HOLY SHIT: Dow Crash and Bailout Fails

The Dow Jones declines by over 777 points, largest single day loss in history. Meanwhile, Congressional Republican Caucus rejects bi-partisan bailout ("Rescue Plan"), blaming Nancy Pelosi because her speech was "too partisan".

I call BULLSHIT on the lying liars, playing politics with Americans life savings, as-fucking-usual.

There is a great video floating around showing clips of Repub's justification and Barney Frank's response, I'll see if I can find it and get it posted.

UPDATE: Here it is. Enjoy.



--Shella

Shella Knows Best: How the Bailout Can Best Help People

Perhaps we can accomplish with the Bailout, that which would never otherwise be accomplished in current American history. Namely, a major investment in the affordable and accessible housing stock.

I present to you, Shella's 10-Point Bailout Plan, in the form of a letter to Barack Obama.

Dear Senator Obama:

I think I have an idea of how your administration can work the bailout to help needy Americans, while being honorable to the new taxpaying owners of defaulted mortgage loans:

1. American taxpayers purchase single-family and multi-family properties presently in default – and are issued a bond-like instrument for the value of their investment including some amount (yet to be defined) of interest per annum;

2. Purchase price to taxpayers is “short-sale” at current market value only (not including accrued and aggragatge missed payments, interest and fees, closing costs, points, property maintenance costs, etc.);

3. In exchange for being bailed out, institutions agree to accept and make a one-time write-off of the dollar amount (gap) between the gross mortgage default figure and the taxpayer short-sale amount. Then it's all rosey for wallstreet again.

4. The feds create a state-by-state portfolio of housing units including protectorates;

5. Each housing unit, at the time of purchase, is deed-restricted to be affordable and accessible housing in perpetuity;

6. Each state applies to the feds to become responsible for the disposition of the affordable and accessible housing according to their state housing plans, further providing a clear and concise oversight and reporting plan;

7. Each county applies to the state for the affordable and accessible units within the cities and unincorporated areas in accordance with their state-approved consolidated plans and housing elements;

8. Local nonprofit housers and housing authorities then apply to each county with a plan for the responsible and reasonable operation, repair, maintenance, and management of one or more housing units for the needy or underserved populations already-identified in their jurisdiction's approved housing element;

9. Local nonprofit housers and housing authorities agree to refinance the housing unit/s under their control at some point before a 15-year term, the then-current market rate being returned to the feds to pay the bonds presented to them by bearers having received same at the time of the bailout investment.

10. Financial institutions or other entities receiving taxpayer bailout accrue Community Reinvestment Act obligations, those credits may be used to perform accessibility modifications or other critical repairs and maintenance which may be necessary for the housing units taxpayers have been forced to invest in.

Spiders on Drugs

Gotta love those Canadians...

They Eat Their Own: Palin

Cafferty and Blitzer

Live Blogging the Debate: First Obama-McCain

5:30PM: There are about 30-minutes until the much-anticipated Obama-McCain debate. I hope I find myself shifting between ecstatic glee in watching Obama wipe the floor with McCain and (the usual, which is) screaming obsenities at the screen refuting the pathetic (but frusterating) talking points (lies) which spew forth from McCain like so much filth.

9:05 PM: Oh. My. God. I've just been in a fight. And the crochety old fuck McCain was so dismissive and paternalistic I could scream. And I HATE paternalistic old conservative men.

This is my take: This debate did not change anyone's mind.

Republicans (ideologues) must be thrilled that McCain's Alzheimer's did not leave him a babbling about pablum, however, he was completely disrespectful.

Democrats (patriots) are thrilled by Obama's competency and evident intellegence, however, he was too fucking polite. He should have NAILED McCain. Never again should he say "John is right" - my prediction is that it will haunt him to his grave;

For people who are undecided - I can't say. McCain will continue the philosophies of Bush. If you're sick of having a stupid, incompetent, fucking Republican administration, with a shallow President - you'll vote for change.

Economic Clusterfu*k

Leave it to Comedy Central to give us a side-by-side of Bush bald-faced lying to Americans about the Iraq War and the $700 Billion Bailout:



Given that the entire dollar value of defaulted mortgage debt in the US is $111 Billion - why precisely does the Bu$hCo Cabal want Americans to give them $700 Billion?

Do the Dems realize they're bending over voluntarily to get fucked by the Repub's one last time before the criminals leave office AND RECEIVE PARDONS?

And below, more analysis of McCain's utter ineptitude:

George Carlin: Love Him, Miss Him

George Carlin was my very favorite comic because he was smart. The skit below is a couple years old, and prophetic.

The below skit is my absolute favorite. I really love George Carlin, and I miss him.

And, below is George Carlin on war.