After The $700,000,000,000 Bailout
What do we do?
After the 700 billion plus dollars bailout of Wall Street and the banking community, what can we the people look forward to? Of course, the Feds aren’t calling their solution to their problem a bailout. They are using a surefire Madison Avenue, advertising ploy and calling the “Bailout” by different brand names in order to offset any public outcry. Let’s do a switch on a recent joke: You can put lipstick on the word, bailout, but it’s still a bailout. Moreover, this bailout may mushroom in the dollar amount because now the Fed is also considering a bailout of foreign banks who have “branches” in the U.S. Oh! Good Gawk!
Oh yes, the Feds have to show fairness, maybe by rescuing those homeowners who are unable to pay their mortgages. This is to quiet the say-so’s about their rescuing the Wall Street and the fat-cat bankers and not rescuing the individual taxpayers. Who gets the bread? Who gets the cake?
The fat-cats and their //there’s no other options// spokesmen have stressed how much the little guy will lose and that this bailout is being done for his benefit, too. For him or her to someday get a loan to buy a car, take out a loan to fix up the house or even a loan to go into business. Booo! And there’s also the fed’s claim that only such a huge bailout can save your job! What jobs? Boo! Boo!
And to gutsy up things, the Feds (President Bush included) are saying they’ll get back most, if not all, of the taxpayers “loan” money. Sure, maybe so. I don’t know. Would you buy a house from Uncle Sam, now the world’s largest home real estate agent on the globe? Or maybe you’ll wait to buy a property at a fire-sale auction, and so the Fed gets back pennies on a dollar for the taxpayer.
The “Loan” Pay Backs: Consider this question! Will what’s happened in the past about the Feds paying back money be an indicator? Can one rely on a government who has borrowed vast sums from Social security money and diverted the pay backs elsewhere? Even a child learns early in life that most promises can be lies. Don’t expect much of a pay back to ever pay down the “loan’s” principal.
I admit the above is negative, but the outlook is more bleak and clinically depressing. To be honest, I don’t know whether the Fed’s bailout will ever solve Wall Street’s and Main Street’s problems. I don’t think anyone else really knows either. Nevertheless, forget the finger-pointing. Forget any hero who claims to provide a permanent fix. And there isn’t any use in screaming about congress. But this I do know–
All of us must be brave. Not about the massive bailout loan itself, but it’s the vig on that loan that may kill us. Can the American people be brave? How high will the interest, which our country pays other countries, going to jump? Can we continue to meet the interest payments? Why not? Because of the massive bailout loan amount, added to that the United States owed before the bailout, and don’t forget the unaccounted cost of two wars. Hey, just what kind of life in the United States will be possible if all our government money goes to the vig? You can be certain it won’t be an as-is life. You can pray for a brave new world.
The loan’s interest (like rent) has to be paid on time. Before the huge bailout, I believe we were just paying the interest and nothing on the principal. In time, we will be paying mega-interest amounts. Where will this interest money come from? Increased taxes or drastic, to-the-bone cutbacks? Spending cutbacks of what? Where? Social security? schools? foreign aid? disaster relief? even food stamps? The next president, no matter who he is, may be without any possible options.
The Bottom Line: My point is not so much to frighten the reader, but for the reader to realize that things can be bad and bad things can become worse. We all must be brave and live with it.
BRAVE
noun: [as plural n. ] ( the brave) people who are ready to face and endure danger or pain.
verb: endure or face (unpleasant conditions or
behavior) without showing fear : we had to brave the full heat of the sun.- The Oxford American Dictionary
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GOVERNMENT BAILOUT?
HELLO AMERICA. WAKE UP!
THIS BAILOUT SCHEME IS JUST A SMOKE SCREEN TO DIVERT YOUR ATTENTION AWAY FROM THE REAL PROBLEM WITH OUR ECONOMY, AND A SMOKE SCREEN TO DIVERT AND DISSUADE YOU FROM RUNNING DOWN TO THE BANK AND TAKING YOUR MONEY HOME WHERE IT WILL BE SAFE AND OUT OF THE REACH OF THE FAT CATS WHO CAUSED THIS WHOLE ECONOMIC DISASTER IN THE FIRST PLACE.
WE ARE HEADED, LIKE A RUNAWAY LOCOMOTIVE WITH NO ENGINEER ON BOARD, FOR ANOTHER ‘GREAT DEPRESSION’!
JUST ASK ANYONE, WHO IS STILL AROUND, FROM THE LAST GREAT DEPRESSION OF THE 1930′S.
THEY, THE FAT CATS, DID THEN WHAT THEY’LL DO NOW IF THEY THINK YOU’LL PULL A RUN ON THE BANKS. FIRST THEY’LL TELL THE BANKS TO CLOSE AND LOCK-UP, THEN THEY’LL TELL YOU THAT IT IS ILLEGAL FOR YOU TO PULL A RUN, FOR YOUR MONEY, ON THE BANKS! IF YOU TAKE OUT YOUR MONEY, THE FAT CATS WON’T BE ABLE TO GRAB IT FOR THEMSELVES!
I’VE BEEN TELLING THOSE WHO KNOW ME FOR THE LAST FIVE YEARS THAT THIS WAS COMING AND WE HAVE NOT EVEN BEGUN TO REACH THE BOTTOM! THAT’S WHY THIS ADMINISTRATION IS IN SUCH AN ALL-FIRED-UP RUSH TO GET THIS ILL THOUGHT OUT BAILOUT PASSED RIGHT NOW AT YOUR EXPENSE! AND AFTER WE BAILOUT THESE THIEVING FAT CATS WHAT ARE THEY GOING TO DO FOR US, TAXPAYERS WHO ARE FOOTING 100% OF THE BILL???
YOU CAN BET YOUR LAST DOLLAR THAT THESE FAT CATS ARE NOT GOING TO GIVE UP OR LOOSE ANY PART OF THEIR ‘GOLDEN PARACHUTES’! BUT YOU CAN EXPECT TO LOSE YOUR LIFES’ SAVINGS IN A FLASH! I GOT MINE OUT. NOW THE REST OF YOU ARE ON YOUR OWN! GOOD LUCK.
AND FOR THOSE OF YOU DON’T THINK THIS ADMINISTRATION WOULD STEAL ALL YOUR LIFES’ SAVING AND LEAVE YOU DESTITUTE, I HAVE A BRIDGE IN THE EVERGLADE FOR YOU TO INVEST IN. DON’T WORRY, I’LL GUARANTEE IT, AND WE’LL FIGURE WHERE IT GOES TO AFTER I GET ALL YOUR INVESTMENT MONEY!
PATERIK
Hey Paterik — Don’t worry, your bank deposits are covered up to 250,000. The Feds are printing more paper funny money right now to take care of things if — well, you know what if I’m talking about but dread to name, yes that “if”– But hey, don’t worry. The economy can get worse, get really bad. So bad you might soon need a suitcase of paper funny money to buy a loaf of bread.
And another hey! as well: President Bush wanted his administration to be remembered for something great for the history books. Now he has to settle for today’s wrecked economy as something really great, or I should say, something really bad. It was all on your watch, sir. Mission Accomplished and God bless Bush!
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THERE’S WORDS SHOUTED ACROSS the land today with an empty echo coming back. If the bankers and the fat cats of Wall Street got theirs, WHERE’S MY BAILOUT!
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You must’ve heard by now that the $700 billion of your money set aside for the rescue of Wall Street has changed along the way from its original investment-bank and bank salvation into something else, a closely similar plan (scheme?) cribbed from the Europeans. In order to free up credit/make money available, the feds now will buy stock in the banks. The banks take the money, then you can make car-loans, obtain school tuition-loans, orchestrate your small biz-loans and other-loans from the banks. Sure.
Well, well, guess what? There’s still greed out there. Greed upon big greed! These banks, once they get the money, instead, are buying out other smaller banks. Ho, ho! What next will the remaining bailout money be used for? People who make widgets, do you think? Who knows! Certainly the feds are wide open to suggestions.
Somehow, someway, it reminds me a little of Jack and the Beanstalk. How did that go? Oh, he took his mother’s cow to the marketplace like his mom told him to do, came home with shriveled dried beans traded for mom’s cow — planted them which got out of growth control — and the Giant showed up. I don’t remember the outcome of the story. Did Jack have to kill the Giant? And how did Jack kill the Giant?
I have no answers. I believe, though, that we won’t get that money back as promised originally. BUT there’s one action you can do: raise your right hand and wave bye-bye to your money, the $700,000,000,000.
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FDIC To Use IndyMac to Save Homeowners. Washington Post Staff Writer, Renae Merle, has reported that “the regulators are carrying out an experiment that could change the course of the financial crisis by tackling the home foreclosures that are at its root.”
For Renae Merle’s full story, click on
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/31/AR2008103104001_pf.html
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Federal regulators’ latest plan is to save the entire world’s distressed economies by putting $700B on 17 black at undisclosed casino in Las Vegas. Good luck!
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$350 B or half of the bailout money will soon be spent. For the other half, where to spend that other half, the Feds are looking for half-baked ideas.
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Massive Bank Bailouts Continue without letup. Mostly because each new bank candidate is too big to fail. Question: Is the United States of America too big to fail, if it comes to that? And who would rescue the U.S.A. by providing the money to bail out our country? Heaven forbid, but we can fail, too. Think about it!
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The fed’s wrong focus. Tons of paper money, including the kitchen sink, have been thrown on whims at the banking industry, and next, probably, tons of money will be thrown at corporations like those that manufacture widgets.
And still — Oh woe! Oh woe is the economy! Well, the focus needs to be changed. What needs to be done, I think, is that which Obama wants done, which employs the right focus, on the individual. On Joe Everyman!
So far the need to restore confidence from the top down has failed. Why? Because confidence in consumer spending is in direct proportion interlinked with Joe Everyman’s security. Not the sense of being secure, but real security which only a regular paycheck can provide. Obama is right on with his plan to provide jobs, at the bottom, for people like Joe Everyman who are presently out of work, as a workforce to rebuild our infrastructure.
That’s the way to go. That’s the ticket. And the “lame-duck” feds, along with the “lame-duck” congress, and “lame-duck” President should — it is my opinion — stop racking up public debt needlessly and stop looking for THE answer, THE cure for our sick economy because they are acclimated to the wrong people in the wrong place with the wrong focus.
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