What say you about this article's take on the $700 gigabuck bailout?

[truthisfreedom]

It calls for massive phone and fax and email demands to our congresspeople.

http://seekingalpha.com/article/97517-on-board-the-u-s-s-titanic

It ends this way:

The time to act is now. This bailout bill will punish your children and their children. The only way to stop it is by swamping your Representatives and Senators with phone calls, faxes and emails. Do it before it is too late. Remember the Government Motto: If you think the problems we created are bad, wait until you see the solutions.
If this bill is passed, I see the following implications to various passengers onboard U.S. Titianic:

Rich ruling elite

* In the short-term they will be joyous. The stock market will briefly soar as their millions will be protected.
* I would recommend that they buy some books about the French Revolution and the Russian revolution. The huddled masses have had just about enough. Class warfare is closer than it has ever been. The anger in this country is building. The passing of this bill against the wishes of the vast majority will be the trigger for civil unrest.

The Poor

* You’re screwed!!!
* You don’t have any money or investments, so you have nothing to lose. There will be less jobs. The money that Obama and McCain have promised you will be used to keep rich bankers rich. Sorry, you’re going down with the ship.

The Middle Class

* You’re really screwed.
* The dollar will decline. You will pay more for gas, food, and other basics.
* Interest rates will go up, making your debt more burdensome.
* Taxes will be raised and/or benefits will be decreased because the rich will need to maintain their lifestyle.
* Your home value will continue to decline for the next five years.
* Your salary, investments and 401k will not keep up with inflation, thereby reducing your standard of living.
* I recommend that you: pay off your car and use it for 10 years or 150,000 miles, whichever comes first; stop buying crap you don’t need; pay off your credit cards; try brown bagging your lunch; wash your car in the driveway; cut your own lawn; let your kids play outside rather than trying to dictate all their time; use your appliances until they break; if the cushion on your couch is ripped or stained, turn it over; contribute as much to your 401k as possible; and buy generics.
* If you own a home, stay in that home for the rest of your life. Pay down your mortgage. Make necessary repairs. Do not get a new kitchen or bathroom because your neighbor did. Do not borrow against your equity to buy stuff you don’t need.
* If you rent, continue to rent until you have at least 20% to put down on a house and can easily make the monthly mortgage payment using a 30 year fixed mortgage.
* If your Congressman or Senator voted for the bailout bill, vote them out in November.

[Kurt_and_Hunter]

1. You are agitating for oposition to the nominee's position in GD-P? Why? This is GD stuff

[Spider Jerusalem]

2. I say that this article is painfully stupid.

I also say that the people who are denying the evidence of deep systemic trouble in the American financial system as a result of the current liquidity crisis, who think that this massive liquidity injection (because make no mistake, that is what this is; calling it a 'bailout' is to some extent a misnomer) are ignorant. Wilful ignorance is functionally no different to stupidity. If this is nothing more than a scam designed to benefit Wall Street rather than a needed measure to shore up the economy and avert much deeper and much greater problems, WHY are so many other governments around the world responding in a similar manner? Would anyone care to tell me that? We have a global economy, and the effects of the current crisis are widespread and extend far beyond the borders of the US. The European Central Bank pumped a hundred billion dollars into the EU financial system; the Bank of Japan, the Bank of England, the Reserve Bank of Australia, have all taken similar measures. If this isn't a serious and real crisis requiring a large injection of liquidity into the financial system, why are all of these governments taking these steps?

And do you want to know what will happen if this, or something similar, doesn't pass? The answer: Financial institutions with liquidity problems will find themselves unable to make loans, unable to meet obligations, unable to pay depositors. Credit will become unavailable, many businesses will find themselves without the financial wherewithal to afford to operate because they can't meet their expenditures, because they can't get credit, therefore many many people will find themselves unemployed, and they will also find themselves unable to get credit. The Dow will drop not by 500 points, but by more like 2000. The crisis will deepen and spread, and eventually the government will HAVE to step in with an injection of liquidity from the Fed to lessen the crisis, as is being proposed NOW. But by then it'll be too late to do any good.