Posted on 09/27/2008 12:13:20 PM PDT by ReleaseTheHounds
I also think the Bush Administration has done a terrible job explaining their propoed bailout plan and the consequences if something major doesn't happen. And they've done a terrible job not bringing GOP congressman into the loop/conversation and negotiations.
This article is an important warning -- this has to be taken seriously. JMHO.
About half the banks in our town have stopped loaning money. I am scrambling right now to keep my business going.
Serious? Wow. That would be newsworthy.
Praying hard today for reason to prevail in DC.
I could be persuaded to go for a bailout if the guilty parties are stripped of their golden parachutes (and where applicable their congressional and senatorial retirements) and get some serious jail time.
Congress needs to decide just how important the economy really is to them.
Is it worth crashing the entire economy to protect their cronies?
I hope they chose wisely, we have no shortage of lampposts and rope.
And we are perilously close to having the will to use them.
I’ve already dusted off my pitchfork!!!!!!!!!!!!!!
So, if you want to pray for reason, then pray that those who caused this mess, all of them, receive their just desserts.
Think about this. Is not this crisis an indication that there is a fundamental dysfunction with an out-of-control speculative credit market and the collusion between “free market” financiers and leftist government manipulation?
How does attempting to reinflate the bubble help, other than by providing the temporary illusion that, for now, things are OK again?
How does more socialism solve a problem that was caused by socialism in the first place?
It’s obscene, criminal, and pornographic that the very same people who CAUSED this fiasco are now demanding that we give THEM additional mountains of our money to “fix” it.
Why the hell is Barny Frank up there pontificating about fixing this crisis that he caused? Why isn’t he in federal prison for fraud and malfeasance right now?
Where is the Maverick, who promised to name names and make them famous?
I’m so frickin pissed right now I don’t wether to defecate or wind my watch.
This whole thing needs to be open to the public. The people need to know everything about this program. I also believe that Paulson threw out his plan, knowing that it most likely wouldn’t fly....they aren’t dummys. But just in case it would, they threw it out there anyway. Acorn and La Raza need to be taken out of consideration. American people need to see a complete list of who is going to get how much and why. Bailing out the big guys isn’t going to cut it. We also need to arrest all those that caused this problem and knew it would happen and did nothing. McCain warned the country about this in 2006 on the Senate floor but democrats blocked his suggestion.
Half the guilty parties are in Congress.
Wamu was going to pay whatever they could to try to avoid bankruptcy.
This new guy wasn't involved with the previous mess Wamu had gotten into. Did you think he was going to take $50,000 for the massive responsibility of turning an almost bankrupt company around?
It was a Hail Mary pass by Wamu to save their ship.
Yeah? No kidding.
The basic problem is that the financial sector faces systemic risk in a way that no other industry does: By its nature, it is a house of cards that can collapse at a moment’s notice.”
I think most of the public understands this very well. The difficulty is rewarding those who profited enormously by securitizing debt and derivatives off that debt should be bailed out for creating the very systemic risk which is threatening to swallow the industry. This securitized debt due to its lack of homogeneity is impossible to value and that problem becomes especially acute when credit begins to unwind. NOBODY WANTS TO TOUCH IT BECAUSE THEY DON’T KNOW HOW TO VALUE IT. The boneheads who generated these investment vehicles and their derivatives have spread this contagion throughout the retail and investment banking worlds and now look to Uncle for a handout stave off reckoning.
So, how ‘bout this instead? Give the guys responsible, the Dems, a choice. They have to EITHER get the bad guys to return their ill-gotten gains OR they can resign from Congress and agree not to take their lifetime of pensions and perks. Simple enough.
My concern is that if someone doesn't pay a really hefty price for this then all we've taught them is that they have to be sure they get the consequences serious enough that the rest of us won't risk not saving their buns AGAIN.
I would really like to see it turn out that only the bad guys have to suffer to pay for their miscreant behavior, but I tell you the truth, I'd be willing to suffer some more myself to make sure it gets the Reid, Pelosi, Dodd, Franks, etc.
I am by no means a rich person, even well-to-do as it would have been described two decades ago. My wife and I struggle to keep it in the road and in the black. Miss a few paychecks and we'd be in big trouble. We got married when we were young, she was 15 and I was 19. We don't have college educations and our entire 46 years of married life has been demanding, and at times stressful, but are so very thankful to God for what we have and the life we've had together. If we live long enough we just might be able to ‘retire’ and enjoy a few years of the good life. But I would gladly risk that opportunity to see the big boys pay for what they've done to our country!
If they are crooks and they can get out with their money and skin; you bet it is and damn be to the public.
This will affect everyone especially those that depend on credit.
More stupid fear mongering and idiots trying to stick there fingers into a bursting damn.
good explanation bump
If he was so good and thought enough of his abilities he would/could have taken on the job for a $1 a year and let his compensation be based upon his performance.
That is the problem that has now been identified in this field. Lots of compensation at the top and damned little actual, measurable, bottom line performance.
I don't have that in my job which, of course, is insignificant by the bloated importance of these guys jobs.
Sheesh!!!!
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