Comments for Wall Street Bailout Won't Do Much to Help Ailing Economy »
Posted By Grrr 1 year, 1 month ago in Business & FinanceAmericans will have to fight for measures that protect the public interest, not the interests of those who made this mess. Treasury Secretary Henry Paulson made $163 million as CEO of Goldman Sachs in 2006. Now he and his former colleagues at Goldman are running the Wall Street bailout.
During the Asian financial crisis ten years ago, there was an expression for this kind of system: "crony capitalism."
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chevydog1 year, 1 month ago
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This seems to me to be a pretty tempered look at things; but the headline made it sound much more inflammatory than it was.
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Of course the bailout won't work as planned. Very little that we do as humans does. The whole thing was quickly conceived by people who had one major thing--the health of what is generally called "Wall Street"--in mind. That it will have unitended consequences, be difficult to implement sometimes, and could have been better planned are axiomatic, not news.
Breathlesly screaming that something will not work as advertised may be fun and satisfy certain psychic needs; but it's pretty well the normal state of affairs.-
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CarolineJComment removed: Spam
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Grrr1 year, 1 month ago
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The bailout is just another CON perpetrated by this administration. A continuation of the 8 year smash-and-grab heist of our nation's wealth that we have had to endure. As with every appointment of various agency and commission directors under W, the foxes are guarding the henhouse, and now we're letting them write their own legislation.
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This sh!t is traitorously criminal.-
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chevydog1 year, 1 month ago
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Yeah, i did see the part about the "crony capitalism". But felt that it was such a small part of the article and rather off the mark, so not worth commenting on.
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When you have something bad happen, the natural (though no necessarily the fair) impulse is to blame somebody. Dems blame Repubs; Repubs blame Dems: people like me blame business managers. Sometimes some of this is correct. But sometimes stuff is just a matter of well-intentioned steps interacting in ways not intended or known that blows up in one's face. Except for finding a mechanism, blame in something like this is pretty counterproductive.
As for the "crony cpitalism", I yield to Mrs. Chevydog who challenges me to show her when any politician--ever--hasn't feathered the nests of friends given the opportunity. A little more cynical than I like to be; but more truth in it than not.
You mention the bailout being a CON. I would submit the the forclosures arising from the ill-advised mortgages are not a CON; nor is the drop in the value of houses. Nor is the fact that some financial companies (deservedly in my eyes) have disappeared. There's alot of stuff in this whole episode that bugs me. But now we're at the stage of having to fix the situation. The bailout may not have been the only possible solution or even the best; but for better or worse it's what we're stuck with. Nothing personal, but I fail to see how pointing fingers in the current situation contributes anything positive.-
CarolineJComment removed: Spam
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blowback1 year, 1 month ago
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New Rules For Bankruptcy
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Bush Signs Bill With Tougher Requirements Set To Begin In October
WASHINGTON, April 20, 2005
(CBS/AP) President Bush signed the biggest rewrite of U.S. bankruptcy law in a quarter century on Wednesday, making it harder for debt-ridden Americans to wipe out their obligations.
"Bankruptcy should always be a last resort in our legal system," Mr. Bush said. "If someone does not pay his or her debts the rest of society ends up paying them."
http://www.cbsnews.com/stories/2005/04/20/politics... -
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drunkenhunter1 year, 1 month ago
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Now as for the bailout, I used to think it was the bigger fool theory and that the taxpayer turned out to be the biggest fool. Or maybe that someone took our seat in musical chairs. Now I think that the whole world is a telethon for billionaires.
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coolrayfruge1 year, 1 month ago
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People need to break free from the dependency of system to provide for their needs.
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Get their Freedom and Independence back.
By learning to be more self sufficant.
Supply your own scource of energy,rise your own food,learn to live off the land and use it resources wisely.
Its easier said than done,but with the people working together.
Fighting against those that want to control it and have power over us.
We can break free from their economic grasp they have on our lives.
Be free people once again.
Stop supporting the greed. -
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reallypsst1 year, 1 month ago
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People we have been duped again by the bush bs just like the war,so why doesn't the fed print up another trillion dollars and bail out the people who lost their jobs and homes. maybe mccain can suspend his campaign and go to Washington and ask bush and really put country first, our country the american worker he keeps talking about!
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