I don’t beg for links often, but I’m doing it now. Consider it my financial prayer request, and if you believe in SuperGurl, please step up and do the following as soon as possible:
1) Go read an alternate solution to the 700 Billion dollar bait and switch (aka The Ultimate Taxpayer Assrape).
2) Do as the article requests and call your congress people immediately to voice your objection to the Treasury’s request.
3) Link the same article on your site and deliberately ask all your readers to take the same action as soon as humanely possible.
Entries (RSS)
September 24th, 2008 at 9:38 pm
Done! Thanks for the tip.
September 26th, 2008 at 8:13 am
Love Dave Ramsey. Will do.
September 27th, 2008 at 11:41 am
I’m not sure I totally agree with this opinion because his proposed solutions have nothing to do with cash flow; just accounting methodology on the balance sheet. I do, however, agree that the Sarbanes legislation is shitty and should be overhauled. Thoughts?
September 27th, 2008 at 12:16 pm
agreed, simplistic, but most importantly to me, a loud NO to our congress people before they over reach. this is a portion of Newt’s proposed solutions as well.
in my simple estimation, regulation is just enforcement. you can’t say there is crime BECAUSE the police force is lax. and the police force does not FORCE people to conduct themselves in a civil and upstanding way, they merely impune you when you get out of line and they can prove it. regulation does bring the rolling of heads to the bloodthirsty. the reason they aren’t rolling yet, please? psst…they are the ones on tv, the ones HEH HEH solving this problem.
what i’ve learned from regulation, paul: regulation =force upholding the law. problem being the law is always a minimum standard. Who appreciates bottom dwellers? if you don’t like gamers, than legislate out the gaming. but don’t put the public’s money on the table and at risk. not any more at least, we are already up to our eyeballs due to exposure to Fannie and Freddie, i’m sure.
BULLSHIT ALARM: plus, i don’t like the rush. i don’t like selling the people on the fairy tale that it’s always possible to steer into the skid and avoid whole market cycles. I thought recessions were unavoidable and sadly necessary forces in a dynamic self-correcting free (yeah, seriously, without government intervention) market?
September 27th, 2008 at 2:49 pm
Market cycles are inevitable because people are stupid repeatedly, and you can’t regulate away stupidity. It was clear in the nineties that lending money to people who don’t have the means to repay would end badly, but as long as the price of housing was increasing, the Ponzi scheme worked. Worthless paper was more than offset by the value of the Everyone knew that the someone would eventually end up holding worthless paper, but everyone figured the house of cards would collapse long after they’d gotten theirs. The only reason Freddie Mac and Fannie Mae’s Ponzi scheme went on as long as it did was because the whiz kids in Congress who were encouraging this stupid behavior were pledging the full credit of the U.S. Federal Government. Now that Congress has been called to make good on that pledge, it’s time they did what they should have done years ago: let the market sort out the mess. More Federal money to perpetuate the illusion of solvency will only create a worse financial disaster later on.
September 27th, 2008 at 7:58 pm
I think we can all agree that the $700B rescue is bullshit, especially considering the fact that we’ll have to borrow said rescue money. Bottom line: this whole thing stinks like a pyramid scheme, and we the taxpayers are the ones stuck at the bottom of it. Bull fucking shit.
October 8th, 2008 at 12:41 pm
many of us have been screaming about the national debt which is causing the dollar to lose its value against other world currencies and causing imports..especially crude oil to raise in price. A trillion dollar bail out just adds to the debt.
From where I sit I see that the Dow is over valued to begin with..maybe now it will sink to what it is worth…and the banks? Let ‘em go bust! But in any event throwing money at the problem will not solve anything until the problem is identified and admitted by congress…the Community Investment Act and subsequent admisistrative avtions that extorted banks into making bad loans.
I have requested my congress woman to submit a bill that will recind that act..but I ain’t holding my breath. But I am buying more ammo.