700 Billion Dollar Bail Out The Real Solution?

Bush and his cronies are screaming for 700billion taxpayer dollars to give to their friends. Why?

Why don't we first reposes thier Mansions, Ferraris, Lambirginis, Private Jets, Yachts, so forth? And why don't we make them spend their BILLIONS of dollars first?

I bet that 700billion dollar bailout would turn into 200billion, or even less, if we first made the billionaires sell some of their Mansions, 2.5million dollar cars, yachts, private jets, and took money out of their Swiss bank accounts.

I don't see it as giving it to his rich friends. I see it as helping out regular people who will lose jobs if something isn't done. This will only add to our country woes as unemployment escalates, prices rise, and people are unable to pay their bill. Whether it is the real solution only time will tell. Even the best economist can't guarantee it but it is better than doing nothing.

In addition, do you really think Bush would be asking for this if it wasn't really necessary? Talking about throwing a curve ball to the Reps chance of winning the White House. I am really surprise Obama isn't jumping way out on the polls due to all of this. I get the feeling we still don't know how severe this problem is.

Another thing to keep an eye on is the Democrat's 500 billion spending bill they are trying to pass.

Discussions on the budget are far overshadowed by the ongoing debate over a $700 billion bailout plan for Wall Street. But the amount of money at stake — including a $488 billion Pentagon funding bill that hasn't seen a second's worth of public debate or review — is almost as great.

source

Bush asked for a war that wasn't needed.

And now he's trying to give 700billion to his friends. Not oine red cent will be seen by the little guy.

In fact the guy leading all this even said in an interview that only the super wealthy will be helped by this.
Here is my case in point

Originally posted by tommy_boy
Folks, Meet the Republican Party! The Mask is Finally Off!

Think about what has happened. The so-called Anti-Socialist Party (the repubs) has now socialized the debt of a massive economic corporate bailout to the American Taxpayer while privatizing the wealth. This is the same administration that also wants to hold YOU, the average American, accountable for your financial misfortunes, for your inability to pay your mortgage, while at the same time bailing out their corporate cronies, who apparently should not be burdened in the same way.

Think about this. If you got an Interest-Only loan for $450,000 that has adjusted, and you can no longer afford your payment, Bush and the repubs believe you should own your mistakes and lose your home. But now that the CEO's of Bear Stearns, AIG, Indymac, Countrywide, etc, have run their companies into the ground, YOU, the same person that needed help with your 450K loan, now have to own part of a massive Trillion Dollar Bailout debt of these mis-run and corrupt enterprises.

And for those of you that saw Fox News Sunday today (9/21/2008) with Sec. Paulson, he said when asked if this bailout for WALL STREET will also include assistance for MAINSTREET (e.g. the average home-owner that is getting screwed by bad loan terms), he admitted that the administration has no intention on bailing out the American consumer.

Only Wallstreet...

Only the wealthy...

[edit on 21-9-2008 by tommy_boy]

www.abovetopsecret.com...
Not sure I did it right. But here is the link to the topic the guy I quoted posted in.

[edit on 23-9-2008 by GordonJQ]

I support the President in a lot of things especially the war on terrorists. This however, has me pissed off and I mean bad. I won't believe that his advisers haven't warned him this was on the way - the crisis I mean. In my ignorance of finances - and that is immense, I do not want this "buy out" not one bit of it. However, if it is indeed passed, I will have a lot more folks in Government to be angry at. The President won't be able to do this with out congress. I realize you are a "Bush hater" but, if this goes through, you will need to "hate" a lot more politicians than Bush - in all parties.
I am not a billionaire by any standard but, I totally disagree with you on taking anyone's wealth away. Are you saying it is immoral to have millions even billions of dollars in the US if you are fortunate enough to have it? I don't get that part of your argument. I hope if I ever when the lottery and become a millionaire, I am not hated for it lol.

Now your talking about a bill that Congress, not the President has to finalize. As of yet we don't how much it will benefit the companies or the borrowers. So if it benefits the companies then Congress is responsible for writing it that way. Right now all we can do is speculate as to who will benefit.

The war Bush asked for didn't have to be authorized. Congress did authorize it. As a result they are just as liable as Bush. In addition they control the purse. They could have also withdrawn our troops since they are the ones who write the law.

This bailout may help companies survive. That survival means jobs. If these companies go bankrupt the little guy loses his or her job. I only hope Congress does put in enough stipulations so that these companies are responsible with that money and don't use it to compensate their salary people.

Like I said, it is hard to figure this out because nothing is in writing. They are more or less bouncing ideas around.

But good post.

reply to post by jam321


A war the Preisdent demanded. A bail out the President demanded. EVerything goes back to the President as he's the Commander In Chief, the Leader.

A commander in chief he is but not a dictator. All Congress has to say is NO.

Bashing Bush does no good. This is something that has been going on for a long time and every politician knew it. Unless you can tell me that Senator Boxer from California was unaware that many of her constituents were taking out interest only loans to finance their California dream home? It is not a Rep or Dem thing, it is a greed issue. Businesses always gets the attention of Congress. They have the money and create the jobs. And these companies loved getting bigger, richer, and more powerful. Just about every bill Congress passes leans to the business side rather than the taxpayers side.

reply to post by jam321


Except the Republicans in Office voted yes. The Republicans are leading the charge for giving 700billion dollars to their friends.

finance.yahoo.com...

Oops, people who aren't friends with those getting the money say it won't work.

Republicans in office voted yes for what?


Listen, Personally I say let the ships sink. No bailout. But realistically, they are going to pass something. That being the case I prefer that any bailout lean toward the taxpayer side rather than businesses.

I still feel you are trying to pin all of this on the reps when in reality there is blame to go around . In addition, I prefer to wait to see the final game plan before I see who it really benefits.

They wrote up the bill and vote yes to pass it. Dodd introduced a bill that would help the little man, like me, and keep control over the money that the Republicans tried to give to one man. But the Republicans are dead set on giving their friends 700billion dollars when they don't need it.

MAKE THEM SELL THEIR MANSIONS, PRIVATE JETS, MULTIMILLION DOLLAR CARS, YACHTS, AND PULL MONEY OUT OF SWISS BANK ACCOUNTS FIRST!

Instead of giving them MY money.

where are the sources to read what bill each one wrote. I haven't come across it yet. Last I heard they were still arguing about it.

Um, are you being sarcstic? Or are you that blind to what is going on as to ignore what has been going on? The President daily saying give 700billion to his friends. The Republicans trying to pass a bill that would give one man absolute power but the Democrats trying to pass another that would help the little man and keep control of the money with Congress as it should be.

Blind, Sarcastic...hardly. But thanks anyway for a civil debate. Just cuz I don't see it your way of blaming one party isn't reason to go haywire.

The President daily saying give 700billion to his friends.

show me where he says these exact words. This is your spin. On top of that the President could say he wants to take over the world, blow up the moon and all Congress has to say is NO. It is all about checks and balances.

The Republicans trying to pass a bill that would give one man absolute power but the Democrats trying to pass another that would help the little man and keep control of the money with Congress as it should be.

Nobody has tried to pass a bill because there isn't one written up. They are in the process of trying to create one.

Republican anger at ‘financial socialism’

source

Seems like Republicans aren't too happy about this either.


If you have proof of the bills they are trying to pass please post the source.

By the way go back to my first post on this page and click on that secret $500 billion spending bill the Democrats are trying to pass.

better yet here is another quote with same source.

The legislation is coming together in a remarkably secretive process in which decisions are concentrated in the hands of just a few lawmakers such as House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid and House Appropriations Committee Chairman Dav

source

Guess this for the little guy also.

So you're not sarcastic you're just ignoring the President screaming for our tax money going to Billionaires.

And why are you defending your money going to billionaires? You realize that Bush said that if you have a mortgage and can't make payments, you lose everything. But his friends? They get 700billion dollars.

How anyone can support losing their house because they can't afford to pay for the mortgage but then go "Yea money for billionaires!" I have no idea.

Originally posted by jam321
I don't see it as giving it to his rich friends. I see it as helping out regular people who will lose jobs if something isn't done. This will only add to our country woes as unemployment escalates, prices rise, and people are unable to pay their bill. Whether it is the real solution only time will tell. Even the best economist can't guarantee it but it is better than doing nothing.

These guys run their companies in the ground make millions in salaries and millions more in bonuses and you want them to keep that along with hand them way more than $700Biillion on top of it. this bail out is going to cost in the trillions yes thats trillions with a T!!!!!!! People liek yourself really need to wake up

The economy is tanking because of these guys! Unemployment will continue to get worse even with this bail out.

Don't kid yourself we skipped the recession and in a full fledged depression but no one wants to admit it.

These CEO's that bankrupt their companies should lose their bonuses and stock options and the rest of their assets and that should be used to help clean up this mess that these d***heads created! Its not the taxpayers fault this happened its the corrupt business people. The taxpayers will not see a penny from this bail out and the corrupt get millions

i made a post in another thread that you should read. history is repeating itself because no one learned the lesson

post here
its continued to the post below it also

GordonJQ, I told you already.

I don't support bailout for businesses or people losing their home. But you have to be realistic, Congress is going to pass something.

The reason is because if they don't and these businesses start to go under, many people are going to be affected. These are the ones you call little guys. This means many more people will have difficulty paying their bills, which will lead to more foreclosures and possibly more businesses failing. Like they say sh-- rolls downhill.

If they are able to save these companies it protects these jobs and keeps the economy afloat.

The thing is that with or without this money the rich people will survive.

Now like I said before, if Congress does it they need to write the laws to favor the taxpayers not the businesses. That remains to be seen. They are still debating and working on the bill.

Mercenary2007, I am awake and have been awake for a long time. Ask yourself how long people have been living off credit and then tell me if you didn't see this coming? As far as the CEO's they will still get their money because it is all based on a contract they signed. And if you really want to blame somebody look at Congress. They are the ones that put the pressure on these companies to help low income families obtain a home. Or are you going to tell me that these Congressmen were unaware of all of these high risk mortgages that these institutions were dishing out? Congress should have been proactive rather than reactive.

In 2004, as regulators warned that subprime lenders were saddling borrowers with mortgages they could not afford, the U.S. Department of Housing and Urban Development helped fuel more of that risky lending

source

reply to post by jam321


Did you even read the post i linked to? yes congress is just as much to blame as the corrupt CEO's! Congress is the ones that changed the rules to limit the oversight and regulations after these same CEO's lobbied them to do so.

Also the same people that caused this are now suppose to fix it? yeah i'll believe that when i see it. this $700 billion bail out is going to be in the trillions with all the profits going to these same corrupt CEO's NOt the taxpayers!

Anyone that thinks this is going to even remotely help the taxpayers or the homeowners that need the help seriously needs to wake up.

and anyone that says that these CEO's should keep their golden parachutes is well i'd get banned for saying but i think your smart enough to figure it out.

reply to post by Mercenary2007


I agree with you on what it is going to cost. Hell, my grandkids will probably still be paying for it. And I agree that CEO's shouldn't keep their precious bonuses, but they will.

Your coming through loud and clear. I was responding more to your wake up comment.

I don't want this bailout just like you. But this is election year and Congress will give in to get more votes. This bill will exceed what Bush is asking for by at least 500 billion as Congress tries to appease everybody.

i didn't mean my post to seem like an attack on you thats not what was intended. But durring this time of trouble more important than any other time in the history of this great country people need to wake up and take notice.

Even Sen. Chris Dodd. who is also to blame for this mess said it best durring the hearings today.

Not only is our economy that is at risk But our Constitution aswell!

i've been following the events leading up to this for a while researching what caused it. trying to look at from all angles and your right. as a father if this bill passes my kids and grandkids and their kids will be paying for this.

Hopefully congress just isn't going thru the motions like they do any other time to make it look like they care about us little people and are for once going to stand up to Bush and these corupt bankers and ceo's and pass a bill that has teeth, that will go after these guys golden parachutes and make them think twice before they run another company in the ground and expect the tax payers to bail them out.

Again sorry if my post seemed like an attack my friend that was not what i intended