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September 26, 2008

The Democrats' Dirt (Kat-Mo)

65 While Republicans were preparing rockets to deflect the asteroid, Democrats would be painting "Democrat Rocket" on the sides of the missiles.

Winner, eman.

First, I'm not suggesting we don't do the bailout. I have mixed feelings on the subject. Most importantly, I don't want Ace to come out of the dark alley and beat me like a hobo that just stole his valu-right.

But, I do think that the Republican's should hold the line on some things. Like not letting the Democrats use this bailout as an express train to get all the gravy that they couldn't do in any other bill.

Like a ban on drilling or giving stacks of cash to ACORN, the energy producers and the car makers. This damn thing is big enough without putting pig slop on the end and, frankly, the Republicans should keep making a big deal out of that because it shows that the Democrats are a) not taking this seriously and b) opportunistic a$$holes who see even the reluctant citizens desire to stave off impending doom as another way to dip their hands in the nearly empty well to give their friends and co-horts some gravy.

The nasty, giant, leper ridden elephant in the room is that the final leg of the Financial Crisis came as oil speculation went crazy and the Dems were blocking drilling. While we're all focusing on the "people who really shouldn't have had a loan in the first place", there are a lot of good people out there who were good credit risks that ended up getting squeezed when gasoline went from being 10% of their budget to 25% to 30%. Add on the inflation of heating, cooling and food and you get a really nasty case of a bunch of decent folks losing their a$$es.

That crap should be lit on fire and left at the Democrats' door.

Plus, people, the reason that some of these investment institutions didn't have any more money wasn't just because they were buying bad paper on mortgages without the turn around. Companies like Goldman-Sachs were on the frontlines of the oil futures speculation. Not only did they drive the cost of oil/gasoline and turning up the mortgage default rate, but their activities in that market are related to their current woes.

Now, there may have been some legitimate market reasons for putting their money in commodities, but, in the long run, they drove those prices up and then they crashed and burned. These companies are sitting on futures contracts that they couldn't turn around because oil went from $147/bbl to $105/bbl. The market pretty much believes that run the first half of the year was bull$hit and that it will be a long time before we see that $147 again. At least, long enough that companies like Goldman-Sachs aren't going to be able to recoup their expenditures fast enough to stave off destruction.

People generally see oil futures contracts as "cash in the bank" because somebody is always going to buy it eventually. The problem comes from when you can't get your money back out of the bank fast enough.

As far as the energy companies' boondogles, that is BS, too. So we should hand over cash to these companies because the Dems couldn't get their bill passed with the gang of ten? Plus, the whole reason that the Dems want to block drilling is because they do want oil, thus, gasoline, to increase to such a point as to make all this alternate energy crap "more affordable" comparatively speaking. If oil stays down to $100/bll or less, "alternate energy" is too expensive to build extensively and maintain. Comparatively speaking.

The energy companies like Exelon/ComEd have been putting big bucks into the Obama campaign and the DNC. But, most importantly, so have most of their top ten institutional holders like JP Morgan, Goldman-Sachs and UBS.

So, pardon me if I think the Republicans should not rush hastily and unseemly to pass a bailout that gives the Democrats the dirty money they were holding us hostage for in the first place.

Cause, you know, some crook might stick his gun in your face and demand all your money. You might give it to him to avoid being shot. But, that doesn't mean you have to come back the next day and hand out the rest of your money to every valu-rite soaked hobo in the alley.


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posted by xgenghisx at 01:52 PM

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