Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Looks like welfare fraud for those wealthy enough to invest in something that was a mistake. There aren’t any government guarantees, warrantees or bailouts for other investors in other businesses that took a dump because of POOR management of the firm.
I wouldn’t be surprised if the CEO gets a LARGE retirement package as he walks out the door. And let’s not forget the board of directors ~ each of them should also receive a good sized piece of the government bailout.
This is nothing but CRIME at the top and this government administration condones it with a payoff to them and the investors. Mod Cut
Last edited by madicarus2000; 03-18-2008 at 11:24 AM..
Reason: language
For years the Republicans have preached to us about "financial discipline" and the wonderful world of the "free private market" and why we need less "government intervention". But it seems that only applies to "the little people". If me or you make a bad investment, we suffer. Ask all the workers who bought stock in Enron and MCI if you don't think we suffer for the decsions we make. No bailout for us. BUT let the RICH make a bad investment decision and the Bush administration is at the door to bail them out. Case in point is Bear Stearns. BS is a private investment bank. It engages in risky investments- which is why investment banks are not insured by the FDIC. Yet when it make bad investments such as junk bonds and sub prime mortgages, here comes Bush with OUR money to bail them out. Just one more reason NOT to vote for McCain in November!
Both the democrats and republicans have sold us out. No matter who is elected in November, the middle class downturn is likely to continue. The republicans are the party of the rich corporate types and the democrats are the home of the whack jobs. Not a pleasant prospect either way. I don't like any of the leading candidates in either party.
I would rather be lead by a "whack job" than a thief and a fool.
Bailing out Bears Sterns is simply another example of "corporate socialism" for the rich and a risky “free market” for the rest of us.
I would greatly prefer the reverse - social safety nets for the poor and working people and let the rich investors go broke whenever they screw up of are robbed by each other. Speculators, monopolists, liars, thieves and all the other corporate crooks should be banned from business or simply taken out of the game completely and permanently.
I would rather be lead by a "whack job" than a thief and a fool.
Bailing out Bears Sterns is simply another example of "corporate socialism" for the rich and a risky “free market” for the rest of us.
I would greatly prefer the reverse - social safety nets for the poor and working people and let the rich investors go broke whenever they screw up of are robbed by each other. Speculators, monopolists, liars, thieves and all the other corporate crooks should be banned from business or simply taken out of the game completely and permanently.
I agree with you Greg. I would not bail out rich incompetent and greedy investors. If republicans were truly capitalists and free market people, they would do the same also.
Some people are turning this "capitalism" and "free markets" garbage into the next fundie religion. When the house is on fire, I would suggest that we put out the fire first. Then we can sit around and debate the "ethics" of it all...
The neocons have created an active branch of "THE FIRST CURCH OF MAMMON ON EARTH". Their first commandment is that the government must protect speculators from losses under any conditions. Their second commandment is that no-bid, corrupt military contacts must never end. There are more.
Protectionism for the priveliged, a fixed market for the rest of us.
I also find it funny when democrats say tax breaks don't simunlate the economy but then vote for a refund to simulate the economy. There have been corrupt government( fed;stae;local) contract for many things for years.Corruption is just as high under nay party because they are all humans.
I agree with you Greg. I would not bail out rich incompetent and greedy investors. If republicans were truly capitalists and free market people, they would do the same also.
Do you understand that the CEO of Bear Steans made no mention in a December company statement of the dire straits of the company's finances? That is the basis for a massive shareholder lawsuit.
Republicans and Democrats... makes no difference now. Honesty and most importantly defending and following constitution. The FED is an example of a central bank controlling our money and "bailing out the market". The congress should abolish this system or keep tight tabs on what they are up to. We 9 Trillion in debt because of Republican and Democrat congress. The FED prints dollars, lowers rates and lowers the value of the dollar. Doesn't sound like that is system working to fix issues but create them. So start electing those who have princpled, honesty and don't change their position from week to week on the limited small role government should have.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.