So I was driving home last night, and I realized that I forgot my iPod at home on the charger.  That sucked.  I turned on the radio for some news goodness, and once again almost drove off the road in absolute disgust!  At that point, the Dow had dropped something like 800 friggin’ points, and politicians were once again bloviating about how more needed to be done! 

Nothing gives a politician a bigger hard-on than an economic crisis, especially four weeks before Election Day!

The Dow recovered.

But two rebounds set in during the last hour of trading that trimmed the Dow’s loss. The blue-chip index closed down 370 points, or 3.6%, to 9,956.

The Standard & Poor’s 500 Index was down 42 points, or 3.9%, to 1,057, and the Nasdaq Composite Index was off 84 points, or 4.3%, to 1,863.

But now, we’re faced with another “crisis.”  Commercial paper – a money market security used by companies to finance day-to-day operations.  Well, apparently the taxpayers need to be fleeced some more, according to the Fed.

The government is weighing a plan to buy massive amounts of unsecured short-term debt in an effort to unclog credit markets in the U.S., a report says.

The Federal Reserve is working with the Treasury Department on the plan to buy commercial paper, a short-term financing mechanism that many companies rely on to finance their day-to-day operations, the Associated Press reports, citing a person with knowledge of the plan.

The plan calls for the government to come up with a backstop that would provide companies with a new place to get cash. Under the plan, the Fed could become a source of credit for nonfinancial businesses in addition to commercial banks and investment firms, AP reports.

I was listening to an economics professor from the University of Maryland yesterday, and he made a pretty accurate comparison about the bailout:  it’s like giving scotch to an alcoholic.  What incentive will banks have to raise their own capital if they can just suck up taxpayer subsidies courtesy of the Fed?  None.  They will just continue doing what they’re doing.

And speaking of which… why the hell does a bill that was supposed to “rescue” big, important financial companies (read: irresponsible lenders) define some privileged companies that will be excused from the ass reaming we’re about to receive?  Ultimately the money will come from somewhere – whether it’s borrowed, printed or taxed directly – and we, the taxpayers will be paying for it, unless, of course, we’re a few privileged entities who are exempt…

Exemption for certain wooden arrow shafts.—Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly—

[...]

Extension of temporary duty reductions.—Each of the following headings of the Harmonized Tariff Schedule of the United States is amended by striking the date in the effective period column and inserting “12/31/2014”:

    (1) Heading 9902.51.11 (relating to fabrics of worsted wool).

    (2) Heading 9902.51.13 (relating to yarn of combed wool).

    (3) Heading 9902.51.14 (relating to wool fiber, waste, garnetted stock, combed wool, or wool top).

    (4) Heading 9902.51.15 (relating to fabrics of combed wool).

    (5) Heading 9902.51.16 (relating to fabrics of combed wool).

(b) Extension of duty refunds and wool research trust fund.—

WOOL RESEARCH FUND???  Are you friggin’ serious?

Other goodies include:

Sec. 314. Indian employment credit.
Sec. 315. Accelerated depreciation for business property on Indian reservations.
Sec. 316. Railroad track maintenance.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 318. Expensing of environmental remediation costs.
Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.
Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf Opportunity Zone.
Sec. 321. Enhanced deduction for qualified computer contributions.
Sec. 322. Tax incentives for investment in the District of Columbia.

Gee… they couldn’t get this crap shit sandwich to pass the first time around, so they loaded it with political favors, and version 2.0 sails through Congress and is signed by Bush a couple of hours later.  But the markets plummeted nonetheless, and we the taxpayers are left rubbing our asses from the reaming we just took.  Meanwhile, Bush starts to make excuses for the non-rescue of his rescue plan.


As global markets plunged, President Bush said on Monday said “it’s going to take awhile” for the government’s $700 billion financial rescue plan to bolster the troubled U.S. economy. 

Bush said the purpose of the package was to unlock the nation’s credit freeze “to get money moving again.” But, he added: “We don’t want to rush into the situation and have the program not be effective.”

Erm… WE DON’T WANT TO RUSH INTO THE SITUATION???????  Seriously?  After you and your horde of organized financial criminals literally RAMMED this rescue bill down the throats of taxpayers and legislators alike, scaring them into believing that if we don’t pass this bill NOW NOW NOW, there will be havoc and martial law will be instituted to control the rioting?

Spare me.