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The Senate’s Revised Bailout Bill: A Crap Sandwich With A Side Of Pork

by @ 3:04 pm on October 1, 2008. Filed under Credit Crisis, Economics, Politics, Sub-Prime Mortgage Crisis

5 Responses to “The Senate’s Revised Bailout Bill: A Crap Sandwich With A Side Of Pork”

  1. [...] Below The Beltway » Blog Archive » The Senate’s Revised Bailout Bill: A Crap Sandwich With A Sid… [...]

  2. Bryant Arms says:

    I wouldn’t be surprised if the recent overhaul of bankruptcy legislation was designed for this economic situation; it turns human debtors into indentured servant. And that is necessary for the following reason:

    The ’sssssss’ we are noticing with this credit crunch is just the leak before the big burst. This credit bubble has been inflated by a logorithmic base 10 scale of dollar creation.
    The practice of using 90% of ‘real’ wealth for lending that can then be invested and re-deposited for recycling again and again for more and more credit probably has the same effect of simply printing more money. The difference between those two ways of creating wealth is that creating money by credit inflation redistributes wealth for the benefit of financiers. And printed money is real; not fake.

    This credit bubble burst should, then, be creating a shortage of money. And the cure may be as simple as the government printing more money. The only problem with that scheme is that there would not be another bubble to burst to correct for over-inflation. Printed dollars don’t evaporate away like the ones the financiers are trying to sell taxpayers now.

    And that is why those who have engineered this bubble need those new draconian bankruptcy laws. Only wage earners can turn this fake money into real wealth. And that is why the Bush administration and other supporters of the great bailout plan are adamantly against giving bankruptcy judges the right to restructure debt according to who is most responsible for making bad loans.

    Bryant Arms

  3. [...] on again by the House on Thursday. The Senate, possibly in violation of the Constitution, passed a ‘revised bill’ — some revisions include more tax breaks in attempts to sway Republican approval, along with [...]

  4. [...] victory was short-lived, however, because only two days later the Senate, after adding a bunch of pork to the House’s crap sandwich, overwhelmingly passed the bill and told us that we were just too dumb to understand what was [...]

  5. [...] victory was short-lived, however, because only two days later the Senate, after adding a bunch of pork to the House’s crap sandwich, overwhelmingly passed the bill and told us that we were just too dumb to understand what was [...]

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