November 01, 2008

So do you understand that the $700 billion 'bailout' was sold to us under false pretences? And that the Bush Administration conned America (again)?



Man, how stupid can we be.

"We" being the mainstream media, the US congress, and the people of America.

We got had. Again.

Damn, these grifters are good.

Folks, that $700 billion was given to Bush to supposedly stop the stock market from crashing, to get loans flowing again, and to buy up bad debt.

0 for 3.

The stock market crashed anyway. The loans aren't flowing. And the bad debt didn't get bought up.

Instead, the money is being given away in the night to big banks, a point that WAS NOT EVEN DISCUSSED DURING THE DEBATE OR IN THE MEDIA. It's being given away on laughable terms, not even close to what the free market would pay, and the banks are using it to buy up smaller banks, and also giving their executives obscene bonuses, and paying their shareholders (who should have been wiped out and weren't) their juicy dividends.

Let me put this as succinctly as possible.

We got robbed. Or are getting robbed (present tense).

Like never before.

To the tune of $700,000,000,000 cash.

Damn.

These grifters are good.

Really good.


50 comments:

What Recession? said...

The launch of a MasterCard credit card inlaid with a diamond and laced with gold.

Known as the “Diamond”, the card has a 0.02-carat gem ­embedded in its centre and a picture of a peacock for female cardholders and a winged horse for men.

Anonymous said...

Thanks for linking to this important article. I can just hear them saying "what are you going to do about it?"

People: NATIONALIZE.

Anonymous said...

Yes... we got robbed plan and simple, bent over a barrel and raped. But we are still over the barrel and the bastards are just having a smoke break.
Stop only blaming the bush admin. If you can't see that the corporation called the US gov has their people on both parties, then you are as blind as the average ignorant person who believes that obama will make any change that the current shadow gov does not approve of .The fed reserve is the biggest EVIL that was forced upon America.
I have not heard either candidate talk about abolishing it .
They are either ignorant or sold out.
Both option are equally frightening

Anonymous said...

Annette Bening looked so good in that movie. I discovered my sexual needs after that movie.

Anonymous said...

This is not surprising me Keith. I called my House Rep, the evil, corrupt Susan Davis and expressed my anger, as many others did. She voted for the bailout anyway. She will be re-elected on Tuesday in overwhelming numbers. What can you do?

bickerer said...

The real truth is, 700B is not a big thing for a ONE TIME deal. It's when we do something like lock in 700B per year FROM NOW ON, in the form of new entitlement programs, that's what will ruin the country.

So f'ing nuts out there thinking, bickerer just gave me something nutty to mock, the thing is, if we get a depression and 25% of the country spends 10 years sitting on their hands, that costs a lot more (by about 10 times) than the 700B.

I don't know what to think about Keith hearing this over and over, and further knowing it before hearing it from us, and still giving the nutty talk. Who the f knows.

Burr Deming said...

The bailout started with problems.

Staffing the bailout is one. Those with the expertise are also the ones tied in with the institutions that went wrong on our dime.

The bailout itself has too few safeguards. I'm not really persuaded that it's okay for banks and other powerhouses getting federal funds to spend millions on inappropriate activities because it's separate from the bailout. Tax money is freeing up their limited funds, so it still comes back on us.

AIG really gets me mad and I'm not alone.

Paul E. Math said...

I agreed more with your statement about how stupid we are than about how good these grifters are.

They are incredibly successful grifters, but when you've found the ultimate mark, the most ignorant yokel, the wet dream of all patsies, then it really doesn't take much skill.

We are so patheticly spineless and horribly ignorant that all it took was the threat of a recession to get us to cough up our entire legacy. You would think that a recession had fangs, breathed fire and ate children for breakfast.

The idea of being slightly more frugal, lowering our standard of living just an inch or so absolutely terrifies the weak-ankled, limp-wristed American citizen so much that they would sell their children into slavery to avoid it. And, with these bailouts, they just did.

I may have to change my handle to 'Sir-pukes-alot' because this makes me sick to the depths of my very bowels.

Anonymous said...

and i know you are not surprised. didn't he do the same thing with the iraq war. just like the people who spew that stuff about obama (muslim, inexperienced, terrorist, will raise taxes (remember daddy Bush no new taxes and then raised taxes)socialist)all those labels people take as gospel are the same one's who were behind this bailout. believe everything they are told by politicians and their old redneck relatives. but even if the people protested which some did what good would it do when all we have in office are old white self serving men and a few women. can't blame that shit on black people this time.

Anonymous said...

and i know you are not surprised. didn't he do the same thing with the iraq war. just like the people who spew that stuff about obama (muslim, inexperienced, terrorist, will raise taxes (remember daddy Bush no new taxes and then raised taxes)socialist)all those labels people take as gospel are the same one's who were behind this bailout. believe everything they are told by politicians and their old redneck relatives. but even if the people protested which some did what good would it do when all we have in office are old white self serving men and a few women. can't blame that shit on black people this time.

gwk said...

I am missing something here I thought your hero voted for this along with all your other hero's in congress but hey it's all Bush's fault and what ever will you do without this punching bag and how come you don't speak about Iraq might it be a success after all but Obama will clean it up yeah!

Miss Goldbug said...

Paulson knows how the banking system works. He also knew tightening lending standards would not include loaning money like before.

He knew this and gave away our money anyway.

Wont be able to do anything to him, especially since he'll be gone by January.

It's all a joke, and the joke's on us.

Vote out everyone who voted on this bailout.

Anonymous said...

Absolutely insane.

yoski said...

"Damn.

These grifters are good.

Really good."

They're not really that good, it's just that the sheeple are that stupid. Uh, oh the big bad wolf is coming and eating your economy unless you fork over $700 billion. Well, sheeple, the big bad wolf is coming anyway and you are $700 billion poorer. Get it? No? Well, then you'll be in for another costly lesson...to be continued.

Anonymous said...

Keith,

The funny thing is that there are still aproximately 48 MM stupid Americans out there that still want the Republicans in government. I would think that after years of torture, americans would learn. But no, they still want McCain.

Guys and girls, we need this government out for good. It is your responsibility and you are at fault. Don't come back a year from now complaining, cause I will be the first one to knock your teeth out.

Dny

Tyrone said...

The sad part about the vote is that most of the scum that voted yes on the bailout will get voted back in. We're a sad, sad public.

I wonder what the bankers are doing with their money? I bet they're all talking about how best to convert it to tangible assets or other currencies to protect against the ravaging inflation that is on its way.

Anonymous said...

I am amazed at how easily they flawed the purpose of this legislation. No debate, no vote for an amendment (even if I'm not sure they can once a bill is passed), no 'is it the right thing to do?' week of reflexion.
I wonder how it will go when congress has to vote for continuing this plan. That is we already burned $125B of the first $250B package in one blow, didn't we?

Stuck in So Pa said...

Actually, since NONE of the money in the Housing Rescue Bill is going to those who "need" it most, that's going to crash the housing market all the faster. Since it’s already a done deal, let the homedebtors crash thoroughly! That's what we've been waiting for. That's the only way to recovery, hit rock bottom, THEN come back up.

Think about it! Every penny that goes to an FB to enable them to live in their McMansion one more day, just delays the inevitable, since most of them can't really afford the newly restructured mortgage no more than they could the old one, and the FB will eventually default anyway.

My own corner bank, which is in good shape and therefore qualified for the free money, just swallowed another bank, which was in cash-flow trouble, but has plenty of good assets.

Big fish swallow the little fish, always happens. FB,s are the plankton in the food chain, and deserved to be treated as such.
These are the natural laws of nature at their finest.

I think it's so appropriate that the "Housing Rescue Bill" will do NOTHING to rescue housing!

Anonymous said...

it was the democrat leadership that rammed it through! there were lots of dems and republicans trying to fight it but it was passed under the competent leadership of the house and senate.......

soon you won't have bush to blame for everything that goes wrong. then who will you blame????

Anonymous said...

The funny thing is that there are still aproximately 48 MM stupid Americans out there that still want the Republicans in government. I would think that after years of torture, americans would learn. But no, they still want McCain.


------------------------------

Geez, and you guys are going to vote in a president that was fooled by idiot bush? foreign leaders are going to eat obama alive!

Anonymous said...

I wonder what the bankers are doing with their money? I bet they're all talking about how best to convert it to tangible assets or other currencies to protect against the ravaging inflation that is on its way.

----------------------

let's see, they got that money by issuing preferred shares that pay 5 going to 9% interest. some of the banks didn't want the money but were forced to take it (wells fargo)

They are then suppose to lend it out at 6% and make a profit???? or lend it to other banks at the even lower libor????

they are not idiots, but our government is.

Anonymous said...

Keith,

laughable terms????


let's see, they had to issue preferred shares that pay 5% that increases to 9%. that isn't laughable.

You expect them to lend that money to other banks at libor which is lower than 5%?

who is the idiot?

Mark in Philly said...

Funny how that DEMOCRAT control of both the house and senate are NEVER mentioned....

And that no law could even get started without them....

Anonymous said...

NO these 'grifters' really are not 'good'

Remember, the American economy is one big ponzi scheme and this $700B you speak about doesn't really exists except in the mind of the printer and Bernanke.

This only allows the criminals of the last 8 years enough time to escape vengence temporarily.

Many are called and all these will be eventually chosen.

Censure Bush, indict the obvious and move to immediate and speedy trials.

History will be brutual to these fascists. Thank God Bushco had girls...

Heil Hitler!

vanilla ice said...

Of course most Americans were convinced this scam was a great idea.

Anonymous said...

"What can you do?"

Absent an armed revolt, you can quit your job, stop paying income taxes and withdraw any and all funds from any bank or institution that was involved.

And, I am not advocating this or saying that I would do it, but a person is generally free to kill another - I am not saying you will not be hunted down, possibly arrested, tried for murder and put to death, but it is still within your power - it IS something you can do.

Anonymous said...

What's the saying?

"You can choose to live your life on your knees or die standing on your own two feet."

Anonymous said...

I would like to take this time to remind all those that ever swore an oath to serve and defend the Constitution of the United States that their oath did not end when they completed their service.

Anonymous said...

Obama gonna throw his illegal alien aunt under the bus....guess ones gotta earn one political creds

Mammoth said...

"Geez, and you guys are going to vote in a president that was fooled by idiot bush? foreign leaders are going to eat obama alive!"
---------------------------
I would love to have been a 'fly on the wall' listening in on the private meetings between Bush and Putin.

I am sure that prick Putin walked all over idiot Bush!

Obama is NOT the intellectual midget that our current president is. And he will certainly receive more respect from foreign leaders.

-Mammoth

Anonymous said...

SO IN THIS AGE OF EXTREMELY TIGHT CREDIT THE BANKS PAY HOW MUCH ON A DEPOSIT? WHAT BULLS!IT

6% is the devil said...

"He pulled a Paulson"

The future generations will know a scam when they see it just as we finally figured the Ponzi scheme out.

Anonymous said...

That's what you get with "conservatives."

Dim-witted foot soldiers who rant about "communism" and "higher taxes" and leaders who raise taxes to socialize losses.

Anonymous said...

Keith, did you forget about Pelosi and her crew voted for this? Did you forget that the democrats have controlled congress since '04. In case you forgot...here is Nancy's video.

http://www.youtube.com/watch?v=RQxFyJn3PTw

BTW...It was my civic duty to write anyone who would listen that the bailout was a BAD idea.

Anonymous said...

"...They're not really that good, it's just that the sheeple are that stupid..."

No; we were 20-to-1 against.

Our system is trying to tell us something; that we now are worse off than the Colonies.

Our parasites are concentrated on the eastern seaboard. No wonder they are so worried about Terra.

A guilty conscience looks frequently over it's shoulder.

Special Mention for intentional dishonesty: "...the democrats have controlled congress since '04..."

Anonymous said...

Obama is NOT the intellectual midget that our current president is. And he will certainly receive more respect from foreign leaders.

-Mammoth

-------------------------------

agree, bush is an intellectual midget but guess what? he and paulson out smarted the dems (including obama) to get the 700 Billion bailout passed.

Which is why congress has half the approval rating that bush has.

What is even more embarrassing is that we are poised to elect more of these dems (who were outsmarted by bush) into congress!

Go figure!?

Anonymous said...

It's funny that Republicans call Obama a Socialist.

In The Communist Manifesto, the fifth proposal in Marx’s ten point plan for placing the means of production in the hands of the proletariat was the “centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.”

Bush is the Marxist.

Anonymous said...

Why are you republicans so down on Keith? He has constantly skewered the democratic leadership (Pelosi, Frank, Dodd, and H. Clinton) and recommends voting out all incumbants of both parties.

The bailout con was initiated by Paulson for the benefit of his rich friends. The stupid, lazy, and corrupt democratically-controlled congress just went along with the idea. They would have probably passed any piece of crap sent their way.

John's Arts & Crafts said...

Great Article! a new blog giving deeper meaning into the $700 billion bailout or rescue plan.
http://got700billion.blogspot.com/

Anonymous said...

Didn't Barrack Obama and Joe Biden vote for this? Oh yeah he did. Along with most Democrats.

Anonymous said...

soon you won't have bush to blame for everything that goes wrong. then who will you blame????

=======

Nah, Keith and his fellow leftist loons will blame Bush for everything for years to come.

When unemployment hits 14% in year 2 of the Obama Reich, Keith will be blaming Bush.

That is is Obama hasn't banned the web by then.

typical republican stooge said...

It's not our fault!

How were we to know that Bush was stupid!

And there are Democrats in the House and Senate! You cannot blame it all on us!

Hank Paulson might be a Republican! And Ben Bernanke might be a Republican! But it's NOT OUR FAULT!

It's the LIBRULS! It's da SOCIALISTS! WHY DO YOU HATE AMERICA?!?!?!?!?!?!?

STOP BLAMING US! WE HAD NOTHING TO DO WITH THIS MESS DESPITE RUNNING THE GOVERNMENT THE LAST EIGHT YEARS AND NOMINATING THE FED CHAIRMAN AND TREASURY SECRETARY!!!!

This "personal responsibility" stuff and "accountability" stuff is a SOCIALIST HOMOSEXUAL PLOT!

Anonymous said...

Um. I think a majority of Republicans opposed the bailout. Since Obama and Biden were so easily tricked into voting for this by Bush's gang-that-couldn't shoot straight, what does that say about them?

Anonymous said...

Anon November 02, 2008 12:21 AM,

Eastern seaboard???? What the heck???? Don't the eastern states usually vote democrat???... Didn't they vote for Gore and Kerry.

I would actually say that the Middle states are at fault here. Don't they always vote Red?

And no, the democrats have not controlled congress since '04. Please google it or something and stop being a fool.


Dny

Anonymous said...

Bush is quoted in sunday's washington post as saying he was glad the credit crunch happened on his watch so his successor wouldn't have to deal with it!

bring out the party hats....the crisis is over!

that W, self-sacrificial to the end!

Macaca

Anonymous said...

It's funny that Republicans call Obama a Socialist.

In The Communist Manifesto, the fifth proposal in Marx’s ten point plan for placing the means of production in the hands of the proletariat was the “centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.”
------------------------

and it is even funnier how you give the democrats who control congress a pass on this. they are more to blame than bush because they have the power stop it. all they had to do was tell paulson no.

congress has the power to enact legislation the bush is against if they over-ride his veto. they could have stopped the bailout by not even starting it. they had the complete power to do so. but no.

it failed ONCE and what did the dems do???? they tried a second time!!!

les said...

Any one that identifies himself with either party(Rep or Dem)or spouts the party line is the true idiot. A sheep.

Behaving as if you and your stupid opinion matters to the party masters. Despite the overwhelming popular sentiment against the bailout, our leaders voted with business. Yet, you don't stand up to your party leaders, you continue to bash the other party. A dumb sheep.

It's pathetic to watch the party leaders herd you Dems and Reps around. No mind of your own. Drink your Kool-Aid, stupid sheeple.

Anonymous said...

A lot of the posters lament the dumbness of the people for electing and re-electing those who authorize this graft, but none make the next step: DEMOCRACY SUCKS.

Adam SlowHand Smith said...

The big controversy now is how these same firms that got the $700B bailout are now giving employees large holiday bonuses. Of course, that's created MAJOR back-lash for them, as well.

At least these firms are reassuring Rep. Henry Waxman that they're not using the government's bail-out money to pay the bonuses:

http://tinyurl.com/6r4rdm

They'll be using OTHER money they have set aside. See, we're not using the money YOU gave us (which is in THIS pocket), but this OTHER money (which we keep in THAT pocket).

Just how stoopid do they think we are? As if we're confused by multiple accounts, all controlled by the same entity?

It's like saying you won't give cash to a homeless alcoholic because he'll just spend it on booze. True enough. So instead, you give him food.

So he now has food, which he promptly can sell to someone else to get cash to buy the booze, or use the money he would've had to have spent on food to buy booze!

Jeez, stoopid is as stoopid does.

Adam SlowHand Smith said...

Obama is NOT the intellectual midget that our current president is.

No, Bush's playing dumb is a masterful play on his part: it allows him to get away with crimes that he should be impeached for, the ultimate plausible deniability of allowing people to think he's just a dumb-ol' Southern boy.

Call him stupid, but he's surrounded himself with masters of dirty tricks and Machiavellian tactics.

His problem is most Americans dismiss him as stupid nowadays, but it beats the alternative of being impeached.