Recently (Friday), the American people allowed their Congress to commit treason with smiles on their faces. Yes, treason. Every single representative or senator who voted for the $700,000,000,000 bailout of Wall Street banks, is a traitor to the American people. The American people were overwhelmingly against the bailout, and the majority of those without an opinion did not understand what giving $700,000,000,000 in taxpayer money to international banking conglomerates meant.

We the People were told by our government that it was the only way to avert an economic disaster, with a plan by a former Wall Street CEO and our President, who ran several of his father's businesses into the ground before becoming Governor of Texas and Our President. These are exactly the two people I would be taking economic advice from, idiots and crooks. Hank Paulson may very well know a great deal about market economics, but market economics are only weakly associated with actual economics. The stock market could crash, but the overall economy would not come to a crashing halt, if there's one thing we all should know it is that government overreaction to Wall Street woes is never a good thing.

This whole "solution" came about in an attempt to increase "confidence" in the markets and open up the credit markets between banks. Unfortunately, that is not what will be accomplished, the banks can't trust each other, and rightfully so. Our government regulators have allowed these banks to lie about their solvency to shareholders and lenders for decades, and now we want them to go back to sharing money for credit amongst themselves? That is exactly the opposite of what we need. We need the banks to tighten up their credit until the banks that have been lying all collapse and are no more. The only way to bring back confidence is to have the bad banks fail. This delays the failures, and actually allows even more fraud perpetrated on the American stockholders. It is a crappy solution.

As for saving Wall Street, that's stupid. They don't need saving, speculation and the hopes of get rich quick schemes got us to this point where we are now. The market is overpriced right now, and has been since the mid 1990s. We should not be at 10,000 on the Dow, were should be around 7500-8000, based on a simple and sustainable growth of 5% annually and allowing for 2% annual inflation using numbers from the 1970s. Some would argue that the market was too slow in the 1970s to be used as a baseline, but the truth is that sustainable growth from any point is what needs to be examined. Excessive growth weakens the underlying structure of the market. And cheap to free credit is what caused this ridiculous mess we are in.

Cheap credit brings the slimebag speculators out of the proverbial woodwork. If everybody can appear to afford to get credit, people who can't really afford any credit get credit. Then they make stupid investments, like paying $500,000 for a house that by all rights should only be $250,000. Then when the cheap credit adjusts (ARMs) to market pricing, they simply cannot afford their investment anymore, or even just the interest. The housing market is a big part of the problem, and far and away the most focused on, but it was the freely available credit to people and companies that couldn't afford it, wasting their borrowed money on things they hoped would increase in value within the time they needed to pay it back. It was a giant money shuffling scheme.

Now, our government wants to solve the problem by using the problem's source as the solution. It is fundamentally retarded. Just like everyone who voted for the $700,000,000,000 bailout + $160,000,000,000 pork package. All the government is doing is shuffling the debt in hopes that we can businesses back into the business of creating more debt. It's stupid on its face. But the pundits brought on television to discuss this plan were vastly more in favor of it than against it, in an attempt to get the American people on board. Why? Because these pundits all had something to gain, they're all Wall Street insiders, looking to get a quick payoff and unload their stocks after the government gets these companies solvent again (if only temporarily).

The Congress claimed they didn't like the plan, but it was the only plan they had. Well, if you only take 2 days to solve a problem that has been percolating under the surface for 30-40 years, then you are not qualified to be voting on the color of the drapes in your own home. They truly believe that they are doing the only thing that can stave off a depression. In fact, they've been a catalyst for an even longer more painful depression, by stabbing the American people in the face with the single worst bill in American history. It may delay the depression, but only by a few months, and they've extended the coming depression 2-3 fold.

Unfortunately, we cannot give our elected officials the proper punishment for treason, but we can give them the next best thing for narcisists, unelect them. Every single incumbent who voted to increase our national debt (yet again) needs to lose their job on November 4, 2008.


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