That is downright obscene AND depressing. nm
Posted By: MT and worn out on 2009-02-18
In Reply to: Calculate your family's costs for the bailouts. sm - LVMT
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I'm sure it's obscene...
but I think enough of my money goes to help the car companies. I buy American cars. I already donated my 28000 this year and don't want to give up anymore. I really don't think a bailout is the answer. Perhaps tariffs on imports? I do also think that the reason American car companies cannot compete is because the unions get higher wages for their employees. I hear people say that there are foreign auto manufacturing plants in the south and personally know where a Nissan plant exists, but the employees make much less money, thus the cars are able to be sold cheaper. I still do not buy them because I prefer to support American industry--just not through bailouts. If they are going under, they need to change business practices and perhaps, like I said, government intervention could even the playing field some by raising taxes on imports, but I do not support a bailout. I think that it is not ever going to fix the problem and prefer that the government not waste money on a VERY expensive Band-Aid. As far as MT's, I love my job. I stay home with my son and will get to with my next, I make decent money and I do my work whenever it suits me. Maybe I have a good company? Not sure, this is the only company I have ever worked for. I do not make a high cpl, but I do have very steady work and I don't have to compete.
:) not so bad is true but still depressing...
xx
Not surprised! How depressing
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Oh, this is so depressing. I really hate
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HRC supporters downright nasty
Watched some of the DNC hearing (or whatever it was called). I was utterly disgusted with the supporters of HRC. She said she wanted the delegates seated. Well they are going to be seated! So what's the problem now? Oh - I get it, they want everything and they want it their way or no way. They just want to be placed in the position whether or not they got more votes. They are not playing fair. First they want the delegates seated - they are. They want their votes to count - they are. But because HRC does not get every single vote and Barack with none they are going to keep pushin it. You want to talk about just looking like a bunch of spoiled losers that is surely what they are. And what are they screaming about. As some lady said "a black man came and took it away from HRC". Well boo hoo. You want to talk about downright biggots - there you go! First you have the comments about Jesse Jackson by Billy boy, then you've got the "I'll win because white working people will vote for me and not a black man" statement by HRC. I'm tellin ya, they are really gearing up for a racial war. She lost, fair and square. End of discussion! The media if anything always gave her the benefit of the doubt. Gave her the easy questions at the debate, and certainly favored her, but now its just obvious she is a spoiled sport and sore loser. Well for all the ones who say they'll never vote for a black man, there are a hundred more who will not vote for that woman. Sure we'll one day vote in a woman in the white house but not her! I know there were many other qualified women who should have run. Why didn't they? Seems like the Clintons once again pulled "something funny" so she would be placed in there. Anyway...that's my rant for the evening. She just disgusts me and a lot of people I know and we are all anxious for her to just go home. Sure, go ahead, take it to the convention, but she better be prepared for the outcome. She lost, fair and square. More people and more delegates voted for Obama. Someone needs to set her figures straight. I guess if you don't count a bunch of states that Obama won then she can say she won, but I know she'd have a fit if Obama left out some of the states she won and said "See I won, we just won't count New York, Ohio and Calfornia (or any other combination of states she won). You want to talk about disenfranchizing people. She's just coming right out and saying "oh this states is important because I won so we have to count their votes, but this state over here that Obama won in, those people are not important, their votes don't count". Like I've said before....HRC go back to living under that rock you crawled out from. We're sick of you.
What a depressing story from Bloomberg..
U.S. Taxpayers Risk $9.7 Trillion on Bailouts as Senate Votes.
By Mark Pittman and Bob Ivry
Feb. 9 (Bloomberg) -- The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.
The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged to provide up to $5.7 trillion more if needed. The total already tapped has decreased about 1 percent since November, mostly because foreign central banks are using fewer dollars in currency-exchange agreements called swaps. The Senate is to vote early this week on a stimulus package totaling at least $780 billion that President Barack Obama says is needed to avert a deeper recession. That measure would need to be reconciled with an $819 billion plan the House approved last month.
Only the stimulus package to be approved this week, the $700 billion Troubled Asset Relief Program passed four months ago and $168 billion in tax cuts and rebates approved in 2008 have been voted on by lawmakers. The remaining $8 trillion in commitments are lending programs and guarantees, almost all under the authority of the Fed and the FDIC. The recipients’ names have not been disclosed.
“We’ve seen money go out the back door of this government unlike any time in the history of our country,” Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. “Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?”
Financial Rescue
The pledges, amounting to almost two-thirds of the value of everything produced in the U.S. last year, are intended to rescue the financial system after the credit markets seized up about 18 months ago. The promises are composed of about $1 trillion in stimulus packages, around $3 trillion in lending and spending and $5.7 trillion in agreements to provide aid.
Federal Reserve lending to banks peaked at a record $2.3 trillion in December, dropping to $1.83 trillion by last week. The Fed balance sheet is still more than double the $880 billion it was in the week before Sept. 17 when it agreed to accept lower-quality collateral.
The worst financial crisis in two generations has erased $14.5 trillion, or 33 percent, of the value of the world’s companies since Sept. 15; brought down Bear Stearns Cos. and Lehman Brothers Holdings Inc.; and led to the takeover of Merrill Lynch & Co. by Bank of America Corp.
The $9.7 trillion in pledges would be enough to send a $1,430 check to every man, woman and child alive in the world. It’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is almost enough to pay off every home mortgage loan in the U.S., calculated at $10.5 trillion by the Federal Reserve.
‘All the Stops’
“The Fed, Treasury and FDIC are pulling out all the stops to stop any widespread systemic damage to the economy,” said Dana Johnson, chief economist for Comerica Inc. in Dallas and a former senior economist at the central bank. “The federal government is on the hook for an awful lot of money but I think it’s needed to help the financial system recover.”
Bloomberg News tabulated data from the Fed, Treasury and FDIC and interviewed regulators, economists and academic researchers to gauge the full extent of the government’s rescue effort.
Commitments may expand again soon. Treasury Secretary Timothy Geithner postponed an announcement scheduled for today that was to focus on new guarantees for illiquid assets to insure against losses without taking them off banks’ balance sheets. The Treasury said it would delay the announcement until after the Senate votes on the stimulus package.
Program Delay
The government is already backing $301 billion of Citigroup Inc. securities and another $118 billion from Bank of America. The government hasn’t yet paid out on any of the guarantees.
The Fed said Friday that it is delaying the start a $200 billion program called the Term Asset-Backed Securities Loan Facility, or TALF, to revive the market for securities based on consumer loans such as credit-card, auto and student borrowings.
Most of the spending programs are run out of the Federal Reserve Bank of New York, where Geithner served as president. He was sworn in as Treasury secretary on Jan. 26.
When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and then Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. The Federal Reserve so far is refusing to disclose loan recipients or reveal the collateral they are taking in return. Collateral is an asset pledged by a borrower in the event a loan payment isn’t made.
Not funny.....downright amazing. It doesn't...
matter WHAT he says. But at least he kisses them first. LOL.
He's getting downright scary, kind of unstable appearing. (NT)
:-(
What a depressing, hopeless article, it made me really, really, really tired...nm
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Wow, the vitriolic statements, insults, and downright hate being shown....sm
 on this board today (not unlike any other day, really), is amazing. Okay, we all have our ideals, our belief system, etc. But this board is a sad, tragic, IF very minute microcosm of why this country is so far in the dirt.........educated adults who will hate, insult, stamp their feet, stick out their tongues, and spew garbage rhetoric, RATHER THAN join with the country, the new president, the senate, congress, etc., and try to be part of the SOLUTION instead of the PROBLEM. We will NEVER fix this country, whether we have a democrat, republican, or independent in office, with pure hate and spite. This is a chance for a new start. Why not wait and see, why not pray for the president, teh cabinet, the Congress, and the whole nation, and try to work in our own ways for change. While we are busy hating each other, we are strengthening the real enemies out there who truly want to harm us. Everybody grow up. Both my parents went through the Great Depression, and I grew up knowing and seeing it written on their faces just how awful it was to try to live through. Instead of arguing and namecalling while the country teeters on the egde, why not TRY, why not wait to see before condemnining, why not see what each one of us, in our little lives, can do to help???
It is cold comfort to point fingers and laugh at the "other side" when both sides are falling into the abyss that is the growing national debt, growing unemployment, plunging stock market, while still mired in wars we cannot pay for. Discussing political ideologies, hopes, fears, and issues is great, pure scathing hate and animosity will insure more failure. Can you all not put our beautiful country ahead of everything else, the future of our kids and grandkids, stop childish fighting, and become part of the SOLUTION instead of the PROBLEM? Please?
you aren't reasoning out issues, you are being downright rude, crude, and nasty. nm
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