Wednesday, October 01, 2008

Un Believable

These fuckers!! Now comes word late on Tuesday night that the Senate Democrats, in a last-ditch attempt to win the needed 12 swing votes in the House to get their precious bailout passed, are tacking on some random tax cuts to the bailout bill before putting it before the House on Thursday, just knowing that the House Republicans won't be able to stay away from voting in favor. This after the President's own Republican party voted down the original bailout bill on Monday by more than 2-to-1 against.

Tell me, does anybody remember another time the F-heads in Congress -- our elected officials, mind you -- just tacked on some unrelated bullshit onto another bill that they knew was going to get passed? That's right, our beloved UIGEA. The thing that took away Neteller, took away Firepay, took away so many of the fish from the cash games, basically the thing that made it 10 times harder to get money in to the game we love, and about 5000 times harder to get it out. These little assholes just tack shit on to bills, thoughtlessly wielding their power in support of whatever silly pork or earmark or whatever the fuck they're calling it nowadays, with no regard whatsoever for what they're supposed to be doing there in Washington. It is a classic case of a system gone awry, the politicos in Washington who clearly have grown complacement and entitled from too much power and care too little anymore about the whole reason they're supposed to be there in the first place.

I have to say, I am seriously fucking mad about this latest development. I'm so angry at the Senate for thinking they can just throw in some tax cuts onto a bill that is supposed to be helping end the banking crisis in this country, just for purely political reasons and not because a single person of the entire 535 members of Congress actually thinks this is the time and this is the bill to cut taxes right now. And I'm mad at the House of Representatives too, because I already know it's highly likely they're going to pass this revised bill. They're going to roll over and let the Senate's ridiculous ploy work.

And I ask you: what the flying phuck is wrong with this country? The people of America by a large majority do not want this bailout, that much is obvious. There is no good reason for it. As I've discussed recently, something definitely does need to be done to stabilize the banking system. But spending $700 billion of taxpayers' money? Come on. With no explanation offered as to where this $700 billion figure comes from. With no explanation as to why this specifically is the right thing to do. Without directly targeting the consumers and the taxpayers of the country, but instead aimed directly and purposefully at the banks, helping the nation's financial institutions get the troubled assets off their books with little regard for helping struggling Americans, creating new jobs, cutting gas name the problem facing you and me today, and this bill does not contemplate it. But it does cost us $700 billion of our own money, that much we surely do know.

The American people don't want this bailout. In fact, we hate it. It makes most others' blood boil as badly as it makes mine. Everybody knows it. And everyone under that Rotunda in the Capitol building knows it as surely as I do.

But nobody in Washington fucking cares.

And that's the shit I just can't live with.

I said it here on Tuesday and I'll say it twice as strongly again here today: these shitheads in DC know their constituencies hate this fucking bailout, and yet they're willing not only to approve the bill but in some cases to tack unrelated bullshit on top of it just to coerce others to vote directly in the face of the very people whose interests they are supposed to be there supporting. These Sentors and Congressmen and women all thumb their noses at the very Constitution of the United States, which requires them to serve their offices by representing the interests of their consituencies. If I had my way there would be a full and complete housecleaning in DC. Rip the entire shit down and start all over 100%. They deserve it with how they have perverted the system.

Absolute power corrupts absolutely. Never was it truer.

Go Phillies!

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Blogger APOSEC72 said...

Maybe at this point, we should start rooting for the Cubs to win it all so the apocalypse can get here sooner.

I did see that mark-to-market was essentially ditched as part of a new plan - not sure if it'll help or if it's akin to shutting the barn door after the horse has run away.

What started as a three-page bill is now up to 451 pages.

8:06 PM  
Blogger Hammer Player a.k.a Hoyazo said...

I think getting rid of mark to market is one of the worst ideas of anything suggested as part of this bill. This current financial crisis should show how distorting and outright dangerous scrapping mark-to-market could (and eventually, will) be for the banking sector. Without mark to market, these banks would be holding $600 billion of mortgages on their books with an actual value of maybe $150 or $200 billion, but without having to disclose that fact to consumers, investors, to anyone in fact. On top of that, their capital requirements would be based on an asset value of those mortgages of $600 billion, which is not only not their true worth today, but is unlikely to ever be their true worth again.

The fact that eliminating mark to market is even suggested as a solution to the current crisis -- as opposed to one of the (very) few things protecting U.S. citizens from the excess of banks -- is so indicative of just how much the whole point of this bailout is and has always been to help the banks.

I can just see these Congressmen now: "Hey, the banks are having trouble because they value assets on their books at several times what they're really worth? Well then, let's just let the banks book their assets at whatever value they want!! That'll solve the banking problem, quick n easy! Now let's go get some male whores in the restroom!"

Disgusting pigs.

8:14 PM  
Blogger Instant Tragedy said...

Blame Canada?

I think the representatives are scared to do anything.

Politicians are ****heads!


9:14 PM  
Blogger Bayne_S said...

"Over the last two years, Wall Street financiers were able to rake in more than $60 billion in bonuses, much of it in cash. Lehman Brothers (LEHMQ.PK) alone disbursed nearly $6 billion in bonuses in fiscal ‘07 before recently filing for bankruptcy and becoming one of the largest casualties of the global credit crisis. Bear Stearns (BSC), Goldman Sachs (GS), Merrill Lynch (MER), and Morgan Stanley (MS) paid a record $33 billion in bonuses to themselves as well in fiscal ‘07."

When did fiscal '07 end at Lehman?

1:35 AM  
Blogger Hammer Player a.k.a Hoyazo said...

November 30, 2008 was end of fiscal '07 at Lehman. So it was overall a record year for earnings and profits for the company, but skewed because the first half was gangbusters awesome while the second half was utter trash.

2:44 AM  

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