We've been had again!
Remember the bailout?
Thursday, November 6, 2008 by kenwas | Discussion: WinCustomize Talk
For those following the great $700B bailout plan, it would appear that we have been had again. First, Paulson was going to buy "toxic assets from the banks. That was changed to a plan to give loans to the banks with oversite and strings attached. None of that happened. What did happen was the government simply bought non-voting shares of stock in the banks and the banks are free to do with the cash whatever they wish. There are no strings attached, not even a requirement to begin lending again. Ergo, Fannie Mae will be using part of the funds to retain defense attorneys for the very executives that created the problem in the first place. Not only are we giving them these funds without strings or oversite, we are now paying the defense fees of the executives. It would appear that we have been had again.
Reply #23 Friday, November 7, 2008 7:55 AM
I wish all that i just read was not true, but deep down inside i know that it is, what bothers me, is they bail out these big companies,and the family down the street cant make a mortgage payment and lose their home, makes me sick
Reply #24 Friday, November 7, 2008 7:57 AM
One thing i realized years ago, when i did union work ( i worked for the state of MA) how powerless you are against these corrupt organizations, as one person with a complaint, of course these bailouts are a much bigger scale, but same scenario
Reply #25 Friday, November 7, 2008 8:04 AM
Starkers question for you , i see your rrom Australia, do you folks have similar problems down their with your politiicians that us up here in the US dont hear about?? is it the same everywhere you go i am wondering???
Reply #26 Friday, November 7, 2008 8:05 AM
Don't forget one very important thing in all of this. Oversite committies are like inmates guarding themselves. I vote for a nationwide strike where no one in the top 5% elite receives any services from anyone. Don't sell them their Starbuck's in the morning, no clothing, no cars or gas, absolutely nothing. They may as well get used to it, at the rate we are going, those that provide the services won't have places to live or cars to get to those jobs or food for their families.
We can all say OUR government and civilization can never collapse. Well I'll bet that's the same sentiments the Aztec and dozens of other great historical cultures felt. We could be third world in less than two years.
"A great civilization is not conquered from without until it has destroyed itself from within." W. Durant
Reply #27 Friday, November 7, 2008 8:34 AM
We can all say OUR government and civilization can never collapse. Well I'll bet that's the same sentiments the Aztec and dozens of other great historical cultures felt. We could be third world in less than two years.
"A great civilization is not conquered from without until it has destroyed itself from within." W. Durant
And the surest path to that downfall is to fall for the game of class warfare! You might consider that it is often the top 5% elite that create the services you wish to deny. (including the site you are posting on! and including the new president elect!)
Reply #28 Friday, November 7, 2008 8:35 AM
Government Worker
Government Organization
Government Intelligence
Great Depression
WHOOPS! This isn't the Oxymoron thread? Sorry...
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Reply #29 Friday, November 7, 2008 8:44 AM
Non voting shares are the last to get their money if they go tits up. Did anyone really think the money would go to helping the masses. Hehe. My money is in the credit union. How many of them do you hear about being in trouble? None..
Reply #30 Friday, November 7, 2008 9:26 AM
This is a VERY simple way to understand the tax laws. Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this. The first four men -- the poorest -- would pay nothing; The fifth would pay $1: the sixth would pay $3; the seventh $7; the eighth $12; The ninth $18. The tenth man -- the richest -- would pay $59. That's what they decided to do. The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement -- until one day, the owner threw them a curve.
"Since you are all such good customers," he said, "I'm going to reduce the cost of your daily meal by $20. "So dinner for the ten only cost $80. The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still eat for free. But what about the other six -- the paying customers? How could they divvy up the $20 windfall so that everyone would get his "fair share?" The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would end up being *paid* to eat their meal. So the restaurant owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay. And so the fifth man paid nothing, the sixth pitched in $2, the seventh paid $5, the eighth paid $9, the ninth paid $12, leaving the tenth Man with a of $52 instead of his earlier $59.
Each of the six was better off than before. And the first four continued to eat for free. But once outside the restaurant, the men began to compare their savings. "I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth. "But he got $7!" "Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got seven times more than me!" "That's true!" shouted the seventh man. "Why should he get $7 back when I got only $2? The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!" The nine men surrounded the tenth and beat him up. The next night he didn't show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered something important. They're $52 short!
And that, boys and girls, journalists and college instructors, is how the tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore.
Reply #32 Friday, November 7, 2008 10:16 AM
Good one NT. Only one problem: Nobody has the choice of not showing up at the table without relinquishing his citizenship and leaving the country. Taxes aren't "voluntary".
Reply #33 Friday, November 7, 2008 10:20 AM
Good point Doc, but what they can and have done is simply move the money/company off shore to a more favorable atmosphere.
Reply #35 Friday, November 7, 2008 10:37 AM
Yep, we have problem politicians here as well - lil Johhny Howard was one of them - and sometimes we get screwed as well, but nowhere near the scale you poor buggers in the US have been stung by this nasy, nasty bailout business.
It's funny you ask this, I just came from a thread where it was, for want of a better word, accused of being a divided nation under John Howard. Hmmm, I'm not going back in there, but, for as unpopular as he was, Howard actually united the nation by virtue of his unpopularity, tha fact that the majority disliked him and were united in their opinions... the proof of the pudding being that Australia unanimously and unceremoniously dumped him, not just as PM but from Parliament entirely.
Reply #36 Friday, November 7, 2008 10:42 AM
So as another post in the forums stated, we can now get back to normal. ![]()
Reply #37 Friday, November 7, 2008 10:47 AM
Then credit should go to Bush for doing exactly the same in agreement with your thinking on John Howard. I do believe "accused" is a little strong my friend. There is no animosity on my part at all.
By point was that the media have a way of polarising the issues tot he extremes on either side. My kids all voted for Obama. I did not. Yet we are far from a divided pickering family. I beleive this applies to the majority of Americans. People take the extreme positons in political threads and like it said before, I think it would be a mistake to think that all American spend all their time fighting over politics. MOst I would imagine are simply glad the election is over and we can move on.
Reply #38 Friday, November 7, 2008 10:48 AM
Government Organization
Government Intelligence
Reply #39 Friday, November 7, 2008 10:55 AM
Everything I've read in the news pertaining to the "bailout" has screamed "SCAM!". When National City Bank was denied bailout funds but PNC was awarded funds for the purpose of buying National City, it didn't take much research to find that one of PNC's former committee was in charge of doling out the funds. Though he's adamantly denied it, it appears to be another case of business leaders in politics awarding their friends. (read Cheney/Halliburtin, Palin/TransCanada, etc.) *just immediate ones that come to mind, not to pick on a certain party*
Reply #40 Friday, November 7, 2008 1:29 PM
I'm sorry Kenwas but trickle down economy is bullshit. I'm not calling for a revolution. I would just like these people that don't have a clue what our lives are like to just experience it for a while. That's the view from my "class".
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Reply #21 Friday, November 7, 2008 7:37 AM
Call all your local news channels and express your frustration.