Monday, September 29, 2008

No Thank You

Let the billionaires who enabled this financial mess clean it up. I have no desire to pay for it. The House Republicans had the right idea (for once.)

From the draft of the bill:


SEC. 122. INCREASE IN STATUTORY LIMIT ON THE PUBLIC
4 DEBT.
5 Subsection (b) of section 3101 of title 31, United
6 States Code, is amended by striking out the dollar limita-
7 tion contained in such subsection and inserting
8 ‘‘$11,315,000,000,000’’.

Furthermore, there is nothing in the "credit reform" section of the bill that addresses the manipulative abilities of credit card companies (Capitol One, WaMu, etc.), who are able to adjust the interest rates, fees, and add-on expenses simply on a whim.

How much of this money is going to foreign banks?

Is rescuing a system this broken really necessary? Can it be fixed, and should it?

Show me the money.

7 comments:

John said...

I've been against this massive corporate welfare plan since it was first proposed two weeks ago. Nothing I've heard since then have convinced me otherwise.

As for Pelosi, I think it is time for her to step down. She has been a dismal failure as leader of the legislative branch. And her authority has been severely damaged by this episode. Frankly, a Speaker who can no longer deliver the votes needs to do what's right for the country and resign. How can the White House negotiate with somebody who doesn't have the confidence of the House?

Shawmut said...

I agree with you, Jamie. I think 'Kevin's' man, Barr is also right on this.
I worry about, not only the foreign banks, but to what other elements will play into this. It will still come down to from where we will find the cash, ans who controls our cash.
I'll once again echo Frank Gaffney's warning about Sharia Compliant Financing as this get's further down the road. I entered a comment on Kevin's QC about the drunken driver's. I'll respect your space from that.
But Barney Buns was his usual apoplectic self (Evidently he didn't count the Dems nay votes.)

Anonymous said...

um I think you have a slight typo in the word limitations here hon.

John in IL said...

Leaving all this other crap aside, the public debt ceiling is and always has been a joke. The republicans used it under Newt and everyone else has seemed to pick up on it.

How about some reference of that debt to the size of our economy or history. Currently, our debt to GDP ratio is about 65%. During the last year of the Clinton administration (remember the surpluses) it was around 60%. While we were fighting WWII, it was 120%.

John in IL said...

Let the billionaires who enabled this financial mess clean it up.

The government set up this mess. The billionaires simply took advantage of it.

Jamie said...

The government set up this mess. The billionaires simply took advantage of it.

That's an insignificant distinction for the discussion at hand, IMHO. My point remains the same. If said billionaires hadn't taken such advantage of the lack of regulation, the "crisis" wouldn't be nearly so large. I I didn't set it up OR take advantage of it, and I shouldn't have to pay for it.

John in IL said...

If said billionaires hadn't taken such advantage of the lack of regulation

But it was the regulators who were threatening the lenders if they didn't do more to provide credit those who really couldn't afford it.