What is the Senate Thinking Passing the Bailout Bill?

This Bailout looks like it is going to happen with last night's approval by the Senate.

$700 Billion from American taxpayers to buy all the bad loans from banks all around the world. What? United Bank of Switzerland, Deutschebank, banks in Hong Kong, we're bailing out those banks too?

That's right, go to this wonderful video on TheYoungTurks.com for an excellent insight into the insanity of this bailout bill, called This is How the Bailout will Screw You

http://www.youtube.com/watch?v=1OTM8Y3a5zQ&feature=related

But other countries are helping us right? Doesn't sound like it. Just us!

Hey, we're going to spend $5,000 each to bail out all by ourselves all the bad loans that banks around the world now hold, not to help homeowners in America. If this is going to help Main St. it's going to be the crumbs and dust falling off the plates of the super rich of Wall St. and being scooped up for food by the starving on Main St.!

And watch this wonderful objection to the bailout bill by Rep. Mary Kaptur from Ohio's 9th District, suggested by Alan who read an earlier blog,

http://www.youtube.com/watch?v=S27yitK32ds

Honestly, we don't need to bail out all the bad loans of the global big banks to end this liquidity crisis on US Banks. Instead, we just need to change the mark to market regulations on banks, as proposed by DeFazio, and this "emergency" will be over. Their assets will be held at full value with the stroke of a pen and no money spent by us. Problem solved.

Then, if we want to turn our economy around, let's subsidize mortgages for those in foreclosure to the tune of $2 billion a year initially, and at the same time, spend the $700 Billion on infrastructure, solar, wind, more efficient car motors, gosh, that would be so many wonderful things for the good of our country! Why give it all to global banks who want to get rid of bad loans? Because the market dropped 778 three days ago? It went up 450 the next day. So where's the panic? Maybe if we spend $700 Billion on infrastructure it would go up by 4000! Hey, why not just split the bill, $350 Billion on bailout, $350 Billion on infrastructure, and see what happens? Why put all our money into one basket?

Why rush the decision? Is the sky really falling? It is for the bankers, but not for Main St. Not badly enough to bail out United Bank of Switzerland's bad loans!

Who came up with this? Oh, that's right, Treasury Secretary Paulson, formerly CEO of Goldman Sachs, who is personally worth $700 million. Well gosh, he's got a lot in common with those of us on Main St.

I have a very bad feeling about this bill. It's going to get passed, and we're still going to have a recession/depression. Get ready to spend $1 Trillion next year on infrastructure because we're not going to see the economy improve much at all with this baillout bill.

Sure, when it passes, the market is going to rally, for awhile, but I would strongly advise putting very tight stop limits under your rising stocks, because once it's apparent that this bailout bill is not going to stop our slide into a depression, stocks are going to drop even more. Maybe not financial stocks, but most of the rest.

I'm so disappointed in the Senate.