Anyone else scared about all these bailouts?

If your scared now just wait until Obama takes office. It's being reported that he will outspend Bush's 6 years in only 2 years time. Instead of throwing a few hundred dollars at families, which won't do anything accept go into most people's savings accounts. They should cut taxes. If people get more out of their paychecks on a regular basis they will start spending and in turn pay more taxes anyhow.

http://www.washingtonpost.com/wp-dyn/content/article/2008/11/23/AR2008112302064.html?hpid=topnews

Tina
 
Perhaps they were talking about the total publicly held US federal debt after the bailouts because the current figure according to Wikpedia is only about 6.3 trillion dollars.

ford family

No, our federal debt is over 10 Trillion now.

That 7.6 Trillion number is all of the money spent from the Tarp, but more importantly all of the debt we're *backing* or guaranteeing.....Fannie and Freddie are like 5 Trillion alone. So while we've technically "on the hook" for the 7.6 Trillion....that amount is not added to our Federal debt.
 

Yes, I'm scared about all the bailouts. Bailouts make people weak and teach them to continue with their bad behavior, especially when we're taking about mega-corporations who don't give a damn about anything but their wallets.

Look what happened after the first round of bailouts...execs went on a vacation spending spree with tax-payers dollars. The said it was a business expense. That's outrageous. If your company is doing so poorly that you need to beg money from the taxpayers, maybe you should stop the extravagent business expenses like spa treatments at first-class resorts. These people have no conscience, only greed.

Now the second round, the car companies who beg for our money with no plan on how they're going to use the money to fix the problems. All they see is $$$$$$$$$. There were 3 of them sitting there, and not one could say what they were going to do with the money.

If a business fails, that's life, that's the nature of capitalism. You sweat and work your behind off to fix things for your business and employees. What incentive do these companies have to this? None, because they know Sugar Daddy Uncle Sam will take our tax money and hand it over.

I'm sorry for the people who would lose their jobs if these companies fail, but I'll bet the dog they will lose their jobs anyway. We have to teach these companies a lesson, even if it's at the expense of the employees. Harsh, but the only way.

If I were employed by any of them, I'd start looking for another job, just so not to be associated with heartless crooks like that.
 
I would be MORE worried without them-all those people that are keeping their jobs because of the bail out will help ease the burden vs all those people losing their jobs and needing help to get buy--think 1939...

What happened in 1939?
 
I really wonder about the wisdom of bailing out all these companies. It seems they don't change their way of doing business after they get the money.

How in the world are we going to pay back all that money in the future? And please, don't give us any more stimulus checks. It didn't help and is just added debt.
 
Isn't that when Germany quit playing nice with its neighbors?

Right. Been listening to NPR maybe? They had somone on there comparing economic failures thru history and the rise of power.

The biggest impact of our crisis maybe overseas.
 
I'm worried that uneducated lunatics are at the wheel.

Congress is just flapping around like a chicken without a head. I can't believe we the people elected these people. They are imbeciles.

I blame congress lack of leadership 100% and can't wait to get those people out of there. This is their show & ideas & policies, and its a mess.

I don't necessarily agree that they're uneducated, but I do agree that sometimes they seem like lunatics. They just refuse to grasp the reality of this situation.

A lot of our Congress members (and other government leaders) are well-educated, but they are not necessarily the best people for the job. My firm is populated almost entirely with people who are smarter (and better educated) than most members of Congress. Everyone stays in the private sector because they can make more money that way and still wield a significant amount of influence in DC.

I think something that people don't appreciate is that we do not get the stripe of candidate today that we got throughout the 20th Century. I personally believe that the reason for that is that today, everything you've ever done (and trust me, people with power always have skeletons in the closet) is going to get figured out by somebody and broadcast on CNN 24/7. Well qualified people who made a couple of dumb decisions in their past will stay away from the political limelight because they don't want the embarrassment. For example, I noticed that one of Obama's candidates for (I think) Commerce Secretary backed out and the reason floating around DC was that she didn't want to deal with the vetting process because of what it might turn up, not necessarily something SHE did, but something someone in her family did. People just don't want to deal with that.

Sometimes, you can be Barack Obama and have millions of people ignore your questionable decisions from your youth, or Ted Stevens, who somehow managed to almost win an election despite being convicted of a crime during the campaign season. Ted Stevens is too old to care what people think of him; he's addicted to the power he had in DC. I think that for many people, Obama represents something powerful (and, I'll say it: hopeful) enough to make his dumb decisions and associations not matter so much. Most political candidates don't have that luxury, and even if they did, wouldn't want to deal with the public humiliation and scrutiny.

At the end of the day, the people who are most qualified to lead stay out of government because it isn't worth it. A Congressman makes what... $200K a year? Something like that? Seems like a lot of money. It isn't. Not compared to what the truly qualified can make outside of the government. We have vacancies on federal courts that have been open for years because no one from the private sector who is well qualified wants to be subjected to the Senate confirmation process and take an astronomical pay cut.

Whew. I apologize for the rant. I tend to get upset when thinking about this because I know so many people who would do great jobs in the government, but who won't do it because they either (a) don't want to give up the money, or (b) they don't want to go through the vetting and media scrutiny. Again, it's not necessarily because they even did something wrong; often, it's that they don't want to subject their kid to the humiliation (see, e.g., Sarah Palin and her Christian, pregnant, teenage daughter). Some people do it anyway because they care more about the power, but most people would rather protect their families. So, we end up with these twits who care more about the influence and the petty political games than they do about actually accomplishing anything useful.
 
I am nauseated with fear for my childrens futures. They are going to be the ones who suffer the most, and pay for the "band-aid" fixes of today.

I feel exactly the same. These bailouts are bankrupting our children's futures.
 
Isn't that when Germany quit playing nice with its neighbors?

Invaded Poland in 1939, but occupied Czechoslovakia in 1938. Seems like the person who referenced 1939 was referring to the New Deal (perhaps that it was a major factor in rescuing the nation from depression?) The "success" of the New Deal has been debated, but it seems that most agree that the rise from depression was the US involvement in the Second World War and the transformation to a wartime economy (the invasion of Poland in 1939 and subsequent entrance into the war by Great Britain likley was the start of the transformation.)

In any event, I question those who believe that the New Deal rescued the US from a depression in the 1930's and those who believe that federal government is capable of a rescue today. It is safe to say that the donors and supporters of those in congress will be taken care of.

This is a good article. I have not yet read "The Forgotten Man" but look forward to doing so.

http://www.aei.org/publications/pubID.27368/pub_detail.asp
 
I don't necessarily agree that they're uneducated, but I do agree that sometimes they seem like lunatics. They just refuse to grasp the reality of this situation.

A lot of our Congress members (and other government leaders) are well-educated, but they are not necessarily the best people for the job. My firm is populated almost entirely with people who are smarter (and better educated) than most members of Congress. Everyone stays in the private sector because they can make more money that way and still wield a significant amount of influence in DC.

I think something that people don't appreciate is that we do not get the stripe of candidate today that we got throughout the 20th Century. I personally believe that the reason for that is that today, everything you've ever done (and trust me, people with power always have skeletons in the closet) is going to get figured out by somebody and broadcast on CNN 24/7. Well qualified people who made a couple of dumb decisions in their past will stay away from the political limelight because they don't want the embarrassment. For example, I noticed that one of Obama's candidates for (I think) Commerce Secretary backed out and the reason floating around DC was that she didn't want to deal with the vetting process because of what it might turn up, not necessarily something SHE did, but something someone in her family did. People just don't want to deal with that.

Sometimes, you can be Barack Obama and have millions of people ignore your questionable decisions from your youth, or Ted Stevens, who somehow managed to almost win an election despite being convicted of a crime during the campaign season. Ted Stevens is too old to care what people think of him; he's addicted to the power he had in DC. I think that for many people, Obama represents something powerful (and, I'll say it: hopeful) enough to make his dumb decisions and associations not matter so much. Most political candidates don't have that luxury, and even if they did, wouldn't want to deal with the public humiliation and scrutiny.

At the end of the day, the people who are most qualified to lead stay out of government because it isn't worth it. A Congressman makes what... $200K a year? Something like that? Seems like a lot of money. It isn't. Not compared to what the truly qualified can make outside of the government. We have vacancies on federal courts that have been open for years because no one from the private sector who is well qualified wants to be subjected to the Senate confirmation process and take an astronomical pay cut.

Whew. I apologize for the rant. I tend to get upset when thinking about this because I know so many people who would do great jobs in the government, but who won't do it because they either (a) don't want to give up the money, or (b) they don't want to go through the vetting and media scrutiny. Again, it's not necessarily because they even did something wrong; often, it's that they don't want to subject their kid to the humiliation (see, e.g., Sarah Palin and her Christian, pregnant, teenage daughter). Some people do it anyway because they care more about the power, but most people would rather protect their families. So, we end up with these twits who care more about the influence and the petty political games than they do about actually accomplishing anything useful.


I totally agree with your thoughts and point of view.
 
I'm worried that uneducated lunatics are at the wheel.

Congress is just flapping around like a chicken without a head. I can't believe we the people elected these people. They are imbeciles.

I blame congress lack of leadership 100% and can't wait to get those people out of there. This is their show & ideas & policies, and its a mess.

What does congress have to do with the 3-7 trillion the Fed has committed? :confused3
 
What does congress have to do with the 3-7 trillion the Fed has committed? :confused3


Seriously, whose responsibility do you think it is to deal with this and who do you think is giving the whole bailout thing the nod? Congress has "The power of the purse", it Political Science 101.
 


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