****This blog entry contains obscene language. Continue at your own risk!
Holy crap! We are definitely up shit creek without a paddle!!
I don't get it! Granted, I don't know much about the stock market, that's why I have a broker named Fred! (Sorry again for threatening to choke you last week, Fred! You know I didn't mean it!) I'm still trying to wrap my little brain around all of this. This is how I understand the situation...please feel free to correct me if I'm wrong!
So, a bunch of moron mother fuckers decided to let poor people buy houses. That's problem #1. Why on earth would you do that??? If you can't afford a freakin' house, you don't need one!! Hello McFly?! Then, the greedy jack asses thought they should bundle up these "poor people" mortgages and then sell them to investors around the world. That's problem #2. When the adjustable interest rates on these mortgages went sky high, the poor people couldn't continue to pay on something that they couldn't afford in the first place. As a result, the houses were foreclosed upon. Then, these mortgages were worth nothing. Again, I don't know how all of this works. But, even to me, a simple midget mexican momma with an English degree, this just sounds stupid. Why would you buy and sell a group of mortgages from poor people like they were commodities?? I don't get it?! That's like trying to buy and sell an I.O.U from a 5th grader. This whole idea/plan was a mistake from the beginning. Why didn't anyone run this by an intelligent person before they attempted to implement it??? Oh, wait, they did!! And, the supposed Ivy League Business geniuses thought it was a good idea! What a bunch of greedy stupid useless mother fuckers! How and why did our government let this happen in the first place?? Oh, wait, that's right...Bush prefers that politics and government stay out of big business. Well, you see where that has gotten us!
Okay, then after a few years, banks and a few brokerage firms realized they royally fucked up. So, they did what rich greedy bastards do best...they cooked the books and started borrowing money from themselves. Okay, problem #3. How in the Hell do you borrow money from yourself??? And, how come the geniuses at the SEC (Securities and Exchange Commission) didn't realize what has happening?? It's like ENRON all over again but with the stock market! I don't understand how these brilliant people let the situation get so out of hand?? Does no one care??? Does no one out there have any ethics?? I just don't get it. Now, that the banks and brokerage firms can't hide their debt anymore, and their dirty little secrets have been found out, they need help. Well, duh! I would need help, too. So, "W" has asked Congress to come up with a plan to bail out these failing entities so that the whole freakin' stock market doesn't come crashing down. And, today the bickering fuckers in Washington couldn't get their act in gear to agree on a plan. What the hell?! You know if you don't do something quick, we are all going to get screwed. And, yet these bickering bitches can't agree? Seriously, get on the same fucking planet as me and make a decision before millions, possibly billions of people all over the world are affected and loose their life savings or retirement. WHAT THE FUCK!
I just don't understand how all this could happen. The people at the top who let this happen should be persecuted. DEATH BY PUNTA for all of them.
If I understand this incorrectly, please let me know. I would like to know in detail how America fell from grace. Thanks!
3 comments:
I'm not real clear on the in's and out's of all this either. Personally, I think the blame lies 50/50 on the mortgage company and the American people who decided to live beyond theirs means.
I read an article about this yesterday and there were congressmen/women who said they wanted to the plan to go through, they just didn't want to be the person to vote for it...it's 5 weeks before an election and apparently there are A LOT of Americans that oppose the bail out. At this point, I don't know what to want.
The problem actually started with President Clinton and Alan Greenspan in 1999. The blame is continued with Fannie Mae and Freddie Mac, mortgage companies. These are considered to be loans that are backed up by the Federal goverement. The goverment encourged them to loan to anybody with a pulse. Wall Street got hurt because they were not paying attention to what they were buying. The problem has many people to blame. The solution is not a taxpayer bailout.
Thanks for your comments!
I agree with both of y'all. Americans got caught up in "Keeping up with Jonese." As a result, po folk thought they were entitled to owning their own property. I agree that Clinton encouraged this. I guess I can't blame po folk for wanting a piece of the pie. But, if you want it, you've got to earn it and deserve it.
But, at the same time, greedy morons on Wall Street got too greedy! They bought stuff they shouldn't have, and now we are screwed.
I don't like the idea of spending 700 Billion Buckeroos to bail out these ass wipes. But, I'm invested, too! And, by not bailing them out, I'm going to loose tons of hard earned money that I spent years saving. Millions of other people are in the same boat. They did what they were supposed to do...they saved and invested and put money aside for retirement. Now, because of a bunch of lawless greedy bitches, our money is at stake. Yesterday the market lost something like 1.2 Trillion dollars. And, some of that money was from me and family. We work too freakin' hard to see our money go down in flames because of a bunch of fuck ups. We deserve more. So, I don't like the bail out plan. But, I think it's better than nothing.
And, for lots of po folk out there, they don't want congress to pass the bill because they have no stakes in it. They are either too poor or too stupid to invest. As a result they don't want their tax dollars spent. But, since I make more money and technically give more money to the government, I want them to do whatever it takes to save my money and my investments.
Please feel free to comment on this!
Thanks!
Weenie
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