Good morning all. Sports scores are in (I’m backing the Cubs this year). It’s been a while since I’ve written anything here.
SCUM 74, US (as in you and me) 25.
Throwing money at the rich as the U.S. Senate is hoping to do with their 74 to 25 vote in favor of giving private investors that dorked up $$$$$ (I think Michael Moore called it ‘stealing the silverware on the way out.’) will NOT fix the financial sectors problems. The problem of confidence is between the banks; especially in overnight lending. Simple fix – PASS LEGISLATION which makes the banks accountable for what’s on their books (audit required). Once that is done lending will resume since Bank A will be confident that bank B will still be there in the morning. It’s a f__k of a lot cheaper for us, and would be far more effective. Granted the FDIC will have to cover the losses of some depositors who are using banks that hold more trash than cash, but it would not cost the $700 billion (and probably more dollars) the “crisis” bailout bill demands. I am truly amazed at the propaganda currently being generated by the corporate press – they are not covering the issue; they are just, it seems to me, trying to confuse us.
Of course there are host of other solutions available – stop limiting the short sellers, since shorts keep stocks from being over valued (ooops, the free market folks in The Bush Administration have already put their finger on the scales by limiting which companies can be traded “short” [about 900 of them] and forced the value of stocks up beyond what they are worth – Free Market my ….). Help the citizens (tax payers) with health care and education costs. After all, the number one reason for mortgage defaults is unpaid medical bills. Wake up “America.”
Have a nice day (and call your Congressional Representative NOW).