Fuck you Barney Frank
Fuck you, Barney Frank.
Yup. You heard me. I am saying Fuck You to the gay Democratic Representative of my home
socialist republic state of Massachusetts. Why?
Well, obviously because I’m pissed about this bailout. I’ve been screaming about it for days. I’m sure none of you are shocked anymore.
Frank is the House Financial Service Committee Chairman and he is running around in support of this shitty bailout (although his snarky marks about McCain are damn funny, I’ll give him that). I can’t believe I am living in a world where I am counting on the that HOUSE REPUBLICANS save this country from economic disaster. That’s right, my friends. The people who are saying ‘fuck these companies, they deserve to pay for their mistakes’ are Republican. YAY! GO GOP! GO GOP! After decades of burning everything your party is supposed to stand for (and burning the Constitution and Bill of Rights and every other thing), you have suddenly realized the GOP platform is supposed to be less federal government, less taxes, free market. And the free market means if you fuck up, your company falls. End of story.
Man, if you guys keep going like this, I might start voting Republican again. And yes, my liberal friends, even though I am as liberal as they come if the Republicans actually stood for less federal morass like the party was originally intended instead of the ultra-christian, wedge-issue-toting CEO huggers they are now, I’d proudly be a Republican. I am for a smaller federal government and more power to the people as opposed to the representatives. I don’t believe the government should be a babysitter and I don’t believe the government should bail out corporations that fucked up with taxpayer money. But I think the last real Republican is Thomas Jefferson so I’ll just hope the GOP holds fast and does the right thing just this once. Hoping for the Republicans to really be Republicans is just too much hope for my poor, stressed out heart.
Oh and this isn’t the only bailout, in case you are wondering. Automakers are getting a bailout too although *technically* its too help them convert to more fuel-efficient cars. Um, I’m pretty sure we’ve known my whole lifetime that a fuel crisis is looming. Japan’s auto manufacturers took the chance and made hybrids when the big profits were still in SUVs. The US automotive industry didn’t. But do we let them fail? Nope. We slide them taxpayer money behind everyone’s backs to do what they should have done YEARS ago. Fine but if you’re bailing out the auto companies with my money, I want a new fucking car.
That’s supposed to be the point of tax dollars – they go towards funding ways to better the country. That’s why I’m all for taxes up the ass if it’ll get us a good education system and medical care. These things enrich the lives of citizens – every citizen! I’m okay with putting money into the system to help raise the standard of education in this country. I’m all for a nationalized heath care system so when I get sick, I can actually afford care. And I’m okay with social programs like welfare to help out the less fortunate so long as there are built in provisions to keep that system from being abused. But thanks to the ludicrous ruling that gave corporations essentially the same rights as people, our tax dollars get funneled into helping less fortunate CEOs buy that 5th mansion. FUCK THAT. We are supposed to be a capitalist country and if there was ever anything in direct violation to what the free market stands for it is the government bailing out shitball CEOs. So if we are going to have our taxdollars highjacked, I want some stuff in return. I want a new car and a new house and maybe some new checks from my bank with a cool logo on them and I don’t want to have to pay for it. If you’re taking my money, I want something in return for it. I’m sure I should be ‘grateful’ that what I’m getting in return is a ‘stable economy’ but that is total bullshit. This isn’t going to stabilize a goddamn thing, according to about every economist the pundits have managed to find in the past week. Maybe the government knows something we don’t?
And that is the thing. Barely any details have been released about what the fuck is going on and why we need this bailout to save the country. ZERO effort has been made to explain anything to the American people about why this is happening and why we should support it when every economist say otherwise. So once again, fuck you to Barney Frank, along with Pelosi and Dodd and everyone else up on the Hill sitting on the details of Paulson’s proposal. Maybe if you explained to the country WHY this about is so necessary, we all wouldn’t want your heads on a plate. But no, you are all refusing to give details and its left us all to speculate. Cool. So lets look at some speculations from people way more qualified than me. I am not an economist. But over a hundred of the countries top economists have signed a protest proclaiming the bailout to be bad for the country. The director of the CBO (that is the person who does all of the bookkeeping for Congressm essentially) has said that this bailout could potentially ruin this nation. Other ideas have been suggested, like eliminating the $100,000 cap on federal deposit insurance that won’t cost so much of the taxpayers’ money. But none of that is being considered.
But back to Frank. The House Republicans are accusing him and Sen. Christopher Dodd, chairman of the Senate Banking Committee, for trying to force through an agreement lacking bipartisan backing once they found out McCain had suspended his campaign. Republicans said it was a blatant attempt by Democrats to deny McCain – and House Republicans – a role in the discussions. And you know what? I agree with that assessment to an extent. I love you to death, Barney Frank, but you are a partisan fucktard sometimes and when the Democrats decided for whatever Twilight Zone reason to support the President in this shitty bailout, you tried to ram it through Congress before anyone could disagree with you. (Granted, McCain went running down there to try and ram it through too for political points but somehow you guys in Washington can make an opposition out of an agreement.) Why did you do this? Because you lunatics living in fucking Bizzaro World down there seems to think whomever gets the credit for this bailout is going to be the people’s hero so you did everything in your power to make sure Democratic ideas for changes to the proposal were heard and the GOP kids were shut out. You made sure that Sen. Bachus who is a ranking member of your committee “wasn’t empowered to negotiate” any agreement on behalf of other House Republicans. And now that its come to light that the Treasury Department has refused to supply the House Republicans with the technical help needed to draft their own detailed alternative plan and so delayed any hope of a counterproposal, it makes me have to put you up on the cross today. And when the Republicans tried to introduce some principles they wanted added to this bailout (most of which was ridiculously stupid but, hey, they tried as opposed to the Democrats who just rolled over and said yes), you joined hands with the President and Secretary Paulson and said “oh hell no” without discussing any of the ideas that may have been good…. or even the bad ones! You just rejected it all outright! WHY IS WANTING MORE OVERSIGHT AND LESS MONEY TO CEOS A BAD THING???? They presented an alternative plan to insure the bad money and you all said it wouldn’t work. Okay. I’ll bite. Why won’t it work?
This is what everyone is asking and all of the offices aren’t commenting. This isn’t Iraq. There are no ‘state secrets’ when it comes to money. So why does this feel like the build up to that war all over again? Secrets and lies and no information from the government. So lets go back to the people who know economics and what they can figure out about this bullshit. We’re told the problem comes from sub-prime mortgages but lets look at the math.
And that’s where we get that math problem. 1% of all mortgages — the amount now in default — comes out to $111 billion. Triple that, and you’ve got $333 billion. Let’s round that up to $350 billion. So even if we reach the point where three percent of all mortgages are in foreclosure, the total dollars to flat out buy all those mortgages would be half of what the Bush-Paulson-McCain plan calls for.
Then we need to factor in that a purchased mortgage isn’t worth zero. After all, these documents come with property attached. Even with home prices falling and some of the homes lying around unsold, it’s safe to assume that some portion of these values could be recovered. In the S&L crisis, about 70% of asset value was recovered, but let’s say we don’t do that well. Let’s say we hit 50%. Then the real outlay for taxpayers would be around $175 billion.
Which, frankly, is a number that Wall Street should be able to handle without our help. After all, the top firms on Wall Steet payed out $120 billion in bonuses alone between 2000 and 2006. If they’ve got that kind of mad money, why do they need us to step in now? And why do they need twice as much as all the mortgages that are even likely to implode?
I think that explains it pretty simply. This bailout is too big and put squarely on the taxpayers when Wall Street could and should save itself or at least contribute to the pot. It needs to be stressed that this HUGE bailout will NOT help the people whose homes are being foreclosed upon. It will only help the CEOs who helped put them in that position by using shitty math and bad business plans to get us in this state. So once again, everyone but the upper class gets fucked.
Also, how is this money really going to solve anything???I’m a music industry person and I can tell you from the deck of this sinking ship that the ‘lets throw money at a problem until it goes away’ method of doing business doesn’t work. No problems have been identified or solutions concretely offered as to how this money will really stop the problem. Yes, it will make the ‘bad money’ vanish – or more accurately, make tangible the intangible numbers that caused this crisis. But it doesn’t fix the underlying problems. “The underlying mortgages are still defaulting, and more importantly the bursting of the housing bubble has put millions of people into an insupportable amount of debt, and those are not going to be happy consumers, so the economy is still going to go very south, very quickly.”
So fuck you, Rep. Fank, and all of your Democratic pals. You guys just accepted this plan and are just trying to add a few ‘tweaks’ into it instead of coming up with a saner alternative. Economists all across the country have put together ideas and not a one is getting heard. It is the GOP that is struggling to come up with a workable alternative that doesn’t cost the taxpayers so much but you’re doing anything in your power to deny them the resources to do so or the ability to table the ideas they do have. If we are really on the brink of disaster, we have to work together. Stop thinking about your fucking re-election bids and do the fucking right thing for ONCE! You can’t captain a ship that is underwater so get to bailing – but not bailing out!