It is stunning to me that the Republican administration of George W. Bush is about to lead another effort — reminiscent of so many other times in the past: the creation of the Federal Reserve System, the Vietnam War, the S&L crisis/bailout, on and on and on . . . — to literally steal the treasury of the United States and give it away to their crooked friends. I’m talking about the “bailout” plan being pushed by Henry Paulson and GWBush himself. Their friends will benefit, we will all suffer if it passes. Note, I am not suggesting that we will all suffer if certain safeguards are not included in the legislation, rather, I am suggesting that no matter what form it takes, Bush and Paulson are about to spirit away the USA’s remaining good credit standing, and to give money borrowed against our grandchildren’s futures to the same shitbirds that run the corporations that got us into this mess through their speculative and fiscally unsound, maybe even criminal activities.
What is the key? The legislation, if it is aimed at purchasing bad debt, must limit the purchase price to the “mark to market” bargain-basement pricing of the MBS’s, and CDO’s that has already been required of the Wall Street investment banks. Remember all those “writedowns” of the bad debt that occurred over the summer that resulted in the bad MBS and CDO assets being reduced in value by 90%? We must not now allow these bad securities to be marked back UP to the previously-stated and completely bogus “full value” – essentially, we’d be buying a Salvation Army Thrift Store closeout item at a full Nieman-Marcus retail price.
The only other alternative is to set up a sturdy gallows down in the middle of Pennsylvania Avenue, halfway between the White House, and the U.S. Capitol, and start dragging all the motherfuckers out in the street, and one by one hang them until they are dead. I think they’d get the message that we are not going to stand for another minute of the greed and hypocrisy, and thievery. Enough is enough.