Replies

"How can you bailout banks and Wall Street, and NOT bailout every other business or citizen that sinks into financial abyss?"

A very good question indeed. Which is why the bank bailout, the wall street bailout, the GM bailout were all very bad ideas. If these companies were simply allowed to fail, their competitors were waiting to pick up the pieces.

Oh it seems like maybe the Congress will extend unemployment. Seems the new Cngress we elected to end the Governments spending spree is trying toi cut a deal with Obama on the Bush tax cuts by allowing more “stimulus spending unemployment spending and a few other little tid bits.
Nothing ever changes...

I’d rather be inconsistently right than consistently wrong.

That’s exactly why I opposed the bailouts in the first place, once you bail out one thing, everybody steps in and cries, “What about us?” It set a horrible precedent and opened up a huge Pandora’s Box.

The conservative congress, which I campaigned for, probably will not extend the benefits further. Somewhere along the line we have to say "no" to additional spending

I guess when that Congress is seated in January we shall find out. Until then, the Democrats are still in charge. You do remember that, right?

The Banks created those risky loans out of greed in the first place and it isn’t just in the US they sold them all over the globe take Ireland for example that bailout the people there will have to pay $50,000 per household to pick up the banks bad debt. I don’t know if they have Acorn over there forcing the banks to borrow but I do know the Fed lent money to their bank under the bailout while American banks were left to fail and are still failing. Looks to me like they got to wipe out their competition.

Funny thing too is those same greedy banks who invented those toxic loans, i.e., liars loans, etc. also supported Acorn and Obama.

We have already lost Billions that we know as you note no real audit on the banks but really if you count all the bad loans they sold/off loaded onto taxpayers via Fannie/Freddie it could end up in the Trillions even foreign banks were allowed to sell mortgages to the Fed (us taxpayers) but we weren’t given any of the profits.

Bernanke’s Quantitative Easing is just another gift to the banks they hold onto the money and earn interest on it but it devalues the dollar and your purchasing power and you pay for it in inflation at the grocery checkout.

Conservatives who have no problem with bailing out those banks are hypocritical when they talk about the government picking winners and losers in other areas then because that was exactly what was done with the banks.

Taxpayers Lose $2.3 Billion with CIT Bankruptcy

http://www.propublica.org/article/taxpayers-lose-2.3-billion-with-cit-bankruptcy

U.S. Treasury Hid $40 Billion in AIG Bailout Losses

http://publicintelligence.net/u-s-treasury-hid-40-billion-in-aig-bailout-losses/

http://www.nytimes.com/2010/10/26/business/26tarp.html?_r=1

The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation’s central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants now owned by taxpayers.

Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.

More http://www.insurancemaking.com/business-general/55112-fed-opens-books-revealing-european-megabanks-were-biggest-beneficiaries.html

Ireland’s Fate Tied to Doomed Banks

Up to €50 billion—nearly $50,000 for every household in the Emerald Isle.

A failed banking sector that Ireland’s government can no longer rescue on its own. Ireland is in the midst of a real estate bust that could trump even the ruinous downturns that turned parts of southern California and Nevada into suburban ghost towns, with home-grown banks stoking it all. Now, those banks are trying to manage catastrophic losses. The Irish government has effectively nationalized the nation’s biggest banks by guaranteeing their debt, which would be akin to the U.S. government taking over Citigroup, Bank of America, J.P. Morgan Chase and Wells Fargo.

That means the Irish government is also on the hook for the losses those banks endure—which have risen far beyond initial estimates, and may have a lot farther to go. So far, the Irish government is obligated to cover losses amounting to 175 percent of Irish GDP

http://finance.yahoo.com/news/Why-the-Irish-Crisis-is-Going-usnews-4028366968.html?x=0

FDIC’s ‘problem’ bank list grows to 860

http://www.bizjournals.com/sanfrancisco/news/2010/11/23/fdics-problem-bank-list-grows-to-860.html

Barack’s Wall Street Problem is Now America’s

http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/

JPMorgan CEO Jamie Dimon Donates Serious Cash to Democrats

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

JP Morgan gives ACORN Millions

http://www.nlpc.org/stories/2009/08/10/acorn-funder-jpmorgan-chase-doesn%E2%80%99t-look-good-new-madoff-book

Bailed Out Citigroup Won’t Rule Out Giving More Money to ACORN

http://www.cnsnews.com/news/article/59443

Bailed Out JPMorgan Chase Funds ACORN

http://www.newsrealblog.com/2009/08/24/bailed-out-bank/

"How can you bailout banks and Wall Street, and NOT bailout every other business or citizen that sinks into financial abyss?"

Because banks and Wall Street prove their love with cash every campaign season. The unemployed are just a bunch of ingrates, who continually fail to award politicians the adulation they deserve. :)