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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Why make it worse?
We made a huge mistake moving from a manufacturing base, and we will need to reclaim our prowess, but we can.
But it will also mean a major commitment by this nation to health care, to education, etc. I think we will find a way to get it done.
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"You have no power over my body..." ~ Anne Hutchinson
"No sure why you hijacked my post for your 'explanation' but I don't buy much of it."
It was an open thread so I commented on someone's post.
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Well, your comment, doesn't
Guild Member since 2009
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Guild Member since 2009
"Actually, I was inspired by your writings."
You mean those writings you've claimed I've made, but have yet to supply links and quotes of me actually saying those things.
"Why make it worse? "
Because the left insists on it.
"If the transplants paid their employees far less than what the Big Three pay their unionized workers, the United Auto Workers would have a much better shot of organizing the transplants' factories. "
Yeah, that's the funny part about this. Even American workers working for foreign car manufacturers benefit from the unions.
As for US union workers versus foreign workers, I still am not convinced there's much of a gap there either. I think a big chunk of what makes it harder for US auto manufacturers is the Republicans killed healthcare reform. As a result, US companies, unlike their foreign counterparts abroad, have to pick up health insurance costs. Same is probably true for pension type benefits.
Oh well. I'm sure Republicans on this board will keep trying to blame the US auto company crisis on the workers.
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