Bangkoktraveler Posted October 1, 2008 Report Share Posted October 1, 2008 Good one Julian2! Michael Moore has it all right. Link to comment Share on other sites More sharing options...
mongon Posted October 1, 2008 Report Share Posted October 1, 2008 Senate to vote on bailout Wednesday By J. Taylor Rushing Posted: 09/30/08 07:55 PM [ET] In a surprising development, Senate leaders Tuesday night announced a Wednesday evening vote on the $700 billion Wall Street rescue plan rejected Monday in the House of Representatives. Full Story ---------- Link to comment Share on other sites More sharing options...
mongon Posted October 1, 2008 Report Share Posted October 1, 2008 Once the Senate passes it, it should be easy to get the House to pass it later this week. Here is the bailout plan in a nutshell: - The plan does absolutely nothing about all of the debt owed by average Americans (such as homeowners with a mortgage and credit cards). - So average Americans are going to pay $700b, in return they will get no debt relief whatsoever. - Wall St will pay nothing for the bailout, yet will receive $700b. - Once the bailout passes, and Wall St is $700b richer, Wall St will go about collecting all the money it is owed by average Americans (such as homeowners with mortgages and credit cards). Strange plan. Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted October 1, 2008 Report Share Posted October 1, 2008 This plan is known as Corporate Capitalist Socialism. We call it "Fuck the little guy! Fuck-em again and again!" Where is freedom and especially democracy when you need it? Link to comment Share on other sites More sharing options...
Torneyboy Posted October 1, 2008 Report Share Posted October 1, 2008 Well said.. Link to comment Share on other sites More sharing options...
mongon Posted October 1, 2008 Report Share Posted October 1, 2008 The fact that both the dem and R leadership would support this hijacking by investment bankers such as paulson is extraordinary. The government is not only a huge burden to americans; it actively participates in scams. The bailout is notable among the other scams due to its sky high price tag and the blatant way it is being pulled off. My enthusiasm for McCain has taken a big hit as a result of this thing. Link to comment Share on other sites More sharing options...
Steve Posted October 1, 2008 Report Share Posted October 1, 2008 If I'm on wall street I'm thinking its the biggest payday in history. A previous article talks about the many law firms, banks, etc. trying to get in on the consulting fees, etc. that are going to be paid out to help with the process. This coming in an election year only made it worse. No one in congress wants to do anything that may hurt the election as well. I thought I've seen it all. The fat cats get to keep their money as well. Two emotions run Wall Street: Greed and fear. It drives all markets. Nothing wrong with that as Gordon Gekko said 'Greed is good'. However, its up to the government to regulate that greed. Wall Street only acts for its own good. It could give a shit if their actions hurts America, the people. The free market and capitalism doesn't have a conscience. It will sell its soul to the Chinese or Russians if it means profits. Its how it works. Its the government that has to regulate the morality into the process. The problem for the longest time is that these firms have the politicians on its payroll. The politicians work for them. They get their donations from them and these banks or law firms hire the pols after they leave office to entice their former colleagues to keep the gravy train going. All of this will repeat itself again and again and again because the politicians are all beholden to companies and groups and not the people. We're the dumbest of them all, collectively, because let it happen. My cynicism is being proven. We're already a dying republic. We're similar to the Roman Empire in its waning years. Living off our reputation. Rotten at its core. Systemic and pervasive problems no one wants to address. Link to comment Share on other sites More sharing options...
cavanami Posted October 1, 2008 Report Share Posted October 1, 2008 Bailout? What a evil joke!!! The big banks and corps will rush in and buy up the failing businesses at bargain prices. The rich get richer...same-o, same-o Link to comment Share on other sites More sharing options...
shygye Posted October 1, 2008 Report Share Posted October 1, 2008 Well the Aussies want the USA bailout, so it will pass. The credit crunch is starting to bite. The loans for small biz has dried up. The revolving loans biz use for day to day operations is getting scaled back by the banks. It has reached around the globe and smacked Oz in the face. Link to comment Share on other sites More sharing options...
mongon Posted October 1, 2008 Report Share Posted October 1, 2008 Problem is this bailout trick won't fix the credit crunch. People invested in the stock market, small business owners, builders and everyone else who thinks this bailout is a panacea will be in for a rude shock. Paulson's plan is a hoax. That is why they do not propose any alternatives and why they want it passed immediately, so no one has time to think. They have generated fear in the markets which is the opposite of anything I have ever seen before. Bush comes out daily and says the market will be damaged if the bailout doesn't pass. Well it already didn't pass and he is still saying this shit. The worst example of presidential leadership and capitulation in a hundred years. I'm surprised the market did not drop another 777 points Tuesday considering the lump of cow paddy occupying the oval office. The investment banks have been selling this crap for years and they are just looking for another buyer. As CS pointed out, the investmant banks will have a green christmas this year with astronomical commissions and consulting fees. Paulson will be setting all that up so no worries (ha ha). If transferring $700 billion from taxpayers to Wall Street was really a good idea, they would be examining all alternatives to make sure there was not a better way to go. Instead, there has not been a single hearing in Congress about this bailout. Its now been 10 days since Paulson presented his written plan, so they have had plenty of time to hold hearings and get testimony from economists and former bankers about this. Yet all you hear is silence while they work on the plan behind closed doors. They were so secretive that when they produced their final product, 67% of the republicans refused to go along, and same for 40% of the Dems. Here is why it won't work. There is no requirement in the legislation that mandates the banks loan out the money received. For the lucky banks that get their billions (the ones who have the political connections or personal relationship to Paulson), this will fix their balance sheets. These banks can sit on their new billions and wait for the economy to recover. That is what a bank with a good balance sheet does when there is a slow down. Why risk their funds in a declining housing market? Why risk a loan when the economy is in a downturn? This caution by banks is natural and it is what causes downturns to turn into recessions. Their obligation is to their shareholders. They don't do what is good for the economy. That is why this bailout is dumb. It won't spark a lending frenzy. The money is going to go into a black hole and not be seen again for a long time. On top of that, there are many trillions worth of mortgage backed securities in the market. And Paulson is not just buying MBSs, he can buy any debt instrument he chooses including car loans and credit card debt (because this plan is dumb as noted above). There is too much paper out there, and $700b ain't enough to buy everything that is fucking up the market. And alot of banks and institutions holding this stuff have been avoiding disclosing the real value of what they are holding. Once the bill passes, they will all immediately mark to market and get in line for their share of the billions. Suddenly you will hear Paulson and Bernanke talking about how they underestimated the amount of bad paper out there and we need another $500 billion. I suppose if you step back from this and look at it in a calmer moment and a glass of good scotch in your hand, you might admire the brazeness of these investment bankers and their gambit. Its gonna be a big payday. Link to comment Share on other sites More sharing options...
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