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"Specifically, the Treasury plan does not formally provide senior preferred shares for the government in exchange for the government purchase of the toxic/illiquid assets of the financial institutions; so this rescue plan is a huge and massive bailout of the shareholders and the unsecured creditors of the firms; with $700 billion of taxpayer money the pockets of reckless bankers and investors have been made fatter under the fake argument that bailing out Wall Street was necessary to rescue Main Street from a severe recession.
The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.
Neither party should be considering this proposal or anything like it, including the ridiculous proposal of the Republicans to insure the mess--as if any of these banks have the capital to pay a fair premium on a mess that is so deep that it cannot even be properly underwritten--if a huge fat premium is not paid, the taxpayer will be the loser since there isn't even any upside in the form of preferred stock if things go well. True "insurance" spreads risk and here there is no possibility for that.
The calls going to the capital are 100 to 1 against this plan (I've never called and did over this matter) yet the politicians are still just plowing on ahead. Why?? How can we, the people, STOP THIS?!
Neither party should be considering this proposal or anything like it, including the ridiculous proposal of the Republicans to insure the mess--as if any of these banks have the capital to pay a fair premium on a mess that is so deep that it cannot even be properly underwritten--if a huge fat premium is not paid, the taxpayer will be the loser since there isn't even any upside in the form of preferred stock if things go well. True "insurance" spreads risk and here there is no possibility for that.
The calls going to the capital are 100 to 1 against this plan (I've never called and did over this matter) yet the politicians are still just plowing on ahead. Why?? How can we, the people, STOP THIS?!
You can't. Preemptive action belongs to the government, not the people. We can only react in November by voting out anyone that voted for this and making sure we remember this for the next 3 election cycles so that we get them all. I doubt that will be a hard task given the fact that most economists are expecting this to be like Japan's response to their crisis in the 90s. It lasted 10 years after they tried a bailout.
Neither party should be considering this proposal or anything like it, including the ridiculous proposal of the Republicans to insure the mess--as if any of these banks have the capital to pay a fair premium on a mess that is so deep that it cannot even be properly underwritten--if a huge fat premium is not paid, the taxpayer will be the loser since there isn't even any upside in the form of preferred stock if things go well. True "insurance" spreads risk and here there is no possibility for that.
The calls going to the capital are 100 to 1 against this plan (I've never called and did over this matter) yet the politicians are still just plowing on ahead. Why?? How can we, the people, STOP THIS?!
Because it is called Representative democracy and not thankfully vox populi
Interesting on how the rest of the world "sees" what is going on! I like what he says,"when the Americans find out what happened and takes their country back with pitch forks." I'd like to find the truth now, what is the truth on the bailout and who allowed this mess to get this far when 9 in 10 economists saw this from the beginning 3 years ago. Start the hangings now. Don't give them the chance to escape.
Last edited by doubbltunman; 09-28-2008 at 10:18 PM..
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