I am still so angry I can not see straight

[lastliberalintexas]

The AIG bailout on top of Fannie Mae and Freddie Mac was bad enough, but now we're also told that god knows how many more billions of our tax dollars are going to be given to Corporate America to bail CEOs asses from the fire. These monies are being spun as loans or some other such schemes in which the money will supposedly be repaid to the US taxpayers, but whoever believes that we'll really see much if any of that money back can buy this bridge I have for sale in a burrough of New York. So billions of my tax dollars are being spent on these freaking welfare queens who supposedly love the system of capitalism, so long as they don't have to bear the brunt of any of the losses. Individualize the profits, socialize the losses. Crazy, warped "capitalist" system that I never learned about in econ. The capitalism I studied said that these companies should be left to die like the weak of the herd, because they've obviously failed miserably at competing with the others in their market.

So this is all happening as the backdrop to an incredibly tragic time for so many people in my area. The local news is reporting that 15 houses are habitable in Bridge City (a town of about 8000 people). The residents of Crystal Beach, Rollover, Gilchrist, and High Island are being refused entry to their homes even to inspect the damage. Parts of SE Texas still have floodwaters over the main highways. Beaumont's water system sustained salt water intrusion damage and is taking longer than expected to repair. Almost 2 million people are still without power, and a good portion of that group is not expected to have power until early October. FEMA has agreed to pay for hotels IF they are on an approved list (because of course there were enough rooms at the "approved" chains to house the more than 500,000 people who evacuated, right?) and only beginning on the 14th for a storm that hit in the early morning hours of the 13th. FEMA is warning people that there will not be any $2000 "bonus" or "giveaway" this time, because of course we all know that people never used that money to repair homes, it was spent on Prada purses and plasma televisions instead. Insurers are so far moving incredibly slowly, telling people that adjusters will not even be out for another 2 or 3 weeks (even for a guy I know who is lucky enough to have a contractor who was ready to start work yesterday).

I can not even find the words to express the depth and breadth of my anger, and I am struggling to even finish this post. I am just incredibly bitter that wealthy, multi-national corporate entities are being treated so much better than my fellow humans. The people of Bolivar and Orange County were not well off for the most part, and it will be very hard for ALL of SE Texas for many, many months. We had just finally gotten to the point of feeling "recovered" from Rita, and the blue roofs had by now become *almost* non-existant. The only thing saving my hometown is the petrochemical industry, because without the refineries, we would be dying.

But instead of money being spent to actually help people, we are once again bailing out the essentially unregulated financial sector. You'd think that the feds would at least require additional regulations in exchange for the bailout money, but that would make too much sense to actually have strings attached to billions of tax dollars being given to corporations. We only believe in strings for the $200 in food stamps given to the single parent. Because *that's* the reason my taxes are so high. :eyes: It's surreal to watch these events unfolding in the same week, but the bitterness reminds me that this really is happening.

And since I have absolutely no representation at any level of government above city council, I just had to complain here instead. Thanks for letting me rant a little.

[Union Thug]

1. Me too. These corporate cronies and wall street criminals should be

in the public square being pelted with stones. Instead, you and I and every other working person will reward their crimes.

There is no justice. America is just a big criminal enterprise.

[Virginian]

35. Freddie Mac says they might not need a bail out. Do you know what they do?

Freddie and Fannie loan money to banks so that banks can make more mortgages. Sort of like FHA. A lot of what they can and cannot do is dictated by Congress.

It was also discussed here:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=114&topic_id=43505&mesg_id=43505

[napoleon_in_rags]

58. What bugs me...are these private entities or a government ones?

I keep hearing about how what these companies do is so important...If they are private entities, that means that another, actually functional entity should then move in quickly to take their place and fill their important (in demand) market niche. But if they are government entities, the heads of anybody who profited from this disaster should be rolling, they should be in much more shit than a congressman who accepts gifts from lobbyists. But what it sounds like is that they are private entities when it comes to profit, and government entities when it comes to loss. And that makes me steamed.

[sop]

56. In China they give corporate criminals the death penalty

And in Japan they are forced to publicly apologize to all their victims, and some are so ashamed they take their own lives. After the market crash of '29 these guys were jumping out of windows. Now, or course, they put on their golden parachutes before jumping.

[Ilsa]

2. Kind of makes you want to "incorporate" doesn't it. Then maybe

American citizens could get at least as much attention as the greedy assholes "born" in Delaware.

It is fascism personified.

[SOS]

38. It is indeed fascism

"The first truth is that the liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself. That, in its essence, is fascism—ownership of government by an individual, by a group, or by any other controlling private power."
-FDR 1938

"Fascism should more properly be called corporatism because it is the merger of state and corporate power."
- Benito Mussolini

[sunnystarr]

70. Not a bad idea ... maybe every family should incorporate and

demand equal treatment.

[BlooInBloo]

3. Anytime a bail-out happens, the execs shoud automatically lose all monies...

their contract would give to them. Said monies should go to the bail-out.

[Omnibus]

8. Bravo! Great idea!

No one from VP level on up should get any kind of bonus.

At this point, I'd even support a government limit on maximum executive compensation.

Or, to take Obama's idea, tie it to the long-term performance of the company. No exec gets any kind of bonus until 3/5/10 years later.

Something has to be done. The inability of capitalism to think in the long term has hamstrung us as a nation.

[humbled_opinion]

78. Yeah...

and lets do the same for the Pro Footballers so that my Season tickets won't cost 5 grand a pop....

Oh just had to context a little LOL>..

[WheelWalker]

14. Together with excision of their frontal lobe.

[Jester Messiah]

36. You think they have brains? [nt]

[Plucketeer]

37. Bail out! Bail out!

The sun's well up
dumpling clouds dot the sky.
I should be right happy,
but I'm not and here's why.

My country's had one of it wheels fall off
of course, life goes on and at me you might scoff.
But some distant place that I've never been
has got it's hands out for our money again.

Now I've known folks who've lost everything -
they crashed to the ground like they'd just lost a wing.
But their smashing, turns out, wasn't their fault
On some far-off island, someone robbed a bank vault.

On prestigious Wall Street, in some faraway town
swindlers pulled out a card and brought everything down.
I wouldn't care much since we've little stored there
But this nation's leaders now FORCE me to care.

"We can't afford this, and we can't afford that.
But we can afford bombs to blow everything flat"
Social security - yeah, let's privatize that
if we had, just think where we'd now be at!

Universal health care? Are you out of your mind?
Where for that, might I ask, would the money you find?
Bridges and roads? What do we need them for?
There's no jobs so you don't need to get there no more!

But wait! Like Iraq, there's terror ahead
Wall Street's meltdown is worse than burning in bed!
Hundreds of Millions to bail them out?
The world's bestest minds - those you would doubt?

If you're sick and reeling with pain
I can give you an aspirin again.
But if your job is moving offshore -
suck it up, ya hear? No whining no more.

But have a bank fail? Of that don't you fear?
Fat cats losing their luxuries? Oh my! Oh dear!
We must tap the treasurys, send out urgent faxes -
squeeze the little guy more, we need more of their taxes!

CEOs floating down on a gold parachute
while I plummet to earth - no one gives a hoot.
They gave me a badge for fighting a war
they've collected their taxes - they don't need me no more.

[ooglymoogly]

52. Excellent post plucketeer....your should make it a stand alone post. nt

[Plucketeer]

55. Thanks - I just did

My first OP post ever! (On DU, that is) Glad you liked my rhyme. When if flows - it flows.

[stevebreeze]

72. perhaps you could go to the musicians area of DU and get someone to put a tune to this.

and load it up on utube.
Great Job Plucketeer!!

[droidamus2]

40. Not far enough

To keep future CEOs from trying the same tricks I think you should go farther than that. Liquidate all their assets not just those directly connected to the contract (I'm sure they can find ways to claim that money/stock options/other perks weren't really part of the contract). Leave them a reasonable amount for them of lets say 1% of the total or $500,000.00 which ever is less. This would include divesting them of all stock and stock options in their former company. Then return the money to pay off the debt or keep the company afloat. I would even go so far as to restrict the kind of employment they could accept (no leadership positions or board of directors positions) for a designated amount of time like 10 years. Democratic solution probably not. Draconian? Absolutely, but it would send a sure message to these people and future people in their position that you play games and we will take you (including your family) down as low as we possibly can. Finally if anybody caught in this position is found to be trying to hide assets or otherwise get around the penalties they should forfeit the rest of the money left (1%/500000 solution) and go directly to jail.

[JDPriestly]

50. Please post this as its own OP, droidamus2

[sabrina 1]

75. That makes way too much sense

I haven't heard a thing about anyone being held accountable for this disaster. They absolutely should be looking at who profited from it all, and as you say, any profits should be confiscated and used to pay for any bail-outs.

I'm beginning to think they ought not to be bailed out at all. They failed, why should they be bailed out? If any of these corporations are necessary, everyone involved should be fired replaced by competent people, who have no conflict of interest.

Speaking of which, the current Sec. of the Treasury DOES have a conflict of interest, which was pointed out months ago. He was a former CEO of one of the corps now thought to be in trouble. Since the Federal Reserve basically operates with little oversight from Congress, but does have to report to the Sec. of the Treasury, there needs to be an investigation into what went on between the Fed Chairman the Treasury Secretary and whether Congress was informed of the impending disaster, and if not, why not?

It doesn't look like any of this is going to happen going by the media reports. The focus seems to be on saving their jobs.

It is economic terror, and as usual, the little people will have to pay.

[sellitman]

4. To the greatest page......

Righteous rant!

[AvaMae]

5. Can't see straight................look at it this way..........

We've heard the absolute last from republicans about welfare, and being on our own... this is
more than they've ever ever paid for health care, child care, insurance for the poor, or anything else...

And who got it...

The very wallstreet mavins that were supposed to be the prime benificiaries of being independent..
Ought to just about soften them up enough to get total healthcare AND incentives for Green industries.

Not every cloud lacks a silver lining...

[ooglymoogly]

57. But unfortunately the coffers are empty and will be for many years.

The biggest heist in history is now being forgiven and that unimaginable debt is now about to be tossed into the threadbare hands of taxpayers. The cronies and the well connected who were caught with their hands in the treasury vaults are waltzing off on golden parachutes and offshore accounts into a worry free nirvana in villas and yachts to the south of wherever.

[On the Road]

6. We Don't Know Yet What the Cost Will Be

Those dollars do not represent the loss to the federal government. Freddie and Fannie should be a $25-30B loss. AIG may turn out to be zero if it pulls through, like Lockheed or Chrysler.

The stockholders of these companies are not being bailed out -- they are taking a 100% loss. The executives to my knowledge are not getting golden parachutes. The federal is getting value in exchange for the investment, although it may not be 100% of what was put in.

And it means that mortgages can still be written and insurance can still be issued.

[Mojorabbit]

11. There is the matter of the trillions in

derivatives these banks own. They have no real value. I don't want to be on the hook for them.

[On the Road]

12. Do Freddie and Fannie Hold Large Amounts of Derivatives?

Does AIG? I don't really know. I hadn't heard about them if so.

To my knowledge, JP Morgan Chase is the big gorilla in derivatives among the financials. I don't know if they're long, short, or offsetting. Hopefully, a way can be found to unwind most of those without causing a crash.

I agree, those derivatives could take the crisis to a completely new level under the wrong circumstances.

[lastliberalintexas]

13. With no changes to the system or procedures used by these companies

So what if mortgages and insurance continue to be written if nothing else changes? We have another bailout in a year? Six months? How much is enough to throw to the financial sector without any guarantees of repayment or constraints placed on the way the money is used? The shareholders and executives are not losing everything, and this bailout money will give them just enough time to transfer money around to make sure that their investment is taken care of. With basically no government oversight and a government that doesn't care how badly they screw everyone anyway, it is bound to happen- and nothing will be done to either prevent or forbid it.

We're not getting anything of real value in exchange for the money. Would you individually buy stock in Fannie Mae or AIG right now? Would any sane person? Then why the heck are we doing it collectively?

I really don't completely mind the bailouts, but I do mind the feds doing it without any strings. Truly burdensome regulations need to be placed on these companies that want to operate on the public dime, but they are free to continue to drive the business deeper into the ground instead.

What I mind most, though, is the fact that residents of my area are worrying about being able to afford food, water and medications while living in temporary housing, worrying about the fate of loved ones who couldn't afford to evacuate, worrying about the pending fights with the insurers and the already skyrocketing costs of construction materials, while the robber barons live in the gilded worlds they've created. It's just a little too Let Them Eat Cake for me.

[illuminaughty]

18. Beautiful rant!

We are forced investors! It's been quite some time since I've posted here but I have never stopped reading almost on a daily basis. This lack of media and focus on what is happening in Texas/La. right now has brought me back. I'm trying to keep these threads going because this is truly creepy...this blackout from the media after Ike. Of course, the financial meltdown is the headline, but something else is up.

I can't even imagine how you feel. These bastards get a bailout while one of the most populated areas in our country is wanting for the most basic of necessities. My family was so surprised to hear that there is no national coverage. It's criminal and it seems they have nothing planned for our country but chaos.

[TankLV]

20. EVERY SINGLE EXECUTIVE GETS TO KEEP HIS "GOLDEN PARACHUTE"!!!

NONE OF THE EXECUTIVES WILL LOSE THEIR PENSIONS OR RETIREMENT INCOME.

MOST WILL MAKE OVER $115,000 PER MONTH FOR BOTH THE HUSBAND AND THE WIFE OF THE EXEC!!!

The only thing they "lose" is their jobs and their salaries for their jobs - they automatically now become RETIRED...!!!

[aint_no_life_nowhere]

21. The best punishment would be to make them impoverished and have to work

Let the parasitic CEOs go work in a coal mine or factory to make ends meet. That would be justice, in my opinion.

[Enthusiast]

34. You are correct.

That would be justice. But in this country we seldom see justice.

[On the Road]

24. NOT ACCORDING TO THE WASHINGTON POST!

No 'Golden Parachutes' for Fannie, Freddie's Ex-Chiefs

The government yesterday said it would not allow Fannie Mae and Freddie Mac to pay their departing chief executives the separation payments, known as "golden parachutes," outlined in their contracts.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/14/AR2008091401698.html?hpid=moreheadlines

[Virginian]

45. Click on the highlighted names of the companies in that article

These are not evil large greedy companies, they help people buy homes by lending money to banks. They do not make loans to people.
Read up on them in their websites or on Wikipedia.

Fannie Mae was started by Franklin Roosevelt. Before then, it was difficult for middle class Americans to own their own homes. These neo-con goons want to undo everything started in the New Deal including home ownership by middle class Americans.

Make sure you know more than Palin and McSame. Read up on these home mortgage companies.

[JDPriestly]

53. The CEOs' salaries and wealth should be on the line.

These companies were instituted for idealistic reasons. They became corrupt institutions under the management of corrupt CEOs and boards of directors. Fannie Mae and Freddie Mac had teams of lobbyists that corrupted our government and now the corrupt government is paying back the favors.

The Democrats under the weak so-called leadership of Harry Reid and Nancy Pelosi have refused to enforce oversight since taking office a couple of years ago. They can't even make Rove appear before them. They let the AGs walk all over them. That is because they have funded their access to power, their social positions, their lives with money that ultimately comes from the corporate lobbyists.

Congress should pass a rule that members of Congress may not accept campaign funds from any source that is not actually residing and voting in the Congressman's district. That would end a lot of the corruption. That would put the lobbyists out of business.

[Aragorn]

81. OK

so a person defaults on his home loan, the bank takes too many such losses, can't repay fannie mae, the taxpayers help out in some way not clear to me. Who got the house and who got the bill?

I understand FDIC is different and should be self-supporting they are worried too. That's money you have in the bank, not loans you repaid or not. But those 2 are supposed to offset for the bank, too.

[JDPriestly]

51. Not a word about making AIG execs pay back the salaries

they were handed over the past few years. They should be required to just give it back. They should be required to buy back as much of their company's stock as they have personal assets at the high at which the stock sold. Each CEO, each member of each board should be required to guarantee the loans and bail outs they are getting from the government. This should be made personal. That is the only way to teach Wall Street a lesson. Make the CEOs personally pay.

What was it the English used to say about making an admiral walk the plank . . . .


These CEOs should not be permitted to retire to their mansions and live in luxury while ordinary Americans have no pensions and no health insurance. This is criminal -- truly criminal. The CEOs and board members and top executives should not profit from their wasting of the corporate assets. They should have warned far earlier. Again, this is criminal.

[susanwy]

29. Ummmm

I think you dropped a 0, estimates of losses to Freddie/Fannie are $250-300B not $25-30....

Unless this is coupled with help for the individual home owner AND some sort of stop put on bonuses to the CEO's of these companies, it absolutely is a bailout of the corporate hogs on the backs of the tax payers. Do you really think a profit will result once they begin to try and sell these over-valued properties? That is is point, Wall Street was set to lose billions (much of it in our pension funds) because the valuation of these mortgages dropped. Yes the government will be able to sell these properties, but at a loss, the feds will not profit and the taxpayer will pick up the balance. Unless of course, no regulation is once again the norm and speculators can drive up the valuation artificially AGAIN and then we will just be back in the same mess. Furthermore AIG was in the business of insuring these bad loans, the feds won't be able to sell insurance on loans already foreclosed on, it is just a loss.

[On the Road]

47. Projections are All Over the Place

Treasury has so far not been willing to give a specific number.

Here are a couple of references to the $25B estimate:

The latest move by the Fed and Treasury involved an $85 billion emergency loan to American International Group Inc. in exchange for an 80 percent stake in the insurance giant, which plays a key role in financial markets. That came after a $30 billion bailout of Bear Stearns, and $25 billion for Fannie Mae and Freddie Mac, which provide funds for home mortgages.
http://www.dallasnews.com/sharedcontent/dws/bus/stories/091808dnpolbailouts.8b2dc780.html

From the Wall Street Journal:

Now we know why U.S. Treasury Secretary Henry Paulson was reluctant to reveal to lawmakers last week the potential cost of the Bush administration's rescue plan for mortgage giants Fannie Mae and Freddie Mac.

It's going to be a mind-popping $25 billion over fiscal 2009 and 2010, according to the Congressional Budget Office (CBO), which released its estimate of the rescue plan Tuesday morning. Let's put that in perspective: $25 billion for two financial institutions compared with $125 billion for the entire S&L industry in 1989-1991? Ouch.

But, this being Washington, there's a catch. CBO Director Peter Orszag told reporters Tuesday that the plan could also cost nothing--or as much as $100 billion. In a letter to House Budget Committee Chairman John Spratt, Orszag said there's "a significant chance--probably better than 50%--that the proposed new Treasury authority would not be used before it expired at the end of December 2009." But Orszag also said there's perhaps a 5% chance that the rescue could cost as much as $100 million.
http://www.forbes.com/2008/07/22/fannie-freddie-bailout-biz-cx_bw_0721gse.html

So the CBO estimated $25B, but gave a range of $0-100B.

Here is one specifying the higher range you mention:

Fannie and Freddie own or guarantee more than $5 trillion of mortgages, underpinning the nation's housing market. The government's actual cost of bailing out the mortgage titans could be relatively small next year if the housing market doesn't deteriorate significantly.

But lawmakers also are mulling over worst-case scenarios from some analysts who say the government's exposure might be as much as $300 billion if the housing market fails to recover -- an amount that could damage the government's finances just as the fiscal pressure from baby-boomer retirements begins.

Given the uncertainties surrounding the bailouts, "this is a coin flip," said Robert Reischauer, who was director of the Congressional Budget Office during the savings-and-loan crisis in the late 1980s and early 1990s.
http://online.wsj.com/article/SB122169793009750167.html?mod=googlenews_wsj

All these depend on the housing market and the foreclosure rate. There will probably be significant losses this year and next. After that, there's no reason Fannie and Freddie shouldn't turn a profit. They were profitably in the recent past and probably would have found a buyer if there were one large enough to absorb them.

[susanwy]

62. Clairification

The cost of the initial loan guarantees are $25-30B, you are correct.

However, the total cost of the bail out could cost as much as $300B.

...On a $5.2 trillion book of mortgage loans between Fannie and Freddie, and a prevailing recovery rate of 50% on foreclosed properties, an overall loss of about 5% of this book, or about $250 billion, is a fairly conservative expectation.”

http://seekingalpha.com/article/94623-the-fannie-freddie-bailout-consequences-to-the-u-s-taxpayer

So, yes it depends on the housing market and the foreclosure rate. If the housing market does not rebound, losses will increase as the government has to back more bad loans before foreclosure. IMHO we won't get off this cheap.

[On the Road]

64. Fair Enough

and over the long haul I am more optimistic, especially since the government will benefit from the interest on the loans that do not foreclose. We will have to wait and see.

[codjh9]

7. Hey, I understand, and hang in there - from one more liberal in TX... at least

I can say I DO have representation higher than city council - Lloyd Doggett is my US Rep, thankfully... but yeah, what you say is so true - as someone else said in an expletive-filled (and rightfully so) post a couple of days ago, they bail out the corps. and let individuals twist in the wind.

[qwlauren35]

9. My impossible fantasy...

A corporation only gets a bailout after every senior staffer hands over their bonuses for the past X years. Including retired and golden-parachuted CEOs and senior staffers.

Yup... not happening.

[lastliberalintexas]

15. That plus additional regulations

Then I *might* be ok with the bailout. But I'm one of those who believes that the capitalists should both live AND die by the system they champion. As a Socialist, I find it unimaginable that so many people could be screwed by so few in the financial sector, but I also understand that it comes with the territory in a free market system. But it's about time that others start to realize that as well, then maybe they wouldn't be so fast to decry Socialism and tout the I've got Mine, Screw You mentality of Miltie and the Chicago Schoolers.

And it seems that the first ones who need to sign up for Econ 101 are the Capitalism Now! executives themselves.

[lligrd]

10. I'm Okay With These Loans

As long as they pay the same kind of interest rates that they give offer us. Since they are a bad credit risk to begin with I think we should start at say 18%. Of course, they should also be subject to ridiculous late fees and interest rate increases.

[lastliberalintexas]

16. LOL, thanks for that

[lonestarnot]

17. It's ok with me, give them a fucking boat load of those dollars, they're not going to be worth shit!

[pokerfan]

19. They're looting the treasury

Plain and simple.

[Newsjock]

22. I woke up and saw the stock market numbers, and I'm spittin' mad

Wall Street is about to soar because they were just given $1.2 TRILLION of OUR money. We're going to sit through an entire weekend of "the fundamentals of our economy are STRONG," that's all we're going to hear from the Sunday talking heads, and nobody is going to mention that we just experienced the most stunning forced transfer of wealth in the history of the world -- from those who need it most to those who need it least.

When the revolution comes (and, after today, it needs to come a whole lot more quickly), we now have another group of "people" -- the investment bankers and CEOs -- who fully deserve every last thing that's coming to them.

[susanwy]

31. They couldn't get it via privitizing Social Security,

so they took it out of our real estate assets, pretty clever little bastards aren't they!

[lastliberalintexas]

23. Merrill Lynch boss to get $11m payoff after nine months' work

http://www.guardian.co.uk/business/2008/sep/18/merrilllynch.executivesalaries

An indirect bailout of sorts, but still. No golden parachutes my rear.

[ProfessorPlum]

25. Read the Shock Doctrine. It's all in the playbook

I share your anger.

[bdamomma]

26. and the monkey man is on TV again spewing lies.

pitchforks and torches time?

[GeorgeGist]

27. It's well known secret that capitalism ...

represents welfare for the rich and no one else.

[Yuugal]

28. I share your anger

Nothing for me when I lost my house. Billions from the treasury for rich crooks. Pelosi and Reid need to take this opportunity to get some major concessions for us or tell the rich to shove it.

1.5 trillion so far? 1,500,000,000,000? Lets divide that 1.5 trillion by 150,000......because for 150k I could build a really nice house for a poor family of 5; like maybe my family. 10 million new houses for 50 million poor people and these fuckers are giving it all to the rich who made this mess.

This is a golden opportunity for a real Dem to do some real good because for once we have the rich by the balls. They need this.

[paparush]

30. Death of the New Deal. Prescot Bush's Dream Fulfilled.

No $$ for Medicare.
No $$ for Medicaid.
No $$ for Social Security.
No $$ for college loans.

Another death blow to the middle class and working poor; the class FDR helped create. A class with enough capital and enough education to be a nuisance to the financial overlords.

Grover Norquist and his ilk (Fed and Treasury who looked the other way for years while banks made no-income / no-assets loans) planned this. Shrink govt to the size where they can drown it in a bathtub.

Another massive redistribution of wealth; while bridged crumble, while schools fall into disrepair, while millions suffer with no health insurance.

Meanwhile, the CEO's of these FAILED COMPANIES, rather than facing jail time, are fluffing up their golden parachutes. http://www.americanprogress.org/issues/2008/02/mortgage_ceo_pay.html

[susanwy]

32. Bingo!

[Enthusiast]

33. According to John McCain,

Obama is nearly single handedly responsible for this economic meltdown. I heard him speak earlier on C-Span. I shit you not.

[LynneSin]

39. You should have had your hurricane during the RNC convention - that'll learn ya!

:sarcasm:

It seems when the world was watching the GOP got their act together but only during the week of the convention.

[SemperEadem]

41. I think that the fair thing is to erase all the debt of the taxpayers

which these financial institutions hold-that would be a fair trade off IMO.

[keepCAblue]

42. Bush Asks Congress for "Sweeping New Powers"

Ah ha. Just like 9/11 gave Bushco a platform for "sweeping new powers" now the financial crisis to yield yet more power. All makes sense now.

Gov't rushing to finish huge financial rescue plan
Friday September 19, 12:24 pm ET
By Jeannine Aversa and Julie Hirschfeld Davis, Associated Press Writers
Bush administration wants hundreds of billions, new powers ASAP to attack financial crisis

WASHINGTON (AP) -- The Bush administration sketched out a multi-faceted effort on Friday to confront the worst U.S. financial crisis in decades, outlining a program that could cost taxpayers hundreds of billions of dollars to buy up bad mortgages and other toxic debt that has unhinged Wall Street.

President Bush, flanked by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, acknowledged that the program will put a "significant amount of taxpayers' money on the line."

The administration is asking Congress to give it sweeping new powers to execute the plan. Paulson said it "needs to be big enough to make a real difference and get to the heart of the problem."

More (if you can stomach it):

http://biz.yahoo.com/ap/080919/financial_meltdown.html

[Doodler71]

63. If they're smart they won't give him power to

flip a light switch.

I heard the man speak this morning over the radio and if he wasn't 3/4 of the way into a bottle of something, I'll take over the bailout personally.

[bullwinkle428]

43. And how many years have wingnuts been SCREAMING that

"ZOMG...SOCIAL SECURITY IS ON THE VERGE OF BANKRUPTCY...WE MUST RADICALLY OVERHAUL IT NOW!!!", while not saying a WORD about what's been happening on Wall Street...

[ann_american2004]

44. I promise

you're not the last liberal in Texas. We are here and we are with you. :hug:

[Mr_Jefferson_24]

46. K&R. I would venture to guess your sentiments are shared by...

...many others. These criminals are absolutely devoid of any traces conscience.

[rucognizant]

48. There is

a large contingient of Obama supporters attending the Mcinsane rally in Blaine Minn.

[JDPriestly]

49. Taxpayer money is being used to bail out AIG

The sorry truth is that insurance companies like AIG are reluctant to pay the claims of ordinary people in situations like yours. Their insurance policies always exclude the events that really happen to ordinary people -- except those events of course that don't entail much loss.

The money going to AIG will go into the pockets of the big corporations who sponsored the whole calamity in the first place -- and people like your neighbors with legitimate claims will have to wait years for their claims to be handled -- and may never actually receive compensation.

And then of course there is the terrible irony that many people whose tax money will be used to bail out AIG can't even afford their own insurance -- not even health insurance. This is immoral. And don't tell me this is a loan. We will never see the money being handed over to AIG as it is today. Even if they pay it back, by the time they do, inflation will have eaten away at a lot of its value.

There goes our future. Bye. Bye.

These rescues just delay the tragedy. They cannot prevent it.

[ignatzmouse]

54. $8000 loan available now!

2 hours after the GWB bailout speech today, I received an automated call from a large bank offering an $8000 loan. I've been out of work for most of the year.

Uh-huh...

[Javaman]

59. You know why this is being done right?

it's so when Obama is elected, the bank vaults will be empty, the debt will be astronomical and the nation will be basically broke.

moron* is basically saying to Obama, "oh you want to be president, huh? fuck you! I will make your life a living fucking hell".

remember if you recall, when fat ass pig dick rove started all those rumors regarding the "stolen W's" from all the computers and how the Clinton team trashed the white house, blah blah blah and it was all bullshit? this time, when moron* leaves, he* will trash the white house and fuck up things so bad the for the first few months, the Obama team will be spending their time just unfucking the basics.

[varelse]

60. Great rant

since our federal and state governments don't seem inclined to help these people, does anyone know of a charity effort or private relief program for Ike victims? It's really frustrating not knowing how much of a donation will actually go to the targets rather than to "administrative overhead" so if someone is aware of a reputable organization that has set up a relief fund, I'd appreciate a link or information.

[yy4me]

61. Point well made. Bail out the big money guys and let the rest of

us swing by our thumbs.

Countless personal tragedies throughout the country, hurricanes, wildfires, tornado's, earthquakes, not to mention the little things like mortgage foreclosures, loss of jobs, oil prics.....
ad infinitum.

But we must take care that the big buys don't take it on the chin.

Disgusting is too mild a word.

[Taverner]

65. George W Bush doesn't care about ANYBODY

Not Black People. Not White People. Not People period - except himself.

[TrogL]

66. This is all part of the plan. No money for any social program ever

All money is supposed to go to authoritarians/religious right folk. Calvin must be so proud.

[Broadslidin]

67. The Founding Feudal Father's "Electoral College" wealth protection scheme working to perfection...

Doin the biz with an entrenched 'easily manipulated'
two political :toast: party scheme.

parliamentarian "Snap Elections" for arrogant amurikans, Hell no.

[Greyhound]

68. K & R.

:grr:
:kick: & R

[Oldtimeralso]

69. The Government is Now a Financial Underwriter.

I knew the government would F.U.

[whistle]

71. Put on sunglasses and stop Bush/Cheney and republicans as well as their democratic enablers from

...doing further damage. An emergency session of Congress must be convened immediately to take act and bring adult supervision to the White House.

[RRTX]

73. TAX THE PROFITEERS

Obama should propose that the profiteers from the subprime industry be surcharged on profits from the deals. Those people made a lot of money. They do not take hits in the crisis as they got their money up front at the closing table. Retroactive civil laws are not per se unconstitutional, so go get 'em. Such an undertaking would send a message to past and future scamsters that they will not get by unscathed.

[emald]

74. there is something smelly and underhanded about all this

the poor can die in the streets, our infrastructure can rot but those damn profits, they have to be kept up. People should be in jail for this stuff and we should be trimming the assests of those responsible to pay for their misdeeds. I am really too pissed to even speak of this without jumping up and screaming. We, the people and tax payers have been put on the hook for trillions of dollars, increasing at a rapid daily pace by the way, while the rich ones laugh all the way to another country. My country, the one I served with honor, is long gone. Our armchair days may all be gone; things might be going to get very tough for a generation or two. Freaking greed has destroyed our country.

[sicksicksick_N_tired]

76. I do want you to know I care about those suffering under such tragic circumstances.

I just wish I had more than kind words to offer. :hug:

[truedelphi]

77. LastLibInTX - You say

"But instead of money being spent to actually help people, we are once again bailing out the essentially unregulated financial sector. You'd think that the feds would at least require additional regulations in exchange for the bailout money.

Only that would make too much sense to actually have strings attached to billions of tax dollars being given to corporations. We only believe in strings for the $200 in food stamps given to the single parent. Because *that's* the reason my taxes are so high. It's surreal to watch these events unfolding in the same week, but the bitterness reminds me that this really is happening."

Boy do I agree. (Not that my thoughts or sentiments matter to these multi millionaires.

I have read pages and pages of what the Milton Friedman "Supply side econ" theory was about - and the word "jobs" is not mentioned ONCE!

Not once!! That whole scenario revolved around the notion that lowering the cost of goods is a really good thing. Well it is - but only IF there are jobs so people can afford the really cheap goods.

This Administration has had NO TAX PAYER monies available to allow for ANY TYPE of job creation. Instead, because of the huge Federal deficit, teachers, assistant teachers, are being laid off. And developmentally disabled centers, libraires etc are all handing their employees their pink slips.

So more people are unemployed. But we are supposed to bail out Wall Street.(!@#!$??) The word is that the Democrats will indeed ask that WE THE PEOPEL get the profits on AIG - and it is possible the Dems for ONCE will ahve the stomach to stick to what their contituents need.

Supposedly the Dems will also ask that there be no more cushy Golden Parachutes, whereby someone gets millions and sometime tens and even hundreds of millions of dollars for helping their firm go under.

We'll see if the Democrats have any gumption. It does trouble me that there will be proposals put forth before Congress next week - and the Congress critters will no doubt be forced to vote FOR them without being given the time to read them.

So only more piss poor legislation can come out of this.

[Joe Chi Minh]

79. K&R

[Aragorn]

80. seriously

why didn't you name yourself rareliberalintexas ?

[mckara]

82. It's Only Fair to Have Bush Increase Everyone's Taxes!

He must eat crow because his policies jeopardized the economic health of the world!

:grr:

[Laelth]

83. RFK: Republicans believe in socialism for the rich and capitalism for the poor.

Nothing new. Still make me angry too. :mad:

-Laelth

[eowyn_of_rohan]

84. We're with you, baby

[Imagevision]

85. Hurricane Ike victims may still be out of a place to live on November 4th...