Baited, hooked and twitching madly

We’re all probably too pissed off to write about the bailout bait and switch right now, but its our job folks, we have to expose these things. Allow me to oversimplify Friday’s hearings like this: the Bush Administration does whatever the hell it wants. Plain and simple. In hindsight I’m surprised they even went through the trouble of getting congress to pass the bailout bill, except for the politics of it. But now that the Democrats went through the painful process of attaching strings, its nice to know that the Administration can just simply ignore them. Nobody’s surprised by these tactics, at least no one that’s been awake for the last 8 years. But this has to get filed away with the many other things that makes every American citizen who cares about, and has even a limited understanding of, our constitutional democracy want to puke their guts out. These people are scum. In the attached link, you’ll read a polite and eloquent rebuttal about buying mortgages. If you were paying attention you would have said, 55 million? That sounds like every mortgage in the entire country. Well, you’d be right, it is. So what kind of evil jackass would twist things around like that? Yes the question was rhetorical…and no there aren’t 55 million foreclosed homes in America. He was actually saying, ‘what do you want us to do, buy every mortgage in America?’. After that statement I’m thinking his balls on a platter would be an appropriate response…well worth the ~$2,500 a person the bailout is costing.

So this Thanksgiving, when my grandmother or uncle start talking about how the bailout is socialism and we’re turning into commies, I’m going off the rails, despite my great love for my unfortunately misguided relatives. I’m sure you have a few yourself. Future posts will add to this list, but for those of us concerned with totalitarianism, please add this to the category ‘ignore the laws passed by congress’. Was there a signing statement I missed?

  • M.Uila

    One thing I found somewhat misleading about this article, it seemed to suggest that Kucinich and Issa were in agreement, when in reality they were both pissed for different reasons.

    Kucinich is not so much worried about the bait and switch as he is the fact that they’re giving money to banks at all instead of homeowner relief. This is my fundamental objection to the bailout as well. Maybe there were minor provisions in the bill for foreclosure relief that Kucinich is referring to, but that was never my understanding of the big banker bailout bonanza.

    Issa, on the other hand, is complaining that the money is not being used to buy toxic assets. In true republican fashion, his complaints are 100% wrong. The original plan to buy the toxic assets was a sick joke, amounting to a straight giveaway. The suggestion that these assets would some day appreciate in value for the American taxpayer was a baldheadedfaced lie. To paraphrase Tommy Boy, if I poop in a box and label it “guaranteed” it’s still just a piece of shit.

    Regarding the change in plan, if I’ve learned anything from Professor Krugles over the last 2 months, it’s that purchasing equity shares from the banks (as is supposedly being done) is a much better deal for taxpayers than simply buying toxic assets.

    In short… bailout: disgraceful… equity stake: better than the alternative… now if they could just provide a list of who is getting the money and how much… (it’s basic accounting, assholes!)

  • M.Uila

    P.S. your observation about the polite yet bullshit rebuttal is spot on. How precious of Rep. Bilbray to go all weak in the knees for the polite young Treasury flak – play your cards right, Congressman, maybe he’ll ask you to the winter formal!

  • retarded monkey woman

    i guess the confusion is what they are actually doing with the money. it all sounds like a bunch of conjecture and mumbo jumbo to me. but yeah a list of reciepts would be good.

  • retarded monkey woman