Not So Much

So the Senate thinks that they have a great plan.  And Rep DeFazio thinks he has a great plan.  Sorry, not so much.  They both suck and need to be voted down.
I've already called my Rep and Senator to insist that they vote the new crap down, as well as voting the old crap down if that comes up for a vote.
See me on the flip.
I have no idea how these clowns think this is supposed to help, but it doesn't.  This is not a progressive plan, this is only two and a half parts of a progressive plan.  If you don't put the rest of it there, it's just garbage.
The Senate proposal is just garbage, period.
There is no "crisis" as the stock market proved yesterday.
The Fed and FDIC can take care of this just as they are doing now .
It is quite obvious that we are not going to get a real solution to this.  The Fed has been loaning billions to all kinds of financial intitutions since they opened the window to almost everyone, and yet we have a credit crisis?  What in the hell are they doing with all that money?  They are holding on to it to increase their cash holdings.  The Fed can stop that tomorrow if they wanted.  New rule, you can't borrow from the Fed unless your interbank lending is within 10% of your historical totals.  The Fed has this authority and that would solve a great multitude of problems.  The banks will loan money rather than go out of business.  I can't stand how the American public is being screwed here.

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Comments

2 Comments

Re: Not So Much

OK first let me agree with one thing. No matter what the congress does it is going to suck for somebody.

Next let me disagree with almost everything else you said.

The market went up yesterday not necessarily because all is well. It very well may have been and probably was a "Dead Cat Bounce"

a term used by traders in the finance industry to describe a pattern wherein a spectacular decline in the price of a stock is immediately followed by a moderate and temporary rise before resuming its downward movement
Only the next several days will let us know.

Next it's not the stock market that we should be really worrying about. It's the credit problem or the real problem.

The current, more serious stage of the crisis began two weeks ago today, after the collapse of Lehman Brothers and the Fed's takeover of the American International Group. Those events created a new level of fear. Banks cut back on making loans and instead poured money into Treasury bills, which paid almost no interest but also came with almost no risk. On the loans they did make, banks demanded higher interest rates. Over the past two weeks, rates have generally continued to rise -- and these rates, not the stock market, are really what you should be watching.

http://www.nytimes.com/2008/10/01/busine ss/economy/01leonhardt.html?hp=&adxn nl=1&adxnnlx=1222863040-cy0VmdwmZ93m bEZPkY9v1Q

So while you may absolutely and fundamentally disagree with a need for any kind of Congressional action try to understand what's really going on first.

by jsfox 2008-10-01 04:17AM | 0 recs
Re: Not So Much

I don't know what they should do. I think I'm more qualified to help Bristol Palin pick her baby's name from the final ones she's reportedly narrowed them down to: 1. Twix or 2. Spatula.

I'll think about it and get back to ya.

by QTG 2008-10-01 07:53AM | 0 recs

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