Tagged: bail-out Toggle Comment Threads | Keyboard Shortcuts

  • perpetuallyphil 4:40 am on October 2, 2008 Permalink |
    Tags: bail-out, congress, , main street, , , , wall street   

    bail-out = fail-out 

    i think that we have reached a real make or break point in the USA. what happens with our economy in this hour will determine the direction and fate the next few years. i wrote my congressman today to urge him to not vote in favor of the bush-paulson plan and to think about his constituents in front of the investors. we are dawning on scary times (politically, anyways) and need a push now to show that we know what ‘they’ are trying to do. let our voices be heard as this economic predicament becomes a catalyst for the awakening of the american public.

    the senate has just passed a new version of the bill that adds some insurance incentives, but it still takes the tax payer to the cleaners. this friday the house will vote, email your rep by entering zip code on this page. the congressional server went down a few days ago after a huge, unprecedented surge of emails around this issue… so things are happening. if you enter your zip and then select an issue, you will be heard. anything is better than nothing in this case.

    if we bail-out wall street, economy fails, if we don’t, economy still fails, but at least we will keep the scum who greedly brought the system down accountable in their pocketbooks. i say let the whole thing burn, but burn the shady fuckers along with it all…. lets build the system better next time. kucinich for president, or at least obama…

     
    • oneshowatatime 6:50 pm on October 2, 2008 Permalink

      i definitely haven’t heard a single solid reason why we need to rush this fucking masterplan bailout vote, and this video certainly helps explain why. what a crock of shit they’re trying to feed the american taxpayers! thanks phil…

    • tallbridge 4:42 pm on October 3, 2008 Permalink

      start teaching english in korea or china….it’ll be tight

    • tallbridge 4:42 pm on October 3, 2008 Permalink

      Via: Baltimore Sun:

      The Senate voted reluctantly but solidly in favor of a modified $700 billion Wall Street rescue plan last night, but it remained uncertain whether the legislation – even with a carefully designed package of tax breaks – would withstand the fierce crosswinds of liberal and conservative resistance in the House later this week.

      The measure passed the Senate 74-25, with a majority of Democrats and Republicans voting in favor – among them presidential nominees Barack Obama and John McCain. The centerpiece of the legislation gives the government the authority to buy up billions of dollars of the toxic assets, primarily mortgage-backed securities, that have poisoned financial markets and threaten to contaminate the rest of the economy.

      The tax breaks and accounting rule changes for Hollywood were seen as aimed at two Southern California Democrats – Reps. Adam Schiff and Brad Sherman – who voted against the plan. Sherman, who led the defection of a group of Democratic skeptics, insisted he would not be enticed to vote for the rescue plan.

      “The one thing that’s been proven is the absolute fear-mongering that’s being used to drive us is false,” Sherman said. “I’ve seen members turn to each other and say if we don’t pass this bill, we’re going to have martial law in the United States.”

    • perpetuallyphil 9:00 pm on October 3, 2008 Permalink

      i hate how they just add more stuff on to make a bad plan more palatable to the members of congress. they don’t investigate new ideas, but just add incentives that are hard as crack to pass up.
      i wish that obama had made a stand on this but it seems that the time of politicians is on the way out….
      the american people have lost faith in government. many are waking to this notion on a large scale. i think we are finally gonna inspire change from within. the time is now. peace.

  • perpetuallyphil 12:18 am on September 26, 2008 Permalink |
    Tags: academia, bail-out, , , facism, ,   

    economists say no to “bail-out” 

    this letter was sent by the top college proffesors in economics from our country to members of our government and includes nobel laureates. the bail-out not only is un-sound, but also leaves open many holes for a quick transition to fascism.

    ‘conspiracy nuts’ can always have their say, but when their candor is the same as ‘normies’ we are in trouble….

    To the Speaker of the House of Representatives and the President pro tempore of the Senate:

     
    As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan:
     
    1) Its fairness. The plan is a subsidy to investors at taxpayers’ expense. Investors who took risks to earn profits must also bear the losses.  Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise.
     
    2) Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If  taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.
     
    3) Its long-term effects.  If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America’s dynamic and innovative private capital markets have brought the nation unparalleled prosperity.  Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted. 
     
    For these reasons we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come.  ”

     

    for a full list of the hundreds of signatures check here.

    as i read on current: “when a salesman is really pushy about ‘rushing’ something through, that is when you need to walk away.”

     
    • uneeda 10:04 pm on September 26, 2008 Permalink

      Heres an idea …

      “I’m against the $85,000,000,000.00 bailout of AIG.

      Instead, I’m in favor of giving $85,000,000,000 to
      America in a ‘We Deserve It Dividend’.

      To make the math simple, let’s assume there are 200,000,000 bon-a-fide U.S.Citizens 18+.

      Our population is about 301,000,000 +/- counting every man, woman and child.

      So 200,000,000 might be a fair stab at adults 18 and up..

      So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

      My plan is to give $425,000 to every person 18+ as a ‘We Deserve It Dividend’.

      Of course, it would NOT be tax free. So let’s assume a tax rate of 30%.

      Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.

      But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00.

      What would you do with $297,500.00 to $595,000.00 in your family?

      Pay off your mortgage – housing crisis solved.

      Repay college loans – what a great boost to new grads

      Put away money for college – it’ll be there

      Save in a bank – create money to loan to entrepreneurs.

      Buy a new car – create jobs

      Invest in the market – capital drives growth

      Pay for your parent’s medical insurance – health care improves

      Enable Deadbeat Dads to come clean – or else

      Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting
      back. And of course, for those serving in our Armed Forces.

      If we’re going to re-distribute wealth let’s really do it…

      If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!

      As for AIG – liquidate it.

      Sell off its parts.

      Let American General go back to being American General.

      Sell off the real estate.

      Let the private sector bargain hunters cut it up and clean it up.

      Here’s my rationale. We deserve it and AIG doesn’t.

      Sure it’s a crazy idea that can “never work.”

      But can you imagine the Coast-To-Coast Block Party!

      How do you spell Economic Boom?

      I trust my fellow adult Americans to know how to use the $85 Billion ‘We Deserve It Dividend’ more than I do the geniuses at AIG or in Washington DC.

      And remember, The Birk plan only really costs $59.5 Billion because $25.5

      Billion is returned instantly in taxes to Uncle Sam.

      Ahhh…I feel so much better getting that off my chest.”

      Kindest personal regards,

      Birk

      T. J. Birkenmeier, A Creative Guy & Citizen of the Republic

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