Of course Congress had to wait till October to pass the $700 billion socialization of the American economy: October is, after all, the month best known for the Bolshevik revolution that brought Vladimir Lenin and gang to power in Russia.
How fitting, then, that the Senate and then the House will no doubt approve a measure that will have taxpayers bailing out bankers and putting the U.S. government into the business of running banks and mortgage houses (of course, it already does so with Fannie Mae and Freddie Mac and AIG.)
No one seems to be talking about the hidden cost of going from school to school and library to library to purge them of ancient texts that actually refer to the United States as having a free market place.
One thing that should by now be readily apparent: this crisis is really not about subprime mortgages and really never was. It is about the invention of a alternate banking system that was not regulated or really supervised in any way…a system that operated at a level of greed and probable criminality the likes of which we haven’t really seen in this country since the days of the robber barrons.
And, guess what? The robbery is still ongoing! Of course the bailout will end up costing $700 billion and probably more, even though we are being told it is unlikely to in the end.
Of course taxpayers won’t get their money back. Of course the proposed limits on executive pay will be worthless; companies will skirt this by just paying executives more with things such as stock options in place of straight salary, thus getting around the rule (provided it passes, of course.)
If Lenin weren’t so waxed lying in state in Red Square, he’d be smirking at what is happening in the U.S.
But as the great-grandfather of the October Revolution, he would certainly understand.
Related posts:
- BREAKING: Fed Rescues AIG with $85 Billion Loan (bailout) for 80% Ownership Stake
- Housing Bailout Quotes of the Day. What Real People think of the Bailout.
- Paulson Rescue Plan: What’s In It & What Dissenters Want In It
- 700 Billion: Can we handle the truth?
- Viva La’ Revolution! Investing in Green Real Estate
Article Author: Charles FeldmanCharles has written 179 articles for us.
Visit Charles's Website: http://www.thefeldmanblog.com
Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog, as well as on The Huffington Post.
Joshua Dorkin
{ 1 comment… read it below or add one }
If these companies can’t make money off of their business model, let them collapse.
Think about all the foreclosures occurring lately and all the money that is entailed in a foreclosure.
The home buyer had to put a major down payment to get the home in the first place, anywhere from 40-90k sounds about average depending on your state.
Then they were making payments each month for a couple of years before their rates were jacked up even higher, they can’t jump ship without loosing a lot since their properties devalued and everyone else has the same idea anyways. Boom your house is gone, your payments were for nothing, and that huge down payment you saved for half your lifetime for… Gone.
The bank eats all of this sh*t, plus they get a house on top of it! How can you not make money with this business model????
I can’t believe this piece of sh*t bill is being passed. It would make more economic sense to throw this money out of an airplane as it flys intercontinental than it does to prop up such shity businesses.
What the hell is wrong with our government? We are about to teach oursevles a lesson, and it is going to sting a little bit.