Friday, September 26, 2008

The House Republican "alternate" bailout plan

What does it have?

Not that anyone really knows, because they didn't bother telling people about it but:

Why, it has ... <*surprise*> ... tax cuts!

And it has ... <*surprise* ... deregulation!!

But let's forget about the pork they shoved in, and the expansion of what got us here in the first place, and see how it's going to "fix" things:

It's going to insist that the financial institutions buy insurance, rather than pay them to take shaky loans of their books. "Hey, look! Free money!!!" This won't cost the taxpayers a dime, because the financial companies will pay for this insurance, and that will fix everything.

Hey morons: Insurance doesn't work quite right if you buy it after you have the accident! See here, for instance. Why futz around pretending this is "insurance" and make them pay a premium (that they can't afford because they're broke) only to turn right around and pay out the entire insured value? Why not just hand them the money up front and be honest about it? Calling it "insurance" doesn't magically manufacture money.

I've heard some stoopid ideas in my life, but this shell game of theirs takes the cake.... But no same person is going to buy it, it will never be tested, and they can keep telling the rubes that they had an alternative plan, without having to show it works (which it manifestly will not).


At 12:09 PM, Anonymous Anonymous said...

Hey Arne, spot on.


At 12:34 PM, Anonymous Anonymous said...

Arne, just a general comment. Saw your posts on GG's blog on Salon. You're a hoot, and I'm adding your blog to my favorites. Your gentle retorts to that THawk7 person were wonderful and had a great low-key irony. My favorite kind.

My only post on GG's blog was in that thread, too. But all I could muster was a love letter to Glenn. I've been meaning to send him one for a couple years now. He's the best.

And Arne... of all the bloggers in the world... you are one of them. ;-)


Biff Barkley

At 3:07 PM, Blogger Arne Langsetmo said...

Hi Biff! Welcome. And I thought you came for the pretty fish pictures. Well, hope you enjoy!



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