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Old 10-30-2009, 12:04 AM
 
Location: Great State of Texas
86,068 posts, read 76,871,028 times
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The Treasury owns 33% of GMAC already with previous loans. They go down and we lose our money just like GM. What to do ?

Obama says the government will prop GMAC up because it has to save the auto industry.

GMAC..too big to fail ???

GMAC hopes that the third bailout will be the charm - Oct. 28, 2009
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Old 10-30-2009, 06:51 AM
 
12,869 posts, read 13,710,117 times
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GMAC is also getting clearance from the Federal Department Insurance Corp. to issue an additional $2.9 billion of federally guaranteed debt -- just days before debt issuance under that plan is scheduled to end.


when is our government going to learn to let the bad companies just fail?! is the point to drag everyone else down with the bad guys?
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Old 10-30-2009, 07:15 AM
 
Location: Near the water
8,229 posts, read 12,177,859 times
Reputation: 3892
Quote:
Originally Posted by floridasandy View Post
i am not sure that americans object to bonuses, as long as they are not forced to bail out the companies who award them, or are at risk of having to bail them out again because no regulations are yet in place.

that is where the objection lies.

seriously???

Americans are very against bonuses....
when we have the problems and unemployment we do today, average citizens in dire straits, while the corporate types are rolling in the dough with not just high salaries but big bonuses on our dime? Yeah there is a huge problem and people are ticked off.

The kiddies that are pointing and clicking their way to nirvana running America in the ground with their corporate greed and welfare need to be put it check because they have made it obvious that they can not run these corporations. That is why government stepped in, so there is SOME regulation there, as they are being told......the buck stops here.
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Old 10-30-2009, 07:17 AM
 
Location: Near the water
8,229 posts, read 12,177,859 times
Reputation: 3892
Quote:
Originally Posted by floridasandy View Post
GMAC is also getting clearance from the Federal Department Insurance Corp. to issue an additional $2.9 billion of federally guaranteed debt -- just days before debt issuance under that plan is scheduled to end.


when is our government going to learn to let the bad companies just fail?! is the point to drag everyone else down with the bad guys?



that is where you are mistaken...
it is not the companies that are bad but the schleps that are running them into the ground.
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Old 10-30-2009, 07:17 AM
 
12,869 posts, read 13,710,117 times
Reputation: 4453
what americans are against is CORRUPTION. nobody objects to earned bonuses and everyone objects to stolen bonuses.
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Old 10-30-2009, 07:19 AM
 
12,869 posts, read 13,710,117 times
Reputation: 4453
Quote:
Originally Posted by Chromekitty View Post
that is where you are mistaken...
it is not the companies that are bad but the schleps that are running them into the ground.
i would say currently it is our government doing the most damage, by
1) not prosecuting the criminals
2) continuing to use taxpayer funds to bail out failing companies

denninger has a great piece on this today:
http://market-ticker.denninger.net/a...Waking-Up.html

in part:
It gets better....

Eventually, it became clear that "nothing was happening to the big banks, and everyone knew they were sliding south," Fine says. When four majors—Wachovia, National City, Bank of America and Citigroup—became critically undercapitalized, Fine went to FDIC Chairwoman Sheila Bair to ask why they weren't being subjected to the PCA law, which could have resulted in replacing their executives or even breaking them up. Fine likes Bair, who has a populist streak of her own and whom he finds to be a candid, "hard-as-nails regulator." But he says she "basically gave a non-response": that there were complicated issues and that, perhaps, if she had a free hand, action would be taken. "She was very sympathetic," he says, but what he gathered was that there "was great resistance from the political community."

It is called "regulatory capture" and it is what happens when you have NAKED BRIBES called "campaign contributions" and "lobbying" in Washington DC.

Yet this is exactly what we have had over the last twenty years in this country. Justice? Where? Fair play? Where? Honesty? Where? No, what you have instead is a monstrous snake pit that occasionally spits out one or two vipers that are "sacrificed" to appease the masses.

The Dallas Observer gets the naked credit default swap issue right too:

Geithner told Congress that the government was "blindsided" last year by the explosive risk of the derivatives market, but can regulate it now. That's wrong on both counts. Everyone in Washington knew or should have known the risks in 2000, when the government stopped regarding these complicated bets as felonies and started calling them "investments." Then, as now, the main argument was that if American markets won't clear such swaps, someone else will. But two wrongs don't make a right; nor do a trillion.

Ding ding ding ding!

The danger that is being left unsaid - and unrecognized - is as I have asked repeatedly - is the government a cop or a felon?

Should the people come to the conclusion that The Government is in fact a felon - should there be no enforcement at the state level, no real move to "take back" authority vested in The Constitution, returning it to the states and to rein in the crooks, subjecting them to the just desserts for their crimes, there is a very real risk that The People will decide that there is only one way to obtain justice: through the actions of their own hand.
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Old 10-30-2009, 07:21 AM
 
Location: Near the water
8,229 posts, read 12,177,859 times
Reputation: 3892
Quote:
Originally Posted by floridasandy View Post
what americans are against is CORRUPTION. nobody objects to earned bonuses and everyone objects to stolen bonuses.


that IS corporate America....
that is exactly what I and others are saying to you...
the individuals are corrupt and running it into the ground.
THAT is who people should be angry with.
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Old 10-30-2009, 07:23 AM
 
12,869 posts, read 13,710,117 times
Reputation: 4453
i guess you overlooked the entire previous post about the government.
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Old 10-30-2009, 07:27 AM
 
Location: Near the water
8,229 posts, read 12,177,859 times
Reputation: 3892
Quote:
Originally Posted by floridasandy View Post
i would say currently it is our government doing the most damage, by
1) not prosecuting the criminals
2) continuing to use taxpayer funds to bail out failing companies

denninger has a great piece on this today:
Is The Press Waking Up? - The Market Ticker

in part:
It gets better....

Eventually, it became clear that "nothing was happening to the big banks, and everyone knew they were sliding south," Fine says. When four majors—Wachovia, National City, Bank of America and Citigroup—became critically undercapitalized, Fine went to FDIC Chairwoman Sheila Bair to ask why they weren't being subjected to the PCA law, which could have resulted in replacing their executives or even breaking them up. Fine likes Bair, who has a populist streak of her own and whom he finds to be a candid, "hard-as-nails regulator." But he says she "basically gave a non-response": that there were complicated issues and that, perhaps, if she had a free hand, action would be taken. "She was very sympathetic," he says, but what he gathered was that there "was great resistance from the political community."

It is called "regulatory capture" and it is what happens when you have NAKED BRIBES called "campaign contributions" and "lobbying" in Washington DC.

Yet this is exactly what we have had over the last twenty years in this country. Justice? Where? Fair play? Where? Honesty? Where? No, what you have instead is a monstrous snake pit that occasionally spits out one or two vipers that are "sacrificed" to appease the masses.

The Dallas Observer gets the naked credit default swap issue right too:

Geithner told Congress that the government was "blindsided" last year by the explosive risk of the derivatives market, but can regulate it now. That's wrong on both counts. Everyone in Washington knew or should have known the risks in 2000, when the government stopped regarding these complicated bets as felonies and started calling them "investments." Then, as now, the main argument was that if American markets won't clear such swaps, someone else will. But two wrongs don't make a right; nor do a trillion.

Ding ding ding ding!

The danger that is being left unsaid - and unrecognized - is as I have asked repeatedly - is the government a cop or a felon?

Should the people come to the conclusion that The Government is in fact a felon - should there be no enforcement at the state level, no real move to "take back" authority vested in The Constitution, returning it to the states and to rein in the crooks, subjecting them to the just desserts for their crimes, there is a very real risk that The People will decide that there is only one way to obtain justice: through the actions of their own hand.

Not prosecuting criminals?
Guess you haven't heard about ken lewis' issues of late huh?
They are going to make a shining example of him and the others get in lock step or have the same happen to them.

In these instances it is NOT the governments fault that these people running these businesses are running them into the ground. No matter what capacity they stepped in, people wouldn't like it because they don't want bigger government. bush sold this country down the river ( and allowed this type of thing to go on, as have others) and is just as bad if not worse than these pigs running corporate America.

But at the end of the day, government was forced to intervene as someone had to step up and placate the depositors of these corporations.
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Old 10-30-2009, 07:28 AM
 
Location: Near the water
8,229 posts, read 12,177,859 times
Reputation: 3892
Quote:
Originally Posted by floridasandy View Post
i guess you overlooked the entire previous post about the government.


yeah I read it, but don't buy into it.....
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