How come the US taxpayer has to bail out the greedy, immoral bankers

by yadda yadda 2 27 Replies latest jw friends

  • abbagail

    "Tell me why your government has stockpiles 500 000 plastic coffins and why your troops will start patroling the streets to control civil unrest on October the 1st."

    I hadn't heard about the coffins (but I've heard about bodybags in past news...) but you're up to date on the troops coming back to Iraq to patrol USA streets and practice using "non lethal weapons" for "crowd control." While reading your post, I was reminded of an interview by George Green from July 16 this summer -- -- wherein he had said the USA's fiscal year ends 9/30/08 and the Govt is supposed to give an accounting by then. Think they will give us some "fake bad news" on 9/30 with troops standing ready for 10/1? Or do you figure the troops are just coming to "practice awhile"... (either way they are surely being given a head-full of "it's us vs. them" mentality).

    Just today I saw a new headline along those same lines:


    Ron Paul: Congress Has Opted For 10-Year Plus Depression;
    Congressman says civil unrest after meltdown could lead to martial law
    Paul Joseph Watson
    Prison Planet
    Friday, September 26, 2008

    Congressman Ron Paul says that the bailout bill is likely to pass, heralding a 10-year plus economic depression for America and the potential for martial law should civil unrest arise as the financial meltdown worsens.

    One more from a week ago...

    Ron Paul Blasts "Secret Government" Running Economy;
    Congressman warns middle class in danger of being wiped out,
    says Congress is oblivious and Fed has no clue
    Steve Watson
    Thursday, Sept 18, 2008


  • jaguarbass

    I have a question for all you all who are against any emergency bail-out:

    What do you think will happen to this country if there is no bail-out at all?

    Bail out or no bail out its just a matter of time until we have pissed off the moslems enough that they set of a nuclear bomb in the US.

    Then the bail out wont seem that important.

  • FreeWilly


    Without the bailout debt will be able to be purged from the system. This will come a great cost to Investors, Financial companies, banks and people, but will enable a faster recovery.

    With the bailout you are increasing US debt tremendously. Before the Great Depression the aggregate of Government, personal and corporate debt peaked at 270% of GDP. The GD was a massive unwinding of this debt. Today, before this bailout Government/Personal/Corporate debt stands at 370%. Increasing it worsens the problem and prolongs the recovery. BUT MOST IMPORTANTLY increasing US debt to these levels call could lead to an abandonment of the US dollar. A plunge in the dollar could easily add a "0" (or two) to everything it used to buy. It's happened many times before to countries less vulnerable than we are now.

  • lisaBObeesa

    My average American thoughts:

    I don't know much about anything, and I'm trying my best to understand the whole situation when I don't even know what a "derivative" is. I think most people in this country are in the same boat as me.

    I hear a bunch of people here, and on the streets, saying that the bail out is only going to make things worse.

    And I can kind of get on board with that. I do believe that housing prices have to come down. I don't think the governement should prop up irrational home prices or help people stay in homes that they can't afford. I don't want to see the crooks on Wall Street get more money. I do believe we as a country have to obsorb a huge loss of money sooner or later. Might as well do it sooner instead of getting into an even bigger hole!

    So I start to think maybe all these people are right. Maybe we should not have a bail out at all of any kind. And anyway, the government is always lying to us and they got us into this mess...

    But you know, there are a couple things that give me pause:

    #1 Not one single member of Congress has suggested that there should be no bail out at all. There is not even one voice that I have heard to that effect. In fact, they are unusually united in their belief that something MUST be done. Now some of our elected officals are idots, to be sure. But every single one of them? No. some of them are very smart. Some of them understand what the hell is going on. Surely one of them would stand up and say 'It is better for the U.S. if we have no bail out!" if that is what they believed. This is too serious. The stakes are too high. This is history. Surely if they believed no bail out was the right thing to do, someone would stand up and say so and be on the right side of history.

    But no. Not one. Every one of them wants some kind of bail out and says the consequences of no bail out would be catastrophic. They can't even promise that the bail out would work, and yet they say they have must try. It sounds like a risky emergency surgery on a dying patient when there are no other options.

    Again, I don't know what a derivative is or how derivatives are traded. I understand a little about the housing mess. I don't understand how it all connects to other countrys...who am I to look at those people who I elected and tell them to let the patient die? Sounds like a JW refusing a blood transfusion when all the doctors say it is the only chance...

    #2 Warren Buffet. I trust Warren Buffet.

  • Gill

    But you can't trust them....they are the cause of the problem and making it worst.

    It's like giving a knife to someone who wants to kill you ..... not a wise move!

  • lisaBObeesa
    But you can't trust them....they are the cause of the problem and making it worst.

    Not Warren Buffet. Warren Buffet was against all this mess and sounding the alarm the whole time.

    He is also behind this film, that sadly is coming out to the American public just a little too late:

  • Gill

    It is heartbreaking what is happening to the ordinary man and woman in the world these days.

    The super, uber rich are off buying their multi million dollar / pound ships and the salt of the world is dying.

    So sad.

  • sammielee24

    I hope the people in Washington can come up with a plan that keeps us from another great depression. If they can do that it will be worth 700 Billion dollars. IF they can't, well...that's just going to suck for all of us, isn't it?

    But nobody knows do they?

    You hear that its going to create Armeggedon but you don't know. The money isn't going to trickle down from some unknown place because of this bailout. There is no guarantee that you will get all your money back even if they hold the junk for 20 years. You have to pay interest on all that money that's being borrowed. You have to pay a lot of people from the newly created offices of oversight to manage the junk. You have to pay for cleanup, marketing, property management of the junk...add it all up and it's doubtful if you'll see it paid back any time soon. Investment entails risk - you can earn a lot or lose a lot. Investors who walked away from their homes lost - I know a guy who used his business as leverage to buy a house as an investment and he lost both. He hasn't been bailed out - he's bankrupt. There should be no bailout. I see a country living on fear - if it isn't fear of the terrorist, it's fear of economic Armeggedon. Once that's over - it'll be a push to keep you afraid of something else. You owe the Chinese well over a trillion and if their economy starts to tank in this next year, as some economsts say, then they will call in the loan and you are more than beyond broke.

    Unemployment is rising - in August it went up 2.2 points which has been unheard of for years. Mortgage rates climbed to 6.5%. Wages have in real terms fallen so much that you actually have 15% less buying power now than in the 60's, even though your salary might have gone up.

    Interest rates will have to rise a lot in order to pay off the debt. Taxes will have to go up in order to pay the debt. 80,000 people in the financial sector alone lost their jobs this year and another 80,000 are due to follow. 20,000 business went under so far this year, gas is set to rise again and food isn't coming down in price. Communities are struggling as tax revenue is down.

    Not one person that has been voting this in has said you will not have a longer or deeper recession. They are not saying you won't enter into a major depression. They are not saying the dollar is going to tank, inflation won't rise and interest rates will remain low. All they are telling you is they hope that this fixes it. What I don't understand, is the rush to push - 200 economists have said this is a bad plan, 90% of the US does not want the bailout but it's going ahead. A country that has railed against nationalization and socialism, railed against the Chavez for nationalizing oil, railed against Cuba, railed against countries like Sweden, Finland, France, England for their social programs - has now decided to take over the financial industry of the country for your own good. This changes the very ideology that the USA has always insisted set it apart. sammieswife.

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