Huge Bailout Proposal--$700 billion--Suck the bad debt out of the financial system

I think its more likely that Bernake is a fraud, a scamster, and a con-artist like many who are part of the Bush Administration and especially Paulson.

Paulson constantly says one thing like "we're not going to bail out banks" and then weeks later bails out banks. Then his next line:

"There's no time to think about it you must give us $1 trillion dollars which we can do with what ever we want"

These men are extremely dangerous to the financial stability of the US and the world. Congress, Treasury, and the Fed set up the conditions for this massive Ponzi scheme in Credit Default Swaps based on sub-prime loans. Now treasury and the fed are looking to reward the crook/incompetent banks that played their part in this scam by paying original market values for completely worthless paper.

The American taxpayer and their grand children foots the bill. This is the most outrageous scam ever dreamed up by government officials any where. These people should be all go to jail for a long time.

$1 trillion dollars going to predatory Patrick Batemen Investment Banker psychopaths. This is unbelievable.

 

You're not alone.

 

THe real issue is that the people in default overpaid for the houses and can't afford the payments.

What's next on the agenda? A credit card and car loan bailout.

 

With that much money getting put into play by the ever-brilliant US Congress... can you imagine how many people are gonna become wealthy in short order as they figure out how to scam chunks of it?

Guess the only consolation is that by then those dollars wont actually have any value anyway.

 

Outstanding. My wifes been into deficit spending so long I already feel like I'm a politician... might as well have a negative income officially.

 

Maybe you can be added to the bailout. What is another 1 billion?

 

Probably could get that tacked onto the plan if I could think of one of those cool mumbo-jumbo official sounding names.

How bout The Emergency Texas Wildlife Preservation Appropriation?.

With a billion I could pay off anything I wanted and still afford a few wild parties at the house.

 

They are trying to include it in this bailout. They are not limiting the Treasury to just home mortgage debt but to any "troubled asset" which will include credit card debt, car loans, and even school loans.

I have no sympathy for people who bought more house than they could reasonably afford. But why should the taxpayer bailout those idiots who lent them the money or repurchased that bad debt? The market will take care of all of this.

My wife and I have been waiting until we could afford to pay for the house we want. I am not at all pleased that those who could not afford the houses they did buy are getting a break and those that made those bad loans are getting a break.

 

This is starting to remind me of what happened with aid to New Orleans after Hurricane. At least 50% of the money was stolen and the rest wasted.

 

Either way we're all going to pay for the actions of the idiotic and irresponsible.

 

Not really. Lehman Brothers went bankrupt and it didn't cost me anything.

 

I doubt they will. They dont contribute to political campaigns if they cant pay their house payment. The lending fatcats OTOH have purchased plenty of goodwill in a certain town where the definition of an honest politician incljudes somebody who once bought *stays* bought.

Not to mention the number of Senators who are bailing out their own investments by handing this over to the taxpayers to fund. Cool, I get to visit a socialist country without even buying a plane ticket.

Meanwhile there will be so many hogs lining up for a trillion dollar trough... if any of the money gets spent on where it's supposed to go they oughta erect a shrine on the spot and call the Vatican.

 

A lot of people did indeed lose money and many were honest investors. But there were also a lot of speculators that were hoping for a government bailout. Investors got killed with Freddie/Fannie and Bear Stearns. An Englishman lost $1 Billion in a matter of months.

 

But our government was perfectly willing to try and outlaw online poker. Assholes.

 

The government may need to start their own online poker business if they keep at it with the bailouts.

 

I think they oughta start sending scam emails to Nigerians.