High-risk, big-bucks era wanes on Wall Street
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#1 Sep 22, 2008
"There you go again, Mr. President,"
In a move that will raise the current national debt to upwards of 13 TRILLION dollars, the administration is attempting to force the congress to submit to a NO STRINGS ATTACHED plan to BAIL OUT Wall Street.
Just like the run up to the Iran War, the administration is sounding the drumbeat of dire prognostications about eminent danger to the economy. With weeks to go before the election, Bush has floated a proposal that guarantees the next president will be hamstrung before it ever comes to power.
Any idiot can see that the U.S. economy is headed for tremendous upheaval. Its the culmination of years of abuse by Wall Street.
Not that the greedy, selfish, self-absorbed, maladjusted, destructive individuals running Wall Street are totally to blame, to be certain this financial disaster has been a long time coming.
Begin with the deficits run up by Reagan; to the bail outs of the Reagan and 1st Bush, to the regulatory roll backs and globalization of Clinton to the ridiculous run up of national debt by this Bush. Yes, there is plenty of blame to go around.
Both parties supported bankruptcy reform that favor creditor over debtor. Let's not forget both parties supported removal of market protections in place since the end of the Great Depression. Let's not forget how both congress and the executive branch ignored their oversight obligations. Let's not forget how Bush outright lied to get us into Iraq.
Just like the run up to the war in Iraq, we see Bush running the same playbook. It goes like this, there are terrible people in the world who are trying to destroy the American way of life. If we don't do everything in our power to destroy them, they will destroy us. Congress, if you don't submit to providing unsupervised powers to the executive branch, America will be under continuous attack. We don't know who they are, we don't know where they are, we don't fully understand their capabilities, but if we don't get them now; they will destroy us. Sadam has W.M.D.'s and he is going to use them very soon.
Fast forward to today. After a year of hearing the government say the crisis will be contained and all will be well, we suddenly hear; just weeks before the election, that toxic debt is clogging up the economy it is in eminent danger of collapse. Despite huge infusions of cash, the credit markets are simply not able to loan money to worthy individuals. We don't know where the toxic debt is, we don't know how much is out there, but if we don't act immediately, the economy will be destroyed. Notice they never use the actual word depression, but, they keep invoking its specter.
Fool me once.....
Recall that the S&L bailout was originally estimated at $50 billion, but quickly ballooned to $160.1 billion. What if the same thing happens now?
There is no doubt at this time that the U.S. economy is in for an adjustment at least as difficult as the one that occurred in the 1970's, perhaps as bad as the 1930's. But do you think that going this much further into debt is going to stop it? Of course it isn't. This is just more corporate welfare for all of the individuals who created this problem. And guess who will foot the bill, whether you have the money or not?
Had 9/11 not occurred, do you really think we would have gone to war with Iraq? But the fact of the matter is that handing 700 million (this is only the initial estimate) over to one person with no oversight; is a recipe for lunacy and disaster.
It is time to call the administration bluff!
Contact your representative and senators and tell them to let our economy do what it does best. There is going to be pain, better to let the natural, neutral, uninvolved processes of the economy decide what and who flourishes then leave it up to a bunch of selfish, power hungry vermin to feather their own bed and the beds of their pals.
SAY NO TO YET ANOTHER CORPORATE BAILOUT!
#2 Sep 22, 2008
"I wouldn't want to work for a commercial bank after having worked on Wall Street," said Andy Kessler, a hedge fund manager and author. "The risk appetite is a lot lower. Part of the Wall Street glamour is that you do take risk."... and then get an obscene year-end bonus regardless of the results of taking those risks.
Since: Mar 07
#3 Sep 22, 2008
Take lots of risk, get all the rewards and then when it turns sour, someone else picks up the pieces, ie, those who were not taking risks. Should have let them go down and let the pieces fall where they may and then step in. They should have bled a bit before they were rescued.
#4 Sep 22, 2008
Wall Street is going to learn its lesson this time - yeah sure. This rapacious form of unregulated capitalism is exactly what a tiny segment of the population wants and gets. It's all gravy on the upside and when things turn sour, the government these vipers bought and put into office will bail them out with our money.
These high rollers like to talk about taking big risks to justify there big rerwards. But, there is no real risk when you know Uncle Sam is there to save you. It's socialism for the rich and capitalism for everyone else.
#5 Sep 22, 2008
The government is stepping in the save these companies yet nobody is stepping in to help the average American who was given these bad loans, credit cards at 33% interest rate and tax huge tax incraeses.
It's welfare for the rich and decisions are being made so quickly that American's can't do a damn thing about it.
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