The Bailout

Curt · #1 (**permalink**) 10-08-2008, 11:55 AM

See, now a days, you bail someone out who has been taking advantage of someone/
something, and they never learn. This bailout will never help.

They should fire and ruin everyones life that was a part of the economys problems.

Lawmakers steamed over ritzy AIG retreat after bailout - CNN.com

Luke · #2 (**permalink**) 10-08-2008, 12:29 PM

Congress shows its infinite wisdom by handing the same companies that blew money in the first place billions of our tax dollars to spend.

Sure looks like they've learned their lesson.

Despite congress receiving calls from their constituents 10 to 1 agains the bailout, they went against them and voted for it. Some on this board defended that action implying these politicians knew better than their constituents.

As the markets have shown this week (and down already over 200 today, even WITH an interest rate cut!), the bailout was certainly not the answer.

bornhere · #3 (**permalink**) 10-08-2008, 01:23 PM

Keep in mind which is the cart and which is the horse. The bailout wasn't done to keep the DJIA up, but to stop what some have called the 'freeze' in lending, such as the short-term loans companies get to make their payroll.

What the stock market shows, at least to me, is whether investors think the bailout was the answer, and I'd say it shows investors think it isn't going to help.

Luke · #4 (**permalink**) 10-09-2008, 02:56 PM

Bloomberg.com: Worldwide

Quote:

Oct. 8 (Bloomberg) -- American International Group Inc., castigated by the White House, Congress and Barack Obama for hosting a $440,000 conference days after an $85 billion federal bailout, plans to hold another gathering for brokers next week.

The event, at the Ritz-Carlton in California's Half Moon Bay...

Yay, taxpayers!

venture79 · #5 (**permalink**) 10-09-2008, 06:03 PM

Can we have our money back?

mmonroe · #6 (**permalink**) 10-10-2008, 12:43 AM

Was it really tax money, or did we sell more of the US to a foreign country?

Anyways... I think they should have given every one 18+ in america, who has paid their taxes, money. Divide All that money among each of us, and from what I hear, it would be about, and after taxes, $185,000 each. Imagine america picking it's feet back up if almost everyone had that much money. People would pay off their houses, buy new cars, invest, SHOP SHOP SHOP, and we'd see a boom. NO, instead, lets give it to some crummy company who squanders it. This... is bullshit.

Luke · #7 (**permalink**) 10-10-2008, 08:57 AM

Quote:

Originally Posted by mmonroe

Was it really tax money, or did we sell more of the US to a foreign country?

Anyways... I think they should have given every one 18+ in america, who has paid their taxes, money. Divide All that money among each of us, and from what I hear, it would be about, and after taxes, $185,000 each. Imagine america picking it's feet back up if almost everyone had that much money. People would pay off their houses, buy new cars, invest, SHOP SHOP SHOP, and we'd see a boom. NO, instead, lets give it to some crummy company who squanders it. This... is bullshit.

Actually, it would be between $2,500 and $3,500 per person. Nevertheless, I tend to agree that a check to the taxpayers would do more for the economy than letting AIG spend a few days at luxury resorts on behalf of the taxpayers.

Luke · #8 (**permalink**) 10-10-2008, 02:53 PM

Here's a good video.

Edit: Is that showing up? Maybe I don't know how to embed a youtube video...

Luke · #9 (**permalink**) 11-04-2008, 03:53 PM

And another taxpayer sponsored ridiculosity from the Daily Mail in the UK:

Quote:

Goldman Sachs ready to hand out £7bn salary and bonus package... after its £6bn bail-out

The struggling Wall Street bank has set aside £7billion for salaries and 2008 year-end bonuses, it emerged yesterday.

Each of the firm's 443 partners is on course to pocket an average Christmas bonus of more than £3million.

The size of the pay pool comfortably dwarfs the £6.1billion lifeline which the U.S. government is throwing to Goldman as part of its £430billion bail-out.

As Washington pours money into the bank, the cash will immediately be channelled to Goldman's already well-heeled employees.

Yay, us!

Midtowner · #10 (**permalink**) 11-04-2008, 04:38 PM

Those were most likely contractual obligations predating the bailout.

Luke · #11 (**permalink**) 11-04-2008, 04:42 PM

Quote:

Originally Posted by Midtowner

Those were most likely contractual obligations predating the bailout.

Then by all means.

Midtowner · #12 (**permalink**) 11-04-2008, 05:03 PM

Oh yeah, so you want the government to swoop in and interfere with private contractual obligations and rights?

Luke · #13 (**permalink**) 11-04-2008, 05:58 PM

Quote:

Originally Posted by Midtowner

Oh yeah, so you want the government to swoop in and interfere with private contractual obligations and rights?

Huh? They have... That's the foundation of this whole bailout. In fact, if the government is not supposed to interfere with private obligations and rights, they wouldn't have passed a bailout in the first place.

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