The Bailout, Housing Crisis & Failure of the ‘Free Markets’
September 30th, 2008
I– like many people– have been following the news about this $700 Billion Bailout plan that our government want us to buy into as of late.
I understand the brevity of the subject *to the best of my knowledge given I’m not an Economist*. I’m not thrilled with the idea that my generation could be facing a modern day Great Depression (or so they want us to believe), or see the meager amount I’ve been able to squirrel away for retirement go *poof*.
But here’s the deal; I’m getting sick and tired of getting the shaft in the name of this b.s. Republican ‘Trickle-down Theory’. I’m sick of this argument that the tax payer (a.k.a. those of us not making $1 million or more) should sacrifice for the greater good of Wall Street; which for the record, would be the largest transfer of wealth this country has ever seen.
Un-be-lievable.
They would have us believe that this bailout plan is the only way to stave off catastrophe; well, guess what? They’re wrong. Again. There are options, dear Americans, that don’t involve getting screwed. Check out: ‘Top 5 Reasons to Vote Against Paulson’s $700 Billion Bailout‘ by David Sirot.
A side-note: wanna understand how we got here? Really understand? ‘This American Life’, a radio program by Chicago Public Radio put together a show about that very subject:
“A special program about the housing crisis produced in a special collaboration with NPR News. We explain it all to you. What does the housing crisis have to do with the turmoil on Wall Street? Why did banks make half-million dollar loans to people without jobs or income? And why is everyone talking so much about the 1930s? It all comes back to the Giant Pool of Money. “
I am including a link to the show: ‘The Giant Pool of Money‘. Right-click on the link and choose ‘Save Target As’.
Download it, throw it on your iPod or whatever, and listen. Its the single best explanation of the evolving housing crisis that I have found.
You can download the transcript here.
2 comments on “The Bailout, Housing Crisis & Failure of the ‘Free Markets’”
01
How is the bailout part of the “republican trickle down theory”? The majority of republicans voted AGAINST it! In fact, it’s been pretty clearly demonstrated that the housing and banking crisis started due to changes of rule that were passed during the Clinton administration and further measures encouraged by the democratic congress over the last 2 years - all the while true, good republicans (yeah there are bad ones too) opposed the changes and warned of the coming storm.
If you ask any true conservative how they feel about the bailout you’re going to hear the same thing over and over again — it shouldn’t have been passed. Who pushed it through?? So tell me again how this is the republicans fault??
Seriously, the closer we get to the election the more delusional the liberals are getting. When confronted with the facts they simply float off into la la land where up is down and a yes vote really means no… Everyone gather around and drink some more of Nancy Pelosi’s kool aid…
I seriously hope that regardless of party, every single encumbant candidate gets booted from office and that Mickey Mouse get’s elected president. I think that’s the only way we’ll see real change in our government any time soon.
02
Nice article. Thanks.
Eugene
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