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09-23-2008
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You've got kids fighting and dying in Afganistan and Iraq for something that happened just down the street from the NYSE on September 11, 2001. Seven years later the country is again threatened... this time by many of the people who work in the part of the city. Knowing these people as well as he does, the U.S. Secretary of the Treasury seems to think they would be unwilling to forego their golden parachute to help clean up the problem they helped create. They would rather see the republic's economy go up in flames. It's staggering. These people hate America every bit as much as your garden variety al Qaieda operative... that's the only conclusion I can come to.
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09-23-2008
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The more I read about this, the less I like it. Seems to be a bit more going on here than supposedly buying up toxic debt. A whole lot more.
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
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09-23-2008
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Warren Buffett just dropped 5 billion $us on Goldman Sachs, that has to mean something.
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What are you pretending not to know ?
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09-23-2008
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Wandering Aimlessly
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If they have no specific targets in mind at this point (which I have found no evidence of), how do they know the purchase of unspecified loans is necessary? The wording is, to be determined by the SecTreas.
If this bailout is necessary, shouldn't Paulson already be able to identify the purchases?
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
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09-23-2008
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Quote:
Originally Posted by PBzeer
If they have no specific targets in mind at this point (which I have found no evidence of), how do they know the purchase of unspecified loans is necessary? The wording is, to be determined by the SecTreas.
If this bailout is necessary, shouldn't Paulson already be able to identify the purchases?
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That's 1/2 or it. The other 1/2 is what are these things actually worth? Paulson wants them bought at close to mature value, in other words, full retail value. Now that's what I call a bail out. The firms involved actually make a profit on them.
Unbelievable
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09-23-2008
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Wandering Aimlessly
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Even more to the point, the claim is that these seurities will later be resold. If they are worthy of being resold, why aren't they selling them now, rather than buying and then selling?
And with the addons the Dems are trying to write in, this is looking less like a bailout, and more like a stealth appropriation bill.
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
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09-23-2008
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I suspect those "add-ons" are checks and balances. We'll have to wait and see.
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09-23-2008
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Wandering Aimlessly
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I've been reading buying up auto loans, student loans, credit card debt and mortgage relief.
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
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09-23-2008
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Senior Member
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Join Date: Dec 2006
Location: Seaside, Florida
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Quote:
Originally Posted by sailhog
You've got kids fighting and dying in Afganistan and Iraq for something that happened just down the street from the NYSE on September 11, 2001. Seven years later the country is again threatened... this time by many of the people who work in the part of the city. Knowing these people as well as he does, the U.S. Secretary of the Treasury seems to think they would be unwilling to forego their golden parachute to help clean up the problem they helped create. They would rather see the republic's economy go up in flames. It's staggering. These people hate America every bit as much as your garden variety al Qaieda operative... that's the only conclusion I can come to.
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I don't mean to hog this thread, but I'd like to hear people's comments on my post. Larry "I'm a Moron" Kudlow is calling the U.S. Congress "Socialists" for not allowing execs to make whatever money they can on this $700 billion bailout. The guy is freaking a joke.
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09-23-2008
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Quote:
Originally Posted by sailhog
I don't mean to hog this thread, but I'd like to hear people's comments on my post. Larry "I'm a Moron" Kudlow is calling the U.S. Congress "Socialists" for not allowing execs to make whatever money they can on this $700 billion bailout. The guy is freaking a joke.
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Hog,
I don't think the Government should be in the business of deciding private sector salaries. Period.
On the other hand, TAXING salaries IS within the government purview. If the Gov't wants to discourage the Golden Parachutes, they can slap a hefty tax surcharge on windfall income over X dollars. That way the Treasury will recap some ever-so-small amount of the bailout from the folks that are taking it.
In the long run, the objective of a tax on obscene salaries would not be to increase tax revenue, but rather to make giving them pointless. Instead of concentrating those sums in the pockets of just a very few individuals, those huge sums could then be spread around amongst many employees who are in the standard tax brackets.
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