JavaJennifer

Until I start having sex more regularly (Hello? Mr. Wii? you have an open invitation to celebrate Thanksgiving in our Nations Capital), I’m afraid my blogs will continue to be political in nature because there is simply too much going on there for me not to write about. And in the absence of my sex life which is a hell of a lot more interesting to write about (let alone live it, lemme just say), I’m afraid I’ll have to continue with blogs on E-squared: The Economy and The Election.

I’ve said as recently as today on my Facebook page that I didn’t know what side of the bailout I was on because I didn’t feel like I understood it well enough.

I went for a run this afternoon which turned into more of a walk- but whatever- and in the time it took me to walk 5K, I decided I’m against the bailout.

Here’s the thing: the power players in Washington don’t get to have it both ways. They don’t get to pitch ideas such as privatizing social security (remember a few years ago when that was THE push from GW as a response to the Social Security crisis) and then come bang on my front door looking for my taxes to help bail out the Wall Street monoliths that to due to negligence, greed or stupidity made bad decisions and lost gazillions of dollars. The argument is that in funding this bailout which I think is being termed “Economic Rescue” NOW we’re being asked to bail these same companies out so that our markets will stabilize. If you invest in the stock market (as I have) via your 401 (k) then you assume the risks associated with it. That so many of these companies made poor investments on such a large scale is a horrible thing- some would say criminal- doesn’t negate the fact that investing in the stock market doesn’t guarantee wealth for the investor. These companies behaved irresponsibly and it’s difficult for me to justify rewarding their bad behavior for the alleged greater good.

It’s vastly more complex than that and I get it because when our markets devalue to the extent that it happened today, then the US becomes even more vulnerable to foreign investments in things that we might not want other countries owning. A recession/depression has repercussion that most of us, myself included can’t really wrap our minds around.

And while I understand that the bailout keeps the mechanisms of our economy rolling along… people still have credit cards with limits large enough to buy on-line porn, small new-to-market porn site business owners can get loans to finance their new port sites and the big wheel that is our economy just keeps chugging along. The new porn site does well and employs new starlets who, by turn, earn enough money themselves to secure auto loans and financing for DDD breast augmentation.

750 Billion Dollars does little, if anything, to help the people on the front lines of the economic crisis. If you’re in foreclosure, you’re likely to stay there though under the terms of the bailout you are more likely to get a lender to refinance your loan at a fixed rate that’s not as punitive as the ARM or interest only loan you have now. If you’re $20,000 in debt on a card with a $24,000 limit, you can expect that creditor to reduce your credit line to the $20,000 you owe.

My prediction is that ultimately the bail-out will pass on Thursday with enough language written into the bill to appease both parties and I’ll further predict that in 6 months things in our economy will be largely unchanged… only we’ll be 750 Billion poorer as a country for it. I seem to recall a certain economic stimulus check which was supposed to keep the ball rolling and look where that got us.

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This entry was posted by javajennifer on Monday, September 29th, 2008 at 9:42 pm and is filed under Politics and Poop. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.