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Friday, October 03, 2008

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J

You know, these past few months, we've had a total of four bailouts. It's the most bizarre, convoluted, unimaginable thing. I mean, the gov't-- our gov't-- has basically terminated Bear Stearns, Indymac, Wamu, Lehman Bros., and Merrill Lynch. Investment banking is officially no more. We, the American People through Sec. Paulson, control 80% of AIG, whom we're lending money to at 12% interest.

. . . And now we're proposing to buy "risky" mortgage backed securities. $700,000,000,000 worth? About 10% of which are already in default? We're proposing to buy these securities at "fire sale" prices? About 20 cents on the dollar?

On principle . . . this is just so weird. This isn't what a government should be for. This move would essentially turn our tax dollars into a huge hedge fund (this is the sort of thing hedge funds invested in during the last couple of years). Yet . . . investment wise, it seems like we have a good chance of making money in the long run. Although, it is a heck of a risk.

I like the idea of eradicating global poverty. It seems like something we should do as human beings. But truth be told, I'm a lot more afraid of healthy, entitled-feeling, self-medicating, video-game-playing terrorists in this country than I am of ill, half-starved, war-torn, technologically illiterate terrorists hundreds or thousands of miles from our boarders. To me, appeasing the first is an investment in national security, saving the second is humanitarianism.

shannon

That is just incomprehensible, sad and depressing.

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