“The new law of evolution in corporate America seems to be survival of the unfittest. Well, in my book you either do it right or you get eliminated.”
-Wall Street
On Saturday night at 2:40am outside a bar I got to talking with a group and it somehow led to the financial mess (this being DC and all). I expressed my staunch opposal to any bailout of the bankers and one of the girls in the group said the following: “So you want the next Great Depression?”
Bailing out big banks will not avert anything. Not a single foreclosure will be avoided. Not a single, honest middle class job will be saved. Not a single home will go up in price. The only job created will be the bureaucrat in the treasury writing checks to Washington Mutual, Wachovia, Goldman Sachs, Merryl Lynch, and so on. This bailout will only prop up bank’s paper mortgage security holdings so they can survive. They will be rewarded for speculation and fraud and you will be stuck with the bill. The dollar will fall and generations to come will be dealing with the mess. Don’t believe what Comrade Bush, Paulson, and Bernanke are telling you.
The U.S. debt obligations ($10-12.7 trillion, depending on who you ask) will never be paid. The faster it goes up the sooner we face end game—default or hyperinflation, maybe in our lifetimes. Congress will soon vote for a bill on this latest bailout. They will approve it and slap those in the face who are prudent with their money, save, and follow the rules.
Earlier in the night I talked to a friend who works for a Congressman. I asked her, “Does it really matter if I write to my Congressman?”
She said, “Well if a lot of people do, yeah.”
Take five minutes right now and write your representative, even if it’s just a two sentence message stating your opposition. Tell them to filibuster the thing if they have to. And then do it again tomorrow. You either believe in free markets and capitalism or you don’t.
For more on what you can do read the following by Mish:
Lies From Paulson Keep Stacking Up: What You Can Do About It
And here’s a no bullshit interview with Ron Paul describing why this bailout is a horrible idea.
