No biggy... it's only money right?
If you look up the word corruption, you will find defining words such as Wall Street, Government, etc. It is what it is and there is nothing we can do about it except piss and moan and wish we could make a difference. When (not if) the Senate approves the billion dollar raping of the American tax payers, what happens next? Where will all that money go? How long will it take to see any form of improvement?
I have had this conversation with more people than I can count and it raises my blood pressure every time :-) We are all entitled to our opinions and mine has remained unchanged since the beginning. Correct me if I am wrong, but aren't the individuals making these decisions the very same people that got us into this mess in the first place? Throw up the red flag and holler scam because it was scams, greed, etc that caused all this and now they have created a bigger more dangerous scam to save their donkeys! Not only are they trying to save themselves, but they are trying to profit off of this so called bailout. They will simple overvalue the garbage that they drop on the Fed's doorstep and will dig even deeper into the pockets of the American taxpayers. All the extra cash will be funneled into their personal bank accounts so it will be a great Christmas for them. Once they have flushed the last of their garbage and fraudulent securities, they will not rest until their stocks have climbed back up the mountain they fell off of. At this point, they will shovel capital into hard assets, foreign currencies, gold, interest rate swaps, carry trade swindles, and Swiss bank accounts. Do you honestly think they are planning on recapitalizing to offer new loans in an attempt to rescue the American people? Of course not! Same goes for businesses. And how long will it take for us to see any improvement? Oh yeah, there won't be any improvement.
What I still don't understand is where did all that money go in the first place that got us to this point. If I had to make a guess, I would say China. India as well, but mostly China. The way I see it, China could DESTROY the American economy by taking all that money, putting back on the market for 10 cents to the dollar and pretty soon it would cost us $1000 for a barrel of oil. That is a whole differnt blog so maybe I will vent on that one later :-)
Just when you thought that Team Bush was leaving office without causing anymore damage, think again.
Shame on them and god help us all!
On a different note, did anybody catch Palin on tv? When asked who she thought was to blame for the housing crisis (the American people, predatory lenders, etc) she said it was the "predator lending" that was to blame. She forgot to add the "y" at the end of predator because if she had said "predatory lending" her sentence would have been complete. We all know that is not why we are in a housing crises, but what do you expect from Sarah Palin? She has less than 2 years of political experience as the Governor or Alaska! How does one go from that to potential VP of the United States of America?!? Can you say SCARY?!? They might as well have selected the Governator. They share the same IQ and lack of political experience, but at least the Governator was famous at one point in his life. Who the hell is Sarah Palin?!?
As I just said... GOD HELP US ALL!