Analysts I'm hearing are saying the bailout won't make any difference

...and that Wall Street is going to drop another 10%. There are more days like today that will follow.

So, why doesn't Congress freeze the $700 billion bailout, fire Paulson now and devise a plan which will get the economy back on track?

Otherwise, this bailout is just good money going in after bad.

ALthugh the media has been trumpeting how this is all the fault of the stinking low wage earners who insisted that they be offered sub prime mortgage, last night's 60 Minutes detailed a few of the underreported TRUTHS about this mess.
The problem is not at all the sub prime mortgages.

There were not enough marginally incomed folks buying houses to endanger our entire economy. Set it back 10 to 15 % sure, but not rip it apart by its gizzards.

What is undermining our economy are these damn "Credit Default Swaps" And those instruments were the insurance policies that were SOLD to the investors that bought up the SIV's (An SIV was a collection of huge bundles of many of the sub prime mortgages. Some of these bundles were sold over 35 times - sort of like if you Had twenty bucks, but you loaned it to yourself so now you have forty, so now you loan it to yourself and now have eighty, etc)

Now the Swaps were actually insurance so that IN THEORY no one would ever lose anything should any single bundle of sub prime mortgages default.

And as insurance they should have been regulated. Had they been regulated - they would have probably been regulated out of existence. But they weren't insurance - nudge nudge - they were SWAPS -- get it!! And as SWAPS - not a single one of the many regulators appointed to oversee insurance policies (and their sales) ever bothered to intervene and see that this mess was stopped before it brought the country down.

The whole mess stinks to high heaven. When you start to examine this stinking mess, as Michael Collins has been doing in his articles from Scoop that he generously re-posts here, you realize that there ae some 500 TRILLION dollars in assets taht are about to be announced as having been wiped away in the "derivative" market trades that are bottoming out as we type. (This 500 TRILLION dollars represents more worth than the global economy possesses - America's economy is only 13 Trillion a year in a good year) But since OUR GOVERNMENT let the insurance policies be called SWAPS - well that is something that indicates to me that We the People can no longer allow the government to oversee anything!!

If you and me go to "Humboldt County" er I mean, "Non Tokers County" to buy some er, let's call it OREGANO, do you think we would be left without regulation? Especially if we drove home in a stolen car at speeds in excess of 115 mph??

As far as I can tell the whole thing that has gone on in Wall Street for the last three to five years - it is nothing more than a rackets operation.

And then a bigger rackets operation was the House and Senate voting to take the money away from the middle incomed person through taxation and help the recovery of the very people who did this crap. And the people who perpetrated this on us are the same people who will be handling the BailoOut monies!! How is this any different than giving the Mafiosa half your money fromyour cash register to ensure your pizza parlor windows won't be kicked in? Except that the Mafiosa at least has the decency to NOT KNOCK in your windows if they are paid. The people who get the BailOut funds will NOT BE USING it to help us!!

And last week, right before this event were we not being told by the same experts that brought us this mess that the only way for our economy to avoid tanking was for this noxious Bailout Bill.

The actions of our House and Senate in approving this Bailout bill is nothing less than the theft of our Social Security. And just as importantly -- the Wholesale theft of our economy out from under us But guess what - our economy just tanked!! Even though we gave the country away!

No massive bank failures yet, I mean complete and total with no back-up. The $250,000 FDIC calmed people's fears there. Nobody ever said this was all that needed to be done.