Backlash Over Bailouts Grows in Congress, Wall Street (Update1)

Backlash Over Bailouts Grows in Congress, Wall Street (Update1)

www.bloomberg.com

Sept. 19 (Bloomberg) -- As the U.S. government takes stronger measures to stabilize financial markets, some former Federal Reserve officials, lawmakers and Wall Street executives are saying too much has already been done.

(visit the link for the full news article)

I was just waiting for this to happen.

I say let the fat cats bail themselves out at their own expense instead of the taxpayers.

I wholeheartedly agree that the corporate elite should suffer their fate created by their own actions.

Bailing them out is sending the wrong message.

I own my own business, and do you think the Govt' is gonna bail out a small business??? h#$ll no, so I don't think big corporations should get any better treatment.

Besides if the big corps get away with it once, who's to say they won't try it again?

These guys need a reality check, and lose THEIR bank accounts and jobs, and MAYBE then people will do their jobs right or be held accountable like the common working class.

Later,...... Ausable_Bill

www.bloomberg.com
(visit the link for the full news article)

I say let them fail. these guys are ruining their companies and walking away with millions in compensation. After they Fail the Government should seize these CEO's and executives bank accounts and property and use the money to repay there companies debt. then Throw there A$$'s in jail and throw away the bloody Key so they can't do this again.

Its there own fault that there company is failing along with congress who allowed the Bankers to change the rules that would have prevented this exact thing from happening. The worst thing that congress did in this situation is change the rules on oversight on banks and big business, and allowed them to police themselves and look what happened.

Let the Banks fail and the economy to crash, then wipe out everyones debt and start over is what i say.

YES !!! Let the Banks fail and the economy to crash, then wipe out everyones debt and start over

I can't believe nobody wants to post an opinion on this.

This should make all taxpayers mad!

Later,...... Ausable_Bill

If we let the market implode, guess who suffers? Not them, that's for certain. The CEOs, hedge fund managers, day traders, and their ilk have enough money in enough places to survive a depression and come out on top. We the people don't. If the market crashes we're still the ones who get screwed and in a much worse way. The bailouts are the lesser of two evils if they work. If they fail to prevent a crash, then I'll concede the point that they were useless. Right now hundreds of thousands of people are still going about their lives normally thanks to the bailouts. I still feel that average people are better off in the short term for it. I keep saying, however, that if we don't stand up, soon, and demand a massive retooling of the economy (routing the Fed would be a good start) then the doom & gloomers will be vindicated and a few hundred billion to stabilize the economy will be the price for another x months or years of economic rape. The bailouts aren't the solution, they're the bandage to keep the patient alive so we can force him to own up to his crimes!

Originally posted by Ausable_Bill
I can't believe nobody wants to post an opinion on this.

This should make all taxpayers mad!

Later,...... Ausable_Bill

I have not seen though how this is going to be paid back, bush says it will be paid back. But does anyone really know, how will this money will be gotten out of the main street.

The man on the street needs to know, just what is going to happen, and how this massive bail out will effect him in factual way. Will it be in taxes, or what will it?

Its going to be paid back by the Tax payers. these companies just got the debt wiped off their books and the U.S. government bought it. The companies are no longer responsible for it we tax payers are.

Yes these Bailouts are just a bandage, But the wound is to big for a bandage. the Patient is going to bleed out the markets and banks will collapse. these bailouts are only prolonging it. Bush is hoping he can buy enough time before the collapse so he's not in office so he don't have to deal with it.

IMO we should let the banks fail and the market to crash. Then start over with a new system and move away from the FED and force companies to be accountable for their debt.

I don't see the Gov't Bailing out average people with debt that can't repay it because they lost their jobs because these corrupt CEO's are allowing their companies to fail and the banks to fail. the Banks can fail and the Gov't bails them out and the tax payers have to pay for it on top of the personal debt they already have that they can't pay back.

Originally posted by EtSolveMundi
... The CEOs, hedge fund managers, day traders, and their ilk have ... to own up to his crimes!

Fixed it for ya there Sprinkles!

I know a guy with a small machine shop, maybe we can get him a contract to deliver Guillotines to Wall Street?

It will be interesting to see where they intend to get the money from. The Treasury is already selling more Debt to shore up the Federal Reserve because it blew all 900 Billion it had already. Who is going to want to buy our Debt when it's obvious that we will have to start printing money in order to pay interest on the Debt thereby devaluing said Debt?

No, I'm afraid the hour is late and they're throwing the US under the bus at this point.

reply to post by Ausable_Bill


I just hope any pray that congress hasn't gone completely mad and rejects this bill. Any honest person who has a brain can see that this a catastrophe waiting to happen. Basic economics will tell you the more money that is circulated the less value it has. The dollar this day in age holds 2% of its value that it did at the start of 1900s. If we continue down this disastrous path there won't be anything left of our economy!

This is the time to call your congressmen /women and let the know that they better vote against this bill and any other bail out bill.

If i bought a house for investment and the property value goes down for whatever reason no one is going to save me. The same rules should apply for these banks! They made bad investment and the should die up and decay, the free market system depends on this.

Originally posted by EtSolveMundi
If we let the market implode, guess who suffers? Not them,
The CEOs, hedge fund managers, day traders, and their ilk have enough money in enough places to survive a depression and come out on top. We the people don't.



If the market crashes we're still the ones who get screwed and in a much worse way. The bailouts are the lesser of two evils

this is exactly the rationalization that the Fed & Treasury are using on us....

for the purpose of gaining a popular consensus that:
''everything that can be done must be done to keep the markets functional"


without our markets & banks the masses will not be able to survive, function, thrive...
so, they expect us poor folks to bow to their wishes...



Congress is standing up and saying..."lets look deeper in the possible Solutions...and not just throw money at the problem"


hey, its a start

The markets do not have to implode this and elaborated plan by the Fed to acquired unprecedented totalitarian powers.

People doesn't get it this nothing but a big hoax at the expenses of the tax payer in this nation.

Please visit this link,

Frightening!!!!!! (Draft Bailout Bill)

www.abovetopsecret.com...'

I think this is the best thing any of us could do.

www.visi.com...

Contact your congressman and tell him how you feel.

We had to bail these companies out, or we would have gone into another Great Depression. That being said, we did it the wrong way, we could have done it by not even touching the U.S. government balance sheet. I think the plan is stupid, and it will have so many stumbling blocks that it could have just delayed problems. We should have suspended mark-to-market accounting, offered treasuries for the bad debt instead of buying it flat out, then get the major exchanges together to make a marketplace where these CDOs can be sold. This would require the government to have less debt and they wouldn't have to print a dollar.

This fallacy that a total crash of the current market would be non survivable by the general public is laughable... A crash like this one is not survivable by the POWER STRUCTURE.

Simply put they have justifiably lost our trust and our currency is nearly to the point that people could and should stop using it in exchange for real goods.

A bailout, no matter what it`s for, is not a fix. It only puts off an even bigger collapse till another day. Get rid of the Fed. A transition from the Fed system, to a government run banking system can be made, yes there may be bumps and hills, but it can be done with only small damage done, not a total breakdown.

If anyone in Washington had a brain, they would be working on this right now. But, how many of them have a brain?

[edit on 20-9-2008 by FiatLux]

Originally posted by yellowcard
We had to bail these companies out, or we would have gone into another Great Depression. That being said, we did it the wrong way, we could have done it by not even touching the U.S. government balance sheet. I think the plan is stupid, and it will have so many stumbling blocks that it could have just delayed problems. We should have suspended mark-to-market accounting, offered treasuries for the bad debt instead of buying it flat out, then get the major exchanges together to make a marketplace where these CDOs can be sold. This would require the government to have less debt and they wouldn't have to print a dollar.

Yellow let me ask you a question. What happens if AIG fails? What would of happened if we let Fannie and Freddie fail? Answer those two questions and then Ill give you mine.

Let them fail. Either way you will get the short end of it.

Option A) Bail them out - Use taxpayer dollar which they can't afford and it will
leave you in bigger debt, and inflation caused by printing money out of thin air.

Option B) Let them fail - Keep the taxpayer money and use it for education rather then bailing out big companies.

Double post, awsome board programming!

[edit on 20-9-2008 by Memysabu]