Let 'Er Eat, Baracko

[Stretch]

I want a bailout also... the Stretch ADV Travel Foundation is experiencing hard times as well.  Power to the people!

[John Stenhouse]

Your bankers go before congress tomorrow ours went today.

Would you be surprised to learn that one of the directors of one of the banks that got into trouble, fired the risk manager and appointed one with no experience in such a role.

Said director was at the time also a director of the Financial Services Authority, that's the body that overseas the banking industry!

Jobs for the boys

[Stretch]

I'm not surprised.  There was a piece on NBC's national news last night about several of the banks who received taxpayer's money holding a convention at the Venetian Hotel and Casino in Las Vega$.  The company representatives defended the whole thing, of course.

General Motors has raised a few eyebrows the past couple weeks.  They took several billion dollars of taxpayer's money in order to save the company and therefore thousands of jobs.  And then they turned around and spent over a billion dollars to invest in a new factory in South America.

There should have been a condition in the bailout that stated that in order for a company to receive a penny of taxpayer's money, the jackasses responsible for the mismanagement of the company must step down, with minimal severance packages.

[HappyMan]

.....There should have been a condition in the bailout that stated that in order for a company to receive a penny of taxpayer's money, the jackasses responsible for the mismanagement of the company must step down, with minimal severance packages.

Couldn't agree more.  As a company owner I understand the difficulties of running a business, etc. But the corporate greed that is going on is so bad right now and out of control.  It just makes me sick. :(

[aeronca]

makes me sick as well. throwing money at a problem like this is not the answer. just a quick look at history proves that - japan in the 90's, it didnt work. hell our own country in the 30's - it didnt work. all's i can say is, dig in boy's, were in for one hell of a long haul (i always wanted to say that :D ).

[HappyMan]

makes me sick as well. throwing money at a problem like this is not the answer. just a quick look at history proves that - japan in the 90's, it didnt work. hell our own country in the 30's - it didnt work. all's i can say is, dig in boy's, were in for one hell of a long haul (i always wanted to say that :D ).

Boy, your preachin' to the choir there! It's so obvious but politicians won't listen to history.  Only to what they feel will get them re-elected.

[RT]

What I want to see is Barney Frank and his gang sitting on the other side of the table being asked what they were thinking when they passed the legislation that forced these banks to change there lending model.

No money down, interest only loans, teaser rate for first year so all can qualify?   Where was Mr Frank then asking the questions of whats wrong here?

What the bankers did was wrong, very wrong.  But this situation might have been avoided if they were not forced to come up with "creative" loans or face the wrath of government.

....end of rant.....

A liberal: someone who thinks he knows more about your experience than you do.
James Baldwin : American writer & civil rights leader

[NortonCharlie]

No money down, interest only loans, teaser rate for first year so all can qualify?   Where was Mr Frank then asking the questions of whats wrong here?

What the bankers did was wrong, very wrong.  But this situation might have been avoided if they were not forced to come up with "creative" loans or face the wrath of government.

Bad stuff for certain, it really only went out of control over the last 8 years when smart greedy people were allowed to do whatever they wanted, to make money without any oversight.  Profits above all, it is amazing this all went crazy with so called "conservatives" were controlling everything.  Removing regulation and ignoring existing law.  It is a sorry state when the only economic growth over the last 6 years was the housing market being artificially inflated by bad lending practices.  At least it accomplished the conservative goals by concentrating the world wealth in fewer hands that know how to effectively concentrate wealth rather than creating wealth.

[Stretch]

...it really only went out of control over the last 8 years...

Ah, but where did it start?  With Clinton pressuring the banks to make housing available to those who couldn't afford it under previous lending rules.  The idea was to get people into houses they could afford, which is a noble idea, but the banks took it to the extreme and even approved loans for illegal immigrants.  So what happened when Jose and Maria got mired in house payments they couldn't afford?  They went back to Mexico.  Adios, and thanks for the low-interest loan, amigos.  

Not to pick on illegals... plenty of citizens defaulted on their mortgages and found themselves in forclosure also.  The banks had so many defaulted loans that they found themselves overextended, and then went crying to the government... "But you told us to do it!"

Crazy and irresponsible.

[HappyMan]

Bush was a Neocon, not a conservative.  I hate seeing conservatism take the wrap for policies they don't agree with in the name of conservatism.