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America, you just got pwned


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2008 Oct 3, 3:56am   36,465 views  193 comments

by SP   ➕follow (0)   💰tip   ignore  

pawn shop

The House of Representatives approved a $700 billion bailout package for U.S. banksters.

The fundamental problems with the bill remain intact.

  • Paulson gets to decide what dirty toilet paper to buy with taxpayer dollars, and how much to pay. He will be "overseen" by a toothless oversight committee that is stacked with the bankster cronies.
  • The "700 Billion" figure is false - it is still a revolving credit line and Paulson gets to blow as much taxpayer money as he can get away with by running up 700 Billion at a time.
  • The bill still allows foreign banks to unload their craptastic debt on to the US taxpayer at Paulson's discretion.
  • The bill has NO procedural details on exactly how these purchases are valued, or how they will be sold.
  • There is no regulation that ensures that the taxpayer's money has even a chance of being returned, let alone profitably.
  • AND, here is the curdled-cream topping on this shit-sandwich - none of this is going to diddley squat for the economy - it is still going into the shitter, circling the drain. The only difference now is that Paulson and his friends have managed to stick the hook into the taxpayer's neck for all the excessive risk in their speculation.

    • Argentina, feel free to cry.

    SP

    « First        Comments 190 - 193 of 193        Search these comments

    190   SP   2008 Oct 6, 1:58am  

    @coretexity, the last paragraph of my previous post was not directed at you personally.

    191   SP   2008 Oct 6, 2:26am  

    The Original Bankster Says:
    yep and the ACM + IEEE don’t help either, they work against american engineers as well.

    ACM = Association for Computing Machinery
    IEEE = Institute of Electrical and Electronics Engineers

    Both of these are international organizations that promote advancement of technology. They are not political organizations or workers unions. Why would you expect them to further the case for American engineers (or Iranian, for that matter)?

    I am not disagreeing with your premise that US tech workers need better representation in their own government - just saying that looking to ACM or IEEE to do this is not the way.

    192   SP   2008 Oct 6, 2:31am  

    Zephyr Says:
    Buy low, sell high. But for everyone who does this there is someone on the other side of the transaction, selling or buying at the worst time.

    Which reminds me, this is a housing blog. Is _anyone_ dumb enough to buy a house in the Bay area these days? I see for-sale signs with fantasy prices still pop up on lawns and go after a few weeks), but can't imaging what kind of mouth-breathing 'tard is wanting to buy now unless it is a deeply discounted REO.

    193   SP   2008 Oct 6, 2:34am  

    The Original Bankster Says:
    SP, Ill take that as a yes.

    If that helps, you're welcome.

    « First        Comments 190 - 193 of 193        Search these comments

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