Tuesday, September 30, 2008


The war and occupation of Iraq has, thus far, cost the American taxpayer $800 billion.  Thus far.  Do we have anything to show for that money?  Not really.  Is oil cheaper?  Nope.  Hmm.  It's like Chris Rock says, If I invade a KFC, you'd better believe that wings are going to be cheap at my house.  

The proposed bill to help financial firms deal with bad mortgage exposures, if passed, may cost the American taxpayer up to $700 billion.  What would we have to show for that money?  Well, a functioning credit market would be nice.  More lending between banks would reduce the burden on the Federal Reserve as lender of last resort.  And, get this: it might well end up making the taxpayer money.  This isn't a black hole that money is going to be poured down.  The Treasury proposes to use the money to purchase bad mortgage debt and derivatives.  If those perform, the taxpayer reaps the benefit.

If you're opposed to the Iraq War, and opposed to the rescue bill, I can understand that.  What I can't understand is the legion of fuckwits in Congress who refuse to support this bill, yet support flushing hundreds of billions into the sewers of Iraq.  If you have one red cent invested in a 401(k), IRA, pension plan, 529, house, gun, dog, truck, really anything that isn't FDIC guaranteed, there is no logical explanation for not supporting this bill.  

There are few things I dislike more than government spending.  Stupidity and ill-reasoned dogmatics though, are a few of those things.

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