Something Stinks

September 24, 2008

And it ain’t my old tin foil hat. I think Marcos makes some good points: (go read the post for all the links)

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1. Transparency. Release the presentation Paulson gave to congressional leaders that supposedly has them all spooked. Give us the data and information, and let outside economists pore over the numbers and reach independent conclusions. The Bushies lie and have zero credibility. We can’t trust anything they say.

2. Timing. Why the sudden rush, when the administration has been working on this plan for months? Seems more than a little suspicious.

3. Solution. We don’t know what the problem is, so we really don’t know if this solution addresses that problem. What we do know is that it’s targeted not just at failing institutions, but any old financial firm on Wall Street that wants a piece of our money. Even those that “are very successful banks and investment houses that have done very well”. Heck, did I say “on Wall Street”? I almost forgot. Any foreign bank can apply!

4. Details. Why $700 billion? Why not start off with, say, $75 billion. Is the emergency so dire that Treasury will spend all $700 billion next week? Doubtful. So put in what would amount to a bridge loan until people have had a chance to full understand the magnitude and severity of the problem. If it’s truly as bad as people say it is, further moneys can be appropriated.

5. Motives. Given that the administration wants to give money to solvent financial institutions, is this just another component of the long-running conservative effort to bankrupt the government to destroy government’s ability to improve people’s lives?

6. Incentives: The administration is really concerned that solvent banks may not take the bailout, so it has to be as condition-free as possible. Why is the administration desperate to force taxpayer funds into these private Wall Street institutions? If they don’t want our money, everyone wins, best of all, the taxpayers.

7. Politics. The American people hate this thing, and those approval numbers are only getting worse. Given all the points listed above, whoever votes for this thing, even an “improved” version, will face a world of hurt this November, and if not this year, in primaries and general elections through 2010.
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While I hate conspiracy talk in general, we are talking about an administration that lied their asses off to get us into a war. I’m not convinced this whole thing can’t be dealt with in a calmer manner, one that allows for far more discussion and planning. Like say till at least November 4th. In the mean time we cover what absolutely has to be covered to fend off a depression and our Congress critters give up any notion of a recess until this crisis is fully explained to the people, you know, us.

As for the election cycle, they have all had months, and in some cases years now, to make their cases for election or re-election. It’s time for some actual governing. It’s time to sit in those fancy chambers and do their fucking jobs. Which means actually talk this thing through. And if you don’t feel like joining in, then you don’t get to come back after the election.

And just to be clear, we the people are the ones who elected them, so don’t think we are off the hook. Maybe it’s time we started taking our part of the democratic bargain seriously and started holding our elected officials accountable. Plus, we bought houses we knew we couldn’t afford, we kept applying for more credit cards, and we kept refinancing ourselves into deeper and deeper debt; there is a much bigger narrative going on here.

Our government is nothing more than a representation of ourselves. It’s time we all woke up to that fact. As for this bailout, if in fact that’s what it really is, we need to slow the fuck down and take a deep breath and not just react. We didn’t get in this mess in a week, and we aren’t going to fix it all in a week either.

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3 Responses to “Something Stinks”


  1. Yeah, don’t you get the feeling we are being hoodwinked? Bush ran up our nations credit card to the tune of $1 TRILLION for the war in Iraq, and now, in an emergency fashion, he wants to do the same thing for Wall Street. I smell a rat.

  2. txriotgrrl Says:

    hey you should read this as well. bowers is basically making the same points:

    http://openleft.com/showDiary.do?diaryId=8451

  3. just another vet Says:

    christianliberal,

    Indeed. Even my more conservative leaning co-workers were expressing that thought today. This could be the “October Surprise.”


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