demiurgent: (Dark Eric (By Frank!))
[personal profile] demiurgent
It's surprisingly simple.

Neither major political party was willing to sacrifice the election to save the nation.

There is nothing more basic than that. Neither party would sacrifice personal power in order to save the economy of the United States of America.

My representative voted Nay. For the first time, I'm considering voting against her in November. I'm certainly calling her office tomorrow to express my deep disappointment in her.

For those who don't want to see the bailout of Wall street firms because gorsh, they's all rich and it's not fair? I hope you really, really enjoy the next ten years.

(no subject)

Date: 2008-09-30 06:39 pm (UTC)
From: [identity profile] demiurgent.livejournal.com
Banks are necessary businesses.

Snowspinner said it better than I, but if the banks go, so does everything else, because payrolls stop getting paid, capital stops moving into other companies, goods and services can't make production and operating costs.

If the economic center goes down, it takes out essentially everything else. And the timeframe for that happening is frighteningly small.

How frightening small? It would not shock me to see a massive business failure of legitimate, profitable businesses by Friday. Not businesses that have invested heavily in subprime mortgages -- businesses that are producing goods they sell at a profit. Because those businesses still use credit services every day to meet their operating expenses.

If that chain cascade happens? 700 billion won't bail them out. It won't come close. If that happens, we go from 0 to "most everyone I know is out of work and can't keep food or lights in the house" in a shockingly short period of time.

Bitterly ironically? The very people who led us to the brink will likely be fine during all this.

I'm with Snowspinner. Buy up the mortgages. Put them on a shelf, waiting for those properties to begin to reappreciate value. If you only get $100,000 for a property that was (bad mortgage) sold at $350,000, but you paid $35,000 for it, you're still making $65,000 in profit.

As a side bonus, we still get to buy food and have electricity in our houses.

(no subject)

Date: 2008-09-30 06:48 pm (UTC)
From: [identity profile] roniliquidity.livejournal.com
I'm not arguing with the plan in as much as I am arguing with the lack of oversight to make sure that $700 billion is going to the plan. Our government has proven very bad at making sure money is going to the public good rather than the pockets of the buddies of the guy distributing it. Oversight seems to be a very small thing compared to Imminent Financial Collapse so why is it such a sticking point?

(no subject)

Date: 2008-10-02 03:05 am (UTC)
From: [identity profile] richm90071.livejournal.com
That won't necessarily help. Check this (http://ml-implode.com/staticnews/2008-10-01_TheTopFiveReasonsTheBailoutInterventionsAreMakingThingsWorse.html) out.

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