America opened it's eyes today. Yes, there is a positive side to the rejection of the largest fleecing of the American Citizen in history. While political pundits positioned themselves on either side of the aisle after the "stunning" defeat of this bailout package what was over-looked is...
They listened. Our government heard us. Protests, faxes, emails, phone calls... no amount of begging by the likes of Hank Paulson, George Bush, Ben Bernanke, Nancy Pelosi, Barney Frank, Christopher Dodd, et. al can change that fact. All the posturing in the world cannot and will not change the fact that we, the people, rose up, shouted, screamed, kicked and wailed "PLEASE DO NOT DO THIS!"
and... Congress blinked. So... bring on Armageddon. Let the apocolypse begin. Because Lord knows, Hank, Ben, G.W. and Nancy all told us it was going to happen if they didn't get to spend our money, so it must be so.
Are our problems solved? Not in the least. Are tough times ahead? Certainly. Will they try to ram another package down our throats? Probably. Will that pass? Who knows, but it shouldn't.
A crack addict has to hit rock bottom to recover. You can't hand him a rock every now and then and expect any change. However... cold turkey, no matter the pain, results in recovery and in recovery he gains strength. Think about it.
Credit is frozen or freezing over. Credit is what got us into this mess in the first place. Cold turkey might be the best thing.
A Request for Our Leaders
Please do not allow this reckless legislation and obvious bailout of Wall Street to pass. The true cost of this is much more in terms of OUR money... the PEOPLE'S money and more importantly the CITIZENRY OF THE UNITED STATES' GOOD WILL.
For years, we have listened to those on Capitol Hill eschew the virtues of reigning in reckless spending and protecting the American people. Now that Wall Street has CLEARLY violated the public's trust through unwarranted leverage, spending and greed using taxpayer money and putting the long term security of this country at risk by borrowing from our future is downright criminal.
Let the markets correct themselves. What happened to the resiliency of the American people we so proudly put forth at every political convention and whenever those seeking office seek votes?
Have we become so very dependant on debt as a Nation that to allow the ponzi scheme that created this mess to fall is a BAD thing?
I beg of you, Sir, to stop the fleecing of America. Let the people rework this. Represent US. Do not do so would be a travesty of the American Idea.
Respectfully...
The People Of the United States
PLEASE...
EMAIL THIS TO ALL OF YOUR REPRESENTATIVES ON A LOCAL, STATE, AND NATIONAL LEVEL.
THIS IS A RECKLESS QUICK FIX TO AN ISSUE THAT MUST BE ALLOWED TO WORK ITSELF OUT. THE UNINTENDED CONSEQUENCES ARE FAR WORSE WITH GOVERNMENT INTERVENTION ON THIS SORT OF SCALE. If you believe the rhetoric of "this is better than the alternative"... ask yourself... "Why is no one allowed to even PRESENT an alternative... and if they are so right and so good at what they do, why has NOTHING worked in any way, shape or form up to this point?"
Ask yourself that.
Click this link for phone and fax numbers for Senators
For years, we have listened to those on Capitol Hill eschew the virtues of reigning in reckless spending and protecting the American people. Now that Wall Street has CLEARLY violated the public's trust through unwarranted leverage, spending and greed using taxpayer money and putting the long term security of this country at risk by borrowing from our future is downright criminal.
Let the markets correct themselves. What happened to the resiliency of the American people we so proudly put forth at every political convention and whenever those seeking office seek votes?
Have we become so very dependant on debt as a Nation that to allow the ponzi scheme that created this mess to fall is a BAD thing?
I beg of you, Sir, to stop the fleecing of America. Let the people rework this. Represent US. Do not do so would be a travesty of the American Idea.
Respectfully...
The People Of the United States
PLEASE...
EMAIL THIS TO ALL OF YOUR REPRESENTATIVES ON A LOCAL, STATE, AND NATIONAL LEVEL.
THIS IS A RECKLESS QUICK FIX TO AN ISSUE THAT MUST BE ALLOWED TO WORK ITSELF OUT. THE UNINTENDED CONSEQUENCES ARE FAR WORSE WITH GOVERNMENT INTERVENTION ON THIS SORT OF SCALE. If you believe the rhetoric of "this is better than the alternative"... ask yourself... "Why is no one allowed to even PRESENT an alternative... and if they are so right and so good at what they do, why has NOTHING worked in any way, shape or form up to this point?"
Ask yourself that.
Click this link for phone and fax numbers for Senators
Now What?
The following is a reprint of my post for Wreconomic's sister blog: Foreclosure Statistics
OF COURSE the government is going to bail out Wall Street... what are friends for?
OF COURSE the government is going to pork up this bailout with some sort of foreclosure bailout package for homeowners.
OF COURSE this will not work, as NOTHING has worked since day one of this crisis. Why? Because values have not become remotely affordable and lending has contracted. No amount of bailout from anywhere will cause banks to loosen their lending standards to where they once were. As a matter of fact... this will most likely spark a huge sell-off in the Treasury Market, driving interest rates into the stratosphere.
You see.... our country is well past deficit spending... we are now spending our great-grand childrens' money. How can we do that? By borrowing it now. How do we borrow it? The Treasury sells more and more bonds to generate the cash now. As more bonds are generated, the supply swells, the price falls and the yields on those bonds rise. Interest rates rise. It's simple. And they know it. In effect, we will be printing money. They will argue that we aren't... but we are. Now combine falling asset values (housing prices, car prices, goods prices, stock prices) with an increased money supply (selling treasuries like mad to generate the cash to give to banks to buy the bad assets) and a lending contraction and...
PRESTO!
Lock up. Freeze. Bust. DEPRESSION. Call it whatever you want, but it ain't gonna get any better. Just how in the HELL is this going to help anyone? Really?
When the median home price is still WELL out of reach of the median income... just how is this going to help? Actually... no one in our pathetic excuse for a government has given us any reason that this will help. All they can say is that this is necessary and preferred over the "alternative." I ask you ... Senator Havalot... what, exactly, IS the alternative? And if that unspoken alternative is the big D word... why is it ALL OF A SUDDEN THE ONLY ALTERNATIVE? Where IN GOD'S NAME WERE YOU FOR THE LAST 2 YEARS WHILE THE WORLD CAUGHT ON FIRE?
HOLY COW, PEOPLE... IT'S TIME FOR A REVOLUTION. Remove the traitors. The Founding Fathers would have.
OF COURSE the government is going to bail out Wall Street... what are friends for?
OF COURSE the government is going to pork up this bailout with some sort of foreclosure bailout package for homeowners.
OF COURSE this will not work, as NOTHING has worked since day one of this crisis. Why? Because values have not become remotely affordable and lending has contracted. No amount of bailout from anywhere will cause banks to loosen their lending standards to where they once were. As a matter of fact... this will most likely spark a huge sell-off in the Treasury Market, driving interest rates into the stratosphere.
You see.... our country is well past deficit spending... we are now spending our great-grand childrens' money. How can we do that? By borrowing it now. How do we borrow it? The Treasury sells more and more bonds to generate the cash now. As more bonds are generated, the supply swells, the price falls and the yields on those bonds rise. Interest rates rise. It's simple. And they know it. In effect, we will be printing money. They will argue that we aren't... but we are. Now combine falling asset values (housing prices, car prices, goods prices, stock prices) with an increased money supply (selling treasuries like mad to generate the cash to give to banks to buy the bad assets) and a lending contraction and...
PRESTO!
Lock up. Freeze. Bust. DEPRESSION. Call it whatever you want, but it ain't gonna get any better. Just how in the HELL is this going to help anyone? Really?
When the median home price is still WELL out of reach of the median income... just how is this going to help? Actually... no one in our pathetic excuse for a government has given us any reason that this will help. All they can say is that this is necessary and preferred over the "alternative." I ask you ... Senator Havalot... what, exactly, IS the alternative? And if that unspoken alternative is the big D word... why is it ALL OF A SUDDEN THE ONLY ALTERNATIVE? Where IN GOD'S NAME WERE YOU FOR THE LAST 2 YEARS WHILE THE WORLD CAUGHT ON FIRE?
HOLY COW, PEOPLE... IT'S TIME FOR A REVOLUTION. Remove the traitors. The Founding Fathers would have.
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