The Dow has taken another giant leap upwards this morning (up $429 at this moment). Seems all the investors(including Warren Buffet) are glad to see Bush and his buddies reward the stupid greed that got us into this mess. Who knows how much this additional bailout will cost you and I, the American taxpayer.
We don't have any money to provide health care to ALL Americans.
We don't have any money to help out Americans losing their homes.
We don't have any money to do what's right for our veterans returning from a stupid and unnecessary war.
We don't have any money to fund SCHIP.
We don't have any money to repair our crumbling infrastructure.
We don't have any money to rebuild New Orleans.
We won't have any money to rebuild Galveston.
We don't have any money to even provide ice to the evacuees in Texas.
We don't have any money for food stamps for the poorest Americans.
We don't have any money to extend jobless benefits to millions of Americans.
We don't have any money for anything necessary.
We do have plenty of money to pay for an unnecessary two trillion dollar war.
We do have plenty of money to bail out Bears Stearns.
We do have plenty of money to bail out Fannie Mae and Freddie Mac.
We do have plenty of money to bail out AIG.
We do have enough money to bail out all the banks and money market funds that were stupid enough to buy derivatives and worthless mortgages and manage to pay their executives millions in salary and benefits.
When the average American working stiff needs a little relief or financial help, Bush and the rest of his devil's spawn tell us to get a job or cut back or even get a second job. No problem. They have theirs, the jets, the houses in the Hamptons and the little place in Vail. With their wealthy country club buddies though it is a different story. Where's the checkbook? What do you need? Only 50 billion, no problem...you sure we can't make it an even 100? Don't worry about paying it back the American taxpayer has you covered. Don't even think about returning the money you have salted away offshore or selling that 100 foot yacht.
Some estimates are that the American taxpayer is going to wind up taking responsibility for 2 TRILLION worth of bad judgment and greed with very little chance of getting any of it back or at best a few cents on the dollar.
I'm no economist but I do know something about money management and the concept of throwing good money after bad. This may be the right thing to do to prevent a total collapse of the system, as corrupt as it is, but it just seems to me that the villains in this whole mess aren't ponying up every last cent of their record salaries and options. Just yesterday it was announced that three of the big wigs at Citibank are going to share about 120 million dollars worth of golden parachute money on their way out the door.
cross posted at Fallenmonk