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Irenicus · 2008-09-30, 15:13

"Nancy Pelosi hurts our feelings, and she's a socialist Babylonian whore who wants to expand teh g0v4rnm4ntz0r, so we voted it down."

Well, great job, Congress. There goes the chance for a short-term recovery.

By all means the Bill is messed up; the 700$ billion number is arbitrary, the goal convoluted, the oversight lacking, the money's going everywhere and nowhere, and punishment for the yuppie scumbags is another issue entirely, not that I'm sympathetic to people who fucking made a profit from bankrupting their own companies -- so tell us that, and say that you'd still solve the problem but with a different direction! Goddammit, what is this partisan bullshit (not that Pelosi isn't guilty of that in a big way) when the whole economy's crashing down on us?

The modern capitalist economy is very much a faith-based economy, one which relies on money to flow farther and more richly than the actual underlying production and consumption levels are, and one of the key problems facing the economy right now is the reduction of this flow, as people just dam themselves in and wait for a better tomorrow. Sure, there's the base, and the whole problem stems from how terribly faulty and downright false this base is, but banks don't lend because they know the base is firm, people and businesses don't buy and borrow because they are completely aware of how much money they have left and have gained, and investors don't invest because the corporation's been doing well for the last ten thousand years or so -- it's called the goddamn margin. They loan because they think they'll get their money back from the loans (the good, normal way, or the screwed up speculative way that happened with the housing mortgages), they borrow because they think they'll be able to pay back, and they invest because they think they'll eventually profit from the investment. And that's all perception, what people *think* will happen, any short term recovery is very much reliant on papa Sam doing his cowboy job and convincing the spooky cattle that everything's okay and you can let the spice flow again. Congress just instead did a great job of convincing the market, cowardly, self-interested creature that it is, that the U.S. government will not be able to forcefully solve this issue any time soon. Result? Nobody's going to invest, lend, and borrow, and the gears will come to a stop, no matter how many trillions you throw at them and asking them to do all that.

It's not like Roosevelt actually launched a revolution when he declared the bank holiday back in the very lowest point of the Great Depression, he just kept going on and on about how everything's going to be okay after the holiday's over, and boy, it actually got better, not because he was tinkering with the thousands and thousands of loose screws within the system, but because he convinced the people that they can let the money flow again safely, and with the rivers back online, things slowly improved. Why can't someone just do the same? Are they waiting for the day after the Great November Day? So Obama or McCain or Palin (God forbid, lol) can declare the start of the Newer Deal and play the confidence game then? It'd be epic and all, and if the speechwriters did a good job I'm sure future students of U.S. History will have something awesome to read about how President Amazing saved the world in 2009, but really now.

2008-09-30, 15:13	Link #208
Irenicus Le fou, c'est moi Join Date: Dec 2007 Location: Las Vegas, NV, USA Age: 34	"Nancy Pelosi hurts our feelings, and she's a socialist Babylonian whore who wants to expand teh g0v4rnm4ntz0r, so we voted it down." Well, great job, Congress. There goes the chance for a short-term recovery. By all means the Bill is messed up; the 700$ billion number is arbitrary, the goal convoluted, the oversight lacking, the money's going everywhere and nowhere, and punishment for the yuppie scumbags is another issue entirely, not that I'm sympathetic to people who fucking made a profit from bankrupting their own companies -- so tell us that, and say that you'd still solve the problem but with a different direction! Goddammit, what is this partisan bullshit (not that Pelosi isn't guilty of that in a big way) when the whole economy's crashing down on us? The modern capitalist economy is very much a faith-based economy, one which relies on money to flow farther and more richly than the actual underlying production and consumption levels are, and one of the key problems facing the economy right now is the reduction of this flow, as people just dam themselves in and wait for a better tomorrow. Sure, there's the base, and the whole problem stems from how terribly faulty and downright false this base is, but banks don't lend because they know the base is firm, people and businesses don't buy and borrow because they are completely aware of how much money they have left and have gained, and investors don't invest because the corporation's been doing well for the last ten thousand years or so -- it's called the goddamn margin. They loan because they think they'll get their money back from the loans (the good, normal way, or the screwed up speculative way that happened with the housing mortgages), they borrow because they think they'll be able to pay back, and they invest because they think they'll eventually profit from the investment. And that's all perception, what people think* will happen, any short term recovery is very much reliant on papa Sam doing his cowboy job and convincing the spooky cattle that everything's okay and you can let the spice flow again. Congress just instead did a great job of convincing the market, cowardly, self-interested creature that it is, that the U.S. government will not* be able to forcefully solve this issue any time soon. Result? Nobody's going to invest, lend, and borrow, and the gears will come to a stop, no matter how many trillions you throw at them and asking them to do all that. It's not like Roosevelt actually launched a revolution when he declared the bank holiday back in the very lowest point of the Great Depression, he just kept going on and on about how everything's going to be okay after the holiday's over, and boy, it actually got better, not because he was tinkering with the thousands and thousands of loose screws within the system, but because he convinced the people that they can let the money flow again safely, and with the rivers back online, things slowly improved. Why can't someone just do the same? Are they waiting for the day after the Great November Day? So Obama or McCain or Palin (God forbid, lol) can declare the start of the Newer Deal and play the confidence game then? It'd be epic and all, and if the speechwriters did a good job I'm sure future students of U.S. History will have something awesome to read about how President Amazing saved the world in 2009, but really now.