Posted on 01/25/2009 9:32:45 AM PST by Chi-townChief
Edited on 01/25/2009 10:44:38 AM PST by Admin Moderator. [history]
I am sure we can trust Geitner /s
Of course. That is why everything is running fine and the banking system has no difficulties digesting the $50T in derivatives printed and traded by companies run by CEOs responsible and accountable to all of the above.
I find it incredible that you are so concerned about "our money" and how it might be spent at ML
It is going to be a long long stay in hell before Republicans get elected to anything if this it their point of view. TARP money is our money.
If the USG had not pressured the banks with redlining to offer loans to unqualified buyers, these derivatives would never have come about. And there is accoutability in the capitalist system. The banks fail. And banks have been failing every year for generations.
It is going to be a long long stay in hell before Republicans get elected to anything if this it their point of view. TARP money is our money.
The entire federal and state budgets are our money. States are facing a great fiscal crisis. At least 45 states faced or are facing shortfalls in their budgets for this and/or next year, and severe fiscal problems are highly likely to continue into the following year as well. Combined budget gaps for the remainder of this fiscal year and state fiscal years 2010 and 2011 are estimated to total more than $350 billion.
I am more concerned that we even have TARP. It is the biggest USG boondoggle ever. I say that advisedly as someone who worked for the USG for 36 years. Waste, fraud, and abuse is far greater in the USG and at the state level than in any particular business or private enterprise.
HS. When Fuld walks off with $300M while his bank goes under there is no accountability. Not accountability that matters.
And who is responsible for that, genius?
Fuld, the directors, the regulators who were paying no attention to the health of the banking system. All of them, genius.
SO you ought to be outraged when the genius's in Congress, the White House, Treasury and the FED allowed themselves to be blackmailed into handing over a bunch of money to guys threatening to blow up the banking system. If they can spend $1.2M on an unnecessary refurbishment of the CEOs office, they are not on their last nickle.
So yes. It is not about the $1.25M. It is about the $750B and all the rest to come, which all gets frittered away $1M here and $1M there until you have real money.
And what about the board of directors and shareholders?
Blackmailed? They are partners in crime. Dodd and Conrad get their sweetheart loans, Frank helps his constitutents and contributors, etc. The government isn't the victim of extortion and blackmail, it is part of the problem and the crime.
If they can spend $1.2M on an unnecessary refurbishment of the CEOs office, they are not on their last nickle.
Silly assumption. $1.2 million is chump change compared to the assets they managed.
So yes. It is not about the $1.25M. It is about the $750B and all the rest to come, which all gets frittered away $1M here and $1M there until you have real money.
It is a $1 billion here and a $1 billion there in a annual US budget of 3 trillion and a $10 trillion national debt and close to $60 trillion in unfunded liabilities from our entitlement programs. This country has been living beyond its means for a long time and was headed for a major train wreck well before the housing bubble burst. You ain't seen nothing yet.
Your arguments don't convince anyone of anything except that the sooner we are rid of you and the morally, politically and economic bankrupt scoundrels you think you are supporting the better.
You think that because someone does not defend ML they must be siding with Frank, etc. Well, they are all scoundrels, but you are still trying to pick sides among the scoundrels. Good luck with that. Your party is dead.
You are creating a phony strawman. I am against the bailout and the stimulus package. Besides the fact that we are rewarding failure, it won't work and will saddle future generations with a huge federal debt. We already spend 17 cents out of every federal dollar servicing the existing debt. It is the federal government that is looting the treasury. Can't you comprehend that?
If this is your belief, your party is dead.
What is your party? The majority of ny party voted against the bailout and will do the same for the stimulus package. The majority of Dems will vote for it.
You are a complete and utter fool.
LOL. When you don't have the facts, personal attacks are the only recourse.
Your arguments don't convince anyone of anything except that the sooner we are rid of you and the morally, politically and economic bankrupt scoundrels you think you are supporting the better.
Who are the "scoundrels" I am supporting?
You think that because someone does not defend ML they must be siding with Frank, etc.
You still don't get it. I am not defending ML, just agreeing with Rush that their behavior is no different than what the USG is doing. Included in Obama's latest $850 billion stimulus package is $625 million for converter boxes as a result of the switch to digital TV, now delayed until June.
Well, they are all scoundrels, but you are still trying to pick sides among the scoundrels. Good luck with that. Your party is dead.
You are a mad as the March Hare. The USG is engaged in spending $2 trillion in borrowed money in a futile attempt to change the economy and you are blaming the recipients of the money. They should be allowed to fail. I have lost over 200K in the market. I am not asking the USG to bail me out. I am personally responsible for the risk and entitled to whatever are the rewards. The USG should not be subsidizing failure.
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