EDIT: I’m making a bit of a habit of retracting my words, but this time, I’m pretty happy about it. Congress didn’t pass the bill this time. Time will tell if the end of the world is actually at hand, but my gut feeling is that a bunch of people – average minded, decent, reasonable people, with an emphasis on the average of mind – really don’t know how the economy works, haven’t taken the time to find out, because they are busy being politicians, and got blindsided by a couple of much smarter, yet very deluded people, who ought to know better into making a stupendous blunder, in the face of something even more, colossally, gigantically bad.
So, there is going to be another attempt shortly to do this, but the main thing that we should be all doing is getting ready for the inevitable. However, since we are guessing on a continuum, however bad you >reasonably< think it might get, keep in mind that chances are you are wrong by a bit, either up or down. So, prepare accordingly for the most reasonable, worst case scenario.
And we can’t call it anything BUT gruesome: on the surface it appears to be literally takingmoney away from the mouths of the poor and needy to give to people much less deserving. So, why has the government been adamant about passing this horrible bill, in the face of overwhelming negative public response?
Noobee from tickerforum posits the following:
1) The congressmen have been told a SOOPER SEKRET: The FED is nearly illiquid and the world will come to an end if it doesn’t get re-inflated, BUT you can’t tell the peons or the financial system will collapse if word gets out.
2) The congressmen think they have to pretend like it’s a bailout of the banks, because the truth would kill the world’s markets. If they get killed by their constituents, then that’s still better than what would happen if everyone found out.
3) They actually believe nobody has figured the real state the FED is in.
This doesn’t mean the bailout is not a bad idea: far from it. It demonstrates how truly fucked we really are. We are simply buying time, because that is all there is left to buy other than deal with the problem. Which also means that we need this money all the more.
Call your representatives now and tell them not to support this. It takes literally seconds to do this. Here’s the lists; the phone numbers are: (202) 22x-xxxx. Last 5 digits are listed next to each rep’s name.
http://clerk.house.gov/member_info/ttd_1….
http://www.senate.gov/general/resources/….
The big crash isn’t just possible: it’s imminent.