Bernanke Wants more Bank Bailouts

[Zandroid]

It would be nice to know were the money is being spent.

I guess its their money now not taxpayers..
Bernanke suggests banks will need more help to fix economy - Jan. 13, 2009

 

[pixelsmith]

we are being destroyed. america is dead. some of you need to wake the fuck up.

 

[mike]

we are being destroyed. america is dead. some of you need to wake the fuck up.

America is not Dead...... whats true is that the disneyland lifestyles and mindset will need to be adjusted back to "realistic" levels.

its well known that youve enjoyed insanely low personal income tax rates for decades...... decades....

you cant blame any one person or party. back in the 70's NZ public servants were paying 46 cents in the dollar tax....
the american voting public would never have stood for rates like that, so the politicains as a matter of survival had no choice but to cater to the "spoiled brat" electorate by borrowing instead of taxing the money needed to pay for the infrastructure the electorate demanded......

this problem is decades old, and no one person is to blame..... the complete opposite is in fact true

 

[AnnetteMarie]

there was a financial adviser/expert on a talk show this morning, talking about the sub-prime mortgage repossessions in one of your larger cities. He mentioned that some nice houses, in an inner-city area of maybe Detroit? are going for a buck, to 60 dollars.
that's one place all that nice tax-payer money went...

why the government didn't just pay off the mortgages for all those people, and then rent them back the house for 10 years then give them the deeds, I don't know.

another person calculated that all that bailout money would be enough to give EVERYBODY in the US 250 000 dollars EACH.

that's a lot of taxes you and your children, and grandchildren are going to have to shell out.

There has to be a better way than mortgaging your futures just to keep the big guys out of trouble with their shareholders.

 

[mike]

i remember in the 80's hearing that the the US was paying for essential services such as fire brigades, bridge maintenance etc etc , etc etc etc... on the projected tax incomes of three generations hence.

that is the taxes they "project" will be payed by great grandchildren.

its a bit like the WalMart story, even though people know deep down inside that the chain is killing local manufacturers....they still shop there because a buck is a buck. the personal payoff/self gratification of getting the item 50 bucks cheaper, outweighs the greater long term implications obviously inherent in the practise

 

[Zandroid]

This is hurting the economy worldwide though unfortunately

 

[David Biedny]

another person calculated that all that bailout money would be enough to give EVERYBODY in the US 250 000 dollars EACH.

Well, if you divide 700 billion by 300,000,000, you get something close to $2300 per person. Meanwhile, if you take into account the 11 trillion that we've supposedly run up as a national debt, then you're closer to around $40,000 for every man, woman and child.

The bottom line is that the banks will not account for how they've used the $350 billion they've already been handed, and the idea that we'd give these criminals yet ANOTHER $350 billion is just ridiculous. And the fact that Obama has joined this chant makes me think that the only "change" he'll be bringing to Washington is the nickel and dime fleecing of every American citizen. He's also announced that he won't be going after the Bush cabal for their long list of war crimes. So far, Obama has shown himself to be nothing more than a rank and file politician.

dB

 

[pixelsmith]

but but but... i thought he was our great white hope?

 

[David Biedny]

Pixelsmith,

Please refrain from thanking me for my posts. And remember, you're on my ignore list, so don't expect direct responses from me, I can't see what you've typed, thank goodness.

dB

 

[AnnetteMarie]

Well, if you divide 700 billion by 300,000,000, you get something close to $2300 per person. Meanwhile, if you take into account the 11 trillion that we've supposedly run up as a national debt, then you're closer to around $40,000 for every man, woman and child.

dB

That's the problem with going by memory, unless it is eidetic, it lends one to screw ups!

Perhaps he meant the people who had purchased the sub-primes, I don't properly remember anymore (obviously), and the air date was before Christmas; perhaps my own over-spending on the kids and grands influenced the much-larger figure I used?

Still, had the Gov't offered to purchase those mortgages, rent the houses back to the tenants for 5 or 10 years, they could have used that as a down-payment on the actual value of the house and wound up owning them legitimately, like anyone else who goes to the trouble of getting a down-payment together on a house.

I just don't get the idea behind printing money when you run out, there is something fundamentally wrong with that, as with all solutions that don't involve getting to the root of the problem and changing the behaviour that causes it.

what's that definition of insanity? Doing the same thing over and over again, expecting a different result?

As for Obama giving the Bush administration a free "Get Out of Jail" card, would it do any good for him to signify an intent to prosecute? Can Bush not hand out Presidential pardons as he leaves?

I truly hope your country manages to attain what we have in Canada: an inconsequential government that cannot manage to screw up too badly, because as of now, they are hiding behind the curtains, crying they didn't get their way, so Parliament is suspended. Everyday administration still goes on, the government programs still go on, WAIT!! maybe we can all do without government and just go straight to bureaucracy! use the Court and appeals systems as we do now when the bureaucrats get too damn inflexible, and do without the pension-sucking idiots who think they run our country...

Sorry, I digress. Something I do more and more of as I get older.

My original point was thanks for checking the numbers, and reminding me in doing that, not to take other people's words as gospel. Check it out myself!

 

[AnnetteMarie]

Also, those of you who believe America is dead, (the US, I mean), take a look around yourselves. The strength of the United States has not always been measured by the strength of her Government. I feel it has more to do with her people, and much less to do with her money. The ideals foisted upon you by a Government that is more concerned with schoolyard bullying, are not what I like to think are the ideals of her populace.
Don't go thinking you are dead, you are just not that angry yet. Once you are, I do pity your Government, as the very first time you got angry, there was a Tea Party the King was NOT invited to.

A country is only as strong as what they have to fight for. We have been spoiled here, US and Canada, for many years. People who fought for their freedoms tend to keep them. Folks who fought for a better life for themselves and their children, tend to take measures to safeguard it.

We have been given those freedoms, those material things, by our parents and grandparents. We, collectively, need to learn their actual value. Right now, we are a population of dummies who know the cost of everything, and the value of nothing.
I believe that is about to change, on a grand scale. What we lose today, will be nothing compared to what we will all gain from the experience.

Sorry for the lecture/sermon, but the US is not dead, just wounded. She can be fixed, but not by whining about how bad it hurts. There is no mommy coming along with a bandage and a kiss.

 

[mike]

not meaning to go off topic because i think this is connected in a larger scheme, but is this "new accounting" happening in your country ?

do you think it will take off as an idea

http://www.which.co.uk/news/2008/04/tesco-launches-carbon-footprint-labels-137557.jsp


money is a reasonable "mechanism" in terms of the regulation of resource consumption,(but not foolproof as we see) do you think teaching the next generation to think about the "cost" instead of "how much it is" will help ?

its been suggested that since we are carbon based lifeforms, we should use a carbon based accounting system