Before the TARP bill got passed, I wrote both my senators and my congressman, urging them not to pass the bill. One senator voted against it, as did my congressman. One senator voted for it, and sent me a very smug form letter telling how it was the greatest mostest patrioticest thing he'd ever done for his country, and though I had misgivings, I should trust the government to make the hard choices. He went on to say the the money was so safe, because of all the protections built in to make sure it was used wisely. Also, he assured me that he had read the bill carefully - even though it was public knowledge that NOBODY had read the entire bill when it was passed!
Well, I guess I should've trusted him; after all, it's not like the government just spent $78,000,000,000 too much for the stocks they bought!
We will of course ignore the fact that the banks were forced to sell the stocks against their will.
But it's a good thing they passed that TARP bill all right. We sure needed to nationalize our banks to save our capitalistic way of life.
Now we need to pass the next package, really, really quickly - according to the ever brilliant Nancy Pelosi, every month we don't pass an economic stimulus package, 500 million Americans lose their jobs.
And that, my friends is tragic.
Anyone got a fiddle? I smell something burning.
Open Brainstorm with Steve Keen
6 hours ago