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Varchild2008 (84.68)

Hey Bush, FIRE PAULSON NOW! Kill the Jim Cramer Bailout now!

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September 26, 2008 – Comments (3)

Title of this piece speaks for itself.

Henry Paulson has proven to be completely in the tank with Nancy Pelosi, begging on one knee as if Nancy is Queen Elizabeth II... I mean how sickening is it that our SEC is run by a bunch of partisan, ignorant, boobs?

This whole things an absolute mess and frankly I do not see any need to throw hundreds of billions of dollars of Taxpayer money at buying up Mortagage Debt (WITHOUT) mind you (WITHOUT) any insurance against those mortgages should they default.

How does a mortgage default?  Simple.... It defaults when the Property surrounding it becomes uninhabitable due to lack of local government funds to keep the property habitable.  If it's abandoned for years.. It will quickly resemble the City of Detroit in its disgraceful mess of boarded up, broken windows, dirt filled, bad plumbing, cracked brick, charred roofed properties they are trying to sell off to people for $1 and no one's buying them for $1.

The House Republicans are right on when they say, "There's an alternative to just handing out money."

Motley Fool also has it wrong when they have recently e-mailed people in a PANIC ATTACK David and Tom Gardner Mode PANIC STRICKEN O-MY-GOD Fest Campaign asking people to call Congress to get Taxpayers to purchase Equity into the Wall Street Banks.

That's mind numbingly short cited logic that could lead to even worse situation than launching $700 billion at a problem.  Why?  It's just like expecting Mortgage Debt to go up in value over time... How will BANKS go up in value overtime if they are busted?  How is that going to generate value for the taxpayers?

Don't buy into the PANIC ATTACKS going on from Democrats, Jim Cramer, and now Tom and David Gardner....

The reality is simple...  Let the banks fail and let the foreclosures happen because getting in front of it is going to make matters worse.  The alternative is to let Wall Street Pay for Wall Street's mistakes.

While no one wants to see our economy in a downward spiral for 10 years.. Frankly.. That's exactly what I fully expect it will take to get out of this mess and to pretend we can stop it by throwing money around is as naieve as Bernanke thinking Government can prevent a "Depression" from happening.

No amount of "NEW DEAL LEGISLATION" ever solved the Great Depression.  Only the War did.
And sadly, it's going to take something as big as a WAR to solve this mess and if Americans can't stomache their portfolios going under for 2 to 3 or so years more then that's too bad because I don't see a turn-a-round for quite awhile.

3 Comments – Post Your Own

#1) On September 26, 2008 at 5:18 PM, motleyanimal (93.80) wrote:

 

Try this.

http://www.happynews.com/

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#2) On September 26, 2008 at 7:09 PM, devoish (99.08) wrote:

Representative Putnam was on fast money this evening explaining the house republicans had held out and were back to demand the same things that the democrats were negotiating for.

Unfortunately they all should all be demanding no bailout at all.

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#3) On September 27, 2008 at 3:54 AM, jester112358 (29.02) wrote:

If you're a newsletter advisor you can't make money if people cancel their subscriptions since they've decided to buy treasuries or better yet gold bullion or coins.  So, that explains the letters from David and Tom Gardner pleading to allow this crazy thing to pass.  If the government wants to buy me equity in something in a business that actually makes something useful.

 Great post.  You recognize that all of FDRs new deals didn't get us out of the depression.  The war did.  It made the US the greatest industrial power on the face of the earth.  And then we squandered this huge advantage by becoming a nation of consumers not producers.  We got lazy-looking for the easy buck in flipping housing or creating financial "products".

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