Letters to the Editor
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Ten months remaining
for Bush to completely destroy what is left of the United States so his elite masters can buy up the resulting fire sale. Looks like they are still on schedule.
fools...
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@Trainman
If the words you're looking for are "greed," and "hubris" then yes, I think you're right
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Impressive
I make a living as a professional economist and risk manager. -- A Billion Angry Bees
Excuse me while I genuflect.
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Had enough
Thank you, very good points and articulated well. The CORPORATE WELFARE KINGS will be bailed out by loan proceeds funded by the Fed and to be paid back by the American individual taxpayers. It's a sweet deal the CORPORATE WELFARE KINGS get the loan proceeds and the principal and interest for these loans paid for by the American taxpayers. Socialism for the wealthy and capitalism for the poor which how the USA government operates. As for me if I were to go to Congress and ask for a bandage, their would be howl to high hell about it breaking the budget and Bush would veto it on principal, that it would be socialism. Oops, he already did so when he vetoed the health care for children's health bill. Base on principal, it is socialism.
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Our turn
Why worry? The super rich will be fine. This is just the latest move in catastrophe capitalism. Now it's the turn of ordinary people worldwide to suffer as the people at the very top of the economic heap continue to enjoy the good life.
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And there is a God?
he must despise average humans
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Billion Angry Bees
You're right it's not socialism it's Fascism, according to Mussolini's definition. You're great at using buzz word, stalking horses, and red herrings. Fascism is more insidious than socialism and what we have is fascism here because the government has no ownership stake, it just gives the private owners money without accountability to the taxpayers who fund the bailout by loan proceeds. The loan proceeds are given to the FASCIST WELFARE KINGS and others, the American taxpayer pays the principal and interest, a sweet deal indeed for those getting the non-transparent loan proceeds. As far as your Venezuela tirade, well it doesn't make sense other than it provides you with a red herring diversion. You're right, it is FASCISM FOR THE RICH and capitalism for the poor.
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OK Andrew
Where's your money? In the stock market? Bank? Gold bars in a vault somewhere?
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Luv your metaphors.
This whole mess stinks like a dead skunk in the road. The continued cutting of interest rates will do nothing to stop what is coming. Those cuts are aimed only at shoring up the lending institutions and do not translate into confronting the next big thing. Unlike that said skunk the money people are ignoring the stench of the ongoing problem.
The effort being put into ratcheting down the brakes is a lost effort. The entire time that the moneyed people are looking for the fed to save them at 3.25%, They charge 25% on personal credit. That is the train coming at us on the same track. I do not know if that is the end of times that you mention in your most recent post. But, my question is; When will the bankers start jumping from their windows?
footsore
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more practical questions from an ordinary person
So, should I be pulling all of my money out of my bank and stuffing it in my mattress? I use a big bank affected by the housing crisis. (I already sold the stock.)
I use the same bank for my small biz banking. I suppose I could convert the accounts to a local credit union...
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It's depressing
\even easier lending terms for beleaguered blue-chip borrowers//
Are there any blue-chip borrowers left?
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Well I don't care what you call it
4 weeks ago most of you were in favor of small f fascism as in bailing out homeowners who stupidly took the same risk calculations to heart and are now crying poverty.
So you wordsmiths tell me. Which industries deserve a bailout and which do not under which cases? I remember that twice in the last 8 years the Orange county (CA) public employees pension fund has gone broke on paper. The first time for speculating on Enron and the second time speculating on CMO's. That to me is a clear violation of the fiduciary responsibilities that are supposed to guide such pension funds, in fact the Teamster Fund #8 fraud case (1974) send many people to JAIL for doing exactly the same thing. But at the end of the day a few hundred thousand people are left holding an empty bag. I guess we can say screw them, why not?
I guess it sucks to be them, Caveat Emptor and such like that. So - ok if you want to see investment banks crash and burn then I agree as long as we apply the same rules for crashing and burning for the 20-25% subprime mortagage holders as well. They threw the dic, they lost. It seems the 'socialist' and fair thing to do, doesn't it?
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Area Woman
Just my opinion of course---Pull out of stocks & put your money in safe CD-type investments at your local credit union. Depending upon your tolerance for risk--you might try putting some money in a reverse-ETF like 'QID'. If the market tanks they go up in value. They've done well the past few months, for obvious reasons.
Sort of like betting the 'Don't Come' line on a craps table at Harrah's--kinda bad karma, you win while everyone else loses.
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My guess is 'Angry Bees' is hitting the sauce about now. His logic & arguements no longer seem to make any sense whatsoever--other than to say IT'S ALL THE FAULT OF THE LITTLE GUY.
Has he mentioned Bill Clinton's dick yet?
Pass the popcorn, this is gonna get interesting.
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@ askdong and a billion angry bees
To take the latter first: One suspects that a billion angry bees will soon learn not to announce in public that he (or she, but I suspect somehow he) is a professional economist, upon pain of finding out exactly what a billion angry bees will do to someone who offends them.
As for his(?) and askdong's assertion that the proposed bailout should not be viewed as class warfare, or that "trumping" economics with morals is somehow wrong: Class warfare ALWAYS proceeds by means of unfair economic advantage. The concentration of wealth in fewer and fewer hands is and has always been class warfare. When I was a child in Mississippi in the 1950s and early 60s, those who were on welfare were constantly described as shiftless bums (it was a part of the race warfare, because given the economic realities in Mississippi, blacks were forced disproportionately onto welfare rolls). Some of us then asked the very question many are now asking: Why is it "welfare" when it is given to people, but "capitalism" when it is given to corporations?
One is touched, however, by the concern these two show for the well-being of the general public, which causes them to favor bailing out financial enterprises I would describe as too stupid to live but which they think of as too big to fail. I look forward to reading the many writings they have surely produced previously on behalf of working-class citizens.
And incidentally--public utilities are not immune from greed and hubris (and thanks to the poster who introduced those two entirely accurate words). I once worked for a public service commission as a mathematician who helped calculate rates (not FOR the utilities, please note, but as a check on them). The attitude at utilities is the same: Regulations are for fools, do everything you can get away with to violate the intent of the law, and grab the money and run.