NO BAILOUT!!

The senate votes today on the revived bailout that was voted down earlier but revived by lobbyists seeking a personal fortune. If we don't stop them we will all be paying for decades to come. 

What could possibly happen to us if they investment bankers had to eat the bad paper they were selling? Well they would have to liquidate much of their assets, eliminate many of their staff and slash the exorbitant pay of their executives. Serves them right for selling bad paper to begin with. 

Would anyone lose their home? No. People who were investing in bad paper will lose something. Win some, you lose some, that's the life of the gambler. The home loans will be some of the assets that will have to be sold on the open market at the best price. The market will make money off of it. Things will stabilize. Remember this is just risky investment bankers, it is not run of the mill banking. 

Will the problem get corrected? Only if we let it all fall out. Nobody knows what is going to happen if there is no bailout. Nobody can be sure exactly what we could have done to prevent a situation requiring a bailout from happening again at this point. 

What they have done is insane any way you look at it. I'll give you a brief explanation that you won't believe, yet this is a sample of the insanity that passes for investment banking. You might think of the mortgage on your house as a single thing. One banker could sell your mortgage to another banker. That seems normal enough. Suppose your banker could sell your mortgage to multiple banks? That's weird. They did it. Then they said lets divide your mortgage into high risk, medium risk and low risk portions and then they sold it that way. Then the bankers decided that they were accumulating to much high risk so they divided the high risk into high, medium and low risk and resold that. Then they started insuring it, and selling insurance, and then divided the insurance risk and sold that. It's really just gambling. So at this point your mortgage has been sliced, diced and scattered across the continent and tied in so many knots that it would be hard to extricate. Then finally it got so convoluted that bankers started saying wait this needs to stop and they tried to unload their worthless paper they were so happily selling moments before, actually they just quit buying, and kept right on selling until somebody started to notice they weren't buying and suddenly nobody wanted to buy the worthless paper, so they turned to the government to handle it. Now we the American Citizen who had nothing whatsoever to with this are being asked to buy it. Not only that we are being forced to make our children buy it, because it won't be handled by our generation alone.

Read more about their gambling insanity here:

JUST SAY NO!!

You know that Uncle/Cousin you have that is always getting into these crazy schemes? And then he comes to you regaling you with wild tales of the most unfortunate coincidences that conspired to deprive him and his friends of all their money on a horse race. If only Brookings would have won in the fifth.....and now he needs a drink, a place to crash and a 'loan'. Just say no. He has a gambling problem. He needs help with his gambling problem, not more money so he can continue.

Does anyone remember the S&L bailouts? Many, many rich people got richer on that. The American citizen lost. There was no bailout for the citizen it was for the executives. Don't let the same administration do it to us again. 

The senate is voting today. Find your senator tell them NO BAILOUT!! or we will all be paying for it for a long time and the investment bankers will make out like bandits.

Here's another side of the situation in a letter from Michael Moore: