Bailouts

Posted on 09/19/2008 at 8:30 am by Bob Cesca

Now that the government is going to spend trillions of your money that you earned bailing out Wall Street, shouldn’t the rich people who play on the Wall Street playground pay more in taxes? I’m not an economist, but that seems fair to me, no?

When the rubber hits the road, Republicans LOVE big government.

This entry was posted in Economy and tagged , . Bookmark the permalink.
  • cminri

    They just dont think the government should help “the little people”. disgusting.

  • cminri

    Found on Daily Kos:Phil Klein –Beyond that, liberals now can point to this huge rescue of Wall Street, and ask, what will we do for “Main Street”? They’ll argue that if we have hundreds of billions of dollars to dole out to Wall Street finance companies that mess up, how come hard working Americans can’t get government health care? They can fill in the blank for any government program that choose.

  • kansasdem

    “that seems fair to me, no?”Especially when you consider that Warren Buffet himself said some months ago that he pays a lower income tax rate than does his secretary.Then also consider the regressive nature of FICA! Everyone earning above $102,000.00 a year gets an automatic 12.4% “tax break”, and investment income is exempt from dollar one!Oh but I almost forgot the horrible RISK these people are taking with there money!!!!!!!!!!!! Much riskier than descending into a coal mine for the day, or driving a taxi, or being a cop, huh?Sheesh, freakin’ Republican’t morons!!!!!!!!!!

  • http://livefreeordie08.wordpress.com LiveFreeOrDie08

    Call me Shirley, but…If the problem stems from unstable mortgages, it follows that stablizing said mortgages should “trickle down” to stablize Wall Street.If we’re just handing out $$ why not hand it out to the borrowers directly? If you gave owners 20% of their mortgage total, say, as a 2nd or 3rd mortgage note, it would change everything. Rates for the borrower would drop, PMI insurance could be dropped from thousands of loans, and borrowers would have the ability to refinance leveraging their equity positions.Talk about a stimulus package.Oops. That’s my alarm clock…time to stop dreaming.

  • JohnGalt

    Why hasn’t anyone in the media or the blogosphere brought up the fact that at the height of the S&L crisis, who was smack in the middle of it? Neil Bush – GWB’s brother. He cost the American taxpayers $1B. Fast forward 15 years and Big Brother George’s and the neocons just cost we the people $1T???Talk about ambitious…That Neil Bush business and the fact that almost no one even remembers he existed and is a criminal (oh, by the way, Babs Bush big charity donation to the good people of NOLA after Katrina was to buy a bunch of “educational” software from a software company owned by her son Neil) has always bothered me. I’m always amazed at GHWB’s ability to hide his sons’ crimes…

  • NotAPollStat

    Colbert had a good point last night. By these bailouts, we’re rewarding bad management so they can get back on their feet and basically just do it again.And what’s with this “temporary” cessation of the short-sell????? That short-sell practice is abhorant and should be permanently terminated.

  • NotAPollStat

    Geo. W’s economic address: The economy is growing, and these economic problems are “recent…”Fortunately for me, I don’t have to worry about personal Wall Street losses, because I’ve been worrying about paying my bills from month to month and can’t even build up my own savings account, let alone put money into the stock market. But take MY taxpayer dollars to bailout the rich folks yet one more time.

  • http://coalregionvoice.blogspot.com/ vuwildcat88

    If we had universal health much like a mobile 401k, it would have to put upward pressure on wages. If you could leave a job for higher pay and not having to worry about losing medical benefits in six months you can weigh a job offer a little more.The “Rethugs” are more worried about empowering the worker than universal health.

  • KatinWilm

    NotAPollStat – I’ll second that!

  • solrac2002

    I am seriously thinking about asking my congressman NOT to take a portion out of my paycheck to pay for the bailout. Let them fuckers on Wall St who did not invest correctly burn. Let them see what it’s like to lose a job with no means of getting government welfare.

  • ceu

    The brokers are going to lose jobs regardless. That’s a given.Not bailing out a company like AIG, though? Bad idea. Too many “average Americans” have a connection to AIG & it going down the tubes would be devastating. For example, suppose you have AIG car insurance and whack another car. You’ve paid your premiums but suddenly you have no insurance and you’re on the hook for the repairs to the other person’s car. Or suppose the building where the small business you work is located is covered by AIG and it burns down. The owner is essentially uninsured and YOU are now unemployed.One of the conditions of the government loan to AIG is that the management team there gets booted out. And it IS a loan, not a gift or a grant. If it isn’t get repaid, we own ourselves an insurance company…

  • http://livefreeordie08.wordpress.com LiveFreeOrDie08

    OK, but…What about the free market? If my insurance company goes belly up I get another one, and if there’s suddenly a flood of demand in the insurance market that certainly is a good thing for competition, right?All the Fed needed to to was keep the company solvent for 30 days. Enough time for people to move their business elsewhere.With respect to employees, I feel for you…but I also feel for steel workers, truckers, mom & pop hardware store owners, etc.The reason for this bailout is to preserve the company long enough for the major investors to get out.I don’t want to own an insurance company. I wouldn’t mind owning a few refineries though…if we’re getting into the nationalization business let’s be smart about our targets, eh?

  • ceu

    Ok but…what about the people who have annunities, etc in the insurance co? I feel that the loan is better than allowing a company like AIG to fold and it was a good thing if it helped to avert a complete financial meltdown. None of us would come out of that in good shape.But then, I admit that I don’t really have a complete understanding of all the intricacies involved, just going by feelings.

  • solrac2002

    At this point, screw it – Just give me my 40 acres and a mule and I’ll figure it out.I used to work at a local Richmond VA financial institution doing back office work, so I know how it works a little bit. Regardless the brokers are actually going to be ok. Other brokerage firms will scoop them up, depending on how their portfolio full of clients look or they’ll go truly independent probably opening their own buisness. I’ll get a better gauge of the situation from a woman I had dated for 5 years. She is a branch manager with an MBA in finance for the same brokerage firm I worked for..I’m curious to know what those brokers are doing that she works with. I know AIG is interwined with almost everything that is financial in this country and world, but the same assholes are screaming limited government and at the same time have no problem getting on their knees begging for money, my money.Just give me my 40 acres and a mule.

  • ceu

    LiveFree – I’m now home from work and reading more about the bailout plan. I realize that this is what you were talking about while I was focusing on just a small part of it. So….I see what you guys were saying & I agree; taking on all of the bad debt doesn’t seem like the way to go & the people responsible aren’t going to be held accountable – again. (although I still think that the loan to AIG was the right thing to do at the time). Does that make sense?