I tried to convince others against the bailout but they wouldn’t listen. Do those who voted for it, regret their decision or still support it? If so why?
If un-monitored greed was the coffin of capitalism, the bailout was the final nail in it. In all honesty, this whole disaster is a true depiction of the incompetent society we live in. Career-wise 99% people I know are clueless. ANyway, bailouts will not work in the long run.
I don’t want a recession, but we need it to clear out inefficencies. When government tried to prevent a recession you get a depression. Now look at this article. It’s the same scheme as the bailout. What’s best is this “depriving governments of more than $150 billion in tax revenue.”. So the government should pay money to get it back in taxes? How the hell does that make sense. --------------------------------------- DETROIT (AP) – Advocates for the nation’s automakers are warning that the collapse of the Big Three – or even just General Motors – could set off a catastrophic chain reaction in the economy, eliminating up to 3 million jobs and depriving governments of more than $150 billion in tax revenue. Industry supporters are offering such grim predictions as Congress weighs whether to bail out the nation’s largest automakers, which are struggling to survive the steepest economic slide in decades. “We’ve got to do this because the cost of inaction is so high to communities, to workers, to companies,” said Sen. Sherrod Brown, a Democrat from Ohio. He was among many lawmakers worried that an industry collapse would be devastating for everything from school districts to small businesses. Even if just GM collapsed, the failure could bring down the other two companies – and even the U.S. operations of foreign automakers – as parts suppliers run out of money and shut down.
I was actually sold on this by those who said the only lender w/ deep enough pockets, and willing to take the risk on these toxic balance sheet items was the gov’t. According to the experts, it was “vital to the functioning of our economy to unfreeze the credit markets” and if no action was taken, it would lead to a great depression. Even the Oracle of Omaha said that it was necessary; but it’s clear these CEO’s are nothing more than pigs at the trough. By my math, they make bad business decisions, and they expect tax payers to subsidize both their gambling losses and bonuses. For those at the helm the game is rigged…“heads I win, tails you lose”. Pretty pathetic (and very infuriating).
You voted for your beloved Bush and republicans…so why complain when all this was inevitable the moment they took power? Enjoy being looted by the robber barons.
louisvillegrad Wrote: ------------------------------------------------------- > You voted for your beloved Bush and > republicans…so why complain when all this was > inevitable the moment they took power? Enjoy being > looted by the robber barons. Does it matter who you vote for? The Democratic congress were shoulder to shoulder w/ Bush on this bailout. It was the House republicans that balked initially. Just wait till the change of administrations…Instead of bailing out CEO’s, they’ll just bail out the labor unions. So instead of funding the overcompensation of one group, you’ll fund the overcompensation of another. Unfortunately, this is what American democracy has evolved into. People voting themselves goodies and expecting someone else to pay for it.
louisvillegrad Wrote: ------------------------------------------------------- > You voted for your beloved Bush and > republicans…so why complain when all this was > inevitable the moment they took power? Enjoy being > looted by the robber barons. That’s funny… I didn’t realize that only republicans supported the bailout. Thank you for enlightening me. Perhaps you have other valuable contributions to make as well. Why don’t you spew some more useless rhetoric about how republicans and southerners are all nazi’s while you’re at it. Thanks.
I am still O.K. with it. It is necessary to avoid a depression (do everything opposite what happened during the depression------- CHECK). However, I generally fear that the people in government aren’t smart enough to match wits with those whom they are dealing with in this crisis. The taxpayer is bound to get screwed. We are in a recession, which is fine…however, this credit crisis is some exacerbating BS. Banks just have to start lending again. What are they doing with all that cash?
agreed with mcleod 100%
Paulson is right to not invest in toxic mortgages. They will be probably worthless anyway and the government is just throwing money down the drain.
CFAdummy Wrote: ------------------------------------------------------- > Paulson is right to not invest in toxic mortgages. > They will be probably worthless anyway and the > government is just throwing money down the drain. that’s exactly how it should’ve done. they srewed it big time. the government will throw that money down the drain anyway because WS banks screwed private investors so many times in past couple months. nobody wants to invest bec there’s no transparency —> buy the toxic assets, but not at inflated prices, force the banks to write down the values on the books and at the same time capitalize the bank balance sheets. So the banks start lending to each other. But, without full participation this strategy does not work which is why Paulson changed the initial plan. I am expecting a sharp decrease in next couple weeks, armageddon is close. Btw GWB SHOULD FIRE BERNANKE AND PAULSON IMMEDIATELY!!!
Let’s not have revisionist history here. The first time the bailout failed, both sides tried to take credit for blocking it while also blaming the other side for failing to pass it.
louisvillegrad Wrote: ------------------------------------------------------- > You voted for your beloved Bush and > republicans…so why complain when all this was > inevitable the moment they took power? Enjoy being > looted by the robber barons. I believe Louis is saying it was obvious eight years ago, to many of us, that voting that chump into office was going to end in disaster. The bailout, I was originally thinking it was a necessary move, now I think it is another disaster - greed and mass confusion…really just a total cluster.