I’m concerned, listening to talk about the bailout bill, that even if approved it won’t help “the confidence of the markets.” These markets aren’t things, they’re people. The very same people who got themselves — and us — into trouble, are apparently looking for an iron-clad guarantee that everything will be all right. “Protect us from ourselves!” is what they’re really saying. These are the risk-taking masters of the universe? If Phil Gramm is looking for a bunch of whiners, I suggest he look to his buddies on Wall Street.
I don’t get why these debt-holding outfits can’t provide an accounting of exactly what percentage of the mortgages on their books is any good? We’re not getting any specifics. This is a huge gamble, and the big boys absolutely refuse to assume any of the risk, yet they demand their huge payouts. This story, for example, is beyond ridiculous.
WaMu CEO could get $13.65 million for 18 days work
How about just telling Alan Fishman no? Sorry, but no. You don’t get this money.
No Doug, it won’t help the middle class and those foreclosed or about to be, but I guess something has to be done to keep banks solvent, only not by the taxpayers! There should be total accountability for every damn dollar like individuals on a budget and small business owners have to do. That’s what I want to see with a bailout and regulation up the yazoo like regular people have. There have been people saying if nothing is done you won’t be able to get your cash from the ATM or use your credit card, etc. It’s just another f*****g mess just like no accountability for the price of the Iraq War. The GOP is very good at no accountability apparently.
Oh now, Doug, we can’t have Mr. CEO exercising his greed and not getting paid an exhorbitant amount for “working” 18 days! This is likely one of Bush’s friends or at least the type who the GOP wants no rules and regulations on. OH, and I love how the GOP is blaming Nancy Pelosi’s speech (poor little repubicans can’t blame themselves for anything yet who the f**k got us in this mess!) for no passage of the Bailout Bill even though 2 to 1 they went against Bush and McCain and voted against it. I was very surprised 65 repubs voted for it. On CNN one guy said a Civil War is breaking out in the GOP and if McCain gets in it will be worse….HA, HA, HA! Serves ’em right! By the way, this is all helping Barack’s numbers. So I say keep it up GOP-implode if you want to! On CNN they also said the South and West, not the Midwest run the GOP, so to continue my Separation Rag, let’s put the GOP in certain states, and Dems, Independents, Greens, etc. can be in other states, run separately from the GOP.
Meet the economic Terminators! Here’s our laissez faire capitalism at work. Greed run amok, threatening destruction of the American economy and another Depression. And government officials who were accessories by allowing these abuses to go unchecked. And they’re the same people we have to depend on to solve this mess! Add crisis of confidence into the mix.
The same guys who wanted “hands off” by government now want the government to clean up the disaster they created. Just as freedom of speech does not allow you to yell “Fire!” in a crowded theater, pumping up huge bubbles in technology, real estate, or oil should not be protected under the guise of free market enterprise. Most recently, the oil bubble has wreaked havoc with consumers’ gasoline budgets. And we all know the pain caused by the collapse of the housing market. If a free market economy insists on being so predatory, than I believe that selected mandatory caps and floors have to be set in place by the government, to keep our economic system functioning safely.
As for WaMu’s Alan Fishman: America has long allowed these Golden Parachutes and other outrageous terms in CEO contracts, while the little guys in the company simply get dismissed. It doesn’t demonstrate the “fairness” of the American way of life, that’s for sure. Congress addressing this issue is long, long overdue.
In my opinion, the greatest threat to America right now is not Middle East terrorism or nuclear capability, nor North Korea. It’s our own corruption and greed, our abuse of our freedoms, and thus the way we are cannabalizing ourselves.