)
You won't let me go to the party but you want me to foot the bill because you trashed the place? I don't think so.
So what about those people who took out loans on their houses to pay for medical care? Well, I believe the cost for universal healthcare was projected to be about $150 Billion.
Hmmm. Well, if we take $350 billion and buy up simply "bad" mortgages and take $150 billion to pay for universal health care so nobody else can lose their house because of medical conditions, we'd still have $200 billion "left over" to buy, oh, I dunno, how about some decent highway repair or another "stimulus" check?
Yeah, maybe it's simplistic and I hate to break it to those in Congress, but that's pretty much how the prols in the street see it as well. I didn't get us into this mess, I didn't get invited to the party but now you want me to pay for it? WTF kind of deal is that? And who would be dumb enough to take it? (Excepting Dumbya and some members of Congress).
And you'd best believe I was writing, calling AND faxing my Congressmen and Senators. Even those from other districts. Don't put lipstick and a wig on this pig and try to sell it as Elizabeth Taylor, either. Oh, no.
Now, look, I'm pretty socially liberal (yes, I said the "l" word. Deal). But when it comes to money - especially MY money, I'm probably more conservative than anyone on Wall Street or Congress (but I guess that might not be saying much). OK - I'm a tightwad when it comes to money. I tend to hoard and not spend.
So it rather mystifies me why some people think they can spend, spend, spend and never have the bill come due. Or buy junk and expect it to work. Doesn't that go against all logic? (Even when I throws a party, I pays cash up FRONT for the goodies. What a novel idea! Cash! Up front!)
Yes, I've got money in a 401K and stocks. And, yeah, it probably lost half of it's value but I can't complain. Really, I can't. Maybe because it will be another 30 years before I can retire and in 30 years it will regain more than the 800 or so points it lost on Monday.
The bill sucked and it was killed. There are smarter economists out there than me that have many good ideas of how to fix this problem without spending a DIME. Why isn't Congress listening to them? Maybe they are having a hard time getting heard above all the lobbyists? I dunno. But this bailout (which is what it is) is bad, bad, bad.
I am adamantly opposed to it. That is my "political" message for the month.
Labels: bailout, politics
The Rogue Goddess saw shadows dancing at 2:48 PM
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