Not a fair bailout for all?

[snoopdan 5,000+ posts]

The associated press asked a number of banking institutions this week some very simple topics such as :

How much has been spent?

What was it spent on?

How much is being held in savings?

What’s the plan for the rest?

This by far was the most shocking one that was returned :

“We’ve lent some of it. We’ve not lent some of it. We’ve not given any accounting of, ’Here’s how we’re doing it,’” said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. “We have not disclosed that to the public. We’re declining to.”

Yet... concerning the Big 3 bailout (GM, Ford, Chrysler) the senate has been penny pinching, and trying to track every single dime given to them.

So what is your opinion of the accountablity of the white collar worker vs. the blue collar worker in this massive economic bailout?

Click to read more...

 

[Rashaddd 5,000+ posts]

Everybody loves a free market until you're not doing so well...

 

[snoopdan 5,000+ posts]

Everybody loves a free market until you're not doing so well...

...well.. I guess the point is that they're still conducting business like the market is doing well.

....and on our dime.

 

[bdawson72 5,000+ posts]

Pretty much

 

[Cabin_Pressure 10+ year member]

The patriot act keeps me from commenting on this.

 

[IamDeMan 5,000+ posts]

I think they need to give corporations more money. In fact I think they should hold quarterly lotteries for big corporations. Without them we would be no where. Who are we to ask what they do with money?

 

[snoopdan 5,000+ posts]

At this point id of rather of let the economy go belly up entirely, and let the big 3 get the 700 billion instead. The enconomy would be shit, but there would be plenty of cars for everyone! //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

 

[Flipx99 5,000+ posts]

The financial institutions did not agree to such terms. Furthermore, not all the institutions they got money actually wanted the money. It was a deal to force more regualtion down the throats of financial institutions.

 

[Flipx99 5,000+ posts]

At this point id of rather of let the economy go belly up entirely, and let the big 3 get the 700 billion instead. The enconomy would be shit, but there would be plenty of cars for everyone! //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

Unfortunately, you do not have a skill. You'd be left for dead in 1926 Germany, when they decided to take a similar approach.

 

[Rashaddd 5,000+ posts]

...well.. I guess the point is that they're still conducting business like the market is doing well.

....and on our dime.

not surprising

I'm sure a good chunk of it went directly into the pockets of people in charge..

 

[moo_awn 10+ year member]

But its not a "bailout" for the auto industry like it was for the financial industry. They just gave them $700 billion with no questions asked, no accountability or oversight. The automakers were basically humiliated before Congress just to receive loans totalling around $14 billion. I repeat loans that will be paid back.

 

[snoopdan 5,000+ posts]

Unfortunately, you do not have a skill. You'd be left for dead in 1926 Germany, when they decided to take a similar approach.

The fact that you compaired the economic resession to nazi germany pre WWII, puzzles me. Getting your *** kicked by a foreign country doesnt exactly equate bad financial policy. but ok.

 

[Flipx99 5,000+ posts]

The fact that you compaired the economic resession to nazi germany pre WWII, puzzles me. Getting your *** kicked by a foreign country doesnt exactly equate bad financial policy. but ok.

It was an economic collapse very similar to the one we are experiencing today. Without such a collapse, the Nazi party wouldn't have gained power.

 

[snoopdan 5,000+ posts]

It was an economic collapse very similar to the one we are experiencing today. Without such a collapse, the Nazi party wouldn't have gained power.

That is true, but I think the scale of which is not exactly the same. At that point in history, there wasnt such a structured global economic community as we have today.

And if we did totally collapse, then maybe the Independant party would rise! //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

 

[IamDeMan 5,000+ posts]

That is true, but I think the scale of which is not exactly the same. At that point in history, there wasnt such a structured global economic community as we have today.
And if we did totally collapse, then maybe the Independant party would rise! //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

Darth Vader RISE!