Monday, November 24, 2008

Off the wagon

So, I let myself get pressured into returning to world of warcraft two weeks ago. Gulp, there goes all my free time again. We'll see how long it lasts this time.

I saw this article earlier today and I'm in a state of shock and disbelief.

Here are a couple of quotes:

"The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages."

“It’s unprecedented,” said Bob Eisenbeis, chief monetary economist at Vineland, New Jersey-based Cumberland Advisors Inc. and an economist for the Atlanta Fed for 10 years until January. “The backlash has begun already. Congress is taking a lot of hits from their constituents because they got snookered on the TARP big time. There’s a lot of supposedly smart people who look to be totally incompetent, and it’s all going to fall on the taxpayer.”

“Some have asked us to reveal the names of the banks that are borrowing, how much they are borrowing, what collateral they are posting,” [Ben] Bernanke said Nov. 18 to the House Financial Services Committee. “We think that’s counterproductive.”

and the thing that makes me the most nervous:

"Most of the spending programs are run out of the New York Fed, whose president, Timothy Geithner, is said to be President- elect Barack Obama’s choice for Treasury Secretary."

Get your house in order, bad things are coming. I'm getting nervous.