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To: kabar

We are saving millions of jobs and saving the economy from a 1930’s style depression. We have bailed out AIG to the tune of 160 billion why? Do you think the financial sector was not to blame for the mess they created? We gave banks money, and they gave themselves fat bonuses and bought other banks while refusing to lend money. Surely, we can give the big three a loan of 50 billion to weather the credit crisis. The auto industry is a vital part of our economy. good things are on the horizon.


134 posted on 11/17/2008 9:46:20 AM PST by bronxboy
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To: bronxboy
We are saving millions of jobs and saving the economy from a 1930’s style depression.

Can you guarantee that our economy will be saved by the bailout? So far the results have not been encouraging. We already have a $10 trillion national debt and a $60 trillion unfunded liability in the form of the entitlement programs. Who is going to bailout the USG?

We have bailed out AIG to the tune of 160 billion why? Do you think the financial sector was not to blame for the mess they created? We gave banks money, and they gave themselves fat bonuses and bought other banks while refusing to lend money.

I was against the bailout. It is just delaying the inevitable. The more government involvement, the more prolonged the economic downturn. It took WWII to get us out of the Depression, not New Deal socialism. And don't forget that it was Fannie Mae and Freddie Mac, quasi government run enterprises, that started the house of cards to collapse. What makes you think that Pelosi, Reid, Frank, and Dodd can manage our economy better than the marketplace?

Surely, we can give the big three a loan of 50 billion to weather the credit crisis. The auto industry is a vital part of our economy. good things are on the horizon.

We have heard this before. I have lived in both socialist and communist countries. Propping up inefficient and unprofitable enterprises destroys economies.

137 posted on 11/17/2008 9:58:32 AM PST by kabar
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To: bronxboy

We bailed out the financial sector because without banks, literally nothing else in the US economy works. The economy has no chance to function, much less recover, if banks won’t trust each other and allow commerce to happen.

Everyone knows of Smoot-Hawley and the effects on trade. Well, when banks refuse to honor letters of credit used in international trade because they don’t trust the bank on which the LOC is drawn, you have a trade disruption writ large.

The auto industry is essential, but they cannot survive at their current cost structure. They need to go into BK today, without delay, and get their cost structure repaired immediately. If they need a bailout, then let’s bail them out when they’re NOT a black hole and have a chance of surviving.

Too many people think that bankruptcy means the business stops. Not true. It simply means that their liabilities are restructured by a court.


138 posted on 11/17/2008 10:01:21 AM PST by NVDave
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