Living and breathing in the Second City
It’s done. Son of a @%#! Mark my words. This won’t fix anything. In a few months, maybe even a few weeks, we’ll be talking about more bailouts AND an economic crisis AND more banks going under. A house of cards can’t be rebuilt on more cards. I hope I’m wrong.
- Tags: Credit Crisis, Economy, No Bailouts
4 Responses to “House Passes Bailout Bill”
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The fog comes
on little cat feet.
It sits looking
over harbor and city
on silent haunches
and then moves on.
-Carl Sandburg
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DGM
October 3rd, 2008 at 1:05 pm
Bailout marks Karl Marx’s comeback
In his Communist Manifesto, published in 1848, Karl Marx proposed 10 measures to be implemented after the proletariat takes power, with the aim of centralizing all instruments of production in the hands of the state. Proposal Number Five was to bring about the “centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.” See article below by Martin Masse…
http://network.nationalpost.com/np/blogs/fpcomment/archive/2008/09/29/bailout-marks-karl-marx-s-comeback.aspx
payplan
October 4th, 2008 at 9:50 am
Europe are talking about a $12bn plan on top of the bailout of 2 major banks already in the UK. I don’t think this cash is going to touch the sides. Fasten your seatbelts.
I think there’s something in a hybrid capitalist model where you have the goal of making wealth but with a large helping of social responsibility.
T.J. Schwab
October 4th, 2008 at 5:59 pm
Payplan - my problem is your hybrid goal has always existed prior to government intervention. Society has always deemed what they feel is their social responsibility to their fellow man. I trust myself, my neighbor and my community to decide what those responsibilities will be - in OUR community - not the federalized government’s view of what social responsibility is. That model is VERY scary and has already been tried before a few disastrous times in Europe costing many, many lives at the end of the day.
So let’s leave “social responsibility” to “society”. Considering both terms share the same root I find that a just (and pleasing) idea. Any centralized bureaucrat’s version of responsibility will never reflect the will of each local community across this vast country.
I am scared…We fought a war for freedom from the over-interference of government in our lives. With the road to socialism being paved at an alarming rate by progressives in this country, welcomed by half and rejected by the other, I feel we might be headed for yet another bloody conflict in the name of our founding principles.
Beasleysbrother
October 14th, 2008 at 1:34 pm
For the opinion that people are proped up on debt is partially true. However, for corporations, they HAVE to borrow to expand. For example, if ABC Company wants to build a new corporate headquarters and expand, thus creating jobs, they do not pay cash for it because that would be a bad use of cash resources. They would either sell bonds, or get a bank loan. Most corporate expansion, requires that we get loans. If that completely freezes, then the economy can not expand. Business can not grow, produce new products, R&D etc. Therefore, in the most simplistic terms, if the company can not grow, they either shrink or cease to exist.
However, the bailout is helping the financial service industry. They made bad loans to people that should not have qualified ( Bad Mortgages), and that prompted the Housing bubble. If you have noticed, over the last 5 years, before the bubble burst, that this was the only sector that was truly expanding. Wages were not, and Oil was increasing. Individuals were over leveraged because of greed in many cases.
This is not a bill that they wanted to happen. In fact I completely fault the ENTIRE GOVERNMENT for not responding to the crisis before it reached this point. This is a bill that they have to pass. Corporations are so global now that world market are responding negatively.
It REALLY sucks when you are trying to find a job.
Just now: the house just passed it! 263-171
What is going to happen because of a “Where’s Mine” focus, there may be a push to bail out the auto industry, homeowners. etc. It is definitely a slippery slope. One thing that was positive, they increased the insurance for banks (FDIC) from $100,000 to $250,000. You need capital to expand. That gives some assurances to the “stuffing of the mattress” folks.
Pardon my kvetching.