Wall Street Credit Markets Seized, Money Funds Stopped Trading, Collateralized Debt dead in the gates, Major Investment Banks running for Cover...Wall Street Collapsing in Crisis...begging for an infusion of cash....from anybody. While at the same time, It's been estimated that 75 percent of America didn't overbuy, paid their bills on time, and lived within their means. These same "good" Americans didn't earn knock your socks off Wall Street Salaries, and probably didn't own a "no nothing" loan for an extra beach house. Instead, in the end, they weren't even asked for their opinion, they were just told that they'd have to make sacrifices to "save" the greedy and guilty to "save" themselves. In the end analysis, it depends on your "point of view", the "uneveness" with which the crisis has been managed, and your sense of "outrage", however the majority called it what it was, a Bail-Out.
Its more like inverse socialism. In socialism the gv't assume responsibility for profit and debt, but with this, the gov't passes along the profit to a few while the masses get the debt. No wonder people are fed up with DC.
This is a bailout of wallstreet that is hiding the glee of those in govenment who think the only way the country can move forward is to give them the power to let "government" take care of us". That social experiment has been failing groups of people for years and the mess of the IRS, the Postal Service, the huge govenment mess of medicare and medicaid is an example of this being a big mistake. Main street (us) is paying for them to use our money to redistribute wealth. In fact, many of those in power in the house have actually called for wealth redistribution as has Obama and I belive Hillary as well (so disappointed in her). I have worked many, many years to get an education, work and save for retirement. This is estimated to cost over $6500 per family in American. Folks 40% of Americans pay no taxes. What does that leave the rest of us?
This may help some with retirement plans, But based on my opinion I believe we will be a socialist nation soon
I have been seeing this coming for years. But I could not get others to believe it. so if this happens then it won't matter either way
The two plans (House and Senate) are NOT solutions to the financial mess. They might be stop-gap measures to head off, temporarily, the current Wall Street and Worldwide credit panic.
Most important are solutions since anything less runs the risk of seeing an even bigger failure down the road -- and that road could be a very short distance ahead.
What will a solution entail? Well, at least the following: 1)eliminate MBSs (Mortgage Backed Securities); 2)eliminate CDSs (Credit Default Swaps)); 3)separate, once again, insurance, banks, and the stock market; 4)eliminate "Mark-to-market" accounting; 5)stop authorizing consolidations that create organizations "too big to fail"; 6)pursue fraud prosecutions of organizations that write/wrote sub-prime mortages to people who never could pay the bills; 7)rewrite the sub-prime mortgages; 8)pursue fraud prosecution of organizations that write/wrote CDSs that are irresponsibly leveraged, e.g. $2M premium for CDS covering $1.5B losses; 9)let the businesses that cannot survive in this new environment go bankrupt and die; 10)throughly explain and teach the voting public about how this all works.
All the bailout is doing is marking time until Obama takes office and tying his hands as much as possible. I doubt most of it needs doing.
Not NO, but Hell No!!
We would be keeping an inflated market "INFLATED" with tax dollars.. Would you go out and buy a $5,000 car and pay $10,000?
Didn't think so..
PS: Maybe if you were using someone else's money :-)
I call it a "Bailout," just like the Savings & Loan
bailout a few years ago.
It's sad, but true, that politicians will try to "hit the middle," so to speak with their solution. No one would try to "hit the middle" if I were in financial trouble.
I would like to see a strict accounting of where this money is coming from, where it is going, and stern penalties for ALL those responsible. Penalties should include prison AND forfeiting as much money as possible.
This situation did not happen overnight. No one just woke up one morning about two weeks ago and said, "Whoa! How did this happen!?"
We all deserve to see REAL ACCOUNTABILITY for this mess.
Thank you for listening.
The proposed bailout is an obscene transfer of wealth from taxpayers to those who made bad decisions, and won't work. We've already wasted trillions of dollars on Fannie Mae and Freddie Mac, AIG, and the alphabet soup of Federal Reserve lending facilities like TAF and TSLF, and things aren't getting any better. If we persist on this bailout path we will destroy the value of the dollar, crowd out desperately needed private investment, and increase the cost of living for all Americans.
It has been said that the causes of this failure can be (and should be) debated in the future, and drastic changes need to be made. However, government intervention is needed and this "bail-out" plan, which would have been more aptly named the "Large Loan" plan is the best option we have right now. If you have listened to the experts, most major economists, both the republican and democratic nominee for president, the President of the United States and one of his primary antagonists, the Speaker of the House, Nancy Pelosi, all agree that the "Large Loan" needs to happen. It is a loan to be sure, not a bail out - even if taxpayers do not get back all of their money (which is unlikely), they will get most of it back. The economy is a confusing, fickle thing; leave it to the experts to lead us out of this mess.
Where angels fear to tread...
WMD lurking in the darkness?
It does not really matter what we call it because there is something much more frightening hiding behind the scenes - Credit Default Swap (CDS) - makes one to wonder what would happen if ripple effects cause this huge bubble to pop?