Yay...the House grew a backbone...Yay!

Soooo....yesterday the House of Representatives failed to pass the $700 BILLION bailout plan, followed by back pats all around. Good job on not passing that bill, representatives! Good job listening to your public. Today, the bill's going to be voted on in the Senate. (Maybe I wasn't paying attention in government class during high school, but doesn't a bill need to be passed by the House before it gets voted on in the Senate?) The Senate is saying that the public doesn't want the bill passed because they don't understand it, because we don't see how it'll benefit us, only the big wigs of Wall Street, 'cause, you know, the public is STOOPIT.

Well, here's the thing, Senate. Just speaking for myself here, but it's not that I only think the plan will bail out the big wigs on Wall Street, it's that I don't think these big money lenders like Freddie and Fanny should be able to do whatever the hell they want and think that if they fuck up, the government will come waltzing in to bail their asses out of trouble. They fucked up? Great. Let them pay the consequences.

A lot of my friends are pissy because they have a lot of money invested in the market. Dude. Now's a great time to invest in the market. You know how LOW it is? You know eventually - maybe not immediately - the market will rise again. And people who invested in it now? Made in the shade, baby. That's, of course, only if the companies in which you invest don't go bankrupt in the meanwhile.

So. In summary: SUCK IT UP WALL STREET! YOU SCREWED YOUROWNSELF.

Is this just a legaleeze way of saying Neener Neener?

You know, I’ve been thinking about this whole financial crash for a few weeks now. Dusting out the rusty files of my brain, I vaguely recall learning in high school social studies that the original depression was caused by banks giving out loans to people who were playing the stock market, and once the people lost all their money in the stock markets, not being able to pay the loans back, so all these loans defaulted. Today’s mortgage and loan default crisis is highly reminiscent of all them loans given out back in the day that people defaulted on.

Yes, I understand that the Federal Reserve is a PRIVATELY OWNED BANK AND NOT ACTUALLY RUN BY THE GOVERNMENT, and I understand that to run his war, W had the Fed print up a whole butt load of cash without any actual financial backing, and that caused the value of the dollar to decrease, and that this situation is hugely influential on America’s current financial standing. Let’s take that as a given, k?

Anyhoo, all these investment banks which have gone under are asking congress for a 700 billion dollar bailout, right? And the secretary of the treasury is heading this request. The Huffington Post published an article with a very interesting statement that comes from the secretary’s bailout request: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Excuse me? Doesn’t that mean the secretary can basically do whatever the hell he wants with that money, and no one can look into his actions? Am I wrong here? ‘Cause if I am, I would LURVE it if someone would explain why to me.