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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Hey SP! Sorry it took a while to respond back. I went to my dance class & then had to pick up my rocker son from his rehearsal -- he's in a Jimi Hendrix tribute show this weekend!
You are too funny about the 'celebrity' S.P.! Yep, I just love Tina Fey's SP -- she's got her nailed 'dead on' -- even SP, herself, said so. Even if SP is a 'quick study' as Laura Bush pointed out -- cramming (as for a test) is not the same as first-hand experience and knowledge. She is very good at regurgitating what she has been 'trained' to say -- but those 'pat' answers do not address all issues. Even many Republicans are now saying that it's painful to hear her speak -- as it's so embarrassing to see the dearth of her knowledge on things. It's interesting what your niece in Anchorage said about her compatriots there. Hey, it's very representative of 'small-town' perspectives & a far simpler pace of life than in other metropolitan areas.
I agree with you -- the Sarah Palin 'show' is really a distraction from the serious issues at hand. I'm sure she is undergoing lots of 'coaching' on all sorts of topics that will be covered at the debate. Joe Biden has an incredible history of service to this country and has truly earned his place as a VP candidate. I think that Obama made a wise choice with him. I'm very impressed with Hilary, but honestly don't feel that she would have been 'satisfied' with the VP position. She is still be a valuable resource for Obama & he knows that both she & Bill have tons of experience that they can draw from when he comes to them to weigh-in on issues.
Hope you have a good evening! Talk to you again, soon!
later, HB
"I believe most Americans do not want this. It would be best if the Republicans did not vote for this. Why have these companies not filed for bankruptcy protection? Do you really think if we bail these companies out they won't do the same thing again?"
That's not at all clear. It's a matter of what Americans like less - retribution on the banking industry at the price of their 401K, or a practical solution that doesn't sink our economy. And many realize that this is largely a crisis in confidence where normal market forces could cause another Great Depression if left to operate on their own. This is the type of situation where, unfortunately, the government is supposed to step in.
Some of the companies have filed for bankruptcy protection, like Indymac, Lehman, and now Wachovia is having an asset sale where the equity holders are getting wiped.
Will these companies do the same thing again, you ask? I think the question is whether the government will do the same thing again. Will we elect horrible politicians who think regulation should be abolished and don't understand its purpose?
I feel schizo on this bailout issue. Liberal as I am, I honestly don't want it. I do agree that runaway speculation and lack of regulation are at the heart of the mess. The saddest thing is that the proponents of the bailout are leading us taxpayers to believe that it will make the impending recession/depression much less severe. I don't agree with that. It will just postpone the most severe phase for a while.
If this bailout goes through, with the gov't buying up the crappy assets rather than lending the firms money or actually taking over the firms, there will be more bailouts to follow. It's just a matter of time.
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Good grief what are you talking about. If the bailout bill was that great
Since you are already feeling schitzo, let's add to the confusion.
Sopal
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Exactly if it was that necessary or that needed the dems could have saved the economy, why didn't they?
Oh man what is FASB doing?
I think we all feel a little schizo about this bailout. It's just which alternative is less worse? PS I forgot to mention Wamu also got wiped out. Banks are not getting off scott free here by any means.
"If this bailout goes through, with the gov't buying up the crappy assets rather than lending the firms money or actually taking over the firms, there will be more bailouts to follow."
We've had bailouts before and we'll have them again regardless of what we do now. I respectfully disagree that the slippery slope argument should be the deciding one here. This is too important.
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