What a Country

[Michael Larson]

WOW!

We are really something here in the good ole' USA.

We have so much money we can bailout Wall Street bankers and brokers.

So far, the federal government's tab for propping up Fannie Mae (nyse: FNM - news - people ), Freddie Mac (nyse: FRE - news - people ), and American International Group (nyse: AIG - news - people ) is $400 billion. Add the new loan relief entity, plus a smattering of other recent initiatives, and the jumping-off point could be near $1 trillion.

That and next a bailout for the middle Class.

And after that, National Health care.

A chicken in every pot, a home to live in and a college education for the kiddies.

Makes you proud to be an American Socialist, eh?

[Greg Bell]

It is a sad day for regular Americans. The only thing they have done do date is protect the elite. I wonder how many americans are still going to be homeless while the rich get all of their assets protected?

[Michael Larson]

Originally Posted by gbell

It is a sad day for regular Americans. The only thing they have done do date is protect the elite. I wonder how many americans are still going to be homeless while the rich get all of their assets protected?

That's what Socialism does.

It won't be those who caused this problem taking the heat or paying for it.

Have you heard any talk of investigations to get to the bottom of this mess?

Someone belongs in jail.

[Jae Williams]

Originally Posted by gbell

It is a sad day for regular Americans. The only thing they have done do date is protect the elite. I wonder how many americans are still going to be homeless while the rich get all of their assets protected?

The "rich assets" are quite frequently associated with business.

Business creates employment.

When is the last time a poor or unemployed person offered you a job--with benefits and possibility of promotions, etc. (if you work well and show up).

[Michael Larson]

Originally Posted by jwilliams4

The "rich assets" are quite frequently associated with business.

Business creates employment.

When is the last time a poor or unemployed person offered you a job--with benefits and possibility of promotions, etc. (if you work well and show up).

Not knocking "the rich" but these markets have been manipulated for the benefit of a very few and now the taxpayer is expected to pay for it.

They built a house of cards with financial instruments so obscure that no one knows for sure what assets they represent.

Where is the outcry like there was in the case of Enron and Ken Lay?

Enron and the S & L crisis was very small potatoes when compared to this $Trillion mess.

The government had very few options at it's disposal by the time it got this far.

The warnings of this impending crisis have been around for a long time and most every attempt at reasonable reform was rejected by those that have directly benefited from lack of reform.

So now all American citizens own the largest insurance company(AIG 80%) and is about to own millions of under preforming mortgages that may never be paid. This is a huge write down of those assets and it's the taxpayer that gets the bill.

This could be a long way from over as we enter the time when the politicians have to agree on how to handle the details of this proposed bailout. Being an election year, what are the chances that the partisan wrangling will end?

It's more likely that the fingers will be out pointing to everyone else but those that created this mess.

This whole debacle only increase the cynicism that many have about their leaders in government.

[Jae Williams]

I agree.

But it's a small handful of manipulators who have bilked the taxpayer in these issues. Certain persons want to make those who worked hard and became successful in the good ol' American way to foot the bill for the indiscretions of Congress and the guilty parties. Of couse, there will be no trials for these guys--they have too many friends where it counts.

[Michael Larson]

Originally Posted by jwilliams4

I agree.

But it's a small handful of manipulators who have bilked the taxpayer in these issues. Certain persons want to make those who worked hard and became successful in the good ol' American way to foot the bill for the indiscretions of Congress and the guilty parties. Of couse, there will be no trials for these guys--they have too many friends where it counts.

If we don't prosecute those that brought us this mess it will only happen again.

Trouble is it remains to be proved that they did anything outside the law as it exists.

Truth will hard to find on this one because the scam includes so many in and out of government.

The sad thing is that most of this bill will be paid by our kids and grand kids. Boy are they going to be P.O.ed.

[Joseph T. Burkeson, CMI]

Originally Posted by jwilliams4

But it's a small handful of manipulators who have bilked the taxpayer in these issues. Certain persons want to make those who worked hard and became successful in the good ol' American way to foot the bill for the indiscretions of Congress and the guilty parties. Of couse, there will be no trials for these guys--they have too many friends where it counts.

Here is what Pat Buchanan had to say:

What we are witnessing today is how empires end.

The Last Superpower is unable to defend its borders, protect its currency, win its wars or balance its budget. Medicare and Social Security are headed for the cliff with unfunded liabilities in the tens of trillions of dollars.

What we are witnessing today is nothing less than a Katrina-like failure of government, of our political class, and of democracy itself, casting a cloud over the viability and longevity of the system.

Notice who is managing the crisis. Not our elected leaders. Nancy Pelosi says she had nothing to do with it. Congress is paralyzed and heading home. President Bush is nowhere to be seen.

Hank Paulson of Goldman Sachs and Ben Bernanke of the Fed chose to bail out Bear Sterns but let Lehman go under. They decided to nationalize Fannie and Freddie at a cost to taxpayers of hundreds of billions, putting the U.S. government behind $5 trillion in mortgages. They decided to buy AIG with $85 billion rather than see the insurance giant sink beneath the waves.

An unelected financial elite is now entrusted with the assignment of getting us out of a disaster into which an unelected financial elite plunged the nation. We are just spectators.

[Nick Gromicko]

The U.S. bought at the right price though. They used our money but at least they bought the farm during a drought.

[Brian E. Kelly]

Originally Posted by jwilliams4

The "rich assets" are quite frequently associated with business.

Business creates employment.

When is the last time a poor or unemployed person offered you a job--with benefits and possibility of promotions, etc. (if you work well and show up).

In 1970, CEO salary and bonus packages were typically about $700,000 - 25 times the average production worker salary; by 2000, CEO salaries had jumped to almost $2.2 million on average, 90 times the average salary of a worker, according to a 2004 study on CEO pay by Kevin J. Murphy and Jan Zabojnik. Toss in stock options and other benefits, and the salary of a CEO is nearly 500 times the average worker salary, the study says.

http://blogs.payscale.com/content/20...laries--1.html

Ok so a CEO may work a little harder than I do, but 90 times harder? Is he/she working 90 times harder than landscaper/welder/baggage handler?

[Kenneth Lott]

Originally Posted by mlarson

That's what Socialism does.

It won't be those who caused this problem taking the heat or paying for it.

Have you heard any talk of investigations to get to the bottom of this mess?

Someone belongs in jail.

Fat Chance! The perps, write the laws.

[Gerry Beaumont]

Originally Posted by bkelly2

http://blogs.payscale.com/content/20...laries--1.html

Ok so a CEO may work a little harder than I do, but 90 times harder? Is he/she working 90 times harder than landscaper/welder/baggage handler?

Brian, I am CEO of my own corporation, I am going on strike for a pay rise

[Kenneth Lott]

Originally Posted by mlarson

Not knocking "the rich" but these markets have been manipulated for the benefit of a very few and now the taxpayer is expected to pay for it.

They built a house of cards with financial instruments so obscure that no one knows for sure what assets they represent.

Where is the outcry like there was in the case of Enron and Ken Lay?

Enron and the S & L crisis was very small potatoes when compared to this $Trillion mess.

The government had very few options at it's disposal by the time it got this far.

The warnings of this impending crisis have been around for a long time and most every attempt at reasonable reform was rejected by those that have directly benefited from lack of reform.

So now all American citizens own the largest insurance company(AIG 80%) and is about to own millions of under preforming mortgages that may never be paid. This is a huge write down of those assets and it's the taxpayer that gets the bill.
Since we now own it, lets give ourselves that free healthcare, we keep hearing about. "Free" isn't that funny?
This could be a long way from over as we enter the time when the politicians have to agree on how to handle the details of this proposed bailout. Being an election year, what are the chances that the partisan wrangling will end?

It's more likely that the fingers will be out pointing to everyone else but those that created this mess.

This whole debacle only increase the cynicism that many have about their leaders in government.

There is a nasty after taste of Acorns, in this mess.

[ccurrins]

At least FEMA is trying to save money.


FEMA Says No to Ice For Hurricane Survivors


Under New Policy, FEMA Says Ice is Not Its Responsibility

In fact, while the federal government can deliver ice to disaster areas, it's chosen not to, under newly-revised FEMA rules. Instead, individual states and local governments are now tasked with purchasing, delivering and storing ice, even though they face tough logistical challenges in doing so, according to critics of the new policy.


"It's frustrating that the government can deliver $85 billion to bail out AIG, and they can't deliver ice in Texas,"