Oppose the Bailout

“Ask this question — are the credit markets really about to seize up?

“If they are then lots of business owners should be eager to tell how their bank is calling their 90-day revolving loans, rejecting new loans and demanding more cash on deposit. I called businessmen I know yesterday and not one of them reported such problems. Indeed, Citibank offered yesterday to lend me tens of thousands of dollars on my signature at 2.99 percent, well below the nearly 5 percent inflation rate. That offer came after I said no last week to a 4.99 percent loan.

“If the problem is toxic mortgages then how come they are still being offered all over the Internet? On the main page AOL generates for me there is an ad for a 1.9% loan (which means you pay that interest rate and the rest of the interest is added to your balance due.) Why oh why or why would taxpayers be bailing out banks that are continuing to sell these toxic loans? . . .

“What steps are being taken to take back bonuses, fees and other compensation from the folks who got rich selling toxic mortgages and illiquid investments that Secretary Paulsen claims are threatening the whole system?

“How will adding $700 billion to the national debt ease strains on the credit markets?

“As of now we are, as a group, behaving just as we did the last two times the administration sought to rush through a hastily thought out, ill-conceived plan. Why in the world are we being so gullible and naive? Whatever happened to the core value of journalism — check it out?”

Part of what happened to the core value of journalism is that people no longer have the intellectual skills and background to be able to “check it out,” know what questions are asked. Also, with the current emphasis on “objectivity” many journalists appear to consider it their job only to repeat what they are told and then, for “balance,” repeat another view.


7 thoughts on “Oppose the Bailout

  1. everyone read naomi klein’s The Shock Doctrine. I really think this book can save us. I think Seymour Hersh saved us from invading Iran. Words have power.

  2. Klein’s book is exactly germane to this. It is true, if people read it they would get it.

    I learned a great deal in Latin America in the 80s, when these shock programs were in fashion and economics and business professors and smart reporters would write about it in the papers, in prose the layperson could understand. I learned then how FAKE the business pages are in the U.S. papers are, and that it is possible to see what is really happening.

    I wish she could get on the mainstream news and talk shows.

  3. Klein was on Amy Goodman’s Democracy Now yesterday (I think it was yesterday_ amazing. I think you can download the podcast.

  4. I am mystified, too. (a) there is no lending available for student loans–but about a month ago the credit card I have had ever since the end of my bankruptcy offered me up to $10,000 in debt at a fixed rate of 3.99% for the entire period of the debt payoff for a credit card balance transfer. What? (b) this week, I received a credit card offer, 4.99% fixed, from a company from which I bankrupted c. 10,000 in credit card debt at the end of my bankruptcy.

    There is obviously no actual logic to this.

  5. Thomas Jefferson wrote ever so long ago of the need to oppose such government interference. I found a unique petition written using his mighty words. You can sign it at Jefferson’s Plea. Sign it. And get others to sign it. We need to go back to Jefferson’s America.

    –I’m approving the comment in case it is from a real person but it seems to me it could be a .bot, so I am not including the link to the site. I don’t idealize Jefferson or anyone and I think it’s oversimplification to think that we can, a la Ron Paul, go back to being a small 18th century agrarian economy (with slaves, mind you) and have that work. I *would* like to get back to having some respect for human rights, though. –Z

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