"... The very financial companies that tried to prevent individual Americans from having some kind of an opportunity to bail themselves out from their individual financial troubles are now rushing to the government to assist them in their financial troubles. " (Amy Goodman, 2008)
Remember a few years ago when the big fat bottoms in Congress bent us all over for the financial industry and made it more difficult for Joe Schmo to file bankruptcy? Those same pimp politicians are again helping screw you in the ass by rewarding that same industry's criminally irresponsible behavior with $700 billion of your money. We're just a pimper's paradise, to quote Bob Marley, more than happy to give our hard-earned cash to banks and finance companies who charge us interest for our patronage, or to put it in 401(k)s that assure us of nothing but richer CEOs moving farther away from we unwashed masses. We meekly submit to the entire credit bureau gulag, where someone checking your credit immediately hurts your credit, but removing a credit bureau mistake or an instance of fraud is virtually impossible.
And for what? So we can buy shit RIGHT NOW! IMMEDIATELY! that we cannot immediately afford without giving economic handjobs to Visa and American Express. That's really it, peeps. We enable the most predatory individuals and entities in the world so we can buy things for which we don't have the ready cash.
So don't be fooled. This "bailout" is not necessary to preserve the health of our nation. Quite the contrary, it is a desparate (but predictable) attempt to perpetuate the current fundamentally diseased credit-based economic paradigm, with the added purpose and result of redistributing income from you and me to the already obscenely wealthy.
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1 comment:
"Remember a few years ago when the big fat bottoms in Congress bent us all over for the financial industry and made it more difficult for Joe Schmo to file bankruptcy?"
The bill you are referring to is the "Biden Bill" sponsored and pushed for by Joe Biden.
http://www.huffingtonpost.com/jackson-williams/joe-biden-true-friend-of_b_120776.html
Oddly, while I enjoy the irony of pointing out that you are likely voting for the fat bottom in congress that pushed that particular legislation through, I actually feel that it was a good bill.
What exactly is wrong about a bill that forces people who rack up debt on credit cards to pay for it if they can?
Isn't the point of your post just the opposite - that people who can't afford things shouldn't buy them? Yet you apparently oppose a bill that allows people to spend whatever they want on whatever they want and then welsh on their obligations?
I do like the opening quote of this post however... how very, very true. I don't support the bailout as proposed and I'm an investment professional. Sometimes the markets need to suffer to remove the incompetent people who were running it before. While moderate intervention may be necessary, (in much the same way bankruptcy workouts are still allowed) the fact is we should make it very painful for those who attempted to socialize risk and privatize reward.
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