Posts with the tag bailout

Safety | THE BIG 3 FAIL AGAIN

Percy H Florez — Wed, 17 Dec 2008 14:23:40 EST

In earlier crash tests, these small cars won the Insurance Institute for Highway Safety's Top Safety Pick award.

Honda Civic (four-door models with ESC)

Mitsubishi Lancer (with ESC)

Scion xB (shown)

Subaru Impreza

Toyota Corolla (with ESC)

Volkswagen Rabbit (4-door models)

Did you recognize any CAR or CARS of this BIG 3 looser in this list?
This is the reality of the American Auto Industry!

Percy H Florez

GM, Ford - Won't Pledge to Buy American

Michael Collins — Fri, 05 Dec 2008 11:22:42 EST

GM, Ford - Won't Pledge to Buy American

Sen. Sherrod Brown (D, OH) asking GM, Ford, and Crysler,
'Will you buy American if we give you taxpayer dollars?'

Michael Collins

(Wash. DC) The CEO's of General Motors, Ford, and Chrysler were in the Capitol Thursday asking for $34 billion dollars to stay in business for the next few months. The three companies are now at the top of the corporate "dead pool," with a bankruptcy for GM possible by the end of the year. They appeared before the Senate Committee o Banking, Housing, and Urban Affairs.

Senator Sherrod Brown (D, OH) provided one of the most telling moments when he asked the three chiefs to commit to continued purchasing from United States automotive suppliers at the same or increased levels in return for federal bailout funds.

Suppliers for GM, Ford and Chrysler are located across the country. A GM bankruptcy would resonate through the aftermarket, original equipment (for new cars), and heavy duty parts suppliers creating broad based economic hardship.

The Auto Companies Must Be Destroyed

Frank Lynch — Wed, 03 Dec 2008 12:11:27 EST

The system of Corporate Governance in America is broken. We must destroy the auto companies as the only way to fix the problem. read more at http://blog.franklynch.org/2008/12/03/we-must-nationalize-the-auto-companies-because-sneaky-auto-executives-cheating-on-bailout/

Bonus Time in Detroit: How Many Hundred of Millions Will the CEOs Pay Themselves After Destroying Their Companies ?

Frank Lynch — Mon, 01 Dec 2008 22:41:51 EST

Notice the rush of the Big Three Auto companies' executives to collect the bailout from Congress in time for them to pay themselves hundreds of millions in bonus for Christmas!!

Barack Obama must require that none of the auto companies' executives receive any bonus this year.

Further, Barack must require that they all work for $1.00, One Dollar annual salary in 2009.

Anything else is a total rape not just of the taxpayers, but a rape of all America.

A Dire Warning for President Obama

Albany, NY — Wed, 26 Nov 2008 20:27:20 EST

I don't have to be a Nobel Prize economist to see how deep this economic downturn is going to be. Nor do I have to be a Pulitzer Prize historian to tell you that deep economic downturns lead to revolutions and world wars. The opening chapters of the Barbra Tuchman World War I classic, The Guns of August, and the newsreels of that era which show the unemployed of France, England and Germany happily marching off to trench warfare make that perfectly clear. And World War II, which raised the casualty level from five to fifty million and brought on Hiroshima....

PA-05: McCracken for Congress -- Who is Responsible for the Financial Crisis?

Victor M. Ordonez — Mon, 13 Oct 2008 13:06:39 EDT

Not surprisingly, we are seeing on TV and across the nation a strong and sometimes vicious debate erupting about who or what is to blame for the financial meltdown that is impacting not only our domestic markets but world markets as well. This was also a hot subject at the debates and forums held this week for the candidates in the 5th district race.

It is very troubling to see certain people on the national scene attempt to blame this crisis on people who took out mortgages they could not afford. We are also hearing criticism that federal government policies put in place during the 90s to encourage home ownership by low income minorities was a major factor in the crisis.

Regarding the Economy...

Gene Madison — Wed, 08 Oct 2008 02:03:21 EDT

Corporations have made major mistakes, and rather than admitting to it when the signs were first noticeable, they tried splitting up the risks into securities to slow down the possibility someone will notice so they can continue to sell their stock options and increase their wealth by Millions.. (Lehman Bros. CEO received over $400 Million over 10 years.)

Do you know that Paulson made over $36,000,000 annually as his normal salary? Now... Why in the world would any logical person decide to leave Goldman Sachs making that kind of money? He could have easily suggested someone who could contact him for suggestions and have continued to receive his salary and avoid any direct conflict of interest. He started CEO in 1999 and ended (supposedly in 2006) and reported the maximum level on the report of over $50,000,000 4 different times. (according to the PDF reporting documents on the opensecrets.org website. Other groups like "Omega Advisors, Inc. Multimarket Hedgefund" that pays interest, dividends and Capital Gains, has many real estate service investments in areas of the Country that showed the highest number of fraudulent loaning. Some of the assets that could be bought are homes in Indiana valued at $80,000 but had been assessed (yes they have assessment service investments as well) at well over $300,000. Our economic policies are flawed, and it is nothing more than an ancient embezzling scheme that always seems to find its way into every civilized nation. Funny how wherever we invoke war... it's in the few places around the globe that doesn't support the Goldman-Sachs/JP Morgan banking system.

The truth of the matter is, nationally based corporations are contrary to a stable economy. If you pay for a service in your state, that company needs to be based and have all of their service support within that state. (I'd even go as far as saying in that county.) The goal of each state should be to keep as much of the money spent by their residents inside the state. To have support in another state only drains more and more money from the local economy.

Congress & Insider Bribe Trade

Gene Madison — Mon, 06 Oct 2008 12:34:00 EDT

According to a rumor that for obvious reasons cannot be verified easily, JP Morgan staffers provide insider trading tips to congressional representatives in exchange for favorable legislation to their benefit.

I've also noticed a few special treasury 20 yr bonds that are bought and sold the same day, or bought one day, sold the next. It definitely looks like Congress not only helped to increase their own wealth but actually promoted such actions.

In addition, if this is true... and with the known illegal wiretapping, as well as claims by those voting no on the 1st bailout that threats were made if they didn't vote yes in the next vote on the bail out... That if such activity were occuring, the President would have used that information to blackmail congress. Not only to proceed with a bailout, but impeachment. Most democrats believe Bush is guilty of many wrongful and unpatriotic acts which necessarily should be investigated, which due to lack of cooperation of the Executive staff, the only way to force the information is impeachment which an executive privilege assertion would mandate a YES to Impeach for not cooperating when such information is absolutely mandatory to be disclosed.

Sadly, conspiracy theories don't seem to be so improbable anymore. This is the country we have allowed to enslave us. You get paper that is worthless unless the Government says it has value. More paper to live on a day by day basis to survive in order to ensure maximum productivity.

Only difference now from slavery in the earlier years is there was always guaranteed work and housing and food for slaves, and today we can read better and snooty tooty masters in Congress.

Congress created Fanny & Freddie and used tax dollars in order to realize profits and have campaign contribution made in order to increase the likelihood that incumbents who align themselves with the financial interests will be re-elected, and those who don't, their opponents receive the contribution.

Subverting Transparency: How Corporations Hide Contributions to Committee Leaders

Gene Madison — Mon, 06 Oct 2008 11:23:23 EDT

There are some people who are heads of certain committee's that receive campaign contributions from other political campaigns of people that don't usually get elected. (Making it difficult to find where that persons contributions came from, and how money had been spent.) It almost appears as if the candidates usually will only run in order to specifically pay out to other political campaigns. (Usually there are 30+ contributions to Congressional Representatives. There are also additional contributions made by these candidates which happens to be exempt from limits.

Regardless of how you look at it, any contribution made by corporations or people that represent/work for that company. If media coverage and even commercials were restricted to factual rather than speculative, and all candidates received an invitation to any broadcasted debate, then perhaps we might have a better choice then.. the person most likely to beat the guy I won't support.

Oh, btw... there are many people in Congress that have a large number of shares in the companies that were lucky enough to be bailed out. There were also many that sold those shares in 2006... before information was released about financial instability.

And what can we do to right this ship?

Cactus Wren - FIRED UP to take on McBush! — Fri, 03 Oct 2008 16:43:00 EDT

We are definitely in a financial crisis, and a very obscure one at that. Barack has spoken about the idiocy of what we were asked to do at the time of 9/11, and of course we all know that we were asked to go shopping. Barack (or Hillary) would of asked us for much more.

I noticed that the various response meters peaked when Sarah Palin spoke of Personal Responsibility in the debate last night. Leadership is needed now. What can WE THE PEOPLE DO, to make this economy better? What is our part, and what can we do as individuals to improve the status of the American economy, and our status in the world?

1. Anyone that has the means should pay down, or pay off their credit cards thus reducing OUR part of the debt.

2. Pay as much more as you can on your mortgages, student and car loans - reduce your eventual cost in terms of interest, but provide your regional lenders and Credit Unions with much needed actual cash.

3. Begin saving-only if it is five or ten dollars a paycheck, and you will find you can actually buy that tire, keep the oil changed in your car, and pay for some other unexpected small expenses that land us at the payday loan office.

4. Use only cash or secured credit for major purchases (where they can get the stuff back if you default, or it is backed by inventory of the business you do your credit with).

5. Keep your local food banks full, clothing and other community resources stocked with coats, shoes, & blankets for the winter.

6. If you are doing better than your family neighbors who are throwing everything at their rent or mortgage, hand them a $10-25-50 grocery or gas card, or anonymously slip it in their mailbox. Pass out a few monthly bus passes at the local job center or food bank to those that don't have them. If we all did things like this, if we all behaved like our brothers keeper, we would have plenty to go around.

7. If you are struggling too much to do any of these things, confide in someone, use these resources, there is no shame in picking up a box from the food bank, calling your local St. Vincent de Paul, or or other resources to get a utility bill paid. Most Urban Leagues will pay those Utilities under the Fema program once a year to get you over the hump for the month (and no, you do not have to be a minority for the National Urban Leagues to help your).

8. Use the contribution option on your utility bill to contribute to the funds most have to help those who can't afford to stay warm this winter.

There are things we can all do to feel less out of control. There are sacrifices we are all willing to make for our families and neighborhoods survival. Ask us to do these things, and the response will be great. you know..."Ask not what your country can do for you..."

Please get busy with this message. We need the leadership, and the economic meltdown is a dynamic that even government in a democracy has only marginal control over, especially in a global economy.

When my kids were small, I always found that giving them something to do worked much better than explaining a situation or telling them what not to do with a lot of blah-blah-blah about why etc. When I didn't want them grabbing candy bars, it was easier to tell them to put their hands on top of their head, then to tell them not to grab the candy bars. Also easier to give them a simple task like find the bottle of catchup than to tell them we would be done in a minute, or offer them some reward if they behaved in the store.

Really - give the American People things they can do - Suze Ormann style. We desperately need this kind of leadership and unification right now.

We MUST win this! I am not on line much since the primary, and can't deal with the partisanship and negativity of my local Dem HQ, so have given up on volunteering, as it is such a toxic atmosphere. i am just talking to my neighbors, folks on the bus, and many, many republicans and independents about issues, not personalities.

I am doing everything I can to get the Obama-Biden ticket to the finish line. Please help with some positive action as above. Love you all, and let's get this done!

AP: Congress OKs historic bailout bill [263-171]

Mike W, Tulsa+ — Fri, 03 Oct 2008 13:48:36 EDT

Congress OKs historic bailout bill
By JULIE HIRSCHFELD DAVIS and DAVID ESPO, Associated Press Writers
5 minutes ago [Oct 3rd, 2008 at 1:43 pm EDT]
http://news.yahoo.com/s/ap/financial_meltdown

WASHINGTON - With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.

The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

Is Congress really this dumb?

Gene Madison — Fri, 03 Oct 2008 13:17:49 EDT

The banks are threatening and have begun withholding credit unless this bill is passed. The arguments for this bill are to protect our free markets. Preventing the onset of Socialism? Are you kidding? You shift taxation on the middle and lower class income. I sell my labor in order to support myself and live, however when the economy gets bad and I become unemployed, you decide to do an extensive audit starting with 2001. All the years returned showing as I did a substantial refund, which would help with expenses. Well, the IRS took the money and gave it to another company to pay for an unpaid student loans that I myself never used. And when I collect enough information to discuss with a 'taxpayer advocate', security is called to escort me out after I asked by what authority?

When I asked the government for help with my case, which is fully documented and researched so that there should be no doubt in the matter. However, the process given to me to resolve the issue is write a letter, and someone will get back with me in 6-8 weeks.

Congress is trying to claim that their responsibility is to vote how they think best. NO SIR. Perhaps if I could trust a congressional representative whose party received over $50 Billion in "Campaign Contribution/Deregulation Bribe" money. The actions of Congress in 1909 is equivalent to what they are doing now. It allowed for long term investors to pull their money out as soon as their obligations were clear, and in 1929 began the Great Depression.

Had the actions before 1909 leading to deregulation of the real estate market in order to fulfill more dreams of Americans, Hoover encouraged a Federal Mortgage lending system to Guarantee Credit availability such as was done recently. The Banking Interests weren't happy with Federal competition... So they froze credit, which shut down competition, allowed banks to buy up smaller banks that became too competitive. (JP Morgan...)

This all happened before. Congress seemed to be the only ones who could afford retirement. That Depression was the purpose for creating the Federal Reserve. It was to ensure that never happened again. Well.... No Sh*t! Then why are we being blackmailed into getting this bill passed? Fraud?

Breaking Wall Street's Money Monopoly Games

Liz — Fri, 03 Oct 2008 10:13:26 EDT

The House is likely to cave in to the Wall Street billionaire bullies today, but ordinary Americans can still hold out for a miracle--after all there have been plenty of them so far this political season.

QUEEN’S REVIEW OF “HOW TO BREAK THE MONEY MONOPOLY”

This great article appearing in THE NATION by Nicholas Von Hoffman is great from its beginning paragraph to the end. It is one more in the growing indictment of Wall Street

“Once again, the small group of financial organizations and the few thousand people who constitute what we call Wall Street have brought the country to the verge of ruin. It’s been barely ten years since they visited the dot-com boom and bust on the nation and twenty years since they took us to the edge of ruin in the savings and loan scandals. . .”

Not only does Hoffman remind us that this is not the first time that Wall Street has brought our country to the brink of ruins [and it's not been "barely ten years", it's been less than eight years], he also reminds us that Paulson has enriched himself by over half a billion dollars at Goldman Sachs. It’s not exactly like he is a disinterested party in all this.

Banking Serpent and the Fruit of your Gloom.

Gene Madison — Fri, 03 Oct 2008 02:42:55 EDT

This "Economic Crisis" has happened previously in 1903, 1864, 1840, 1808, etc. The laws to regulate such practices were put in place, only to later be removed again by politicians to promote economic growth. Amazing how growth leads to depression. Too bad the economy can't take Paxil.

The "Credit Score" of a country is determined by potential production of surplus, and is paid off through taxation. This means that the people of the United States could potentially freeze the availability of Credit to the United States by not paying taxes. If the Credit of the United States, (which bankers, Executive Staff, and the Stock Market all rely on to fund their extravagant lifestyles) rely primarily on the lower and middle classes in order to obtain credit themselves, then why is it that the American Citizens have to pay off the debt of the country whose deficit exists in order to create companies to increase the number of jobs, so that more people can afford to be taxed and participate in a voluntary form of slavery through Banking Theft.

In actuality, the $5 Trillion of debt owed by the United States is based on the $300 Million people that live here. Each person being worth nearly $16,666.67 of credit that has already been extended to the Government, and it increases by at least $1,000 per person each year based on 6% Interest.

So, General Motors, Chrysler, Microsoft, AT&T, Haliburton, etc.. All owe their existance to the people in the United States. If I recall correctly, banks borrow money from the Federal Reserve with Interest. Public companies have shareholders invest their money in order to pay for operating expenses of that business. Now, it would seem to me that if a corporation sells stock to create capital, and the executives of that corporation receive stock options or grants in excess of an already excessive salary, they are really just borrowing money, and embezzling the profits made. Shouldn't those profits go to shareholders? Why isn't Job Stability a sufficient incentive to executive officers who often make between $200,000 and $1,000,000 a year annually? I would think that a person making a salary like that would do everything in their power to ensure the value of their employment has high returns for people who have invested.

There's a fee that is paid to banks to borrow money on the credit of the bank, who pays a fee to the Federal Reserve to borrow money on the Credit of the United States. Why...

US Senate passes bailout, 74-25

Mike W, Tulsa+ — Wed, 01 Oct 2008 21:18:46 EDT

The US Senate just now passed a bailout package by an announced vote of 74-25.

Yes votes included Obama, Biden, and McCain.

Mike W
Tulsa+
Who was listening to the vote to post the results ASAP

Senate Democrats Ignore Childish Protest - "We Know Best"

Gene Madison — Wed, 01 Oct 2008 16:45:12 EDT

Excuse me Senators, it was your "We know best" attitude that got us into this mess. If you saw a problem a while back, then why did you give up? Could it be the increase in campaign contributions to those who voted yes yesterday?

You are making the same mistake you made before, ignoring the problem, and passing legislation and terrorizing Speeches on DOOM, economy failing, destruction, gone, all gone, if you don't act now.

Economists are partially to blame. They didn't get their money out before the it was too late to be noticed. Are you aware that Real Estate deals like those that are bundled have been cited by FBI and CIA as a means to fund Alqaeda? Is that what happened? Have we been fighting an enemy, losing our children, losing our friends, losing our reputation worldwide, to fight an enemy who could only continue fighting with our own money?

Al-Qaeda has been using financial institutions to funnel money from it's financiers. I find it odd that the two primary sources have been Saudi Arabia, and the United States. The Finance committee would have oversight over any banking transaction... and I have to wonder what the hell is going on? There is no doubt that this bail out will be bad for All Americans. You're being told of the eminent danger from the same people who caused the downturn. And guess what?!?! They don't think it will actually work. They hope people won't do what follows the bailout... People all over the world and especially in the U.S. will pull out the money they have in the market in order to protect their financial situation during a time of economic crisis.

Once that happens, goodbye American Dollar. Take a good look at the person closest to you, cause you're about pass a bill that will turn that person into a possible if he/she doesn't get you first.

Why would you give someone hungry a bowl of soup, knowing full well the bowl has a hole in it? Fix the cause of the problem, then offer help to fix it. And I had hoped that terror tactics would have disappeared with the Bush Administration. Instead, the banking interests that demand this rescue are calling in loans, raising interest rates out of the blue.. all because they screwed up.

Seems to me the Bankers are telling the American people.. "We Come First, Screw your economy!" to which I say... "I see your true colors... shining through."

For those seeking re-election.. I will volunteer for your opponents.

The Soros Plan

BobVADemHawk — Wed, 01 Oct 2008 15:13:38 EDT

Soros floats alternative bailout plan with Dems

By Alexander Bolton
Posted: 09/30/08 11:19 PM [ET]

The billionaire financier George Soros, a major Democratic financial backer, is floating his own rescue plan among Democratic lawmakers who are uncertain what to do in the wake of a surprise defeat of a proposed $700 billion rescue package proposed by Treasury Secretary Henry Paulson.
Soros has outlined his plan in an opinion editorial in the Financial Times and circulated a concept paper among decision-makers.

Specifically, the liberal philanthropist has proposed that government funds should be used to recapitalize the American banking system by purchasing equity in banks and investment firms.

Democratic Rep. Jim Moran (Va.) scheduled a meeting Tuesday afternoon with Robert Johnson, a former manager of the Soros Fund Management, to discuss the proposal.

Moran compared the proposal to Warren Buffet’s $5 billion investment in the investment firm Goldman Sachs Group in return for preferred stock and warrants to buy common stock at a discount.

Soros has also contacted Sen. Barack Obama’s (D-Ill.) presidential campaign to share his views on the financial crisis and the best way to solve it.

Soros described the plan he outlined in his concept paper in an opinion editorial that appeared in the Financial Times early Wednesday morning, Greenwich Meridian Time.

“Instead of purchasing troubled assets, the bulk of the funds ought to be used to recapitalize the banking system,” Soros wrote.

“The Treasury secretary would rely on bank examiners rather than delegate implementation of [the Troubled Asset Relief Program] to Wall Street firms,” he wrote in reference to the plan first crafted by Treasury Secretary Henry Paulson. “The bank examiners would establish how much additional equity capital each bank needs in order to be properly capitalized according to existing capital requirements.”

“The recapitalized banks would be allowed to increase their leverage, so they would resume lending,” he wrote.

Soros has emerged as a harsh critic of the Treasury Department, especially of Paulson’s proposal for the government to buy $700 billion of distressed mortgage-backed securities to restore the flow of credit in the financial markets.

It is unclear whether his entry onto the debris-strewn field of the debate will help lawmakers reach agreement on an alternative proposal or further anger House Republicans, who blew up a compromise plan on the House floor Monday...

http://thehill.com/leading-the-news/soros-floats-alternative-bailout-plan-with-dems-2008-09-30.html

Making a Bad Bill Worse!

Mikey — Wed, 01 Oct 2008 15:01:06 EDT

There are two realities facing our nation that don't add up. The first is that this bail out is a terrible burden on the US taxpayer. The second is that is must be done in a more reasonable form. The Senate is taking up this bill, but they are taking an immature point of view for getting it passed. I will lay out their plan, but in the spirit of fair debate, I'll offer an alternative.

The Congress Continues to be Out of Touch with Ordinary Americans!

Liz — Wed, 01 Oct 2008 09:13:18 EDT

Perhaps a piece of cake?

I just read in the Huffington Post where one of the “improvements” they are offering to Bush and Paulson’s Bailout Scheme for Wall Street is that the FDIC insurance be increased to $250,000. This means that Americans deposits in banks will be covered for up to that amount.

PLEASE! That offer is an insult and an example of how out of touch that Congress is with the American people! I ask you to consider: When was the last time that YOU had $250,000 deposited in any bank? This is going to help ordinary Americans? –Not the “ordinary” Americans that I know, including myself.

Congress, and now the Senate is going to have to do a lot better than that. NO more business as usual from Bush Democrats and Republicans. Not this time. Not this year.

Here is what it would take to satisfy THIS ‘ordinary’ American:

-No member of the Bush Administration and that includes members of the Treasury Department are to be responsible for the distribution of these monies.

-American people are to see the disbursement checks to each financial institution. Each disbursement is to be voted upon by no less than 9 people not from the financial industry, Wall Street or the Bush Administration.

-Some plan is to be offered whereby all individual Americans are assisted with their mortgages by lowering the rate on their mortgages to the current fixed rate. Do this across the board for all Americans. They will simplify the process–not just those in foreclosure but all Americans who have a home loan. Lower everyone’s mortgage rate to one fixed rate. For those who have rates lower than that, they may keep their current rate.

Call your senators and send emails now

Liz — Wed, 01 Oct 2008 06:58:13 EDT

The Senante is supposed to vote on the Bailout today.

I was able to get an email out to Cornyn this morning, but Hutchison's is broken.

I don't know where you stand on this Bailout of Wall Street and yes it is a bailout regardless what euphemism they come up with to call it next. I am against it. Yes, we will have a recession. Fact is we will a recession regardless whether they bailout or not. You can expect that recession to last throughout 2009--regardless the action taken by Congress. Many ordinary Americans are going to lose their homes.

What the Paulson-Bernake Plan Really Means to Americans
This plan will enable banks to sell off the homes of five million home mortgage debtors faced with default or foreclosure this year. Home-owners will lose their homes but the Fed will pump enough credit into the mortgage-lending agencies to enable new buyers to go deeply enough into debt to take the jumk mortgages off the hands of the gamblers who presently own them. If this sounds like a shell game, that’s because it is a shell game. AND IT IS A SHELL GAME TO BENEFIT WALL STREET. Where is the meat for the American people? It is not there. Increase of FDIC insurance to $250,000? When it the last time an ordinary American had $250,000 in the bank?

We are asked to allow the same group of crooks who warned the country about weapons of mass destruction in Iraq to be the ones to move the shells on the table. How many times do the American people have to be asked to bend over by the Republicans before we say no?

ABOUT THE JUDGMENT OF THIS ADMINISTRATION AND ITS FINANCIAL EXPERTISE–EXTREMELY LACKING
Remember when Bush and Alan Greenspan informed the American people that there was no money left to pay Social Ssecurity (and Medicare) because at some future date the system might run a deficits of a trillion dollars spread over many many ears. Their “sound advice” was that if we can’t figure out how to pay, let’s plow the progam under right now.

Bush and Greenspan actually suggested that the Treasury could turn Social Security and medical insurance money over to Bear Stearns, Lehman Brothers and other financial corporations to invests at the “magic of compound interest.”

Just think where Social Security would be today if we had listened to their advice. Then ask: Why the H is anyone in their right mind taking any suggestion from George Bush or Paulson or Bernanke with even a gram of consideration? Are you nuts?

I say that we send Wall Street to Gamblers Anonymous–and McCain with them. We need a lot more consideration before acting on this bail-out and yes it is a bail-out. The problem is that it is bailing out the wrong people.