Wednesday, October 1, 2008
Fear! Terror! Pestilence! Panic! -- Holding Pattern
Have a refreshment while awaiting the Senate's pleasure.
As I have repeatedly said, there is not a whit of doubt in my mind that the extortion will be paid in full, probably with interest, and there is nothing whatsoever that the People can do to stop it.
As the WSJ econ reporter said on NPR this morning, it'll only take a call from banker or two from each district where a rep voted against the bail out to convince the obstreperous Congressmember to fall in line. There will be a bail out.
And the common wisdom is that, yes, the bad actors who have been so very bad up till now will get even richer. And there is nothing you can do about it. It's the way the world works. And if you're lucky, you'll be permitted to survive. So suck it up. Keep your trap shut.
Anti-populism is all the rage among the movers and the shakers. They were, apparently, stunned that the Rs -- their reliable servants -- went all populist on Monday and voted against paying the extortion. So now there is a full-court press throughout the media and the Ruling Class to denounce populism in all its forms and to "educate" the public about what's at stake here: your survival, in a very literal sense, not the subsidy to the rich. They're gonna get richer no matter what happens to you. But if you don't go along with the payoff, you can kiss your sorry ass good bye.
The Senate bill supposedly increases deposit insurance to $250,000 per account (for one year), extention of numerous business tax breaks, and a "fix" to the alternative minimum tax. These tweaks are intended to make the bill palatable to recalcitrant Republicans in the House. Meanwhile, Blue Dog Dems are against these proposals because they increase the deficit. So the Senate bill's provisions may force more Dems to vote against it, thus stalemating again.
At no time, whatever, is there any mention or "serious" consideration of the Progressive Caucus' proposal, nor is there any mention in the media of all the warnings and dissents from leading economists.
Our world is ruled by neo-conmen, Republicans and Blue Dogs.
Buddy, can ya spare a dime?