Posted on 09/20/2008 11:24:52 AM PDT by politicket
Excerpt...
The plan offered to Congress also gives the Treasury legal immunity from any lawsuits. "Decisions by the secretary pursuant to the authority are non-reviewable … and may not be reviewed by any court of law or any administrative agency," the proposal says.
(Excerpt) Read more at online.wsj.com ...
Remember the S&L bailout?
We just got done paying off that borrowed money this year.
This thing will be on the Grandkids.
Where is that money going to come from. It either has to be taxes or the printing press. Either way will create a further disaster.
“Details” including how much money the Democrats can steer to their voters.
“Somehow it seemed as though the farm had grown richer without making the animals themselves any richer— except, of course, for the pigs and the dogs.”
-Animal Farm
Another foray into economic interventionism by the state. aka. socialism. What this new legislation will do is stimulate more government spending and a larger bureaucracy paid for with higher taxes on Americans. It will further undermine individual liberty and property rights. Both sad and pathetic.
Government is not the answer to our problems. Government is the problem.
>Where is that money going to come from?<
Welll it works this way. We borrow the money from say, China. Then when we default, all American real property turns out to be the collateral, and voila! Our property tases become unpayable, and we are all out on the street.
Remember, the borrower is always the slave of the lender.
This isn't the first time that the financial services industry has exploded while greedily in quest of bonuses for company execs. Taleb notes that:
Clearly, with current International Monetary Fund estimates of the costs of the 2007-2008 subprime crisis, the banking system seems to have lost more on risk taking (from the failures of quantitative risk management) than every penny banks ever earned taking risks. But it was easy to see from the past that the pilot did not have the qualifications to fly the plane and was using the wrong navigation tools: The same happened in 1983 with money center banks losing cumulatively every penny ever made, and in 1991-1992 when the Savings and Loans industry became history.
Be nice to see some real reform this time.
New generation of fat-cats for your grand kids to support.
Yes, behind the wizards curtain the machine is well oiled.
1. Their executives need to waive their compensation and submit their resignations
2. The government will hold a controlling share in the company (51% +++) until the debt is re-assumed by the company
3. The govt's stake in the company will seriously diluting both preferred and common shares.
The way things look right now, it's a massive giveaway. We'll see if there are any teeth in it, any consequences for these companies, who are in large part responsible for this crisis.
could someone explain why the ten year bond rate has NOT exploded?
Is it possibile that we will not have sigificant inflation in the next 10 years?
Can you say: F-I-A-T M-O-N-E-Y ?
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