CHESSNOID

The 3 stooges Bush, Bernanke, and Paulson represent the highest levels of decision making when it comes to our economy.  These same people help the housing bubble balloon up and made many of their wall street friends rich at the expense of middle class America. Now that the bubble has burst and the party is over, these 3 financial gurus (NOT) are trying to make all of America pay for it.

We have had four official bailouts this year with Bear Stearns, Fannie Mae, Freddie Mac, and AIG. Before and after each bailout, we were assured by the 3 stooges this would fix the problem. Unfortunately, it didn’t fix the problem.  One reason is because they do not know what the problem is.  They have been in denial for a year, when many economists and analysts warned them the housing bubble was going to burst.  They all said there is no bubble and the economy is strong and at worst growth may be flat.

Now, they are saying financial meltdown is around the corner.  What they don’t understand for everyday Americans like me, it arrived 12 months ago.  I have been blogging about it for that long.  Other bloggers have been blogging about it many years before that.  Dr.Housing Bubble and Mr Mortgage are my favorites to read.   That is actually how I learned about it.

The reason why I don’t buy the idea of the fraud bailout is because they just want to go shopping for toxic mortgages.  The ones that are already bad and they want to pay FULL PRICE?  Why pay anything for something that is WORTHLESS.  That is why the majority of America is against the plan.  Who benefits direclty from this bailout. NOBODY knows.  When the 3 stooges were asked will this solve the economy’s problems and get us back up and running, they could not give a definitive answer.  They just hope so.  For $700 billion, that is just not good enough.  We have already spent $700 billion on the last 4 bailouts, why should we support even a penny more.  Why continue building on failure after failure, and listening to the 3 stooges who got us into this in the first place.

Sorry, this plan is a waste of money and everyone knows it.  I live in California, one of the highest foreclosure states with inflated housing values even after 30% drops.  This Doom and Gloom scare tactic the 3 stooges keep preaching about to happen has already happened in my home state.  I am living in it and I know with time we will get through it as the business cycle rids of the excesses and poorly managed businesses.  The tech bubble popped and the economy recovered just fine. The strong companies survived and the weak ones are gone.