Thursday, September 25, 2008

Is It Safe Yet?

I guess in the really big picture, 700 billion dollars isn't that much. It's probably only half of the costs of the Iraq War (including legacy costs). It's just an extra year of Pentagon funding ( including the off budget wars). It's only about a third of what we spend on health care.

And, its only about $2,333.00 for each man, woman, and child in the good old PRUS. ( People's Republic of the United States) I could pay my share today I suppose.

Besides, it is going to such a good cause. Who doesn't want to keep our economic Barons, Dukes, and Princes making 150 million a year? Considering, at my present salary it will only take me 1500 years to earn that much, or in reversed time, back to the fall of Rome, why wouldn't I want to pitch in to keep our aristocratic classes in Lexuses (or is the plural Lexi?). And let's be practical, if we lose these folks, who is going to watch baseball games from those fabulously expensive sky boxes in the New Yankee stadium?

Yes, in a time when we should be talking about demonstrating in the streets to keep these folks from building any more coal plants and nuclear reactors, we can barely get it up to tell our congressman to think this through.

With one whacked out nut job already talking about holding the political process hostage until we fork over all the dough to his pals, all of Washington working together to foist this big one on those of us who actually pay their salaries, and the market signficantly up today, one can safely assume that once again, the markets have been made safe. (For now)

Obama's statement is probably as good as it gets.

"Let me be clear: it’s outrageous that we find ourselves in a position where taxpayers must bear the burden for the greed and irresponsibility of Wall Street and Washington. But we also know that a failure to act would have grave consequences for the jobs, and savings, and retirement of the American people.

Over the last few days, I’ve been in close contact with Secretary Paulson and leaders in Congress. I’ve also had the opportunity to speak directly to the American people about what we need to do moving forward. I’ve laid out several clear principles that I believe must be a part of our response to this crisis.

First, we need to set up an independent board, selected by Democrats and Republicans, to provide oversight and accountability for how and where this money is spent at every step of the way.

Second, if American taxpayers finance this solution, they should be treated like investors. That means Wall Street and Washington should give every penny of taxpayers’ money back once this economy recovers.

Third, we cannot and will not simply bailout Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

Finally – and this is important – the American people should not be spending one dime to reward the same Wall Street CEOs whose greed and irresponsibility got us into this mess." more
Meanwhile, our allies in Pakistan are shooting at the violators of their airspace (us), the North Pole icecap has entered into a death spiral, and Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions .

In my social circle, I know a couple who pulled their money out of money market funds this week, several smart folks who have been buying silver coins for a while now, another someone who is probably going to get out of the market completely, a businessman who pulled 10,000 in cash from his bank account, and someone else who is thinking of doing the same thing once his new super dooper secret safe is installed. I think I'm going to open an account in a nice local credit union too.

Cause believe me,

It's not safe yet.

Not even close.

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Anonymous Anonymous said...

Sept 26,2008

Marc Faber, managing director of Marc Faber Ltd. in Hong Kong, told Bloomberg Television the U.S. government's rescue package may require as much as $5 trillion, seven times the amount Paulson has requested

5 trillion. Now that's real money.


7:27 AM  

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