A look into our world

If this little incident isn’t a total microcosm of the utter crap sandwich of the past two years–and counting–then I don’t know what is…

For more creative ways to get utterly reamed, mash here.

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Wheeeee

Dow’s down over 550 as of 1:00 this afternoon, and still dropping.

So how’s that $700 billion bailout plan workin’ for ya, there, W?  Pelosi?  Reid?  Anybody?  Bueller?  Bueller?

BOHICA

That stands for “bend over, here it comes again.

The candy sprinkles that the Senate covered the shit sandwich of the “bailout bill” with had the desired effect, and the House just passed it, 264-171.  So now, instead of meaningful reform of the Community Reinvestment Act, reasonable regulation of the mortgage and credit markets, and a free-market solution that doesn’t screw over the American taxpayer, you and I (assuming you pay taxes) are now on the hook for up to $700 billion so Wall Street can escape the consequences of its own drunken orgy, and “community organizers” can continue to push for loans to un-creditworthy applicants.  And Barney Frank (D-Fannie Mae), Chris Dodd (D-Freddie Mac), and the rest of the politicians that empowered this entire crisis can slap each other on the back and preen before the cameras, knowing that they will not be called out by a compliant media for their role in this disaster.

Wall Street, having got pretty much what it wanted, responded by sending the Dow down 250 points in 30 minutes.  Somehow, I’m not surprised.

UPDATE:  If you’re interested to see how your Congresscritter may have voted, you can mash here.  By party, the results:  Democratic 172-63, Republican 91-108.  Nancy Pelosi and the Pelosi Posse have already gone before the cameras claiming credit for passing the bill.  Of course, if the economy tanks anyway, they will immediately turn around and blame the Bush administration for passing this horrible attempt at economic stabilization…and the media will dutifully report it.

Um…crikey?

We interrupt the collapsing economy, Presidential election, and War on Terror to bring you a “WTF?” moment from the Land Down Under:

A blank-faced seven-year-old boy broke into a popular Outback zoo, fed a string of animals to the resident crocodile and bashed several lizards to death with a rock, the zoo’s director said today.

The boy jumped a security fence at the Alice Springs Reptile Centre in central Australia early on Wednesday, then went on a 30-minute killing spree.

He used a rock to slay three lizards, including the zoo’s beloved, 20-year-old goanna, which he then fed to ‘Terry’, an 11ft saltwater crocodile, according to zoo director Rex Neindorf.

The “common sense” fix?

Dave Ramsey has his own common sense fix to the subprime mortgage crisis…and y’know, it sounds really good.  Especially considering that the Senate’s version of legislation, aka Bailout Bill Mk II, has ballooned from three pages…to three hundred and forty-one.

(Second link is to a PDF file, so you need Adobe Reader, or whatever the equivalent is if you’re one of those commie Mac bastards.  I kid, I kid.)

The ends vs. the middle

You know, I noticed a very interesting phenomenon regarding this whole credit bailout bill thing in the House on Monday, and the failed vote.  Take a look at who voted for and against it. The “no” votes, amazingly, came from both the far left and the far right.  Congressmen from both parties were reporting being deluged with calls running massively against passing the bailout bill, and it didn’t matter whether their districts were liberal or conservative.  Very liberal outlets (like Republic of Dogs, for example) were just as happy with this thing crashing and burning as very conservative ones (like Free Republic).

Now both sides are sitting back and working on their plans, which is as it should be.  The Senate has what appears to be Bailout Bill Mk II lined up for a vote today, which looks like the House bill with some more stuff attached to it like a $100 billion package of tax credits and changes–a bill that may not make it through the House again even if it does pass the Senate tonight (which it probably will).  The Republican Study Committee has their own insurance-based alternative and regulation reform package that they plan to introduce in the House.  There was word last night that some Democrats who were opposed to Bailout Bill Mk I are working on their own alternative package, although I can’t find what’s in it.

This is how it’s supposed to work.  Put alternatives out on the table, work through them, come up with something, or maybe even nothing and let the markets sort themselves out (what a concept, huh?).  Not some big crazed ZOMGSAVEUSALL bumrush that hands Hank Paulson a $700 billion blank check to do what he wants with, without oversight.  It should be noted that while credit is definitely tighter this week, the Dow made back the majority of Monday’s loss yesterday…and the “worst one-day loss in history” amounted to roughly 7% of the Dow’s amount, far less than the 20%+ single-day crash in 1987.

If nothing else, this week is notable for seeing Dennis Kucinich, Ron Paul, and Thaddeus McCotter all lined up on the same side of a vote.  If that ain’t one for the ages, it’s pretty close.