Bailout being rejected, thoughts?
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Bailout being rejected, thoughts?
| Mon, 09-29-2008 - 3:35pm |
Hi –
The bailout being rejected is not a good thing, it affects EVERYONE. Banks have no money, we have no money (generally speaking).
I was speaking with a co-worker that said the Democrats insisted the Parachute Clause be put into the plan otherwise they’d vote against it (keeping Exec’s from these millions of dollars) so that is why the Republican’s majority anyhow rejected it. They are so greedy and now they have cut their nose to spite their face.
Thoughts everyone?
SP

How many pounds of peanuts are consumed in the United States each year?
2.4 billion pounds! About 50% is consumed as peanut butter.


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America adrift.
And:
I really hope I never see a day when my credit card or ATM card cease to work because the financial system seizes, but that day could possibly be a blessing in disguise. One thing is clear, our incumbent Congressional representatives need to go. I don't care what political party you favor. DON'T VOTE FOR INCUMBENTS!
"UPDATE II: House Republicans are blaming a speech Nancy Pelosi gave this morning for defeat of the bill, claiming that her "partisan tone" drove many GOP members to vote against it. That is really dumb. If House Republicans decided how to vote on this bailout based on a speech Nancy Pelosi gave -- rather than their views on the merits -- that is as potent an indictment of those GOP members as anyone else could make."
I said I wasn't going to blame anyone in particular - just all of them - but Barney Frank said the funniest thing when a reporter asked him about that saying the republicans were upset over the speech.
Part of the Republican ideology is that the government needs to stay out of the business world.
Carey
Look, I think the government needs to, at least, to some degree.
I have a friend who is the CEO of a company – he only makes 150K a year and a 50K bonus and insists everyone shares an office (doesn’t even take an office to himself) to set a good example and they are profiting right now as a result…trust me, he’s considered middle class in Los Angeles – but I admire that. Why on earth are these CEO’s making more money than rocket scientists and brain surgeons (even what they earn in a lifetime) with their 20 + million dollar salaries?
Well, we cannot complain that our representatives are not listening to us taxpayers. I think this article explains one reason it was rejected by the average American:
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/26/AR2008092603265.html
From what I read about how the bailout would work, the only references to the taxpayers getting an equity stake in the firms being bailed out used the words "option to obtain nonvoting shares" and that's not good enough. To me that means "buy" shares. Why should we have to purchase shares after purchasing their junk assets? The wording needs to be "receive VOTING shares in exchange for the Treasury's service of purchasing and creating a market for their junk assets".
Yes, that will dilute the value of existing shares in the firms choosing to participate, but it's the current investors and creditors of the failing institutions who chose to make the risky investments to begin with. It is they who should shoulder the losses.
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http://www.pnhp.org/news/2009/october/meet_the_new_health_.php
http://www.youtube.com/watch?v=DQTBYQlQ7yM
How many pounds of peanuts are consumed in the United States each year?
2.4 billion pounds! About 50% is consumed as peanut butter.
Do you think that there should be limits on all professions?
How many pounds of peanuts are consumed in the United States each year?
2.4 billion pounds! About 50% is consumed as peanut butter.
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