Responsible bail out
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| Wed, 11-19-2008 - 9:05pm |
I am for the bail out. I've supported the overall idea since it was first proposed. What is distressing is how we are apparently totally bungling the power granted to this administration.
My bad. I should have known they could not even get this right.
On the way home tonight, NPR's Marketplace ran a story on how executives are being paid bonuses, and that companies are paying dividends - out of this funding. Few are doing anything remotely close to lending.
Barney Frank was right to be outraged at the lack of assistance for homeowners, and the continued reluctance of the administration to assist homeowners.
And today comes word of deflation, a huge, huge red flag that screams the 'd' word. Folks, we are on the cusp of 1930, and our leaders, given latitude they did not have in 1930, are f'ing it up.
I am no expert on this, but the way they explained this tonight, deflation can spiral downward, last occuring way back in the 1930s.
There is 450 billion left. How do we use this intelligently? First thing that has to happen is mandate no bonuses and no dividends to any company receiving funds. Mandate they must lend, and we will gurantee mortgages they renegotiate to better terms for the homeowner, allowing them to stay, with a certain acceptable parameters. Set quotas on how many mortgages they must underwrite a day, how many auto loans, etc. Publicise acceptability criteria, so people know before going in whether they qualify.
If there are one too many automakers in Detroit, don't close one, set it to a different task - any ideas out there on how we could divert them to something that helps us face other issues? America has to build things again... what can we get them to build? Financing isn't the problem, the money will be there - any ideas?

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Obama won.
Investment and protection of surplus is not saying it is an investment programme, sigh.
Right here in your article:
The amendments established a trust fund for any surplus funds. The managing trustee of this fund is the Secretary of the Treasury. The money could be invested in both non-marketable and marketable securities.
Insurance companies -
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
They certainly lobby Congress for improved wages, etc, and this has happened through history, starting with the Continental Army.
Not the point though... you say not to trust government, that government management is atrocious... so
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
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Haven't heard back from my one senator yet. He's hard to get a
"<<$9-12 an hour is perfectly acceptable for a person with no skills or experience. Why do you only show your contempt for companies? Why no contempt for these people who have chosen not to improve themselves and therefore our society in general?>>
This attitude is what caused inequality and poverty. Paying middle class workers a decent wage is not a bad thing."
And somehow simple true points like this get lost in the sound and fury of right-wing blabber. I hope the right-wing reforms itself soon. The fops (Fox-Republican officials and politicians) are the ones who are really out to lunch and not doing their jobs!
And to those who object to Fox being included up front and center in the term fop, there is no way enough people would have listened to the Republican blabber without their Fox bullhorn blowing in our ears for the past 10 years.
By the way, so much for the Reagan Revolution.
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