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Despite all the fear mongering that recently indicated that the economy will cease to exist without the savior of an enormous, emergency government cash give away to their partners in financial industries, it turns out that the economy is in trouble anyway and this inflation creation they call bailout will only make it worse. Our dollars value will be reduced yet again and everyone will be very angry.
Oddly, we will continue to have no idea why everything has started to suck so badly. We will want a face for the destruction so we’ll angrily point at Comrade Bush and then happily elect a new, more socialist Bush named Obama or a more Military Bush named McCain. Either way… you’ll be sorry.
When you stand back for a moment and think about this bailout and the political situation as a whole, it’s easy to see that you’re the person paying the cost for the government-caused housing bubble right now and the government-caused wars. The government and the Federal Reserve system has created inflation, through monetary policy and massive deficit spending, which as has led to higher energy and food prices.
As a whole we are paying for all the government caused problems and no one is going to bail you and me out, except maybe the United Nations or the World Bank lol. All the people who made mistakes, all the people who were irresponsible, will be rewarded for their irresponsibility, in one way or another. But . . .Every responsible person will be punished, precisely because they have behaved responsibly, precisely because they pay their bills.
This is how our socialist government works. This is what a socialist government does. It rewards irresponsibility and thereby creates an irresponsible society. We can dispense with the technical details of the current mess. It all boils down to this — irresponsible people are rewarded, while responsible people get the shaft. All the corporate welfare queens have clamored incessantly to be rescued at our expense. And the drama queens in the media, who always love a good crisis, have propagandized and sown fear around the clock, bringing us to the point where we are all crawling along crying behind our banking masters begging for reprieve. You can take your punishment lying down, or you can rage against the injustice. To remain silent is to sanction the crime.
I recommend rage for those traitorous to our constitution and recognition for those who opposed the bailout. Thank Congressman Salazar, Congressman Udall, and Senator Allard for voting against the monstrous and traitorous “bailout.” Remember that Senator Salazar voted in favor of this insanity. You can use www.downsizeDC.org to contact them.
DAVID COX
Grand Junction
11 Responses to “Bailout bill sends us closer to socialism”
Posted October 6th, 2008 at 4:13 pm Login to Send PM Report this comment
for once i agree with mister cox…we should hold those who are responsible for this mess accountable, take their assets to put toward the “bailout” andforce them to live like the rest of us do…
Posted October 6th, 2008 at 4:20 pm Login to Send PM Report this comment
You want to look for who to blame? Here is a partial list:
The Federal Reserve for holding its Federal Funds rate at 1% for much longer than necessary thus bringing mortgage rates down to levels which allowed buyers to pay ever rising prices for homes and thus helping to create a housing bubble.
Speculators who purchased homes with the intention of flipping them for a quick profit, thus creating a false demand for homes and also helping to feed the bubble.
Unscrupulous mortgage lenders who provided money for mortgages to folks who had no means of making the payments.
Unqualified home buyers who purchased homes, knowing that they could not afford to make the payments, but thinking that they would be bailed out by ever-rising home prices.
Fannie Mae and Freddie Mac, who provide funds for half the mortgages in this country, for lowering their lending standards.
The US Congress for encouraging Fannie Mae and Freddie Mac to lower their lending standards and for not providing adequate supervision of these agencies.
Wall Street “wizards” who invented new financial instruments that are so complex that it is now nearly impossible to figure out their worth.
Bond rating firms like Standard & Poors and Moody’s, who assigned investment grade ratings to mortgage-backed securities under the assumption that the bull market in housing would never end.
Investment banks, like Lehman Brothers, Morgan Stanley, Merrill Lynch, and Goldman Sachs, which levered themselves to the hilt in a reckless attempt at growing profits.
Commercial banks which loaded their balance sheets with mortgage backed securities without truly understanding the risk involved.
But to not vote for the bailout because you are angry is not the solution. This bailout, and much more, is required to keep the whole economy from imploding.
Posted October 6th, 2008 at 5:06 pm Login to Send PM Report this comment
Mr. Cox - Complaining is easy, developing a solution is somewhat more difficult. What is YOUR proposed solution to our (and the world’s) current financial disaster?
Posted October 6th, 2008 at 5:09 pm Login to Send PM Report this comment
Bullish, If the privately controlled Fed didn’t have sovereign monetary control and the ability to manipulate the economy at it’s will then we wouldn’t have to worry about it keeping interest rates too low, they simply wouldn’t have the power to contort them in the first place. The Fed’s massive infusion of cash brought on the housing bubble, inflation, and now the inevitable devaluation of assets. There actions are, coupled with mandated mortgages of the community reinvestment act, responsible for the entire debacle. A lot of the mortgages provided by lenders to unqualified individuals were forced out of the lenders by legislation. The rest were motivated through by ever increasing home values thanks to the Fed’s never ending money supply. While there is a slice of blame to be assigned to the private sector for our financial problems, this slice is dwarfed by the responsibility of our irrational system of fiat currency and the central bank, the true culprit. It has nothing to do with the competence or incompetence of the operators, Bernanke and Co., it is a systemic failure. If we want to eliminate or reduce such problems then we must legalize currency competition by commodity backed currencies.
Posted October 6th, 2008 at 5:12 pm Login to Send PM Report this comment
The devaluation will occur, no matter if it occurs coupled with inflation or if it occurs by way of asset devaluation. If we allow it to occur with inflation then it will be far worse, if we allow it to occur by way of market devaluation then it will be very painful but less so than the other route
Posted October 6th, 2008 at 5:30 pm Login to Send PM Report this comment
David, you want a return to the gold standard?
Whatever revolutionary changes you would propose as a long term solution to your concerns, the fact of the matter is we have to deal with the here and now. To rant against those responsible for the problem, and to offer no immediate solutions, is not the answer. You may be willing to accept a world-wide depression as a means of teaching “us” the wrongs of our ways. But that is not acceptable to the vast majority of citizens.
Posted October 6th, 2008 at 7:07 pm Login to Send PM Report this comment
Looking for a quick fix IS the problem. You and all others who would seek such irrationality are sure to make the problem worse for everyone. Unfortunately, we will all go down together under the guise of the next “genius” quick fix. If we want a quick fix, then why not just junk the dollar, the peso, and the canadian dollar and start a new currency, the Amero? Then, when the economy becomes insolvent again by way of central banking and the welfare state, we can just merge into a single, infallable world currency controlled by an equally infallible economic magician. We had better not elect him/her because he/she will be surely stupid. We should allow natural law to do the deciding, which will mean we will wait for a magnificent dictator. Well, this has gotten just a little too silly so I will stop. I certainly don’t have an answer that will solve anyone else’s problems immediately, but I do know that all the finagling of monetary policy and deficit spending in the world will not stop what has been set in motion. Why not just make sure our military can protect our own borders and then let the actual free market take its course? What are your solutions? Perhaps I would much prefer them to my own.
Posted October 6th, 2008 at 7:55 pm Login to Send PM Report this comment
Well, David, this is the most complex financial crisis the world has ever seen and the solutions will take time and it won’t be pretty. During the Great Depression we had 20+% unemployment and the government had no clue on how to get us out. It took a World War to do it. The Japanese had a financial crisis in the late eighties, also triggered by overvalued real estate, and they are still in semi-recession.
Ben Bernanke and Henry Paulson are two very bright individuals and I honestly believe that they are doing the best they can to get us through this.
If, as you suggest, we let the free market handle this, without federal intervention, I am convinced the damage would be too severe to contemplate.
Posted October 6th, 2008 at 9:28 pm Login to Send PM Report this comment
I think the government doesn’t know what to do now (just as you and I don’t know what to do now) and just as in the depression era, and it will probably take another world war to get us out. History repeats itself? As for the damage being to great to contemplate….
Posted October 6th, 2008 at 9:29 pm Login to Send PM Report this comment
good ol’ central government sam will get us through!
Posted October 6th, 2008 at 10:37 pm Login to Send PM Report this comment
David - Your solution sounds strangely Libertarian.
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