October 11, 2010
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11:12 PM
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Posted by: Hermit Dave at October 11, 2010 11:23 PM (sqGe2)
People will start "un-electing" these bastards with bronze-jacketed lead should they try something like this.
...you can't lock everyone up.
Posted by: davis,br at October 11, 2010 11:53 PM (uCShA)
I don't think any of us are joking that this would start an actual Second American Revolution. Tar and feathering would be the least of the political class's worries.
Posted by: alexthechick at October 11, 2010 11:59 PM (bQ5xy)
On the surface, and done blatantly, yes this would start the Second American Revolution. So, let's think deviously, and figure out how to get the dumb public to accept, even beg for, this to happen:
Step 1: Crash the stock market again. This would be incredibly easy to do. First, using the mortgage fiasco as an excuse, force the banks back onto mark-to-market accounting, and eliminate their use of off-balance-sheet vehicles. Boom, every single major bank is instantly tapped out -- huge liquidity panic. At the same time, keep the Fed from doing further QE and stay away from further fiscal stimulus. Market halves, at the very least.
Step 2: As most people's 401ks are now decimated, and fear of further losses runs rampant, propose legislation that swaps stock in 401ks for US Treasuries. Needless to say, these treasuries will pay almost no interest, but they'll be 'safe'.
Step 3: Start up QE again and slowly use the largely increased facility for government debt in the new 401ks to allow the goverment to trade out its newfound huge stock holdings for debt. This, of course, causes inflation, greatly reducing the value of the public's new treasury holdings, but the losses are far more obscured and taken over long amounts of time.
I think most people, being financially illiterate, would go for this. They'd be worse off in the long run, but it would appear to be a good deal if spun correctly.
Posted by: Hermit Dave at October 12, 2010 12:18 AM (sqGe2)
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Posted by: dick at October 12, 2010 08:56 PM (t2HRi)
Talk about "double dipping." Kinda like George Costanza at the salsa bowl, going for another dip after already having the chip in his mouth once. We get to pay for SS, pay for our 401k and/or IRA, and in the end we will still be left with nothing but a soggy chip.
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Posted by: eddiebear at
11:30 PM
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Posted by: Hermit Dave at October 03, 2010 06:12 AM (sqGe2)
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And I'll wager it doesn't include the speech where he repudiated his past actions, either.
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