And if we did bail out the auto industry......sm
Posted By: m on 2008-11-08
In Reply to: Who watched Larry King last night? - Just the big bad
how much is that going to cost us and where is the money going to come from?
I realize this country's economy is in the toilet at this point and people are hurting everywhere, but my question is, like I said above, where is the money going to come from (I don't believe tax increases on the wealthy are going to cover the tab) and what is going to happen when "they" call in the loans?
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Auto industry
I feel the same way I felt about the bank bail-outs. I would say no bail-outs for ANY business. I think it borders on extortion. First the banks need a bail-out, then it's the auto companies, then AmX reorganizes so they become a holding company so THEY an qualify for some of that free money. Latest I read the newspapers are to be next in line. Where does it all end?
My reason for my no bail-out opinion is, what did it accomplish for the banking industry? Nothing if we are to believe there is a credit crisis. I noticed this evening one of the local banks was advertising that they still have money available for loans. Why is it that it's the big guys that get into trouble? Let 'em suffer. Bail-outs are going to do nothing for working middle class people.
As I said in an earlier post where do you think new automobiles will fit in consumers priority list when they are trying just to put food on the table and a roof over their heads? Pretty far down I'd say. There are new layoffs announced every day, many have nothing whatsoever to do with the automotive industry.
So that is why I say NO BAIL-OUTS.
One more thing...UAW role in the automobile woes. The public has been dreadfully misled. Most seem to think the workers make some $70 an hour when in truth they make in the neighborhood of $27.00 an hour. Not a word have I heard objecting to the executives who are paid some $6000 PLUS per hour and all kinds of perks like private jets, etc. Wouldn't one think this would have a whole lot to do with their finances? The one thing I think the union should concede is the job bank where they are paid 95%, I think it is, of their wages when they are laid off. The rest of the workforce (and my husband spent his life working as a Teamster) should have to suffer through unemployment just like the majority of other employees. I do think that employer provided benefits such as the unions have should be available to all workers. It most surely comes in handy at retirement. I think everyone should have an opportunity to retire in their older years and Social Security sure doesn't covere living expenses. I wonder if there are any MTs who have retirement benefits? Probably not. Most seem now-a-days hard pressed to even make a living.
Auto industry bailout...(sm)
I happen to think that the auto industry does need a bailout. No, I don't agree with keeping the current management, and I do believe in making stipulations for how that money is spent. I know most of you will disagree with that, but here's what I'm seeing in TN.
Congressman Zach Wamp (R) from TN was on the tube last night talkiing about how he does not want to do the bailout. If that's his opinion that fine ----- However, lets look at his reason. TN has been bidding for a new Volkswagon plant which has recently come to fruition---right here in my home town by the way. He has been pushing for this for years. This is obviously a good thing for people in TN because of the jobs it would create. What I find ironic though is that he would let American companies go down the tubes and yet support a foreign auto maker. My honest opinion about guys like this, is that they want the job creation, regardless of where the real money is going (overseas) and they would like to do this in such a manner so as to cut out unions.
ARRRGGGGHHHH!!!! 
Here's a link for the auto industry bailout
They keep flip-flopping. The second link is Paulson's idea. That was probably posted before but am posting again just in case.
http://www.cnbc.com/id/27721013
http://www.cnbc.com/id/27712153
Article I read on the auto industry and the election.
Good article and the guy they interviewed, Peter DeLorenzo (?) - a guy all up on the auto biz - said neither McCain nor Obama had a clue when it came to the auto industry. The article gave a little bit of the voting records on both related to the auto industry.
Candidates Voting Record On Auto Industry-Related Issues:
Clean Energy Achievement Criteria (2007): McCain - no vote; Obama - Yes
Preventing Petroleum Export Organizations (NOPEC Act of 2007): McCain - no vote; Obama - Yes
Reduction in Dependence on Foreign Oil (2005): McCain - No, Obama - Yes
Arctic National Wildlife Refuge (No) Drilling Amendment (2005): McCain - Yes, Obama - Yes
Does Palin kno McCain voted no on reducing dependence on foreign oil?
The auto industry's V6 motor is pretty good
We get 28-30 MPH with it. Why they didn't brag this up, I have no idea. It has power, too. We could keep up with the V8's with no problem. Had a very large luxury Delta 98 LS and it was the best car we ever had...but the frame rotted away, so we kept the motor and put it into a Buick LeSabre.
Part of the problem is the unions. I've always been a union supporter, but they have really killed the industry in this country in the past 20 years. That's why there are no steel industries here anymore. That's why auto workers make a fantastic wage. Once they make good to fantastic wages, they won't back down.
Face it. People are greedy and this is a gigantic wake up call, but if they don't want to, or aren't willing to, take pay cuts, or pay more for their health insurance, then we're doomed to fall into a greater depression than seen in the 30s. A me-first-and-only-me economy doesn't work.
Example: Teachers in my area are screaming and going on strike because they don't want to pay more for health insurance. They pay $40 biweekly. I pay $200 a pay and before that, I paid $630 a month. I'm happy paying $200 a month. Are they? Nope. It's me-me-me. When are people going to wake up?
If our bailed-out auto industry doesn't invest enough
over their addiction to fossil fuels to power them, why bother to buy a new one, I'll just keep patching my old one together. At least it's paid-for, so I don't have to support the Evil and Deceitful Banking Industry with my hard-earned money. I'd rather it go to a *real* worker, like my faithful mechanic!
Auto bail out s/m
Read the following report. 8-10% of total cost doesn't seem like a huge percentage for labor costs. Maybe they can't afford the big salaries and bonuses for the top dogs? About time the wealth started being redistributed. Funny I haven't heard any outrage over the outrageous salaries the top dogs in these automobile business are paid. Just whining about how much the UAW workers are paid. It's about time the working class started standing up for the working class!!!!!
Let 'em all go bankrupt. I have no doubt the idjits in Washington are way more concerned about job losses in "developing countries" than those of American citizens.
http://news.yahoo.com/s/ap/20081115/ap_on_bi_ge/auto_bailout_gettelfinger
The car industry....just some thoughts.
My DH and I were talking the other day and we were talking about the criticism of GM. For one, we are both so sick and tired of hearing people say that GM was stupid for building bigger trucks and SUVs. Once again....GM built these because that is what consumers wanted.
Remember back when your parents had a smaller vehicles and we used to cram 5 kids in the back seat. How many of those kids were in car seats? How many even had their seat belts on? Nowadays....you can't do that. Kids have to be in a booster seat until they are 4 feet 7 inches and all people must wear a seat belt. Now tell me this.....how many car seats can you fit in a small car? If you have more than 2 children....you are really pushing it.
I've heard numerous complaints about why GM didn't make more fuel efficient vehicles. Well....let's discuss this a tad bit shall we. The government regulates certain safety standards for vehicles. They go through several crash tests to see which cars are safer. What does this mean.....this means more reinforcement in the vehicles frame which makes vehicles heavier. What does the weight do? Well, the extra material as well as the crash testing causes prices to go up and the extra weight makes the vehicles less fuel efficient. GM made the vehicles it did because at the time....that is what consumers wanted and they also had to meet Government safety standards.
Compact cars are great for single people or married couples without children, but I'd like to see you take a trip in one of those with three kids in car seats plus all of your luggage, etc.
Insurance industry stats
I just came across these stats in an article I was reading. How can there possibly any doubt that lobbying has single handedly taken over Washington? Especially in light of the fact that the healthcare plans on the table are pushing for more insured rather than single payer system? If we don't shove out the insurance companies, how are the prices for our healthcare ever expected to go down, or even stay at the current level for any length of time? 87% in 10 years? Absolutely ridiculous. We are not reaping any benefit from it whatsoever.
"As premiums have ballooned by 87 percent in the past decade, insurance-industry profits have climbed from $20.8 billion in 2002 to $57.5 billion in 2006. During that same period, health-care interests spent $2.2 billion on federal lobbying, more than did any other sector, and as of last month, had flooded the presidential candidates with over $11 million in campaign contributions to keep the present system intact."
Bankrupting the coal industry
I opened my post, and the text was there. I saw an empty box with the "dead x," so that may have been what didn't go through.
Were you unable to read the text, too? Try going to OneNewsNow.com (Fred Jackson) - 11/3/2008 7:35:00 AM, and you should be able to open it. That should be the easiest.
When my grandparents came over from Italy via Ellis Island (& legally, too!), they settled in Monongahela, PA. My grandfather worked in the coal mine, & they managed to raise 9 kids, all who went on to get doctorates, DDS, etc. So it can be done (sorry for the memory lane)!
LMK if you can open it, etc. Setting family aside, I respect the hard, dangerous work these coal miners do. The Global Warming (now named Climate Change) goofs are behind this, too. It's a joke--on us.
the cattle industry deserves to go down why?
I guess no bailout for them, huh? I know a lot of people who run stocker steer and cow calf operations who work hard for the little money they get. Peronally, I enjoy a good burger or a steak and would HATE to see the cattle industry go down, plus, think of all the lost jobs, or are we only concerned with banks and car manufacturers?
The cattle/beef industry deserves to go down, but otherwise
x
Next auto
Why pay those pesky premiums now when we're young and healthy. And, heck, I'm a good driver. In any case, I'll get a policy once I have an accident.
And my family can get life insurance on me once I'm gone! Pay a premium or two and collect! GOOD DEAL!
Big Three's European Divisions Could Show Ailing U.S. Industry the Way Back...sm
Why are the profitable in Europe? Could it be because they have no unions? It's real hard to find the positive information on the Big 3 outside of the U.S. It's almost as if someone doesn't want us to know and compare the differences...again, it probably boils down to the unions.... GM also just opened a plant in Russia.
http://www.foxnews.com/story/0,2933,466144,00.html
http://www.foxnews.com/wires/2008Nov07/0,4670,EURussiaGeneralMotors,00.html
And it cracks me up how the auto co's. are now
trying to sell the gas-guzzlers by offering 3 years of subsidized gas (@ $2.99/gal.) for those vehicles. So what are people supposed to do with those vehicles, once the 3 years is up, and the price of gas is then $8/gallon?
Small minds come up with even smaller solutions to the US's problems.
For every auto job loss
that seven other people in this country are affected. Think about it: Bailing out the big 3 IS bailing out the American taxpayer.
But you see which auto workers are
handouts, and the workers are not complaining about their jobs. I am talking about the ones mentioned recently in the news here in the Southeastern US. Those workers are making(including all their benefits) around $35 an hour. The unionized big 3 workers making $70+ an hour for the same work. Is that contract worth that much?
Yes, SO easy. Which is why the diet industry in this country rakes in billions each year. nm
.
I have some ideas about auto bailout
Let the oil companies bail them out since they directly benefited from some of the bad management decisions.
Don't bail out the companies. Give the money to the workers for re-education, etc., while the auto companies restructure.
My first suggestion was a little cynical, but I'm not sure why the second hasn't occurred to anyone. ...
For those who support the auto bailout........ sm
please answer me this.
If the Big 3 are truly in the dire financial straites they claim to be, surely this did not come on overnight. Surely they did not wake up one morning a couple of weeks ago and say "wow, we have a problem. Let's go get help from Washington." GM has already received help from the government before and it didn't seem to keep them solvent. With that line of thinking, what makes those of you who support the bailout think that they will manage whatever funds (it's up to $34K and possibly growing) they receive wisely and will not allow this to happen again?
Auto Bailout is on C-Span. If you
want to watch it tonight, it will be on at 8 p.m. In the meantime, the plans of GM and Ford are online.
I feel sorry for the Chryler guy. He seems to be the most honest and wants the least amount of money. Sen. Corker - TN told him right out he doubts Chrysler is going to make it even with the money and they should just be bought out by someone and leave the company go.
He was also tough on the UAW Gettlefinger (or whatever his name is). I don't blame him there. The guy was squirming but he kept talking about all the concessions hurting the workers; i.e., not willing to make concessions.
Hope the link works.
unemployed auto workers' pay
per their contract, if unemployed they receive FULL pay. The loss would be benefits, but they get full pay for not working if they are laid off. That should give them time for re-education.
Well, it would not have been necessary to bail out...
FM/FM had the Democrats running it not stolen it blind, and the "reform" bill the Dems passed that nailed the coffin shut.
Obama dogged and hounded by the media? Are you JOKING? Any interview he did was on the softball channels where he never got a real question...were you even watching? He would not go on Fox where he knew he would have to answer the tough questions until this week. Hounded by the press my eye...only to fawn over him. Sheesh...lol
do you think they should just bail out
what kind of solution do you propose?
we bail out ceo's ......
It's okay to pump billions into the auto industry and wall street but not into our own people?
So what happens when we bail them out?
See! We bail out the big guys and the money goes straight to the CEOs that ran the company into the ground, rewarding their incompetence! Oh, lets hurry and bail out the automakers too!
WASHINGTON - American International Group is paying out millions of dollars in executive bonuses to meet a Sunday deadline. But the troubled insurance giant has agreed to administration demands to restrain future payments.
The Treasury Department determined that the government did not have the legal authority to block the current payments by the company that has already received more than $170 billion in U.S. support.
AIG declared earlier this month that it had suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.
Here's what happens when we bail them out: sm
AIG accepted our money after losing 60 billion, and guess what? They are paying out 167 million in bonuses. Why is this allowed to happen? How can you lose that much money, accept money in bailouts, and then have the unmitigated gall to pay yourselves bonuses? This is UNACCEPTABLE!! Out and out thievery!!
Bush approves auto bailout........ sm
to the tune of 17.4 billion.
Mr. Bush, in a televised speech before the opening of the markets, said that under other circumstances he would have let the companies fail, as punishment for their own bad business decisions. But given the economic downturn, he said the government had no choice but to step in.
“These are not ordinary circumstances, in the midst of a financial crisis and a recession allowing the US auto industry to collapse is not a responsible action,” Mr. Bush said.
http://www.nytimes.com/2008/12/20/business/20auto.html
Do you think our government should bail out FM/FM
Just wondered what everyone thinks about this subject. I haven't seen it discussed yet and if it has been sorry. Do you think the government should bail out these two institutions and if so, or not so, why?
I heard someone on the TV today (didn't recognize the name but he's an idependent) he asked the question, so is it going to be the people who make $30K a year the ones who pay for this or the billionaires and trillionaires? I thought that was a good point.
Also I heard that one of the guys in charge (forget his name right now) made over $90 million and he isn't paying anything. I would think that if you make over $90M on this and you run it into the ground you should have to forfeit whatever you made and pay it back (but that's my own opinion).
the bail out really irks me
I think they should just let them fail and use the 700 billion or whatever it is to try and clean up the fallout from this mess. These greedy b@$st@rds need to deal with the consequences. I really don't get it. I thought you had to have mortgage insurance if you didn't have enough down. My sister has to pay for mortgage insurance, and it's highly unlikely that she is going to default on her mortgage (for one thing, she bought what she could afford). And as far a people losing their homes, well maybe they should move into homes they can afford anyway. There are nice 1-bedroom apartments in Harrisburg for $540, including utilities. Sounds good to me. grrrr....
The reason behind the bail out is
to put money back into the market. If we do nothing at all, the result is likely to be horrific. We have to do something to get money back into the market. However, bailing out these big banks and making us foot the bill is unacceptable to me. These banks and their big wigs should learn the consequences of their actions and not just walk away with a heck of a lot more money than I will ever see in my lifetime. This initial bail out is just a band-aid really. Our economy is collapsing and this bail out will slow down the collapse but there is no guarantee that it will stop it.
Right now they are debating about how to go about this bail out. Some want the bail out left like it is with us taxpayers footing the bill. Others are trying to come up with a plan to not make the burden on us and yet still get money into the market. That is why no agreement has been made.
My fear is that if we bail them out
what have they learned. They obviously won't have any consequences to their actions. We will be the ones to suffer for their greed and crimes. However, what is to become of us if we don't bail them out? I really don't know the answer to this. I am just thoroughly ticked off that our government has allowed things to get like this. Now they are sitting around crying and whining, pointing fingers, wanting special interests included in the bill, etc. I'm just so disgusted.
Is anyone actually in favor of the bail out?
I personally think that we should just let the banks fail and not save their greedy banker butts. It seems like that's the way a lot of other people feel too. I haven't heard one person say let's save their greedy banker butts. However, I'm pretty sure that congress will bail them out. If I could vote on this, I would definitely say no, no matter what consequence to myself (drop in stock, retirement and possibly the value of my home, no loan for college next semester).
Are there any average Americans out there that are for this?
bail out the world?
So we have to borrow our own money so we can bail out the world? Call your Senator.
Did you see where if we bail out the automakers - see msg
There are people that are laid off and have been laid off for years that are drawing $31 an hour to just sit in a room - they play checkers, they read, they watch TV, or they sleep and stare at the walls. It is a guaranteed thing that cannot be stopped except through bankruptcy (and they may have to pay them off even then). So in effect, if we bail out the automakers, we who are struggling to make our money in this world will be paying those people to keep sitting there!!! 
How many think you should bail out illegal
what would that matter? you want to bail them out?
nm
I don't think we should bail out anyone's mortgage.
Anyone who took out a mortgage and signed a contract to repay the loan and needs to do so. I don't care if they are illegal aliens, legal aliens, space aliens, or United States citizens.
If you are going to give money to re-educate the auto workers....... sm
then it would follow that money should be given to sustain and re-educate the people in other industries (MT comes to mind) that are suffering because of big suit mismanagement and jobs going overseas. What about the thousands upon thousands of other displaced workers in the public sector that have lost their jobs? Will they need to be re-educated as well? Will there be jobs available to them, even if they are re-educated?
Maybe that's what all those re-education centers all over America are for. hmmmmmmm
Why such a huge deal made about the auto LOAN
nm
bail out.. Amen, sam. Disgusted with
the whole dang bunch of them, for sure. As far as this bail out goes, I think those at the top who made so many millions and apparently will just go on, should be treated the same way as Ken Lay and others of Enron fame. They should pay it back, confiscate their new homes and boats or whatever they have bought, do jail time and be forced out of their elite positions. Of course, by the time congress does an investigation they will no longer be around anyway. But I do not think they should continue to give away our jobs to nontax paying people and still fall back on the age old answer of taxing us. Even my math is better than that!
Fear is that they will still collapse even after the bail out.
Hedge funds are about to fold. Derivatives which I do not understand are a whole other ballgame - They are what made the hedge fund managers millionaires - it is like betting on stocks (as one would with football) and is somehow linked to the stock market.
This site explains it well:
http://georgewashington2.blogspot.com/2008/06/derivatives-market-is-unwinding.html
What is the bank bail-out if not socialism? s/m
Maybe you'd have better luck with your employees if you gave them a raise. If you have a profit margin that allows you to give them a 25% bonus, surely a 10% raise wouldn't cause you to suffer too much.
I think they shouldn't bail them out. They're
All those crooks in the banking, insurance/HMO industries, and most certainly Wall Street, need to be held accountable, have all of their assets seized to help pay for this, and then they should all be sent to Guantanamo Bay to rot.
The whole country would crash and burn. Do you know how many jobs in Michigan alone are auto related
Michigan might as well hang a sign on the door saying last one out, turn out the lights. But then if Obama has his way, we won't have any electricity either because the coal companies will be bankrupted too. Domino effect in my opinion.
Excellent read....$25B Auto Bailout Would Be Band-Aid On Chest Wound..sm
$25B Auto Bailout Would Be Band-Aid On Chest Wound
Tuesday, November 18, 2008
Mike Baker
The question really shouldn’t be “Do you support the government bailout?” Instead, the public should be asked “Do you think Barack Obama, Nancy Pelosi, Harry Reid, Barney Frank and the rest of our gang on Capitol Hill are qualified to run the U.S. auto industry, banking industry, insurance industry and other sectors of the American economy?”
If you think big business is best managed and overseen by politicians with no business experience, then the bailout, particularly the bailout of the auto industry, must seem like a pretty good idea. If however you haven’t lost your mind, then throwing $25 billion (on top of the already approved $25 billion for plant retooling) at a business model that is broken might seem, lemme’ see, insane.
Before we go further, I should point out that I have nothing against Detroit, am saddened at the thought of the potential job losses and disheartened at the demise of the once iconic U.S. auto industry. But none of that changes the overriding concern that the only thing $25 billion would do is postpone by a factor of months the inevitable Chapter 11 of one, two or all three of the big three auto companies.
Lest you think that I’m singling out the auto industry while tacitly approving the $700 billion approved for God knows what and the $100 billion plus handed over to AIG, I’m not. Having lived and worked overseas for years and having been exposed to systems ranging from communist to socialist to dictatorial, I feel pretty comfortable saying that massive government involvement in private business eventually results in a big steaming pile of crap. Now that might not be as eloquent as some of the business theories you’ve read, but hopefully the meaning is clear.
While the PWB staff is light on sophisticated economists, it does seem that using a band-aid, even one that costs $25 billion clams, on a sucking chest wound isn’t going to save the patient. Perhaps the leaders of the big three, along with their newest best friend forever Ron Gettelfinger (head of the United Auto Workers union) think they can convince the Congress that if they just had $25 billion they could save the day by restructuring their costs, business model and product line. As opposed to watching the $25 billion go down the drain over the next few months as they continue to pay enormous legacy costs, suffer declining sales and deal with the continued credit crunch. Apparently Nancy Pelosi, using her extensive business management experience, thinks that sounds about right.
In normal political times we might get a good old fashioned difference of opinion on the Hill over an issue as important as the proposed auto industry bailout. But these aren’t normal times. During this blessed honeymoon period as we await the change in administrations, anyone voicing concern over the bailout is viewed as an obstructionist … someone who doesn’t have the best interests of the nation at heart. What a load of crap.
A few Republicans have stood up and suggested that throwing good money (should I point out, our money) at the wheezing GM and inevitably Ford and Chrysler amounts to buying a few more months on life support. The auto chieftains and BFF Gettelfinger (not related to Goldfinger) have marched on Washington to explain that failing to prop them up will result in millions of job losses, the collapse of the free world and the end of the industry that makes those pine tree shaped air fresheners that hang from our rear view mirrors.
This is the same tactic used by AIG and the financial industry. I know we have collective attention deficit disorder as a nation, but does anyone remember Hank Paulson running around the Hill with his hair on fire claiming a huge comet will hit the earth if he didn’t get $700 billion? That was a trick question. Hank is bald; a hair fire is out of the question.
But Hank did get his $700 billion, which as far as I can tell is being dispensed with all the transparency of a Russian off shore company. Some of that $700 billion was mine… some of it was yours … don’t you want to know where the h*ll it’s going? It’s like handing money over to my teenage daughter … not only do I not know where it’s going, but the next day she’s standing in front of me asking for more.
And AIG? Remember them? Apparently, much like people are saying about the auto companies, AIG was just too big to fail. At last count they’ve received two massive infusions of cash. We’ve all heard about their crazy getaway trips to resorts for spa treatments and super boozeups. But does anybody think they could’ve possibly spent the entire $150 billion (give or take a few billion, who can freakin’ keep track) on facials and Cold Duck, or whatever insurance folks throw back on vacation? Even if they spent 10 percent of the bailout money on special executive massages (15 percent with happy ending), that still leaves $135 billion to account for.
And there in lies the rub. Or in AIG’s case, the rubdown. With Hank handing out briefcases full of dosh like Howie Mandel (minus the attractive briefcase ladies), AIG already $150 billion into the trough and the auto companies snuffling around looking for their feedbag, you and me have next to no idea what the h*ll is happening to our money, our children’s money and, frankly, our grandkid’s money. Once again, if you owned a pitchfork and/or one of those old fashioned torches, now would be a good time to pull them out of the shed and go demand that the monster be killed.
What’s that you say? If we don’t bailout the auto companies millions will lose their jobs and the economy will be wrecked? That’s one scenario and I agree, along with everyone that it’s a frightening scenario. And it’s that fear that the auto industry and Mr. “Read my lips, no concessions” Gettelfinger are preying on in the hope that Congress and the White House will pull out the billfold.
What we do know is that, without a bailout, GM will in all likelihood head in to Chapter 11. As with many other large companies before them, that entails restructuring and an actual hardnosed effort to return the company to profitability by making hard choices and changes. Easy? Painless? Absolutely not and no one should underestimate that.
But I’ll bet Bobo the talking intern’s pay for the next six months that a government bailout of $25 billion or more will in all likelihood result in GM eventually heading in to Chapter 11. Which would you rather do? Deal with the problem now, or throw $25 billion on the fire and deal with the problem later?
If the Republicans hold the line I’ll be amazed. The Obamatrons have marched on Capitol Hill and the pressure to display your commitment to blind bipartisanship is building.
Politicians, I hear, aren’t necessarily known for hanging their butts out in the wind and taking a stand. While they may believe it’s the right thing to do, the pressure to go along and, more germane, to not be viewed as responsible for job losses and the pain that will follow a move into bankruptcy, will likely prove too great.
Agreeing to an unsound (political speak for stupid) idea in the name of bipartisanship makes you not only weak but unprincipled as well. I think it’s time we show some fiscal responsibility and save the $25 billion. Frankly, we’ve got to think to the future. We’re going to need the extra cash when AIG heads off for their next out of town conference.
To bail or not to bail? Let me know what you think. As always, we look forward to your comments, thoughts and insight. Send your emails to peoplesweeklybrief@hotmail.com
'Til next week, stay safe.
http://www.foxnews.com/story/0,2933,454444,00.html
445,000 per citizen is the bill for the bail outs.
And what then? The govt will own our homes and regulation will take on a whole new meaning.
This is called fascism.
Since when is a tax cut welfare? Corporate bail-outs, maybe...
corporations and plans to continue W's tax cuts for the rich in 2011. Is that welfare too? Sheesh.
And we bail out Wall St. who created this mess.....
Didja watch House of Cards? That spelled it out pretty succinctly. People were sucked into mortgages they couldn't afford, they were told they could refinance in 1-5 years and keep the mortgage payments they could afford - THEY WERE LIED TO. The bankers and Wall St. had to keep that Ponzi scheme going.......pizza delivery drivers were selling mortgages!! The more they sold, the more money they made - upwards $20,000 per month - they sucked people into refinancing to put cash in their pockets because housing values were skyrocketing.......and it all crashed down. So who did we bail out first? The banks and Wall St.............not the people who got screwed by con men. And these people were not POOR - they just got sucked into buying more house than they could afford. So, stick that in your pipe and smoke it.
While I have to admit that the Republicans started this whole bail out thing...
I really thought we were going to get change with Obama. I didn't vote for him, but this isn't just a continuation of the same old mess, this is adding on to it. You can't blame all of the dems for it, either - there are a couple of repubs signing on as well. I'm pretty sure that this isn't what those who voted for Obama signed on for.
All I can tell you is be sure to write your congressman about this - if you need email addresses or such, go to Congress.org - there's a place to put in your zip code and it gives you the names of all of the reps from your area. Doing that is a much better outlet than attacking each other on this board.
Excellent idea. I'm also charging up my cards, so I hope you bail me out! SM
But wait. If I bail you out and you bail me out and we bail out AIG and the government bails out mortgage-skippers and China bails out the US and...somebody tell me again, where does all this money come from? It's all so confusing.
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