A few points. 1. I'm the biggest libertarian on this board. For twenty years I've advocated the virtual dismantling of the Federal government. Taxes should be collected and services provided by the States. It is the States who ideally would fund the tiny Federal government. I'm anti-Fed, anti-interventionist military, anti-welfare, anti-Social Security, I'm even anti-public education. Government equals entitlement and in a world where you enter alone and leave alone the THEFT of wages by a central government is a SIN. 2. The Treasury will fail soon enough. 3. Don't EVER burn an American flag. Be respectful. Instead BOMB a leftest institution. That being said. a. Each one of us is being bailed out. WHO THE FUCK do you think is insuring your bank account? Your brokerage account too. Unless your money is sitting under your bed then YOU TOO are milking the Federally insured banking system and paying ZILCH for the insurance. b. The banking system SERVES THE POOR. Do rich people need to borrow? Do you think Alex Rodriguez needs a car loan? Or a mortgage? He can pay cash. Many of you can't. c. The BEST WAY for poor folk to become rich is through leverage. What can allow your trading account to grow faster, trading stocks at 50% margin or trading futures with a 2% performance bond? I met a FLIPPER here on ET who went from being a humble, broke 25 year old to a millionaire 30 year old because he could borrow from a bank. d. What's the difference between bailing out banks which EVERYBODY uses than "bailing out" Chrysler, UAL and American Airlines which FEW people use and which have ready competition. c. What's the difference between this bailout and the ENRICHMENT of all those "well run" corporations who do BILLIONS of dollars in business with the Federal government. d. What's the difference between this bailout and funding energy or health care? GOVERNMENT FUNDING IS JUST "BAILOUT" WITH ANOTHER NAME. This isn't the BEGINING of American socialism. It's just the 1000th blow (job). In reality though-this is probably the most IMPORTANT bail out. Let's make it the last.
I don't disagree with anything you say. But this "bailout" will be the enabler for the next 1000 bailouts, zero chance it is the last one. It is clear the take away from this will be "Government isn't involved enough"
Overall agree but the wealthy use leverage far more than the poor , they just use it for investment rather than consumption.
True. But in a non credit world cash is king. We KNOW who the kings will be and it ain't working Americans.
i think one of the best indicators, is your attitude you're a jerk over 3500 posts, since promising to leave this site you're a loser i know someone who works at a government agency - she says the first tip off of a nut job is heavy use of ALL CAPS PHRASES in their text
Uhm no, I see zero gain from this, just accelerrated inflation. Excuse me what? That's just some retarded rhetoric. FDIC lowers the standard, a bank's credibility should be based on its reputation & financial stability, not taxpayer money. None of these banks have ANY stability, thanks to the Fed and fractional reserve banking. Learn about free competitive banking sometimes, the central bank's biggest enemy, it will blow your mind. Anyone supporting this bailout is either financially biased, easily brainwashed or borderline retarded.
I say let them fail. FDIC only insures banking deposits. So why bail Fannie, Freddie, Morgan, Goldman with no recourse sub triple A (toxic) loans for treasuries? To some extent, FDIC is a good thing (although agree, its blatant socialism). But the vast majority of this bailout money is going to prop non-depository institutions - like investment banks and mortgage lenders. Yea, the argument is risk is systemic and fire-selling illiquid CDO's would tank consumer banks. To the contrary, most Americans don't have 100K in their accounts anyway. And those that do, most of its invested in the Market or some crappy fund. So they're hosed either way. See Nikkei 1990 to current. Agree 100% on your Libertarian, Anti-Fed/Federal Government stance. Cudos.
Nothing will change until Main Street Americans accept their involvement and responsibility for this crisis. Pabst is absolutely right - the average American has turned a blind eye to all the everyday subsidies (ie, slow-motion bailouts) - has turned a blind eye to incredibly irresponsible federal spending habits - has flatly rejected each and every political candidate who even tried to bring about a measure of fiscal responsibility. The populace demanded to be pandered to. In a democracy, the populace gets what it wants. And now that same popluce is getting what it deserves. The only way out of this is to get federal spending under control. Worry about the level of spending later - first, balance the budget. That is crucial, because without it the decisions will increasingly be made outside this country, and this bailout will be followed by another, bigger one, until we're all broke. Good night, and good luck.
As someone who claims to be some Mr. florida real estate mogul, this is possibly the stupidiest thing you have ever posted. That's besides the point. The current standard banking system only serves itself and the elite. Control via inflation & manipulation of money supply. Nothing more.