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originally posted by: RoScoLaz4
where's MY bailout? i also made 'bad decisions' (as the bankers' criminality is often described) but mine were to my own detriment and not calculated number-juggling to make myself rich at everyone else's expense. where are ALL our bailouts?
Americans were angry when Wall Street’s greedy and risky behavior triggered a global financial crisis in 2008. T
They were angrier still when the government had to borrow and spend hundreds of billions of dollars to rescue mortgage giants Fannie Mae and Freddie Mac,
the largest banks and the insurance company AIG.
originally posted by: neo96
Fannie and Freddie at not a part of WALL STREET.
Fannie, and Freddie are government created, and backed. They had to be 'bailed out'.
37 out of 40 Goldman Sachs lobbyists in 2013-2014 have previously held government jobs
86 out of 114 General Electric lobbyists in 2013-2014 have previously held government jobs
53 out of 61 Citigroup Inc lobbyists in 2013-2014 have previously held government jobs
118 out of 141 Comcast Corp lobbyists in 2013-2014 have previously held government jobs
59 out of 69 JPMorgan Chase & Co lobbyists in 2013-2014 have previously held government jobs
39 out of 48 Koch Industries lobbyists in 2013-2014 have previously held government jobs
Goldman Sachs $1,033,204
Bank of America $1,013,402
Morgan Stanley $911,305
JPMorgan Chase & Co $834,096
Wells Fargo $677,076
Credit Suisse Group $643,120
Citigroup Inc $511,199
General Electric $332,875
One thing that does have an influence? Money. While the opinions of the bottom 90% of income earners in America have a “statistically non-significant impact,” Economic elites, business interests, and people who can afford lobbyists still carry major influence.
"I walk into Brooksley's office one day; the blood has drained from her face," says Michael Greenberger, a former top official at the CFTC who worked closely with Born. "She's hanging up the telephone; she says to me: 'That was [former Assistant Treasury Secretary] Larry Summers. He says, "You're going to cause the worst financial crisis since the end of World War II."... [He says he has] 13 bankers in his office who informed him of this. Stop, right away. No more.'"
originally posted by: RoScoLaz4
originally posted by: Aazadan If we didn't have the bailout there would be very few people retiring in the next 30 years and every retiree would be back to work.
this is not only spin, it is nonsense. try harder.
originally posted by: ObjectZero
I saw no real reason to bail them out he first time I see no reason to do it again, even if it's different people.
originally posted by: Zoyd23
"We" didn't bail anybody out. Obama bailed these sleazeballs out....just like he appointed Monsanto execs to run EPA, just like he lied about healthcare, just like he started ISIS (according to many reports)....
And as I recall, any body who questioned the bailout was labeled a racist.
originally posted by: jacobe001
originally posted by: Temudjin
a reply to: ugmold
Lets say they didnt bail them out, how do you think your economy would look like?
You seen a movie called the purge or Mad Max? Monkeys without food will do some weird # in a society
Even assuming we bailed them out, the top brass can still go to prison and have others run it.
It was not like they were doing such a superb job to begin with and unreplaceable if they needed bail outs to begin with.
originally posted by: Aazadan
You have access to a "bailout" in the form of declaring bankruptcy. Had the government not stepped in, that's precisely what the banks would have had to do too. The difference is that when you declare bankruptcy it's a relatively small amount of money lost. If AIG were to have done it every school in the country would have gone unfunded, a huge percentage of peoples retirement accounts would have been gone, and the government would have had to act as a lender of last resort for sectors like farming anyways (commercial paper being the important one).
If we didn't have the bailout there would be very few people retiring in the next 30 years and every retiree would be back to work. Maybe it would have been worth it for an honest banking system, but it certainly wouldn't have been pain free. You and I for example would have zero hope of ever retiring, we would be working until the day we die.