Hysteria

I think I like Def Leopard's version better than the one the whores in Congress and other blathering idiots are spewing about our economy.

Here is the unedited text of an email that I wrote to my friend Thurs, Oct 2. This the short (or long) of my opinion on the matter.

My feeling is that both sides of the aisle are culpable in some way - from the Clinton deregulation of investment banks in 1999 (Financial Services Modernization Act), to Bush and his cronies trying to get lenders not to descriminate against section 8 recipients or "undocumented", i.e. illegal persons (it has been reported that up to 30% of bad mortgage loans were written to illegals) in 2002 to increase home ownership, to Barney Frank et al railing against regulators in 2003 who tried to get Freddie and Fannie reigned in, to Chris Dodd, supposed chariman and oversee-er of all things financial, taking oodles of money and looking the other way, to crooked and greedy lenders and stupid and greedy borrowers and speculators, to the rampant and unruley consumerism in this debtor nation. I think if we revamped our tax structure it may not be so critical to own your own home. Besides restoring conservative lending practices. I've heard Jason Hartman say for a long time that Wall St is nothing but a gigantic casino, which we know intellectually to be true. I read through the original House proposal but have yet to look at the revised version of the rescue bill. I'm happy the original was defeated. Not because I'm angry, although I am, but because it gave even more power to the executive branch with very little direction on execution. It was effectively saying just give us the money and we'll figure out what to do with. Ha! We've already been doing that and look what it got us.They don't know anything about it so how can they possibly write a cohesive bill? As usual it's all very secret and hasty. $700B? Who's ass did that figure get pulled from? I think Paulson and others have been the biggest beneficiaries of the first the explosion and know they are crafting it to benefit from the implosion. They think they can just come to the trough any time they want. Who gives a ****, right? I get that credit is contracted and that things may be tight for a while but I'm inclined to take the risk. I think it's a lot LESS risky than what's on the table, i.e. giving more money and power to the same crooks that squandered it to begin with. Why not use some of the other tools at their disposal first? Liars, theives and fear mongers.