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No, a lot of people don't understand the full implications of the bailout, excuse me, "rescue" plan. They are forcing it down our throats so fast that most don't even know what's happening.
And that's the problem. You know it's a hustle if the salesman is trying to make you buy it before you have a chance to fully understand what your signing for. Those a-rods in Congress have no clue about macroeconomics and are not even bothering to read the legislation. They never do. They just do what they're told by the inner circle.
OH well, Wall St WMD's - boom boom, run for cover.
No, a lot of people don't understand the full implications of the bailout, excuse me, "rescue" plan. They are forcing it down our throats so fast that most don't even know what's happening.
Not long ago, they were telling us that our social security system was going bankrupt. $700 billion is enough to pay for 40 years of social security.
We also have problems with our health care system. I can't afford to get sick.
Our educations system stinks.
Where was this money when Katrina hit? When they needed to rebuild the levees?
What about our infrastructure that needs rebuilding?
It's clear that our government isn't looking out for us. Every time I put gas in my car it's clear. Every time I struggle to pay for groceries, it's clear.
I am against the bailout but I am surprise of all the people who are for it... I can understand why the wealthy investors are for it... I can understand why Big Corporations such as the main stream media are for it... I can even understand why the politicians who hope for a little bailout for themselves from the corporations when they leave office are for it... But why are we are asking the same companies to "fix" they system THEY broke... That's like asking the insurance industry to write laws to fix the insurance industry... so why is anyone with half-a-brain for it? Did they even UNDERSTAND what is IN the bailout?
I thought I break it down...
1) First it was a PURCHASE ONLY program in that the US government BECOMES the only important shareholder and thus can make sweeping changes in the company EASILY. However, this has CHANGED! NOW it is a purchase or INSURER of the bad securities... let me get this right.. the company can either sell it or have it insured by the government... Insurance means the government OWNS NOTHING and have NO say in the company. So now that we insure the BAD debt, and if they go bad, WE LOSE MONEY. If they do well, we get NOTHING cause we are just insurance and the only thing we make are from the premiums. With most of these bad debts likely to fail, do you honestly think the small premium will cover it? From a bad deal at the start, it became an even WORSE deal when it came to voting... how can anyone say okay to something that just got worse from what they said at the beginning?
2) An oversight board created by people who CREATED the problems themselves... first it was an independent advisory board, now its a board of all the people we blame for the crisis and THEY are overseeing what happens now... Great, why don't we appoint criminals to oversee the parole board... great move...
3) Rights to sale the bad securities... so when the market starts picking up we sell it? So that companies who buy it will profit from it instead of taxpayers... this is their idea of profitting from the mess? Who the heck are these brainless wits?
4) ONLY when they sell more than 300 M in bad securities will they meet the requirement for regulation... wait a minute, did I read this wrong? So if I made a parent institution A and created subsidiary B and C and sell them each 299 M in bad debts... does that mean they don't have to follow regulation? Am I reading this right? A LOOPHOLE in this bill and "nobody" noticed?
5) Bailouts not only for domestic banks BUT ALSO includes all FOREIGN BANKS. We buy debts of banks in OTHER COUNTRIES! Holy crap... bail out the rich in this country but we also bail out the rich in other countries? Because if we don't bail out the rich in other countries then main street will be in trouble? How the heck did they connect those two dots? What a load of BS...
6) They want $700 billion and then they said they want Congress to pass it without reading the bill... so let me get this right.. first 250 billion, no questions asked plus another 100 billion from the president who wanted this to pass from day one... thats 350 billion EASY... now they want Congress to approve another 250 billion when needed... the SAME Congress they asked to pass the bill without understanding it fully... yeah, that kind of oversight is a load of BS AGAIN...
7) They ALSO still put into the bill, that you CANNOT challenge the secretary or even ATTEMPT to stop him from doing WHATEVER he wants... its STILL IN THERE... what are you, blind?
8) Golden parachutes STILL THERE? Let me get this right, the rules only to the top 5 positions for NEW hires? Do you think executives like to leave the company that is paying them MILLIONS and offers them a golden parachute? Do you really think they are going to leave? And only after THEY leave will the act be effective... by that time, the bad securities would of expired and guess what? Golden parachutes and million dollar salaries are BACK AGAIN... bad securities last at most how long? 30 years on a regular mortgage... this IS RETARDED... first, it doesn't apply to CEOs already there; second, it doesn't last forever, and thirdly, there are EASY LOOPHOLES to get around it... top 5 positions? Great lets create 10 positions, of which 5 are dummy positions...
How can a bailout bill go from bad to incredibly WORSE and people be for it? It doesn't SOLVE anything... it only PROLONGS the problem... I don't get it... People say that it will give less small businesses credit to survive... if a small business is only existing because it has credit, you HAVE a major problem... its only a matter of time they would fail and the money loaned is lost... that is a BAD deal... then people say there is less credit for homes and cars... excuse me? When was it a right to own a home with poor credit and inability to pay the mortgage? Let me get this right, if I can make a loan to someone (with good credit and excellent pay and low debts) and claim 6-7% interest, nobody would do it? Even with a house for collateral (that is appraised correctly)? Right, nobody would loan "that" person money.....Then people say there isn't enough credit for people to afford college... GOOD! Maybe this time people go to school knowing that the debt they carry is real and makes them look hard at what career they want to take on and study for... stop wasting loan money on worthless degrees or oversaturated job markets... maybe they will grow a brain...
Where did you get your information from (what rock did you uncover to find this rash of crapola?) It's all wrong. And wrong in a BIG way. Pathetic, actually.
Where did you get your information from (what rock did you uncover to find this rash of crapola?) It's all wrong. And wrong in a BIG way. Pathetic, actually.
Cite your sources, please.
His post is more informative than yours. Elucidate if you have some better info.
Our education system has wonderful school building, well paid teachers, small class sizes.....
a ton of money
with very low standards.
I'd rather give you the $700 billion Slonga. At least you seem to know what your problem is. And you have a less notorious track record than JP Morgan.
Well, there is a good chance the "give-away" will go through, and the result will be that the U.S. dollar will become worthless.
Foreign investors are already pulling out of the market. They don't trust wall street. They think it's full of crooks that should be locked up.
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