Comments on: My Current Look At The Bailout & Stimulus Bill http://www.cps-news.com/2009/02/02/my-current-look-at-the-bailout-stimulus-bill/ An 0ld Man's View of Today's Headlines Wed, 10 Mar 2010 17:21:48 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Where Have All the Billions Gone? « Cynical Synapse http://www.cps-news.com/2009/02/02/my-current-look-at-the-bailout-stimulus-bill/comment-page-1/#comment-251 Where Have All the Billions Gone? « Cynical Synapse Mon, 16 Feb 2009 21:18:54 +0000 http://www.cps-news.com/?p=2312#comment-251 [...] banks say they’re using the money as intended. They claim TARP money is not being used for executive bonuses. If they were all losing money and there was not TARP bailout, how could they have paid bonuses [...] [...] banks say they’re using the money as intended. They claim TARP money is not being used for executive bonuses. If they were all losing money and there was not TARP bailout, how could they have paid bonuses [...]

]]> By: Cynical Synapse http://www.cps-news.com/2009/02/02/my-current-look-at-the-bailout-stimulus-bill/comment-page-1/#comment-249 Cynical Synapse Mon, 16 Feb 2009 19:47:31 +0000 http://www.cps-news.com/?p=2312#comment-249 Well said and well researched. That's what I like about your posts. Regarding the stimulus bill, I agree there is much blamethrowing on both sides of the political aisle. What these so-called representatives are missing is a look in the mirror to see just how much culpability they own. Greed, deregulation, failure to regulate, and lobbying all play into this. Yes, financial executives are at fault for such things as sub-prime mortgages, mortgage repackaging, credit default swaps, CDOs, etc. But has anyone noticed the hob-nobbing our politicians are engaged in, the size of their staffs, the number of lobbyists, and the like? Is it any surprise to see things like former Sen. Ted Stevens (D-AK)? He's just the latest. As for the solution? So far, with $350 billion given away, all the TARP has done is <a href="http://cynicalsynapse.wordpress.com/2009/02/14/ceos-no-better-than-bank-robbers/" rel="nofollow">line the pockets of the CEOs</a> and financial executives, as you noted. And Secretary <a href="http://cynicalsynapse.wordpress.com/2009/02/13/the-man-without-a-plan/" rel="nofollow">Geithner doesn't have a plan</a> for the next $350 billion. Of course, that's no worse than his predecessor. Paulson didn't have a clue, either. And both were part of the system when the meltdown spilled over. I don't know what the total cost will be, but I don't think we can randomly through nearly a trillion dollars at it every 6 months. With little to show, seems we're just digging in deeper. It's not politics; it's elementary mathematics. Well said and well researched. That’s what I like about your posts.

Regarding the stimulus bill, I agree there is much blamethrowing on both sides of the political aisle. What these so-called representatives are missing is a look in the mirror to see just how much culpability they own. Greed, deregulation, failure to regulate, and lobbying all play into this.

Yes, financial executives are at fault for such things as sub-prime mortgages, mortgage repackaging, credit default swaps, CDOs, etc. But has anyone noticed the hob-nobbing our politicians are engaged in, the size of their staffs, the number of lobbyists, and the like? Is it any surprise to see things like former Sen. Ted Stevens (D-AK)? He’s just the latest.

As for the solution? So far, with $350 billion given away, all the TARP has done is line the pockets of the CEOs and financial executives, as you noted. And Secretary Geithner doesn’t have a plan for the next $350 billion. Of course, that’s no worse than his predecessor. Paulson didn’t have a clue, either. And both were part of the system when the meltdown spilled over.

I don’t know what the total cost will be, but I don’t think we can randomly through nearly a trillion dollars at it every 6 months. With little to show, seems we’re just digging in deeper. It’s not politics; it’s elementary mathematics.

]]> By: Winning The Financial Greed Battle, But Will They Loose The War? http://www.cps-news.com/2009/02/02/my-current-look-at-the-bailout-stimulus-bill/comment-page-1/#comment-220 Winning The Financial Greed Battle, But Will They Loose The War? Wed, 04 Feb 2009 15:37:55 +0000 http://www.cps-news.com/?p=2312#comment-220 [...] I pointed out in this post, Wells Fargo has already received $25 billion in TARP money, and will likely go back to the [...] [...] I pointed out in this post, Wells Fargo has already received $25 billion in TARP money, and will likely go back to the [...]

]]> By: Where’s Your Big Mouth Now, Erin Burnett? http://www.cps-news.com/2009/02/02/my-current-look-at-the-bailout-stimulus-bill/comment-page-1/#comment-217 Where’s Your Big Mouth Now, Erin Burnett? Tue, 03 Feb 2009 22:42:15 +0000 http://www.cps-news.com/?p=2312#comment-217 [...] lending to consumers & businesses. Obviously, by now, we all know what they have used it for; to pay out bonuses, buy out other banks and reward stock holders, but hardly any for lending. But that hasn’t [...] [...] lending to consumers & businesses. Obviously, by now, we all know what they have used it for; to pay out bonuses, buy out other banks and reward stock holders, but hardly any for lending. But that hasn’t [...]

]]> By: On the Money http://www.cps-news.com/2009/02/02/my-current-look-at-the-bailout-stimulus-bill/comment-page-1/#comment-216 On the Money Tue, 03 Feb 2009 16:44:08 +0000 http://www.cps-news.com/?p=2312#comment-216 I think you are absolutely right. This mess is not recoverable in any way other than by a huge change in the way western "capitalism" works and we have to accept this and get on with it. I think you are absolutely right. This mess is not recoverable in any way other than by a huge change in the way western “capitalism” works and we have to accept this and get on with it.

]]>