When I first heard about the bailout, I spent hours online every day reading everything I could find. I went to all the financial websites as well as opinion sites. It didn't take long to conclude that the imminent crash was due to collusion and fraud among the mortgage companies, banks, real estate firms, appraisers, investment companies and bond-rating companies. These institutions had leverage themselves into oblivion, with the blessings of the SEC, because they could collect excessive fees every time some piece of paper changed hands. And it didn't matter if that piece of paper was worthless or if the AIG insurance couldn't possibly cover the totals.
And although 90 percent of the American public objected to TARP, our clueless Congress passed it anyway. It also doesn't matter if the stock market currently is inching upward. The rest of America is moving in the other direction. Despite the sunny media, this economy is dreadful. More houses go into foreclosure, more jobs are lost, expenses and taxes are skyrocketing, and credit cards are maxed out just for the basics. Revolution is beginning to sound good to me.
May 31 2009 - 10:35am