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What will help you accept the Bailout?

A

Ark-Tider

All-SEC
Aug 30, 2005
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In the middle of Hog Country
It's obvious that we have to have a bailout. There seems to be no other way out. Below are a list of things that would help my rage if I have to accept the bailout:

1. Stop the blame game and get it done without killing the taxpayers
2. No golden parachutes for CEO's period.
3. Previous CEO's should return the golden parachute they received or face imprisoment
4. Oversight....Oversight....Oversight
5. Punish politicians that stood by and did nothing to regulate Fannie or Freddie
6. Don't let Paulson (Mr Wallstreet) handle any money
7. Hire an independent group to investigate any and all corruption and prosecute

If I knew that the people who profited or stood by and done nothing was going to get punishement to the fullest extent, then I might be ok with the bailout. I think there is corruption on both sides of the floor. I will still vote with my party but I'll promise that no incumbent will receive my vote. Time for new blood! Time to clean house!
 
I'm not for a bailout under any conditions. It will be painful but pain helps those hurt to focus on the correct path.
And yes I will be hurt financially, but luckily most of my assets have real value, not paper value.
 
pcolatide said:
I'm not for a bailout under any conditions. It will be painful but pain helps those hurt to focus on the correct path.
And yes I will be hurt financially, but luckily most of my assets have real value, not paper value.
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I'm not worried about me, it's my kids that I'm worried for. What happens when they can't get ahead in life because there is no credit available for college, homes or cars? What happens when small business starts going belly up when they can't get a loan for day to day operations? Trust me, the Wall Street Fat Cats ain't gonna lose nothing. They know the game and they know how to protect their money one way or the other. The wealthy will survive and the rest of us will be left up dung-creek without a paddle. My kids don't deserve what they are about to get. That's what pee's me off the most.
 
Ark-Tider said:
What about all the people over the age of 50 that have been saving all their lives? Are you willing to see them go down with the banks?
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Well seeing how I'm 46 I close to 50. I agree with you that Paulson should be fired, golden parachutes from CEO's returned and would add all Dem & Rebs should be voted out and replaced but regretfully I don't think any of that will happen.

I also think people over 50 as well as everyone is going to get hurt in a bailout so I'm leaning towards a complete flushing of the system.
 
RogueElephant said:
Well seeing how I'm 46 I close to 50. I agree with you that Paulson should be fired, golden parachutes from CEO's returned and would add all Dem & Rebs should be voted out and replaced but regretfully I don't think any of that will happen.

I also think people over 50 as well as everyone is going to get hurt in a bailout so I'm leaning towards a complete flushing of the system.
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I kinda agree with you on the flush but I think it would really hurt older citizens. If we don't have the bailout I think it will hurt the young citizens. I'm 40 and have time to make it up. Besides, I was raised dirt poor on a dirt road in Alabama. I will survive. It's my wife and kids I'm not so sure about.
 
Ark-Tider said:
I'm not worried about me, it's my kids that I'm worried for. What happens when they can't get ahead in life because there is no credit available for college, homes or cars? What happens when small business starts going belly up when they can't get a loan for day to day operations? Trust me, the Wall Street Fat Cats ain't gonna lose nothing. They know the game and they know how to protect their money one way or the other. The wealthy will survive and the rest of us will be left up dung-creek without a paddle. My kids don't deserve what they are about to get. That's what pee's me off the most.
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Why do people feel that the answer is credit when it is credit that gets most into trouble.
The answer to your question is to read Dave Ramsey's book.
 
I accept the bailout. Think of the "stockholders" that not only lost their money, but now as taxpayers they have to pay for the loss of the business and the government takeover. They are getting hit twice for this. I don't have any portfolio and my bank "Wells Fargo" is pretty safe at the moment.
 
How will a bailout keep this from happening again? It wont. Nobody will learn any lessions, the government cant make any laws people cant get around, and there still will be people who dont care what happens as long as they make their buck. Free enterprise is about letting businesses fail as well as prosper. Investment is not a guaranteed avenue,it involves risk and nowhere does it state that the fed gov should be responsible for saving our bacon. When they going to bail me out? They arent...jmo

I vote nay
 
RhodeIslandRed said:
reregulation of the banking industry.
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I don't think that putting the banking industry under government control is the answer. I think there should be/have been regulation over Freddie/Fannie because they were basically created as a government entity. Any banking company involved in a goverment bailout should also fall under government regulation. But I would not agree with regulating the whole banking industry or any other industry for that matter.

Other than the option of no bailout, I would say that whatever taxpayer dollars used to bail these fraudulant companies out should be gauranteed by Wall Street in a binding way. End the Mark to Market policies and definitely punish (financially and criminally) ALL CEOs (past and present) that caused this crisis. We also need to deal harshly with those in congress that protected these companies when there was a known problem. The could lose chairmanships, made to pay fines etc. The biggest thing that needs to come out of any bailout plan would be for those that caused this crisis to be punished in a real way, publically. This is the only way to deter these companies and congressmen and anyone in the administration from future corruption. Just throwing money at this problem will not make it go away.
 
Mamacalled said:
Why do people feel that the answer is credit when it is credit that gets most into trouble.
The answer to your question is to read Dave Ramsey's book.
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I like Dave Ramsey and his approach but he did say on "Huckabee" that some kind of goverment action would have to be made to save the economy. He stopped short of saying bailout but he did think that some kind of goverment insurance on risky loans was a good ideal. He also liked the "Mark to Market" solution and thought it would help out the situation.

On a side note: An Arkansas TV station did a report today at one of the larger car lots in Little Rock. They reported that an 18 year old kid with no credit history wanted to buy a car and had $10,000 to put down. He's been on the job for 5 months but no bank would take the risk. No negative credit but no positive credit with 40% down and still no takers! Wow.
 
Ark-Tider said:
TRUTIDE said:
The biggest thing that needs to come out of any bailout plan would be for those that caused this crisis to be punished in a real way, publically. QUOTE]

Send them to Allbarn....That should do it.
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There you go.

My biggest fear is that the Senate is going to come up with a few give mes to the house republicans and they will get their 10-12 votes. Everyone should call their reps and let them know what you think either way. This is what caused the House republicans and the 90 or so Dems to vote against it.

Most economist I have heard or read are against this bailout. Some have said that some form of plan could work but it would have to eliminate what caused the crisis to begin with. IMO this would be the Mark for Market rules controlled by the administration, Fannie and Freddie would have to be eliminated or bow to heavy regulation and the crony capitalism would have to be addressed in congress. Most of the economist I have read have said that without these type of major changes, we would be just fueling the problem with a bailout instead of fixing anything. Some are going as far as to ask the question of who will bail out the government when this bailout does not work? Russia is already in the tank, we are already in debt to China and their economy is also taking a hit. A 700 bil bailout plus Fannie/Freddie bailout plus AIG bailout is going to make this a trillion dollar project. Add this to our current deficit and it does'nt look too good.

The media are really pushing the bailout. They are putting a lot of pressure on the ones that voted against. They should be delving more into the causes of it so that pressure can be put on the right people in congress.
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TRUTIDE said:
Ark-Tider said:
The media are really pushing the bailout. They are putting a lot of pressure on the ones that voted against. They should be delving more into the causes of it so that pressure can be put on the right people in congress.
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Interestingly enough, the media spin doesn't seem to reflect the public perception. But of course, the media doesn't really serve the public...

http://www.rasmussenreports.com/pub...business/only_28_support_federal_bailout_plan
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The more I look at this bailout plan, the more I'm totally against it.

Let the market correct itself.

I don't want my tax dollars bailing out risky investments. Will there be damage? You bet. But we will be much better off for it.

There are still plenty of small banks that have the ability to responsibly provide credit to small businesses and able home buyers.
 
RhodeIslandRed said:
reregulation of the banking industry.
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Centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.
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karlmarx.jpg
 
....Public floggings of every congressman currently serving in office.

Burn down the homes and all property of the ceo's and cfo's of these financial institutions. Do not allow them to collect insurance.

Oh if only I could be "Benevolent Dictator" for the day.......
 
We do need a bailout since doing nothing would be worse, if you think different you are not paying attention. However, a bailout cant be viewed as rewarding the greedy. Part of the bailout should include:
Reinstitute many/most post depression regulations (Glass-Steagall)
Increase FDIC insurance
Do whatever legally possible to stop and recoup golden parachutes
Prosecute to the fullest extent wherever possible.
Add a fee to wall street & banking to get some of the 700B (actually more like 1.3T) back so as not to leave it on the backs of the taxpayers.
Dont re-negotiate mortgages.
 
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