Archive for the ‘Credit Crisis’ Category

The Bleat Goes On

Hello.

Unlike so many who have the power and don’t use it, I really did send an e-mail to my Senator yesterday. An angryish email about the proposed vote for a bailout package.

And this was the reply:

… I share your anger and frustration about this situation. Although I think we need to act to fix our American economy, I do not feel this bill is the right way to do it, and I voted against this package when it came before me in the Senate.

What is most outrageous to me is that this is not an accident. We are in this crisis because of a failed philosophy and a failed set of priorities that have rewarded greed. We have seen policies of massive deregulation and willful neglect of what is going on in these markets.

We know there is a crisis on Wall Street, but there’s a much bigger crisis in Michigan and across America. Hard-working families, who play by the rules, are the ones in crisis every single day, and this bill does little for them. People are losing their health care, their pensions, their jobs, and their homes.

This legislation is fundamentally the wrong approach to fixing our economy. We need to start from the root of the problem and help families stay in their homes and keep their jobs.

Just last week, the Senate was unable to get bipartisan support for a jobs bill that would have helped families in Michigan who are suffering the worst in this economy. Our bill would have created desperately needed jobs in Michigan. That bill represented the right priorities!

Although I’m glad the final bill included some alternative energy tax provisions that I have championed in the Senate, the underlying legislation did not do enough to address the real problems of jobs, health care, energy independence, and home foreclosures.

In the coming months, I will continue fighting to stop the policies that got us to this crisis and hold the people accountable who failed to protect our country. Most importantly, I will continue to focus on creating new jobs in Michigan…

Sincerely,

Debbie Stabenow

United States Senator

So there you have it. Contrary to media scaremongering and disinformation, not every Senator agreed with the bill or wanted it passed. The bill they just passed to ‘help stabilize the economy’ included an extension of tax breaks for Oil companies. Because Republicans wouldn’t vote for it otherwise. So in the rush to ‘fix everything’ they created a situation that will extend the current problems. One Senator in touting the Bailout Bill actually intimated that Americans should forget about punishing those who created this mess in the first place. Accountability, my great fuzzy tush.

The biggest question to me is “Why are Americans allowing those who created this dire situation to postulate the solution?”

Seems a lot like allowing the horse to open and close the barn door whenever he feels like it.

All we can do at this point is hope that the populist backlash sends the Senators who voted for this bill to an early retirement during their next election.

Dogwoman

Bailout, Schmailout.

Hello.

I’ve managed to slip my chemical leash and I am back, ready to kick some politician butt. Rendition, my Aunt Fanny.

Just kidding. I’ve been stuck playing the never-ending literary quiz over at Goodreads.com. I just wanted to sound all spyish and less like a complete dork.

To the topic at hand: Bailout Bill.

Complete load of hooey. Expensive hooey at that.

Why would We the People want to reward greedy men and women for ignoring the warnings that have been going on for over a decade? We were told repeatedly in the early nineties that if the credit industry was not reined in this would happen. Guess what? They were right! Surprise! And since the explosion of monetary gain has been by the top three percent, why would the other 97% of us want to work harder to pay off their debt ? We don’t, so suck it Congress. We are already working like dogs just to maintain the little we have. Under no circumstances should we allow the richest people in the country to pass their debt to us. The ‘lower’ classes do not exist as a slave class to take on the burden of the greed of the upper classes.

Also, as long as I am ranting mindlessly, let me say something that has been making my fur stand on end. Why are they blaming low-income homeowners for this debacle?  There were programs instituted by Fannie Mae and Freddie Mac that allowed for sustainable home-ownership for lower income families. At the time of their inception these programs were used to revitalize neighborhoods and were taken on by working class families in an economic environment that allowed people to work and see a return on that work. As mass layoffs began and income to living wage ratios fell in the last eight years, those families began to struggle under the weight of a top heavy economy. They did not, as has been postulated, take on mortgages they could not afford. They took on mortgages they could afford until gas prices, due to excessive profits, risky investments, and speculation began to spiral out of control. This spiral has led to outrageous increases in pricing for everything throughout the country. And the mass foreclosures began.

The biggest drain on our economy has been the two wars we are concurrently waging. But it seems no one wants to mention that. They’d rather point to those who can least defend themselves and blame them.

Well, I blame those who,even after the lessons learned in the Savings and Loan disaster, began creating private equity firms and hedge funds. Those two things helped spur the original financial meltdown in the 80’s. Because of  a government bail out then, the greedy bastards ignored warnings and started up all over again. Those same people should be forced to declare bankruptcy.

They should be required to be punished for their actions. Not rewarded for the pandemic of greed that has sent our country into a tailspin.

If you’d like to urge your Senator to vote no on the Bailout Bill, go here to find out who they are and send them an e-mail. If they get enough mail it might crash their system.

I’ll bet they’d get the point then.

Dogwoman

Legislating Dystopia: Huxley Is Laughing

Hello.

Today I am having a fit of moral curiosity. It could happen, stop laughing.

As our culture endures a rather lengthy shake up and restructuring due to gas prices and food costs, I’ve noticed something. The government in the background is trying to legislate morality. They are going about it much more forcefully than ever before.  They are in the process of trying and potentially winning a battle to make nicotine a governmental regulated drug. Recently legislation was presented to make female contraceptives on par with abortion.

Why is this being allowed? Is it because we the people lack the common sense to live up to high moral standards or have we just stopped trying? In a culture that excoriates anyone who attempts to live outside the consumer mentality and exonerates greedy corporations for what amounts to illegal activities it is not a surprise that we no longer care. No one is listening. We are not being heard.

At some point being a gansta became the highest achievement teens will reach for. I say this, not because of flimsy media reports, but because that is what the students tell me. So, instead of looking beyond, they look around this country and feel that since it cannot be fixed in any meaningful way they will glorify defiance and violence. And that is where many inner city teens live. Not all of them mind you, but many of them.

And the adults are losing hope as well. We are losing the feeling that this government is for the people. As oil companies take in record profits on the backs of working Americans, many of whom are losing their homes, what is there to makes retain any hope for the future? Apparently nothing.

That being said, do we need government to regulate our personal habits? After allowing greed and gluttony to rule the last eight years what right does the Bush administration have to decide what we do with our lives?  They are trying to tell us who we can sleep with, while Republicans and evangelist ministers are indicted for prostitution and fraud. They are trying to tell us how to have fun, while Legislators are indicted for sexual harassment and fixing the judicial branch to reflect their groups’ philosophy. And more importantly, they are trying to tell us what we should believe in. By passing care for the poor directly into the hands of protestant churches and giving them government funding, by defining what a human being is using a 2000 year old book and repeatedly failing at passing new marriage laws aimed at keeping out non-traditional families, our government is trying to force this country to move backwards rather than forwards.

This moral legislation ideology will only last as long as the current crisis. Once Bush and his cronies no longer have their boot heels on the throats of ordinary citizens there will be a backlash. One has only to look at periods of history to see this. And it will not be good. Our society is in the midst of a shake up, a change. It happens every 65-70 years or so. Social patterns change and grow. Not everyone will engage in the change and not everyone will appreciate the new direction. However, it is coming, and it is coming faster than most of us realize.

To legislate personal choice is a violation of not just the constitution but the section of the constitution that guarantees us the ‘pursuit of happiness’. To look over the neighbors fence and decide that their idea of happiness is just a bad choice is ludicrous. We do not all engage in the same behaviors. Nor should we.

I, for one, would find no pleasure in living in a dystopian society in which everyone is expected to behave the same way at the same time, all the time.

Would you?

Dogwoman

All I Want Is EU

Hello.

Bono wants Africa to create a United States of Africa.

Yeah, and I want Baskin Robbins to start a home delivery service.

The problem that the little man has vastly overlooked, as has his alter ego Jeffery Sachs, is the separatist and tribal nature of many African nations. There are literally hundred of tribes within the African framework and they do not all get along. I don’t mean this in a Protestant v. Catholic way either. I mean that they will never get along. Ever. This division existed long before Ireland tossed out it’s Druids and gained a snake charmer.

Also, has either of these social geniuses looked at a map?  I am referring specifically to North Africa. I don’t mean to be a killjoy here but have they noticed the many stable, productive, countries at the top of the African Continent? Something tells me that Egypt and Morocco are not going to loosen ties to other Muslim countries in order to embrace a chaotic warlord run Sub Saharan Africa. They can’t, their ideologies are so different nothing would ever be accomplished.

And I don’t think pointing to the EU is a good example builder in light of Ireland overwhelmingly killing the Lisbon treaty.

In fact, pointing to Ireland at all is probably not a good idea right now. Their entire economy was overhauled to mimic a supply side economic reality. Housing went from affordable to outrageous in a few years and the deep social divisions between the poor and wealthy became over- exacerbated. Now with the credit crisis striking everyone who ever had dealings with the United States, Ireland’s economy is in a tailspin. Companies are pulling out and jobs are being lost. The housing boom is declining. What has been an economic success for many years is turning into a struggling morass of nothing actually being accomplished.

Is this what Bono the Great wants for Africa? A warring conglomerate of mis- matched countries whose separate and individual natures keep them in a constant state of flux rather than as a cohesive ruling body?

And if they do manage somehow to become a full fledged United anything  who is going to keep the rampant cocaine use and boy racers at bay? Not to mention the self righteous, self indulgent celebrities.

Dogwoman

To Paraphrase: It’s Your Own Fault

Hello.

I’ve just read the speeches of the Presidential candidates on the Credit Crisis. I thought to help out those who don’t want to slog through the Orwellian tactics of our potential candidates, I would rephrase them here.

Keep in mind I am doing so with a mind altering temperature of 103. If I get it wrong I was, in fact, out of my mind at the time, senator.

McCain: Fuck ’em, Fuck ’em all. They should have figured it out before they took on the mortgages. Idiots. Those lenders were at fault and so were the homeowners and it’s not the Governments job to bail out either. Though, in a pinch we should help business over people because that’s what this country is made of, business not people.

Obama: Historically (and this man knows his American history ) we’ve already done this. See, we just need new plans for dealing with 21st century business, more regulation, more oversight. However, we don’t need to cap campaign contributions from these businesses. No, the government needs to work with business to ensure that business prospers in a kinder and gentler way. And people need to suck it up and deal with all the painful changes because America is a business, not a collection of people. Oh, and maybe we could propose some sort of legislation that teaches morons how to manage their mortgages properly. Maybe. I’m just sayin’.

Clinton: I told them years ago this would happen but did anyone listen to me? NO. Now look what’s happened. Well, I guess we can start cleaning up the mess and getting some sort of legislation into the works that makes sure this doesn’t happen again. Do I have to do everything around here?

See, each of the candidates has a grand vision pertaining to fixing the mess and who should be blamed. I noticed however, that they weren’t all that interested in mentioning the lobbyists who helped with the deregulation process. Ok, Obama mentioned it, but he sort of glossed it over. Each candidate doesn’t want to fix anything, they want to blame someone and then ride them around the town square before sentencing them to the stocks. We know this because while they mention the fact that low income homeowners were taken advantage of they lay a good portion of blame at the feet of the homeowners. Even though many of the mortgages were altered by the lenders to make the homeowners look better on paper than they really were. And then those falsified mortgages were sold in mass bundles to other lending companies.This practice created a waterfall of shitty paper that was actually worth nothing. Voila, Credit Crisis.

The lending institutions are the bad guys in this scenario. The hiding of large debt, the use of derivatives, the explosion of private equity that has almost no government oversight and continuing deregulation of vital industries has all contributed to this current mess that taxpayers have to pay for. At no point have I heard the regular Joe Shmo saying ‘Hey lets screw about with everything cause it looks good on paper” No, they just wanted what we’re constantly told everyone is entitled to here in America, a home of their own. Now, entire states have Homeless of their own.

Great job you greedy hope sucking bastards.

Oh and under no circumstances are you yabbos allowed to blame China. You did to yourselves, now fix it. The right way.

Dogwoman