Inglorious American Politics, Bailout 2008
By Allan J. Ashinoff on Oct 3, 2008 in Featured, Politics
One has to wonder what the political body in America is thinking these days. Yes, the financial sector is imperiled. Sure, government policies led to a drunken frenzy of borrowing and lending practices that have placed the United States in dire financial straits. But is that a valid excuse to bailout the high powered bankers and financiers of Wall Street who are supposed to be masters of financial risk management and wealth creation? Aren’t hey supposed live by the “return on investment” rule?
As I type this Congress is again laboring to force feed the American people another revision of the $700 billion Wall Street bailout plan that failed only days earlier. The millionaire bankers with their multi-million dollar golden parachutes and the millionaire politicians with their multi-million dollar investments stand to lose money and, as a consequence of business as usual self-motivated politics, the American people will be the ones who take the hit.
I recall listening to my grandfathers stories about the Great Depression of 1929. He was just a teen at that time but was forced to support his mother and four sisters. Over many bountiful meals, which always included plenty of bread, he would tell the family stories of his experiences. He spoke of bread and soup lines, how jobs were practically non-existent, and how families pulled together as they struggled to keep a roof over their head and to eat. To this day his stories both resonate within me and fearfully motivate me.
Since the Great Depression the large majority of American’s have not had any concept of dire need. Our idea of hard times is when we haven’t enough money on hand to go out to eat, to buy pay-per-view, to take a vacation, to take in a movie, or when we have to juggle paying bills. Very few among us, as evidenced by our waistlines, need worry about eating every day and even fewer concern themselves with shelter. We can attribute this pampered condition (some might say spoiled) to my grandfather’s generation. They took the undeserved hardships of financial limbo on their shoulders and endured an economic depression until such time that Wall Street, and America, could recover. Some could argue, as my grandfather was wont to do, that Franklin Delano Roosevelt’s New Deal policies prolonged the Great Depression of 1929. Some today would say that social attitudes put in place by FDR New Deal policies are a direct cause for today’s welfare state entitlement mentality and, consequently, America’s current financial troubles.
At this moment the jury is still out on whether the second Wall Street bailout bill will pass through Congress. Sadly I think the fear of culpability will allow this over politicked and well fattened measure to be passed. I’m no masochist and I do not find hardships to be romantic in any way. But the absolute last thing this country needs is to give oversight authority or any degree of managerial control to the very bureaucrats who helped to provoke the crisis to begin with.
I’d consider it a gift to my grandchildren to take the hit and weather the storm as my grandfather once did. After all it is the baby boomer generation and my own that created this mess. What selfish right do we think we have to shackle our posterity with a greater and more expansive socialist state? How can we go to our graves knowing that our children and their children will one day be negotiating terms for payment on debt we manufactured in order to maintain our bloated comfort level?
Instead of a $700 billion dollar bailout, my generation, and the boomer generation about to retire, should be made to account for their own mismanagement and selfish policies. It’s the boomer generation and their children (who I am among) who need shoulder the burden for this financial mess. It is we who should, if the situation calls for it, responsibly stand in the soup lines and scrape for our existence. It’s called tough-love and it’s the right thing to do.
despite the forgoing items please consider the following: counseling one that extracted $500K from US Financiers due to kelly-bob-billy-buck-red-neck-GOP policies since end of year 2000.
many have invested in short term in securities denominated beyond u.s. dollar. based on the forgoing who opts to own a us denominated asset (u.s. congress authorizing to authorize u.s. treasury to pump $100 Billion seven times) into a fundamentally corrupt, deep, stinky, loose, bump or hole) or liability.
logger despises ‘the market.’ despite the forgoing in contact with producing business operators (taxable income exceeding $100K per owner), trusts, or others which indicate and have indicated for years the current situation is not financially, economically, or mathematically sustainable.
logger despises and has despited GOP – evan mecham, john shagdung, W, dicky-boy-spray-face-too-busy-to-draft-vietnam-war ‘national financially illiterate blow-stinky-bump or hole-elected leaders.’
indications todate to logger are as follows: even long registered GOPs have jumped ship due to Palin (socker-parent, moose-butchering, finite, stochastic, finance mathematics or GASB mean “what”, or the physical or objectively verifiable sciences matter in global economy). my uncle is named daniel quayle and ready to ‘serve’.
what was mccain-thinking nominating a person reflecting palin? on lighter sides quayle does have moron-political decendants. name of sarah currently resonates.
suspect entry may irritate hoster. the forgoing did not irritate TAM. despite the forgoing it is hoped hoster does not oppose intent and focuses on series of measurables posted or reflected by undersigned.
hope all spouses are happy.
michaelradosevich | Oct 3, 2008 | Reply
here is a no-loser wager for conservatives: received united state post office advertisement as follows: America’s Cash Express Payday Loan 391.07% APR 877-346-3223 for finance inviation.
if a conservative can reply on effective interest paid by lendee indicated above and arrange for arrest and conviction of the offeror for offering the forgoing the undersigned is waiting for the bracelets.
fact of the matter in southern metro phoenix az is reason why ‘underworld figures’ have disappeared is due to palin like lenders. way to go W, dicky, and associated legislative co-horts!
W, Dicky despite facial spray with fiream is a potent momo, and other thoroughly red-neck, white-sox, draft-dodging individuals replete with illogical extra-market and funky socker-people, fecal-head, gmat standards are meaningless despite the fact nearly 100% of us trained mba candidates pass the forgoing exam, financial reporting standards indicated by the following entities (us gaap, us gaas, and us gasb)are for non-legacy awardees meaningful.
it was reported despite claims by litigation defendant named warren jeffs for perhaps fathering up to sixty children of course pursuant to religious principals ‘welfare claims bleed the beast’. way to go W, dicky, and associated science and mathematics ignoring, corn-bump or hole mighty righty whitey. on lighter sides are current defendant or priests known by W, dicky, or associated leaders?
on lighter sides it is hoped forgoing award for encouraging ignoble, illiterate, despite condom use practices re any normal mature behavior – the list is extensive and includes dan quayle condoms, why does any one entertain a vote for mcstink-dumb as moose fecal matter ticket? despite the forgoing enjoy the fact for approx. eight years u.s. based comics (f.e. david letterman) make the bank on W, dicky, craigy, or other ignoble and bone-hole nonsensical GOP associates.
on sober side suffice to indicate $1,350 on federal executive level will elect a competent federal team. on same side undersigned waits for ‘ordinary GOPs’ to individually satisfy financial max.
suffice to indicate to date local, state, and federal via GOP candidates reflect the 1850s. DNC candidates raise sufficient cash (see breadth of financial base) to reflect point of view to 21st century solutions.
michaelradosevich | Oct 4, 2008 | Reply
Not to be mean Michael but you make no sense at all. What does anything you posted in these two comments have to do with what Alan wrote about.
I think, and this is my opinion, that his article was about how Amercans have lost their honor and are ready to sell out their childrens futures to ensure that they are comfortable today.
Although the article was late for the vote its right on the money with how I see things.
Nice work Alan
SmartChic | Oct 5, 2008 | Reply
permit michaelradosevich to extend appology to smartchic and a remedy.
based on the entry posted above first and second paragraphs remedy is no more entries.
given the forgoing a last suggestion is: change tense from “are ready to” to sold.
since signature conveys omnipotence. please be advised respect, know, have known, enjoyed and enjoy being a PC service customer to Alan. despite forgoing on occastion disagree.
formally studied gaap, gaas, gasb {accronyms for generally accepted accounting principals, generally accepted audit standards, and government accounting standards board}, passed exams (uniform cpa exam, two bar exams), and long time practicioner.
on lighter sides suffice to say people with very long noses look down on michael.
again appologize for non-sense perception.
michaelradosevich | Oct 6, 2008 | Reply
I’m not questioning your intelligence or whatever relationship you might have with the author (who I do not know and never met personally). I’m just saying it seems that you have a lot to offer but have trouble presenting it in ways that people can understand. When I read what you write its like you’re using a shotgun to paint a fine portrait on a canvas. I can hardly make out the relevance of anything you are trying to say.I didn’t mean to offend you in asking that you clarify what you write.
SmartChic | Oct 7, 2008 | Reply
You know something I’m beginning to see your point in what you wrote. Its been a few weeks since the bailout and what have we accomplished? Nothing. Now Congress is pitching to dump more money into things with another “stimulus” check. I may be a bit younger than most here but how do we spend $700B and still afford to give away another $300B for a economy boost?
I will likely have to pay for all this government generosity when I graduate college and being working. I guess my kids will have to pay even more of this debt that I will. I used to think Allan was paranoid and that he was overreacting about liberals. Now I wonder just how accurate he really is. After reading dillbox’s post I’m thinking I’m a left leaning modertate now.
Mike, I’m sorry but sometimes you really make no sense buddy. No offense.
YoungEinstein | Oct 27, 2008 | Reply
Paul Jacob just postedd something very interesting, he sums this mess up nicely.
February 25, 2009
Ears Burning
At the recent World Economic Forum, Russian Prime Minister Vladimir Putin warned of our government’s flirtations with socialism, that is, a state-run economy.
Trying not to “gloat,” Putin told the U.S. that “Excessive intervention in economic activity and blind faith in the state’s omnipotence” is a “mistake.” He reminded listeners that state control of the old Soviet economy made the nation “totally uncompetitive.”
Putin then lectured us not to “turn a blind eye to the spirit of free enterprise.”
But why isn’t Putin lecturing Venezuela? That Latin American state’s president, Hugo Chavez, is a classic strong-arm socialist, marshaling the power of the state, as well as gangs of supporters, to threaten and intimidate his political opponents.
As with any wannabe dictator, Chavez has sought to dismantle term limits. Just 14 months ago, voters rejected his first attempt. But Chavez, having consolidated his hold on the media and other institutions, came right back with another vote to end the limits. This time he won. He can now serve for life.
Only in South America? No. New York City Mayor Michael Bloomberg recently voided his own term limits. And he didn’t even bother to allow a public vote on the issue. So, who’s the more anti-democratic, Chavez or Bloomberg?
When foreign tin-horn dictators start making as much or more sense than our own politicians, well . . . it’s long past time for us citizens to make serious changes.
This is Common Sense. I’m Paul Jacob.
WBatley214@AOL.com | Feb 25, 2009 | Reply