Joe Bageant on bailouts

[eridani]

http://www.alternet.org/politics/140262/a_redneck_view_of_obama%27s_presidency/

As to America's working class debt serfdom, some of us were resigned to that a long time ago. My former neighbor, Fat Larry (whose real name is Myron, and is thus happy enough to be called Fat Larry) says: "Hey, look, I don't care if Obama is putting us in debt. I was already in hock for the rest of my life before they started hollering about a 'debt crisis'". Nor is he opposed to accepting a handout: "Obama can let a smidgen of them trillions land in my poke anytime. Right now I got no problems fifty thousand bucks wouldn't fix."

Not to worry Larry! According to our media, the cavalry is on the way to our rescue. Arrival time is estimated to be in two years. That's when employment is supposed to start coming back, after another year or so of continued job losses.

Meanwhile, Obama is humping the pump in an effort to re-inflate an economy that looks more every day like a balloon with a 55 caliber bullet hole in it. He's even tried to get some of the escaped air back into the balloon by making corporations return a few billion dollars of the trillions in bailout money that disappeared the minute it crossed their paws. "Seems to me," says Fat Larry, "he should'a give the money back to me. It was mine to start with."

Personally, I really cannot bitch too much about Obama's giveaways. At the end of this month he's sending me a $250 check -- stimulus money being handed out to us retirees -- which is about the only good thing I have encountered so far about getting old.

[PretzelWarrior]

1. bad timing. this windbaggery is outdated. Economists predict end of recession

for Q3 of 2009. Consumer confidence is up...I'd say job recovery could start very soon.

[eridani]

2. The fundamentals suck

We've been doing bubbles for 30 years while working class income has been in decline. Borrowing can no longer paper that over.