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Roland99's Journal
Posted by Roland99 in General Discussion (1/22-2007 thru 12/14/2010)
Sun Sep 21st 2008, 08:00 AM
http://news.xinhuanet.com/english/2008-09/...

The plan, part of the government's largest financial bailout since the Great Depression, would give the administration broad power to buy the bad debt of any U.S. financial institutions for the next two years, according to Saturday's news reports.

It would also raise the statutory limit on the national debt from 10.6 trillion dollars to 11.3 trillion dollars in order to make room for the massive rescue.


The Bush administration has added approximately $5 trillion to the debt ceiling over 8 years. That's 625,000,000,000 per year! $625 BILLION PER YEAR!

Now, the *PLAN* is that as the housing market recovers ( ) the government can sell its holdings and recoup its money (no matter that future dollars will be worth less so we'll be getting paid back, in essence, less than was paid out for this)

Anyone honestly (or even haphazardly) believe that the housing market will recover in the next few years and, even if it did through some miracle that it would recover enough for the government to recoup its "investment"?

Isn't that an ODD concept?? Recoup its investment? That's what's happening! Our government wants to buy debt it KNOWS is all but completely worthless (the investment) in order to hold onto it and hopefully sell it to make its money back later (the recouping process)

How does even remotely sound like a sane approach to bailing out the criminal oligarchs that got themselves into this mess through their massive hubris?

IT DOESN'T!!

At least out of the Great Depression came many saving social programs that helped maintained the fabric of society.

What's going to happen NOW, though?!

A MASSIVE CUT IN SOCIAL SERVICES, I can about guaran-fucking-tee it.

The world financial markets cannot be saved but our government can certainly save some key players and keep them stupidly fat and wealthy while the rest of America literally falls aparts.

Welcome to the greatest nation on earth.
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