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Right and the CEO's are walking away with millions. Steal our money then want us to pay for their crime. BS! Let them use the "Wanta" trillions. It will take care of the whole mess!
http://www.brillig.com/debt_clock/
College age citizens should be scared to death also. They are being asked to pay the whopping loan the government is taking out to stabilize today's financial markets.
Wall Street and hedge fund managers may be the smartest guys in the room, but they are obviously the greediest and least ethical. Its time that they give back much of what they've bilked Americans out of over the last few years.
So yeah, the Dodd plan. Good plan. Buying up mortgages for 15% less than the current market value of the house, then reissuing a clean mortgage to homeowners helps the banks while still giving them a slight haircut (but only slight, odds are home prices will drop more than 15% before the slide is over.) It helps homeowners stay in their houses. It sets a market price so that banks know what mortgages are worth and thus what the derivatives based on houses are worth. And giving the mortgages bought to the FDIC, one of the few agencies that Bush didn't cripple, is genius.
Giving the government stock equal to the value of any bailout for the company is also only fair. If they get bailed out, taxpayers should have a chance to get their money back. If they don't like that, well, beggars, and they are beggars, shouldn't be choosers.
Having a review board is a good idea, though having the Treasury Secretary, Fed Chairman and FDIC chief on it is perhaps unwise. Still Congress chooses two of the members. I'd prefer direct oversight through the Congressional Budget Office, which reports directly to Congress, but this isn't too bad.
Clawing back compensation based on fraudulent financial reporting is a stroke of genius and may be what Dodd put in so that he could eventually trade it for something else, because fact is, almost all of these bastards have used dubious accounting to inflate their earnings and therefore their bonuses and salary. They're all guilty and they know it. Under a vigorous Department of Justice (say, oh, an Obama one) they could all be prosecuted.
http://firedoglake.com/2008/09/22/chris-dodd-st...
As Naomi Klein pointed out the other day, all this just preps the American public for the significant policy changed outlined by the Shock Doctrine. The pundits, the politicians and the plutocrats will say, in reasoned tones, that we must all cut back, put our shoulders to the wheel, and make sacrifices – all of which means: Medicare? Social Security? We just can’t afford that anymore. Don’t be irrational. Where would we get the funds for such largesse?
As Naomi Klein pointed out the other day, all this just preps the American public for the significant policy changes outlined by the Shock Doctrine. The pundits, the politicians and the plutocrats will say, in reasoned tones, that we must all cut back, put our shoulders to the wheel, and make sacrifices – all of which means: Medicare? Social Security? We just can’t afford that anymore. Don’t be irrational. You bleeding heart liberals. Where would we get the funding for such largesse?
Federal deficit to be $1.4 trillion to $1.6 trillion thanks to bailout
you forgot to take out the $600 billion surplus of soc sec added to the general ledger by washington when it's not supposed to be there