Monday, July 14, 2008

Yet Another Bailout

Why do we keep doing this to ourselves?

This weekend came with news that the government is looking to bailout Fannie Mae and Freddie Mac, two vastly unregulated and uncontrolled mortgagors that got hit hard by the collapsing housing bubble of the 2000s. How much is it going to cost the CEOs who got their golden parachutes? Not much. How much is it going to cost us the taxpayers to buy off the debt and rebuild these institutions? Take your paycheck and multiply it by 50. Now repeat that for the next 20 years.

And there's also the massive bank failure of IndyMac, which is no longer a major financial institution but now the newest chain of empty corner buildings. Taxpayers have to pay the bills there too.

This after the government assisted in a buyout of Bear Stearns, which benefited the upper financial elites but cost us taxpayers more than a pretty penny.

And there's still a lot of subprime mortgage mess which Atrios rightly proclaims is the Big Sh-tpile.

Why do we keep doing this? Why do we keep letting these financial institutions ramp up the greed and corruption until they choke on their own disasters, only to have US, the people who got ripped off in the process, to pay the damn bills? They get us coming and going.

I'll tell you why. Because these financial fat cats buy off the politicians on both sides of the aisle - Republicans and Democrats both - to do nothing until it's too late. Freaking legalized bribery.

The one good thing out of all this? The economy is going to collapse so far that we'll finally have that revolution we've been waiting for since the 1910s.

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