of money.
I thought I was going to have an interview with San Francisco Mayor Gavin Newsom and Economist Magazine discussing Green city building and infrastructure, but something happened with technology and it isn't happening.
I wanted to discuss the bailout. They are back to labeling it as such, again. I guess I don't quite understand things, as I know that the bad loans and foreclosing properties don't cost near $700B I am unclear as to why that is the number that the taxpayer is liable for?
It seems that a more palatable balance to the bad loans is around $40B or so. This would cure the real estate mayhem that has crushed our economy. What is the other $650B for and what ever happened to the first $200B that has been granted out over the past few months. None of this smells right.
It is a pressure play to acquire the money, lobbyists have added their pork to the sides of this with the rewrites and Congress is now pressured to make something happen since the spines of the Senate have played this game. Since Bear Sterns has been bailed out and their private offshore havens are guarded from public view I guess it is time that the Senate gets their share?...
This just stinks.
Since the taxpayer is screwed out of these funds either way, perhaps we should, at least to make a decision one way or the other, take some time with this to allow more thought and insight to the situation. By doing this before Nov. 4, simply gives Bush more time to piss away the funds.
Obama thinks there will be money left when he gets into office to help people and work with...shit, there is no money to begin with as this is coming from the future earnings of Americans. This is much like their most recent Exit Tax I wrote about back on June 6, 2008. The government is now allowed to tax expatriates their "future" income.
This style of bookkeeping does not work. It is self defeating and will fail! Guaranteed!! The numbers cannot add up!
Showing posts with label Bear Sterns bailout. Show all posts
Showing posts with label Bear Sterns bailout. Show all posts
Friday, October 3, 2008
Saturday, July 12, 2008
Zuzu's petals, Zuzu's petals...
All I can keep saying to myself is, "Zuzu's petals, Zuzu's petals."
Just as I thought things might be coming to the end of a bad dream regulators came in on Friday and closed the doors of IndyMac bank creating the third largest bank closure in U.S. history after the second being the collapse of First Republic Bank Corp. in 1988 and headed by the 1984 collapse of Continental Illinois National Bank & Trust Co. IndyMac was founded in 1985 by David Loeb and Angelo Mozilo, who also founded Countrywide, another big mortgage lender whose loans helped fuel the housing boom. Countrywide was taken over last week by Bank of America Corp. Reminiscent of the crash in 1929, depositors had a run on the bank these past few weeks on word that IndyMac did not have enough liquidity to stay afloat.
I would state that nearly all of the working people today have NEVER experienced this before as the people of the Depression who may remember clearly enough are now quite retired or dead. With all of the regulations, or shall I say de-regulations that have been instigated to our system since the 20's, and most recently through the Clinton and Bush administrations, we are in uncharted territory.
Getting back to my post yesterday, are we going to be seeing the government takeovers of more financial institutions? Are we going to see the government takeover of 50% of the loans in the United States? Where is this money to save all of this mayhem going to be coming from? The Repugnicants keep stating that there will be no more taxes, and the democants will be needing to begin to really sharpen their pencils. Perhaps China, Europe and other countries will come in and buy the low grade bonds at a discount to help salvage the debacle that has been created here. This will mean that, although the government touts it is coming to the rescue, the rest of the world will be owning the United States.
We are coming to the edge of an abyss that has never been seen before in the history of this world. The world being so interconnected like never before we are seeing just how much now and we will be shown just how in depth it really is in the near future.
Will this cloud cover that comes to rain on the fire be good for the U.S. or will it become the demise of this country? As our administration is not creating any solutions and only grabbing what they can from the top down, I am hesitant to say that there is a light at the end of the tunnel. Although, (as tribute to my friend Chuck) there is a light at the end of a tunnel, but this time it could be that train!
With no Clarence around, and as Zuzu's petals are drying up and crumbling in our pockets, things can ONLY get better...Right?
This too shall pass, this too shall pass...
Just as I thought things might be coming to the end of a bad dream regulators came in on Friday and closed the doors of IndyMac bank creating the third largest bank closure in U.S. history after the second being the collapse of First Republic Bank Corp. in 1988 and headed by the 1984 collapse of Continental Illinois National Bank & Trust Co. IndyMac was founded in 1985 by David Loeb and Angelo Mozilo, who also founded Countrywide, another big mortgage lender whose loans helped fuel the housing boom. Countrywide was taken over last week by Bank of America Corp. Reminiscent of the crash in 1929, depositors had a run on the bank these past few weeks on word that IndyMac did not have enough liquidity to stay afloat.
I would state that nearly all of the working people today have NEVER experienced this before as the people of the Depression who may remember clearly enough are now quite retired or dead. With all of the regulations, or shall I say de-regulations that have been instigated to our system since the 20's, and most recently through the Clinton and Bush administrations, we are in uncharted territory.
Getting back to my post yesterday, are we going to be seeing the government takeovers of more financial institutions? Are we going to see the government takeover of 50% of the loans in the United States? Where is this money to save all of this mayhem going to be coming from? The Repugnicants keep stating that there will be no more taxes, and the democants will be needing to begin to really sharpen their pencils. Perhaps China, Europe and other countries will come in and buy the low grade bonds at a discount to help salvage the debacle that has been created here. This will mean that, although the government touts it is coming to the rescue, the rest of the world will be owning the United States.
We are coming to the edge of an abyss that has never been seen before in the history of this world. The world being so interconnected like never before we are seeing just how much now and we will be shown just how in depth it really is in the near future.
Will this cloud cover that comes to rain on the fire be good for the U.S. or will it become the demise of this country? As our administration is not creating any solutions and only grabbing what they can from the top down, I am hesitant to say that there is a light at the end of the tunnel. Although, (as tribute to my friend Chuck) there is a light at the end of a tunnel, but this time it could be that train!
With no Clarence around, and as Zuzu's petals are drying up and crumbling in our pockets, things can ONLY get better...Right?
This too shall pass, this too shall pass...
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