Epic Bail FAIL!

[masherscf]

http://www.nytimes.com/2008/09/30/bu.../30bailout.htm

The first swipe at a bailout fails as congress revolts . Thus rendering moot who is going to pay for it. What now?

Do we even need a bailout?

Let's put a windfall profits tax on the entertainment industry. Those guys are filthy rich and want everyone to contribute to their causes. Let's see them put their money where their mouth is for a change.

[esophagus]

The entertainment industry?

First time I've heard that one.

[ariastar]

No shit a bailout fails. Sends the message to those CEOs that they can fuck up all they want and we taxpayers will have to clean up the mess. I was reading a debate online a couple days ago about how the best thing to be right now is already poor because you've got nothing they can take away.

[masherscf]

Originally Posted by AriaStar

No shit a bailout fails. Sends the message to those CEOs that they can fuck up all they want and we taxpayers will have to clean up the mess. I was reading a debate online a couple days ago about how the best thing to be right now is already poor because you've got nothing they can take away.

Well, I for one plan to get a mortgage someday. It would be nice if there was a credit industry left to help me with that. Indeed, I was planning to replace our aging VW in a few months.

Also, people who's jobs are associated with Wall Street pay a big part income taxes in my fair city, that means they indirectly fund my school and my paycheck. There's a lot still to be lost.

And what about you guys? Things are gonna suck if Apple's liquid cash supply comes up short one Friday and they can't get an overnight loan to cover their paychecks. Money lent between banks is the oil the lubricates everything.

[ariastar]

Originally Posted by masherscf

Well, I for one plan to get a mortgage someday. It would be nice if there was a credit industry left to help me with that. Indeed, I was planning to replace our aging VW in a few months.

Also, people who's jobs are associated with Wall Street pay a big part income taxes in my fair city, that means they indirectly fund my school and my paycheck. There's a lot still to be lost.

And what about you guys? Things are gonna suck if Apple's liquid cash supply comes up short one Friday and they can't get an overnight loan to cover their paychecks. Money lent between banks is the oil the lubricates everything.

The CEOs who make these shit-poor decisions that are landing America in this mess are walking with multi-million-dollar severance packages as part of this deal. WE ARE PAYING THEM FOR FUCKING UP. Should it not be them who have to turn over their bank accounts first instead of being rewarded for what they did wrong?

Banks aren't exactly getting this money as a loan to pay back. You know that. We're giving them money and buying their bad debts. We're not getting any of this back. This money would be better spent going directly into the pockets of tax payers to circulate throughout the economy instead of rewarding the fuck-ups of CEOs. This $700 billion will only be the tip of the iceberg. Watch it sail above a trillion and keep going up.

Schools have outdated text books, millions have no health coverage, and out concern is bailing out financial institutions who gave loans they knew people couldn't afford to keep up. I'd rather bail out people who've tried to keep their lives in order and are sinking under the weight of the economy, buy out their debts. If we're buying the bad debts, the ones that aren't going to be paid in the end, why not use that money to pay off the debts of tax payers instead so their money is again free to use in the economy?

[bigshotprof]

Originally Posted by AriaStar

No shit a bailout fails. Sends the message to those CEOs that they can fuck up all they want and we taxpayers will have to clean up the mess. I was reading a debate online a couple days ago about how the best thing to be right now is already poor because you've got nothing they can take away.

I just picked this quote as representative, not to single Aria out:

I am as irritated by the outrageous salaries and golden parachutes as anyone, but in this case that issue is symbolic. To state the obvious, there is only one CEO per company, and even if you include every one in a related company (not just the ones who have been publicized) you are talking at most about a few hundred people--who are immune to our criticism anyway. Many small companies presently can't get short term loans to pay their employees. Farmers can't finance their harvesting operations, etc. We have to get money into the system pronto. The ripple effect of doing nothing will be at least recessionary and at most globally catastrophic.

To do nothing, because you don't want to let irresponsible people get away with being irresponsible is like letting the kid drown to punish his inattentive lifeguard and distracted parents. I say fix now, punish later.

[esophagus]

Originally Posted by bigshotprof

I just picked this quote as representative, not to single Aria out:

I am as irritated by the outrageous salaries and golden parachutes as anyone, but in this case that issue is symbolic. To state the obvious, there is only one CEO per company, and even if you include every one in a related company (not just the ones who have been publicized) you are talking at most about a few hundred people--who are immune to our criticism anyway. Many small companies presently can't get short term loans to pay their employees. Farmers can't finance their harvesting operations, etc. We have to get money into the system pronto. The ripple effect of doing nothing will be at least recessionary and at most globally catastrophic.

To do nothing, because you don't want to let irresponsible people get away with being irresponsible is like letting the kid drown to punish his inattentive lifeguard and distracted parents. I say fix now, punish later.

What he said. 100% agreed.

[skyz]

Originally Posted by masherscf

http://www.nytimes.com/2008/09/30/bu.../30bailout.htm

The first swipe at a bailout fails as congress revolts . Thus rendering moot who is going to pay for it. What now?

Do we even need a bailout?

i was stuck at the doctor's office with the tv blaring at the closing of the market being covered on CNN

and they make it sound dire

but i keep remembering about the WMD's and the urgency of going to war

i just have this feeling that even if we grant this 700 B it is not going to be 'enough'

because even though the problem is allegedly money i think it is actually something more hidden and insidious

i think once again we are being sold a bill of goods in this case not goods

i have this thought that the 700 B is roughly = to the shock and awe stage of the iraq war