Posted on 09/24/2008 10:34:43 AM PDT by HAL9000
Breaking News - Republican officials say the Bush administration will accept executive-pay curbs as part of the bailout. President Bush plans to address the nation Wednesday at 9:01 p.m. EDT on the financial crisis.
“GIVE US THE MONEY or else.”
that is what I heard also.
One long time FReeper got a pink slip today. Never saw it coming. See the Mark Levin thread.
This is a Conservative site ... NOT the GOP cheerleading pep squad
You are one of the few sane people on this thread. I am embarrassed by many here.
This is from a friend of mine, I thought he said it well, so I’m sharing:
“I absolutely oppose a taxpayer-supported bailout of the of the corporations who have brought the world economy to the brink of collapse.
The problem seems to be that too much greed led too many companies to turn a blind eye to too many agents selling too many real estate loans to too many people who couldn’t afford them, then re-packaging these sure-to-fail debts as sure-pay secured liabilities and selling them to other masters-of-the-universe who didn’t bother to confirm their value. All the while, all of them were collecting high salaries, undeserved commissions and outrageous bonuses.
I have no problem with a government program which keeps innocent people in the houses the bankers knew they couldn’t afford, but I have a huge problem with any schemes which supports those commissions, salaries and bonuses.
Too big to fail? Why? Why weren’t the people exploited by the lenders too important to fail? Why should the corporations be given better treatment than the millions of people they were willing to put out of their homes Put the greedmeisters out of their companies. Nationalize the companies which cannot save themselves and work with the borrowers. Keep the bonus- and commission-earners on staff only if they’re willing to give back the extra money they earned off the naive consumers they’ve exploited.
If the problem is non-performing loans, rescue the non-payers whom the loan-makers knew were bad risks, but made the loans anyway.
As for allowing giant banks to become mega-banks, have we forgotten who caused this problem before we’re even through it? We don’t need larger banks, but we do need to again regulate the ones which survive this shakeout.
I say “No to corporate welfare.” “
are you black or hispanic? if you were black or hispanic you would have and should have gotten the loan...
Having the treasury buy up junk assets will do nothing to solve the moral hazards that created the crisis in the first place. The injections of money required to keep the financial system afloat will increase exponentially until it deflates. The longer the government waits before allowing the economy to deflate, the worse the inflation will be when it happens.
Indeed, I would suggest that even if space aliens were to offer $700B worth of petroleum or some other useful asset, on condition that it be given to Bernacke and Paulson for their bail-out (so the new capital would not cause inflation nor increase the national debt) it would probably still be better to try to deflate things gradually than to prop them up. Add in the fact that the bailout will cost at least hundreds of billions and it's clearly a horrible idea.
He has no spine - how would you expect him to actually assign blame where it is due?
He gave the “Clean” version of what caused all of this. It was full of inaccuracy’s and sympathy for the bankers who caused all of this. I so sure that those who were running these investment banks were not smart enough to understand what these toxic things were...Not! They just played the game until time ran out.
For those who bought Freddie and Fannie debt. He said people thought that it was government guaranteed. However I have seen the front page of these documents they all Warn very strongly that they are not guaranteed by the federal government.
I think he looked serious, not scared, and I give him a high grade for the speech. The situation is serious and needs to be addressed; its not the first time we face economic turmoil and it won’t be the last. Am I happy about where we are? Hell no, but I’m no expert on these matters, and if we do nothing now it sounds like we’ll do a lot worse later.
Yeah, but the original poster lead us to believe that all of the deposits at WaMu are covered by FDIC.
It is not possible.
Screw it. I’m going out with my last $100, have a brew or two and sing Keroke.
I think your tagline says it all - toast.
Has one single career politician resigned over this disaster yet? Not a one?
Sounds like his basic speech was - GIVE US THE MONEY or else.
Yup.
President Bush does not know how to defend himself from democrats.
My "contribution" will be 28,000 bucks and I will never get a dime of it back because Congress will give my money away to folks who bought on credit and have no means of paying that credit off.
SOOL once again in the woods of Northeast CT.
WHAT A LOAD OF CRAP
That bears repeating.
I have a natural distaste for government bailouts in general. But this is not a simple problem; it is very complex and if the system fails it will affect everyone in the country, even people with their cash stashed in their mattress.
I can’t figure out why he did this.
Two weeks ago life was beautiful. No, we’re doomed!
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