February 2025

S M T W T F S
      1
23456 78
9101112131415
16171819202122
232425262728 

Navigation

Page Summary

Style Credit

Expand Cut Tags

No cut tags

Bottom suddenly falls out of netherworld sweater market.

packbat: A bat wearing a big asexual-flag (black-gray-white-purple) backpack. (Default)
Friday, September 26th, 2008 07:31 am
I spoke too soon.

According to one GOP lawmaker, some House Republicans are saying privately that they’d rather “let the markets crash” than sign on to a massive bailout.


The suspicion is that Sen. McCain is one of the driving forces behind this outbreak of stupidity. Only thing that could make it worse is if he did it to make sure that he didn't have to debate tonight.

Oh, and the plan sounds pretty stupid, too, once you actually read it.
Tags:

In other news, sweater sales in Hades have skyrocketed.

packbat: A bat wearing a big asexual-flag (black-gray-white-purple) backpack. (Default)
Thursday, September 25th, 2008 10:43 pm
The House Republicans maybe actually did the right thing.

One group of House GOP lawmakers circulated an alternative that would put much less focus on a government takeover of failing institutions' sour assets. This proposal would have the government provide insurance to companies that agree to hold frozen assets, rather than have the U.S. purchase the assets.

Rep Eric Cantor, R-Va., said the idea would be to remove the burden of the bailout from taxpayers and place it, over time, on Wall Street instead. The price tag of the administration's plan to bail out tottering financial institutions — and the federal intrusion into private business matters — have been major sticking points for many Republican lawmakers.


Seriously, this greatly reduces the immediate cost to the government (an immediate cost which, I remind you, would be coming straight out of the budget deficit) while having a similar probability of putting a dam on the runs on these banks which cause the problems. (After all, if the government will pay back your investment if it collapses, rushing in to withdraw the funds while they still exist is no longer necessary.) Given that the only reason we're considering throwing $700 000 000 000 at this in the first place is because Paulson's staff wanted to name a really large number, why should we stick to any variation of this plan-to-have-a-plan?
Tags:

What I've been sending my representatives.

packbat: A bat wearing a big asexual-flag (black-gray-white-purple) backpack. (Default)
Wednesday, September 24th, 2008 08:15 am
As a member of your constituency, I am writing to offer my encouragement as you work on the bailout plan recently proposed by Treasury Secretary Henry Paulson. I am aware that you are under intense pressure to get something done, but as I know you know, there are few worse things that can be done than blindly throwing money at a problem. Therefore, I want to tell you: do not give in, do not give up, do not give even in the smallest degree unless you can secure this plan with all the controls that it requires.

Thank you for your time and trouble,
Robin H. D. Zimmermann
Tags:

The Bailout

packbat: A bat wearing a big asexual-flag (black-gray-white-purple) backpack. (Default)
Monday, September 22nd, 2008 10:07 pm
hilzoy at ObWi has a pile of links I haven't gone through yet. But looking at the leaked plan, I have to go with [livejournal.com profile] gilmoure on [livejournal.com profile] metaquotes and take pause ... well, everything, but particularly at this:

Sec. 8. Review.

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.


...

This is a blank check.

This is a $700 000 000 000 blank check. (At least!)

Is there anyone in the present administration you would trust with a $700 000 000 000 blank check? Heck, is there anyone at all you would so trust? If you had to borrow $700 000 000 000, would you want its spending completely in control of one person, in such a way that that one person could do anything with your money (your borrowed money), and no-one could stop them?

I fear that this may yet come to pass.

(Edit: More amateur analysis - this from the inimitable [livejournal.com profile] pecunium.)
  • Current Mood: scared
Tags: