Comments on: $700 Billion to Bail Out the Financial Industry: Good Idea or Bad Idea? http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 26 May 2012 03:47:27 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: local joe http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-185869 local joe Tue, 11 Nov 2008 02:37:18 +0000 http://www.consumerismcommentary.com/?p=3974#comment-185869 We the people have lost billions 45 to 60 on every bank take over of failing banks,because they do not have to pay taxes on that buy out. Yet you and I the people of these United States have to pay taxes to bail these bad business ceo board of directors and whom ever they wish to keep on there payroll so they can do it again and again and again. I would like to find one individual who has been helped by any of these mortage companies and banks ,countrywide was bailed out by bank of america,as an example. I on the other hand still have a 7.5% mortage in helping me they added money on the end of my contract and added another 139 dollors to my 2000 dollars a month mortage.My mortage goes up and my payement is due to go up in 2 years on a 5 year interest only loan, plus i will still be paying interest. This not just my situation will spiral for the next 5 to 8 years and happen all over again and again and again. I am glad we the people of the people are going to let bad business get billion and billions bail out and individuls get 0 zero after all they deserve it we want to give it to them they did nothing wrong i on the other hand deserve what i get for try to work for 33 years and keep my house. They on the other hand move from board of directors to board of directors and ceo to ceo and bank to bank making golden parachute deals so they never lose. Wish I could do that. Is there any individual out there that has been helped by any mortage company of bank??? We the people have lost billions 45 to 60 on every bank take over of failing banks,because they do not have to pay taxes on that buy out. Yet you and I the people of these United States have to pay taxes to bail these bad business ceo board of directors and whom ever they wish to keep on there payroll so they can do it again and again and again. I would like to find one individual who has been helped by any of these mortage companies and banks ,countrywide was bailed out by bank of america,as an example. I on the other hand still have a 7.5% mortage in helping me they added money on the end of my contract and added another 139 dollors to my 2000 dollars a month mortage.My mortage goes up and my payement is due to go up in 2 years on a 5 year interest only loan, plus i will still be paying interest. This not just my situation will spiral for the next 5 to 8 years and happen all over again and again and again. I am glad we the people of the people are going to let bad business get billion and billions bail out and individuls get 0 zero after all they deserve it we want to give it to them they did nothing wrong i on the other hand deserve what i get for try to work for 33 years and keep my house. They on the other hand move from board of directors to board of directors and ceo to ceo and bank to bank making golden parachute deals so they never lose. Wish I could do that. Is there any individual out there that has been helped by any mortage company of bank???

]]> By: davida http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-184022 davida Fri, 03 Oct 2008 19:21:32 +0000 http://www.consumerismcommentary.com/?p=3974#comment-184022 700 billion / by 200 million tax payers comes to 3500 $ each well ... sam has not found a way to tax zero in come so i shall not be giveing 1 thin dime to this debackle till i get a job. and i better not be hearing about ceo's from these places earning more then 1 millon a yr i dont care how good they are,, damed good chance they belong in jal and should have to pay for there full keep at $100,000.00 a yr . just stay out of my way. ... just not in the mood.. where do i find this exact document to read my self . 700 billion / by 200 million tax payers comes to 3500 $ each well … sam has not found a way to tax zero in come so i shall not be giveing 1 thin dime to this debackle till i get a job.

and i better not be hearing about ceo’s from these places earning more then 1 millon a yr

i dont care how good they are,,

damed good chance they belong in jal and should have to pay for there full keep at $100,000.00 a yr .

just stay out of my way. … just not in the mood..

where do i find this exact document to read my self .

]]> By: Extreem http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-183239 Extreem Mon, 29 Sep 2008 09:26:43 +0000 http://www.consumerismcommentary.com/?p=3974#comment-183239 This Bailout really is just a cover up. It covers all of Wallstreet, your town and my town. Who in their right mind would think of even helping these criminals. The mortage co."s banks, and any lending insitutation that has these bad notes or loans which they are holding, all of the real estate deals could be all taken care of for way under 100 billion dollars. More like or close to 65-70 billion dollars. What is the other 600 billion needed for ?????? They got alot to cover up. extreem This Bailout really is just a cover up. It covers all of Wallstreet, your town and
my town. Who in their right mind would think of even helping these criminals.
The mortage co.”s banks, and any lending insitutation that has these bad notes
or loans which they are holding, all of the real estate deals could be all taken
care of for way under 100 billion dollars. More like or close to 65-70 billion dollars. What is the other 600 billion needed for ?????? They got alot to cover up.
extreem

]]> By: ray of light http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-182643 ray of light Thu, 25 Sep 2008 17:29:20 +0000 http://www.consumerismcommentary.com/?p=3974#comment-182643 the government should give the money to the people. not the companies. if we got the money, we could pay our mortgages and stimulate the economy. in a capitalist market bad businesses fail. that's why we're capitalist. let them fail. but the people who have diligently saved and provided the money to the banks to lend out and thus lost. should be compensated. and no golden parachutes for these greedy bas*****, they should be broke like the rest of america. the government should give the money to the people. not the companies. if we got the money, we could pay our mortgages and stimulate the economy. in a capitalist market bad businesses fail. that’s why we’re capitalist. let them fail. but the people who have diligently saved and provided the money to the banks to lend out and thus lost. should be compensated. and no golden parachutes for these greedy bas*****, they should be broke like the rest of america.

]]> By: Matt http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-182338 Matt Tue, 23 Sep 2008 23:35:29 +0000 http://www.consumerismcommentary.com/?p=3974#comment-182338 Breaking - FBI to investigate Lehman, AIG, etc. This bailout is a corporate scam - socialism for the rich! Deja vu with the S&L scandal - but this time, no Wall Street bailout: WASHINGTON (AP) _ The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration. Two law enforcement officials said the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, Lehman Brothers Holdings Inc., and insurer American International Group Inc. A senior law enforcement official says the inquiries, still in preliminary stages, will focus on the financial institutions and the individuals that ran them. http://www.ktla.com/landing_national/?Sources-FBI-investigating-possible-fraud=1&blockID=66016&feedID=23 Breaking – FBI to investigate Lehman, AIG, etc. This bailout is a corporate scam – socialism for the rich!

Deja vu with the S&L scandal – but this time, no Wall Street bailout:

WASHINGTON (AP) _ The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration.

Two law enforcement officials said the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, Lehman Brothers Holdings Inc., and insurer American International Group Inc.

A senior law enforcement official says the inquiries, still in preliminary stages, will focus on the financial institutions and the individuals that ran them.

http://www.ktla.com/landing_national/?Sources-FBI-investigating-possible-fraud=1&blockID=66016&feedID=23

]]> By: Marshall http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-182284 Marshall Tue, 23 Sep 2008 13:17:04 +0000 http://www.consumerismcommentary.com/?p=3974#comment-182284 How could NOT spending $700 billion dollars NOW, of money that we don't have, possibly cost us MORE in the long run? That $700 billion dollars will be going into the pockets of the big private investment bankers. We don't NEED them. Sure, lots of little people are going to lose lots of money if we don't bail out the investors who the little people gave their money to. But the thing that caused the great depression was that there was no money circulating, no money being loaned, no money to work with, no money to borrow, following a period of short sales in the market, which is what we just had here. In 1930 the big private investment bankers kept all their cash and sat on it. As soon as their man, FDR, was safely installed as president, out came the loans and cash. The country prospered. Short sales were banned. In 2007 the ban on short sales was lifted. Short sales means selling something that's not your's, then using the money to buy it, then selling it again for a profit. Short sellers are parasites. They cause the price of things (stocks, securities, houses) to be falsely inflated. Now they have short sold almost the entire U.S. economy. We should NOT bail them out. The U.S. Treasury is empowered by the Constitution to print and regulate money. There need be no shortage of cash and even interest-free government loans to any and all Americans. We should abolish the privately-owned Federal Reserve Bank, which masquerades as a government-operated entity, and has been and IS the biggest parasite this country has ever been cursed with for almost a hundred years now. How could NOT spending $700 billion dollars NOW, of money that we don’t have, possibly cost us MORE in the long run? That $700 billion dollars will be going into the pockets of the big private investment bankers. We don’t NEED them.

Sure, lots of little people are going to lose lots of money if we don’t bail out the investors who the little people gave their money to. But the thing that caused the great depression was that there was no money circulating, no money being loaned, no money to work with, no money to borrow, following a period of short sales in the market, which is what we just had here. In 1930 the big private investment bankers kept all their cash and sat on it. As soon as their man, FDR, was safely installed as president, out came the loans and cash. The country prospered. Short sales were banned.

In 2007 the ban on short sales was lifted. Short sales means selling something that’s not your’s, then using the money to buy it, then selling it again for a profit. Short sellers are parasites. They cause the price of things (stocks, securities, houses) to be falsely inflated. Now they have short sold almost the entire U.S. economy. We should NOT bail them out.

The U.S. Treasury is empowered by the Constitution to print and regulate money. There need be no shortage of cash and even interest-free government loans to any and all Americans. We should abolish the privately-owned Federal Reserve Bank, which masquerades as a government-operated entity, and has been and IS the biggest parasite this country has ever been cursed with for almost a hundred years now.

]]> By: anthony Scollati http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-182212 anthony Scollati Mon, 22 Sep 2008 23:08:43 +0000 http://www.consumerismcommentary.com/?p=3974#comment-182212 who is coming up front with the $700 billion check,can some one kindly explain to me? I am puzzled,and befuddled. I Know the bank of China has the cash at hand andTreasury secretary knows them very well ;could that be the answer,that China banks have promised an interest free loan?I I know it is not that simple,but can you kindly explain to me who is coming up front with the $700 billion check,can some one kindly explain to me? I am puzzled,and befuddled. I Know the bank of China has the cash at hand andTreasury secretary knows them very well ;could that be the answer,that China banks have promised an interest free loan?I I know it is not that simple,but can you kindly explain to me

]]> By: Jim http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-182209 Jim Mon, 22 Sep 2008 22:33:41 +0000 http://www.consumerismcommentary.com/?p=3974#comment-182209 Unfortunately the bailout seems necessary to keep the economy from taking a giant tumble. I think if they let the banks fail on their own then the resulting impact to the economy as a whole would cost everyone more in the long run. I certainly don't think failed companies should be rewarded and I hope thats not what ultimately comes out of this all. Hopefully those in charge of the companies in question will get some consequences. I'd really also like to see some definite regulation changes go through that would help stop this kind of thing from happening again in the future. Jim Unfortunately the bailout seems necessary to keep the economy from taking a giant tumble. I think if they let the banks fail on their own then the resulting impact to the economy as a whole would cost everyone more in the long run.

I certainly don’t think failed companies should be rewarded and I hope thats not what ultimately comes out of this all. Hopefully those in charge of the companies in question will get some consequences. I’d really also like to see some definite regulation changes go through that would help stop this kind of thing from happening again in the future.

Jim

]]> By: msoori http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-182178 msoori Mon, 22 Sep 2008 16:59:24 +0000 http://www.consumerismcommentary.com/?p=3974#comment-182178 Matt, you are right on it. Dont forget about the oil issues as well. The oil shoots up in the final year of Bush administration, and what is the solution thats being put forth? Offshore drilling! Isnt this like letting the fox take care of the hen house? Hasnt any one connected the dots yet? Matt, you are right on it. Dont forget about the oil issues as well. The oil shoots up in the final year of Bush administration, and what is the solution thats being put forth? Offshore drilling! Isnt this like letting the fox take care of the hen house? Hasnt any one connected the dots yet?

]]> By: James http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-182174 James Mon, 22 Sep 2008 15:40:14 +0000 http://www.consumerismcommentary.com/?p=3974#comment-182174 Matt, I don't believe so. Banks were giving the BS loans because they knew the government would bail them out if things went south. Government meddling caused this. Matt, I don’t believe so. Banks were giving the BS loans because they knew the government would bail them out if things went south. Government meddling caused this.

]]> By: Matt http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-182169 Matt Mon, 22 Sep 2008 15:04:32 +0000 http://www.consumerismcommentary.com/?p=3974#comment-182169 Have I got this scam correct? 1. Bush/Republicans do massive deregulation due to total control 2. Banks offer BS loans to people who can't afford them, making money with closing costs and other fees 3. This causes overproduction and overpricing of housing 4. People naturally start defaulting on the loans 5. The taxpayers buy these defaulted loans Is it a coincidence that the last scandal of this size happened under Republicans (S&L - the last greatest financial nightmare)? I try not to be so partisan but I truly feel sorry for actual fiscal conservatives who have to put up with their presidential choice candidates always being frauds. Bush ballooned the govt 40% larger in only 8 years. Pity. I'll take a tax and spend Liberal and a budget surplus over a recession (or possible depression) and zero job creating "conservative" any day. The Right is just better at politics. The Democrats just need to resurrect Johnny Cash and be done with it. The Republicans have no qualm with running celebs (though they project that onto the Left - so called Hollywood Libs). Do you think that the Republicans would've chanced losing an almost sure thing by NOT choosing Hillary as the Veep? Does McCain pick of Palin answer your question? With Hillary we'd be yawning about Romney right now. The Right is just better at politics b/c they know that winning is the only thing. You can't squabble over policy when you don't have a seat at the table. Ideals and hope and change mean nothing if you lose. Have I got this scam correct?

1. Bush/Republicans do massive deregulation due to total control
2. Banks offer BS loans to people who can’t afford them, making money with closing costs and other fees
3. This causes overproduction and overpricing of housing
4. People naturally start defaulting on the loans
5. The taxpayers buy these defaulted loans

Is it a coincidence that the last scandal of this size happened under Republicans (S&L – the last greatest financial nightmare)? I try not to be so partisan but I truly feel sorry for actual fiscal conservatives who have to put up with their presidential choice candidates always being frauds. Bush ballooned the govt 40% larger in only 8 years. Pity. I’ll take a tax and spend Liberal and a budget surplus over a recession (or possible depression) and zero job creating “conservative” any day.

The Right is just better at politics. The Democrats just need to resurrect Johnny Cash and be done with it. The Republicans have no qualm with running celebs (though they project that onto the Left – so called Hollywood Libs). Do you think that the Republicans would’ve chanced losing an almost sure thing by NOT choosing Hillary as the Veep? Does McCain pick of Palin answer your question? With Hillary we’d be yawning about Romney right now. The Right is just better at politics b/c they know that winning is the only thing. You can’t squabble over policy when you don’t have a seat at the table. Ideals and hope and change mean nothing if you lose.

]]> By: Greg http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-182165 Greg Mon, 22 Sep 2008 15:01:23 +0000 http://www.consumerismcommentary.com/?p=3974#comment-182165 Alas, the bailout seems to be a necessity. While I tend to NOT favor government regulation, any entity that "can not fail" must be regulated. As for those responsible being held accountable, mostly doubtful, but the execs at Freddie Mac and Fannie Mae did get the stings to their golden parachutes clipped (http://consumerist.com/5049913/feds-snip-fannie-freddie-golden-parachutes) . Alas, the bailout seems to be a necessity. While I tend to NOT favor government regulation, any entity that “can not fail” must be regulated. As for those responsible being held accountable, mostly doubtful, but the execs at Freddie Mac and Fannie Mae did get the stings to their golden parachutes clipped (http://consumerist.com/5049913/feds-snip-fannie-freddie-golden-parachutes) .

]]> By: KC http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-182161 KC Mon, 22 Sep 2008 13:47:32 +0000 http://www.consumerismcommentary.com/?p=3974#comment-182161 A better question might be what are the consequences of not having a bailout? Most of us agree that we don't want a bailout for the sake of rescuing some greedy people and companies at tax payer expense. However I believe that if these brokerages and eventually banks were allowed to fail we'd have much greater consequences to our economy and taxpayers would suffer more. Government regulation isn't necessarily bad if it sets up regulations that stop these activities from happening again. The tax payer would suffer a lot more if we allowed these companies to fail and our economy sank even further. A better question might be what are the consequences of not having a bailout? Most of us agree that we don’t want a bailout for the sake of rescuing some greedy people and companies at tax payer expense. However I believe that if these brokerages and eventually banks were allowed to fail we’d have much greater consequences to our economy and taxpayers would suffer more. Government regulation isn’t necessarily bad if it sets up regulations that stop these activities from happening again. The tax payer would suffer a lot more if we allowed these companies to fail and our economy sank even further.

]]> By: Brad http://www.consumerismcommentary.com/700-billion-to-bail-out-the-financial-industry-good-idea-or-bad-idea/comment-page-1/#comment-182159 Brad Mon, 22 Sep 2008 13:30:38 +0000 http://www.consumerismcommentary.com/?p=3974#comment-182159 I think that the bailout is unfortunately necessary to help bring balance. I also think that all leadership for these companies should be held accountable in some way for what they did. If the government doesn't, then I think the shareholders should file class action lawsuits against the leadership for their loss. I think that the bailout is unfortunately necessary to help bring balance. I also think that all leadership for these companies should be held accountable in some way for what they did. If the government doesn’t, then I think the shareholders should file class action lawsuits against the leadership for their loss.

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