Regular Guy
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Economic Bailout Deal is in the Bag...
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Regular Guy
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movie zombie
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strmrdr
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exact same bill with a lot of pork added and one good thing and one so-so, the amt amount was increased which is good. FDIC insurance increased to 250k for one year only, They should have increase it permanently because with inflation 100k isn''t what it used to be.
Total cost not counting amt which would have passed on its own is around $1 trillion.
strmrdr
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movie zombie
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yes, they did, Storm: when it was decided that ordinary folks needed to care about what happened to wall street and 401k''s were created. to think that this was done by congress to benefit we the masses of ordinary folk is naive. it was another way of increasing the coffers of wall street not just with our actual $ but with fees they could charge.....and if things went wrong for wall street we''d have an interest in bailing them out. and it worked.
ditto re home ownership: prior to WWII most average people didn''t own a home but rented. those that did buy lived in their home until they died and then it was passed on to one of the kids. after WWII with the GI bill things changed and we became a nation whose economy was based on new home starts. the GI bill pumped a lot of $ into the economy in a way that didn''t happen before. and more people went to college too. and thus there was a rise in the middle class like nothing seen before in this country: college educated and factory worker alike making decent wages, supporting families, and making the economy boom. and it was great while it lasted.
but make no mistake about it: while the economy boomed and the upper 1% made a ton of $, they never intended for the middleclass or lower to have and maintain any form of wealth much less power. what is going on now is a wealth transfer away from the middleclass and lower and those on the receiving end will be back again and again in one form or another to make sure their assests are protected but ours are not. for instance, our bankruptcy laws got tightened but corporate bankruptcy was not and we''re going to see a lot more of those.
yes, i have a 401k. i looked at it as a way that forced me to save and take advantage of an employer benefit in the form of matching $ but nothing more. i''ve had no illusions that this program was for my betterment. over 15 years ago wall street was worried about the babyboomers removing their $ from 401k''s and how that was going to reduce their income. i guess they won''t have to worry about that any more.
call me jaded but i think it naive to think that any of the programs that are marketed as being initiated to help the middle class or lower is merely a way of making more $ for someone else.
movie zombie
ditto re home ownership: prior to WWII most average people didn''t own a home but rented. those that did buy lived in their home until they died and then it was passed on to one of the kids. after WWII with the GI bill things changed and we became a nation whose economy was based on new home starts. the GI bill pumped a lot of $ into the economy in a way that didn''t happen before. and more people went to college too. and thus there was a rise in the middle class like nothing seen before in this country: college educated and factory worker alike making decent wages, supporting families, and making the economy boom. and it was great while it lasted.
but make no mistake about it: while the economy boomed and the upper 1% made a ton of $, they never intended for the middleclass or lower to have and maintain any form of wealth much less power. what is going on now is a wealth transfer away from the middleclass and lower and those on the receiving end will be back again and again in one form or another to make sure their assests are protected but ours are not. for instance, our bankruptcy laws got tightened but corporate bankruptcy was not and we''re going to see a lot more of those.
yes, i have a 401k. i looked at it as a way that forced me to save and take advantage of an employer benefit in the form of matching $ but nothing more. i''ve had no illusions that this program was for my betterment. over 15 years ago wall street was worried about the babyboomers removing their $ from 401k''s and how that was going to reduce their income. i guess they won''t have to worry about that any more.
call me jaded but i think it naive to think that any of the programs that are marketed as being initiated to help the middle class or lower is merely a way of making more $ for someone else.
movie zombie
strmrdr
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