2008.09.22
Fool me once, fool me twice
The Bush administration wants Congress to cough up $700 billion for the mother of all bailouts. In typical fashion, there's seems to be a "give us the money and go away" attitude. Hmmm...I think the last time we fell for that ruse without stipulations, we ended up in an unnecessary war in Iraq.
If Congress goes down this road, it should definitely tread lightly....demand accountability and oversight on how Treasury divvies up such a golden egg. There's something about this whole thing that leaves me queasy.
s
So I made a few calls. John Warner 202-2242023
Jim Web 202-2244042
My message:
Say No to the Senate Finance
Committe.
No bailout
No Check
No Bill
Comment by Dona Wheeler Roankoke, Va — September 22, 2008 @ 1:58 pm
For once I agree with you..This is as much as weve spent on the entire Iraq war..I wonder if we should just let these chips fall..I mean were going to prop up bad loans?...I mean you talk about socialism..should the US Government be involved at all with the private sector..in this manor...I know that no one wants a depression..but is this just delaying the inevitable..? Its one thing for a Company to risk its capitol..but this is risking taxpayer money..and I have already heard that some will walk away with millions from this deal.
You raise a good point about the golden parachutes. Some congressmen this a.m. were saying they wanted to make sure execs wouldn't walk away with sweet severances.---s
Comment by Larry — September 22, 2008 @ 2:02 pm
Mixed emotions on this subject I feel the American people needs something for bailing these companies out and yet we are helping ourselves by staying insured, by keeping them going.
One we made the best decision based on the available information in that thought I was not fooled no one was.
Second the CEO's of these companies was paid multi-million dollars as President this money needs to forfeited period no matter how much it was.
Comment by Terry B — September 22, 2008 @ 3:13 pm
How utterly STUPID do the politicians think people are? It is an INSULT to the common sense of every person in the USA. If the American people let THIS go, they deserve to have their income taxed 50%, because that's just about what will happen just to BAIL OUT THE RICH!!! And NOBODY but the rich get any benefit whatsoever!!! WHY aren't the people in the street yet?????
Comment by Percy Kution — September 22, 2008 @ 5:26 pm
I'm kind of with Shanna on this one. I don't LIKE the bailouts, but I fear what might happen if some sort of help is not rendered. If they do proceed to help these institutions, strict controls and proceeding cautiously will be a must. As for the golden parachutes, there should be shareholder revolts at the meetings following the approval of such Tom Foolery. Percy: LOTS of people are in the street ... they now LIVE there as the result of the housing crisis. I always enjoy your comments. Warner and Webb ... it's shameful that's all this state has to offer, and there's nothing better over the horizon in terms of replacing Warner.
Comment by Mike — September 23, 2008 @ 1:06 am
You strongly imply Shanna that we cannot trust the Bush administration to help us out of the current financial mess. Can we trust the Democrats?
Before you turn to them, I suggest you read these two articles;
“How the Democrats Created the Financial Crisis: Kevin Hassett,” at Bloomberg.com, September 22
“Guess again who's to blame for U.S. mortgage meltdown,” at WorldNetDaily.com, September 23
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A bipartisan worry: Republicans, including John McCain, have expressed deep concern about the mother of all bailouts.---s
Comment by LRS — September 23, 2008 @ 12:07 pm
How about just confiscating and/or taxing everything the evangelicals and bible thumpers (mainly the Baptists) have in order to pay for this mess? THEY are the ones that caused all this mess because THEY are the core base of the FOOLS that put The BushMaster and Chain Dickey where they are!!! (NOT that Al the Crook Gore or Heinz Horseface Kerry would have been much better)
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PK, apparently you missed my riveting piece of prose a week before the 2004 election with the headline, "Bush won't get this Christian's vote."---s
Comment by Percy Kution — September 23, 2008 @ 5:27 pm
LRS is spot on as McCain co-sponsored Senate Bill 190 which called for the reform of Freddie Mac and Fannie Mae back in 2005. Basically, it forsaw the risk of today's collapse and sought to take appropriate actions. The bill was killed in House Committee by Democrats.
Obama had no input or opinion on this matter.
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Let me ask you and LRS a question: Are ya'll completely comfortable giving one guy at Treasury carte blanche on what he wants to do with $700 blllion? I'm not. Nancy Pelosi was over the top, of course, but she always is. GOP'er Mitch McConnel was calling for congressional restraints/input this evening. One economist took the position that the markets would settle the matter, without Big Government coming to the rescue.--s
Comment by Jim — September 23, 2008 @ 8:46 pm
I share your queasy feeling about this whole sordid affair. I don't believe the same people who got us into this mess will be the same ones to adequately resolve it. Also, I don't agree with the policy of public risk, private gain. The thought business executives, even after the bailout will rake in the bonuses, also makes me queasy. Don't count on Congress to insist on that stipulation.
I'm sorry Shanna, I have to go to the bathroom, I made the mistake of mentioning Congress. Yep, I'm feeling very queasy.
Comment by Shaun — September 23, 2008 @ 9:33 pm
Why should the majority of Americans suffer at the hands of an unethical few if not altogether illegal scoundrels? Let's reverse this premise of sacking the dust bunny dumb Americans as usual, and by Presidential Executive Order, seize every executive's assets associated with any financial institution until this mess is sorted out. Put those assets in a general fund as collateral for the initial bailout installment. If it works, those that were not a part of any wrongdoing would then have their assets returned with a potential profit...if not, sorry, that's the consequence of taking risks, only it's with the scoundrels' money instead of the taxpayers'. Carry out the Executive Order within a week's time as being demmanded by the Treasury Secretary on this bozo bailout.
Comment by Bobby Buck — September 24, 2008 @ 12:49 pm
The idea of giving the Secretary of the Treasury $700 billion to bail out Wall Street is just so profoundly wrong. I can't quite imagine that they're moving forward with it. I mean, it's wrong in every way. It's wrong to take money and bail out Wall Street. It's wrong to give that kind of power to the secretary of the treasury. Watching this Congress write it makes me worry about what all the hidden details will be -- Newt Gingrich He nailed it.
Comment by LRS — September 24, 2008 @ 1:33 pm
You don't get rich by being nice." John D. Rockefeller threatened rivals with bankruptcy if they didn't sell out to his company, Standard Oil. Bill Gates was ruthless in building Microsoft into the world's largest software firm (remember Netscape?).
Indeed, many millionaires privately admit they're "SOB'S in business," says Prince.
Millionaires are also seemingly undaunted by failure. Crane, for example, now runs a successful company that screens tenants for landlords.
But his first business venture, a real estate partnership, went bankrupt, costing him $20,000 — more than his house was worth at the time.
"It was the most depressing time in my life, but it was the best lesson I ever learned.
I guess that is why they are millionaires they spend everyone else's money instead of their own.
Comment by Backlash — September 26, 2008 @ 4:10 pm