The Mortgage Backed Securites Bailout. A Denver Bloggers Perspective.

Bush is on TV now. I caught a couple of minutes of him explaining why their buyers of mortgage backed securities are going to be bailed out. His answer was, more or less, cause if not, the financial system would break down. According to him 'the markets did not work'. Didn't catch why they didn't work. Don't think he said.

Random questions:

What did Bush mean 'the market didn't work'? What should it have done? Prevented people from buying these securities in the first place? What could have the administration done to affect the right outcome here?

Whose getting the $? What major institutions?

Who screwed up? Financial investment is all about risk. Why did companies buy mortgage backed securities if they sucked so hard?

What will keep this from happening again?

Aside from this bailout, AIG was recently bought by the government more or less. AIG is one of, if not the, largest Insurance company in the US. If Insurance companies can fall back on the government when they have financial difficulties, what is the argument against government, universal health care?

Private owners are getting the upside and the public is getting the downside. Is that Capitalism? How should I argue this point with a dread locked white guy wearing a tie dye t-shirt when he tells me the system is rigged, after all, other people don't get the government guaranteeing their investments.

Whats Playing

Here's what's playing at the theaters in the hood right now (not great):

Get Smart
Hancock
Indiana Jones and the Kingdom of the Crystal Skull
Iron Man
Kit Kittredge: An American Girl
Kung Fu Panda
Meet Dave
Mummy: Tomb of the Dragon Emperor, The
Space Chimps
You Don t Mess With the Zohan

Bottle Shock
Frozen River
Mamma Mia!
Vicky Cristina Barcelona
Burn After Reading
I Served the King of England
Tyler Perry s The Family That Preys
The Women

McCain. Uggh/Fuck.

By MICHAEL COOPER
Published: September 16, 2008
VIENNA, Ohio — On Monday morning, as the financial system absorbed one of its biggest shocks in generations, Senator John McCain said, as he had many times before, that he believed the fundamentals of the economy were “strong.”

Hours later he backpedaled, explaining that he had meant that American workers, whom he described as the backbone of the economy, were productive and resilient. By Tuesday he was calling the economic situation “a total crisis” and denouncing “greed” on Wall Street and in Washington.

Make up your mind man. The economy has been poor for some time if you ask me. Your definition of fundamentals is unserious and pandering.

Let's see, McCain thinks this Iraq war was a good thing. I don't know why. He's big time anti-abortion. I don't think the government should control women's bodies. He can't define what his position is on the economy (is the situation 'sound' or a 'crisis'?) He has a lame sense of humor. He resorts to the vilest pandering.

ABM - Anybody but McCain.