(Why we’re not out of the woods yet)
The $700+ billion bailout bill has passed through Congress and has been signed into law by the President. The debate, the stock market volatility, and the lack of cogent reporting of events has left many of us wondering what in the world we have just witnessed.
While our government pats itself on the back for avoiding financial Armageddon, I wonder if they realize that the drama of the past few weeks is only the first layer to be peeled from this onion.
The next layer will begin to be pulled away next Monday, as settlement of credit derivative trades involving Fannie Mae and Freddie Mac are unwound.
On Friday, the Lehman auction is scheduled. WaMu follows one week later. That is, if anyone is left standing.
How many billions will have to come off the balance sheets at settlement? As interesting and unsettling as the past few weeks have been, we haven’t seen anything yet.
cross-posted at NN&V
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October 5, 2008 at 1:12 am
I took the pledge – Have you?
Well the congress has done it.
As of the morning of the bail out vote in the House of Representatives, polls showed that the American people were 74% against any bail out for the Wall Street fat cats. We wanted a fix from the bottom up and not from the top down. Fix ‘Main Street’ not Wall Street we told them. They didn’t do it.
However they did agree with the bloated $700 billion the Senate passed for their greedy Wall Street friends with another $150 Billion of Pork. So now our children are on the hook for at least $850 billion and no one can tell us if it will work or will be the last.
Meanwhile, ‘We The People’ continue to lose our jobs and homes.
Our elected representatives have chosen to ignore us, ‘We The People’ whom they swore to represent.
They think we are stupid. They think we don’t have the guts to clean house. They think ‘they know better’ than we on ‘Main Street’ do.
So…
I have taken the Pledge:
I, (put your name here), will NOT vote for any incumbent in the upcoming election regardless of party or who the opposition may be. I intend to do my part in ‘throwing the bums out’ in Washington that continue spending my money on those that have wrecked our economy rather than the people who sent them there. This is my solemn pledge.
Mail this to your Representative and Senators, to all your friends and all news media, both local and national. Email this to all the talking heads on the cable outlets, Lou Dobbs, Bill O’Reilly, Keith Olbermann, Chris Matthews, Alan Colmes, Sean Hannity, Rush Limbaugh and with every blog and talk show host you know of.
Urge everyone you meet to take the Pledge.
This the only way we, the American People, will ever take back our own government.
They keep telling us that the only power we have is the vote. So… For once let’s use it!!!!!
Believe me… if we turn them all out THERE WILL BE CHANGE!!!!
Do we have the guts? Do you???
If not, then you don’t have any right to complain if they continue to screw us over.
October 5, 2008 at 1:23 am
both of my Senators and my Representative voted against it.