Posted on 09/26/2008 6:33:12 AM PDT by koraz
In our national debate about Treasury Secretary Hank Paulson's proposed financial rescue package, we are having the wrong conversation.
This is not about how to bail out Wall Street. This is about saving the U.S. financial system for the benefit of American businesses, consumers and the economy at large. I believe that Mr. Paulson's plan will accomplish this goal. Congress should include provisions it feels are necessary to ensure oversight and accountability. And it should then pass the legislation as soon as possible.
There is no question in my mind that our financial system and our economy are at risk. Right now, the flow of funds that makes our economy run is threatened by a lack of confidence in the value of financial assets, particularly mortgage assets. Financial institutions are extremely hesitant to purchase assets or lend money to one another to fund the system.
(Excerpt) Read more at online.wsj.com ...
Wall Street to Main Street: “Give us all your money or we’ll take your job!”
Oppose the lies! Oppose the extortion!
I MAY DIE POOR, BUT AT LEAST I’LL DIE FREE!
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Did you even read the article?? This is the CEO of BANK OF AMERICA - a main street bank — telling you that you are going to be severely impacted. You can choose to believe him or not but you should at least consider that he may have some knowledge on the subject.
Thank you.....The media is pushing this term “Bailout” as if we were going to give the CEOs of these companies 700. billion dollars of our tax money and then tomorrow things will just go back to business as usual, the fat cats still eating their caviar and driving their benz’ and the only thing changing would be the deficit would grow.
This “crisis” has fully revealed the extent of corruption and brokenness in the Federal Government of the United States.
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I agree with you there. We have crooks in the government and at least companies not to mention the deadbeats that took out loans that they had no intention of repaying. But something must be done. Who do you recommend?
I am a portfolio manager for a hedge fund. I might have some knowledge on the subject as well.
Bank of America has a huge investment banking operation. My fund trades millions with them every year. Bank of America is a "main street bank" the same way ACORN is a community service organization.
koraz,you have to admit,the CEO of Bank of Amigo,who opened credit to illegal aliens,doesn't exactly instill confidence when he supports this proposal.
My sentiments, exactly! Coming from the source, I lend it no credence. It's equivalent to the foxes asking for chickens, because "We're all about to starve. No, really!!!"
i did too lol
koraz,you have to admit,the CEO of Bank of Amigo,who opened credit to illegal aliens,doesn’t exactly instill confidence when he supports this proposal.
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Well, while I don’t agree with the position BoA has taken with respect to the illegal aliens, I think you can see that he is clearly talking Main Street and not Wall Street.
I am a portfolio manager for a hedge fund. I might have some knowledge on the subject as well.
Bank of America has a huge investment banking operation. My fund trades millions with them every year. Bank of America is a “main street bank” the same way ACORN is a community service organization.
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Your point is well taken. As someone in the industry I would be interested in your recommendations on what should be done to stop the panic.
This bailout should not stand - it is BS. The people advocating it are not to be believed.
It’s hard to fathom why they would advocate getting congress to resolve an issue which they themselves caused. Especially when part of this solution involves giving taxpayer money to groups such as ACORN.
This bailout should not stand - it is BS. The people advocating it are not to be believed.
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Did you ever stop to think why ACORN got into the bill?? The Dems starting to negotiate while the Republician were busy throwing a hizzy fit. That is why we need to offer legitimate input into the bill. You got to be in it to win it!
How is giving billionaires trillions of dollars going to help me directly? I don’t need home mortgage assistance. My company doesn’t need any money or credit. I pay my bills just fine. My financial accounts are solvent and doing well. How is this bailout of extremely rich companies going to help me? How is letting these thieves pay their own bills going to hurt me? Them getting rich didn’t help me, how is letting them go broke going to hurt me?
Lehman Brothers said they are busted broked, yet, they are willing to pay out an additional $2.5 billion to the employees in bonuses. That doesn’t sounds like they are broke to me. Even while begging for taxpayer handouts they continue to rob their companies blind.
“We just had the largest bank failure in history last night.”
So? How did that affect you or me? No one lost their checking account deposits.
I don't think you can find any sign that Henry Paulson warned investors about the overheated housing and liquidity bubbles in 2004, when I and many others did. And I only have a bachelor's degree, from s state school.
We were reviled as "permabears" and "contrarians" and no one who was at the big, four year, cheap credit toga party ever wanted to talk to us.
So that earns Henry a back seat on the short bus, and means that if decisions are made about where to inject liquidity, I don't want him doing it.
The root of this crisis is that the money's no good, and enough people are finding out to threaten a "Mommy, that man isn't wearing any clothes" moment.
THAT'S why the politicians who have made a career out of feeding the tax eaters are terrified. If the end of the money system (and it's immediate replacement with sound money) truly threatens "the economy", then the economy has already been destroyed, and its shell is merely propped up by illusion.
The sooner the "credit is money and money is wealth" illusion is destroyed, the better.
But then of course, I live in the country. If I lived in an urban environment, I'd want them to keep up the scam for as long as possible, too.
So the mouthpiece for Wall Street... the WSJ... is crying that the bailout isn’t about Wall Street, it is about protecting “Main Street”- AKA “the average Joe”.
Hmmmm... you mean the average Joe who’s Children and Grand Children will be saddled with this enormous bailout?
All while the actual cause of the crash is being completely ignored...
“but you should at least consider that he may have some knowledge on the subject.”
He is the same jackass that has been selling bad loans to illegal aliens and giving them checking accounts. He is hardly some disinterested party with good information to share. He is a major part of the problem and someone who has sucked millions out of the system. Of course he wants your tax dollars. He stands to gain billions.
How is giving billionaires trillions of dollars going to help me directly?
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First, this is not about giving billionaires trillions of dollars. This is about creating a market. The taxpayers will be buying assets. I suggest you read this article for more detail.
“Now Mr. Paulson is pitching Congress for $700 billion or more to buy distressed loans and CDOs from the rest of Wall Street, injecting needed cash onto balance sheets so that normal loans for economic activity can be restored.”
http://www.wsj.com/article/SB122230704116773989.html?mod=article-outset-box
As for “helping you directly,” the answer is that it will not help you directly. If you are not in the market and don’t have one of these mortgages there will be no direct effect. There will, however, be an indirect effect. When the financial system meltsdown, your financial accounts are at risk unless they are gold bullion. Even gold bullion won’t help you much since there will be no one on the other side to trade.
Perhaps you can think about it as you being a tick on the hide of a big fat pig. If the pig dies, you die. Simple as that!
I suppose if an asteroid hit the other side of the planet, we’d have a few hours to chuckle about those poor bastards in China.
Throwing taxpayer-funded port towards a communist group isn't "negotiating" - it's treason. And letting the likes of Barney F., Reid, Obambi, and the rest of the socialists touch this when it was their policy that caused it in the first place is beyond the pale. These people should be in jail, not legislating the next theft of my tax dollars.
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