Economic Rescue Act Passes - Where is Your Vote?
The Emergency Economic Stabilization Act of 2008 passed the House today, and will become law once signed by President Bush. As you know, we often take up "topics of debate" here at Wall Street Greek, and this topic is tailor made for it. Over the last few weeks, you've heard best cases for and against this bill from all sorts of voices, including ours. Please take this opportunity now to go down on record with your own opinion. Over coming months and years we will see if this was a good decision or not, and if you were right or not. Click the banner below and be counted.
Articles for Review:
- Emergency Economic Stabilization Act of 2008
- Silent Majority of Seniors Mutes Loud Activists
- Heaven Help Us Without a Bank Bailout
- An Angry Appeal by the Ignorant Main Street Populist
- Apology for the "Ignorant" Main Street Populist
- Blame Wall Street, Ruin Main Street
- An Ancient Bailout Proposal
- Slapstick Economics
- Congressional Testimony Answers Critical Questions
- Senate Banking Committee Testimony Addressing Economic Crisis
(Article interests: AMEX: DIA, AMEX: SPY, Nasdaq: QQQQ, NYSE: NYX, AMEX: DOG, AMEX: SDS, AMEX: QLD, AMEX: XLF, AMEX: IWM, AMEX: TWM, AMEX: IWD, AMEX: SDK). Please see our disclosures at the Wall Street Greek website and author bio pages found there.
posted by The Greek | 1:30 PM
9 Comments:
We need to kick-start the market to get these securities trading again. I vote YES.
Canceling the capital gains tax would have done it much more effectively, at no cost to taxpayers without handing over control of the real estate market to the government. I vote NO.
I vote a resounding NO! This Bill has been pushed through without proper thought. IT's been rushed through as a panic Bill. It's only a panic to those losing and I live in the Heartland where most have already lost. It's just to late. The Corporate world and Wall Street should have absolutely no more rights than the average Citizen in this Country and this is just one more example of bought off Politicians and more Corporate Greed. But, ya dumbass's, now htat you've intentionally wrecked a couple of million of your $ foundation peoples, just where do you think you're going to be able to get more from? You've cut off your nose to spite your face. This bailout is just another step towards totally devalueing the American dollar.... and all at the expense of the TaxPayer. JOhn A.
I fear America is headed to Socialism. Corporate greed has now got the deep pockets of the Govt. Time to start demonstrating I guess. The Fat cats need a shaving. John A.
Getting a sensible solution other than bailout out of you Wall St. guys is impossible. Anybody who calls himself Wall St. Greek is not going to have an objective view on this issue. Nobody's bailing out the homeowner, only those who have duped him. Typical corporate welfare at its worst. Put tariffs on imported goods and watch this nation return to its economic heyday. Bailout only rewards bad behavior.
I don't think the bailout legislation is a good idea.There is too much of the government hand in business, with little safeguards for the 700-800 billion dollars now at risk.
This was done to late and way to fast. A better approach would have been to assist the public first (e.g. distressed homeowners) then the banks.
First we bailed out the folks who bought way more house and life style than they should have. Then we bailed out bankers who aparently did not understand what they were speculating on.
Then we bailed out an insurance company. Then we bailed out the wealthy managers at FNM and FRE.
Now we've bailed out folks who risked their already substantial wealth for even more wealth, and then lost. Can't have the wealthy going poor, so we bailed them out too.
Now Detroit has it's hands out; they want only $80 Billion. And, it sounds like California is next.
This is not Capitalism ...
This is a leap into Socialism ...
I have not worked, saved, and investd for 35 years so that my kids and I could later be over taxed to bail out folks who made risky, stupid, and unwise decisions.
The way they throw around 700 billion is nothing compared to the dollars injected daily into the system. 650 just days before they stiff armed this 700 billion one though. And don't forget the other backed loans (that will probably default)to the big boys who buy the failed ones. This bailout is a slap in the face to all who pay income tax. Plus with deflation in place and continuing down, no amount of credit freed up will help until the emotional side of the bankers has come to a point where they feel safe making those loans. Once there is a glut from overinjected $$$ from the US and then from China, we in the US will be the holders of completely worthless paper. We'll be like the germans were when they used wheelbarrows full of cash just to buy a loaf of bread. People will be using greenbacks to heat their homes in the winter. Just kidding, if they try to introduce the Amero, all hell will break loose.
Who said it was a good idea to have the regulators write the bailout that they have come up with? Frank was supposed to be regulating to watch for this stuff and keep it from happening. Of course all they in DC have been doing is taking handouts and graft and donations to their charities and their campaign funds. It is time for immediate and drastic action the likes this country has not seen since 1776. We need to rid ourselves of these self serving accolades in their posh untouchable grand positions. this country was never meant to be ruled by kings and queens(that is exactly what they have become in DC). Break the overbearing tax monsters today or on Nov. 4th. Vote for any non-incumbent or even better the libertarian candidate. Those guys would never allow this crappy credit garbage to happen or allow a bailout that only does the wrong things. They in DC have been systematically destroying the middle and lower class and turning us into a poor class. They know that beaten down and unarmed serfs will obey and pay. The time to act en masse has come nigh. Do it to it.
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