“Its being described as the largest government intervention in private markets since the Great Depression. The Bush administration has asked Congress to swiftly approve a massive $700 billion package to rescue the crippled financial institutions on Wall Street. Some analysts say the final cost to taxpayers could top one trillion dollars. Over the weekend, the size of the proposed bailout grew as the Bush administration said foreign banks, including Barclays and UBS, should be eligible for the bailout”
I wanted to know more about the $700 billion bail out and found these two videos very explanatory on the subject. After viewing I have to conclude that giving and I mean Just Giving( for their bad debt loans sounds like a fair trade?) the Financial Institutions that greedily caused the Foreclosure Money Melt Down, 700 billion is foolish.
I am not an expert, obviously, but it would seem that if the Banks and Mortgage companies had not been so gluttonous in the first place that this whole thing would not have happened. They did not have the discipline to regulate themselves in 1999 what makes them have the discipline that they need to do the right thing now with the tax payers $700 billion?
Beyond that, why should we and our future generations have to pay for their fuck up?
The banks should work with homeowners, Freeze Foreclosures and take less on the loans by reworking them so people don’t lose their homes. They are capable of making 17 million salaries and more than that with bonuses, so I think that they are more than capable of bailing themselves out.
Dean Baker
Bush Obama and McCain views:
Over View and History of what happened
This is what I said on The Tome and I stand by it on Saturday Knights as a follow up.
GW lied well to us this evening reading the prompter with the great ease of one who will be out of office soon; blaming the $700 billon decisions on a bi partisan bail out on no one but those who took the loans.
Shame Shame Shame
And that is doubled to McCain (The Shame) - for it is evident after the eloquent address read by President Bush that as with the Patriot Act - they are just going to do it. Bail the Big Dawgs out.
So John, time to get ready to debate. Congress, the Senate and then the President are going to give the dirty bastards the money - so get to your debate.
We do not have much to say about anything as American citizens. Washington does not need our vote on the bail out they are going to do it regardless.
So I want to hear the damn debate on Friday!
4 comments:
mccain postponed his letterman visit saying he was suspending his campaign...the sky is falling and he has to go fix it..also said he's not going to do the debates either..
the pussy
This is the time he should debate Dammit.
the bankers should at least have to pay back their bonuses before getting a red cent.
I think they should be fired. If I f'd up at work to the extent my company had to declare bankrupsty I doubt that I would have a job for long. I think on top of that they should also have to pay back their bonuses. Bascially they are getting a free ride, making personal gains and screwing the american tax payer who by the way is screwed no matter what.
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