Paulson keeps changing the playing field, most often for the Wall Street cronies --forcing financing to institutions--not needing it. I don't think the taxpayers, me and you, are the real recipeints of this castrophe --this is a Bush-driven calamity.
judith ann smitherman
of NC
@
Nov 19, 2008 17:13:30 PM
Sad Reality
No one bails me out when I make bad investments, why should we do the same for men who make tons of money regardless?
of NY
@
Oct 01, 2008 01:28:15 AM
NO to the BAILOUT
This is completely insane. The federal reserve and our current (and past) establishment got us in this situation....Knowingly! America wake-up!! We're being bamboozled!!
The government has many reasons to bail out the market....
1. The Paulson plan in the long run will make the government a profit. We have bailed out Mexico, loan & saving companies, and the airlines.... the bail out all netted a profit....
2. They need to correct the mess they created. After little research, you will find out the government (in the late 80's) relaxed several mortgage rules to increase home ownership. Since then the banks went crazy creating a ton of bad complex loans. All this occoured with minimal or no supervision of congress or the executive branch. Now they are passing the buck... by blaming it on Wall Street.
3. Why wait...If $700 Billion will create confidence in the markets now. How much will it cost the government in a week? A Trillion? How much is it costing your IRAs? Longer you wait more banks/companies will fail... Each time one fails.... thier stocks loose most of thier value resulting in dropping in mutual funds values.
Josh A
of OH
@
Sep 27, 2008 02:05:40 AM
NO BAILOUT
It's not our fault the fatcat heads of banks were overzealous in their greed and desire to take money from people! We're suffering enough from what they've done to the economy, the doom that now hangs over it. WHY SHOULD WE HAVE TO PAY FOR THEIR MISTAKES!!!!!!!!????????????
Jenkins
of NC
@
Sep 26, 2008 14:44:19 PM
Save Businesses Not Banks
Yes something needs to be done, but first we need to shore up retail banks to protect consumers and give them confidence, then we need to provide investment capital direct to business (not banks) to keep the system going - this should come from interest bearing loans run by a central government owned banking system thereby giving the interest back to the people of the US.
Let all the middle men investment bankers, speculators and the like that caused the problem go down. I run a business, if I have problem that I can't fund myself I go down, I don't get bailed out and don't expect to get bailed out - why not the bankers dip into their own consiberable pockets and club together to save their own businesses - why should I?
And when the $700billion does get flushed into the system are we going to claw back the profits that these bankers are going to be making from it...? Of course not, they'll just pocket their huge share and the problem will still be there.
How did we let an investment banker like Paulson (worth $700m) get us into this situation - he has personally benefitted from this mess and as CEO/Chair of Goldman he was part responsible for it, are we going to let him now give $700b of our money to his friends so they can stay richer than we can ever dream of being?
Support the tax payers and the businesses that really drive the economy not the leeches that profit so massively off the hard work of everyone else yet really contribute nothing.
Alex West
of CA
@
Sep 26, 2008 09:34:01 AM
bail out
Why didn't anyone bail my husband and I out when we lost our house 08/07 due to MR paulson's greed now that you have my house you can't unload, instead of trying to work it out with us
Both my husband and I work his illness made us fall behind on our mortagage instead of cleaning the slate and say because your husband is now on dailysis and had a bi-pass let's forgive or extend all this interest and late payments and start new. YOu took our house now we rent in the tune of $1100.00 a month wouldn't you have loved that money every month than my home sitting there looking ugly cause no up keep is beening done.
SHAME ON YOU. We're to BAIL YOU OUT YOUR CRAZY
angela and william
of OH
@
Sep 26, 2008 09:28:53 AM
aig
> Something to think about...
> I’m against the $85,000,000,000.00 bailout of AIG.
>
> Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.
>
> To make the math simple, let’s assume there are 200,000,000 bona fide U.S. Citizens 18+.
>
> Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..
>
> So divide 200 million adults 18+ into $85 billion that equals $425,000.00.
>
> My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.
>
> Of course, it would NOT be tax free. So let’s assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.
>
> But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00.
>
> What would you do with $297,500.00 to $595,000.00 in your family?
>
> Pay off your mortgage – housing crisis solved.
> Repay college loans – what a great boost to new grads
> Put away money for college – it'll be there
> Save in a bank – create money to loan to entrepreneurs.
> Buy a new car – create jobs
> Invest in the market – capital drives growth
> Pay for your parent’s medical insurance – health care improves
> Enable Deadbeat Dads to come clean – or else
>
> Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company
> that is cutting back. And of course, for those serving in our Armed Forces.
>
> If we’re going to re-distribute wealth let’s really do it...instead of trickling out a puny $1,000.00 ( “vote buy” ) economic incentive that is being proposed by one of our candidates for President.
>
> If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!
>
> As for AIG – liquidate it.
> Sell off its parts.
> Let American General go back to being American General.
> Sell off the real estate.
> Let the private sector bargain hunters cut it up and clean it up.
>
> Here’s my rationale. We deserve it and AIG doesn't.
>
> Sure it’s a crazy idea that can “never work.”
>
> But can you imagine the Coast-To-Coast Block Party!
>
> How do you spell Economic Boom?
>
> I trust my fellow adult Americans to know how to use the $85 Billion
>
> We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC.
>
> And remember, the Sandy plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
>
> Ahhh...I feel so much better getting that off my chest.
> Kindest personal regards,
> Sandy Gray, A Creative Lady
>
> PS: Feel free to pass this along to your pals as it’s either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!
>
Gayle Swenson
PBA/NIST
100 Bureau Dr., Stop 1070
Gaithersburg, MD 20899-1070
Ph. 301-975-2770
richard cote
of CT
@
Sep 26, 2008 09:26:22 AM
No bail out is big enough
Just because its the biggest corporate welfare bail out yet, doesn't mean it will work. The notion of the government buying worthless paper on the taxpayer's back is nonsense. We need to allow capitalism to work. Companies must fail. If you can't manage your balance sheet, you don't deserve big bonuses and you definitely don't deserve a bail out.
We can all examine exactly what's happened during the last stick saves, starting back in August of 2007. Every single time the same pattern has remained a constant. The save creates temporary confidence in equity markets and then volatility increases, new lows are made and lower highs during the next saves. You can't buy a bottom. You can't socialize all risk and expect market participants to return.
So how many more failures do we need to see that this is NOT working? WaMu just failed last night and JP Morgan bought their assets for pennies on the dollar. Sound familiar? Of course the government brokered the deal.
Here's the real juicy bits, though. The Fed may be ceasing their lending to banks in order to INTENTIONALLY force the passage of this bill. They have reduced their loans by $110B in the last few days. Why would Dr. Ben turn the Helo away during this time of crisis? Feds would want us to believe that its to keep the Fed Funds rate at 2%. Skeptics would say they're trying to bully the US Congress by intentionally freezing up credit markets.
Matt Bandyk, a reporter for U.S. News, explores capitalism from where it all begins, with the entrepreneur, whose risk taking and experimentation provide the roots from which the rest of the economy grows. As much courage as it takes to create one's own business, even the entrepreneur needs some help, and this blog will look at news, trends, and practical advice for starting and running a small business.
judith ann smitherman of NC @ Nov 19, 2008 17:13:30 PM
of NY @ Oct 01, 2008 01:28:15 AM
CC of CA @ Sep 28, 2008 00:39:25 AM
Herbert I marone of CT @ Sep 28, 2008 00:25:08 AM
Josh A of OH @ Sep 27, 2008 02:05:40 AM
Jenkins of NC @ Sep 26, 2008 14:44:19 PM
Alex West of CA @ Sep 26, 2008 09:34:01 AM
angela and william of OH @ Sep 26, 2008 09:28:53 AM
richard cote of CT @ Sep 26, 2008 09:26:22 AM
MooTrades.com of VA @ Sep 26, 2008 07:07:50 AM
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