The Biggest Hustle In Human History

[Wiley50]

This is concise and understandable (with graphs) and explains the bailout instantly

http://www.economicpopulist.org/?q=content/what-hell-just-happened

This isn't just the largest bailout in American history, it's the largest in human history. It's a huge transfer of wealth from the working class to the investment class. Simple as that.

Further, since I assume the plan will apply to all mortgage debt, U.S. taxpayers will also be on the hook to bail out foreign institutions that loaded up on the financial sludge. However, once the government takes them off the hook, do not expect them to re-invest the windfall back into other U.S. dollar denominated assets. This get-out-of-jail free card will likely scare them straight. The global mass exodus from the U.S. dollar and Treasury debt is about to begin.

If this bailout happens, not only will it fail to rescue the financial economy (like all the bailouts that have happened so far), not only will it fail to rescue the real estate market (like all the bailouts that have happened so far), it will end up making things worse (like all the bailouts that have happened so far).
What's more, it will ensure that America's near future will end in bankruptcy and the destruction of the dollar.

It's time to stop trying to avoid the consequences of our actions by pushing out the costs onto our children and grandchildren. It's time to do the moral thing and accept the consequences for living beyond our means for years and years.
The alternative, as being pitched by the Bush Administration, will only make things worse for the working American family anyway. We need to tell Congress "no" to this bailout, and we need to do it this week. Any other option leads to an inflationary depression in America that will start with the next presidency.

[begin_within]

1. I still don't get why it's the government's responsibility.

[baldguy]

11. If a billion-dollar mortgage corporation fails, it's a financial catastrophe.

But if ten million homeowners lose their homes and go into debt for the rest of their lives (because they aren't allowed to declare bankruptcy anymore), it's a minor correction in the market.

[opihimoimoi]

2. The People let this Dufuss Bush stay in office for 8 fucking years??

In a way....we deserve to be fucked over.,...

The Fantasy Forces ruled over the Reason Forces.....this is the result....

[Maven]

3. Wow. This is a MUST READ.

Puts everything together and explains why this bailout is a hoax.

[Hissyspit]

4. I agree.

Needs more recs, too.

[BigBearJohn]

5. Thanks for this. EVERYBODY in this country needs to read it.

[Cleita]

6. I think any bail out of a company with taxpayers money should be reason

enough to nationalize that company. Why not? Shouldn't we own it then?

[Window]

7. K/R.

:kick:

[Trajan]

8. They need a PROACTIVE solution ...

IF we need to 'save' anything: It would be the mortgagees in default ....

DONT protect the credit derivatives, but THE HOMEOWNERS instead ....

As someone noted: We could pay the notes on those homes, perhaps at fire sale rates, and then offer LOW INTEREST FIXED RATE loans to the homeowners, or to potential buyers ...

FUCK saving the assholes who created this mess .... We could at least recoup from selling the properties at reasonable price levels .... and protect the homeowners AND their neighbors from having to abandon properties ...

[PBS Poll-435]

9. This "secret" bail-out is BULLSHIT

I know why the gov't took over AIG, but this shit?

Can we have a quarter where the financial sector reports lower than expected "earnings" before we riot in the streets?

[Fly by night]

10. Wiley, thanks so much for this article

I have just sent the link to all the Rethugligans I know (all three of them). I also sent the email to my brother, who sleeps with a Rethug. (It must really be hard to make love when you have a clothespin on your nose.)

I am just glad that I still have food to eat in my Garden. For the rest of you, I would suggest eating the rich. (Around here, we'll use them for dog food.)

[VOX]

12. Thanks for posting this link, Wiley50. It's grim but necessary information. n/t

[Maven]

13. Kicking this again - more recs needed