Then We Will All Be Hobos

September 30, 2008

First of all I want to thank Lynn Woolsey for voting NO yesterday on the ridiculous Bailout plan. No matter what, there is no way we were going to avoid pain and economic downturn. If the bailout plan passed we would still be hosed, but on top of that we would transfer wealth to those who caused this mess. Along with Conyers and Kucinich, Woolsey had political courage to reject the appeals to fear. I never thought I would say it, but hazzah to those conservative republican representatives for voting no. It is not like I would ever vote for you, but today you get a gold star.

Yes. The stock market went down 778 points yesterday. We had a week where almost everyone was predicting Armageddon if the thing didn’t pass. The bailout didn’t pass so people freaked. This morning the market is up over 100. Until all these loans shake out though 2012, we are going to have days like this. Banks and financial institutions will fail and merge. People will lose their homes. We need to go through this because there has to be consequences. Postponing the hurt to our kids and grandkids, who had nothing to do with this mess, is just wrong.

I am now a customer of JP Morgan Chase, and it didn’t hurt at all.

If congress wanted to help they would roll back the bankruptcy laws for average people, create programs to aggressively work to keep people in their homes, and seize the wealth of those who created this mess to pay for any programs that will help the American people. The money these executives are walking away with are ill-gotten gains.  We should also make sure that we have enough money to insure people’s savings.

Posted in economics