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On Sunday, Nancy Pelosi, the Speaker of (but not for) the House of Representatives (a group who obviously represents someone other than you and I), said that this gigantic, enormous, emergency (hurry up and pass this, before somebody notices) $700B Congressional bailout plan was:
"not a bailout. It's a buy-in".
If so, before I (we) start to feel better about this, I have a few questions (and so should you!). But before you even stop to consider the fact that the Congress has NEVER, EVER moved this fast, at any time in our history, you might review the following:
If it's not a "bail out", why is everyone carrying water buckets to and from Wall Street, and why are they filled with tax money?
If it's not a "bail out", why are the people carrying the buckets all taxpayers, while the people on Wall Street are looking smilingly out the windows, waiting for the buckets?
If it's not a "bail out", why are all the buckets coming back empty for the next five years?
If it is a "buy-in", who asked me (you) if I (we) wanted to buy in in the first place? Did I miss something?
If you were offered a chance to "buy-in", would you buy-in without a contract and some safeguards? "What's in your wallet?"
If you were offered a chance to buy in, would you do it with the Federal government as your partner? With George Bush as the CFO? With a contract written by government lawyers?(Put another way, how far are you prepared to bend over?)
If you were offered a chance to buy in, would you let Bernanke and Paulson be the brokers of record ?(remember that their lawyer was Roberto Gonzales...and he got fired)
Just in case someone might ask, would you like to have the option NOT to buy in? I don't hear Ms. Pelosi or the "Representatives" offering that one. (I thought I voted for these people. YOU?)
If this is not a "bail out", why are we so worried about the ship sinking? And if it is sinking, why hasn't someone looked for the leaks? Can anyone spell "Cause and Effect"? There must be"fault" lines here, somewhere.
And whether or not it is a "bail out" or a "buy in", why are the Chinese all smiling?
I think Ms. Pelosi is neglecting to tell us (lying through her teeth, maybe?) that this "buy-in" of Wall Street Real Estate is really like having us "buy-in" to beachfront property in Arizona. But that would explain two things:
It's probably why John McCain has awoken and is suddenly so keenly interested, as well as why we always talk about Wall Street as "swimming" in money.
WTF!?
