I'm just gonna rant today becuase i have nothing of cycling value to add, that, and i just looked at what was left of my 401K.
No accountability is what the bail-out amends to. Seriously, everyone from CEO all the way down to greedy mortgage broker and even the buyer should be held accountable. If you didn't make enough to pay for the mortgage in the first place, how did you think that some crafty mortgage plan was going to change that, for that, you are an idiot. For every step of my work I am held accountable, if I don't meet my obligations I am held accountable and these people need to be as well. They should never be allowed to work in the banking/mortgage industry again...hello Walmart, make them work for minimum wage.
I will never support any plan that just empties the general coffers, while bathing the top 5% of Americans in absurd wealth. Rewarding the wealthy for ruining the foundations of the economy, sounds great, for the wealthy. If I mess-up on my mortgage, I get no bailout, I loose my home; if the wealthy mess-up, they cry that is not their fault...BS
If the average taxpayer has to bail out dishonest Wall Street executives, they should pay us back when things are strong underfoot. Not a promise of future stability & jobs, actual pay back...results keep this country moving forward, promises are empty.
The avarice and greed of America's wealthy is single-handedly selling out this economy, our country, and their fellow citizens. Empty heros, selfish zeros. Wall Street must learn pride, respect, and faith, & remember who you have exploited to aquire your riches.
I won't even pursue this pearl of wisdom that has been added to the Bail-out "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." NO COURT OVERSIGHT....BS....In short, the so-called "mother of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People's duly sworn representatives (The Huffingtonpost.com)...
Did you know that $700B could buy 2.3M houses at $300K per house? (I read this somewhere so it could be crap but it sounds good at the moment) At last count there were 310,000 houses in foreclosure in the US. Why not just buy them all? It would be a lot cheaper. Then buy all the new construction that's not selling. Still cheaper. Bulldoze half of them and the housing problem is solved.
The net result is we've bailed out people and builders, not Wall St
oh yeah...Bedford race this sunday....can't afford to make it up to VT..staying local..more time for sleeping in...NICE
oh and this is a nice visit http://www.buymyshitpile.com/
Tuesday, September 23, 2008
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