. September 23, 2008 SouthAmerica: In the old days we used to have economic cycles that included also recessions. According to Ben Bernanke the taxpayer need to spend $ 700 billion dollars and probably a lot more to avoid a recession. They want scrap accounting rules to better fudge their financial numbers and pretend that they have earnings. As part of this authorization regarding the latest $ 700 billion dollar scam they should add a few items to this bill and make it into law. They should outlaw recessions, unemployment, losses of any kind by financial institutions and other businesses, and since we are creating a fictitious financial system they should also fix the US dollar exchange rate with all other countries of the world on a ratio of 1 to 1 and use that rate for the next 10 years without changing it. Congress should pass this new give away to Wall Street as fast as they can as Secretary of the Treasury Paulson has been requesting - don't give time for debate and try new solutions because people might wake up and realize this is a major scam like never seen before. The American people should pay attention to all Senators and Congressmen who are running for reelection in November and if any of these people vote in favor of this major scam they should be voted out of office immediately. Let the new Congress debate and put the safe guards necessary starting in February of 2009 - in the meantime let some people who should not be in business go bankrupt and out of business. Let Wall Street and the banking system consolidate and weed the bad apples. If the stock market goes down another 30 or 40 percent that probably is the level that the market should be anyway based on the actual value of current assets and the prospects for the future. Let the big boys go up in flames for a change and teach them a lesson otherwise these scam artists just do it all over again. In the last few weeks I came to the conclusion that Hank Paulson is just another Jackass. A very wealth self-serving Jackass. Lets not forget Bill Gross a person that I thought was smart and I usually read his writings. Last night he was on the Lou Dobbs television show giving his opinion about what should be done right now regarding the $ 700 billion bailout - the only problem is that he has lost all the credibility that he once had before he was trying to make the case for Fannie and Freddie to be nationalized by the US government. After the US government nationalized Fannie & Freddie the news came out that Bill Gross had made $ 1.9 billion dollars out of that fiasco. Today Bill Gross's opinions became worthless since we know that he is a self-serving greed person and nothing else. And right now he might be salivating about the prospect of making another killing to the tune of billions and billions of US dollars in the latest scam that Wall Street is setting up. There is no more integrity in Wall Street and one of the few people that I still trust it is Warren Buffett the rest of these scam artists they are not worth even the food that they eat on a daily basis - and most of these scam artists belong in jail. ******* Associated Press - September 23, 2008 Federal Reserve Chairman Ben Bernanke bluntly warned Congress on Tuesday it risks a recession, with higher unemployment and increased home foreclosures, if lawmakers fail to pass the Bush administration's $700 billion plan to bail out the financial industry. .
Already addressed. Tell debtors to forgive all, and re-industrialize America. Painful but effective. No other way.
More on Paulson......... http://www.infowars.com/?p=4778 All planned......this is NOT random financial events.
Depends on what you mean by "profits" and for whom - but in socioeconomic AND economic terms the great push for building of infrastructure in the US - the interstate network of roads etc. was the most significant in US history... So, there...
Agreed, the public works programs of the 30s did much to put America back to work during the depression. This is one reason why I stress THE solution for this economy to re-industrialize America. However, we are no longer a manufacturing economy, and cannot do the work of the 30s, unless the nation's factories are rebuilt and workers hired to rebuild the nation's physical infrastructure, paying people a living wage once again. Without this, we have no means of taking care of ourselves without global charity, and no way of producing anything value-added to benefit ourselves or the world that is sustainable to the nation.
. September 27, 2008 SouthAmerica: Last night Lou Dobbs had 3 economists on his program that I agree with them. The point that they were trying to make is that we already had many bankruptcies, and will continue to have some more bankruptcies as the US economy deteriorates as it goes into a deep recession. The US government should allow these companies to file for bankruptcy under Chapter11 and some might go Chapter 7 - that is how the system is supposed to work. The US government should give a loan to GM, Ford, and even to some major airlines to keep them afloat and give them a chance to survive. But the US government should scrap the plans for the $ 700 billion dollar Wall Street bailout. It is OK if some more banks and Wall Street corporations go out of business. The American people should be revolting and having major demonstrations around the country to try to stop this non-sense about this $ 700 billion dollar Wall Street bailout. A few weeks ago Warren Buffett said that there is plenty of money around the United States if the smart money want to dry up the market then let them play their scary game for a while. These guys are just playing games and they want to scare people for them to get this bailout. But at the end of the day, bailout or no bailout what is in the pipeline is going to continue to create problems to the financial markets if they want it or not and there is very little they can do at this stage of the game to stop what is already in motion. The bailout is not going to fix the problems that is going to be there related to the deep recession that is underway. This people from the government have no credibility left because they have proved that they are a bunch of idiots and I don't have any respect for Henry Paulson and also for Ben Bernanke based in the way they have been handling this entire financial crisis. Save the US government money to put down the emergency fires such as the loan for GM and Ford. People should call their Congressmen and Senators and let them know that if they vote in favor of the Wall Street bailout package the people are going to vote these politicians out of office. Lou Dobbs said that 95 percent of the calls that Congressmen and Senators are getting from Americans - these calls are all against the Wall Street bailout. Let's kill this Wall Street bailout!!!!!!!!! The stock market will go down anyway because the real estate problem will continue to deteriorate in the United States, as the recession deepens unemployment is going to explode, and earnings of companies are going to go down. The Wall street bailout is not going to stop this deep recession and peoples investment are going to lose in value, That is the reality of the current economic situation in the USA. The bailout is not going to help the average American in any way. Last night US government regulators forced WaMu out of business - the largest bank bankruptcy in US history - and immediately the branches of WaMu were bought by JP Morgan Chase and there were no disruption in service and became almost a non event - only the shareholders of WaMu lost their shirt. Let Wall Street throw a temper tantrum and let them play their scary games with the credit that is usually available to their clients. .
You couldn't be more wrong. It's more like: 1) Lose billions 2) Get a golden parachute 3) Blame the other guy ("everyone was doing it") 4) Get another corporate job
You might also consider what can happen if the bailout plan does not work. If we could predict the future reliably then we would not be in this mess.
also Henry Paulson and Ben Beranke might want to get nice jobs when they leave government. Wall Street is a great place for these guys to get a good job. I remember reading (http://www.bloomberg.com/apps/news?pid=20601100&sid=aPyyhqM5FLgA&refer=germany )that Alan Greenspan is employed by Deutsche Bank along with U.S. Treasury Secretary John Snow and former Senator George Mitchell. The article describes Deutsche Bank as the second-biggest trader on the Wall Street behind Goldman Sachs Group Inc.