Friday, November 21, 2008
Economics 101
Up front I have to say that I know little more than what I read about economics in the news and how it applies to the USA and the world economy BUT there are common themes that I haven't heard discussed.
This "Bailout Plan" has sucked from the get go. These so-called experts all have the same solution, throw money at the problem and that ain't the answer.
Mr. Paulson is a tool of the people that made the problem and should NO WAY be confused with someone who can help with answers to correct it. Obviously you can't expect bailout money would go to the executives of this debacle as bonuses or golden parachutes but they did.
"The problems we face today cannot be solved by the minds that created them."
-Albert Einstein-
The FED is the problem. Greenspan was a big part of the problem for decades.
Any member of Congress & Senate that swears loyalty and support to this corporate banking ripoff should be SUSPECT.
Where was the oversight on Wall Street and the push for securitization of risky and often fraudulent mortgage lending?
The Fed continues to manipulate interest rates as well as the lending and printing of more money than can be justified. They know this will weaken the economy yet they continue to sell the facade.
This casino capitalism sucks outloud and has to STOP!
Millions of people consistently contribute to the "Tax Base" and that is precisely where these corporate piranhas feed. They know the money is coming in for them to exploit and they have absolutely no compunction about spending (blowing) your tax dollars for corporate interests.
The idea that the richest get to run the banks, set up the hedge funds and securitize these loans, watch them fail and then won't absorb the losses is absurd!
Gimme a fuckin' break, you gambled, you lost and the taxpayers should NOT have to pick up the tab!
So it's OK to spend millions, billions even trillions to enable bankers and war profiteers but no, we can't have single payer healthcare for all. No, that wouldn't be prudent.
700 billion .. not enough.. add another 140 and sweeten the deal..
Treasury Asset Relief Program (TARP)
Bernanke and Paulson told Congress there would be transparency as the funds were distributed to the various banks to make them more liquid and that would enable them to begin lending again ..meanwhile they refuse to identify where the 2 trillion Bernanke has dispensed as "emergency loans"..makes this whole operation nothing more than a "Ponzi Scheme".
fed loans AIG 85 billion.. not enough add another 37.5..
gimme more, gimme more..
too many numbers, my head hurts.. Oy!
Do you want really big numbers?
-national debt over 10 trillion..
-from the peak (Oct 9, '07) it took one year for the stock market to lose 8.3 trillion..
-cost of Bush’s Iraq war is about $600 billion but experts estimate future costs to be $3 trillion and rising..
"A few hundred million here and a few hundred million there, pretty soon you're talking about real money." Senator Everett Dirkson
big three auto wants 25 billion (well they would really like 50)
I have no sympathy for GM as they had an opportunity in the '90s with an electric car and they chose to destroy it. The CEO's of the big three have made bad choices and still get the big bucks and that is just wrong.
I do sympathize with the workers and would not object to a bailout that comes with mileage mandates and a retooling plan that puts the main focus on electric car production and/or retro fitting systems like linkvolt.(h/t to Neil Young) And how about solar panels on the plants?
All these car companies have been grossly mismanaged as they chose not to initiate improved mileage production (no change in CAFE standards since Gerald Ford) when obviously the competition in Europe and Japan was not only showing restraint by conserving but had success in the market.
Bailout money only with stipulations and accountability..
-No bailout monies used for bonuses..
-Caps on exec pay..
-No golden parachutes..
-No bonuses for those receiving 250k or more..
Some of this should seem logical to the experts but in this "Free Lunch" approach to economics you apparently have to tell the heads of these companies NO you don't get raises and bonuses as you watch the company going down the toilet.
How do you get to be the head of a company and not know bonuses should be based on the success of the company and how you have contributed but NOT the failings?
Free market my ass.. millions, billions, trillions?
This line of beggars is only going to get longer and the pinheads in charge don't realize you can't give everybody a free ride.
I feel the system is horribly perverted and broken. Congress and the Senate will continue as they have always done. Throw money at the problem like they have a license to print more. Regardless of the consequences, they have done the same thing in continuing to fund Bush's illegal occupation in Iraq.
My 401k has taken a beating and I'm sure it ain't over.
Hang in there people.
**UPDATE**11/27/08
There is an old saying "When you're in a hole, stop digging!"
I'm guessing all the "experts" never heard that one.
The US Federal Government has pledged $8.56 TRILLION
in economic bailout for financial institutions so far.
Oh and BTW, Hope you have a nice Turkey Day.
With news like this I know I feel more like a turkey that's just been plucked.
This "Bailout Plan" has sucked from the get go. These so-called experts all have the same solution, throw money at the problem and that ain't the answer.
Mr. Paulson is a tool of the people that made the problem and should NO WAY be confused with someone who can help with answers to correct it. Obviously you can't expect bailout money would go to the executives of this debacle as bonuses or golden parachutes but they did.
"The problems we face today cannot be solved by the minds that created them."
-Albert Einstein-
The FED is the problem. Greenspan was a big part of the problem for decades.
Any member of Congress & Senate that swears loyalty and support to this corporate banking ripoff should be SUSPECT.
Where was the oversight on Wall Street and the push for securitization of risky and often fraudulent mortgage lending?
The Fed continues to manipulate interest rates as well as the lending and printing of more money than can be justified. They know this will weaken the economy yet they continue to sell the facade.
This casino capitalism sucks outloud and has to STOP!
Millions of people consistently contribute to the "Tax Base" and that is precisely where these corporate piranhas feed. They know the money is coming in for them to exploit and they have absolutely no compunction about spending (blowing) your tax dollars for corporate interests.
The idea that the richest get to run the banks, set up the hedge funds and securitize these loans, watch them fail and then won't absorb the losses is absurd!
Gimme a fuckin' break, you gambled, you lost and the taxpayers should NOT have to pick up the tab!
So it's OK to spend millions, billions even trillions to enable bankers and war profiteers but no, we can't have single payer healthcare for all. No, that wouldn't be prudent.
700 billion .. not enough.. add another 140 and sweeten the deal..
Treasury Asset Relief Program (TARP)
Bernanke and Paulson told Congress there would be transparency as the funds were distributed to the various banks to make them more liquid and that would enable them to begin lending again ..meanwhile they refuse to identify where the 2 trillion Bernanke has dispensed as "emergency loans"..makes this whole operation nothing more than a "Ponzi Scheme".
fed loans AIG 85 billion.. not enough add another 37.5..
gimme more, gimme more..
too many numbers, my head hurts.. Oy!
Do you want really big numbers?
-national debt over 10 trillion..
-from the peak (Oct 9, '07) it took one year for the stock market to lose 8.3 trillion..
-cost of Bush’s Iraq war is about $600 billion but experts estimate future costs to be $3 trillion and rising..
"A few hundred million here and a few hundred million there, pretty soon you're talking about real money." Senator Everett Dirkson
big three auto wants 25 billion (well they would really like 50)
I have no sympathy for GM as they had an opportunity in the '90s with an electric car and they chose to destroy it. The CEO's of the big three have made bad choices and still get the big bucks and that is just wrong.
I do sympathize with the workers and would not object to a bailout that comes with mileage mandates and a retooling plan that puts the main focus on electric car production and/or retro fitting systems like linkvolt.(h/t to Neil Young) And how about solar panels on the plants?
All these car companies have been grossly mismanaged as they chose not to initiate improved mileage production (no change in CAFE standards since Gerald Ford) when obviously the competition in Europe and Japan was not only showing restraint by conserving but had success in the market.
Bailout money only with stipulations and accountability..
-No bailout monies used for bonuses..
-Caps on exec pay..
-No golden parachutes..
-No bonuses for those receiving 250k or more..
Some of this should seem logical to the experts but in this "Free Lunch" approach to economics you apparently have to tell the heads of these companies NO you don't get raises and bonuses as you watch the company going down the toilet.
How do you get to be the head of a company and not know bonuses should be based on the success of the company and how you have contributed but NOT the failings?
Free market my ass.. millions, billions, trillions?
This line of beggars is only going to get longer and the pinheads in charge don't realize you can't give everybody a free ride.
I feel the system is horribly perverted and broken. Congress and the Senate will continue as they have always done. Throw money at the problem like they have a license to print more. Regardless of the consequences, they have done the same thing in continuing to fund Bush's illegal occupation in Iraq.
My 401k has taken a beating and I'm sure it ain't over.
Hang in there people.
**UPDATE**11/27/08
There is an old saying "When you're in a hole, stop digging!"
I'm guessing all the "experts" never heard that one.
The US Federal Government has pledged $8.56 TRILLION
in economic bailout for financial institutions so far.
Oh and BTW, Hope you have a nice Turkey Day.
With news like this I know I feel more like a turkey that's just been plucked.
