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Here's what YOUR tax money is "bailing out"Posted Tuesday, October 7, 2008, at 11:09 PM
AIG executives spent over $440,000 at a resort LESS THAN A WEEK after the $85,000,000,000 loan from our friends in the U.S. Government. Yep, and $23,380 of that was for spa treatments.
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Hmmm... How ridiculous. What about the Lehman Brother's CEO getting that fat bonus, and overall compensation of $480 million for effectively running the company into the ground!
Yeah, it is a pathetic situation and the reason why I didnt want to bail these companies out.
makes me sick. politicians. bleh.
It does make you wonder where this last 700+ Billion will allow these CEO's to vacation doesn't it?
http://finance.yahoo.com/q?s=%5EDJI
Interesting.. Now the FED is cutting the interest rate. hmmmm, any more handouts anyone?
The DOW Jones Industrial is about the go below not only 10,000 this week, but 9,000 as well. Holy crap!
http://biz.yahoo.com/ap/081008/oil_price...
Oil prices down below $87 after government reports unexpected jump in US crude supplies
Crazy how this no longer makes healine news!!!
Thom
Did you notice that AIG spent the first half million of bail out money for vacations for there top people as reported by Fox news this morning.
I think that was the point of the blog. Lol... Maybe?
I would celebrate too if the govt gave me an $85 billion welfare check. How can these people be expected to be responsible with a govt handout when they could even be responsible with their own company?
Obama mentioned this last night in the debate. He used this as proof that deregulation doesn't work.
Pelosi says $150B economic stimulus plan needed
http://news.yahoo.com/s/ap/20081008/ap_o...
Yea, that's what we all need another big ole 600 dollar check.
Compare 700+ Billion bailout to Wall Street- to 150 Billion to 138 Million Taxpayers.
Get a load of this crap:
http://www.reuters.com/article/newsOne/i...
Has Washington TOTALLY lost it? The Federal Reserve has got to be stopped. They're doling out MORE money (another $38,000,000,000) to these criminals even as they're trying to explain away the $440,000+ "retreat" at the extravagant resort in California?
Wait a Gosh Darn minute Didn't we buy into AIG already with the 85 Billion?
From Yahoo News:
The deal for the additional Fed loan comes as AIG has been castigated by lawmakers and the White House for spending hundreds of thousands of dollars on a posh California retreat just days after getting the federal bailout.
Lawmakers investigating AIG's meltdown said they were enraged that executives of AIG's main U.S. life insurance subsidiary spent $440,000 on the retreat, complete with spa treatments, banquets and golf outings. White House press secretary Dana Perino on Wednesday called the event "despicable."
AIG issued a statement Wednesday saying that the "business event" was planned months before the Sept. 16 bailout and that it was held for top-producing independent life insurance agents, not AIG employees. Of the 100 attendees, only 10 worked for the AIG unit hosting the event, it said.
"Oh well I guess that makes it okay...Not!!! If I was broke it wouldn't matter if I had planned a party months in advance The word Cancel comes to mind!
This is all B/S and it needs to end now!!!!!!!!
Did you see where the National Debt has gotten to big for the National Debt Clock? Now that's scary!!!
ARE YOU SERIOUS????? omg!!
yep
http://thinkprogress.org/2008/10/07/debt...
It does go on to say when Clinton was in office the clock actually run in reverse of course there are those here who will surely argue that fact (you know who you are) :>)
Well, I say way to go to our current administration! Got an Idea, Let's vote McCain into office, so we can have 4 more years. 8 is just not enough for me!
The problems we are facing were caused by both parties . . . both had their hands in the cookie jar. People tend to forget that Bill Clinton made the passage of NAFTA a major legislative priority in 1993 . . . which in turn allowed many jobs to go to Mexico and set the stage for jobs moving overseas. It was also Clinton's administration who pressured to expand mortgage loans among low and moderate income people... borrowers whose incomes, credit ratings and savings were not good enough for home loans and thus would eventually create the subprime mortgage debacle we have today. Of course the economy was better during the Clinton administration because the bubble was just beginning to be created. It always looks good at the beginning but when the bubble becomes too big, it eventually has to bust. I voted for Clinton and really liked him as a president but he too was part of bad decisions made that has lent to our current parents. This whole idea that people espouse everything was perfect during Clinton's administration and it is all Bush's fault is unfounded . . . Clinton sowed the seed for our current economic woes while Bush and his administration provided the fertilizer and water.
I found it interesting that on September 10, 2003, U.S. Congressman Ron Paul gave a speech to Congress where he said that the then current government policies encouraged lending to people who couldn't afford to pay the money back, and he predicted that this would lead to a bailout, and he introduced a bill to abolish these policies. Now that is someone who needs to be in the White House . . . not an inept Obama or narrow minded McCain.
I meant to say "I voted for Clinton and really liked him as a president but he too was part of bad decisions made that has lent to our current pproblems." I didnt mean to say parents instead of problems . . . LOL!
http://finance.yahoo.com/
Yup, it is official the DOW is now almost 2,000 points less than a month ago. Still "fundamentally sound" ?
Lowest intraday level since July 1, 2003
WHOO HOOO for 401k's!!!!
Lowest intraday level since July 1, 2003
WHOO HOOO for 401k's!!!!
-- Posted by darrick_04 on Thu, Oct 9, 2008, at 2:38 PM
401K? What's That? :>)
I thought it was 201K. :-P
Unfortunately, I don't think anyone knows what they are anymore :( Wow, and the only thing I was worried about was not ever seeing a penny of my Social Security Tax money when I am older... Now, who knows if there will be anything.
jaxspike
I agree with you about immigration and allowing our jobs to move overseas. Although we do have a small conflict about Clinton loosening up the mortgage companies. I do agree that Clinton did push for mortgage lenders to allow more sub prime mortgages but this was not intended for people who make $20,000 a year to buy a $200,000 home. Mortgage companies still decided who they gave loans to and who they didn't.
Sub prime mortgages were put in place to give every American a chance to own their home..there's nothing wrong with this idea. Sub prime borrowers paid more in interest than a prime rate borrower and everything went along fine. Until the mortgage companies and banks decided they could make Billions on these at risk borrowers. They decided on ARM's and over inflated house prices to make more money and when they defaulted (and these banks were betting on them defaulting) they would just seize the house and resell it all over again making interest and closing cost again. What they didn't count on was a housing market slump, they thought they had the goose that laid the golden egg. And they did for several years.
What Clinton and Carter did was try to help the poor and those with less than perfect credit achieve the American Dream of Home ownership. At one time Home ownership was basically for the rich and those with perfect credit. Clinton and Carter just wished to extend that dream to everyone, even those, banks never saw as worthy.
Banks and mortgage companies took advantage of people with less than perfect credit and low wages by shoving loans, even a rich man could not afford ,at them. I have heard of many telling their sub prime mortgage holders that they can pay interest only for the 2 years then they could refinance if they make their payments on time every month. Well guess what? their payments increased every month so much they could not afford them, they had no equity in their homes so the best they could do is walk away. Then the market slumped housing prices dropped, the ones that made their payments like they were directed, could not refinance because again there was no equity in the house and the housing prices had fell..no bank would refinance a home when they owed more than the worth of the home.
This is not the fault of Clinton or Carter the blame lays firmly in the laps of greedy mortgage companies and banks. They took these low income people's dream of owning a home and turned it into a nightmare.
What Clinton and Carter did was try to help the poor and those with less than perfect credit achieve the American Dream of Home ownership. At one time Home ownership was basically for the rich and those with perfect credit. Clinton and Carter just wished to extend that dream to everyone, even those, banks never saw as worthy.
Posted by Dianatn on Thu, Oct 9, 2008, at 8:07 PM
Dianatn,
The banks did not view the people as "not worthy".
They viewed the "risk" (business term) as not worthy of taking.
Huge difference.
Your comment does expose a good point though.
Republicans tend to focus on running the government as a business.
The Democrats tend to focus on running it as a social program.
Do you want to live under a Socialist rule?
If Clinton and Carter want to help people, let them do it through some charitable non-profit organizations.
I just do not think the government should be mommy and daddy to everyone.
Playing the role of Uncle is bad enough.
Republicans tend to focus on running the government as a business.
-- Posted by parkerbrothers on Fri, Oct 10, 2008, at 8:22 AM
Must explain the Wall Street crisis... When the government (led by Republicans until 2006) and still led by a Republican executive branch produce record budget deficit after record budget deficit, it is no surprise their "business" ideal has failed. Please. Uncover the wool. Everybody makes mistakes, the Democrats are no LESS innocent than Republicans, as each party had a hand in this mess, but you can not ignore the fact that in 2003, when Bush wanted to suddenly start regulating markets, he had a REPUBLICAN MAJORITY in Congress (and for three more years following this) and he didn't pass it. You can't blame that on a party that was not in power to stop it..
If Clinton and Carter want to help people, let them do it through some charitable non-profit organizationsPosted by parkerbrothers on Fri, Oct 10, 2008, at 8:22 AM
Like that charitable non-profit organization that is bailing out Wall Street now and AIG having money funneled to them..or how about the bail out of the of the savings and loan in the 1980s and 1990s.
Why do you think it is ok for my tax dollars to bailout Billion dollar companies and not help poor Americans buy a home. Your thinking is totally ridiculous!
Dianatn,
I personally benefit when homes are bought. However, it was not the governments place to put everybody into one. Only people who wanted one and demonstrated by hard work and good financial practices they were a good "risk" for a loan should have been approved. It is however the governments place to now rescue their failed programs they created.
They are the daddy of this child that never should have been conceived in the first place.
Let's move past that and now take care of the child that is crying for nourishment.
My whole point is let the government stay out of providing diapers and foolers for adults. Perhaps they should shift their attention to condoms. One should have been placed on top of Slick Willies head and let him walk around wearing it for a hat.
The Hope Now alliance -- the lenders' group put together at the urging of Treasury Secretary Henry M. Paulson Jr -- estimates the number of foreclosure proceedings that begin nationally in each month.
The latest figures, for July, put the number at 197,000, the highest for any month since they started keeping track in July 2007.
Of those, 105,000 were prime mortgages, and 92,000 subprime. The June numbers also showed more prime foreclosures initiated.
Seems to me there's more to blame besides sub-prime loans.
Yup.. But we wouldn't want to recognize that 700,000 jobs that have been lost which equate to proportionately that amount of homes being foreclosed, because WITHOUT a job you can't pay for your house...
Nobody seems to be factoring that into the equation.
And today Wall Street rose today like a phoenix rising from the ashes.
But Honestly what has changed since last week? Promises? More Tax money?
Is it over or really just the beginning?