Nicole Belle at C&L:
"As much as I didn’t like the bailout bill that lost on Monday, I do recognize that we must do something. For those screaming, “NO! Let them fail!” that’s all well and good for you, but the ramifications are far-reaching. How many of you own small business that rely on lines of credit to pay employees? Or are you employed by a small business owner who uses LOCs? How many of you have children who need a student loan to go to college? How many want to buy your first home or sell the one you have before it’s foreclosed upon? All of these very common scenarios require loans and lending is at a standstill right now."
Bullshit, Bullshit, and Bullshit. Lending is NOT at a standstill right now. The Sky is NOT Falling.
“We must act and we must act now,” Obama said. “We cannot have another day like yesterday.”
Yawn. Double Fucking Yawn. 777 down yesterday, Up 485 today. Investment bankers and banks lost money. And some people who play the market saw their portfolios take yet another big hit. And some smart players made a shitload. How did yesterday affect YOU? If your portfolio took a hit, don't fucking panic and don't jump on the sell-at-the-bottom bandwagon. Or do, if you like- that's your own decision. I took my own little bit of money (that was in double inverse funds) out of the market because I had the good sense to get the hell out of such volatility. I could have made a killing, but then again, that is only if I timed my exit just right.
The world will not end if more of these banks fail. Other banks, smarter banks, that haven’t played too fast and loose will buy up the failed ones. Other corporations will devour those that go ass up. The world will not end tomorrow if Paulson doesn’t get A NON REVIEWABLE wad of cash that he can dole out to his friends and other bush cronies as he sees fit.
This whole premise is ridiculous. I can’t believe that Nicole and others who should know better, don't. In the past twenty years (not just the Bush years), I have seen this same ploy being foisted on the American public, over and over again. "The Free Market must not be tied by all these rules and regulations!" - Followed by "X bank is too big to fail!" when their scorched earth investment policies turn around to burn their own asses.
This mass failure of banks could very well be the catalyst that the nation needs. Let the myth of free market supremacy die a very horrible and very public death. The morons on the right don’t argue that we should eradicate the police, the fire department, and the highway departments in favor of a “free” system that somehow magically corrects itself. Why do we let these small minded nitwits argue that “free market” is some kind of panacea for healthcare, the economy, and the innumerable Gordon Geckos running wild on Wall street?
Burn their golden parachutes. Let them die. It won’t hurt as much as you think. Hell, it won’t even hurt as much as the billions wasted in Iraq and $5 gallon gas is hurting us right now.
Sep 30, 2008
Nicole Belle at C&L: