Yesterday I watched as the House of Representatives voted pretty strongly against the govt.'s proposed $700 Billion bailout. It's interesting to see what will happen with the rest of Congress when the Senate gets a hold of this thing. It also kind of makes you wonder if all that filibustering that was going on yesterday had (perchance) anything to do with phone calls coming into major Republican leaders from their wealthy constituents/funders who said something to the effect of, "don't expect another penny unless this bailout dies." I assume this because the wealthy of America don't have an incredibly large amount to fear from this, or so they think.
Many of the elite business men of America have for years now been trading in foreign markets because, sadly, the only things in the American market stable enough to put your money on are: Alcohol, Tobacco, Firearms and Porn. And by now, buying into that stuff is next to impossible. (Is there actually a stock industry for Porn? If it is, I'm sure it's huge.)So if the stock market crashes, or rather as most are thinking, when it crashes. The loss won't be felt as much in the pockets of elitists. Unless they have retirement packages through their corporation or other big lenders like T. Rowe Price, WaMu, etc. They better have a lot of cold cash hidden in jars under their mattress if not only they expect to survive retirement after losing their 401K, but if they also expect to keep the same level of "high-society" life they've grown accustomed to.
Where this crash really hits home though, is the average everyday American who even with perfect credit and the ability to front even 50% of what they need to buy a house, can't. Why? There just isn't enough money floating around for lenders to give handouts. No one can, so no one will. Car loans will be hard to find, even financing for small ventures such as student loans will be punished by scarcity. We will find ourselves stuck face first into the dog eat dog world of "whose ready for the worst?"
I honestly don't know if $700 billion will make that big of a difference in the long run, or if we should be left to our own devices and let the moguls that dropped themselves into a hole fight back out. Either way, I think that this problem has more potential for trickle down then these republican congressmen are allowing themselves to admit. Suddenly the idea of being a college student forever isn't so bad, especially if the Army keeps paying for it...
Many of the elite business men of America have for years now been trading in foreign markets because, sadly, the only things in the American market stable enough to put your money on are: Alcohol, Tobacco, Firearms and Porn. And by now, buying into that stuff is next to impossible. (Is there actually a stock industry for Porn? If it is, I'm sure it's huge.)So if the stock market crashes, or rather as most are thinking, when it crashes. The loss won't be felt as much in the pockets of elitists. Unless they have retirement packages through their corporation or other big lenders like T. Rowe Price, WaMu, etc. They better have a lot of cold cash hidden in jars under their mattress if not only they expect to survive retirement after losing their 401K, but if they also expect to keep the same level of "high-society" life they've grown accustomed to.
Where this crash really hits home though, is the average everyday American who even with perfect credit and the ability to front even 50% of what they need to buy a house, can't. Why? There just isn't enough money floating around for lenders to give handouts. No one can, so no one will. Car loans will be hard to find, even financing for small ventures such as student loans will be punished by scarcity. We will find ourselves stuck face first into the dog eat dog world of "whose ready for the worst?"
I honestly don't know if $700 billion will make that big of a difference in the long run, or if we should be left to our own devices and let the moguls that dropped themselves into a hole fight back out. Either way, I think that this problem has more potential for trickle down then these republican congressmen are allowing themselves to admit. Suddenly the idea of being a college student forever isn't so bad, especially if the Army keeps paying for it...
1 comment:
Sad thing is . . . the CEO's who have dropped the whole country to it's collective knees all have 20 million dollar severence packages that you and I will end up paying for because no one in Washington has the cojones to arrest them for what they have done to our economy! And now the political posturing in the house and senate is making me wonder if we should put some politicians behind bars too ! ? !
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