Posted on 09/22/2008 9:20:26 PM PDT by Glorious Liberty
Privatize Gains and Socialize Losses.
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“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.’’
President Jackson
“repeating old tired rhetoric”.
This is exactly what you are repeating. As you were not taught in Socialism 101 for a transaction to occur, there must be a buyer and seller.
If you paid 100K for your home and the value went down to 85K you have not lost anything. You would only lose if you sold the house for less than you paid for it.
Fear mongering is what the Dems do to get votes. It won’t work here on FR.....
I say a serious investigation into the mortgage scandel needs to get underway, and those that made off like bandits, lied and sold off these risky investments as sound, should share in the losses, and those that lied and borrowed beyond their means should loose their homes.
AIG is another matter, and it is a short term loan. A lot of peoples life savings, retirement funds are at stake. part of their problem is that they bought a lot of these fraudulent investments. I don't mind a temporary bail out to protect citizens retirement funds they worked hard for and saved in good faith. There are several separate issues here, and should not be bundled up into one big general bail out package by media or anyone else.
The Government says they will replace everything up to 100 grand. Anything else is a risk that all individuals take. We only learn when we see the consequences of error.
President Jackson
Great quote!
I could care less about people who bought overpriced homes with loans they never should have qualified for. Let that isolated part of the housing marketplace play out as it should.
The over inflated housing prices in those limited areas need to crash back down to earth. It isn't a nation wide "crisis" however. And no way does it effect the entire finacial marketplace, other than those who are trying to scam something.
Those that didn't get in over their head, but overpaid, well too bad. They are going to have to wait a good 25 years to break even if they don't wize up and pay off the place as fast as possible to mitigate their circumstances.
As I said,
Everything is getting wrapped up in a big ball and called "bail out".
It has to be unraveled and each issue dealt with separately.
“It’s a statement of fact. When banks and markets collapse...”
You keep repeating the same assumption with no real evidence to back it up.
What evidence do you have to offer that the banking system and markets are going to collapse? And how are you defining “collapse” in any case.
Myabe you’re just having a bad day?
I’m not one of those either.
I just know what the term means, unlike you.
“Stock markets panic and everything tumbles down to nothing...”
[snip]
You’re quite a storyteller but I’m not sure if your stories have anything to do with reality.
Have a good night.
FDR was a hardcore capitalist compared to the socialist agenda you’re promoting with lunatic spewings about millions starving to death in the streets.
Seriously, why are you here?
It started pretty much around the same time as the founding of this nation.
We have public schools, town sewer and water, public roadways,public libraries, state welfare, public transportation... Why, we're pretty much the same as ...Canada!
We even have "free" health care like Canada. It's called medicaid here.
Socialists inevitably fail. Get used to that.
That's exactly what happened on Black Thursday (Oct 24th, 1929) & Black Tuesday (Oct 29th, 1929) It was reality then, and it could easily become reality again today.
What “socialist agenda” am I “spewing”?
And the question should be why are YOU here? You don’t seem to have anything intelligent to say. All you do is run around shouting “socialist” and “socialist agenda” without even knowning what the term means.....
Yeah, bailing out AIG by giving them a LOAN is a terrible “socialist agenda”. (snicker)
There's nothing in the $700,000,000,000.00+ bailout proposal restricting it to loans.
Socialist and liar.
The value of stocks on the U.S. stock market begins a six-year upward climb.
November 1928
Republican Herbert Hoover is elected president of the United States. His policies would prove ineffective in fighting the Great Depression that struck in October 1929.
October 24, 1929
Known as "Black Thursday," a record-breaking crash on the New York Stock Exchange begins several weeks of market panics. Many investors lose vast sums of money when the value of stocks plummets. Approximately 12.8 million shares of stock are sold in one day, most at prices far below their values only a few days earlier.
October 29, 1929
Known as "Black Tuesday," the value of stocks on the New York Stock Market continues its dramatic decline. Approximately 16,410,000 shares, a record number, are sold. The nation's economy steadily erodes into the Great Depression, the worst economic crisis in U.S. history.
1931–1932
More than 3,600 banks suspend operations as the Depression deepens and thousands lose their jobs and incomes. 1931
Glass company hires- Sales of glass jars for preserving food at home increases dramatically. Preserving food decreases a family's food expenses.
1931
A drought begins in the Eastern states during the summer and quickly spreads to the Midwest and Great Plains. The drought will continue throughout the decade resulting in "dust bowl" conditions.
1931
New York City reports ninety-five cases of death by starvation as the number of unemployed and those going hungry increases.
1932
Prices for farm produce hit bottom as farmer unrest rises.
1932
The Depression spawns cuts in educational budgets affecting teacher salaries and programs offered and leads to school closures, especially in rural areas.
Congress establishes the Reconstruction Finance Corporation to provide federal financial support to the banking system.(And they were Republicans then too!)
July 2, 1932
Franklin Delano Roosevelt delivers a speech accepting the Democratic nomination for president pledging "a new deal for the American people."
July 28, 1932
Thousands of unemployed and financially strapped World War I veterans and their families, known as the Bonus Army, march on Washington, DC, seeking early payment of previously promised bonus pay, but are denied by Congress. Violence erupts, reflecting badly on the Hoover administration.
November 1932
Roosevelt handily wins the presidential election over incumbent Republican Herbert Hoover but will not be inaugurated until March 4, 1933.
1933
Unemployment reaches 25 percent of the nation's workforce.
1933
Estimates reveal that well over one million Americans are homeless and almost one-fourth are riding the railroads in search of work or aimlessly drifting. Youth comprise 40 percent of that number on the rails.
1933
Membership in teachers' unions such as the American Federation of Teachers (AFT) increases rapidly in reaction to budget and staff cuts due to the Depression.
(Oh-oh!)
March 4, 1933
With the U.S. banking system all but paralyzed, Franklin D. Roosevelt is inaugurated as president declaring "there is nothing to fear but fear itself." March 6, 1933
At 1:00 A.M. President Roosevelt orders a nationwide "bank holiday" from Monday, March 6 through Thursday, March 9, and then extends it through March 12.
Congress begins a special session to approve legislation aimed at economic relief and recovery. Congress passes the Emergency Bank Act in a successful effort to restore public confidence in the banking system.
March 12, 1933
President Roosevelt delivers his first radio "fireside chat," explaining to the American people what has happened in the U.S. banking system.
March 13, 1933
Most U.S. banks successfully reopen.
Congress passes the Agricultural Adjustment Act (AAA), designed to raise farm prices by encouraging farmers to reduce production.
Congress passes the Emergency Farm Mortgage Act to provide loans to farmers in heavy debt.
You should look things up some time.
Fed Bails Out AIG with $85 Billion Loan Package
The Fed has once again come to the rescue of a struggling financial company, this time with an emergency $85 billion dollar loan package for the cash starved insurer AIG. In other overnight news, the Bank of Japan left interest rates on hold and the Bank of England's MPC meeting muinutes showed an 8-1 vote in favouring of leaving rates on hold in September.
-Fed Bails Out AIG: Federal Reserve Bank of New York announced it would lend up to $85 billion to the American International Group late Tuesday night.
The Fed said in a press release that the "terms and conditions (are) designed to protect the interests of the U.S. government and taxpayers."
Nope. Still not a socialist, nor a liar.
You however, confirm that you haven't a clue about anything. So what are you doing here?
Your praise of socialism is predictable. Your beloved socialism created, deepened and extended the depression.
Oh, so now I’m “praising socialism” am I?
Did you forget to take your meds? Seems you are suffering from delusions.
Shall I call someone? Wouldn’t want to see you tweak out and hurt someone.
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