AMERICAblog: Wash Post: "What we are witnessing may be the greatest destruction of financial wealth that the world has ever seen"
tlsintx
· 1 year ago
Heckuva job there, fiscal conservative GOPers.
ccokz
· 1 year ago
poling rules! just switchem on negative and fuckit! yeah, bait the bitches out
Guess it wasnt about Hillary Clinton personally, Mr Paulson. Paulson is as US as ss means left rotate. Fuckin svastika!
http://ccoaler.blogspot.com/2008/09/short-selli... Let's say you are Sharky hedge funds. You go to Lehman brothers and you like to borrow 1 mio shares of which company soever for 1 cent per sharefor 3 days what costs you approximately 10000 $. Then you flood the market with 1 mio shares. At first, the course will stay stable because nobody really understands why there is such a huge amount of papers of the respective company suddenly available, let's say they are at 10 dollars per share at the first day. You will still sell them at a stable course, minimum is 9 dollars.
Then you wait 48 hours. The course will have gone meanwhile beserk for the high availibility, let's say it's just at 6 $ only anymore. Then you buy them back at once.
Same symptom: Nobody really understands at first why the course should suddenly rise again, so you buy at a stable low price.
You make 4 dollars per share, what would be 4 mio dollars. Then you as Sharky Hedge Funds give the shares back to Lehman brothers. They simply just lost 4 mio dollars and had a revenue of 10000 dollars.
The market is simply too unflexible to get these sharks.
Lehman Bros had in january 2008 approximately 6 percent of its shares in stock on short sale, the number rose for short-selling itself to 25 percent in sep.
sherifffruitfly
· 1 year ago
Uh... if it's BAD debt, then the wealth didn't exist in the first place. Suckers.
KarenMrsLloydRichards
· 1 year ago
Bush Economics in 7 words: Collectivize all loss; Privatize and concentrate profit.
tbhull
· 1 year ago
No question wealth is neing destoyed and per republicasn principles this destruction will "trickle down" to the middle and lower class.
Not only will this plan effectively privatize social secuity it privatizes a large portion of future government revenues today to bailout yesterday's failures. The so called "plan" to solve this problem insures as much, enslaving current taxpayers and generations of future taxpayers to cover the excesses of wealth and greed. The "plan" effectively privatizes social security.
Think of this "plan" this way, those wanting to privatize social secuirty would take in taxes and invest a portion of a person's social security taxes with Wall Street. Under this "plan", even before the an individual pays social secuirty taxes to the government, the government is spending tomorrow's tax money today to pour into Wall Street to rescue yesterday's excesses perpetrated by today's wealth.
4dogs
· 1 year ago
I can't tell you how much we lost on our 401K. My husband is on Social Security so it's not pretty. Obama needs to come out with a strong forceful statement, connecting to Americans and looking like he really has command of what is going on. If he can do this it will really pull more people over to him who are on the fence. They want someone in command who understands.
paulbot5
· 1 year ago
get ready for some massive inflation
coolcatdaddy
· 1 year ago
It's funny - when the Republicans are in office, they talk about "trickle down" economics. The wealth never really trickles down, just the debt.
bdhp
· 1 year ago
I WANT THE BASTARDS WHO PERPETRATED THIS FRAUD TO GET JAIL TIME. NOT A BONUS. CALL YOUR SENATOR AND CONGRESS PERSON. I KNOW WE HAVE TO BAIL THEM OUT. BUT THEY MUST PAY A PRICE
tbhull
· 1 year ago
Many Congressmen and Senators would be sending themselves to jail.
tbhull
· 1 year ago
As posted last night this is not the first time taxpayers got to enjoy the tricklew down of mammoth losses of the rich and greedy . This scam replinishment of wealth's wealth from classes middle and poor has happended before.
In the late 1980s S&Ls failed from fraud and greed. S&Ls made bad loans and the wealthy made off quite well on ridiculously inflated real estate. When the floor collpased and failure ensued the government used taxpayer dollars to bailout the S&Ls out and taxpayers paid the bill. What happened to all thos assets of the failed S&Ls?
Well, government established Resolution Trust Corporation (RTC) took possession of billions of dollars worth of real estate, with an eye toward selling them off say taxpayers would get their oney back. Not so fast, these assetswere sold in the cheap (pennies on the dollar) to wealth and relevered.
Screw the new RTC, as it lacks creativity (Rambo II) and only perputaes the privatize profits and socilaize losses scam. These clowns are so bold and shameless they did not even redo the game plan. Have taxpayers grown that stupid?
The short of it: this will be the greatest transfer of wealth from the poor to the rich in the history of mankind. Big business and big government (repub and dem) - they aren't enemies, they've always been on the same side.
aquarius2
· 1 year ago
Never, ever do I want to hear how the Republicans are fiscally responsible, NEVER. Biggest deficits in the history of our country in only 8 years.
AdmNaismith
· 1 year ago
For anyone looking for an explaination of how we got into the mortgage crisis that led to the events of the past week need to check out NPR's This American Life:
It should also be noted that shortly Cindy bought John McCain his Senate seat, he spent his time shielding Charles Keating from regulation and was directly involved in the S&L crisis that led to the last big meltdown/bailout.
Obama needs to make clear that McCain is exactly the sort of Law Maker (or Law Not-Maker 'I'm a De-Regulation Guy!') that leads to the problems we are having right now.
Indigo
· 1 year ago
Back to the basics, that's certain! As corrections goes, this one is impressive. I'm thinking in terms of the barbarian looting of Ancient Rome here. What is the real net worth of the nation? We'll know more before the Christmas layoffs begin.
Wild_Weasel
· 1 year ago
The BIG LIE that Capitalism is the savior of society has finally been exposed.
IF Capitalism worked, people would be more affluent, ALL people, not a handful.
Capitalism works, but needs tight controls and ground rules.
Capitalism works when every working stiff can afford health insurance.
Capitalism works when every working stiff can live out his/her senior years with dignity.
Capitalism works when GIs don't have to sleep in the streets after society has finished with them.
Wild_Weasel
· 1 year ago
TRUTH:
REGULATION did not cause the Wall Street collapse.
TAXES did not cause the Wall Street collapse.
BLOGGING BITCH!
· 1 year ago
You watch:
Bush is going to hand over a 6-inch pile of papers that allow the same CEO's to remain in place, give them a trillion Dollars and Pelosi will put her signature on it.
We need 2 versions, not just Bush's idea of a fix.
naschkatzehussein
· 1 year ago
I have read that Congress has been effectively cut out of the process. Now, we only have a slim majority and the Republicans in Congress would go along with the administration, but even that small voice has been shut down. There will not be 2 versions. The best we can hope for is an Obama win and a larger majority in Congress, and a rewrite in January 2009.
tlsintx
· 1 year ago
i think we just stormed the Bastille
BLOGGING BITCH!
· 1 year ago
Why don't McCain give them the royalties from his developing The Blackberry?
BLOGGING BITCH!
· 1 year ago
Bush shouldn't be allowed to hand over his idea of a "fix" until Senator Judd Gregg tells us how he'd balance next year's Budget.
Judd Gregg is The Senate's version of George W. Bush.
Andrew
· 1 year ago
There really isn't anything not to understand John. A. In fact it is very simple. A do nothing Congress who were more than comfortable with their hands out waiting for banking lobbying interests to grease their palms took the money and ran off with it while the brakes were applied to banking regulators who knew the system would go up in smoke. As the President just stated again in very simple terms that all can fully understand. We the government allowed the system to be broken which will eventually cost trillions to fix, and you the American tax payer will be burdened for the rest of your lives paying for it as will your children and grandchildren and their great grandchildren. But not to worry, I'll bet you anything that their will be another tax rebate check in the mail before the end of the year, so that all of us will be able to do our part to enjoy the holidays and to add insult to injury, not one person will ever go to jail for thier lack of feduciary responsibility either on Wall Street or in D.C. That's how the system works. We vote for idiots, they steal you blind and when the system crashes as it it now, those idiots in D.C. point the finger at everyone but themselves and we the scum of the earth tax payer get the golden goose egg by having to have our taxes raised so as to bail out these scumbags. regardless of which candidate gets into office, your taxes are going up. But we the American people never learn and vote them in anyway. How many time do we have to get it up the ass before we realize we've been taken to the cleaners again?
BLOGGING BITCH!
· 1 year ago
Sounds like a plan to bury Obama in Debt.
Hey, whatever it takes to keep employers from getting off some fucking money!
gaiilonfong
· 1 year ago
McSame pics at a birthday party with Keating in a hat..LMAO plus others
This is way too important for Congress to act hastily. Congress needs time to think about it and hear from their consiituents. Nothing should be passed until after the election and the people have had a chance to speak with new members and a new President.
Obama will win this issue.
BarbaraGordon
· 1 year ago
Unfortunately, the incredibly favorable reaction of the world - and our - markets is going to lead to swift action prior to the election. Otherwise, the doomsayers are going to blame the Democrats who control Congress for failure to act and the resulting massive stock market drop.
tbhull
· 1 year ago
McCain is against it.
tbhull
· 1 year ago
If the markets collapse later today or next week would that change your answer?
This is such a great practice relying on the markets and all the truth found therein to make the most important policy fiscal decision in decades that will costs unknown trillions with just a few days to review, consider discuss, share with contituents in a only few days.
Not too worry Pelosi and Reid and the rest of the dipshits in Congress with their pens shaking awaiting to sign off on generational slavery ore and more each day resemble Mel Brooks as the governor in Blazing Saddles signeing bills brought to him by Hedley Lamar (currently known as the FEd/Treasury)
Rob Mule
· 1 year ago
fiduciary n., pl. 'ies' One, such as an agent of a principal or a company director, that stands in a special relation of trust, confidence, or responsibility in certain obligations to others.
Not so much talk of this noun amid the cries to forget responsibility and party affiliation while the stock market rollercoaster, thanks to more public funds from the pension and investment raped, continues to generate quick single day profits for the establishment's forgotten irresponsible. Listen closely to the panicked media elite talk of T bills and gold while sweating their big mortgages, shakey investments and tightening personal contracts... Is somebody grooming a scapegoat?
tbhull
· 1 year ago
Congress must not act until after the election. New faces with new eyes need to look over and understand any legislative fix.
ron071
· 1 year ago
WHAT DOES THE PRESENT FINANCIAL DEBACLE TEACH US?
Clearly there has been gross incompetence or worse by this administration as supported by the McCain anti-regulation Republicans in Congress. How can this degree of governmental failure to supervise and regulate an out of control financial market be excused? Which of them will pay or will it simply be the present and future American middle class?
Andrew
· 1 year ago
It teaches us the American tax payer that we never learn. We never learn that a politician is nothing more than a money making machine that can been bought off by the highest bidder. In this case the banking interests who are only interested in one thing. saving themselves. The common man in this country as been fucked over and over again and the reason is, that there are more of us than there are of the elite, so we get to pick up the bill.
tbhull
· 1 year ago
Pelosi thinks timeis of the esssence now. Where was this feckless rich snob when the voters gave dems control of Congress in 2006 on a get the US out of Iraq mandate? We will soon see who is Pelosi's master.
Steve_in_CNJ
· 1 year ago
the only part i understand is that middle class americans have been shielding themselves from republican salary and wage stagnation by 1) using their homes as credit cards and 2) pretending their retirement investments were growing. krugman has been trying to say this for years. in retrospect it would have been better to vote for democrats, the fiscally responsible party and the party of the middle class.
BLOGGING BITCH!
· 1 year ago
How about we wait and see who's prosecuted for the short-selling over the last 3 days?
that only makes sense?
What about that special opening bell over last weekend so a few politicians could bail?
How can you give them money before a thorough investigation?
Andrew
· 1 year ago
Are you kidding? It's the American way. See that dead body over there ( the banking system ) not to worry, just keep moving please.
flashcard
· 1 year ago
So, if I am reading this correctly according to the article; "governments used the cheap money to pay for services and benefits that citizens were not willing to pay for with higher taxes." So in essence, Bush's tax cuts in the middle of two wars should share some responsibility for all of this mess?
tbhull
· 1 year ago
Obama benefits if this issue drags on and is not resolved hastily like FISA.
Zandar
· 1 year ago
There are two things you need to know.
1) Everything the Fed/Treasury/SEC has tried up until now has failed.
2) Now they need to spend a trillion dollars.
BLOGGING BITCH!
· 1 year ago
Keep all those CEO's in place in case they want to fuck us later as well.
lucky hussein
· 1 year ago
John, If you want to understand, please read up on the Glass-Steagal act. It's NOT that complicated. What was done to America and the world is a pyramid scheme was created. No one stoppped it. And no one REPORTED on it. And the american pepole remained oblivious as ever, and un-educated as ever. I repeat, it's NOT that complicated what happened.
The banking crisis on the 80's - smaller stuff compared to today, a little harder to understand, but still not that difficult. Again, the american people were oblivious:
how can mccain reconcile the statements of: every aspect of the economy, i oversighted (he's the oversighter) and then turn around and say: OBAMA was in the middle of all this and did nothing?
seriously, does he not even remember how long he's been in the Senate now? Mccain's been in the Senate 6 times longer than Obama has and hasn't done shit to fix the problems and we all know he's done a tremendous amount to cause this problem -- mostly cuz he just doesn't even get it!
Ginger_FL
· 1 year ago
The whole thing makes me sick...
The hogs on Wallstreet were running for the hills all week UNTIL they were guaranteed that all their BAD DEBT would be absorbed so they could continue Feasting at the trough.....
I would prefer they lose their ASSES than to let them continue to feast while others starve and lose their homes, savings etc.
Dow is up more than 300 points again today after "recovering" about 400 yesterday once they were given a debt free pass.
PIGS!!!
jimfromthefoothills
· 1 year ago
fucking pisses me off too.
jimfromthefoothills
· 1 year ago
CIP is the best economic writer on the web. NO BAILOUT unless we can RECOVER ALL bonuses paid on wall street over the last 10 years. This will pay the people back a little bit.
If the wall street execs have spent the money then seize their property.
BLOGGING BITCH!
· 1 year ago
Who has bailed so far and why was there a special session last weekend so politicians could bail out?
Who were they? Paulson/Bernanke doesn't open the fucking market for just anyone
Andrew
· 1 year ago
Seriously people the time is long past for a tax payer revolt. What are they going to do about it? send us all to debtors prison? Fuck them where they understand it. In the treasuries pocket book. Then maybe they'll listen to us as we are supposed to be a government of the people, not of the banking interests. Come next April 15th, send a clear message. FICK YOU!
BLOGGING BITCH!
· 1 year ago
Does Bush have any collateral?
How about if he signs over 25 years of his life (without parole) as proof that he really thinks that money will get paid back by the BORROWERS that aren't going to prison???
Andrew
· 1 year ago
The boy king could care less as he'll be gone living the high life on his farm in South America. Then he'll be able to snort all the nose candy he wants and swill as much booze as possible. Ah! Life is good for fuck ups.
snowbird42
· 1 year ago
so the markets come roaring back. Doesnt America think everything is OK again? I really dont understand the crisis with the markets going haywire.
BLOGGING BITCH!
· 1 year ago
How come this matter is more important than Bush's War Crimes? Congress has been gone 5 weeks studying how to not do shit.
BLOGGING BITCH!
· 1 year ago
You know, if we all had decent raises, we would pay our house payments.
jimpharo
· 1 year ago
Use it or lose it, baby.
Holding off assets in storage pending some better offer or something is as foolish today as it was when English lords did it 700 years ago.
Wealth is misperceived as a big box with money in it. It is in fact an opportunity to do something.
Empty storefronts. Unfunded business plans. Unbuilt factories. These are the consequences that we were already dealing with. This just makes it worse in the short-term, but in fact this is the beginning of the next chapter where we re-learn the benefits of putting capital -- human, financial, knowledge, all kinds -- to productive use.
In other words, no more hiring Eric Clapton for your son's Bar Mitzvah.
naschkatzehussein
· 1 year ago
There is too much emphasis in the WaPo article on the "American household" being the ultimate culprit in the economic collapse. The comment that the middle class has profited from the past 8 years by being able to send its children to college is particularly egregious. While some middle class households may have acted like pigs at the trough of consumerism, as a whole the middle class have been wiped out by the excessive profits made by a few corporations and the GOP political-economic power base. The WaPo seems to be giving the people who are ultimately the cause of the collapse a pass, both blaming the "American household" for the debacle and expecting the taxpayer now to pay for it. Meanwhile, someone has made great profit from these years and has the money squirreled away. I can think of names and so can you, but I'll end it here.
tlsintx
· 1 year ago
man, i agree. how is this the fault of the American household?
Rob Mule
· 1 year ago
God forbid anyone explain this crisis or anything... To that end, the right, as personified by George Will's humorless, uptightness, is fretting over a possible return to enforced media fairness if Squirrelly and Mooselini are not elected:
"Liberals, not satisfied with their domination of academia, Hollywood and most of the mainstream media, want to kill talk radio."
Goodness, how will America ever whip up a crazed, thoughtless pogrom ever again??? A Fairness Doctrine, as the word implies, would cause the media to fully explain all sides of controversial issues and would redefine what exactly constitutes a bona fide newscast. The failed telcom deregulatory approach, according to reams of documentary evidence, failed to fully inform the public and in some cases misled the public as Mr. Will is doing now.
Paulson has decided to prop up the rotting corpse of Regeanomics on my dime. We are not amused.
Andrew
· 1 year ago
Like I said, if you want to make a statement that Washington will hear loud and clear, come next April the 15th, don't bother mailing in your taxes and let our government then figure out how to pay the bills. If this bailout takes place on the tax payers back, it sure sounds like taxation without representation. Let the second revolution begin as this seems to be the only thing the idiots in D.C. understand.
PeteWa
· 1 year ago
GG GOP
LanceThruster
· 1 year ago
Work is for those who don't know how to plunder Savannah Georgia pirate T-shirt
All Comments
Guess it wasnt about Hillary Clinton personally, Mr Paulson.
Paulson is as US as ss means left rotate. Fuckin svastika!
http://ccoaler.blogspot.com/2008/09/short-selli...
Let's say you are Sharky hedge funds. You go to Lehman brothers and you like to borrow 1 mio shares of which company soever for 1 cent per sharefor 3 days what costs you approximately 10000 $. Then you flood the market with 1 mio shares. At first, the course will stay stable because nobody really understands why there is such a huge amount of papers of the respective company suddenly available, let's say they are at 10 dollars per share at the first day. You will still sell them at a stable course, minimum is 9 dollars.
Then you wait 48 hours. The course will have gone meanwhile beserk for the high availibility, let's say it's just at 6 $ only anymore. Then you buy them back at once.
Same symptom: Nobody really understands at first why the course should suddenly rise again, so you buy at a stable low price.
You make 4 dollars per share, what would be 4 mio dollars. Then you as Sharky Hedge Funds give the shares back to Lehman brothers. They simply just lost 4 mio dollars and had a revenue of 10000 dollars.
The market is simply too unflexible to get these sharks.
Lehman Bros had in january 2008 approximately 6 percent of its shares in stock on short sale, the number rose for short-selling itself to 25 percent in sep.
Not only will this plan effectively privatize social secuity it privatizes a large portion of future government revenues today to bailout yesterday's failures. The so called "plan" to solve this problem insures as much, enslaving current taxpayers and generations of future taxpayers to cover the excesses of wealth and greed. The "plan" effectively privatizes social security.
Think of this "plan" this way, those wanting to privatize social secuirty would take in taxes and invest a portion of a person's social security taxes with Wall Street. Under this "plan", even before the an individual pays social secuirty taxes to the government, the government is spending tomorrow's tax money today to pour into Wall Street to rescue yesterday's excesses perpetrated by today's wealth.
In the late 1980s S&Ls failed from fraud and greed. S&Ls made bad loans and the wealthy made off quite well on ridiculously inflated real estate. When the floor collpased and failure ensued the government used taxpayer dollars to bailout the S&Ls out and taxpayers paid the bill. What happened to all thos assets of the failed S&Ls?
Well, government established Resolution Trust Corporation (RTC) took possession of billions of dollars worth of real estate, with an eye toward selling them off say taxpayers would get their oney back. Not so fast, these assetswere sold in the cheap (pennies on the dollar) to wealth and relevered.
Screw the new RTC, as it lacks creativity (Rambo II) and only perputaes the privatize profits and socilaize losses scam. These clowns are so bold and shameless they did not even redo the game plan. Have taxpayers grown that stupid?
The short of it: this will be the greatest transfer of wealth from the poor to the rich in the history of mankind. Big business and big government (repub and dem) - they aren't enemies, they've always been on the same side.
http://www.thisamericanlife.org/Radio_Episode.a...
It should also be noted that shortly Cindy bought John McCain his Senate seat, he spent his time shielding Charles Keating from regulation and was directly involved in the S&L crisis that led to the last big meltdown/bailout.
Obama needs to make clear that McCain is exactly the sort of Law Maker (or Law Not-Maker 'I'm a De-Regulation Guy!') that leads to the problems we are having right now.
IF Capitalism worked, people would be more affluent, ALL people, not a handful.
Capitalism works, but needs tight controls and ground rules.
Capitalism works when every working stiff can afford health insurance.
Capitalism works when every working stiff can live out his/her senior years with dignity.
Capitalism works when GIs don't have to sleep in the streets after society has finished with them.
REGULATION did not cause the Wall Street collapse.
TAXES did not cause the Wall Street collapse.
Bush is going to hand over a 6-inch pile of papers that allow the same CEO's to remain in place, give them a trillion Dollars and Pelosi will put her signature on it.
We need 2 versions, not just Bush's idea of a fix.
Judd Gregg is The Senate's version of George W. Bush.
As the President just stated again in very simple terms that all can fully understand. We the government allowed the system to be broken which will eventually cost trillions to fix, and you the American tax payer will be burdened for the rest of your lives paying for it as will your children and grandchildren and their great grandchildren.
But not to worry, I'll bet you anything that their will be another tax rebate check in the mail before the end of the year, so that all of us will be able to do our part to enjoy the holidays and to add insult to injury, not one person will ever go to jail for thier lack of feduciary responsibility either on Wall Street or in D.C.
That's how the system works. We vote for idiots, they steal you blind and when the system crashes as it it now, those idiots in D.C. point the finger at everyone but themselves and we the scum of the earth tax payer get the golden goose egg by having to have our taxes raised so as to bail out these scumbags. regardless of which candidate gets into office, your taxes are going up. But we the American people never learn and vote them in anyway. How many time do we have to get it up the ass before we realize we've been taken to the cleaners again?
Hey, whatever it takes to keep employers from getting off some fucking money!
good stuff
http://static1.firedoglake.com/28/files//2008/0...
Who gets to scrutinize it?
Is "The Fix" in on Obama?
Obama will win this issue.
This is such a great practice relying on the markets and all the truth found therein to make the most important policy fiscal decision in decades that will costs unknown trillions with just a few days to review, consider discuss, share with contituents in a only few days.
Not too worry Pelosi and Reid and the rest of the dipshits in Congress with their pens shaking awaiting to sign off on generational slavery ore and more each day resemble Mel Brooks as the governor in Blazing Saddles signeing bills brought to him by Hedley Lamar (currently known as the FEd/Treasury)
n., pl. 'ies'
One, such as an agent of a principal or a company director, that stands in a special relation of trust, confidence, or responsibility in certain obligations to others.
Not so much talk of this noun amid the cries to forget responsibility and party affiliation while the stock market rollercoaster, thanks to more public funds from the pension and investment raped, continues to generate quick single day profits for the establishment's forgotten irresponsible.
Listen closely to the panicked media elite talk of T bills and gold while sweating their big mortgages, shakey investments and tightening personal contracts...
Is somebody grooming a scapegoat?
Clearly there has been gross incompetence or worse by this administration as supported by the McCain anti-regulation Republicans in Congress. How can this degree of governmental failure to supervise and regulate an out of control financial market be excused? Which of them will pay or will it simply be the present and future American middle class?
that only makes sense?
What about that special opening bell over last weekend so a few politicians could bail?
How can you give them money before a thorough investigation?
1) Everything the Fed/Treasury/SEC has tried up until now has failed.
2) Now they need to spend a trillion dollars.
http://en.wikipedia.org/wiki/Glass-Steagal
The banking crisis on the 80's - smaller stuff compared to today, a little harder to understand, but still not that difficult. Again, the american people were oblivious:
http://en.wikipedia.org/wiki/Resolution_Trust_C...
Ever "answer" he has ever given us just empowers the megawealthy and fucks us even harder.
This is Bullshit.
The U.S. Government would own well more than half the homes in this country.
That's not Constitutional and Obama should know that!
http://politicalticker.blogs.cnn.com/2008/09/19...
seriously, does he not even remember how long he's been in the Senate now? Mccain's been in the Senate 6 times longer than Obama has and hasn't done shit to fix the problems and we all know he's done a tremendous amount to cause this problem -- mostly cuz he just doesn't even get it!
The hogs on Wallstreet were running for the hills all week UNTIL they were guaranteed that all their BAD DEBT would be absorbed so they could continue Feasting at the trough.....
I would prefer they lose their ASSES than to let them continue to feast while others starve and lose their homes, savings etc.
Dow is up more than 300 points again today after "recovering" about 400 yesterday once they were given a debt free pass.
PIGS!!!
If the wall street execs have spent the money then seize their property.
Who were they? Paulson/Bernanke doesn't open the fucking market for just anyone
Come next April 15th, send a clear message. FICK YOU!
How about if he signs over 25 years of his life (without parole) as proof that he really thinks that money will get paid back by the BORROWERS that aren't going to prison???
I really dont understand the crisis with the markets going haywire.
Holding off assets in storage pending some better offer or something is as foolish today as it was when English lords did it 700 years ago.
Wealth is misperceived as a big box with money in it. It is in fact an opportunity to do something.
Empty storefronts. Unfunded business plans. Unbuilt factories. These are the consequences that we were already dealing with. This just makes it worse in the short-term, but in fact this is the beginning of the next chapter where we re-learn the benefits of putting capital -- human, financial, knowledge, all kinds -- to productive use.
In other words, no more hiring Eric Clapton for your son's Bar Mitzvah.
To that end, the right, as personified by George Will's humorless, uptightness, is fretting over a possible return to enforced media fairness if Squirrelly and Mooselini are not elected:
"Liberals, not satisfied with their domination of academia, Hollywood and most of the mainstream media, want to kill talk radio."
Goodness, how will America ever whip up a crazed, thoughtless pogrom ever again???
A Fairness Doctrine, as the word implies, would cause the media to fully explain all sides of controversial issues and would redefine what exactly constitutes a bona fide newscast.
The failed telcom deregulatory approach, according to reams of documentary evidence, failed to fully inform the public and in some cases misled the public as Mr. Will is doing now.
http://www.broadcastingcable.com/index.asp?layo...