[Dateline 24 September 2008]
I know everyone else in the country is talking about this latest bailout plan. I guess I’ll weigh in.
Hank Paulson & Ben Bernarke are saying they need 700 billion bucks in order to stave off a financial crisis. They want the money now, meaning by the end of this week. They want virtually no congressional oversight about how they spend the money.
My simple understanding is that they are going to buy bad debt from banks & lending institutions. In other words, they are going to bail out the bankers. The moneylenders of the nation are licking their chops over the prospect of this kind of money coming to them.
To the credit of some members of Congress, they are balking at this request. or, so it appears. But I think we all know that in the end they will give the 700 billion.
In the words of Patrick Henry, “I smell a rat.”
Hank & Ben are using fear to manipulate and get this unprecedented amount of money, not to mention concentrated power. Perhaps the fear is justified. Perhaps the economy will crash & burn if this quick fix is not implemented. I really don’t know. But my advice to congress is Just say NO.
And let the chips fall where they may.
What think you?
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By the way, 700 billion divided by 300 million people is $2,333.00 for every man, woman, & child in the country. If they are going to throw away that much money, why should the bankers get it all? Send me my "share." Is this insanity or what?
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P.S. Is your bank in trouble? Click Here to read my blog on this subject.
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20 comments:
To add to the outrage, that $700B is just maximum allowed outstanding at any given time, similar to a line of credit.
King Henry (former Goldman Sachs CEO) can buy or sell TRILLIONS in mortgages or mortgage bonds from whomever and to whomever he wants, so long as his inventory costs never exceeds $700B.
What they fear most on Sodom-on-the-Potomac is the loss of power. This legislation's purpose is to prevent a dollar collapse by making a market for foreign holders of US mortgage bonds. The fact that those bonds have to first be laundered and marked-up through US-headquartered firms is just gravy for Wall Street.
OF COURSE the Treasury is going to pay above-market prices and rich premiums for the mortgage bonds. This 'clog' of bad investments to which they keep referring could be cleared immediately at lower offered prices. But no one on Wall Street wants to take their medicine.
Well, since I work in the bank industry (but, thankfully - not for a mortgage investment financial institution) (and that is the other thing that bugs me about the media coverage - they don't make it clear the difference between your local neighborhood bank and the huge mortgage brokers who started this crisis) -- anyway, although I totally disagree with the philosophy of the bailout, I think that without it there most certainly would be a huge depression, and collapse of our nation's economic system.
I don't personally agree with government bailout of anyone or anything, especially when it was their own decisions that caused this mess. And especially because this puts the government in the position of "property ownership" of private property (these mortgages, basically). This is totally against the founding father's ideals.
I'm not worried about myself personally. My farm is paid off. We have no debts; we can live off the land for quite some time. But I do say it would cause the greatest havoc you can image - and now with the global economy, it wouldn't only affect America.
But.. maybe that is what is supposed to happen ;)
I am also concerned about what would happen if we do't do something. While I would love for the people who got us in to this to "take their medicine", I am concerned for what sort of medicine I may get splattered on me even though I can afford my mortgage. I do still have a mortgage and a regular job so a huge depression could screw me even though I am living within budget. I don't know if the folks who need some medicine can be dosed without dosing us too. I am not sure, of course, but it seems that lots of people would be hurt in the process. Some need hurt, maybe, but plenty of reasonable people would likely be hurt too. Of course, come would argue a bail out will hurt as well. I don't know...On a somewhat relate dnote, I think Warren Buffet is a reasonable man and he seems to think it is necessary so I would follow him if I had to pick (though I realize he is in th ebusiness of making money and may benefit from a bailout). Just my $0.02
In addition to the bailing out the banks, I read this:
"In the dark of night over the weekend when most people were snoozing, the Treasury dramatically expanded its bailout plan to include buying student loans, car loans, credit card debt and any other "troubled" assets held by banks.
The changes, which were included in draft language that also opened the bailout program to foreign banks with extensive loan operations in the United States, potentially added tens of billions of dollars to the cost of the program."
Tell me, where would this stop then, if they can add all this also? This scares me.
Dimitri Orlov believes we are in Stage 1 of economic collapse. Next comes Stage 2: Commercial Collapse. His most recent blog entry has a few expletives but gives the perspective of someone who has been through this sort of thing. Here's the link:
Cluborlov
It's funny, you did the same thing I did when I heard the $700 billion price tag - only I divided by 250 million. Either way, that's a hefty add-on to most people's current debt load.
Exciting times we live in, aren't they?
- Kelly
The problem isn't just the bailout, or the oversight. The complete lack of thought is what gets me. Congress is debating whether or not there should be a severance package for the CEOs who caused the problems, and if so how big it should be. Severance package!?! These people should lose their jobs and have their assets seized to pay their debts -- just like the rest of Americans who find themselves in a similar situation. Perhaps that would even relieve the debt load for Americans. I don't want this buyout. I want the government to just STAY OUT OF IT! and let the chips fall where they may. Fear mongering to keep and expand power is abhorrent. There is no such thing as a "noble lie".
hey why not just cut a check to every working person for say, $100,000.
and when do you think that government check would hit... say a Friday?
and then see how many show up for work in Monday.
Next week.
Next year.
hey why not just cut a check to every working person for say, $100,000.
Or, why not just have the government pay off every mortgage? Sure it's crazy, but it's less crazy and would do more good than bailing out these bozos.
The problem with the Bailout is that it will at best delay a depression and at worst just make it worse. All they are doing is taxing more. I for one would rather deal with the problem now and leave my children with a better life. I don't want them to pay for the mistakes of the current generation in power.
Joe
Please don't take this as rude, correct me if I'm wrong. I'm just wondering if I'm doing the math wrong? When I did the figures, I get 2.3 BILLION dollars for each citizen, not 2.3 THOUSAND as you stated. I'm against the bail out too. Government, send me my check.
At the end of the first post that's labeled 700 BILLION (dollars) DIVIDED BY 300 MILLION (people), you stated:
By the way, 700 billion divided by 300 million people is $2,333.00 for every man, woman, & child in the country. If they are going to throw away that much money, why should the bankers get it all? Send me my "share." Is this insanity or what?
Your math is incorrect, Anonymous. There should be 9 zeros after the 700.
LOL that would mean about about 304 people pay tax in the US
How about this for a plan:
Interesting read below: Never thought of it this way
I'm against the $85 BILLION bailout of AIG. Instead, I'm in favor of giving
$85,000,000,000 to America in a "We Deserve It" dividend. To make the math
simple, let's assume t here are 200,000,000 bona fide U.S. citizens, aged
18+.
Our population is about 301 million counting every man, woman and child.
So, 200,000,000 might be a fair stab at adults 18 and up. Now, divide 200
million, 18+ adults into $85 billion - that equals $425,000.00 each! Yes, my
plan is to give that $425,000 to every adult as a "We Deserve It" dividend.
Of course, it would NOT be tax free. So, let's assume a tax rate of 30%.
Everyone would pay $127,500.00 in taxes. That sends $25.5 billion right
back to Uncle Sam! It also means that every adult 18+ has $297,500.00 in their
pocket. A husband and wife would have $595,000.00!
What would you do with $297,500.00 to $595,000.00?
* Pay off your mortgage – housing crisis solved.
* Repay college loans – what a great boost to new grads.
* Put away money for college – it'll really be there.
* Save in a bank – create money to loan to entrepreneurs.
* Buy a new car – create jobs .
* Invest in the market – capital drives growth.
* Pay for your parent's medical insurance – health care improves.
* Enable deadbeat parents to come clean – or else.
Remember this is for every adult U.S. citizen, 18 and older (including the
folks who lost their jobs at Lehmann Brothers and every other company that is
cutting back) and of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it! Instead
of trickling out a puny $1,000.00 "economic incentive".
If we're going to do an $85 billion bailout, let's bail out every adult
U.S. citizen!
As for AIG – liquidate it.
* Sell off its parts.
* Let American General go back to being American General.
* Sell off the real estate.
* Let the private sector bargain hunters cut it up and clean it up.
And remember, my plan only really costs $59.5 billion because $25.5 billion
is returned instantly in taxes to Uncle Sam. Good idea? I think so
The government will not tax us to pay off all of these bad debts it bought up. It will print the money. That will cause hyperinflation.
There is a more than even chance that after it rolls all this bad debt onto its books, that the government will simply declare bankruptcy and default on all its obligations. Anyone holding treasury bills or government instruments will be screwed.
Jules, great idea but your math doesn't work out. At 200,000,000 (Two hundred million) each person would get 425 dollars. Thats nice but not going very far these days.
How's bout somes a youse retards learn some arithmetic before posting. LMAO
One thing no one is talking about is how hard-working people are suffering in the credit score area. I wish someone would offer a one time "start-over" rating for people like myself, who have now been unemployed for two years and cannot find a job. I used to hold a contract at Microsoft Licensing, GP, in Reno, NV and made about 40K per year - not a ton, but with this loss our credit score has gone downhill because we have been late on car payments and lost a timeshare. My husband owns a small business but is on Worker's Comp, due to reconstructive surgery he had to have after a work-related injury, so his income is down to a third. Bottom line is our monthly income went from $9000 per month to $3200 per month. This is still decent money but not enough to pay our mortgage, both car payments, insurance and all of the other bills and expenses. So, after all of the economic trials settle down, my husband is released back to work and God-willing I get a job then we are left with a credit score of a loser! We won't be able to get any credit for our small business and we will be up a creek.
email me at jennic730@hotmail.com is you have any input or comments.
The Middle Class never gets bailed out ONLY the wealthy.
The Middle Class is being systematically eliminated.
Starting with the exodus of the manufacturing base.
Followed by the barrage of CLOUD services.
The LEGAL employees are slowly becoming contractors.
ADVANTAGE for the elites running the country.
WE have become an Oligarchy and chumps like TRUMP are getting attention . He plays on the ANGER and turns it into VOTES.
Sad state of affairs
FEEL THE BERN
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