hairylunch (hairylunch) wrote,

Palin and Bailouts

First off, while everyone has been sending my youtube links that I haven't had a chance to view, I did get to read one of Palin's responses on my friend Justin's blog:

COURIC: "Why isn't it better, Governor Palin, to spend $700 billion helping middle-class families who are struggling with health care, housing, gas and groceries; allow them to spend more and put more money into the economy instead of helping these big financial institutions that played a role in creating this mess?"

PALIN: "That's why I say I, like every American I'm speaking with, were ill about this position that we have been put in where it is the taxpayers looking to bail out. But ultimately, what the bailout does is help those who are concerned about the health-care reform that is needed to help shore up our economy, helping the--it's got to be all about job creation, too, shoring up our economy and putting it back on the right track. So health-care reform and reducing taxes and reining in spending has got to accompany tax reductions and tax relief for Americans. And trade, we've got to see trade as opportunity, not as a competitive, scary thing. But one in five jobs being created in the trade sector today, we've got to look at that as more opportunity. All those things under the umbrella of job creation. This bailout is a part of that."

To quote Justin - "This is nonsense--a vapid emptying out of every catchphrase about economics that came into her head."

And from another friend:
Dear Sir:

On September 29th the financial world was awakened to the sound of "good news" coming from Washington D.C. This news was that our elected representatives had agreed on a plan to bailout the financial services industry. This bailout will include banks, brokers and mortgage companies. The terms of the bailout concentrate on using taxpayer money to purchase mortgage loans that are failing.

As I read through the specific details of the proposed plan, I saw numerous statements that would allow my tax dollar to be used to assist companies and people that made poor business decisions, committed fraud or were tricked into fiscal irresponsibility. Nowhere in the document do I see any of this money being used to reward the prudent companies, the fiscally responsible taxpayers, the people that, when we go down this road again, will be the one's who should be the first in line to sign up for a mortgage they cannot afford to repay. I am disgusted that, as someone who, during all of this time of the housing and credit boom, I kept a level head, didn't spend crazily, continued to pay my mortgage, yet I will be paying to help those who did exactly the opposite.

Where was this bailout for people who collectively lost hundreds of billions of dollars when the internet stock market bubble burst? Nowhere. Massive wealth destruction on the grandest scale ever seen happened in that crash. The federal government did not see fit to help those people who lost their entire retirement savings. Those people were simply forced to push their retirement date out farther and keep working to earn it back. That is exactly how this bubble should have burst. I didn't participate in that boom (or bust) either. I invested in less aggressive places. When that bubble went up, I didn't earn as much as others did. And when it came down I didn't lose my life savings either. And I'll wager that the vast majority of the people that lost everything in that crash were NOT the people that started trying to "flip" houses when the housing bubble was going up. They learned their lesson.

The finger of blame for this crisis is being pointed at predatory lending practices, uneducated mortgage consumers, and lax rules on financial institutions. All of which fall straight on the governments shoulders. If you can't make laws that put deceptive mortgage bankers and mortgage brokers in jail this is YOUR fault. If you can't require first time home buyers to take a simple class on how not to get screwed while making the biggest purchase of their lives this is YOUR fault. If you allow financial companies to reap huge profits with no way to find out they are doing wrong until the world's financial system is on the brink of collapse this is YOUR fault.

You and your fellow lawmakers have set a horrible precedent that goes against the grain of everything America and the American dream stands for. You are rewarding the people and companies that are irresponsible. What is worse is you are forcing the responsible taxpayers to underwrite this ridiculous misappropriation of tax dollars. The disservice you are doing to the irresponsible citizens and companies will be your legacy. The only thing they will learn from this is to continue being irresponsible and to expect everyone else to bail them out of trouble.

My next step after sending you this letter is to cancel all of my future mortgage payments and hope that my mortgage gets bought by the feds. Maybe then I can at least break even on where my tax dollars are going. Or maybe I'll keep paying my mortgage and just stop paying my taxes.

Disgusted to be supporting America today,
Joseph P. Kennebeck

p.s. If you vote for this bailout, don't call me next election to ask for my vote.
To put this into a bit of context, this is from Joe who save me from getting my eyes-gouged out in a bar brawl (and ended up looking like a raccoon for doing so), and is also the guy who took his own celery to the bar, after the waitress claimed they had none for his bloody Mary and five minutes later, she brings out an order of wings with celery . . .

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