Hate to say I told you so...
So after my little rant about the state of the economy the other day, here we are faced with the administration trying to push through a "rescue package" for the financial institutions of the country which numbers 700 billion dollars.
There are numerous reasons why this "bail out" should bother us all. Firstly, we are talking about the same banks and lending institutions that have irresponsibly loaned us back our own money (I use the word "own" in the collective sense) and enjoyed reaping huge profits in interest for the past x amount of years. We are talking about the same banks that charge us for practically every service they offer. The same banks that charge us extortionate fees when we go overdrawn. The same banks that enjoyed massive returns from playing the stock markets with our money, and the same banks that, if they go under, will lose our money for us. And now the government wants to save wall street with 700 billion of OUR money?!?!?!
Are you serious? No. Come on. ARE YOU SERIOUS?
First of all - where was this 700 billion dollars for health care when it was needed? Where was this 700 billion dollars for education when it was needed? Where was this 700 billion dollars for the troops putting their butts on the line when they needed it?
Secondly, every taxpayer in the country should be up in arms about this. Our money, that the government is withholding, is going to bale out the fat cats of wall street because they got greedy? You have got to be kidding me.
If nothing else, the financial meltdown has just gone to show what a completely bare-faced liar Dubya is. Sure you can fool people if you tell them the same lie over and over again, but George, the economy is not a person. It responds to market forces beyond your control.
"The economy is strong."
"The economy is strong."
"The economy is strong."
Crash.
There are numerous reasons why this "bail out" should bother us all. Firstly, we are talking about the same banks and lending institutions that have irresponsibly loaned us back our own money (I use the word "own" in the collective sense) and enjoyed reaping huge profits in interest for the past x amount of years. We are talking about the same banks that charge us for practically every service they offer. The same banks that charge us extortionate fees when we go overdrawn. The same banks that enjoyed massive returns from playing the stock markets with our money, and the same banks that, if they go under, will lose our money for us. And now the government wants to save wall street with 700 billion of OUR money?!?!?!
Are you serious? No. Come on. ARE YOU SERIOUS?
First of all - where was this 700 billion dollars for health care when it was needed? Where was this 700 billion dollars for education when it was needed? Where was this 700 billion dollars for the troops putting their butts on the line when they needed it?
Secondly, every taxpayer in the country should be up in arms about this. Our money, that the government is withholding, is going to bale out the fat cats of wall street because they got greedy? You have got to be kidding me.
If nothing else, the financial meltdown has just gone to show what a completely bare-faced liar Dubya is. Sure you can fool people if you tell them the same lie over and over again, but George, the economy is not a person. It responds to market forces beyond your control.
"The economy is strong."
"The economy is strong."
"The economy is strong."
Crash.
posted by An Englishman in New York at 10:33 PM
1 Comments:
Yeah, my idea of an effective "plan" would be for the banks to sell back the houses to the people they took them from, at a fraction of the cost - that is, what the people can actually afford. I can't imagine that going over well in Reality Land, though.
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