Thursday
Sep252008
Ten Reasons to Oppose the Wall Street Bailout
Thursday, September 25, 2008 at 10:35PM The Blogmother
I shamelessly took this directly from another site called No Wall Street Bailout. In case y'all haven't guessed. I am AGAINST bailing out billionaires, oligarchs and rich foreign investors. Read Ten Reasons you should oppose this foolishness! I already called my two senators and House member. I am calling again in the morning.
Ten Reasons to Oppose the Wall Street Bailout
1. It costs $700 billion dollars, which is as much money as the combined annual budgets of the Departments of Defense, Education and Health and Human Services. It amounts to $2,300 for every man, woman, and child in America.
2. This $700 billion will all be borrowed money. The plan raises the national debt ceiling to $11.3 trillion. That is $11,300,000,000,000.
3. It gives Sec. Henry Paulson, formerly the head of Goldman Sachs, the power to buy assets from his former firm with no court or administrative oversight.
4. Goldman Sachs, like many Wall Street firms, gave its CEO a $67.9 million bonus last year. That is more than 1,400 times what the median American earns. Yet the plan has no provision to cap salaries or reduce bonuses at Wall Street banks that take taxpayer money.
5.The bailout has a "reverse dutch auction" format that allows Wall Street firms to set the price taxpayers will pay.
6.The 5 companies managing the bailout auction are also Wall Street firms, and will likely receive billions of tax dollars in fees.
7. The plan buys "troubled assets" from foreign banks.
8. The plan hurts responsible U.S. banks by keeping reckless, insolvent investment banks in business.
9. The idea that taxpayers will make money is a fraud. If a profit was possible, private speculators would readily buy these "troubled assets." Instead, the bailout lets Wall Street push its losses on the taxpayer.
10. The plan violates basic principles of American capitalism by creating a system of "private profits, socialized losses." No Wall Street Bailout
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Reader Comments (14)
These 10 points are now mine. Thanks for sharing them.
Another reason to oppose the bailout is President Bush was very rude when he went before the citizenry on Wednesday saying essentially give me the money or else.
One of my Senators, Jim Inhofe, already came out against this for some of the reasons mentioned in this article. Tom Coburn is even harder when it comes to economic issues and government spending. I will be emailing both of them and John Sullivan about this. I believe he has come out against this.
I did not watch the press conference where Bush came to the country. I guess anyone that is in a panic will not have the best disposition. I'm so glad that there is a fight up there.
Anyone that keeps up with this knows that our government has been in major debts for years and years. ANYONE that knows this understands that any monies that is being spent is borrowed money. That is never good. We do not get away with this in our personal finances. Even if they try and pass this, how many foreign countries are going to be willing to lend us the money?
I called my senators when you posted the first post about this. I really started to think about this.
I remember feeling wow- we can't ever have universal healthcare, or a really great education system, or better services for returning vets, or social security, and yet we can come up with 700 billion dollars for this?
Good post. I am passing it along.
I don't want a bailout. But, they had better do something. Total inaction = Depression.
Basically, the ability to borrow money would screech to a halt. This may not affect us directly, but it'll start affecting folk indirectly quickly.
Many small businesses borrow money legitimately to function from month. It's how they cover payroll until their money comes in from people who owe them.
Find an accounting principles student...wait find one that actually pays attention in class.
My preference would be for private investors to do the bailing. But, trust me if the lending market screeches to a halt, it ain't gonna be pretty. And, those rich folk we don't want them to bail out, will still be rich.
It'll be the average joe working for a small factory, company, etc. that will get it.
These people get us coming and going.
YME
Just because they have to do SOMETHING doesn't mean they have to do THIS. Warren Buffet dropped 5 BILLION dollars on Goldman so there is plenty of Foreign and private money to make these banks liquid.
Second, WE WILL SURVIVE A DEPRESSION and there is NO indication that what these idiots are proposing will avoid a depression in fact most economists say this will make it worse
THIRD, I refuse to be held hostage by an administration that says PAY UP or else.
They are couting on people like you and me to be blueless about what is going on until such time as the rich folks get their money while the tax payers get hosed. NO. NO. NO.
I plan on voting against any member of Congress from my State that approves this bail out. This is socialism and corporate welfare.
dont be fool by scare tactics
I'm not buying the bailout idea.
Doesn't matter if there is a bail out or not the us economy is going downhill
I listened to Paulson and Bernanke testify in Washington DC. Frankly, they don't know what they are proposing. Paulson just wanted a blank check and he won't be there for long! Bernanke was there just to be a sidekick.
I got really mad when I heard that Congress was talking about limiting executive pay and Paulson said that wasn't a good idea. The next proposal was to allow judges to re-evaluate foreclosures helping people to stay in their homes. He was against that too!
Since these guys don't care about the average American losing their home, why bother with this bailout? It's disgusting. Congress needs to find another solution, or do nothing at all.
No bailout!
If we're going to "bail them out" (and it looks like eventually we will), I say just "buy them out" and keep control of these companies and all of their current and future assets.
Maybe I sound too much like a socialist.
We need to follow Thomas Jefferson's advice more often. These people have put together a petition using only Jefferson's words. If it gets to 10000 signatures, it will be forwarded to the members of congress and the senate.
http://tomsaysno.appspot.com' rel="nofollow">Jefferson's Plea.
People are opposed to the bailout, because it is a shortcut to tyranny.
It should be no surprise that we have become debt slaves.most people have the mentality, If you cant beat'em- join'em. IN The words of the Rothchilds (the family that owns JP morgan and a stake in the FEDERAL RESERVE BANK) " If i control your money i care not who makes your laws". Let's hope this shift in our economy wakes us up and focus on our future a little better.