If You're Not Mad, You Aren't Paying Attention!

by Ron Daly

Money is better than poverty, if only for financial reasons. 

- Woody Allen

Well, Woody said it best and pretty much says it all - nobody wants to be broke. 

But good luck nowadays, considering the events of the past 24 hours. 

- That little crack I made in Wednesday's post about American Express becoming a bank and asking for a shake from the good people at the Treasury? Done. Already in the making. They're about to get spoon-fed bailout money to the tune of $3 Billion. 

- AIG continues to impress by paying millions to staff members to keep them from fleeing the company. Seems to me that if the company's in sour shape it might have SOMETHING to do with a leadership that requires MORE money to KEEP DOING A CRUMMY JOB!

We've hit that point, people - you should be angry. Angry with the decision NOT to buy mortgages and assets...which is what we were told was being done with our money (click here to read about what Michael Fryzel, NCUA Chairman, asked of the Treasury). Angry that companies like AIG and Freddie Mac are STILL begging for money and posting huge losses that are affecting the economy. 

You SHOULD be angry. More and more, big businesses are finding a way to get in the bailout breadline ahead of everyone else. The Dow dipped below 8,000 before a late-day rally. Some say there's a chance we'll be at that level even during the December spending season. And this rant of mine might make you angry, but if this keeps up there won't be any rich citizens left (by President-Elect Obama's definition) to tax for his "plan".

But that's another day. 

Comments

[Jeffry Pilcher]

Don't forget the automakers. And Starbucks is next to ask for a bailout.

Expect the Dow to see plenty of days in the 7,000 range. There isn't supposed to be any economic good news for at least six months, so surges in the market (like yesterday's 550+ point climb) make absolutely no sense at all.

The "T.A.R.P." is now minus the "T.A.", so it's just the "R.P." (which stands for "Ripoff Plan" and is pronounced RIP). We were cheated out of $700...no make that $850 billion to buy "troubled assets." If you're not buying the troubled assets with the troubled asset relief money, you should GIVE THAT MONEY BACK.

Does this remind anyone of the "weapons of mass destruction" lies we were told not too long ago? It does me. At least this time, Boyscouts got wooden arrows, so someone can start fighting back.

Lying. Cheating. Stealing. Yeah Ron, I'm with you. I'm pissed. Soon to be broke and pissed if it keeps up.

If it keeps up, people are going to start talking about revolt. The insurgents this country will need to worry about won't be in Iraq anymore. They'll be the Jonses next door.

[Jimmy Marks]

Jeez, Ron - tell us how you really feel.

Anyway, two things:

1) I can't imagine that AIG is worth that much. Is Japan looking to buy the American International Group? AIG, sorry, but you're just not any use to anyone anymore ever again...ever. Enjoy those pedicures my taxes bought you.

2) You want to do this bailout crap the right way? Here we go. Divide $700 Billion by 301,139,947, the last projected population of the US.

You get $2,324.50. I could do plenty with two grand. Hell, I could finally get that yacht I've always dreamed of (you DID know that the marine yacht builders something-or-other-lobby is trying to get a lick of this, right? Yeah, poor rich people won't be able to afford YACHTS).

See? Spreading the wealth doesn't work. Neither does not giving said wealth to whom it was promised in the first place (i.e., Detroit who should have been making more economical cars for the past 30 years instead of whining NOW about how they can't move a Hummer). And Jeffry? If that Starbucks thing goes through, I'm sending you your very own pointy stick in the mail. You start revolting on your end of the country, I'll start here in VA, we'll meet in the middle.

Take that money, buy up the bad assets, turn them over for a profit when times are better. QUIT GIVING MONEY TO THESE &$%* INSOLVENT COMPANIES!

[Sherry]

I think the buy down on mortgages for debtors is junk. Greedy debtors helped get themselves into that mess. Lenders should be required to lower the rates and payments because they were greedy too. There is a serious flaw in the plan for which mortgages get into the program and/or will be able to get the balances reduced because of the declining market values. Lenders are already finding their way around it by telling people to stop paying their bills long enough for the credit score to go down. You better believe folks always want something for nothing and will do it. So guess who will have added delinquency because of it, us. The folks who really are responsible get nothing just like any other government program.

We shouldn't be bailing out anyone. Businesses and Banks alike should have acted more responsibly with their business plans and suffer the consequences of their actions. You know, a free market and all. Greedy should be punished, not rewarded. As far as starbucks and AMEX goes, it sucks that someone always finds a loop hole.

[Elliott]

Now is the time to invest intelligently. I expect "Pet Rocks" to easily outsell XBox 360s this holiday season. That being said, Ron, I may be getting you a rock.

Well, I'm going to go dig myself out of a hole. I'll let you know how it goes.

[Elliott]

PS. The government's plan is to spend a huge sum of money that it doesn't have on something it can't afford... this sounds really really familiar. Oh well, back to digging.