During Mr.Clinton's reign we had to pay for the brokering of the baseball strike......who did that benefit....now the Yankees get a nice shiny new stadium floated to the taxpayers on a signed piece of paper.......?????????
It's baseball, just baseball......it's wallstreet just wallstreet......people will continue to trade and make a living----just different,,,,why BECAUSE WE ARE PIONEERING AMERICANS........
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
January 1995 On January 1, 1995, five bills aimed at ending the baseball strike were introduced into Congress. Four days later, Donald Fehr declared all 895 unsigned Major League players to be free agents in response to unilateral contract changes made by the owners. On January 10, arbitrator Thomas Roberts awarded 11 players a total of almost $10 million as a result of collusion charges brought against the owners. On January 26, both players and owners were ordered by President Bill Clinton to resume bargaining and reach an agreement by February 6. Unfortunately, President Clinton's deadline came and went with no resolution of the strike. Just five days earlier, the owners agreed to revoke their arbitrarily imposed salary cap and return to the old agreement.
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
For all of you that are against this bail out, (which the polls show it to be 75%), watch WHO in congress passes this beast and vote their asses out!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Frankly, until a couple days ago, I was 100% against this bailout. But I've changed my position - yes, flip-flopped. (Before you call me a loon, or discredit my thinking, hear me out - tell me what's wrong with my theory / concept / idea.)
Why did I flip-flop? Because while I still disagree with corporate welfare at all, if we don't act now, regardless of where the blame is, the US will be in a recession that will make the 1920's look like a walk in the park.
1. While the "bailout" is a LOT of money - the $700 BILLION is a ceiling, not the actual amount that we'll put out right now. In fact, most estimates I've heard say it won't be greater than $350 BILLION - which is STILL a lot of money, but ...
2. Consider this. We're scooping up this debt at (for example) 10cents on the dollar. In 2-5-10 years, when everything's "peachy" again, we sell the debt for say 40 cents on the dollar - which could actually work out - and make the US economy a LOT of money. This is a sound business decision. Warren Buffet, Bill Gates, etc - have all endorsed this, in theory - if not with their wallets.
3. Who's fault is it? We all, I think, know the answer to that. We know the big payouts ($20 million for 17 days on the job at AIG, etc) are a total FRAUD on the American public. We know WHO, We know it's happening NOW - the question is, how do we avoid a total meltdown of the economy? Take action to FIX it, assign blame/responsibility when the economy is secured. There'll be plenty to go around.
4. The economy didn't "break" in the past 8 years - or in the past 6 months - it's been breaking for a long time (sub-primes, etc). It's not going to fix itself overnight either - but we have to start somewhere, then go back to #3.
MT in all due respect...that kind of thinking is what got us in this mess to begin with. We can't afford and don't have the time to take this bigof a risk. This country is going to hell in a hand basket!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
MT in all due respect...that kind of thinking is what got us in this mess to begin with. We can't afford and don't have the time to take this bigof a risk. This country is going to hell in a hand basket!
Ok, I can accept that ... but what is the answer. I think we need to do something NOW. We need to start somewhere.
Perhaps it's not the BEST solution - but do you have another?
Let the markets adjust as they should. That is capitalism! What they are proposing is Martial Law. So if we hit a recession...than we hit one. Been there, done it before and survived.Let the healthy corps buy up the defunct ones. Encorage corporate investment in this country. Rebuild. The United States is 2nd in the world with the largest corporate tax. Either do away with it or lower it AT LEAST temporarily.
There are other ways to emerge from this situation without a historic $700 Billion dollar bail out! A bail out that is NOT guaranteed.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
While I respect your opinions, I guess we're gonna have to agree to disagree on this one. You've not said anything to convince me (yet) that this isn't the safest immediate action to take. Yes, the markets will correct themselves, and the larger companies will swallow the smaller - but me personally, I'm tired of selling property like the Chrysler Building or Coney Island to China, Saudi Arabia, Russia, UAE, Iran, etc.
Not guaranteed, no - but unless someone comes up with a better solution, I think it's all we've got at this point. Vote at election time - vote them out - all of them. Start fresh, that's what our system of govt is all about - but until then, something needs to be done - and "something" is better than "nothing" IMHO.
Nothing needs to be done. This government has already put into place a nation built on capitalism. Let capitalism correct itself. For the first time in this generation let us all stop for a minute and think about future generations and stop the 'IT'S ALL ABOUT ME' mentality. THAT is what got us in this spot to begin with. So it is time for US to pay the piper. And for those in 'higher places' that caused this collapse...their heads should roll.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
there is no money.....it's all a lick and a promise......now it's a political promise......as for golden parachutes,,,that is talking about pennies to these corporations.......the only reason there is a 'bailout' at all....is for economic sanction power over other countries and trade talks.......as for selling those buildings to other countries....why do you think alot of our industry/jobs are overseas----they are 'trading cards'.......there is NO money just papers......
It's the apple pie......do we remember what an apple is, how to get it, what to do with it, how to bake the pie??????
Those in charge have decreased the amount of straw for our bricks......they should melt down the golden calf and make the offenders drink the gold.....
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
BTW.....they all get voted out......there is no decision because no matter what......WHO WAS WATCHING THE HEN HOUSE??????? the wolves in sheeps clothing......aint that an oxymoron........baaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Rescue package has complexity BY MARTIN CRUTSINGER The Associated Press
WASHINGTON — Sold to American taxpayers for up to $700 billion: an unprecedented plan to buy distressed banks’ least desirable mortgage assets. What started as a fairly simple three-page proposal giving the U.S. Treasury secretary unchecked power to orchestrate a bailout of the country’s financial system ended up as a complex rescue package, with enhanced congressional oversight, some added protections for taxpayers and a slap on the wrist to highly paid, underperforming executives. The ultimate goal of the plan remains the same: buy bad mortgagerelated bets from weakened fi nancial companies so they can raise fresh capital and resume normal lending operations to businesses, municipalities and consumers. Under the Emergency Economic Stabilization Act of 2008, which is expected to come to a vote in the House today, the Treasury Department would get $250 billion immediately to start buying up banks’ and other financial institutions’ least valuable mortgages and complex financial instruments backed by those mortgages. If needed, an additional $100 billion would be available at the discretion of the president, and a fi nal $350 billion would be on the table, unless Congress resolves to take it back. The president has the authority to veto such a resolution. The measure also proposes limited caps on the pay and benefi t packages of companies who receive the government rescue, strengthens government oversight of the program and adds an insurance program for financial companies’ bad assets. While Democratic negotiators made significant changes to the plan Paulson sent Congress a week ago, they did not get everything they had sought, particularly more help for troubled homeowners. House Republicans, meanwhile, fought hard for — and won — a provision that would establish a program whereby banks could buy government insurance to back the principal and interest on certain troubled assets, rather than selling them outright. They argued this was a better deal for taxpayers and would reduce the overall cost of the rescue package. Treasury Secretary Henry Paulson told negotiators that he believed the insurance plan would have only limited benefits. While the plan broadly aims to prevent banks from profiting on the sale of troubled assets to the government, there is an exception made for assets acquired in a merger or buyout, or from companies that have fi led for bankruptcy. This detail could allow JPMorgan Chase & Co. to sell toxic mortgages and other assets it gained control of last week when it purchased Washington Mutual Inc. for a higher price than the failed thrift paid for them. The government will only buy mortgage investments originated on or before March 14, 2008. Responding to the outcry of constituents, Congress structured the bailout in a way that sets limits on executive compensation at companies whose bad debt is purchased by the government. Lawmakers also established various oversight boards, including one with members appointed by Congress and another whose members will include the Treasury secretary and the chairman of the Federal Reserve. Despite all the oversight and restrictions Congress added to Paulson’s original proposal, the Treasury secretary will still have wide latitude in deciding such things as how to value the toxic assets and what experts to hire to run the program. Paulson, who lost in an effort to have his decisions exempted from c o n g r e s - indicated that he expects to use a type of “reverse” auction in which the companies with the winning bids will be the ones willing to take less, say 50 cents on the dollar rather than 60 cents on the dollar, for the assets. Private analysts said they believe the plan will give critical support to the financial system, helping to establish a vibrant market for hundreds of billions of dollars in mortgage assets that at the moment can’t be priced because no one wants to purc h a s e them.
McCain Obama “ This is something that all of us will swallow hard and go forward with . The option of doing nothing is simply not an acceptable option , ” Republi can John McCain said . Democrat Barack Obama said he was inclined to back it “ because I think Main Street is now at stake . ” THE ASSOCIATED PRESS
By JULIE HIRSCHFELD DAVIS, Associated Press Writer 1 minute ago
The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.
Stocks plummeting on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.
When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle.
Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) — The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.
Stocks started plummeting on Wall Street even before 228-205 to reject the bill was announced on the House floor.
Logged
