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  • Another Government Bailout

    Just saw that our government is bailing out fannie may-freddie mac and the CEO's who earned 14 million plus will stay on and earn more. News commentators said the way they ran their businesses bordered on criminal and yet because they spent over two hundred million on lobbyists they have friends in washington and are bullet proof. We the taxpayers are paying for their greed and misdeeds. Our hard work will pay for their actions, something does need to change in washington.

  • #2
    Re: Another Government Bailout

    I am not happy about the bailout, but I am happy that the shareholders will be wiped out [hopefully including those CEOs]. If the shareholders were made whole, I would be even more pissed off.

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    • #3
      Re: Another Government Bailout

      PHP Code:
      I am not happy about the bailoutbut I am happy that the shareholders will be wiped out 
      Why would you want that? If you have a 401K, or a pension plan, or a mutual fund, a hedge fund or any one of the other numerous monetary vehicles that draw from a multiplicity, you too are probably one of those who are directly affected by this.
      Jim Don

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      • #4
        Re: Another Government Bailout

        Originally posted by JimDon View Post
        Why would you want that? If you have a 401K, or a pension plan, or a mutual fund, a hedge fund or any one of the other numerous monetary vehicles that draw from a multiplicity, you too are probably one of those who are directly affected by this.
        Jim Don
        I don't think the government should come in and rescue private investors. I also own Vonage stock that has tanked; should the government make up my losses. Airlines often make bad business decisions and go bankrupt; should the government also make those share holders whole? Pension funds and 401ks can own those too.

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        • #5
          Re: Another Government Bailout

          Originally posted by cpw View Post
          I don't think the government should come in and rescue private investors. I also own Vonage stock that has tanked; should the government make up my losses. Airlines often make bad business decisions and go bankrupt; should the government also make those share holders whole? Pension funds and 401ks can own those too.
          Do you think in cases such as fannie mae and freddie mac where the CEO's made over 14 million a year and will collect millions more that if there was wrongdoing they should suffer as well as the stockhoder/investors? I don't want the government to bail out the private sector, but I want the crooks who misrepresent and misappropriate held accountable.

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          • #6
            Re: Another Government Bailout

            Originally posted by Frankiarmz View Post
            Do you think in cases such as fannie mae and freddie mac where the CEO's made over 14 million a year and will collect millions more that if there was wrongdoing they should suffer as well as the stockhoder/investors? I don't want the government to bail out the private sector, but I want the crooks who misrepresent and misappropriate held accountable.
            All their stock based compensation that they haven't cashed out should be basically worthless. If they committed fraud in their accounting they should go to jail and have their assets seized. Otherwise, they should be cut loose and left to find another job, but they 14 million/year they already earned is theirs. They shouldn't get a golden parachute; there is probably more value in keeping on lower-level functionaries who know the details of their dealings than the CEO.

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            • #7
              Re: Another Government Bailout

              Our government getting into the mortgage business. With more than 90% of the mortgages being controlled by the government. Our government is going to be responsible for determining if we qualify for a home mortgage. This should scare the HELL out of everyone.
              Distractions are everywhere, don't lose sight of your dream.

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              • #8
                Re: Another Government Bailout

                Our government getting into the mortgage business. With more than 90% of the mortgages being controlled by the government. Our government is going to be responsible for determining if we qualify for a home mortgage.
                Basically have been since 1938 when they were first formed. They are called
                GSE's now for government sponsored enterprises. History on Fannie and Freddie show that they were even part of the federal budget at one time. Nothing new here that gov. is involved in our mortgages, just that more crooks have come to the trough to feed off of it. Agreed that the CEOs should go to prison. But they should also be stripped of any salary they've made off of being corrupt a--holes. One more nail in the coffin for what should have been government oversight. Neo-cons have removed gov. oversight to most entities nowdays and we're seeing the devastating results that it's reaped. If anyone missed it over the weekend, the word was that if a bailout hadn't been performed, the current recession would have deepened into a depression. And no, I'm not in favor of a bailout, I just don't think ma and pa lunchbucket who haven't a clue that their pension and 401K was put into Fannie and Freddie account should pay the price for neo-con manipulation and a--holes playing fast and loose with their lifesavings. There's a LOT more here than meets the eye, but way too many people haven't the ability to see shades of gray and DO THEIR HOMEWORK on what these entities are and really do. This is a basic network of corruption and crime. But then, that's not new to neo-con thinking at all, is it.
                Jim
                Last edited by JimDon; 09-08-2008, 11:05 PM. Reason: correct a misspelling

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                • #9
                  Re: Another Government Bailout

                  JimDon
                  If it was just one party responsible for this, the other party would be all over it. I could just as easily blame the Clinton administration for raising the quota for sub-prime loans. Both parties have used and abused this GSE for decades. No one is going to be prosecuted for this crime, which deserves a public hanging.
                  Mike

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                  • #10
                    Re: Another Government Bailout

                    The reason your government has bailed out freddie and fannie is because the chinese have read them the riot act as they have so much more invested in them, the US is mortgaged to the hilt to other countries that have bought your stocks and bonds they own you and sub prime is the last straw and the world is on borrowed time because of this.
                    So you better put your money under your beds as many more banks are going to the wall and if you think it is hard now you haven`t seen anything yet so my advice is to cash yourselfs up.

                    Tony

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                    • #11
                      Re: Another Government Bailout

                      If it was just one party responsible for this, the other party would be all over it.

                      Absolutely -- both parties are to blame -- no argument there at all. Reps. and Dems both have screwed over the American public to no end. But it is the neo-cons (in the Republican Party) who took outside oversight away from many many businesses and industries which led to this mess we're in right now.
                      Jim Don

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                      • #12
                        Re: Another Government Bailout

                        Originally posted by JimDon View Post
                        Absolutely -- both parties are to blame -- no argument there at all. Reps. and Dems both have screwed over the American public to no end. But it is the neo-cons (in the Republican Party) who took outside oversight away from many many businesses and industries which led to this mess we're in right now.
                        Jim Don
                        I agree, they both stink but the republicans stink worse! Now which will screw up next as President, remember he will be working with a democratic congress that has done so much for us.

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                        • #13
                          Re: Another Government Bailout

                          The government is now your new landlord

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                          • #14
                            Re: Another Government Bailout

                            I have a question, strictly financial. I understand the government bailout is to stabilize the economy, prevent worse things from happening. I just wonder how credit card debt works into the whole scheme of things? Similar to the people who bought homes and could not meet their debt, how about all the people who are racking up tens of thousands in credit card debt and have no way of paying it off? Will this situation cause other institutions to fail?

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