US Financial Bailout Plan

Lightning Bolt · Post by **Lightning Bolt** » September 25, 2008 8:06 pm

This administration has counted on the FACT that most all of us out here in America
have no clue of how real business is done from Wall Street down to Main Street.
...how money actually moves between banks, and between countries as part of the world markets.

Unless you want to find out what "YOU NOW HAVE NO MONEY!!!" really means,
keep kvetching about this sad/bad-but-now-necessary bailout and we all will experience what a Depression feels like.

Here's a hint... it will make "missing the Vegas show" a complete "what the hell was I thinking?" moment

Post by **SMLCHNG** » September 25, 2008 9:26 pm

One thing I know of that has hurt many of my friends, co-workers, family is when those credit card payments doubled.. Those who do have them, and use them wisely, were hurt by that change.

Wino you know · Post by **Wino you know** » September 25, 2008 9:35 pm

SMLCHNG wrote:One thing I know of that has hurt many of my friends, co-workers, family is when those credit card payments doubled.. Those who do have them, and use them wisely, were hurt by that change.

For the life of me, I cannot understand HOW my grandparents lived their entire lives without credit cards.

I know LOTS of people who CLAIM to be poor, but, yet, you go to their house (their HOUSE), and you see 6 or 7 damn TV sets, the latest Hewlett-Packard with all the bells & whistles, a closet full of clothes from The Gap, a cell phone that will do everything but blow your nose, a $40,000.00 car sitting in the driveway, furniture from Oak Express, and on and on and on and on and on. (And they claim they can't afford health care).
These people don't deserve to be bailed out, and neither do those f'ing rapist-CROOKS at Fannie & Freddie.

Post by **SMLCHNG** » September 25, 2008 9:40 pm

Wino you know wrote:
These people don't deserve to be bailed out, and neither do those f'ing rapist-CROOKS at Fannie & Freddie.

Couldn't agree more, Garry..

Lightning Bolt · Post by **Lightning Bolt** » September 25, 2008 9:45 pm

SMLCHNG wrote:
Wino you know wrote:
These people don't deserve to be bailed out, and neither do those f'ing rapist-CROOKS at Fannie & Freddie.
Couldn't agree more, Garry..

with you there fer sure.

Sounds like the F.B.I. is going to stick their nose into this now...
They want some answers to the hasty exits of the CEO's at Fanny, Freddy, AIG, and Shearson/Lehman

Wino you know · Post by **Wino you know** » September 25, 2008 9:50 pm

Lightning Bolt wrote:with you there fer sure.

Sounds like the F.B.I. is going to stick their nose into this now...
They want some answers to the hasty exits of the CEO's at Fanny, Freddy, AIG, and Shearson/Lehman

Well, YA KNOW, there NEEDS to be an investigation!
And some heads need to roll.

Post by **SMLCHNG** » September 25, 2008 9:57 pm

Lightning Bolt wrote:
SMLCHNG wrote:
Wino you know wrote:
These people don't deserve to be bailed out, and neither do those f'ing rapist-CROOKS at Fannie & Freddie.
Couldn't agree more, Garry..
with you there fer sure.
Sounds like the F.B.I. is going to stick their nose into this now...
They want some answers to the hasty exits of the CEO's at Fanny, Freddy, AIG, and Shearson/Lehman

Good. I hope they find enough to put them behind bars, and let the taxpayers divvy up their assets.

UAHparrothead · Post by **UAHparrothead** » September 25, 2008 11:52 pm

"It is extraordinary to me that you (US government) can find $700 billion to save Wall Street and the entire G8 can't find $25 billion to save 25,000 children who die every day of preventable treatable disease and hunger." Bono

It's time for us to ask ourselves where our priorities are.

Wino you know · Post by **Wino you know** » September 25, 2008 11:57 pm

UAHparrothead wrote:"It is extraordinary to me that you (US government) can find $700 billion to save Wall Street and the entire G8 can't find $25 billion to save 25,000 children who die every day of preventable treatable disease and hunger." Bono

It's time for us to ask ourselves where our priorities are.

I don't know what's more heartbreaking-
the fact that there are that many children who die from hunger every day, or that there are even more people who don't give a damn.

popcornjack · Post by **popcornjack** » September 25, 2008 11:59 pm

UAHparrothead wrote:"It is extraordinary to me that you (US government) can find $700 billion to save Wall Street and the entire G8 can't find $25 billion to save 25,000 children who die every day of preventable treatable disease and hunger." Bono

It's time for us to ask ourselves where our priorities are.

I hate to say it, Brad, but to the majority of people, especially those that can make a difference, are living in a "me first" kind of world.

Glorfindel7 · Post by **Glorfindel7** » September 26, 2008 12:45 am

Sadly that's true....

creeky · Post by **creeky** » September 26, 2008 12:48 am

UAHparrothead wrote:"It is extraordinary to me that you (US government) can find $700 billion to save Wall Street and the entire G8 can't find $25 billion to save 25,000 children who die every day of preventable treatable disease and hunger." Bono

It's time for us to ask ourselves where our priorities are.

I have always thought that with ANY government - amazing how money can be quickly found for different things - yet people are homeless ... or kids are starving ...... people are dying because they cannot afford a medical procedure etc etc .......

popcornjack · Post by **popcornjack** » September 26, 2008 1:11 am

the latest on the bailout meltdown...

http://news.yahoo.com/s/ap/20080926/ap_ ... n_s_gambit

The Lost Manatee · Post by **The Lost Manatee** » September 26, 2008 2:30 am

The bail out is a give away, pure and simple. As originally proposed the $700,000,000,000,000.00+ fund would be used to purchase the assets of the distressed companies at ABOVE current market values and at the sole discretion of the Secretary of Treasury. Additionally, under the original proposal, the actions of the SoT were not subject to oversight or review, including judicial, administrative or Congressional. Also it was not subject to lawsuits filed by anyone. In the original proposal the SoT would have a blank check to do whatever he wanted with almost a trillion dollars! Talk about the potential for capitalistic cronyism and corruption.

Under the failed proposal today, the SoT would have received $250 billion right off the bat and then another $100 billion if needed, subsequent payments would have to be approved to Congress. Assets would have been purchased at a fair market value and there would have been oversight and potential review.

While I don't find the idea of bailing out the CEOs etc. very appealing, I do think that it would be far worse to allow these companies to collapse given how interwoven they are in the world economy. The sheer number of employees that work directly for these companies is huge and when you add the ripple effect that would result of them being shut down, it would be very damaging. I would like to see the executives be denied any sort golden parachute or bonuses. Additionally, I think that once these companies are purchased by the taxpayers, they should be broken up into smaller components, there by reducing their direct impact on the economy. As a result of being broken up, the resulting smaller companies will be more easily purchased by the private sector. All profits (and there should be profits provided the assets are purchased at a fair market price) realized from these sales should go to paying down the national debt.

Any bail out must have oversight and should probably have a board of directors similar to the one that was created during the S&L debacle. It also must not allow those who got us into this mess, to skate away with the cash and leaving the rest of us holding the bag.

TommyBahama · Post by **TommyBahama** » September 26, 2008 6:47 am

On bonuses....The President at UCONN turned down his 100,000.00 dollar bonus....not huge compared to some of these CEO'S but it is taxpayers money..said the way the economy is and the state is....i'd feel guilty (or something along that line) on taking it. Good to see!!

LIPH · Post by **LIPH** » September 26, 2008 9:08 am

The biggest problem we have is that we've become a short-term economy in a long-term world. Nobody cares about what's going to happen 5, 10 or 20 years down the road, they only care about hitting their financial numbers for the next quarter.

Joetown Parrothead · September 26, 2008 10:02 am

LIPH wrote:The biggest problem we have is that we've become a short-term economy in a long-term world. Nobody cares about what's going to happen 5, 10 or 20 years down the road, they only care about hitting their financial numbers for the next quarter.

I agree with Larry, all major suppliers I deal with on an every day dealings, could care less about next year or the year after business. Most Manufactures all they want to have is JIT inventory and always have lead times and keep nothing on the shelf. Making the Distributor stock more and more and his cost goes up!

Myself I go to lock 3-5 year contracts that way both my customer and myself have a sense of stability on the who's what’s and how’s for 3-5. Instead of running thru hoops every October-November trying to awards new bids to the low bidder, where service means nothing. Thank goodness I have seen in the last couple of years that more and more buyers in my business are starting to take a step back, and are grateful for service and will pay extra for good service because it covers their a$$ in day to day business. I know the Electric Utility Industries are different from most. I am grateful for that!

TropicalTroubador · Post by **TropicalTroubador** » September 26, 2008 1:37 pm

popcornjack wrote:the latest on the bailout meltdown...

http://news.yahoo.com/s/ap/20080926/ap_ ... n_s_gambit

What a total clusterf**k.

We are *so* screwed, with "leadership" like this.

It's a good thing I know how to homebrew. It means I'll continue to be able to get drunk after the currency becomes worthless, and it's always going to be a marketable skill. But I'd better stock up on guitar strings now.

phjrsaunt · Post by **phjrsaunt** » September 26, 2008 1:43 pm

popcornjack wrote:
UAHparrothead wrote:"It is extraordinary to me that you (US government) can find $700 billion to save Wall Street and the entire G8 can't find $25 billion to save 25,000 children who die every day of preventable treatable disease and hunger." Bono

It's time for us to ask ourselves where our priorities are.
I hate to say it, Brad, but to the majority of people, especially those that can make a difference, are living in a "me first" kind of world.

Not saying that he's not right

but if he's so all fired riled up about it, let HIM get in there and do something about it. I suspect he has a couple of extra $$$ laying around.

alphabits · Post by **alphabits** » September 26, 2008 1:57 pm

phjrsaunt wrote:
popcornjack wrote:
UAHparrothead wrote:"It is extraordinary to me that you (US government) can find $700 billion to save Wall Street and the entire G8 can't find $25 billion to save 25,000 children who die every day of preventable treatable disease and hunger." Bono

It's time for us to ask ourselves where our priorities are.
I hate to say it, Brad, but to the majority of people, especially those that can make a difference, are living in a "me first" kind of world.
Not saying that he's not right but if he's so all fired riled up about it, let HIM get in there and do something about it. I suspect he has a couple of extra $$$ laying around.

Uh, I kinda think he already is .... just Google "Bono charity work".