Number Numbness

OK – just how big is $700,000,000,000.00?  Assume you spent one dollar every second of every hour of every day.  How long would it take you to spend that much money – doing absolutely nothing else – just spending 700 billion bucks?

22,181.6 years

Assume 80 years for one generation – this amount of time would emcompass 277 generations.

That’s lots of great great greats on the grandfather line.

And this is just the additional amount above what they have already spent bailing out AIG and Bear Stearns and Fannie Mae and Freddie Mac.

Bailout Idiocy

John Hawkins is really on fire with this one:

If the GOP supports this ridiculous bailout plan, so be it, but understand two things: Number One, I don’t give a d*mn how many 10 million dollar earmarks you oppose, there is no such thing as a fiscal conservative who supports throwing 700 billion dollars of taxpayer money down a rathole in a socialistic government bailout — especially after the other bailouts have failed. Don’t tell me that the same guys who said the other bailouts would fix our problems — and were one hundred percent wrong — probably aren’t entirely wrong yet again when they say the country is going down the tubes if this bailout doesn’t happen. They were egregiously wrong then, so why should we believe them now? Let me tell you straight out: I don’t believe them and I don’t support this bailout.

Number Two, let me make another prediction: if a bailout plan of that size is passed, the Democrats will turn on the plan five minutes after they vote for it and blame the Republicans for it. Since Bush is behind the plan, their attacks will resonate with the American people. Additionally, large chunks of the GOP’s base will be furious over the deal, too, with good reason — and it will likely wreck John McCain’s chances of winning the election.

OK – obviously something needs to be done to help stabilize the markets.  Bank runs aren’t good for anyone, and the fact that the Sarbaines-Oxley “mark to market” rules are causing a fiscal firestorm means that we have some kind of sanity to be restored.  But just flat out giving a pass to Wall Street and the people who took out loans they could never afford to repay is rewarding stupidity.

Yes – making some kind of commitment to ensure that sound financial institutions can keep doing business means we need to have some government action.  But I thought Bear Stearns bailout would do it.   No – taking over Fannie Mae and Freddie Mac – wait, giving $85 billion to guarantee AIG.  At what point do they come to realize that whatever formula they are using for a bailout ISN’T WORKING?

Insanity – doing the same thing over and over again expecting different results.

So – how about looking at doing something different?  Repeal the capital gains tax for 2 years – see what some of those assets that have been tied up forever are worth in accounting for these losses.

But, please God, don’t just give a bunch of Socialists calling themselves Democrats control of the entire US Financial system.  In 10 years you will have to go before some government board to get a mortgage of any type.

Over the Cliff with Nancy and Harry

What a shock.  Queen Bee Nancy is demanding that she have Republicans jump over the cliff with her on the Wall Street bailout:

House Speaker Nancy Pelosi is telling Democrats that she will not support President Bush’s $700 billion bailout of the financial sector unless there is significant Republican support for the controversial plan.

The politics of the bailout are tricky and dangerous for both political parties, particularly since it comes weeks before the presidential and congressional elections.

As a result, Pelosi (D-Calif.) has effectively sent the message that if she is going to jump off a cliff to rescue Wall Street, she wants House Minority Leader John Boehner (R-Ohio) and George W. Bush holding her hands when she leaps.

Pelosi made this scenario clear at a lengthy closed-door meeting of House Democrats on Tuesday. Many of those present said they took Pelosi’s message to mean that a “majority of the minority” needs to support the bill before she will bring it to the floor.

To get that kind of support, President Bush needs to go on television to speak directly to the public, and get on the phone to rally his fellow Republicans, said House Majority Whip James Clyburn (D-S.C.).

“If it’s a crisis,” Clyburn said in a statement, “and we all need to come together, then as leader of this nation, the president needs to take the lead and bring the country together.”

Reason Number 1 why the Republicans should stand back and tell the Democrats that if they feel there is a solution they should propose one.

And Reason Number 2:

In the Senate, Republicans have also lined up to oppose their president’s bill, which led Senate Majority Leader Harry Reid (D-Nev.) to worry that he may not have enough Republican votes to pass the package.

“We need Republican votes to help us,” he said. “This is a Republican package and we need Republican votes.”

There are plenty of good conservative market-based ideas about dealing with the situation that Republicans should support.  This bottomless pit of a turkey which the Democrats are just salivating to put around the necks of Republicans running for reelection should be dropped like the turkey it is.