The bailout of the financial institutions is a colossal rip-off!!!!!!!!!!! We don't have money for healthcare or Social Security, but we have money for the greedy speculators and overpaid CEO's. We need REGULATION of derivatives and CDO's (collateralized debt obligations), which are basically complicated securities based on pools of mortgages. The inept rating agencies wrongly rated them as AA and AAA and considered them as safe as Treasury bonds. This was absurd.
Financial firms leveraged and loaded up on these CDO's. It was easy money, and CEO's made a killing in compensation. Consumers received big mortgages with little documentation and sometimes with little money down - subprime mortgages or a Wall Street euphemism for junk.
Now are incapable long-tenured politicians have sold out to the lobbyists of these financial institutions including the incompetent Treasurer Secretary Henry Paulson and the confused Fed Chairman Ben Bernanke. For months they said the economy was fundamentally sound! I say to the the 700 billion dollar bailout: "NO NO NO. Not just no, but HELL NO. This is robbery pure and simple. It's our money! Let these companies die."
Anyone that supports this lucrative plan for the corporations should be removed from office. So Senators Dominici and Bingamen and Representatives Udall, Pearce and Wilson you better do your job and not sell us taxpayers down the river. We need STRINGENT REGULATION of derivatives, CEO compensation and CDO's immediately. Taxpayers should be watching our so-called political leaders in this financial crisis. We also need term limits for these politicians.
TheEd
· 1 year ago
To continue push for a BAILOUT only show how Congress has lost touch with reality. Forget the DC economist/experts/lobbist who only see the side of Wall Street Executives. Most of them are or were former Wall Street Executives. Let the Free Market correct it's self. Plus all the prior attempts to avoid or fix the meltdown to date has totaled almost 900 billion (AIG 85B, Fannie/Freddie 200B, FHA 300B, JPMorgan 120B, etc.) and still the market has not corrected. So now Bush and Congress want to add another 700 billion for the Bailout. Remember the subprime mortgages are only the tip of the iceberg of the so call "at risk assets". The CRASH WILL OCCUR REGARDLESS. Better to give the taxpayers the 700 Billion so that we can prepare for the CRASH.
All Comments
Financial firms leveraged and loaded up on these CDO's. It was easy money, and CEO's made a killing in compensation. Consumers received big mortgages with little documentation and sometimes with little money down - subprime mortgages or a Wall Street euphemism for junk.
Now are incapable long-tenured politicians have sold out to the lobbyists of these financial institutions including the incompetent Treasurer Secretary Henry Paulson and the confused Fed Chairman Ben Bernanke. For months they said the economy was fundamentally sound! I say to the the 700 billion dollar bailout: "NO NO NO. Not just no, but HELL NO. This is robbery pure and simple. It's our money! Let these companies die."
Anyone that supports this lucrative plan for the corporations should be removed from office. So Senators Dominici and Bingamen and Representatives Udall, Pearce and Wilson you better do your job and not sell us taxpayers down the river. We need STRINGENT REGULATION of derivatives, CEO compensation and CDO's immediately. Taxpayers should be watching our so-called political leaders in this financial crisis. We also need term limits for these politicians.