Bush: 3, United States: 0
Ahh... Hoodwinked again by our great fearless leader. You'd think we would have learned our lesson by now. $500 billion here*, $700 billion there... pretty soon this is going to start getting expensive. We at least put up a bit of a fight this time, though - the first bailout bill did die in the house of representatives after all, thanks to about 75% of the republicans and 40% of the democrats.
According to many of the news articles I read, the general public was very much against bailing out wall street (not very surprising). However, both bailout bills were able to get through the senate with ease because most of the senators don't have to worry about being up for re-election in November. The bills had a lot more trouble in the house because, of course, *all* the representatives have to worry about re-election. Man it must really suck when your job is to represent your constituents and, because of pressure from looming elections, you actually end up having to - you know - represent your constituents. Life can be a real bitch sometimes.
The thing that sickens me the most about this whole economic disaster is when I hear people whining that deregulation and free market principles are what caused this mess. I do not agree. De-regulation did not create Fannie Mae and Freddie Mac. De-regulation isn't responsible for the war in Iraq that we've been "winning" for the past decade, and all the costs associated with it. Free market principles aren't what guided the Fed to cut interest rates time and time again. Free market principles were not the philosophy behind the "economic stimulus" zomg-I-have-an-idea-lets-print-up-a-whole-bunch-of-money-and-hand-it-out-to-people plan. By the way, do you know how the Federal Reserve cuts interest rates? Interest rates have an inverse relationship with bond prices, so they essentially just print up a bunch of money and use it to buy up bonds, thereby raising demand and increasing prices. Shit, I guess printing up boatloads of money and dumping it various places in the economy whenever we please is a bad idea. Who would have imagined?
Ten points to anyone who can figure out why I gave Bush a score of '3' in the title of this post. Points are redeemable for cash. I haven't decided how much cash yet, but do you really care? Its all going to end up being worthless anyway because of inflation.
*Rough estimate for the cost of the war in Iraq** so far
**Notice the date on that link.*** If only Ron Paul had been president...
***Check out my nested endnotes. Cool, huh? I just invented them. Patent pending.
According to many of the news articles I read, the general public was very much against bailing out wall street (not very surprising). However, both bailout bills were able to get through the senate with ease because most of the senators don't have to worry about being up for re-election in November. The bills had a lot more trouble in the house because, of course, *all* the representatives have to worry about re-election. Man it must really suck when your job is to represent your constituents and, because of pressure from looming elections, you actually end up having to - you know - represent your constituents. Life can be a real bitch sometimes.
The thing that sickens me the most about this whole economic disaster is when I hear people whining that deregulation and free market principles are what caused this mess. I do not agree. De-regulation did not create Fannie Mae and Freddie Mac. De-regulation isn't responsible for the war in Iraq that we've been "winning" for the past decade, and all the costs associated with it. Free market principles aren't what guided the Fed to cut interest rates time and time again. Free market principles were not the philosophy behind the "economic stimulus" zomg-I-have-an-idea-lets-print-up-a-whole-bunch-of-money-and-hand-it-out-to-people plan. By the way, do you know how the Federal Reserve cuts interest rates? Interest rates have an inverse relationship with bond prices, so they essentially just print up a bunch of money and use it to buy up bonds, thereby raising demand and increasing prices. Shit, I guess printing up boatloads of money and dumping it various places in the economy whenever we please is a bad idea. Who would have imagined?
Ten points to anyone who can figure out why I gave Bush a score of '3' in the title of this post. Points are redeemable for cash. I haven't decided how much cash yet, but do you really care? Its all going to end up being worthless anyway because of inflation.
*Rough estimate for the cost of the war in Iraq** so far
**Notice the date on that link.*** If only Ron Paul had been president...
***Check out my nested endnotes. Cool, huh? I just invented them. Patent pending.
posted by jester at 12:16 AM
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