What is the legitimacy of a government
that has lost control of its economy?
Could'a Should'a: There's a very long list of things wrong with the TARP proposal, from surrendering control of $700 billion to Paulson, to surrendering control of $700 billion to Wall Street, but I repeat myself.
Coincidence: On October 1st, the 3rd Infantry Division's 1st Brigade Combat Team will begin a year under control of Northern Command. The 1st BCT will be the federal response force emergencies and disasters, including terrorist attack and the control of civil unrest. This is the first time an active Army unit has been assigned to NorthCom, which was established in 2002 to coordinate defense support to civilian authorities.
Exclusive Executive: The TARP expressly says courts are not allowed to challenge actions taken under the Paulson Plan. Nor is Congress. The unclassified portion doesn't directly address freedom of speech.
Peaked Oil: Global oil production reached 84 mbd in 2004 and has increased by only 1.5 mbd since then. In the same time-span the population has grown by 300 million, each of whom gets to consume less than a quart of oil a day because no one on my block wants to share with them.
Bedfellows: The EU has decided to restrict imports that are made using "dirty" energy. It seems to be okay to pay minuscule wages, but emitting carbon is not acceptable.
Tomorrow's Tomorrow: Financing this bailout will prevent the next administration and the one after that and the one after that from reducing taxes on the middle class. Or improving the health system. Or developing alternative energies. There simply will be no money for any social programs. Clever.
Fishing Buddies: US researchers say that guaranteeing every commercial fisherman a share of the catch will cool the race to exterminate every last fish. Traditional open-access fishing, where he who catches the fish gets to eat it, leads to too many fish being taken. "From each according to his ability... "
Babysitting Fee: The current key Fed Funds rate is 3.4% less than acknowledged inflation. You are guaranteed to lose purchasing power if you invest in short term US debt. Where's the incentive in that? Safety? No, really where's the incentive?
Mirror: The mortgage-based financial derivative party was based the credulity and greed of both buyer and seller. At each step of the way from the originator to the derivative insurer, each fool thought he were smarter than the fool he bought from and smarter than the fool he sold to. Now look who gets to buy this stuff.
Can't Win for Losing: Hope you got your plane tickets.
Buyers and Sellers: There are private investors willing to buy these troubled assets right now, but the banks do not want to sell at those prices. So either the government will pay too much, or the banks hang on and continue to fail. Even solvent banks will have to recapitalize or reduce lending if they sold these assets at realistic prices.
Accept No Substitutes : The bailout is designed to keep the well to do well to do, at taxpayer expense.. This is the purpose of government.