Politics

[ladyjanelly]

700 billion (BILLION!) reasons not to vote for McCain.

Seriously.  He's for deregulation.  deregulation got us into this mess. 

I'm so freaking out over this stuff.  Usually I freak about stuff I don't understand but I feel like if I understood this better I'd be freaking more.

So we're borrowing 700billion dollars.  What's the annual percentage rate on that?  
we're borrowing 700 billion dollars for a bill that states that the treasury or somebody can buy whatever stock at whatever price they deem necessary without oversight by anybody.  Is that a recipe for corruption or what?  What happens if whoever is doing that spending slips a couple billionty dollars to his buddies for their stock and it makes this bailout thing not work?

And this chick on NPR was talking about how adding that much to the nation's external debt is gonna weaken the dollar like crazy and stuff coming in (which is, seriously, everything) is gonna give us short term inflation.

Just freaking out a little.
I feel better now that I vented though.

Comments

[daisydumont.livejournal.com]

unfortunately, i think you're right to freak out. "recipe for corruption" is all too real a possibility. this is very, very scary. it's all our futures they're gambling with.

[daisydumont.livejournal.com]

i'm sorry -- that's not at all comforting, is it? guess i'm freaking out too.

[ladyjanelly.livejournal.com]

I just realized that 700 bil is on top of the 600 bil they just used to bail out fannie and freddy. Christ.

[la-anah.livejournal.com]

I found this opinion piece (http://nymag.com/daily/intel/2008/09/so_what_exactly_is_the_hold_up.html) an interesting breakdown of the problems with the current treasury proposal.

And for a real life LOLcat take on the whole thing:

from http://www.denverpost.com/portlet/article/html/imageDisplay.jsp?contentItemRelationshipId=2113173

(I'm generally a lurker who friended you to read your fic)

[ladyjanelly.livejournal.com]

that's an awesome piece. I appreciate the link.

Yay, lurkers! I'm always fascinated by what gets you guys to de-stealth. :)

[la-anah.livejournal.com]

I rarely comment on fic I read; it's a personal failure. But I never know what to say beyond, "I liked it. Write faster." Which sounds good and all, but that type of comment always just makes me nervous people are waiting on me and I get writer's block... So I comment on random political stuff instead :)

Just found this protest site about the bailout that is very funny (in a sad, "we're all doomed" way): http://www.buymyshitpile.com/

'And remember, when estimating the value of your 1997 limited edition Hanson single CD "MMMbop", it's not what you can sell these items for that matters, it's what you think they are worth. The fact that you think they are worth more than anyone will buy them for is what makes them bad assets.'

[hellinabucket93.livejournal.com]

It worries me too.

The "no oversight" thing, Why are they even doing that? It's not like I don't already picture a bunch of crooks out to steal everybodys money when I think of Washington.
I know there are some good guys out there but, you know the bad ones are going to come running to get their hands on deciding whos buddies get the money.

My husband is glued to the news. I would rather surf fanfiction. It makes me feel more sane.

[ladyjanelly.livejournal.com]

And all this is on TOP of that 600 billion they used for fannie and freddy

[ninhursag.livejournal.com]

You're far from the only one freaking out hardcore. I've written to my senators and congressmen, but short of that I don't know what to do. If this happens... I don't even know, man. :(

[ladyjanelly.livejournal.com]

My husband and daughter and I had a sit-down talk last night, just thinking about this stuff and figuring out a plan.

Luckily we bought a house with a legit mortgage and a huge downpayment (from what I sold my house in florida for) so we can borrow against that for about 20 months if we have to, and if the bank still has money (we got a line of credit but didn't withdraw any money yet. I'm totally not sure how that works).

We're figuring the things that won't hurt us if we're overreacting (like stocking up on canned food, working on getting my garden off the ground and buying a small firearm).

It's scary though.

[ninhursag.livejournal.com]

Usually lines of credit come with a checkbook, etc, so you can draw down on them.

Watch out for that, though, a lot of banks can and will end the line or sharply reduce the available credit if something happens (like if you lose your job or start paying other bills late). That's happening a lot right now.