Taxpayers would take the fall for a problem Wall St created.

Millions of US taxpayers should not be held responsible for the catastrophe created by foolish (and greedy) bankers. This financial crisis did not materialize out of thin air. It is the result of years of reckless investments, careless government and already-wealthy bankers trying to get even richer.

Why should struggling US taxpayers take on this massive economic burden?

Is this $700B really going to protect ordinary people?

The people and institutions who have proposed this deal are trying to paint it as a last-resort to save thousands of ordinary people’s 401K’s, life savings, and IRA’s. No doubt, there will be pain felt by ordinary Americans if the bailout package is rejected by Congress, but this proposed $700B isn’t going to help the individuals hardest hit by the crisis — it’s going to help the shareholders and leaders of these companies.

If it’s really the ordinary Americans we’re concerned about helping, why don’t we let the banks fail and create a (much smaller) fund to support the hardest-hit American families?

$700B? Try $839B!

Although the cost of this bailout could not exceed $700B without further legislation, It would bring the total cost of this crisis to a staggering $839 billion!

Bush and the other proponents of this package neglect to remind us that this $700B will be added to the $85 billion agreement to bail out AIG, the $29 billion our government has pledged to support the merger between Bear Sterns and JPMorgan Chase and the government’s commitment to save Fannie Mae and Freddie Mac, which the Congressional Budget Office is saying will cost at least $25 billion.

Cheating the market is dangerous.

This bailout would represents us literally ‘cheating’ the market and it would only delay greater economic catastrophe down the road. Bush and Paulson act as if we (the taxpayers) take on the pain of paying the $700B, then everything will be fine in the future.

Many economists would argue this is not so. We are throwing up a “hail Mary” here. There are no guarantees of a full recovery, and many would argue that this bailout will only prolong and exacerbate an economic meltdown in the future.

The US dollar has already lost a tremendous amount of value over the last 5 years. What will happen to its value as we make the ultimate bad investment by buying worthless securities that are virtually un-tradable as the Fed continues to print billions more, diluting our currency even further?

The answer is that our dollar, the value of which Americans have always taken for granted, might lose (a lot ) more of its value over the next 10 years, making every single person in this country poorer.

Global economic recession?

There has also been talk that rejecting the bailout package would cause damage to the global economic system, since these worthless mortgage-backed securities have been divided into thousands of pieces and re-traded all over the globe.

But there is an even greater risk to the global financial system if we go forward with the bailout. As the US dollar loses more and more value, what will happen to the dozens of international currencies pegged to the dollar? The dollar’s demise would represent the ultimate global financial meltdown.

What if it’s not enough?

What do we do if the American taxpayer makes this tremendous sacrifice and it’s simply not enough? George W. Bush said the war in Iraq was going to cost $50 billion.

Did we pack up and come home when that threshold had been crossed? Of course not — we just asked Congress for more to keep fighting the war! As the real-time clock below shows us, we are now nearing $600B spent in Iraq. Once the US has invested $839B+ in this bailout mess, we are “all in” — there is no turning back and it shouldn’t surprise anyone if this turns out to only be the first installment.

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Iraq War Cost

The American tax payer is already fighting hard enough times.

Can American taxpayers even handle another burden on our finances? How much longer will we allow the federal government to drag us into economic despair and use our hard-earned money as their piggy bank, to bail out bad foreign policy and massive economic fumbles?

Imagine what our country would look like if we instead invested the almost 2 trillion dollars from the bailout and the war combined, on everything else we need? Imaging injecting those funds into our education system or health care. What kind of return on investment would that bring, in comparison to some now-worthless assets that might become slightly less-worthless in the future?

A leap towards Socialism.

We have built the most powerful country in the world using a system of free market capitalism. We use regulation to prevent things like monopolies that could harm the system and eliminate competition, but capitalism has worked so well because the golden rule is ’survival of the fittest’.

Companies that make bad decisions and grow fat with debt are eliminated and make room for new ones who are more innovative and intelligent in their approach to doing business.

Buying up $700 billion worth of toxic securities is something a socialist government would do. Many have called for the end of government farm subsidies whereby the US government buys dead crops simply to keep our farmers in business. What we’re considering doing here, is buying almost a trillion dollars worth of dead crops!

Where is the pain for wealthy bankers?

There is nothing in this bailout plan that ensures the bankers and investors behind this mess would bear any burden. We should demand a guarantee that the people whose greed and recklessness caused this crisis lose their money first and are hit the hardest.

The current package has no limits for executive compensation for firms receiving funds from this package. If the current proposal goes through, these guys will have gotten away with financial mass-murder.

What example would it set for reckless financial institutions?

In the absence of responsibility that firms would have to take for their actions, Wall St would likely feel a sense of comfort that the federal government now had their back. This would only encourage more corporate policy that fosters insane risk-taking even when the potential fallout might maim the savings of thousands of hard-working Americans.

George W. Bush is urging Congress to take quick action.

What’s your first reaction when a sleazy salesman tries to force you into buying something quickly? How about when that salesman is George W. Bush and he’s just said, with a condescending smile on his face, “It’s a big price tag, because it’s a big problem.”

Since George Bush is not only the salesman, but also the administrator of this program, I for one would want to read the fine print to see what kind of other bullshit lies within the package’s language.

Surprise, surprise! Section 8 reads:

“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

This little tidbit basically concentrates all power in the administration of this package in the Executive Branch and makes it illegal for the decisions made or money allocated to come under any scrutiny from any court or oversight committee within the US government.

Knowing what we know about George W. Bush, would you say he’ll be tough on the high-powered corporate interests as he distributes these funds? Will he stand up for the American taxpayer?

Would you feel comfortable giving Bush full reign of the implementation of these funds — allowing him to hire any non-governmental agent he sees fit?

If the bailout package is approved as is, it will be the final turn of the knife in the average working American’s gut — a crime we won’t be able to ever hold George Bush accountable for.

We urge you to write and email your congressional representative to make sure he/she knows you are watching for his/her vote on this issue. Please send this article to everyone you know, as the mainstream media is only perpetuating the fear spewed into the airwaves by the Bush Administration, all in a rush to get this through Congress before anyone can speak up about its lunacy.

When we started Matador, we never anticipated publishing much about American politics. After all, we’re a travel site. There are so many thousands of amazing places and cultures to write about without venturing into the political fray.

But as the primaries heated up, our readers asked for more political content. Since then, we’ve been calling it like we see it.

A Big Moment In History

Here in America we’re facing the most difficult economic times and the bleakest outlook that any of us has ever experienced. These are sentiments also echoed by our parents’ generation.

People who built successful businesses and who gave their productive lives to their communities are now struggling to pay the bills.

How has this happened?

How, with our resources, ingenuity, and work ethic, have we gotten to a point where two parents working full time still have trouble making ends meet? And what effect might this crisis have on the next generation?

These are very serious times, and we need a very serious leader. After much careful consideration of the issues, the Matador team emphatically endorses Barack Obama for President. Here’s why:

At Matador we believe passion is a virtue,

We believe in making the most of opportunities, but always giving back to the community.

John McCain graduated at the bottom of a class of 500 people. Barack Obama graduated Magna Cum Laude, first in his class at Harvard Law School, and was the first black president of the Harvard Law Review.

Afterward he returned to his community and taught Constitutional Law for over a decade.

At Matador our core values are rooted in respect for other cultures, lands, and peoples.

We recognize the importance of free and open dialogue and cultural exchange as a means to deeper understanding.

After graduating from college, Barack Obama spent two months traveling, connecting with local communities in Europe and Africa.

By contrast, McCain has no record of travel as a young man outside of his military career, and running-mate Sarah Palin never even held a passport until the middle of 2007.

At Matador we believe sustainability and transparency are the building blocks of communities, businesses, and government.

Barack Obama has laid out a clear and practical economic plan that will create 5 million new green jobs.

By stark contrast, McCain’s plan is a continuation of the very same nefarious practices and policies that have plunged our country into a time of historic economic losses.

One of McCain’s top advisers, the general co-chairman of his campaign, Phil Gramm, is directly responsible for deregulating the banking industry in the late 90s and lobbying Congress to roll back state restrictions on predatory and subprime mortgage lending practices.

Effectively, John McCain is being advised by people whose very actions precipitated the cataclysmic downturn of the US economy.

At Matador we’re concerned for the health and well being of our parents and extended families.

Barack Obama has a visionary plan to reduce healthcare costs as well as cut taxes on seniors while protecting and enhancing Social Security.

By contrast, John McCain wishes to privatize Social Security. His “plan” would funnel money straight out of senior’s pockets and into the coffers of multinational corporations.

At Matador we believe in being a good guest, a good ambassador.

On the stage of international politics, this translates into equanimity, diplomacy and smart foreign policy. We have cringed at McCain’s aggressive rhetoric on the prospect of bombing Iran, and his escalating animosity towards Russia.

And whereas Sarah Palin has no foreign policy experience whatsoever, Joe Biden is a long-time member and current chairman of the U.S. Senate Committee on Foreign Relations.

At Matador we believe in conserving the earth for future generations and understand the critical need for energy independence.

From our travels, we see how other countries are making real progress, harnessing solar and wind energy and being good stewards of the land. Barack Obama will implement an energy plan that makes America the leader in alternative energy technologies, whereas McCain’s plans for “energy independence” can be summed up with the RNC chant of “drill baby, drill!”

Looking Ahead

Over the next 4 years, the Matador team hopes to see the damage of George W. Bush’s calamitous presidency undone. We want less war and more education. We want less time in the office, and more time with our families. We want less terror, and more hope.

We want our next leader to put the interests of average American citizens before those of big oil companies and other multi-national corporations. We’d like to see a resurgence of the middle class.

While traveling abroad in the last year, we can’t help but notice that being American now carries a stigma. It’s not surprising. We believe that electing Barack Obama will help America earn back the trust of people in all corners of the world.

We will not be silent.

We will not be silent at this crucial moment in history. We believe in the power of the American people to make the right decision. We are proud to support Barack Obama, and we encourage you to do the same.

Call your friends! Call your family! Write letters! The future depends on our ability to rise to this moment.

We hope you will continue to help us build the most vibrant travel community on the Web. We appreciate all perspectives, regardless of political affiliation, but request that the discourse remain civil at all times.

Thank you!

Photo, top, by Joshua Wanyama (Creative Commons)

Photo, right, by springhill2008 (Creative Commons)

5. The chant of the night was “Drill, Baby! Drill!”

Photo by Steve Deger

Just as I thought we’d have both candidates dedicating themselves to clean and sustainable energy, an entire night passed without even the mention of wind or solar power.

Instead, the entire stadium was blanketed in signs that say “Drill Now” and “Drill Alaska Now, Baby!”.

Perhaps even more disturbing is the fact that most of these folks – and many watching at home (unless they all have a rich cousin in the oil biz?) – must truly think that drilling for oil in Alaska is going to bring the price of oil down at the pump.

Suddenly, clean energy apparently has nothing to do with “Reduce our Dependency on Foreign Oil.”

And that’s ludicrous.

4. Rudy Giuliani had nothing but disrespect for Barack Obama.

Everyone knows Rudy Giuliani thinks pretty highly of himself and is not afraid to speak his mind about others, but last night his disrespect and blatant personal attacks on Obama took his character to a new low.

“The first thing on his resume..” he began with his upper lip curled into a sneering smile, “was that he worked as a community organizer.” Then he laughed out loud, provoking the rest of the crowd to join in for a full minute.

Does the GOP think community isn’t a critical element in a successful, thriving society?

3. “Country First” is the new theme of the Republican campaign.

Although the slogan is harmless at first glance, as you begin to understand the rhetoric of this party, it becomes something else: completely isolationist from a social and economic perspective and completely unilateral from a military perspective.

Basically the idea is that we should be a state that is completely self-interested, and only engage in activities which benefit us. Less aid to developing countries unless it’s tied to a deal where we get to install a military base, only support free trade if it is to our advantage, and only engage our military if one of our close allies are at risk.

Translation? Let Darfur and the next genocide sort themselves out.

2. The GOP lacks even a shred respect for the Democratic nominees.

Photo by World Economic Forum

When Barack Obama speaks of John McCain, he begins with “John McCain is a great American” – and then proceeds to explain to the crowd why he disagrees with him on the issues that matter.

When Obama was asked about Bristol Palin’s pregnancy, he replied that it was no one’s business but the family’s.

In the face of this respect and integrity, the GOP speakers spent all night mocking Barack Obama and his character, experience and worth.

1. McCain looked like he had aged 12 years in the last 12 days.

The guy is 72 years old. He’s an old person; a senior citizen — and aims to spend the next 4-8 years leading the free world.

You know, there are two kinds of old people: the really healthy, impressive kind who look like they could run a marathon – and then the kind who look like they could drop dead any second.

McCain is the latter, and that could leave us with the Governor of Alaska running the largest military and economy on the planet.

Feature photo by aflcio2008 (Creative Commons)

The word “extreme” has become an overused cliche over the last couple decades, but the individuals featured below have pushed the limits of man to the absolute extreme and some have paid the ultimate price.

We salute them.

Eiger Speed-Riding

The newest extreme sport on the scene, combining BASE jumping, paragliding and skiing, these ballsy Swiss athletes are able to fly down lines that could never be survived with any other combination of equipment. The small canopy allows them to travel at high speeds over snow and maneuver over protruding rocks while occasionally airing off huge cliffs. Insane.

Snowboarding 7601

Terje Haakenson’s notorious first descent of “7601″, one of Alaska’s gnarliest peaks. Imagine the feeling in your stomach as the helicopter pulls off that peak and leaves you on that knife-edge ridge which is barely big enough to put on your board. Just you and the mountain; no turning back. Terje charges. Enough said.

Base Jumping

Espin Fadnes buzzing cliffs at well over 100 mph as he BASE jumps a run in Norway using a wingsuit to control precisely, his position in the air and the small space between his body and certain death. Make sure to watch at the end of the video where he literally comes within a couple feet of the mountain highway guardrail.

Taking this sport a step further Jeb Corliss plans to attempt a jump later this year in Las Vegas, where he’ll BASE jump out of a helicopter and land without a parachute.

Big Wave Surfing at Jaws.

This wave just keeps getting bigger until you can hardly believe it’s real.

Controlled Freefalling

Perhaps the most legendary adrenaline athlete of them all, Dan Osman, was a pioneer of free soloing (climbing 1000+ ft walls without ropes), and pendulum swings or “controled freefalls” as he called them.

Osman, who held the world record for controlled freefalls of more than 1200ft fell to his death after his rope failed while attempting to break his own record with a jump from the Leaning Tower rock formation in Yosemite National Park on November 23, 1998. He was 35.

To learn more about the remarkable life of Dan Osman, please visit Matador Travel and read Feeling Gravity’s Pull, parts 1 & 2 and parts 3 & 4. He died doing what he loved and he will never be forgotten.

What do you think of these videos? Any we missed?