Minister of Science and Chief Protector of the Faith

Monday, September 29, 2008

Wall Street Hijinks

I still don't think that it has been explained properly that an actual crisis is at hand. I want to see numbers and graphs and stuff.

That aside, I would like to see the media explain how Sen. Boehner and the conservative House Republican's big plan was to get rid of capital gains tax, more deregulation, temporary tax breaks and relaxation of other rules, and for a federally funded insurance program to bail out less-solvent institutions to encourage investors. (This would insure that Wall Street investors would net all of the possible profits and assume none of the risk. Sound familiar?)

The government oversight, compensation limits for executives and provisions for taxpayers to share in any profits from the sale of distressed assets were what the Democrats asked for, despite the quotes from the media.

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At Mon Sep 29, 11:10:00 AM, Blogger Übermilf said...

I have a pitchfork, several empty Bushmills bottles, rubbing alcohol and some rags.

In case, you know, I might need them sometime soon.

At Mon Sep 29, 11:17:00 AM, Blogger Bubs said...

I'm depressed. I still haven't brought myself to read more of the details of this "plan" beyond what was in the original 3-page proposal from Bush.


At Mon Sep 29, 11:59:00 AM, Blogger Comrade Kevin said...

I'm always skeptical of any plan that says, "If you screw up royally, get greedy, and act stupid---the government will bail you out anyway".

At Mon Sep 29, 01:48:00 PM, Blogger Mauigirl said...

Well, looks like the bill went down and now the stock market is tanking again.

Looks like we are about to enter a major depression here! But you know what? It serves them right. I just hope all of our 401ks don't go down with it.

At Mon Sep 29, 05:06:00 PM, Blogger Utah Savage said...

This is one of those times it might pay to be poor. I've lived without for so long, I've gotten pretty good at it. No 401k for me. But happily i've been too poor to borrow against my paid for house. So, unless the taxman takes it, I will have a crumbling roof over my head. Sadly I grew up in a time when women didn't need to be handy with the power tools, so the electrical and plumbing, the lathe and plaster walls can crumble on. My neighbor plants a garden, and even though we live in the city they have water rights to irrigate their garden and lawn. My trees benefit from their free irrigation water. But I sure feel bad for those of you with new loans on houses or condos and investments in the market. Fuck man, it's bad.

At Mon Sep 29, 09:04:00 PM, Anonymous Anonymous said...

Well, our girl Nance may have thrown them with her tough talk today. Do you think she planned it? Turned the table on them because she knew they were dying to hang the whole financial mess on the Dems? I wonder....

At Tue Sep 30, 01:15:00 AM, Blogger Dr. Monkey Von Monkerstein said...

At least Betty is looking out for us.

At Tue Sep 30, 07:25:00 AM, Blogger Kulkuri said...

We have private gains and socialist losses. When times are good, the profits go to the investors and CEO's and when things go tits up big time, then the taxpayers need to bail out the greedy bastards that caused the mess.

At Tue Sep 30, 07:52:00 AM, Blogger jamesm said...

"I still don't think that it has been explained properly that an actual crisis is at hand."

Try this for proof. WaMu fell over with 300B and was the largest bank failure in history.

It held the record for one day. Until Wachovia went for 800B.

And that is about the 10th large bank failure in the last few weeks (I'm including B&B in the UK and Fotia in Europe).

That should tell you something - yes it's real, yes it's bad, yes it's an actual crisis.

At Tue Sep 30, 09:50:00 AM, Blogger Randal Graves said...

They would love to explain it, but YOU try wading through an ocean of Boehner's crocodile tears without a boat. Ain't easy.

At Tue Sep 30, 11:29:00 AM, Blogger Dr. Zaius said...

Übermilf: Yay! Angry villagers with pitchforks party at Frau Übermilf's place! I'll bring the potato salad. :o)

Bubs: I feel the same way. I can't wrap my head around it. :o(

Comrade Kevin: Indeed. And no direction looks good from here.

Mauigirl: Forget the 401ks - The first thing to go is going to be payroll!

Utah Savage: I understand how you feel. I have roof that leaks and winter is coming. And how the heck am I going to pay the heating bills? I hat to even think about it.

DCup: No, I think that Speaker Pelosi just said what she felt. I think that this came as a suprisew to everybody except the Bush administration. Those assholes!

Dr. Monkerstein: Ah, sweet Betty... She won't care if I'm poor! :o)

Kulkuri: I know! It makes me sick.

jamesm: Yep. That is probably all the evidence that one needs. It's an actual crisis.

Randal Graves: Don't be mean! I like crocodiles. :o)

At Tue Sep 30, 01:58:00 PM, Blogger mwb said...

hey, I'd like to see Betty and Veronica in charge - I think they'd do a better job.

At Wed Oct 01, 07:24:00 AM, Blogger chaos4700 said...

mwb? I'd rather have Jughead in charge. That's how bad this is.

And while it is an actual crisis, has anyone noticed that not a single banking exec seems to have lost anything besides maybe a little bit of public face? Last I heard, a tax cut was being pushed through with this so I'm thinking they might actually come out ahead. They say the cream rises to the top... well, it doesn't exactly smell like cream in this case, does it?


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