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But I am sure of this. Socialism for the rich like we had in 2008 bailout and now in 2020 is not the way forward, not ethically, not practically because it's causing extreme resentment of "eat the rich" type which is not sustainable.
I don't think you understand what did happen then and what is happening now.
While I personally believe the banks should have been allowed to fail - which would have harmed shareholders who tacitly invested in and approved of the activities, and depositors holding > 100K - the "bailout" was paid back. It was a package of loans, loans that were explicitly repaid. Now, there's a bailout factor for GM, since we haven't really recouped 100% there. From Propublica https://projects.propublica.org/bailout/
Quote:
Altogether, accounting for both the TARP and the Fannie and Freddie bailout, $634B has gone out the door.
Money has been coming back in two ways: $390B of principal has been repaid, and the Treasury has collected revenue from its investments of $364B.
In total, the government has realized a $121B profit as of March 19, 2020.
Now, here's our 2020 project (does not yet include the latest bill to expand SBA "loans" and aid to hospitals)
Like it or hate it,the following is only my opinion:
You hit the nail on the head.
I find it a disgrace watching folks on television telling reporters as they wait in line for free food
that they can not meet next months rent while driving a Lexus RX350 worth around $40,000 dollars.
Reminds me of the 70's where riots in New York went global and all the Russians could see were minorities
smashing store windows,stealing t.v. sets while wearing expensive clothes and $100 dollar sneakers.
Keeping things in Priority is the responsibility of the individual not the government.
If half the country can't make it to next month because of lack of savings it is time
to learn what the other half has done , as is doing ..... to get by without great worry.
OK, but could the first half save even if they were "prudent"? Do they get enough income to even be able to save? I don't have the numbers but my impression is - no. They get paid just enough to get them to the next month.
I don't think you understand what did happen then and what is happening now.
While I personally believe the banks should have been allowed to fail - which would have harmed shareholders who tacitly invested in and approved of the activities, and depositors holding > 100K - the "bailout" was paid back. It was a package of loans, loans that were explicitly repaid. Now, there's a bailout factor for GM, since we haven't really recouped 100% there. From Propublica https://projects.propublica.org/bailout/
Now, here's our 2020 project (does not yet include the latest bill to expand SBA "loans" and aid to hospitals)
Please tell us what items in the 2.3T are bailing out the rich, and then what % of the total is bailing out the rich
Even if 08 bailout was net profitable it's distorted natural mechanisms of the economy and the market. More specifically, risk taking, leverage, debt, etc. It encouraged both big corps and investors to continue taking risks they would not have otherwise, knowing they will be bailed out. Setting up another cycle of obscene overleveraging, stock buybacks and all that good stuff.
Like it or hate it,the following is only my opinion:
You hit the nail on the head.
I find it a disgrace watching folks on television telling reporters as they wait in line for free food
that they can not meet next months rent while driving a Lexus RX350 worth around $40,000 dollars.
Reminds me of the 70's where riots in New York went global and all the Russians could see were minorities
smashing store windows,stealing t.v. sets while wearing expensive clothes and $100 dollar sneakers.
Keeping things in Priority is the responsibility of the individual not the government.
If half the country can't make it to next month because of lack of savings it is time
to learn what the other half has done , as is doing ..... to get by without great worry.
Quote:
Originally Posted by thatsrightfam
OK, but could the first half save even if they were "prudent"? Do they get enough income to even be able to save? I don't have the numbers but my impression is - no. They get paid just enough to get them to the next month.
The first poster’s point is that people were in line for free food and saying they can’t meet next month’s rent - but were driving $40,000 Lexus vehicles. (I believe Lexus would be more than that, actually.). A prudent person does not spend $40,000 on a car if he doesn’t even have enough savings to cover a month of food and rent.
I don't think you understand what did happen then and what is happening now.
While I personally believe the banks should have been allowed to fail - which would have harmed shareholders who tacitly invested in and approved of the activities, and depositors holding > 100K - the "bailout" was paid back. It was a package of loans, loans that were explicitly repaid. Now, there's a bailout factor for GM, since we haven't really recouped 100% there. From Propublica https://projects.propublica.org/bailout/
Now, here's our 2020 project (does not yet include the latest bill to expand SBA "loans" and aid to hospitals)
Even if 08 bailout was net profitable it's distorted natural mechanisms of the economy and the market. More specifically, risk taking, leverage, debt, etc. It encouraged both big corps and investors to continue taking risks they would not have otherwise, knowing they will be bailed out. Setting up another cycle of obscene overleveraging, stock buybacks and all that good stuff.
Yes, when the biggest hairiest bad-azz guy with the largest stone ax in the clan laid down the law and the rest of the clan followed it, by golly.
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