Posted on 09/23/2008 4:53:00 PM PDT by NormsRevenge
You are advocating socialism and you are a troll.
Stop with all this sky-is-falling junk. That’s exactly what Bush & Paulson want you to think to shove this bailout plan down everyone’s throats.
Nobody is questioning that some intervention is necessary but the current terms are ridiculous and will amount to HUGE losses by the taxpayer. Bernanke spoke today about buying debt at “hold-to-maturity” prices aka GREATER THAN MARKET PRICES. That’s like buying a used car with no inspection on EBay at the original MSRP. This is pure highway robbery.
If the government is going to bailout, at minimum it deserves an equity stake in every company that receives taxpayer money. The government should receive the power to fire incompetent & greedy executives immediately and with no golden parachutes.
Yet Bush, Paulson, and Bernanke are stalling on these points. They claim the financial system is facing imminent collapse yet they won’t concede on executive golden parachutes? They’re going to risk the entire US economy so some executive who made this mess can get paid $10 million to get fired?
I’m calling BS on that one.
As of August (per your reference) tha’ts so. But as major financial institutions fail, can it remain so? I’m no economist so I obviously am groping in an effort to educate myself about the situation so bear with me. I thought that if loans default, it decreases bank assets and consequently M2 (infinitesimally in most cases but in this case....) Fannie Mae and Freddie Mac and Lehman Bros going belly up is way outside the norm.
I am an economist. You’re not getting the con.
You may be familiar with FUD. Fear, uncertainty and doubt. It was used by a large American company to push its products. Same deal here. Not sure why Jorge Arbusto is behind this, He has an MBA and should know the basics. What I fear is that he’s loyal to Paulson. He shouldn’t be. Paulson is doing what’s good for Wall Street, not what’s best for Main Street. The two have different values and concerns. Roll the tape back a bit to Friedman’s seminal work on why the Depression got worse unlike other business cycles. We’ve got to keep free trade (Smoot-Hawley). cut taxes (unlike the New Deal Social Security job killing tax) and reduce government regulation (NRA, TVA, etc.). Cutting corporate income taxes would likely raise revenue AND encourage business to hire. There is a way out of this without dumping debt on the taxpayers.
There is a thread here on FR which quotes Newt. And it is his phrase.
So you must ask Newt about drug induced.
That is one of my greatest concerns as well — timing!
The government required firms to underwrite NINJA loans!?
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