Economic bailout... forty-four days to E-day!

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It's very odd that with all that's going on in the economy and the world at this time and
given that the republicans have had such a horrible eight year span of control of the presidency with such poor ratings that
the democrats are having so much trouble burying them in the polls... I really don't understand it.
I have a lot of theories about that but none of them are more than cynical.

Right now the economy is (or should be) a primary concern for all Americans especially the middle class.
Since they will bear most of the burden for the bailout if it doesn't go well.

A few thoughts since I'm still trying to learn as much as I can about the situation as it stands:

1) I'm fairly smart and I'm having a bit of trouble figuring out all the implications of this mess. Economists have no real clue.
2) I've been saying that this economy is based on "magic money" for years. This can't go on forever. (And lo and behold it
really can't)
3) I don't understand why we should give money to the very same people that happily created this mess in the first place.
It's like you wiped out my mortgage, car loan and student loans and said "hey um, whatever you do don't screw up again"
wink, wink.
4) Why aren't the heads of these corporations and the boards being FIRED and replaced? Why are they being rewarded for their
excesses?
5) What's up with the angry lack of compassion for those who are losing their houses? The average person can't understand
the contracts they sign when they get a mortgage, they look to the bank and lawyers to advise them. The bank tells them
they're approved and everything is fine. Bottom line: these people were screwed. Unless you want to ignore that fact.
So while it's true that no one forced them to take out a loan they ultimately couldn't afford: they were NOT advised against
it. If anything they were advised to go ahead with itand not worry their little heads about it.

I recently called the bank about our mortgage to see if we could change a portion of it that was adjustable to a fixed rate.
And I was told by three (yes, three) mortgage representatives that I should borrow even more money in home equity while I was at it and to not go with a fixed rate because adjustable mortgages were cheaper, perfectly sound and they wouldn't go up much at all, regardless of what I heard. One, oh so helpful, person even added that they themselves had an adjustable mortgage and I shouldn't worry at all about it. Needless to say I left the small adjustable loan we have left on the house alone. I actually knew better, how many do? How many did understand when they were throwing loans at people? WHO approved these loans, that's the question isn't it?

It's not only mortgages btw, that is oversimplification. Credit card debt and student loans are problems too. They were throwing money around it seems and taking huge bonuses. Yay, rah, unfettered, deregulated, extreme capitalism... bailed out by socialistic capitalism. Wow. And they'll have fun, fun, fun till daddy takes the money away... but he really wouldn't, would he?

I suppose the republicans are going to keep defending McCain and his choice of Palin for VP in light of this economic disaster. She is definitely up for these challenges eh? I think not. She hasn't got enough experience, education, intelligence or ability to be the most powerful person in the country. But hey, she's a regular person right? That's all you need to run this country.
It's all so discouraging, frustrating and incredible... Hard to believe, but there it is.

This may be a very long few years, and I won't feel any satisfaction being right in my concerns.
Soon we'll be feeling the winter oil bills again. Last year was rough and here we go again.

I'm very disappointed in Rudy Gulliani, he sold the majority of New Yorkers out, and I'm not even surprised anymore.

There must be accountability and oversight. I have no faith in giving the same people that created and contributed to this mess money to "clean up the mess." It's like leaving the cat in charge of the canary AFTER it has tried to eat the canary numerous times before. These CEO's and Boards should be forced out without bonuses and contract bullshit.

Yes, I'm angry. Yes, I understand what a mess we're in. And I understand we need new leadership to get us pointed in the right direction. That direction isn't backwards or more of the same. We are not alone in the world and our "stick" isn't as big or scary as it was when there were only a couple if big powers in the world.

Back tomorrow.

Get sleep while you can still manage it.

G'night

Laura


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