Monday, October 27, 2008

Send These Little Piggies All The Way Home

Uses for $700 Billion Bailout are Ever Shifting

Banks to Use Gov't Funding for Lending, Dealmaking

Media Endorse $700 Billion Economic ‘Rescue’ reported on Sept. 29 that phone calls to congressional offices were running 100 to 1 against the bailout. Glenn Beck indelicately described the public’s attitude toward the legislation on Oct. 2, saying “America is pissed at this bailout.”

Still, reporters and anchors promoted the bailout with “doomsday scenarios.” ABC’s Bianna Golodryga painted a dire picture for “Good Morning America” viewers on Sept. 28. Citing “experts,” Golodryga warned “time is running out to save both [Wall Street and Main Street].” While she did quote opposition to the bailout, Golodryga undermined it with an immediate rebuttal: “But for traders who are in the thick of things, the bailout is essential.”

Why was the bailout “essential?” According to ABC’s Betsy Stark, experts said “something had to be done to keep Wall Street and Main Street from falling into the economic abyss.”

"Economic Abyss?" There's some hysterical hyperbole for you. Only the media -- and the congresspigs -- seemed so certain we were on the brink of an abyss. Talk about fanning the flames.
The bailout was a baaaad idea. It seemed like everyone and their dog was for it; with an impressive variety of justifications and excuses. But I told them not to do it; I knew before the ink was dry, the congresspigs would not be able to contain themselves.

And now the beneficiaries, the banks and financial institutions, are going to give themselves raises and bonuses, and maybe buy other banks, and there's not a damned thing you can do about it. "Other planned uses of the bailout money have lawmakers protesting, although it is only fair to note there is nothing in the law that they just wrote to prevent those uses."

As long as I'm ranting, please let's find a copy of the bill and make it a point to vote out of office every single piggy who added that $150 billion worth of pork to the bill. A "BAILOUT" bill, and the piggies still couldn't resist adding $150 Billion-with-a-B worth of PORK. Everyone of them deserves not only a pinkslip, but a jail term.

This is going to be like that #$@ idiotic war: MUCH too late, the men and women who voted for it are going to realize they made a horrible, career-ending mistake. Yeah, too bad you didn't grow a backbone or a conscience before the vote. Now it's clear that the bailout did nothing to "stabilize the markets," and because of the way it was written, the money will be squandered for purposes other than those for which it was intended.

Speaking of that #$@ idiotic war, even that hasn't cost us $700 billion...yet.

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