Republicans created bank bailout for $700 billion dollars and now talk about deficit spending?

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“We’ve made it pretty clear to our members that we are supporting this bill,” Boehner told reporters after the meeting. “We also have made it clear to our members we expected as many of them who could vote for this to vote for it.”

After bashing the bailout plan for more than a week, rank-and-file Republicans are starting to accept what Boehner and others stated early on: The current economic meltdown is a bad situation – and a massive government intervention in the financial markets is regrettable response – but it’s their only option at this late stage in the crisis.

http://www.politico.com/news/stories/0908/14054.html

Never once did these sorry ass-scratching sons of bitches like Boehner say – this bailout of the banks is socialism – is wrong and we won’t do it – will create a bigger deficit we can’t afford.

I watched CSPA N during the appropriations committee hearings on amendments to the current stimulus bill. I noted the Republicans stonewalling, undermining any support, following party lines at the expense of common sense and voting to strip the stimulus package of any and all support for regular people in America. They don’t care about the American people, they don’t serve the American people and never once considered their actions when forcing us to pay for their bailout of Wall Street friends and banking interests – most of which they are indebted to and profit from. It is disgusting.

Now, after oppressive tyranny that has run America and her people into the ground over the last thirty years, the overspending that cost us a ten trillion dollar deficit under their control, and no real rights or freedoms left to American citizens, businesses that are in utter ruin, huge unemployment and our country sold to the highest bidder around the world – even our enemies are laughing at our Congressional “leaders” and Republican party.

What a pathetic joke on all of us – and they still talk about us like we are donkeys or asses to be manipulated by stick and carrot. They are screwing us all still today because they refuse to consider being part of the solution or of creating solutions and insist on continuing the same old propaganda and the same old game to profit at our expense.

I refuse to be a citizen supporting the Republican party or the Democratic party, the banks, the big business billionaires, the credit derivatives gamblers, the hedge funds, the stock traders, the brokers, the real estate moguls, and the crap they have forced down all of our throats. There is no change so long as they all stay the same.

Somebody in America ought to sue the shorts off every one of the legislators that voted for the bailouts to banks misappropriating our money to do it. And, a class action suit should be made against the Republican party for misrepresenting their principles to those that have supported them. They didn’t use those principles in action and they should be held accountable.

- cricketdiane, 01-23-09

Banks demand unearned confidence to keep the con game going – bailouts for bankers were criminal

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“Banks weren’t intended to be some grand confidence scheme and that’s the only thing they are now. That is the basic problem – their con game has been discovered.”

- cricketdiane, 01-23-09

Why would anyone still believe that banks are now what they used to be? There are safer profitable ways to use money, places to put money and methods for moving money than banks.

The credit rates they offer are unreliable, they change the rules in the middle of the game, they gamble the assets they hold and are so wrapped up in their own con that they believe they can value assets as they want them to be rather than what they are.

They’ve misused the profits from their activities in order to line their own pockets and risked the moneys put with them for safe-keeping. They’ve leveraged every $1 of assets many times over such that they would never actually break even if they started today using sound fiscal management.

Their willingness to trade in exotic extreme risk products and to gamble in financial markets, hedge funds and credit default swaps has decimated the real value of their businesses and destroyed any sound legal standing for their business model. They are a con game.

Davos 2009 – World Economic Forum Meeting – Jan 28 – send requests ideas solutions to CNNI for relay to Davos decision-makers

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  • Story Highlights
  • CNN is asking bloggers to submit questions for us to put to business leaders
  • World Economic Forum takes place Jan. 28-Feb. 1 in Davos, Switzerland
  • CNN.com users can submit questions by e-mailing deardavos@cnn.com

http://edition.cnn.com/2009/WORLD/europe/01/07/davos.deardavos/index.html

http://www.weforum.org/en/events/AnnualMeeting2009/index.htm
Annual Meeting 2009
Davos-Klosters, Switzerland, 28 January – 1 February 2009
“Shaping the Post-Crisis World”

During the five-day Meeting, over 2,500 participants from 96 countries will gather in Davos. Around 56% are business leaders, drawn principally from the Forum’s Members – the 1,000 foremost companies from around the world and across economic sectors.

More than 1,400 chief executives and chairpersons from the world’s leading companies are participating this year, the highest ever since the World Economic Forum was founded in 1971.

Other participants from around the world include:
• 250 public figures, including 41 heads of state or government, 60 ministers, 30 heads or senior officials of international organizations and 10 ambassadors
• More than 510 participants from civil society, including 50 heads or representatives of non-governmental organizations, 225 media leaders, 215 leaders from academic institutions and think tanks, 10 religious leaders of different faiths and 10 trade union leaders.

Business leaders from all sectors and from all regions will be well represented among the participants in this year’s Annual Meeting. Other participants include heads of NGOs and labour leaders, Social Entrepreneurs and Young Global Leaders.

http://www.weforum.org/en/events/AnnualMeeting2009/index.htm
Annual Meeting 2009
Davos-Klosters, Switzerland, 28 January – 1 February 2009
“Shaping the Post-Crisis World”

The World Economic Forum Annual Meeting 2009 promises to be one of the most important events in the Forum’s history. The significance of the Meeting is such that more than 40 heads of state and government have already confirmed their participation in Davos-Klosters where they will join business leaders as well as NGOs, Trade Unions and experts from a wide range of fields. The Meeting will be focused on managing the current crisis and shaping the entire post-crisis agenda, from economic reform to climate change.

http://upcoming.yahoo.com/event/728493
Davos 2009 – World Economic Forum Annual Meeting
Wednesday January 28, 2009 – Sunday February 1, 2009 from 9:00am – 6:00pm
Davos Congress Center
Davos main street
Davos, Geneva

**  My Note  **

Credit derivatives and complex financial derivative products have made structural systemic fault lines throughout the economies of the world. It is possible to make all such products null and void, but my best guess is that there will be a continuing drive to feed the superstitious belief that if business and government leaders can make everyone believe it will all be okay – then it will all be okay and straighten itself out.

It looks as though business leaders will be there (at Davos) pressuring the change in mark to market accounting back to their own fantasy based accounting practices and exerting their influence to continue feeding themselves at the expense of every government and peoples in the world. That is their use of Washington and I would guess they will do it at Davos as well. Isn’t it at all possible for them to be part of the solution rather than a significant part of the problem?

This shindig promises to be fired up this time since there is an obvious call for true honest accounting and transparency across the board so that real decisions can be made based on reality. If the macro-economics teams can get a word in at all, and be heard over the politics of position and ideologies, party loyalties and big business lobbying – maybe, just maybe an honest dialogue about the truth of the world economic crisis can ensue.

There is no easy point at which solutions can be generated but as long as blind persuasion and biased representations of the facts are allowed to run the day, nothing to solve the problems can occur. Inasmuch as we have all benefited from business and monetary policy, if our business, banking, finance and government leaders would join with macro-economists rather than trying to persuade and push a singular point of view, then solutions could be generated that would be worth trying. Unlikely – but it could happen.

And, that goes for macro-economic experts and economists, too. If these intelligent people would stop their strangle hold on views of economics that no longer apply and weren’t created to deal with this situation – then apply their knowledge and overall understanding to the new economic reality, they could help to generate solutions that would work. We need workable solutions immediately – not three years out, but now – yesterday.

All of the members attending Davos need to understand they have each helped to create the situation and its disastrous results that are unfolding across the entire spectrum of markets and businesses, throughout the entire world. It is possible for solutions that are workable to be put into play and done so quickly. But, it is only through reality-based analysis that the true facts can be used for real workable solutions to be effective. We need solutions that work for today, the way the world is now – not solutions from a world long before today with differences in every elemental fact.

- cricketdiane, 01-23-09

Bank bailouts in US economic crisis cover executive perks bonuses high salaries and keeps those who have driven the companies into the ground

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1.2 million dollars = 24 individual jobs at $50,000 each
10 million dollars in executive bonuses = 200 individual jobs at $50,000 per year
10 million dollars in bonuses times 25 executives = 5000 individual employees at $50,000 a year

When company executives spend 1.2 million dollars on their office furnishings – that means they spent the incomes for 24 individual families which could have received $50,000 a year to work in that company to continue making it profitable and to make their own lives financially viable.

Each $53,000,000 bonus paid out to any executive in an American company has cost more than the loss of those funds to one individual who has in many cases driven their company into the ground. It is also the loss of the jobs and employment for 20 individuals for each $1,000,000 spent on those bonuses. Or, in this case – the loss of 1060 employees’ jobs at $50,000 a year for each bonus of 53 million dollars paid.

When bonuses of this scale were, and are being paid out of company profits, these moneys did not belong to the executives – they belonged to the company and its continuing profitability and sustenance.

- cricketdiane, 01-23-09, USA

Bankers don’t need any more bailouts – neither does Wall Street – nor do hedge funds – nor do financial institutions – they need a paradigm shift of magnitude

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***
First of all, the banks have made money by using the deposits of our money, charging fees and interest on our money that was placed with them for safe-keeping.

Then, due to their negligence, mismanagement, greed and short-sightedness in the use of “their” assets and ours placed with them, these bankers and their lobbyists pressured our leaders to buy out every bad decision they’ve made and cover their losses.

Second of all, which American citizen agreed to give 7 – 8 thousand dollars of their hard-earned income each year from here on out in order to give the big banks the spending and gambling money as they were already given in TARP, Treasury and Federal Reserve funds last fall and are about to be given again?

And, who was it that decided these bankers were in the right when not once were they using their own money to resolve their bad financial decisions and mismanagement of assets?

Third of all, whether they have their own FICO score or not, big banks and financial institutions have mismanaged assets, why would we give them more funds to gamble away – wouldn’t their credit score be somewhere near zero?

And, tell me how is it that it would have been worse if TARP and other program funds had not been given to the banks? They were insolvent and mismanaged then and still are, credit was and is frozen anyway, the”players” in the banking industry are still gambling their and our assets and they wouldn’t loan to themselves or each other if they had to.

These banks are virtually bankrupt but feeding on every dime any of the rest of us will ever make in our lifetimes. It wouldn’t have been any worse. They lied. Their lobbyists lied. Their political buddies lied. Their paid “experts” lied. And their executives had to have known over many years that there were systemic misrepresentations in the values of the assets they were presenting, both to the public, to shareholders and to the government regulators.

And, without any significant paradigm shift in the financial, banking and investment industries, they will continue feeding off Washington and the rest of us including diverting our tax dollars for their own use while lying to legislators, regulators, shareholders and the public. These financial businesses will continue engaging in poor asset management, using faulty fantasy-based accounting practices, perpetrating shoddy and criminal business practices, gambling with our money and excessively leveraging everything that comes near them.

- cricketdiane, 01-21-09

We need to add at least 22 million good paying jobs in America – not 3 or 4 million – US economic crisis 2009

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On CNN’s Lou Dobbs show tonight there was an “expert” saying that we have lost x number of jobs (over 2 million) and because each month another 1.5 million jobs are needed in order to absorb the greater number of employable, therefore we need to add 4 million jobs in America. So, I wrote this to their email because that was about too stupid to not send something to correct it.

I’m appalled at the degree of willingness of paid “experts” to subject us to their perception management tactics, “framing” and interpreting the issues for us, expressing misguided and disingenuous “facts” loosely based on reality, and pretending or projecting that reality is different than it is. Those are the tactics that got us in this mess and kept it going until we’ve damn near lost America because of it. (anyway, I didn’t write this part to tell them at the Lou Dobbs, CNN show – I wrote this below and sent it -

When there are 11.1 million people unemployed and 8.6 million people forced to work part-time when they neither need or want to work part-time (by US government’s low-ball estimates), that is conservatively 19.7 million good-paying jobs America is missing. So, how many jobs need to be put in place right now isn’t even in the neighborhood of 4 million as described by the expert on your show.

America needs 20 million jobs to replace those that have been lost as evidenced by the numbers of unemployed and underemployed currently plus an additional growth of +/- 2 million jobs per month to accommodate our growing population of employable individuals.

The grossly underestimated numbers given by your expert on tonight’s show was a continuing failure by academics, experts, government agencies and news organizations which has been and is still aggravating the problem. There can be no solutions where our larger community believes our economic difficulties are only a fifth of what they actually are. Your audience living in its own small communities around the globe, but especially in the US, already know that the problem is much greater than you are saying because it is being experienced first hand. Why don’t you and your producers know that?

- cricketdiane, 01-20-09

Do you have any idea what handstands the US government requires for the poorest of the poor to receive even $600 a month – and they give banks billions, no questions asked?

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http://www.nytimes.com/2008/12/18/business/18pay.html

Published: December 17, 2008

E. Stanley O’Neal, the former chief executive of Merrill Lynch, was paid $46 million in 2006, $18.5 million of it in cash.

But Merrill’s record earnings in 2006 — $7.5 billion — turned out to be a mirage. The company has since lost three times that amount, largely because the mortgage investments that supposedly had powered some of those profits plunged in value.

Unlike the earnings, however, the bonuses have not been reversed.

As regulators and shareholders sift through the rubble of the financial crisis, questions are being asked about what role lavish bonuses played in the debacle.

For Wall Street, much of this decade represented a new Gilded Age. Salaries were merely play money — a pittance compared to bonuses. Bonus season became an annual celebration of the riches to be had in the markets. That was especially so in the New York area, where nearly $1 out of every $4 that companies paid employees last year went to someone in the financial industry. Bankers celebrated with five-figure dinners, vied to outspend each other at charity auctions and spent their newfound fortunes on new homes, cars and art.

More than 100 people in Merrill’s bond unit alone broke the million-dollar mark in 2006. Goldman Sachs paid more than $20 million apiece to more than 50 people that year, according to a person familiar with the matter.

***

http://topics.nytimes.com/top/news/business/series/the_reckoning/index.html

Foreclosures continue – What purpose did the “housing bill” of last year and bailout of Freddie and Fannie serve?

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Jan. 15 (Bloomberg) — Freddie Mac continues to foreclose on homeowners and make plans to evict them, drawing fire from legal aid groups who say the moves violate the spirit of a moratorium the company agreed to in November.

the mortgage- finance company continues to initiate court cases against homeowners and pursue existing cases, company spokesman Brad German said. Freddie and Fannie Mae, the government-sponsored enterprises seized by regulators Sept. 6, agreed to suspend “foreclosure sales” and evictions through this month after regulators urged them to help struggling homeowners modify mortgages to reduce payments.

Fannie had an inventory of almost 70,000 foreclosed properties at the end of the third quarter, while Freddie held about 30,000.

Fannie and Freddie, which own or guarantee almost half of the $12 trillion U.S. home-loan market, were taken over when regulators found the two were at risk of failing after posting record losses in the worst housing decline since the Great Depression.

http://www.bloomberg.com/apps/news?pid=20601103&sid=aNaue9COnrdc&refer=us

Freddie Foreclosures, Eviction Plans Continue During Moratorium

By Dawn Kopecki

Editors: Larry Liebert, Joe Winski To contact the reporter on this story: Dawn Kopecki in Washington at dkopecki@bloomberg.net

Last Updated: January 15, 2009 00:01 EST

**  My Note  ***

An anchor on cable news, I think it may have been foxbusiness just mentioned that there are currently 2.3 million homes currently in foreclosure. So, if we add that number to those which have already been foreclosed since January 2007 – what kind of number is that? Where are those families now?

Personally, I would love to know why can’t homeowners simply go buy those mortgages for 20 cents on the dollar like companies holding them have been selling them? People could put it on their credit card or take out a small bank loan and just buy the durn thing . . .

- cricketdiane


We are paying for businesses like Bank of America who now owns Countrywide, don’t they and every other banking, investment and mortgage holding institution, plus Freddie Mac and Fannie Mae – covering all their losses on mortgages and mortgage-backed securities and their compensation packages are preserved. Citibank’s sponsorship of a bowl game for $45 billion is secured.

Advertising and promotion budgets continue, private planes and spas, bonuses, retention bonuses, dental and stock shares are all protected. The list of benefits to these companies and their executives are extensive, and we are paying to make sure these are secure for them while they make every mortgage holder homeless, penniless, desperate and without any real option but to default.

So, the only purpose to the housing bailout moneys already spent was to keep the Senators’ Washington friends in their jobs and protect pensions and benefits for them – not to stem foreclosures.
What a lie we’ve paid everything to fix which isn’t fixing anything.

And, every day more money is spent by the Congress to “help the homeowners” – what is in the water up there in Washington that has caused contempt for the citizens of America that they “serve”?

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