Taxpayers FURIOUS about Bush bank bailout

[Navigator]

Although this article talks about the proposed $700 Billion Bush bailout, of banks that have recklessly speculated and lost, many analysts are saying it will actually cost well over a Trillion dollars...all to be paid by taxpayers with no losses for bankers if Bush gets his way.

http://money.cnn.com/2008/09/21/news...ex.htm?cnn=yes

[BinCo]

So, let's see. The Republican Congress in 1999 repeals the Glass-Steagall Act that kept banks and insurance seperate and allowed the banks to gamble like never before in order to hope to make a lot of money today with little regard for tomorrow. Even after repealing part of it in 1980 that allowed the S+L bailout.

http://en.wikipedia.org/wiki/Glass-Steagall_Act

Less than a decade later the economy is in shambles, many in the mortgage industry made millions over the last 8 years, millions of people were offered the chance to buy a house only to have the welcome mat pulled out from under them. The home buyers lose everything that they have and get to have ruined credit for years to come. The guys who got greedy and pushed their interest rate up and up for no other reason than greed get to be bailed out with nary a slap on the wrist. The poor home buyers get to wait for months to file bankruptcy while the lienholders get to file over a weekend. The home buyer gets nothing and will still be looking for a home. The lienholders get to have their buddies bail them out with little loss.

It's a sad f'ing day in the country.

[LamontCranston]

I hear the phrase "financial meltdown on Wall Street" but the Dow Jones Industrial Average only had two 400 point losses two days in a row, right? At 10,000, an 800 loss is 0.08%. That's not a "meltdown."

I need to know which people who have been paid over $50 million in salary and bonuses last year have been fired. Name names. Someone's head has to roll *BEFORE* we bail out a bunch of fat, greedy suits.

Any other industry, any other job and YOU'RE FIRED. If it's going to be business as usual, and the big execs still get to float around in their yachts, and Joe and Mary Lunchbucket still lose their house, then KEEP YOUR HANDS OFF MY PAYCHECK.

[Navigator]

In my opinion some of the very best economic analysis and comment available on-line is from "Mish's Global Economic Trend Analysis" by Mish Shedlock.

Mish is an economist who writes an article or more each day and has been following this burgeoning economic crisis...and the Bush/Paulson/Bernanke attempt to push the speculative losses of banks and brokerages off on to American taxpayers...for some time.

One of the "don't miss" parts of these articles...at least in my opinion... is the comments section which is accessed at the very bottom of each article after the small print.

If you're interested in this kind of thing...

Enjoy...

http://globaleconomicanalysis.blogspot.com/

[Croydon]

What makes me laugh about this whole thing is that American's are and dismayed by the state of the economy.

When Bush was running for reelection, the writing was on the wall regarding the shake down of the banking industry, the housing market and the economy.

In his time at the White house, bush has deregulated the housing and banking industry. This is what you get when you deregulate. This is what you get when there are no checks and balances and rules to abide by. Bush's deregulation of businesses has allowed companies to do what they want and how they want. Meanwhile, CEOs are making more money than they count while regular workers struggle on the little salary they are given.

Where we are today should be of NO surprise to anyone. Now, as tax payers, we are left to fund the clean up of this mess. Where is the money coming from? I would love to know as Bush did a great job of placing us in one of the largest deficits in American history.

What amazes me the amount of voters aren't able to put two and two together and realize that Republicans have ruined us in the last 7 years. Up until last week, John McCain was all for deregulation. As voters we have to decided b/w him and Obama and some people aren't able to get a clue and realize that McCain will not be doing anything differently than Bush.

[usmc1]

There can't be any connection between the Secretary of the Treasury having been the CEO of Goldman Sachs and his basement deals to bail out Wall Street and...huh, yeah, the entire banking system. Can there?

Looks like the dogs will be thrown a few bones. $1,000 and a loosening of the bankruptcy laws.

See there, damn it! That there trickle down deal works!

I guess I'm just prejudiced against trickle down, having had the bottom bunk under a bed-wetter at summer camp when I was 12.

[Nugent]

When I was around 10 - 12 I had to sleep in the middle of the bed between 2 bed wetters when my family went to visit an aunt of mine.

Owen

[Navigator]

Here's an interesting solution to the Bushy financial crises that isn't getting a lot of attention in the mainstream media yet.

It does NOT involve taxpayers paying for the speculative losses of the Bush/Paulson/Bernanke banker buddies.

http://hussmanfunds.com/wmc/wmc080922.htm

[Qikdraw]

I posted these in other threads, but I'll add em here...

Bush's 700 BILLION scam

Yesterday, President Bush announced his $700 billion plan to buy out troubled financial institutions. Demanding enormous faith in his administration’s stewardship, the plan “would place no restrictions on the administration other than requiring semiannual reports to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt,” and to hire outside firms “to help manage its purchases.” Further, the proposal provides no oversight mechanism:

Sec. 8. Review: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Bush is demanding unprecedented control over billions of dollars — with no oversight.

Read the link for more reasons why we should not allow Bush to get away with this.

This is a good response to this. (language warning)

The ONLY way I would allow this is with massive oversight, massive changes to regulation, and every bank, insurance company or investment firm we bail out we get complete control of. In other words in taking care of its debt, we have bought the company. Then all profits go back into the government until such a time as the company is back on its feet, and then it is sold with all the profits going to pay back the loans we used to buy the company in the first place. Anything else is just saddling the American people with massive debt and letting wall street walk away from their mistakes.

This is scary

BOB MOON: OK, I'm about to unload some numbers on you here, so I'll speak slowly so you can follow this.

The value of the entire U.S. Treasuries market: $4.5 trillion.

The value of the entire mortgage market: $7 trillion.

The size of the U.S. stock market: $22 trillion.

OK, you ready?

The size of the credit default swap market last year: $45 trillion.

KAI RYSSDAL: That's a lot of money, Bob.

45 TRILLION, this is why they target low income people, promising the moon, misrepresent thier policy, and outright lie. 45 TRILLION.

[BinCo]

See, we can all agree on something

We need regulations, not super restrictive ones, but reasonable ones. Ones that make it safe to do business in America.

WaMu is in tough times, but they still send my Mom weekly letters about how she is prequalified for a big credit card. When will these morons get it?