The Bail Out Helps Main Street-Or Pikers Like You

[Pa(b)st Prime]

Quote from JamesVU2000:

I hear ya Pabst and I ultimately think thats whats going to happen, but were a couple years away from that.

I agree. We both know how this plays. Lower income/intelligance America pukes their house and 401k's on the coming lows. THEN in 2014 a 1 bedroom in Lincoln Park will be renting for 7k a month with KO at a split adjusted $120 a share.

In fact the moment we see the "savings" rate increase is the moment we should sell cash and buy assets with both fists.

 

[CaptainObvious]

Quote from GTG:

I think this bail-out is playing out like a game of prisoner's dilemma in congress. I think enough of the members of congress know what is at stake here to pass the bill, but if the bill passes, anyone who votes for this unpopular "bail-out" is going to get attacked by those who didn't vote for it. The public will be on side against the bail-out, because without a catastrophe, the public will never know what was at stake.

So you have a situation here, where most of congress wants the bill passed, but no one actually wants to be counted among those who voted for it. If the bill doesn't pass, and the equities markets drop 20% in a few days, and there are lines around the block at your local bank, while at the same time factories are laying off blue-collar workers because they can't get credit to finance the next month's payroll, then sure the public will be screaming mad at congress for not "doing something". But, all of the politicians will be kind of screwed equally in that case because in the wake of such pandemonium all politicians will be in trouble. The public will be in too much of a state of panic to make the finer distinctions between who voted for and against the bail-out package. They will just throw everyone out of office in the next election.

This is why Nanci Pelosi wants to make sure that significant numbers of Republicans will vote for the bill before she is willing to bring it to a vote, and also why she needs the president to make a speech showing his support tonight too. She doesn't want the Dems to be alone in taking the blame for "bailing out wallstreet". The Democrats and Republicans both also need to attach all kinds of face-saving provisions to the bill like limiting executive pay for the companies getting bailed out, so that they can face their angry constituents by saying "yeah the bill sucks, but I forced those greedy bankers to take a pay-cut at least!".

An intelligent, reasoned post. I agree, most people don't really know what's at stake. Personally, I think they/we should know in no uncertain terms.
All I know is that the curtain has been pulled back and the entire world is able to see just how f'n clueless many of our leaders really are. We also are getting a first hand lesson of just how inequitable our economic system is.
So here's the bottom line. All the Joe and Jane Lunchbukets of the country get to finance this bailout and our reward will be we get to get up and go to work, pay our bills, and act responsibly. Forgive us if we're not real grateful for that while the rotten cocksukers that orchestrated this mess walk away to the next 7,8,9,10 figure position.

 

[runningman]

When you buy a used car or life insurance, the salesman tries to get you to sign the paperwork as soon as possible too... How does that usually work out?????

 

[swtrader]

Quote from CaptainObvious:

An intelligent, reasoned post. I agree, most people don't really know what's at stake. Personally, I think they/we should know in no uncertain terms.
All I know is that the curtain has been pulled back and the entire world is able to see just how f'n clueless many of our leaders really are. We also are getting a first hand lesson of just how inequitable our economic system is.
So here's the bottom line. All the Joe and Jane Lunchbukets of the country get to finance this bailout and our reward will be we get to get up and go to work, pay our bills, and act responsibly. Forgive us if we're not real grateful for that while the rotten cocksukers that orchestrated this mess walk away to the next 7,8,9,10 figure position.

and the amazing thing is, these cocksuckers couldnt even take one day off from fucking the public with foreign workers - no joke, they tried to pass it the day of the bailout

they didnt say which jobs they're saving


House Judiciary Com. to Vote Today on Foreign-Worker Bills
Updated Tuesday, September 23, 2008, 10:00 AM

Public Notice for Markup Given in Dead of Night Yesterday

The House Judiciary Committee will take up two foreign-worker bills today: H.R. 5882, which would add an additional 550,000 permanent green cards; and H.R. 5924, which would add 20,000 additional foreign nurses per year for three years (plus their families). Please contact your U.S. Representative through the Capitol Switchboard (202-224-3121) and ask him/her to do everything possible to stop the passage of these bills. The Committee waited until late last night to give notice for the markup, presumably in an effort to avoid public scrutiny.

H.R. 5882 – "Recapturing Unused Employer-Sponsored Visas"
This legislation is similar to the measure that Sen. Robert Menendez (D-N.J.) is using to hijack debate on E-Verify reauthorization in the Senate. The bill’s sponsor, Immigration Subcommittee Chairman Zoe Lofgren (D-Calif), claims it would “recapture unused employer-sponsored visas” from as far back as 1991 and then add them to the current numerical cap of 140,000 employer-sponsored visas that are available each year. Current law, however, clearly states that any employer-sponsored visas not used in one year are allocated to the family-preference categories in the following year. That means that there are no “unused” visas from past years to “recapture.”

 

[Pa(b)st Prime]

Quote from CaptainObvious:

An intelligent, reasoned post. I agree, most people don't really know what's at stake. Personally, I think they/we should know in no uncertain terms.
All I know is that the curtain has been pulled back and the entire world is able to see just how f'n clueless many of our leaders really are. We also are getting a first hand lesson of just how inequitable our economic system is.
So here's the bottom line. All the Joe and Jane Lunchbukets of the country get to finance this bailout and our reward will be we get to get up and go to work, pay our bills, and act responsibly. Forgive us if we're not real grateful for that while the rotten cocksukers that orchestrated this mess walk away to the next 7,8,9,10 figure position.

GTG's did have a good post. I was about to comment.

Of course in a socialist tax code where 40% of wage earners don't pay any Federal income taxes the out pouring of citizens decrying "their tax dollars" at risk is fallacious at best...

 

[bwolinsky]

Strange comments. A misguided thread if I've ever seen one.

Perhaps I'll list the consequences of a world without this bailout.

1)Mortgage market collapses, further weakening the dollar.

2) The financial system itself cannot support a deflationary environment. It will collapse without a bailout.

3)Instiutions the world over won't lend to each other and this will lead to further weakening of globalization.

4) A depression that only the most highly educated will be able to overcome. BS, BA, and above will be all right.

5) Riots. Stock market collapse.

6) The vacuum is filled by foreign entities eager to snap up the instiutions causing the collapse.

I'm sure there's more, but you need to really ask yourself if you think we'll be better off letting all these companies go under.

Bailout, or depression? Which side do you take? If you say depression you're a nutcase. Seriously, those are the options.

 

[Pa(b)st Prime]

Since the OP is in some agrement with you then why is the thread misguided?

Quote from bwolinsky:

Strange comments. A misguided thread if I've ever seen one.

Perhaps I'll list the consequences of a world without this bailout.

1)Mortgage market collapses, further weakening the dollar.

2) The financial system itself cannot support a deflationary environment. It will collapse without a bailout.

3)Instiutions the world over won't lend to each other and this will lead to further weakening of globalization.

4) A depression that only the most highly educated will be able to overcome. BS, BA, and above will be all right.

5) Riots. Stock market collapse.

6) The vacuum is filled by foreign entities eager to snap up the instiutions causing the collapse.

I'm sure there's more, but you need to really ask yourself if you think we'll be better off letting all these companies go under.

Bailout, or depression? Which side do you take? If you say depression you're a nutcase. Seriously, those are the options.

 

[bwolinsky]

The bailout will actually be a huge windfall for taxpayers. Most of these mortgages are selling for less than 50 cents on the dollar. The instiutions owning these CDO's, CMO's, and SIV's are guilty of one thing: buying something in significant quantities that declined in value. Ask yourself if you've ever taken a big position on something that went down? Go further and ask if you've ever been down on something. Through leverage, they overextended themselves on these purchases.

The bailout makes them realize these losses, when they have no counterparty to pass the risk onto.

The bad part is that they did leverage themselves on such a grand scale that the US goverment becomes the only instiution in the world that can make a market this big. I think they'll make a killing on these things. We'll pay off some of the national debt.

 

[swtrader]

Quote from bwolinsky:

Strange comments. A misguided thread if I've ever seen one.

Perhaps I'll list the consequences of a world without this bailout.

1)Mortgage market collapses, further weakening the dollar.

2) The financial system itself cannot support a deflationary environment. It will collapse without a bailout.

3)Instiutions the world over won't lend to each other and this will lead to further weakening of globalization.

4) A depression that only the most highly educated will be able to overcome. BS, BA, and above will be all right.

5) Riots. Stock market collapse.

6) The vacuum is filled by foreign entities eager to snap up the instiutions causing the collapse.

I'm sure there's more, but you need to really ask yourself if you think we'll be better off letting all these companies go under.

Bailout, or depression? Which side do you take? If you say depression you're a nutcase. Seriously, those are the options.

how many times can we just hand over a trillion dollars to anyone who crys about a bogyman?

do you have any idea how badly this sets us up for extortion?

 

[bwolinsky]

Quote from Pa(b)st Prime:

Since the OP is in some agrement with you then why is the thread misguided?

In the sense that some are saying to let these companies collapse, when that's not really an option.