With another 800 billion tossed into the mix, the bailout(s) is reaching mindboggling proportions, and those in charge of it are pretty much making up the rules as they go, hoping to somehow borrow their way out of this mess. This latest move is aimed at consumer lending; it’s unclear to me how that’s really going to help, given that more consumer borrowing is precisely what we don’t need—and cash-strapped citizens are unlikely to step up and do their patriotic duty by continuing to Shop/Spend anyway. Meanwhile, the first, Wall Street-focused bailout (back when 700 billion seemed like a lot) trundles along pretty much immune to oversight. My predictions are as follows:
—Paulson’s friends are going to get even richer than they already are
—The giant sucking sound you’re about to hear will be the U.S. dollar once it turns out there are way too many of them
—We may have bought our way out of the last downturn (2001), but we’ll eventually realize that our efforts to do the same for this one have only stirred the shit up to unholy proportions
—Paulson may not realize he’s being set up as Number One Scapegoat, but a lot of us will laugh when it happens.
—Can’t we start spending money on shit that will actually be useful when all this fucking money’s worthless?
—Aren’t you glad that Bush 43 failed to privatize social security?