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Massive financial bailout fails in the House

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posted on Sep, 29 2008 @ 03:28 PM
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At least they did manage to limit executive compensation in the final draft:


(2) CRITERIA- The standards required under this subsection shall include--

(A) limits on compensation that exclude incentives for senior executive officers of a financial institution to take unnecessary and excessive risks that threaten the value of the financial institution during the period that the Secretary holds an equity or debt position in the financial institution;

(B) a provision for the recovery by the financial institution of any bonus or incentive compensation paid to a senior executive officer based on statements of earnings, gains, or other criteria that are later proven to be materially inaccurate; and

(C) a prohibition on the financial institution making any golden parachute payment to its senior executive officer during the period that the Secretary holds an equity or debt position in the financial institution.

(3) DEFINITION- For purposes of this section, the term `senior executive officer' means an individual who is one of the top 5 highly paid executives of a public company, whose compensation is required to be disclosed pursuant to the Securities Exchange Act of 1934, and any regulations issued thereunder, and non-public company counterparts.


thomas.loc.gov...

That ought to make a few executives just a little bit more than pissed which is some consolation if this bill manages to pass later on.




posted on Sep, 29 2008 @ 03:28 PM
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reply to post by Maxmars
 

No, it is partly the American citizens fault for buying so much junk they dont need on credit, and so many big houses they really couldnt afford to live in either.



posted on Sep, 29 2008 @ 03:28 PM
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reply to post by Areal51
 


JPmorgan bought the banking part, not the lending sub prime part. They can suffer the losses from acquiring the banking sector. Citigroup doesn't have the numbers to support them acquiring Wachovia's banking sector.

I think that, without a bailout, citigroup will fail, and no bank company could purchase the banking part of citi. None of them could raise that kind of capital or justify that kind of purchase. As a result, lending will further tighten, credit will essential freeze, and small business will start to collapse.



posted on Sep, 29 2008 @ 03:28 PM
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So this is a major crisis?

Ive just heard on the news that the house of representatives won`t resume until thursday because of a jewish holiday!

great time for a holiday!



posted on Sep, 29 2008 @ 03:28 PM
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I liken Wall Street and the 700 billion to that one plant in that one movie that kept saying "feed me Seymour!"

Panic-sex anyone?



posted on Sep, 29 2008 @ 03:28 PM
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reply to post by grimreaper797
 


The problem is that a collapse is inevitable, sooner or later is going to happen under the current system. It need fixing and I rather have it fix by the market itself than by the government. The markets need to learn from this and decide if they ever quest from bigger better profits is worth the risk of having your company go belly up.

Profits at all cost it what drove this current crisis and if we dont let the market and the system correct by itself then we are bound to have this happen AGAIN. Now this corrupt system if is not fix what is going to happen is that finally when they are done with the U.S. economy they are going to move to the next biggest economy, which is India, China or both and create the same havoc.

Fundamental economics are been thrown out of the window in this current system, so we really have two choices.

1. We either fix it for good?

2. We keep living in this economic fallacy?

Its kind of like THE MATRIX of economics.

[edit on 29-9-2008 by Bunch]



posted on Sep, 29 2008 @ 03:30 PM
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For those jumping in on the Gold rush, I would be cautious there. Seems like people could be inflating the price to sell high. Once they pull out a lot of people will be sitting pretty with a lot of Gold dust.

Seems like nothing is a safe bet.



posted on Sep, 29 2008 @ 03:30 PM
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Good. It's about damn time they tell Bush NO!!!!! to something!

news.yahoo.com...

money.cnn.com...

These companies need to learn a lesson and they won't learn it if they're bailed out with OUR money...



posted on Sep, 29 2008 @ 03:32 PM
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reply to post by eradown
 


First off, this isn't the great depression, and its not going to happen like the great depression. We aren't even in the same economic system as the time of the depression.

This new depression is going to take everyone by completely surprise because they were looking for signs from a system we don't have anymore. People are looking at the past as a meassure for how bad the situation is, and that is a horrible error, since this isn't the same system.



posted on Sep, 29 2008 @ 03:34 PM
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reply to post by jam321
 


I agree 100%.

People are acting out of panic right now, investor can't seem to remember when was the last time that they have to do bussiness the right way, the honest way, so they just scrambling to move their money to were they can maximize.

I think that investor right now are the one that don't get that the rule of the games have to change.



posted on Sep, 29 2008 @ 03:36 PM
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reply to post by grimreaper797
 


I think the credit freeze could push us certainly to a recession a deep one, I dont know about a depression though.



posted on Sep, 29 2008 @ 03:36 PM
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reply to post by sos37
 


there's too many loopholes. In section C alone they could give the CEO his golden parachute right before they go asking money from the government.

materially inaccurate, dang that seems to describe the way our government works its numbers.

Oh well guess it is better than no provisions



posted on Sep, 29 2008 @ 03:36 PM
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I need help understanding. If the America people, as represented by the Government have the money to save the financial industry, then how is it that the American people will suffer a depression if the financial industry is allowed to die?

If the financial industry fails, don't we still have $700 Billion and can't that be used to make sure we don't fall into depression.

I feel as though something that is dying is trying to get me to believe that I should care.

What's so special about bankers anyway, aren't money changers a legendary source of bs within society? Shouldn't it be a good thing that their industry is dying?



posted on Sep, 29 2008 @ 03:37 PM
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Isn't 700 billion for the bail out the same amount we send overseas every year for our oil? Tells ya something right there doesn't it.



posted on Sep, 29 2008 @ 03:38 PM
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Hi There,

I have to say that I am pleased, very pleased that the 'bail-out' bill as failed, and it failed on the speed at which certain people wanted to have it initiated, it awoke suspicions, and it awoke anger. Pelosi's speech had nothing to do with the way the 'no's were thinking, it was always quite evident that the 'push' for this bill was so very wrong.

It is a bill to hide corruption, greed, avarice, to reward the wrong people, and to damn to severe financial struggle and hardship a nation that had always been teetering on recession, but artificially held at bay.

A earlier poster remarked that the people whom took the offered credit are also to blame, and to some extent I agree with him. One should never live beyond one's financial means, that is prudence for financial survival. It may mean one cannot attain targets within one's dream, but it is better not to attain a dream one cannot afford, than one that is a compromise of one's dream but affordable...one must bide one's time with patience. I know it is easier to say such things in hindsight, particularly amidst the unsurety of the fallout to follow. The markets will react negatively because those whom felt that mana from the bailout would fall into their already wealthy outstretched hands, are not now going to get a chance of a slice of the pie. It is the wealthy that need to bear the full brunt of the force.

For the last 15 years the American people have been finacially dealt with contemptuously, led around with a 'carrot' on a 'credit stick' through Pavlovian economics. It is time for the American people to return that contempt back in shovel loads, and dump the whole rancid mess on those that created it. Unfortunately, the stink is so great that the American people are not going to escape its taint, they are going to feel the blows, but it may prove (with resolve and fortitude) to be nasty medicine of particular healing power. A series of opportunities have arisen by which America can release itself from the grip of the contemptuous few whose policies have brought them to this point. The choice is simple...long-term pain or short-term pain.

Best wishes



posted on Sep, 29 2008 @ 03:38 PM
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reply to post by Bunch
 


I agree with you. What I am saying is that we have the CHANCE to change the system BEFORE it collapses on us.

My view of the chance of change before collapse is very optimistic in comparison to others. My view of a collapse is much more pessimistic in comparison to others. I grasp the implication of a banking collapse, and from the looks of it, not too many other do.

I think we NEED to change this system before it collapses, because my faith in the idea we will be able to rebuild is low.



posted on Sep, 29 2008 @ 03:38 PM
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Ron Paul reacts. Nuff said




posted on Sep, 29 2008 @ 03:38 PM
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reply to post by Bunch
 


Very well put Bunch. Does anyone think the 700 bil. would have fixed everything? No, it would have just bought some time (probably for the elite to get their affairs in order.). The current system is going have to start from scratch.

We are in for great pain but we will recover eventually.

I believe they will pass something and there will be a temporary moon shot until it finally sinks in. The longer we put off the inevitable, the harder it will be to recover.

Reality needs to be faced.



posted on Sep, 29 2008 @ 03:39 PM
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reply to post by Bunch
 


We can't look at the past to guide us. Since the 90's the system has been so much more tightly connected to eachother, to the point of interdependency. Things were much more independent of eachother in the 20's and 30's. At this point, a collapse of one part of the system, would very likely cause the collapse of the other parts.

We cannot look at the depression as a guide or map. This is a new system. Our understanding of it is dire.



posted on Sep, 29 2008 @ 03:40 PM
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It is Black Tuesday tomorrow, NASDAQ and S&P 500 came close to a market crash (NASDAQ Composite was .86% off a crash - 10% drop)

NASDAQ 100 finished -11%


$1 trillion was wiped off the markets today.

[edit on 29-9-2008 by infinite]



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