Congress voted NO today on the bailout. A lot of the progressive blogs I follow (and respect) seem to think this was bad and are laying the fault at the feet of house repubs. Now, most house repubs are indeed concerned only about their skin and I'm not gonna argue that but.......I am not so upset about the vote, all in all. I am obviously no expert, but I want to see some accountability other than vague "compensation limits" and "this is a buy-in not a bailout" bullshit.
Of course Wall St was going to react badly. Some of it is shock that they didnt get their way. Some of it is "Let's scare the average bastard and take this baby down". Don't give me this bullshit about our losing a trillion dollars today because of 650 points on the NYSE etc. 'Cos when the street went from 10K to 14K, by their math we made six trillion or so, so this should be a normal 'correction' right? And all that money just flowed into your homes in crashing waves during those times right? So what's a little correction?
Unless........ most people didn't make out like bandits on the way up, but are being saddled with the losses on the way down. Hmmm.
I think we should call their bluff. Fuck it, don't give them a bailout unless we actually buy in---as in ownership and executive powers in the investment banks that fucked up (I know, they're not investment banks anymore), including revoking all their fucking bonuses for this ridiculously bad performance---- and see how low this will really go. I'm betting the fucking rats find a way to save their skin (and by extension don't let the economy collapse). I don't respond well to blackmail, and I don't think you should either.
Monday, September 29, 2008