Thursday, September 18, 2008
Re-thinking Some IssuesIt seems as if the new Paulsen Plan , a deal being worked out right now in the late hours, has alleviated most of the panic in the markets. The tax-payers again are being asked to foot the bill for not only Fannie, Freddie, and AIG, but any bad paper that may still be out there. Lawmakers want to erase all of this bad debt, put it all in a clearinghouse for assets that are basically junk, and this will encourage people to invest again in financial institutions with complete confidence.
I don't know about you, but I'm putting my money in a coffee can, behind the stove, a place in my kitchen that I haven't cleaned in years. Anyone desperate enough to try and steal the $12.67 I have left of my 401k will be promptly discouraged from the theft by the disgusting pile of gunk behind the stove.
Our lawmakers, along with Paulsen and Bernanke are telling us that this big erasure of crap debt floating around the markets will only cost us $185 billion. A couple of days ago, when the figure of 85 billion was mentioned for the lifeline to AIG, I was thinking....okay we are buying 80 percent of a multi-national company for a mere 85 billion? What are they not telling us? And does anyone know what the nationalization of Freddie and Fannie will cost us? Remember when the Republicans told us that Iraq war would pay for itself with oil revenues? Remember when they told us that the war would be over in a matter of months? I just don't see how we can afford to take on any more debt than we already have. I'm not seeing how any of this has a happy ending.
I don't know how Obama can deliver on his promises of health care and tax cuts for middle class Americans, or promise more money for education. I think that someone has to begin to tell the truth about this situation, and in an election year, no one is willing to do it. There won't be any investment money to rebuild our country, when insurance companies like AIG fail, and we bail them out, where is the money for poor people with no insurance? Democrats have to begin to prepare the American people for what's coming, and to promise people that it's all going to be just fine is really unrealistic.
I just don't see how this is going to have a good ending, no matter who gets elected.
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No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."
-- Cecil Day-Lewis from Where Are The War Poets?
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