Bailout bonanza

Discussion in 'Economy' started by DavidS, Nov 10, 2008.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    The following is a list of government bailouts made this year from the government:

    • $25 billion emergency aid to auto companies
    • $29 billion to help JP Morgan buy Bear Sterns
    • $37.8 billion 10/9/08 AIG
    • $40 billion 11/10/08 AIG
    • $85 billion to keep AIG in business
    • $102 billion in FHA loans to distressed homeowners
    • $152 billion 2008 economic stimulus act
    • $200 billion to shore up Fannie Mae and Freddie Mac
    • $400 billion emergency credit line to banks
    • $750 billion bailout bill
    Total price tag:

    $1.8 trillion

    Pending bailouts: Auto companies - $50 billion, economic stimulus package of 2009: $150 billion. Chances of unemployment reaching 10%? Pretty damn good. Chances of recovering your entire 401k? Zero.
     
  2. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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  3. DavidS
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    DavidS Anti-Tea Party Member

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    Oh, come on. The time to complain about Bush's disregard for that old piece of paper was years ago when they were constructing the Patriot Act. Bush and the United States constitution is about as big of an oxymoron as a compassionate conservative.
     
  4. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Not complaining about Bush's disregard for the Constitution, but the federal government's as a whole. And that "old piece of paper" is the only safeguard we have to our liberties, so feel free to continue to mock it.

    Though I love how you automatically think Bush, when Obama also contributed to the circumvention of the Constitution. I believe they both took oaths to uphold and defend it, guess that's just for show.
     
  5. DavidS
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    DavidS Anti-Tea Party Member

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    How has Obama done anything against the constitution? I thought he had no experience??

    You guys can't make up your mind.
     
  6. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Collectivist thinking doesn't make you look intelligent. Find where I said Obama has "no experience." In fact, find one instance where I've had anything negative to say about Obama that didn't pertain to the issues.

    How has he gone against the Constitution? By voting for the unconstitutional bailout bill.
     
  7. user_name_guest
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    user_name_guest Member

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    $1.8 trillion in debt. I wonder if the President-Elect didn't vote for those acts above.
     
  8. Zoom-boing
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    Zoom-boing Gold Member

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    I could not agree more. They have screwed us royally in the name of 'helping'. Oh please. Here's a few more ways they are sticking it to us:

    "New Plan To Bail Out Credit Card Debt: Is It Fair for America?

    Tracy Byrnes: This is socialism at it's best. You got into a bad mortgage. Maybe I could justify that but when I spend money on a pair of shoes and run my credit card that is my problem, my bill. Not the government's problem to help me pay for shoes I can't afford.

    Wayne Rogers: It is an outrageous idea with one exception and that is my wife. I hope they bail her out.

    Jonas Max Ferris: Well, there is so much I don't understand about this. First of all I don't think the credit card companies are any better than the home lenders. The home lenders were not that crooked. The credit card companies are a little more crook and confusing. When after you home loan you don't get a letter that had he adds new default rate if you miss a bill. It is much more straightforward than that in home lending. I don't think the bailout is they are going to give tax liability if they write off the debt."

    Rest of article (it's the last entry on the page):

    FOXNews.com - Recap of Saturday, November 8 - The Cost of Freedom


    "WASHINGTON — Some of the nation's biggest banks are in for a windfall -- on top of the $700 billion government bailout -- thanks to a new tax policy quietly issued by the Treasury Department.

    The notice gives big tax breaks to companies that acquire struggling banks hit hard by the mortgage crisis. In some cases, the tax breaks could exceed the cost of acquiring the banks, according to analyses by private tax experts.

    The change could cost the Treasury as much as $140 billion by enabling firms that acquire struggling banks to use more losses incurred by those banks to offset their own taxable profits."

    Rest of Article:

    FOXNews.com - Treasury Gives Tax Breaks to Banks Atop Bailout Money - Politics | Republican Party | Democratic Party | Political Spectrum


    Maybe we can amend the Constitution so it reads "all members of Congress who screw the citizens royally can and will be fired". This is beyond ridiculous.
     
  9. Toro
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    Toro Diamond Member

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    America is trying to become Japan 2.0.
     
  10. GigiBowman
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    GigiBowman Active Member

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    Obama voted YES to the bailout
     

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