Comments on: The Butterfly Manifesto #3 (On the Bailout “No” Vote) http://www.wholesomereading.com/2008/09/30/the-butterfly-manifesto-3-on-the-bailout-no-vote/ Musings on culture and politics by baseball writer Steven Goldman Sat, 19 May 2012 09:43:49 +0000 http://wordpress.org/?v=2.6.3 By: Rob in CT http://www.wholesomereading.com/2008/09/30/the-butterfly-manifesto-3-on-the-bailout-no-vote/#comment-65 Rob in CT Tue, 30 Sep 2008 18:37:43 +0000 http://www.wholesomereading.com/?p=63#comment-65 I take it you see it as an expensive bandaid, then. I was thinking that it's an expensive emergency operation, required to save the patient from a great deal of pain and misery. I don't really know which is true, which is frustrating as all hell. I take it you see it as an expensive bandaid, then. I was thinking that it’s an expensive emergency operation, required to save the patient from a great deal of pain and misery. I don’t really know which is true, which is frustrating as all hell.

]]> By: George http://www.wholesomereading.com/2008/09/30/the-butterfly-manifesto-3-on-the-bailout-no-vote/#comment-64 George Tue, 30 Sep 2008 17:33:52 +0000 http://www.wholesomereading.com/?p=63#comment-64 And it just hit me that the bailout = K-Rod for 5 years at $75 mil. And it just hit me that the bailout = K-Rod for 5 years at $75 mil.

]]> By: George http://www.wholesomereading.com/2008/09/30/the-butterfly-manifesto-3-on-the-bailout-no-vote/#comment-63 George Tue, 30 Sep 2008 16:53:43 +0000 http://www.wholesomereading.com/?p=63#comment-63 If the economy = the Mets' bullpen we are in worse trouble than I thought. If the economy = the Mets’ bullpen we are in worse trouble than I thought.

]]> By: CharlesHarris http://www.wholesomereading.com/2008/09/30/the-butterfly-manifesto-3-on-the-bailout-no-vote/#comment-62 CharlesHarris Tue, 30 Sep 2008 16:23:10 +0000 http://www.wholesomereading.com/?p=63#comment-62 "And I mostly feel the same way, except for the fact that some of these bad bets put first-time homeowners in a home. " Even now, you're still drinking the bipartisan "Everybody should own a home" hogwash. It's wrong for people to buy a home they can't afford. Period. People's lives are being destroyed because the government encouraged everyone to "help put them in homes" no matter the cost. Homeownership is not an end. Ideally, a person ought to own his home. But if it's going to break him to do it, it's a bad idea. “And I mostly feel the same way, except for the fact that some of these bad bets put first-time homeowners in a home. ”

Even now, you’re still drinking the bipartisan “Everybody should own a home” hogwash. It’s wrong for people to buy a home they can’t afford. Period. People’s lives are being destroyed because the government encouraged everyone to “help put them in homes” no matter the cost. Homeownership is not an end. Ideally, a person ought to own his home. But if it’s going to break him to do it, it’s a bad idea.

]]> By: Rob in CT http://www.wholesomereading.com/2008/09/30/the-butterfly-manifesto-3-on-the-bailout-no-vote/#comment-61 Rob in CT Tue, 30 Sep 2008 14:00:15 +0000 http://www.wholesomereading.com/?p=63#comment-61 I think the problem for the public is that the vast majority of us don't really understand all this, but have a vague sense that however this shakes out, we're gonna get screwed. In a way, it's sort of like a Mets fan watching the manager go the mound to make a pitching change. There is no good choice, and you're reduced to waiting for the guy to make what he thinks is the least worst one. The conflicts of interest and bullshit at the top are staggering, btw. Paulson, for one. The former Chairman of Goldman Sachs holds out his hand for $700 billion and says "trust me." Dodd, with his sweetheart mortgage from Countrywide (I think I'll call them up about refinancing through the "friends of the CEO" program. What do you think they'll say?) and his responsibility for utterly failing to provide proper oversight, republican deregulation purists, democrats who put lending to the poor above financial sanity (worthy goal? Charitable, certainly. Risky too.) ...now these guys are telling us we have to fund a bailout for the mess they created, whilst pointing the finger at everyone but themselves. In the end, I think we all know some sort of bailout deal will get done, because unfortunately it has to get done. A whole lot of people are watching (in my case, pointedly NOT watching) their 401(k)s and IRAs and whatnot plummet. We're in for a recession no matter what, in my opinion. The question is how "orderly" it will be. The bailout is aimed at keeping things from coming completely unhinged. I think the problem for the public is that the vast majority of us don’t really understand all this, but have a vague sense that however this shakes out, we’re gonna get screwed. In a way, it’s sort of like a Mets fan watching the manager go the mound to make a pitching change. There is no good choice, and you’re reduced to waiting for the guy to make what he thinks is the least worst one.

The conflicts of interest and bullshit at the top are staggering, btw. Paulson, for one. The former Chairman of Goldman Sachs holds out his hand for $700 billion and says “trust me.” Dodd, with his sweetheart mortgage from Countrywide (I think I’ll call them up about refinancing through the “friends of the CEO” program. What do you think they’ll say?) and his responsibility for utterly failing to provide proper oversight, republican deregulation purists, democrats who put lending to the poor above financial sanity (worthy goal? Charitable, certainly. Risky too.) …now these guys are telling us we have to fund a bailout for the mess they created, whilst pointing the finger at everyone but themselves.

In the end, I think we all know some sort of bailout deal will get done, because unfortunately it has to get done. A whole lot of people are watching (in my case, pointedly NOT watching) their 401(k)s and IRAs and whatnot plummet. We’re in for a recession no matter what, in my opinion. The question is how “orderly” it will be. The bailout is aimed at keeping things from coming completely unhinged.

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