They will just move it all off-shore, of course. The only things worth financing are infrastructure and productive enterprises. Bad business "deals" do not need to be bailed out. Why give away our money to irresponsible bankers?
We need to support industries and farmers. Certainly not bankers! We cannot begin to afford such insanity!
But behind that, hundreds, probably thousands of the most independent economists insisted that a banker's bailout would do nothing to help the grass roots economy in the long run (long run = 1 month). So here is my present position on the matter:
If these banks are really bankrupt, they are effectively worth nothing. So the banks themselves should be seized under the eminent domain Takings Clause of the Fifth Amendment. Since they are actually bankrupt, they should cost the taxpayer $1.00 per bank. That's a lot less than $700,000,000,000.ºº, I should think, and at least the public would own them.
We are talking 700,000,000,000.ºº Dollars, and a population of 300,000,000. Now:
700000000000/300000000 = 2333.333333333334
With the bailout, each man, woman, child must give $2333.³³ to rich bankers who made bad deals.
I live in a community of 30,000; a very small city.
2333.333333333334×30000 = 70000000.000000015
Instead of giving this money to the rich bankers who made the bad deals, we could give $70,000,000.ºº to my small city. If it costs $10,000,000.ºº to build one industrial enterprise, my city could build 70 industrial enterprises.
Why do we need to relieve rich bankers who made very bad deals? What are we nuts? Why keep listening to the bone-tossing economics mumbo-jumbo artists? Once we give the money to the bankers, they will move to Switzerland or England or Israel or Australia and take it all with them. We will never get it back!
Why give all our money to these con artists? Why not give it to our own communities, so they can use it to build sustainable enterprises, like wind farms? The economists have had their chance to play with our fortunes. We better stop listening to them right now, and begin moving to save our sorry selves!
I guess maybe it's time for Obama to spin off the Raineses and Johnsons. Everyone in the House who had "high powered economic advisers" got their tails handed to them today, regardless of party.
The people quite simply have lost all faith in these expert hot-shots. WE DO NOT FEEL INCLINED TO BAIL OUT RECKLESS BANKERS ANYMORE! We simply do not want to. If that means the stock market goes down to zero, it's just another number to us.
We don't want anymore fancy economic mumbo-jumbo! No more money to bankers. If you read the blogs and watch the polls, this sentiment is running at 1,000 to 1. How much mumbo-jumbo will it take to beat that? We don't want our taxes doubled. If a few "experts" have to find work flipping burgers, so be it. We are not going to pay any more for this. This is really quite simple!
If these banks are really bankrupt, they are effectively worth nothing. So the banks themselves should be seized under the eminent domain Takings Clause of the Fifth Amendment. Since they are actually bankrupt, they should cost the taxpayer $1.00 per bank. That's a lot less than $700,000,000,000.ºº, I should think, bit at least the public would own them.
We must STOP the Chinese in their tracks from hauling any more goods over here, so the goods can be made by workers here. We must block their goods-laden barges! It's okay to play this game to a degree. But now they are keen to "lend" our corrupt government $700 Billion dollars to buy failed loans from corrupt bankers. Why should we let them go on lending this money that will add up to the destruction of our nation? No!
We must stop them cold on the high seas.
We must hold VAST RALLIES where we all pledge and chant together that we will NEVER pay the Chinese a DIME we ever owed them if they loan ANY MORE money to our corrupt government to be handed to our corrupt bankers and arms dealers.
NO WAY! WE WON'T PAY! NO WAY! WE WON'T PAY! NO WAY! WE WON'T PAY! NO WAY! WE WON'T PAY! NO WAY! WE WON'T PAY! NO WAY! WE WON'T PAY! NO WAY! WE WON'T PAY! NO WAY! WE WON'T PAY! NO WAY! WE WON'T PAY! NO WAY! WE WON'T PAY! NO WAY! WE WON'T PAY! NO WAY! WE WON'T PAY!
But I have maybe 30 megabytes of text, or more, that I've posted here.
I have been hanging out at the financial/ energy/ foreign relations blogs. I read these nuts and bolts blogs across the political spectrum, and comment on the progressive ones. They are distinctly different from these political blogs in some respects. They all share a deep and pervasive sense of raw panic that the political blogs do not, for one thing. And I am now pretty panicky myself, frankly.
I would feel much better with a military general close at hand, actually.
The honest truth is that is is vastly more difficult to break encryption than it is to encrypt stuff. (Don't let anyone fool you about this.) In fact, "one time pad" encryption (where the key is as lengthy as the encrypted data) cannot ever be broken by anyone if the key is truly random.
But it is easy for most people to encrypt computer data. For Windows (maybe not Vista yet), a great program is (I show the links so you might know where you are going. -- these are totally trustworthy links.):
That program encrypts at the "bit level". But a program that only encrypts at the "text level" can be fine. You kids will not ever be able to break it. And if everyone did it, no one would ever know what it all was about (no one would have the hardware, or energy)!!! Text encrypted information can be pasted into any document, browser, or email. Here's a great little "text level" encryption program for Windows:
George was telling us the barenakedtruth. I can handle that. The five out of seven makes me a winner. Guess which five! A sense of humor is the little grease that lets the gears turn in this wretched word. George was a comedian. We need more of those!
[Sorry, but this comment is formatted for a non-HTML site (ElaineMeinelSupkis). No time for me to reformat.]
Something fishy seems to be going on with these political prosecutions. It seemed to start with Bill Clinton (not that he didn't give us NAFTA, or sell poor people into slavery). And you must check out the Don Siegelman bullmanure:
Lawyer questions whether Spitzer was set up, noting political prosecutions
A prominent New York lawyer who has written for Harper's Magazine about the politically-motivated dismissals of US Attorneys in the Bush Justice Department says he believes there's a strong case that the fall of New York governor Eliot Spitzer was politically motivated.
The Spitzer Sex Sting: A Few More Questions
by Scott Horton
March 10, 2008
...Note that this prosecution was managed with staffers from the Public Integrity Section at the Department of Justice. This section is now at the center of a major scandal concerning politically directed prosecutions. During the Bush Administration, his Justice Department has opened 5.6 cases against Democrats for every one involving a Republican. Beyond this, a number of the cases seem to have been tied closely to election cycles. Indeed, a study of the cases out of Alabama shows clearly that even cases opened against Republicans are in fact only part of a broader pattern of going after Democrats. So here are the rather amazing facts that surface in the Spitzer case:
(1) The prosecutors handling the case came from the Public Integrity Section.
(2) The prosecution is opened under the White-Slave Traffic Act of 1910. You read that correctly. The statute itself is highly disreputable, and most of the high-profile cases brought under it were politically motivated and grossly abusive. Here are a few:
- Heavyweight boxing champion Jack Johnson was the first man prosecuted under the act - for having an affair with Lucille Cameron, whom he later married. The prosecution was manifestly an effort "to get" Johnson, who at the time was the most famous African-American. (All of this is developed well in Ken Burn's film "Unforgiveable Blackness").
(3) The resources dedicated to the case in terms of prosecutors and investigators are extraordinary.
(4) How the investigation got started. The Justice Department has yet to give a full account of why they were looking into Spitzer's payments, and indeed the suggestion in the ABC account is that it didn't have anything to do with a prostitution ring. The suggestion that this was driven by an IRS inquiry and involved a bank might heighten, rather than allay, concerns of a politically motivated prosecution.
All of these facts are consistent with a process which is not the investigation of a crime, but rather an attempt to target and build a case against an individual.
[See article at link] __________
Revelations Began in Routine Tax Inquiry
March 11, 2008
by William K. Rashbaum
The rendezvous that established Gov. Eliot Spitzer's involvement with high-priced prostitutes occurred last month in one of Washington's grandest hotels, but the criminal investigation that discovered the tryst began last year in a nondescript office building opposite a Dunkin' Donuts on Long Island, according to law enforcement officials.
There, in the Hauppauge offices of the Internal Revenue Service, investigators conducting a routine examination of suspicious financial transactions reported to them by banks found several unusual movements of cash involving the governor of New York, several officials said.
[See article at link]
So he had some vague business with someone who might have rented low-end property. He is a businessman. Sooner or later, businesspeople always do business with other people who may turn out to have some blemishes. This doesn't look to amount to much. I don't even think the the Republicans could get any mileage out of it.