Don't have much time to write today, but wanted to pass along a few links regarding yesterday's entry. Consider these enhancements to my rant.
This article explains what's on the line for us. By us, I mean American taxpayers. Besides the bailouts I mentioned yesterday, there is also $150 billion earmarked for other mortgage companies that put all their eggs in the subprime mortgage basket.
If you're wondering what the subprime mortgage crisis is all about, this article by Glenn Beck uses Tickle Me Elmos to crystallize things for the layman. Bottom line is these mortgage companies put all their time, effort and money into the variable mortgages that lower income families couldn't pay off when the rates (and payments) went through the roof. Go figure.
Here is a timeline of the subprime implosion. While hindsight is 20/20 and I'm certainly no economic expert, the writing was on the wall fairly early with this. Honestly, did these banking professions really think nothing bad would happen when they kept approving loan after loan to people they knew wouldn't be able to pay things off when the rates went up? Really?? Really really???
Finally, here's the reaction to the AIG bailout. I love Bush's comment that they did this to prevent 'a severe disruption in our financial markets and threatened other sectors of the economy'. Uh, what the fuck do you think is happening anyway, dipshit?? Honestly, has there been a more intellectually deficient President in the history of this country? Does he think everyone else is as stupid as he is and will just believe whatever he says because he's President? Holy FUCK! Everyone is saying how Bush is now trying to cement his legacy during the last year of his term.
Here is that legacy:
-An expensive, never ending war that was planned poorly, executed worse and may have never been necessary
- an economy in disarray and possibly in it's worst shape since the first Bush was in office
- a stifling of scientific research and exploration that began with the limiting of available stem cells
- a penchant for being the most close minded, black and white ('You're either with us or against us') administration since.....well....I don't even know. Ever?
- a nasty habit of telling the American public anything they want and thinking we will take it at face value (actually, this is sadly true)
- gas and oil prices rising to all time highs
Bush's legacy is simply this: Historically he may go down as the worst President we have ever had. If you think I'm exaggerating, then wonder why he never showed at the Republican Convention (it wasn't because of the hurricane) and why McCain is back tracking away from his own party's sitting President.
Today's distraction: In case you missed it here is the SNL skit with Hillary Clinton and Sarah Palin. Classic stuff.