If you don’t understand what the whole mortgage crisis is all about, take in the video below. It will explain it perfectly (and humorously to boot):
The problem with the whole AIG bailout is that it will crash the dollar. That means that the dollar will be worth even less than it is right now versus the Euro, Pound, etc. And let me tell you from traveling abroad, it ain’t worth much as it is. And this would be disastrous.
I understand things would be bad. Things are bad either way. But the alternative is to keep the broken system afloat. I understand no one wants to be the bearer of bad news. Bush would love to blame Democrats on what will be, most likely, the second great depression, and Democrats, honestly, I don’t think want to clean up the mess. It’s easier to say that you will just pump some money into the thing and band-aid it, reward those idiots who bought and sold mortgages while not knowing a) the value or b) the likelihood of those loans being repaid, and as the dollar crashes around the world (such as the recent crude oil price spike in reaction to the news). When our dollar is worth less, that makes everything worth less, including people’s life savings.
If we save AIG and crash the dollar, inflation will demolish the market. Social Security, while bad enough, won’t be able to afford anything. Groceries will continue to rise, sometimes in drastic amounts.
I know it sounds doom and gloom, but the fact is some people fucked up big time. And I’m absolutely ecstatic that Senator Leahy said hold your horses on the bailout deal. This is $700 BILLION dollars that Bush wants to give the head of the treasury department to do whatever the hell Mr. Paulson wants to do with it.
Can you believe this is actually in the bill? This is word-for-word:
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Is this not absolute lunacy? Non-reviewable? May not be reviewed by any court of law or any administrative agency? Are you fucking serious here? Is this America? Is this the country that we’ve got now? Where you put your get-out-of-jail-free card right in the bill?
I’m saddened, but not particularly shocked. Sigh.