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Glaiel-Gamer

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Entry #31

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Glaiel-Gamer

700 Billion US Dollars

Posted by Glaiel-Gamer Oct. 1, 2008 @ 11:36 PM EDT

====this is another blog entry for my English class's "mandatory 2x/week blogging" assignment====

I hate to venture into the realm of politics, just because it's such a controversial subject and I know that many of you may not care to much about it because all the candidates appear the same to you, however I feel like complaining a bit about this "$700 Billon Bailout" plan that failed, was revised, and just now OK'd in the senate. Even if you don't care much about which candidate is the better one, or have strong feelings one way or another, because this is an issue that directly relates to the economy of this country (which will effect us in the future if it doesn't already), it should be something you care about.

First of all, I grew up in a blue state (Massachusetts) in a liberal family with liberal relatives, then moved to another blue state (Washington) to study at a very liberal school (Digipen) that should help us enter a very liberal industry (the video game industry), so naturally I am a very liberal person and will be voting for Obama come November. Now, I really don't like the $700B Bailout that both Obama and McCain supported and voted for, and from the looks of it most Americans disagreed with this type of extreme measure too. In such a divided race, why would both candidates agree on an issue that is not supported by such a large amount of their voters? I do not know the reasoning behind it, because it doesn't seem like much of a political stunt when both candidates do the same thing. Anyway that's not the point, I just want to bitch about how stupid spending $700 billion is right now.

Part of the bailout plan is to increase FDIC insurance from $100,000 per account to $250,000 per account. Now, in this time of financial crisis, whoever has more than $100,000 sitting in a bank account isn't doing too bad for themselves right now, so naturally this increase insurance is only going to apply for the people that weren't having any major problems to begin with. There's also the issue that it is not the smartest thing to have over 100k sitting in a bank account in the first place. If you have expendable income like that, you should invest it or place it into safe securities. I know the economy is bad and all, but there are safe ways to invest in this time of crisis (I am not an investor so I don't know what to invest in). Either way you look at it, this element of the bailout only helps the people that don't need the help to begin with (unless you think having to settle for the 100 inch plasma instead of the 120 inch plasma means they need help).

I'm sure the bank CEOs were afraid that they were going to have to skip the next model of Ferrari and stick with their old outdated 2008 models for another year because they banks were failing. I bet they were happy to hear about this bailout package. No need to worry anymore, you can afford your 2009 model and probably even the 2010 model preorder too, all at the expense of the hard working American middle class.

Taxes are a good thing generally. You can't have government services without taxes, and so much of what makes society work (public schools, roads, communication systems, research) is partially or completely funded by the government. I don't mind government spending when it's something worthwhile. The $10 billion per day that's being pumped into iraq is definitely not a worthwhile use of tax dollars. Why should we spend so much money to blow the brains out of some random middle eastern country that was no threat to us (we never found WMDs remember, there was no definitive proof in the beginning either) when that same amount of money could be spent funding research to find cures for deadly diseases or find a cleaner energy source or make public education actually worthwhile (that in itself is a whole different rant I need to write). You know, stuff that helps the world become a better place.

The $700B bailout isn't going to help anything or anyone besides the CEOs of the banks the money is going to help. What about everyone else who lost their jobs or their houses or their cars or their belongings? Is anything being done for them? Why should we help CEOs when there are so many more average folk who need help. I guess all that's left for them is escapism through booze and video games (and guess who's going to be earning a living through making video games in the near future. Yup, it's not all bad for me it looks like, especially because people will give up eating before they give up playing video games. But it's not about me, otherwise I'd be no better a person than the senators that voted to OK this stupid bill).

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The People Have Spoken

34 Comments

Oct. 1, 2008 | 11:46 PM JohnnyUtah says:

hopefully an asteroid will obliterate this worthless planet sooner than later

Oct. 2, 2008 | 12:03 AM Glaiel-Gamer responds:

Maybe if we're lucky it'll just obliterate the politicians.


Oct. 1, 2008 | 11:55 PM HolyPeanuts says:

I cant wait for the new depression. I always thought being a hobo, would be cool.

Oct. 2, 2008 | 12:03 AM Glaiel-Gamer responds:

I can't wait for the depression either cause it won't effect me cause I don't own stock, and the video game industry lives through everything cause people would give up eating before giving up games. Look at nintendo's record profits.


Oct. 2, 2008 | 12:27 AM RiftMaster says:

Last I checked all the big game companies' stock is public...

Oct. 2, 2008 | 12:32 AM Glaiel-Gamer responds:

i didn't say it wasn't...


Oct. 2, 2008 | 12:32 AM TheHeadStudios says:

What's really sad about all this is the fact over the last 6 months over 2.5 trillion (yes, with a T, including the recent bailout) have been pumped into the economy to try and "fix" the epic fuck-up that all the banks made with sub-prime mortgages, etc., and nothing has changed. People are still up to their eyeballs in debt, companies are still laying employees off and the dollar is wobbly at best. Everything being done right now will merely stave off the recession and at the same time, make it fall harder and longer than it would have if they had let all those thieving bastards in Wall Street take the hit. I don't think anybody's going to come out clean when the shit hits the fan this time around.

Oct. 2, 2008 | 12:35 AM Glaiel-Gamer responds:

I'm just happy that I'm not in debt, but ya the government should really just let the economy crash now so it can recover quicker.


Oct. 2, 2008 | 12:47 AM Mexifry says:

I'd agree with most of that, but the thing is, that not all corporations are "evil" and "care about what Ferrari." Just because one thrives in capitalism doesn't meant that they should be "looked down" upon. And increasing taxes in this crisis of ours is the last thing we need. It will hurt our corporations from making money to help economy thrive. Also, we need not only to invest just in cleaner, better energy, but to also be independent on oil because cleaner, COST REASONABLE energywill not come right away.

My Two Cents. (Yes I'm a Washingtonian also.)

Oct. 2, 2008 | 12:51 AM Glaiel-Gamer responds:

they obviously didn't thrive in capitalism if they need the government to bail them out of their mess. And of course, after being bailed out, they will have an excess of government money to give as bonuses to their CEOs.

I never said we need to increase taxes, I said we need to spend the money we have on smarter things that benefit the world, not destroy it.


Oct. 2, 2008 | 12:56 AM Mexifry says:

I never say ALL thrived.
I'm saying those who have money shouldn't be looked down upon because they earned it.
But yeah, the bailout is retarted.

Oct. 2, 2008 | 1:02 AM Glaiel-Gamer responds:

i'm not looking down on those who have money, i'm looking down on the fact that they have money and want government help for their own benefit, especially if the risk they have in losing it is because of stupid decisions they made.


Oct. 2, 2008 | 1:06 AM Mexifry says:

You sound less and less liberal every statement you say. :P
I totally agree with that.
It isn't the government's job to give businesses a free "pass".
They shouldn't have made those mistakes.
We ain't socialist Ireland where the government takes care of every need.

Oct. 2, 2008 | 1:10 AM Glaiel-Gamer responds:

liberal describes my general beliefs but I'm still able to think for myself. I agree that the government needs to regulate industries and such to make everything safer for the consumer but it's not their responsibility to pull failed businesses out of the hole.

PS.

liberal = government regulates business, personal freedom. Conservative = free business, regulated personal freedom. Regulated business is not funding them to stay in business.

Updated: Oct. 2, 2008, 1:13 AM

Oct. 2, 2008 | 1:16 AM Mexifry says:

I would love to debate you more, but im tired and need sleep.
Prolly pick up on this tomorrow. :)

Oct. 2, 2008 | 1:17 AM Glaiel-Gamer responds:

there's not much else to debate when you agreed with me in your last statement.

Updated: Oct. 2, 2008, 1:18 AM

Oct. 2, 2008 | 1:30 AM Kajenx says:

iknorite?

Seriously, though, I really don't know what to think about the bailout. Glenn Beck was all for it and he seems to know what he's talking about most of the time... : /


Oct. 2, 2008 | 1:40 AM Duchednier says:

/agreed


Oct. 2, 2008 | 2:33 AM RubberNinja says:

Lets reward them for being idiots.


Oct. 2, 2008 | 2:52 AM jmtb02 says:

Your rhetoric meanders but I get your point.

I do have to disagree with you though. The $700b isn't directed at saving or helping CEOs... they have already been blessed with golden parachutes for all their wonderful deeds. In fact, the banks that failed hardest are already gone or owned by other banks... these people don't have jobs anymore. That's totally beyond the scope of what this bill is trying to achieve. Also, FDIC is being raised temporarily to accommodate consumer confidence... believe it or not some people do save more than 100k in retirement and God knows some grandmother has a traditional savings account instead of an IRA. Consumer confidence is a thorn in this problem.

I do disagree with the bailout plan as it stood a few days ago... I am not a fan of the lack of oversight and hazy conclusion. But if we want to look on the brighter side of things, this bill could actually earn taxpayers their money back plus more if everything goes perfectly! But yeah sleepytime.


Oct. 2, 2008 | 5:17 AM RatherRandom says:

American economy = a fake egomaniac balloon that tie-choking, suit-waring fucks kept inflating and inflating. And it blew. Wow, who would've expected that to happen? Besides people with brains in their heads. I've been living in the states for almost 3 years now, I don't like to generalize, but I will. The mind of the average American is diluted with so much bullshit that "Everything is OK" that after a looooong time you realize: "Wait, something's been slapping my ass recently. Let me check. Oh, shit, they're fucking me. They've been fucking me for years. Shit!"


Oct. 2, 2008 | 8:02 AM Bum-Secks says:

why don't we all just move to a different country =3
me i'll be in japan


Oct. 2, 2008 | 8:09 AM MindChamber says:

sadly this has been the way since the governments inception.

They batten down the hatches, let the less fortunate fend for themselves and start again trimmer and leaner with all heads still in place.

its a cycle that will probably not end until we become a third world country


Oct. 2, 2008 | 9:09 AM Snubby says:

They should just print another 700 billion dollars, that should work without any strings attached.


Oct. 2, 2008 | 9:37 AM FrozenFire says:

It's all a big conspiracy to provoke an unknown enemy to attack. Our Economy is "DESTROYED OMG!" says the media, and "ALL OF OUR TROOPS ARE DYING IN IRAQ NOES!"

We are supposedly weak and sooner or later we will know who's truly after our country.. I bet it's going to be Argentina, because it has the word "Gent" in it. They must be aristocrats down there.

DURRR.


Oct. 2, 2008 | 10:50 AM HyperDrachen says:

The passing of this bill is a grim reminder. The average American lost power long ago. The fact that both Obama and McCain supported this move reinforces the flaw in our system. We have lost our voice in the government, through corporate treachery, or own complacence, and government corruption through greed. This move is so blatantly in favor of those who live off the sweat of others. When Eron execs ruined the careers, and retirements of 20,000 people through willful accounting fraud the US gov did nothing for those affected. Furthermore, the suits brought against the offending executives were settled by them personally out of their own pockets, which no doubt had become quite full via their fraudulent actions.

They stole from their investors, employees, and debtors, got rich doing it, and now live the high life on their ill gotten gains. The laws are in favor of the wealthy, so much like war crimes, as long as your scam succeeds you wont have to pay for it. Freddie Mac and Fannie May are losing their asses because the American people are losing theirs, our economy has been weakened by an inability to compete on the international stage. We have not invested in our people, we lag behind in all industries as a result. If the government is ready to "invest 700billion in America" it should invest in our industries from the bottom up, not the stock share down. America imports everything, the only thing we export is jobs.

We should be investing in building the skills of the American people. Energy research and the American job have been set on the sidelines due to being cost prohibitive. However we were able to come up with 9.3 trillion dollars in debt, across the last 8 years, for the purpose of keeping us safe from an enemy who was provoked by the rich and powerful crooks of America. The 700billion dollar bailout should set us right at 10trillion in debt for this administration. We have spent obscene amounts of money fighting an enemy which is largely funded by our addiction to foreign oil.

There are hundreds of places around the world where injustices are committed against their own people every bit as bad as what happened to the people of Iraq. To think there is no motive beyond being America the good guys who save the oppressed is naive, pure and simple. Do some research on Darfur, the situation makes Iraq look like playschool. Our government is committing injustice against us, and the rest of the world by not taking responsibility internally. The war machines of the middle east are funded by oil export. A country with 10billion a day to spend on fighting a war should have instead spent the money long ago on cutting said wars funding. There are real energy alternatives out there and America has what it needs to push for them. We don't have to get off of oil completely but we do have to get off of buying it from nations who subjugate their own people.

But there is no motivation to do so for the CEOs and politicians of America. A cratered stockmarket will not make me starve, i still have useful skills, I can exchange work for money, or food, or whatever i need. Only those whos wealth comes from taking an unfair share of the profits from the work of others will suffer. I know some people who are retired have worked very hard and will lose alot on the stock market, but I for one would be willing to pitch in to help them in the event of a crash, whilst letting the fatcats of america learn the meaning of real work, or starving i don't care.

Corporate America was finally going to topple on its own greed when the government showed who's interest it really has in mind. They have weakened the people they subjugate by dividing us. Forget your race, forget your political party, forget your hometown, there are only two groups, Us who work, and those who greedily take the fruits of our work. Don't misdirect your contempt at the jobless, or welfare dependent. They are a mere symptom of the problem and meant to distract you from the cause of so much joblessness and complacency. Lose your contempt for the illegal alien who works for a living(and in many cases pays taxes, state if nothing else) and turn it toward the companies that have exported far more jobs than illegals ever dreamed of taking. Corporate America has drained us. They evade taxes, export jobs, exploit their employees for as little as they can get away with paying them, and repeatedly failed to create competitive products for the world market. There are exceptions but such companies will survive just fine when Freddie and Fannie fall. We need an economic rebellion in this country, sadly I lack the know how, but perhaps in time, I or somone else can devise a good plan. It's time we killed corporate america, and put the power back in the peoples hands. We should wage this war against our parasites with our skills and the control of our dollar. We are the power in this country we need to find a way to remind them.


Oct. 2, 2008 | 11:02 AM Lekkimsm2500 says:

Just as JohnnyUtah wrote: hopefully an asteroid will obliterate this worthless planet sooner than later

Maybe the swiss's will pull themselves together and make that black hole they promised even quicker. (Unless hell freezes to ice before they make it)


Oct. 2, 2008 | 12:43 PM Maxxor says:

The "free market" keeps failing, crashing and fucking up. Where are all the neoliberals now? Why so quiet?


Oct. 2, 2008 | 2:20 PM CaiWengi says:

Fool. Hers why your two points are wrong.

Why did they both support it when the majority of americans dont like it?

Maybe they have principles, or imagine how much they would be ripped apart by the other candidate if they voted against it, about how they dont care about the economy.

The money is just lining rich bank owners pockets. Why does it go to people losing there homes.

It isnt going to bank owners pockets, it goes to the banks. If the banks dont go bust, then people wont lose there homes and so on. The reason the banks are taking homes and so on is because they are going bust. So this gives them room to breathe, now they wont get so desperate if there buisness goes down the pooper. If these crashers dont harm the 'rich bankers' then how come alot of them killed themselves on the day of the wall street crash? Its simple minded views like yours that have gotten the american economy into this rut. You cant just give money to people and hope itll all be ok.

I agree that the video games industry is safe, the american movie industry boomed in the 1930s depression


Oct. 2, 2008 | 5:13 PM Archon68 says:

I'm too lazy to read that... Sum it up 4 meh


Oct. 2, 2008 | 5:52 PM Wholyish says:

this bill was the worst idea ever, the usa is *supposed* to have a free market economy, not a "bail out the losers" economy... nixon made the biggest mistake of his life when he switched our country off the gold standard, now everything is based on speculators, including the price of gas.


Oct. 2, 2008 | 6:54 PM Pencil-Clock says:

I DO NOT Agree with the bailout. Those rich people do not need to be bailed! :(


Oct. 2, 2008 | 7:04 PM Lalo says:

i'd rather say worthless race that worthless planet jeff.


Oct. 2, 2008 | 10:39 PM BMack24 says:

it would be way way cheaper for the government to just give everyone in america over the age of 18 2 million dollars to pay off our bills. s'true.


Oct. 4, 2008 | 6:42 PM SuperDeagle says:

Well as I see it, it's our governments fault for getting us in this mess in the first place, so they are obligated to fix it, but this is definitely not the way to do it. This is exactly what got us here to begin with.


Oct. 6, 2008 | 2:11 AM Death619 says:

i want 700 billion dollars


Oct. 9, 2008 | 6:33 PM smicothegreat says:

I didn't even read this...o__o

ITS THE FINAL COUUNTDOWN.. DUNUU NUU NUUUUHHH NUH NUH NUUNT NUNT NUUUH!!!


Oct. 13, 2008 | 12:57 AM hollerhollerholler7 says:

hey hi blue name.


Oct. 13, 2008 | 10:32 PM Originality says:

What I understand of it all is this: we are owned by corperations and corperations are our emperors. I saw a chart a day or two ago that ranked Wal-Mart to having more money than every other country except Norway. Also on that chart there was some other big corperations above Norway. Wars, assasinations, and policies are all fueled towards helping these companies.

Above the companies are the federal bankers (Central banks) that loan out money to the US at interest keeping us perpetually in debt and indentured servitude. Meaning the money in your pocket is borrowed from the Fed at interest (that money is not yours).

So I don't buy into the idea of democracy unless the people have to be pacified by the policy holders doing what they want. Which does not happen often, if at all. I would like to see a list of the companies (that sponser politicions) I will be electing into office and know what exactly I'm truly voting for.

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