Yeah, We're Two Seconds From Depression

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My ass! We are being bamboozled! These guys will survive this, leave them be. No bailout

"The billionaire Warren E. Buffett will invest $5 billion in the investment bank Goldman Sachs, as part of the bank’s efforts to raise $7.5 billion in fresh capital, a Goldman spokesman, Lucas Van Praag, said Tuesday.

In return, Berkshire Hathaway, the conglomerate run by Mr. Buffett, will receive preferred shares in Goldman, Mr. Praag said. Goldman will also issue $2.5 billion in common shares.

The capital would be first that Goldman has raised in the last year.

Morgan Stanley on Monday raised about $8 billion by selling up to a 20 percent stake to Mitsubishi, the Japanese bank. Both Morgan and Goldman Sachs on Sunday transformed themselves into bank holding companies in an effort to broaden.

http://www.nytimes.com/2008/09/24/business/24goldman.html?pagewanted=print
 
We are not being bamboozled. If we do not act with clear government intervention, we face a depression. The Paulson plan isn't perfect but it's better than nothing. The only people who've been doing the bamboozling are the Republicans who, over the years, have convinced Americans that 100% free market is the way to go, and now when they admit they were wrong, many Americans who thought that oversimplification was the perfect way to run an economy are opposed to a sensible thing.
 
Watermark said:
We are not being bamboozled. If we do not act with clear government intervention, we face a depression. The Paulson plan isn't perfect but it's better than nothing. The only people who've been doing the bamboozling are the Republicans who, over the years, have convinced Americans that 100% free market is the way to go, and now when they admit they were wrong, the many Republicans still believe in laissez-faire bullshit.
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Maybe you are right Water, but I have serious doubts.
 
Bernie Sanders is so totally right.

If Wall Street wants a bailout, rich people can pay for it. If I ever, ever hear another republican whine about raising taxes on the rich, I'm gonna throttle them.



Hey, what happened with John "The fundamentals of the economy are strong" McCain?

Which is it? We're on the precipice of a massive meltdown, or the fundamentals are strong? Which time were McCain and Bush lying?
 
Darla said:
Maybe you are right Water, but I have serious doubts.
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What we need to put into the plan is a lot more oversight. The house and senate Democrats need to have as much power in the plan as the treasury secretary. There needs to be a seperate bailout for Americans who are losing their homes. And we need limits on corporate salaries, and no golden parachutes (Paulson has said that if we do that, the firms won't agree to the plan. I think that we should simply make it clear that their opinions don't matter to us, and we'll simply remove them from power and give them nothing if they want to protest.)

I don't think this will end up costing us literally 700 billion dollars. The Swedes had a simialar bailout in the 90's, and were able to sell off the assets they bought during the crisis for a healthy profit.
 
Cypress said:
Bernie Sanders is so totally right.

If Wall Street wants a bailout, rich people can pay for it. If I ever, ever hear another republican whine about raising taxes on the rich, I'm gonna throttle them.



Hey, what happened with John "The fundamentals of the economy are strong" McCain?

Which is it? We're on the precipice of a massive meltdown, or the fundamentals are strong? Which time were McCain and Bush lying?
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Don't you remember? "the fundamentals" referred to the american workers, though workers have never been called "fundamentals" in any context known to man.
 
I don't think fears of a depression are unfounded. The economy is on very shaky ground, anyway - with or without a bailout. Consumer debt is at a real tipping point; housing has propped up the economy for years, and that's done.

They just have to think it through; Obama just talked about what he feels is essential for any solution, and he really emphasized oversight & protection for homeowners. That's a start; regardless, they shouldn't give in to Bush's usual "my way or nothing" thing...
 
WTF!!!!!!

I PURPOSEFULLY did not buy a home under some stupid variable rate mortgage so I wouldn't get caught with my pants down and I should not have to pay for any frickin homeowner who acted stupid with their money, nor should I have to pay for the wealthiest in this country so they can save their collective asses or threaten the countries economy. Fuck them, let em go bankrupt.
 
SmarterThanYou said:
nor should I have to pay for the wealthiest in this country so they can save their collective asses or threaten the countries economy. Fuck them, let em go bankrupt.
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That's exactly right. When they say a depression will occur if we don't yield to their fascism, that's a threat.
 
SmarterThanYou said:
WTF!!!!!!

I PURPOSEFULLY did not buy a home under some stupid variable rate mortgage so I wouldn't get caught with my pants down and I should not have to pay for any frickin homeowner who acted stupid with their money, nor should I have to pay for the wealthiest in this country so they can save their collective asses or threaten the countries economy. Fuck them, let em go bankrupt.
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People like you are what's threatening the economy.
 
AssHatZombie said:
That's exactly right. When they say a depression will occur if we don't yield to their fascism, that's a threat.
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No it isn't. It's a fact.

Play a Herbert Hoover "rugged individualism" ZOMG FUCK EM BANKRUPTCY FTW card will do nothing but give America another thirties. Fuck you free market fascists.
 
Watermark said:
No it isn't. It's a fact.
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No it's not. It's speculation. We know these people can't predict shit. Why should we trust their fearmongering now. Fear. Uncertainty. Doubt.
Play a Herbert Hoover "rugged individualism" ZOMG FUCK EM BANKRUPTCY FTW card will do nothing but give America another thirties. Fuck you free market fascists.
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Handing 700 billion to irresponsible provenly incompetent parties with no oversight is the real fascism.

Stop fearmongering.
 
This is interesting, from a white house press conference today:

"With respect to executive pay, again, I'm not going to get into specific, point-by-point details on what our views are on that, other than the Secretary of Treasury said it would make more difficult to make this plan work and effective if you provide disincentives for companies and firms out there who are holding mortgage-backed securities and other securities from participating in the program. You have to remember, these are not all weak or troubled firms that own mortgage-backed securities. A lot of them are very successful banks and investment houses that have done very well, have been responsible, are holding performing assets that have value. They were not necessarily irresponsible players, and so you have to be careful about how you deal with them. "

http://www.whitehouse.gov/news/releases/2008/09/20080923-6.html
 
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