House Bails Out Wallstreet With A Bill
Posted by Paotie on 10/03/2008
Denver – Good afternoon, everybody! I had a sandwich for lunch! Thank goodness it’s Friday! Anyway, CNNMoney.com is reporting that the House of Representatives has passed an historic measure – the $700 billion bailout of the distressed American credit and banking markets.
Great!
Now everybody can go back to spending loads of credit on silly, frilly things that cost lots! We will do this every four years!
Let’s go spend, spend, spend! It’s the American Way!
Yay.
Also – you can check out the Fraud Files and see what Tracy has to say about the bailout package.
Quick question: who pays for that $700 billion?
YOU. (Not me! I refuse!)
TGIF!
Paotie
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It’s also not called a “bill” for nuthin’– it’s a bill, allright, like another IOU that Congress sticks onto taxpayers’ backs. A bill that may as well say, “kick me”, for the stupid idiots we are to take on other people’s credit crunches.
Ann ..
Damn straight!
Paotie
Shut-up, the ARMs along with the interest rates, right?
I just read up on this today at work.
This bailout is NOT going to get us out of a recession.
This bailout is to help Corporate America so that they will forever be indebted to the players out in D.C. and D.C. will expect to continue to get $$ from them…business as usual, if you will.
This bailout is to prevent the crisis from getting worst.
Keep in mind, the recession will happen because the bailout will NOT stop the recession from becoming full blown.
Unemployment rate on paper is about 6% give or take, but, if you were to include those that gave up on looking for a job (GAVE UP), the percentage is around 9% give or take. That is a lot!
So, if you understand how economy works, you’ll agree that we are going to go into recession, bailout or not. I think we’d be better off without a bailout. But, hey…shit happens.