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"A brief proposal sent to Congress by the Treasury Dept.—with a request for action before Congress adjourns on Sept. 26—would authorize the Treasury to buy up to $700 billion of toxic mortgage-related assets and gradually resell them, with few strings attached. That is roughly what the U.S. has spent to prosecute the war in Iraq to date, and nearly $2,300 for every man, woman, and child in the country. Added to the $200 billion that could go toward shoring up Fannie Mae (FNM) and Freddie Mac (FRE), and the $85 billion the government has pledged to acquire most of insurance giant American International Group (AIG), the potential price tag for taxpayers soars to near $1 trillion. That's just under half what the country spends annually on health care."
Do you agree with this latest $700 BILLION (yes you read that right) bail out?
Why are we rewarding these companies that caused this? This is absolutely CRAZY IMO. I have already written to my senators to vote against this absurd proposal. What do you fiscal conservatives think about this?
He!! no I dont agree with it. Companies are like trees in a forest. They get big, live for a long time, and then when they become unhealthy, they die. LET these die so a new company can come in.
Deregulation is a huge factor in todays problems. Huge salaries are being payed and even huger bonuses. Lehman is asking for $100,000,000 just to pay the wages and expenses of their UK company. To show you how this has become so ridiculous and why this bail out is happening, My nephew in the UK is 23. He started work at J.P.Morgan in London. He is new at his job and pretty inexperienced. He earns $1000.00 per day. Imagine what an experienced em0ployee gets or a director. Will this bailot work? probably not but it will give a respite for a very short time then implosion will occur again unless the whole structure of the big companies is regulated and restructured......NOW.
Yes, I agree with it. And why are we rewarding these companies as you put it? Because if we weren't America would be in the gutter right now, and we'd be on the street begging for food. Again, do you people not see the severity of this situation, and why this needs done, and done quickly? Granted, it can't be done with haste, but it does need done very soon.
Read all the other threads concerning this crisis, please! This isn't just a crisis in the U.S. It's happening in many countries around the world. Yeah, it sucks big time, but it needs done!
Yes, I agree with it. And why are we rewarding these companies as you put it? Because if we weren't America would be in the gutter right now, and we'd be on the street begging for food. Again, do you people not see the severity of this situation, and why this needs done, and done quickly? Granted, it can't be done with haste, but it does need done very soon.
LOL we are rewarding these companies because we are taking on all of their bad debt. They reaped all of the profits and now we are socializing the losses. The companies may be going bankrupt but (a) its their own faults and (b) some of their higher up employees will be going down with their millions. Let them cough up their golden parachute payments to help the companies they ran into the ground. This was active mismanagement and now WE should clean up their mess? SORRY I can see a lot better uses of $700 billion dollars.
They have to step in now. Gone too far. If the Govt. doesn't shore up the economy it will implode. The only problem is that by giving safety line after safety line to huge companies, gives them the green light to do it again and again, and they will unless regulation is brought in NOW.
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