| Name: |
Talullahhound
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| Subject: |
Will Everyone who Needs
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Date:
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11/24/2008 9:14:28 AM
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A Bailout, please identify yourself now. Then we can pass one massive piece of legislation for however many trillions of dollars it is going to take and realize exactly the extent to which we will bankrupt the country.... The piece mealing of a few billion here and a few billion there isn't giving us the full effect. And don't bother coming up with an exact plan on how you will use the money and what you will accomplish -- you can just come back to us when you use up your initial allottment and we'll give you a few billion more.
Yes, I got up this morning feeling rather cynical after hearing about the Citigroup bailout... weren't they going to buy Wachovia just a few weeks ago?
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Yes, and Wachovia is suppose to be the cash cow. They said Wachovia had a lot of cash depositors. This has gotten out of control. The government is going to be in every business before it is over. Will there be a point of return is the question of the day. I know I will not work to pay for these bailouts. Retirement is looking better each day. Heck, Mexico is starting to look appealing.
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| Name: |
water_watcher
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| Subject: |
Will Everyone who Needs
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Date:
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11/24/2008 9:29:08 AM
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They were "buying" Wachovia for $1 a share and taking over their debt with backing of 85% from the government. Wells Fargo then came in for (I think) $14 a share and no backing on the debt.
I am a long time holder of Citi Group and have taken a bath. So the bail out does help me and other shareholders.
I have mixed feelings on the bank bailouts. They made mistakes, but much of it was because of the government mandates on sub prime mortgages. Remember Citi was sued by Obama's law firm for not doing enough sub prime mortgages (or their fair share).
If the banking system fails, it freezes up and the credit markets which allow corporations to operate so then their is a ripple effect with business failures of companies that would otherwise be healthy. That is why the feds stepped in to start buying commercial paper too ... that is short term liquidity that corporations need to meet day to day obligations from a cash flow standpoint. If they cant do that, they fail and more people are out of work.
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| Name: |
GoneFishin
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| Subject: |
Citi Stockholders
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Date:
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11/24/2008 11:06:43 AM
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Looks like Redistribution of Wealth for Citi stockholders under the Rebublicans. I guess if the wealth comes your way it is not that bad an idea.
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| Name: |
MartiniMan
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| Subject: |
Wrong again
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Date:
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11/24/2008 12:51:37 PM
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GF, explain to me why you consider this to be redistribution of wealth under Republicans? All that is happening is the administration (a lame-duck one at that) is executing a law passed by Democrat-controlled Congress in the way it was written. If you don't like it talk to Nancy and Harry. I know you understand how this works but I thought I would remind you. Congress passes all spending bills. The President can propose but Congress holds the purse strings. Didn't you watch all the hearings? Administration officials are witnesses at these hearings. The only power the president has is to either sign, not sign or veto spending bills. I refer you to your history class from around 6th grade......government schools strike again.
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| Name: |
AUCATZ
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| Subject: |
Citi Stockholders
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Date:
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11/24/2008 1:32:22 PM
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What in the world are you going to do after BO is crowned king? Who you gonna blame then?
One would think that since your man won, you would be happy. Everything will be just groovy now, right? Oh wait - he might be trending towards the conservative viewpoint - yep, I can see this is your next point of dissention.
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| Name: |
GoneFishin
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| Subject: |
Citi Stockholders
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Date:
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11/24/2008 2:25:15 PM
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"Rushing to rescue Citigroup, the government agreed to shoulder hundreds of billions of dollars in possible losses at the stricken bank and to plow a fresh $20 billion into the company.
Citigroup shares themselves climbed 61.3 percent to $6.08 in morning trading."
Just last week, Paulson said the administration had decided that the original focus of the bailout program - the purchase of distressed mortgage-backed securities and other troubled assets on the books of banks - would not be employed. Now suddenly, to Restribute the Wealth to Republicans, he and Bush decide to bail out CitiBank. The RIGHT calls it prudent and Progressives call it what it is. In 6th grade I learned we have a government FOR THE PEOPLE not FOR REPUBLICANS only.
I sure hope Waterman's Stock Advisor advised him to dollar average his Citi stock when it was under $4.00. Hate to see Waterman have to get a second job and work the night shift at 7-11. We would really miss his valuable insight into the economy.
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| Name: |
AUCATZ
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| Subject: |
Citi Stockholders
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Date:
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11/24/2008 2:35:07 PM
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I'm sure there are lots of CitiBank depositors and shareholders that aren't Republican. And, BO wants this bailout also - or did you fail to read that?
You have constantly overlooked - intentionally I believe - the fact that the roots of this problem were planted in Democratic policy which began with the CRA (Community Reinvestment Act), and propagated over the years with your Dear President-Elect's own support of measures to further provide, indeed even FORCE lending institutions to make bad loans.
Having worked for banks the greater part of my years, I know whereof I speak on this. Congress is saving their own A*ses with this. Republican and Democrats alike should be accountable - and if you tell me you believe Barney Frank didn't accerbate this situation, you are lying through your teeth.
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| Name: |
MartiniMan
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| Subject: |
Paulsen is a Democrat
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Date:
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11/24/2008 2:53:10 PM
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Perhaps you are the only person in the world that doesn't know that....I take that back. In case you have been getting all your news from Huffington Post (who I hear just got a $15M bailout....just another example of liberal idiot in business) and Daily Kos that Republicans have been up in arms about who Paulson is giving his money to. Do a little research and you will see all the prominent Dem donors that run his former place of employment. If you think the elitists on Wall Street are all Republicans you are sadly mistaken....Corzine, etc, etc.
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| Name: |
GoneFishin
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| Subject: |
Paulsen is a Democrat
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Date:
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11/24/2008 4:07:13 PM
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I think you have Hank Paulsen a farmer in Iowa confused with Hank Paulson who is Sec of Treasury and a Republican. He donated $100,000 to Bush in 2004. Were you sipping Martinis for lunch? Not like you to post erronious information.
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| Name: |
water_watcher
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| Subject: |
Citi Stockholders
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Date:
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11/24/2008 4:28:34 PM
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The republicans should get bailed out .... they pay all the taxes, they have all the money on deposit. If the feds do not bail out the banks to save the republicans, who's wealth will Obama have to redistribute?
Makes sense to me.
I wonder if Obama would have done anything different? What i have read is that Bush's team consulted and informed Obama's team to get their input before the announcement was made so it was a joint and bipartisian decision. In fact Obama praised the move in a speach today.
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| Name: |
water_watcher
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| Subject: |
Paulsen is a Democrat
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Date:
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11/24/2008 4:34:28 PM
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I am guessing you were sending this to GF? I put him on ignor since I was so tied of seeing his meaningless posts that added no value to the discussion on this board. I never could figure out if he was really that ignorant or just posted things trying to be funny. So many did not even make sense. If he was doing it to be funny, you would think he would realize he is embarrasing himself. That is what makes me beileve he just really does not get it and understand many of the concepts that are posted and discussed.
As you have pointed out ... Government school education.
Did you read the Thomas Jefferson quotes? that man had it right. The sad part is much of it is coming true.
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Wow! Didn't realize all those details. I agree on the mixed feelings. It has been an emotional roller coaster to say the least. It's the fear of bigger government that makes MOST of us nervous and uneasy. bigger government is never a good thing!
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| Name: |
Mack
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| Subject: |
Will Everyone who Needs
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Date:
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11/24/2008 7:31:15 PM
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Which confirms the idea that NOBODY,,, NOBODY, especially a government agency, can or should manage your personal financial affairs, including mortgage qualifications, retirement funds, bank accounts, personal credit history, spending habits, etc, etc.
Nobody has your best interest at heart except you.
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| Name: |
Talullahhound
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| Subject: |
Will Everyone who Needs
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Date:
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11/24/2008 10:08:28 PM
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I'm not sure I would agree that no one except you has your best interests at heart. But, having spent all those years working for the government, I tend to agree that government doesn't do a good job of running and managing these things. It's not that anyone sets out to screw it up, but it becomes very easy to lose sight of what one originally set out to do. It's a buracracy, so it's not agile and change takes time. The people in the government get out of touch -- they don't always understand the details of the problem and they rarely agree on how to fix it, so you get a solution by committee. The government is at it's best in writing and proposing legislation and creating a framework for things to get done, and then letting someone else propose and implement a solution.
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| Name: |
MartiniMan
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| Subject: |
You're Right
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Date:
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11/25/2008 2:41:18 PM
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I misread a piece about Goldman Sachs and CEO affiliation and it was Corzine who was the Democrat and being considered for economic roles in potential Obama administrations. Dang it, just when I thought I was right 100% of the time.....now its down to 99.8%. :-)
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