Why You Should Hate the Treasury Bailout Proposal (1 Viewer)

[bclemms]

I don't know how yall feel about him, but Jim Cramer gave a good explanation why we should support the plan last night on his show and if we don't pass it = meltdown, etc. etc. I'm still undecided about it, but he gave good insight to the other side and basically blamed Paulsen for not selling it correctly.

I'm not a financier or anything but I do enjoy his show and was kinda surprised to see him really stand behind it.

Cramer is a very bright guy, he is very entertaining and I do enjoy watching him but asking him about the bail out is kind of like asking a restaraunt owner, "how is the food".

 

[crosswatt]

Why? This is good news.

Realistically, some sort of agreement is going to be get done. But, if it isn't getting done immediately, that means that it isn't being rubber stamped.

Paulson walked into the room where Democrats were caucusing after today's meeting at the White House and pleaded with them, "Please don't blow this up."

Rep. Barney Frank, D-Mass., chair of the House Financial Services Committee was livid saying, "Don't say that to us after all we've been through!"

House Speaker Nancy Pelosi said, "We're not the ones trying to blow this up; it's the House Republicans."

"I know, I know," Paulson replied.

 

[jpcdolphan]

Perfect.

The only way taxpayers have a prayer of winning in this ("winning" in this case being defined as "not losing as much") is for this debate to be somewhat contentious.

I agree that the partisan finger pointing is kind of stupid at this point but these are politicians we are talking about. If they were competent, we wouldn't even have to be discussing a bailout right now.

A blank check with no oversight doesn't seem like much of a plan to me.

A deal will get done. Why rush and get a horrible one when we can wait a little and get off the hook with merely a very bad one?

 

[RebSaint]

Some of the foxes have apparently have already left the henhouse.

http://news.yahoo.com/s/ap/20080925/ap_on_bi_ge/bailout_ceo_pay

Disgusting.

 

[jpcdolphan]

Some of the foxes have apparently have already left the henhouse.

http://news.yahoo.com/s/ap/20080925/ap_on_bi_ge/bailout_ceo_pay

Disgusting.

This is just part of the reason why some reforms in regulation, as well as some self imposed reform on Wall Street, are necessary.

It's just too simple to ride, and encourage, an inflated bubble and collect those outsized bonuses at all levels in the company.

When the bubble bursts and you're out of a job, you're set from the bonuses that you previously got. Especially at the executive level.

The best part is that, after vacationing for a couple of years, you can get a job in the industry when the next bubble arrives, if you want. You're experienced!

 

[St.Ryan]

Congress should be disbanded. Seriously, it's gotten to the point where they are worthless to us as a nation.

Waters, from California was seriously asking Ben Bernanke about minority business and what we can do to offer them protection. Our politicians are a joke. They are worthless and aren't smart enough to know what's best for their constituents. Granted, that doesn't go for all of them, but every hearing gets worse and worse. They have no idea what questions to ask because in truth, they have none because they don't understand the situation. So they ask ridiculous and vague questions. Bernanke, at least 2x yesterday had to respond to questions by saying he's not in charge of fiscal policy, that it was in fact them who are in charge of that.

 

[Maxp]

Some of the foxes have apparently have already left the henhouse.

http://news.yahoo.com/s/ap/20080925/ap_on_bi_ge/bailout_ceo_pay

Disgusting.

Time to get on the horses and release the hounds.

 

[Maxp]

Congress should be disbanded. Seriously, it's gotten to the point where they are worthless to us as a nation.

Waters, from California was seriously asking Ben Bernanke about minority business and what we can do to offer them protection. Our politicians are a joke. They are worthless and aren't smart enough to know what's best for their constituents. Granted, that doesn't go for all of them, but every hearing gets worse and worse. They have no idea what questions to ask because in truth, they have none because they don't understand the situation. So they ask ridiculous and vague questions. Bernanke, at least 2x yesterday had to respond to questions by saying he's not in charge of fiscal policy, that it was in fact them who are in charge of that.

Sounds like we need a "vote of no confidence" system.

 

[St.Ryan]

Sounds like we need a "vote of no confidence" system.

What we need is to quit screwing around and make the positions extremely well paid. And it shouldn't fall under gov't spending, but rather investment.

 

[wamland]

Listening to C-Span on the way home I heard the house Republicans talking about their plan. I haven't found anything on line yet but it looks like they want an insurance system that is already partially in place expanded to all the industries. They said that it should be paid for by wall street.
I would love to hear the specifics of this because it sounds like something I could get behind. I have heard rumblings that they are trying to throw in some tax breaks for big business and a repeal of the estate tax along with it. Sounds like if they can leave that garbage out then they may have something.

I think if McCain can pull off something like this where it doesn't cost the taxpayers any money then he will have won the election. I see this vote being as important as the Iraq War vote. That sank Clinton and this can make or break either of the candidates.

 

[JimEverett]

Bernanke, at least 2x yesterday had to respond to questions by saying he's not in charge of fiscal policy, that it was in fact them who are in charge of that.

I'd say the Treasury Department has a fairly substantial role in fiscal policy, at least to the point the Executive branch has a fiscal policy.

 

[bclemms]

While witnessing, but not participating in, the home real estate frenzy in 2005 and 2006, I kept asking: Who is the idiot buying up all these mortgages issued on inflated home prices to all these people who have neither the capacity nor the intention to repay the loans?

Now I learn it was me.

TED THACKER Ann Arbor, Mich.

.

 

[JimEverett]

Listening to C-Span on the way home I heard the house Republicans talking about their plan. I haven't found anything on line yet but it looks like they want an insurance system that is already partially in place expanded to all the industries. They said that it should be paid for by wall street.
I would love to hear the specifics of this because it sounds like something I could get behind. I have heard rumblings that they are trying to throw in some tax breaks for big business and a repeal of the estate tax along with it. Sounds like if they can leave that garbage out then they may have something.

I think if McCain can pull off something like this where it doesn't cost the taxpayers any money then he will have won the election. I see this vote being as important as the Iraq War vote. That sank Clinton and this can make or break either of the candidates.

Maybe I don;t understand, but what is that going to do right now?
I mean the "crisis" seems to be that credit is drying up right now and if something isn't done soon then we are looking at a serious economic recession/depression.
So if you expand insurance and apply right now, isn;t that what the Administration's plan is without the idea of forcing insurance on down the line?

 

[jpcdolphan]

Maybe I don;t understand, but what is that going to do right now?
I mean the "crisis" seems to be that credit is drying up right now and if something isn't done soon then we are looking at a serious economic recession/depression.
So if you expand insurance and apply right now, isn;t that what the Administration's plan is without the idea of forcing insurance on down the line?

Somewhat sounds like it.

However, we not only need to handle this crisis but we need to have procedures in place to control the next one as best we can.

There will be a "next one". There always is. And it is always worse than the "last one".

I like the idea of Wall Street having to insure themselves against their own greed and stupidity.

 

[birdog]

Listening to C-Span on the way home I heard the house Republicans talking about their plan. I haven't found anything on line yet but it looks like they want an insurance system that is already partially in place expanded to all the industries. They said that it should be paid for by wall street.
I would love to hear the specifics of this because it sounds like something I could get behind. I have heard rumblings that they are trying to throw in some tax breaks for big business and a repeal of the estate tax along with it. Sounds like if they can leave that garbage out then they may have something.

I think if McCain can pull off something like this where it doesn't cost the taxpayers any money then he will have won the election. I see this vote being as important as the Iraq War vote. That sank Clinton and this can make or break either of the candidates.

They should eliminate the capital gain tax.....it is a basic hinderance of capital flow, and the gov will make more money by doing away with it. heck....not even China has one, and that is a communist regime!

WATCH HOW CAPITAL FROM OUTSIDE WILL START FLOWING once the CGT is eliminated!