Listen, I'm no economist. I've never balanced a checkbook and in college I had to take something called "Finite Math" with about 30 football players because I couldn't understand calculus. So I'm really not the go-to guy on understanding this whole $700 billion Wall Street bailout thing. Nevertheless, in the true spirit of bloggers everywhere, I will now incorrectly explain something I know nothing about.
Here's how I understand it: Uncle Sugar borrows $700 billion from, you know, us, because we're the people who pay all of Uncle Sugar's bills, except for I guess a few bucks he makes on import tariffs or whatever. OK, then he gives that $700 billion to Big Mouth Bank, so BMB can turn around and loan it.....to us!!!!!
W. T. F.
Loan sharks would fucking KILL for a deal like this. Even though they charge 30% interest a week and break your fingers if you don't pay, at least they loan you someone else's money.
Now, a couple of days ago I didn't really have an opinion one way or another because (1) like I said, math is hard, and (2) this is the kind of thing that usually makes me glaze over. I think I told someone that if they need to do the bailout thing to prevent another depression, then I'm for it. WOW, I STIRRED UP A HORNET'S NEST WITH THAT EDGY POSITION.
Then, what, two days ago, it was looking like a lot of people were flooding their Congresspersons' office with opposition, and then BMB said, "I'm tellin' ya, ya better pass this," and then they didn't pass it and "See what we told you? The Dow dropped like 700 points! We are all truly fucked now!"
So then the next day - today - it comes back by like 500 points and who really knows WTF is up. But you know what? If a bunch of Republicans and Dennis motherfucking Kucinich are ALL against this thing, then fuck it, it's probably a bad idea. I'm trying to think of something else that Republicans and Kucinich would both be against. Boiling and eating adorable puppies? Injecting Pine Sol directly into your eyes? I'm going to come out strongly against those things too.
Eventually, of course, they're going to pass some version of this, and BMB is gonna get its money, and things are probably going to go to shit anyway, but we'll always have this day that Santa Claus and Heat Miser agreed on something.