tire of seeing taxpayer''s money bailing out...

[Dancing Fire]

those financial insitutes and home owners. they gamble and loss so let them die.

 

[gailrmv]

well your position is a more extreme than mine, because I see how they are trying to prevent repercussions from getting even worse (credit crisis, etc.) It''s not just a handful of gambling speculators being affected. I don''t feel bad for them, but I do feel bad for a lot of others who got caught in the mess. Even more, i worry about the precedent it sets - for example, what else will people expect to get bailed out on? I really worry about the wave of people approaching retirement age who have almost nothing saved - will taxes be raised on younger working folks to bail them out too?

 

[ksinger]

Date: 8/15/2008 7:37:55 PM
Author:Dancing Fire
those financial insitutes and home owners. they gamble and loss so let them die.

Yes, who cares about whether our financial system is in the crapper? Let''s let Fannie and Freddie collapse. Since the world sees those as backed by the US government, that means that all the foreign debt that was used to get cheap Wal-Mart goods, will be called into question and everyone will call in their debts. Once those debts are called, the government, not having the ability to pay foreign debt, will have to abrogate its debts here (T-bills), and that takes a huge chunk of the collateral that most loans here are backed by. Then as local banks fail, all loans - home, car, personal, will be called. But luckily, a collapse of the trust that the entire American financial system is based on (because it surely isn''t anything like gold, or exports) won''t affect me at all, so why should I care?

And you bet. Let them die. Let their children die too. In fact, they we''re SO stupid that we should force them to be sterilised so they can''t have any more stupid children to perpetuate the problem. To that end, the solution to this problem is a reinstitution of the eugenics movement. Anyone who is chronically out of work, a habitual criminal, an illegal immigrant, or makes stupid financial choices, will be sterilised and re-educated by force.

 

[Dancing Fire]

Karen
is it the taxpayer's fault that they make a big mistake? only in the good ole USA were one can count on the taxpayer's $$$ to bail them out.

if you didn't know... some business and investment do fail.

 

[fleur-de-lis]

Well, when one compares the $25 Billion to save home lending programs with fair and standardized lending terms for current and future generations of taxpaying homeowners to... oh, financing about *11 weeks* of the Iraq War ($650B and counting according to the OMB), it''s kinda hard to get as "upset as a taxpayer", don''t you think?

 

[ksinger]

Date: 8/16/2008 8:08:06 PM
Author: Dancing Fire
Karen
is it the taxpayer''s fault that they make a big mistake? only in the good ole USA were one can count on the taxpayer''s $$$ to bail them out.

if you didn''t know... some business and investment do fail.

And you clearly don''t understand that regardless of whose "fault" it is, we are all in this together. You as a taxpayer and American do not exisit in a vacuum and neither do I. What happens to the financial system here will affect you - and does, every day - whether it is your "fault" or not. This situation is a giant s*** sandwich and we all get to take a bite whether we like it or not. I like it not one bit more than you do, that our tax dollars are going to bail out the "investors", which by the way are not you and me, but are the super-rich. I''d love to watch them roast in their own juice, just like you. But they will take us down with them if we do. I tremble at the idea of the global economy watching the US Gov in effect have to declare bankruptcy when all our foreign debt is called because of a complete failure of confidence in the stability of our financial system. Better to be angry at the root cause of this problem which was and is, the final repeal of the last vestiges of Glass-Steagall resulting in the re-deregulation of the commercial banking system (which was heavily regulated after the crash of ''29), allowing the creation of and investment in, investment vehicles so complex that even the people who designed them had no idea how they would actually affect the financial climate or how to value them.

I said it in my previous post, the dollar is not backed by anything much anymore - not gold, not manufacturing capacity, not exports, and increasingly, not oil. The only thing we do anymore is churn money, and now we can''t even to that. The only thing that we have left right now is our promise to pay. If we can''t even do that, we are well and truly screwed. What we''re seeing right now with the writedowns of billions every week, is the evaporation of much of the truly phony M3 "money" that has been created since 2006.

 

[strmrdr]

Go back to the old bankruptcy laws before congress got bought.
Let the people take the hit to learn a lesson and go on.

Let the idiot lenders fail and rebuild from there.

 

[HollyS]

DF: I gonna have to disagree with you on this one.

Real estate speculators caused the current problem. The bought up and then tried to unload at a profit; the banks were not using the gray matter between their ears when they kept giving speculators the loans, but by the time they knew it, it was too late. The ordinary homeowner who was talked into a variable rate mortgage, and saw it climb wwaaayyyyy up was a victim, not a perpetrator. Bailing out the banks will keep more people from going under, and economy-wise, that''s the best option.

Speculation, in real estate or stocks, is a real detriment to our economy. That''s where we need to crackdown. How is that different from the CEO who withholds the truth about his company''s profits from his board and stockholders, causing investors to lose their shirts? I don''t see much distinction myself.

 

[Pandora II]

Date: 8/16/2008 8:08:06 PM
Author: Dancing Fire
Karen
is it the taxpayer''s fault that they make a big mistake? only in the good ole USA were one can count on the taxpayer''s $$$ to bail them out.

if you didn''t know... some business and investment do fail.

Er, and the UK....

 

[ksinger]

Here''s one that''ll have you laughing ''til you cry says she, who in any given week may drive several time by the building that once housed Penn Square Bank. Of course now everyone is Penn Square Bank... or Enron....

http://www.occ.treas.gov/ftp/workpaper/wp2000-5.pdf

Oh what 8+ years hath wrought! Such a lovely road! Such gorgeous pavers!!