Monday, September 22, 2008
700 billion dollars of F#@k up
Yes i did hear about the Bush administration's $700 billion proposal...FUCK THIS ADMINISTRATION! I really don't want to pay more taxes so that the high rolling banker buddies of the Republican Party can retire on the blood sweat and tears of ordinary Americans. A bunch of people will get hurt by the banks going under yes but most of those people took a gamble on their loans and the banks took a gamble on trading those loans through out the financial sector. You don't go to a casino and blow your life savings on a bet and then go ask Uncle Sam (i.e. the American tax payer) to bail you out. It's bullshit! The banks should have been more open with their investors and the people taking out sub prime mortgages should have gone for a fixed rate loan. I say let them burn and bring the people who are responsible to justice. (Don’t try to fix the problem: As if this administration could fix anything cuz they’ve done a bang up job so far. I don’t know about you but I wouldn’t trust this administration to fix a child’s bike without taking 2 weeks and spending $100,000 let alone trust a plan they came up with over a weekend to save the world economy.) SURVIVAL OF THE FITTEST! American financial institutions were built on it and they’ve put the American economy on top of the world. This is capitalism; the problems of the fanatical world have a way of ironing themselves out and the economy comes back smarter, better, faster, and stronger because there was a downturn. After this slump the everyday person is aware of the consequences of being dumb with money so they won’t do it again if they don’t want to get BONED.And that's all i gotta say about that.
Subscribe to:
Post Comments (Atom)
3 comments:
I started to leave a comment, but it got a bit long. :D
If you read jack’s comment, which turned into an entire blog entry, I totally agree with him on most points. I didn’t mean to try to lay the blame squarely on the shoulders of the bankers who traded unscrupulously. The blame can and should also be laid at the feet of the want-to-be homeowners who were dumb enough to truly trust the people selling them loans and at the feet of the people who took advantage of the American dream and sold people loans that they couldn’t pay back. The people who couldn’t be bothered to read fine print should burn too but they won’t because they’re able to just walk away from their responsibility to payoff their debt. The bankers who approved these gullible idiots for loans that they couldn’t pay off should get boned too. Some of them might by losing their jobs but many of them have made so much money in bonuses that they’ll be no worse for the ware.
That’s one of the things that should be considered when the banking reforms come in; the system of bonuses that lenders receive for selling loans. It encourages irresponsible lending by offering rewards for selling loans even if the person defaults. (To go back to the gambling thing.) It’s like going to a black jack table and collecting your winnings on the fact that you’re sure you’ll win. Even if you’re counting cards you can’t be sure until the cards are on the table. I bought my house right in the middle of the downturn and I had to provide my entire life story, right down to the high school I went to, in order to get a home loan.
From facebook mini-feed, I found this blog as well as this posted link from another friend: http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html which agrees with both of you guys... I think a lot of people think the bailout is a bad idea, particularly since *we* (the taxpayers of America) are technically paying for it. Oh government.
Another reason not to vote for McCain: he lies about being places. From Letterman last week:
1)http://www.youtube.com/watch?v=XjkCrfylq-E
2)http://www.youtube.com/watch?v=59S8CMXXvWI
It however did provide some entertainment :)
Post a Comment