My Family Wasn’t Gonna Use that $12,000 Anyway
I am not so great at writing posts about things that twist my guts. When I feel cheated and let down and disappointed, coherency fails me. So I’ll keep it short and for the sake of getting it off my chest.
I think there is an active move to loot America (yet again, thank you, Bush administration) with the oft used scheme of a) Oooh! Danger! b) No time to think! We need to act now! And c) Gimme power!
Perhaps members of Congress recall this method from when they got scammed into authorizing a war based on Weapons of Mass Destruction that were not actually in existence.
Paulson is the guy spearheading the $700 billion dollar bailout* of these failing banks and companies. You can read the entirety of this wacky plan right here. He’s the guy who wanted a twenty-four hour turnaround on authorization to have singular, unreviewable, and unmitigated control of that money.** He’s also apparently not too interested in protecting at-risk homeowners, but feels it necessary to protect the golden parachutes of executives to make sure this deal goes through. Seven hundred billion dollars for one guy to use as he sees fit is the only possible way to prevent catastrophic economic disaster.
I guess when someone puts a bag of horseshit in front of me and tells me I have to buy it now-now-now! Without thinking! Before something bad happens!, I get kind of suspicious it might be a scam. Especially when they demand up front that they “may not be reviewed by any court of law or any administrative agency”**. Huh. That doesn’t sound suspicious. At . All.
I thought America was about better stuff than this. Right now I feel so disillusioned.
* According to Section 6, that’s “…authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time” (which sounds more like a revolving credit than a cap to me).
** Some gems from the actual text of the proposal include:
(b) Necessary Actions.–The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:… (2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts (emphasis mine)
And
Sec. 8. Review. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
26 Responses to “My Family Wasn’t Gonna Use that $12,000 Anyway”
I concur…Way too fishy.
I love that we are bailing out companies for making poor decisions and/or fraudulent practices. In my financial planning days I saw so much shit that I knew was going to fail spectacularly-and the banks did not give a flying fuck because they were making..well bank I suppose. MASS BANK. Fuck them.
Yes, this is scary. No oversight? Total rule? For one person to give YOUR money to the same people who messed it all up in the first place and received tens of millions of dollars per year to do it? With no restrictions or oversight on them to avoid doing the SAME THING AGAIN?
This is how our country is run now? I’m sick about it.
What’s hapening and has been happening for the last eight years is fascism not socialism. All of our countries wealth in the hands of a priviledged few while the rest of us labor for them. They called it empire building…they are dangerous assholes. And McCain is one of them
Ick. I feel all nasty and goopy inside. Why haven’t we revolted yet?
Right… I’ve got country ribs defrosting.
This is a great post.
I was listening to NPR this morning and the report did NOTHING to ease my worries. Half of the commentators admitted they didn’t even understand the full scope of the bill because it was all happening so fast, but what they did understand they were talking about in terms like “biggest change to the economy since the Depression.” One guy described it as the President essentially saying to congress that it could keep its title, but it was being relieved of its duties. My husband thinks I am joking when I tell him we need to see about activating our Irish citizenship (through his grandma, long story) but I am FOR REAL — we are indeed closer to fascism than we care to admit.
where’s the bailout of student loans, huh? You’ve got 700 trillion dollars to blow on this nonsense, but you can’t forgive my $140K student loan debt? That’s a drop in the bucket to these yahoos.
Oof. Tummy aching.
I “get” the concept of trying to save the banking and financial system, as there is exposure for all of us in home values, our CD’s, our stocks and mutual funds, our retirement plans, and our jobs and jobs of friends. But such a complex mess that took years to create cannot possibly be sorted out in mere days.
It appears that both political sides of the aisle have some historical culpability, and certainly the industry leaders. I support some sort of bailout, but certainly not for the big wigs that steered the ship into the iceberg.
If my small privately held business made bad decisions, took wacky risks and drove itself into the ground, I would be SOL. The leaders of the publicly held companies should not be able to rape and pillage, while we mere peons have to pay the bill for the rest of our lives. I’m not into class warfare or redistribution of wealth, and god bless these guys for makin’ loads of dough in salary when the company was doing well. But NOT when the publicly held company they led has gone down the tubes. They should walk away with a whole lot of nothing and hang their heads low. Public companies are PUBLIC companies, and the stock holders deserve better. These leaders should answer to their shareholders, and not their buddies in the board who approve such rich golden parachutes even when they do a poor job.
We are all just peons and pawns. We get to vote and think we make a difference, but it doesn’t. The Dems and Repubs are never going to agree on the bailout terms, and really, do we believe that politicians actually have the expertise to do this? Even with advisors, many of whom were part of the mess? Get out your checkbook. Get ready to pay more taxes. We’re fucked.
It’s enraging and revolting and about a fucked as you can get… A $700 billion unchecked funds? Absolutely not.
I understand the very real need to bail out some of this mess as it’s a global disaster, however, I can’t imagine why it needs to be done without discretion.
We vote for where our tax dollars are spent… a bridge, emergency rooms, education… yet, we are expected to smile like dumb little bobble headed dolls and accept this monstrosity of a plan?
It makes me so fucking angry!!
Yea, I am pretty pissed about this too. Yes, please, take our money instead of the CEOs with BILLIONS to spare. Hell, if each CEO gave 1% of their salary to a bailout, how much would there be for the Gov’t to pay for?
I pretty much am disillusioned with America and its incredible suckage right now. Which is why I think it’s extra important to VOTE! You’re registered to vote, right?
This situation totally blows. I agree with Moo: I lost my job in the real estate sector and can’t pay $400 a month for my student loan. That’s about what we spend on groceries AND gas! Moving to another country doesn’t seem like such a bad idea anymore. Great post Anne.
I heard the same NPR segment, and OMG I cannot believe that this is happening. And the people of America just sit there and let it happen (not you people, you are the smart ones!). I keep wanting to have some sort of faith in humanity, but these things just keep happening (war based on lies, re election of Bush) and I just get madder and madder. We are honestly looking at moving to Canada if McCain wins.
Jane, you are a good person I am sure and I am not one to argue on blogs so forgive me…but, it’s both parties, my dear. The Dems just have a nicer package, with a better message that I believe in. Sadly, in the end, both parties are to blame for the mess, both parties are going to skrew us over, and we are all just pawns in the big picture. I’m voting Obama, but I don’t believe the life here will be any different. Just a different ideology, but certainly lots of taxes, and really…..it’s a big government based on power. His regime is not going to mak emy life any different or better.
Sorry, had to say it.
The country elected Bush twice. What did you think was going to happen? It’s a myth that flowers grow out of cow shit.
You said it. I love this country and I’m thankful every day that my parents moved here; I doubt I’d be living the life I do if I had been born and raised anywhere else BUT “disillusioned” has been at the top of my “feelings about the US” list since war was declared. Ugh.
Just wanted to say thanks for addressing me personally Karen, I can’t really believe that someone actually read something that I wrote, and that it even made some sort of impression! And hey, I love having the ability to express our opinions, that is one of the LAST great things that still exist here in America.
I just wanted to note that I didn’t say if a Republican won, just if McCain won. McCain and Palin scare the pants off of me. As did Bush.
Things like this make me want to forget that I’m a Christian Southern Woman and take up arms to go and kill someone.
Wait.
I’m not a Christian Southern Woman*.
Too many Sookie Stackhouse books in a row, I suppose.
*It still makes me want to kill people. Or move to Canada. Whichever.
I really think this man is out to do as much damage as can possibly be done in the short amount of time possible.
Recession almost as bad as The Great Depression? He’s definitely done a number hasn’t he?
It’s time to pack our bags and head for higher ground…like Canada…or Switzerland. They’re neutral right? Oh, well. Bring on the maple syrup or the swiss chocolate. I’m game. Let’s blow this joint!
Those of you who want to move to Canada to protest government bailouts need to do a little more research before packing. The Canadian govt has a long history of spending buckets of money to bail out corporations (usually only in specific regions of the country), most notably Bombardier and Air Canada so that the executives can continue lining their pockets and treating consumers like shit, secure in the knowledge that there’s always another bailout around the corner.
And Vicki, I hope you’re joking. Canada has been an ally of the United States for a very long time. If Canada was neutral, we wouldn’t have so many friendly fire fatalities from our friends to the south.
“Oh, say! can you see by the dawn’s early light…”
…runs away…
Just remember…it was the REPUBLICANS who stopped this bill.
Oh, yeah… that was the scariest thing I’d ever read.
The Republicans shouldn’t get up on their high horses over the bill not passing. You’re referencing the first draft, which was handed to Congress by their beloved Bush. The one the Republicans killed contained considerably more oversight, and they didn’t kill it because they love the constitution; they killed it, because they were afraid for their jobs. Puuuulllleeeezzz… when has any politician done something because it was the right thing to do if it didn’t mean they were getting something out of it?
Through all the hate and vitriol being thrown at Republicans and Democrats here, I do see one thing missing…an honest discussion about the fact that doing nothing would be cut a much deeper wound.
Now, as a capitalist and a free market guy, that wound probably should be cut and we should just allow the market to correct, but most people don’t want that and even fewer understand it.
As I tell people all the time…one of the worst things we do to the planet is to put out forest fires…they are nature’s way of creating rebirth and making things healthy again.
Our government (and those in Germany, France, England, et al.) is simply fighting a raging forest fire. One, if allowed to burn would probably make the entire system healthier, but would cause so much pain that we are not willing to deal with it.