Steve's Bailout Bitch

I called my friend Steve up to talk shop about music. He was in the middle of watching the updates on the bailout and boy was he pissed. In fact, he was livid. He was so mad that he could barely complete a sentence.

He was pissed over several things….I’ll list some of them here, and I apologize that these are not direct quotes but paraphrases that I remember from our conversation:

One of the things he was really pissed about is that nobody, including McCain has the balls to stand up and point the finger at Obama and members of his staff for being directly responsible for the situation we are in.

True and I agree. And, if you want to argue that feel free. The media may not be portraying it much but democratic economic policies, bills, leaders, and cover-ups are directly responsible for creating the sub-prime market and the meltdown. Google it, watch it on Youtube, whatever.

Something else he was really pissed about is that he doesn’t believe an economic bailout is appropriate, yet the government (both republicans and democrats) are going to shove it down our throats. (As of this writing it has just been passed by both the house and senate with Bush signing the bill). I suggested Steve try calling his representatives but he and I both had the same problem – we couldn’t get through due to the call volume from people requesting that it not be passed.

Agreed. I don’t know anyone that wants this. I even know a few people that are fairly empathetic to the government bailing people out and even they aren’t sure this is a good thing. Economists seem to be split on the issue. So why is the govt. shoving it down our throats?

And Raines? Steve was furious about Raines. If you don’t know who Franklin Raines is he is a fellow democrat that cooked Fannie Mae’s books, drove ‘em into the ground, and then took a huge $20+ million dollar payout. As Steve put it, this is bigger than Enron (I agree) and Raines did the same thing Ken Lay did so why is he not under indictment and being prosecuted?

It might have to do with him being Obama’s top economic advisor. And sadly, we have a presidential nominee that had a big hand in the problem, with a top economic advisor that was directly responsible and yet somehow the story is not getting out and people aren’t going to jail.