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I like the proposed restrictions on executive pay (golden parachutes) that the Dems are trying to include in this, but the Licks will probably fight that one tooth and nail.
The way that this is all being pushed along so quickly is kind of similar to what they did with the Patriot Act, I'd like to see this slowed down a bit.
Can't give the Bush administration another blank check on this one.
Paulson and Bernanke made a big promise with our money, but didn't bother to consult with our elected officials beforehand. Never mind the Dems -- the Reps feel just as out of it:
http://www.foxnews.com/story/0,2933,425693,00.html
This international take on things is sadly amusing. Being compared with Albania-- oof:
http://www.latimes.com/business/la-f...,7535469.story
Someone did the math, and its $1.8 trillion of bailout, or roughly $6000 for every man, woman, and child:
http://www.cnbc.com/id/26808715/site/14081545/
For some perspective, excluding social security (which is a distinctly separate pile of money), this is more than what all of America pays in income tax in a year (~$1.7 trillion). Personal income tax is about 80% of the federal budget, with corporate income tax providing the other 20% (~$400 million).
Remember, the fundamentals of our banking system are sound.
Paulson said so, not so long ago:
http://www.cnbc.com/id/25764545
Do you trust the man who didn't see the ditch to get you out of it?
Good for Paulson and Bernanke. All the 'elected officials' would do is drag it out (do nothing congress) and then fuck it up anyway. :)Quote:
Originally Posted by Uncle Mxy
Dear American:
I need to ask you to support an urgent secret business relationship
with a transfer of funds of great magnitude.
I am Ministry of the Treasury of the Republic of America. My country
has had crisis that has caused the need for large transfer of funds of
800 billion dollars US. If you would assist me in this transfer, it
would be most profitable to you.
I am working with Mr. Phil Gram, lobbyist for UBS, who will be my
replacement as Ministry of the Treasury in January. As a Senator, you
may know him as the leader of the American banking deregulation
movement in the 1990s. This transaction is 100% safe.
This is a matter of great urgency. We need a blank check. We need the
funds as quickly as possible. We cannot directly transfer these funds
in the names of our close friends because we are constantly under
surveillance. My family lawyer advised me that I should look for a
reliable and trustworthy person who will act as a next of kin so the
funds can be transferred.
Please reply with all of your bank account, IRA and college fund
account numbers and those of your children and grandchildren to
wallstreetbailout@treasury.gov so that we may transfer your commission
for this transaction. After I receive that information, I will respond
with detailed information about safeguards that will be used to protect
the funds.
Yours Faithfully,
Minister of Treasury Paulson
^that rules
I wish they had spelled Phil Gramm's name correctly, though.
Sincerely,
R. Federer
Can we put a due to Barney running the Banking?Quote:
Originally Posted by Uncle Mxy
Let's Play Wall Street Bailout
http://www.youtube.com/watch?v=S27yitK32ds
It is funny how you constantly repeat far right media talking points, but claim not to watch/listen to them. Do you really think that B. Frank is solely to blame, despite the fact that most of the bad mortgages occurred prior to 2007 when the dems took over? The former repub banking chair (oxley) said that he worked with bfrank to write a bill that would have prevented some of this mess. the bill passed the house, but was given the 'one-finger salute' from bushco. in fact the repub majority sec board passed a new rule in 2003 that allowed five dealer-brokers to way over-leverage themselves. They could run a debt to asset ratio of 30-40:1 instead of 12:1. those firms were bear stearns, merrill lynch, lehman bros, goldman sachs, and morgan stanley. was that also bfrank's fault?Quote:
Originally Posted by Tahoe