Question about the bailout!

[plt42]

I understand the economic crisis. I understand why such a move to bailout failing financial institutions may be necessary to the economy... and blah, blah, blah.

What I don't understand is why the CEO's are walking away with millions of dollars in their pockets when their corruption and greed was the cause of the crisis to begin with. How does this work? Why is this allowed? Why aren't they being penalized? Is there any recourse?

These may be stupid questions but certainly not the first I've asked in my lifetime. But, honestly, I don't get it. Can someone explain?... preferably without calling me "dumb ass", "fuckhead", "moron", etc. Thanks!

 

[dilloduck]

I understand the economic crisis. I understand why such a move to bailout failing financial institutions may be necessary to the economy... and blah, blah, blah.

What I don't understand is why the CEO's are walking away with millions of dollars in their pockets when their corruption and greed was the cause of the crisis to begin with. How does this work? Why is this allowed? Why aren't they being penalized? Is there any recourse?

These may be stupid questions but certainly not the first I've asked in my lifetime. But, honestly, I don't get it. Can someone explain?... preferably without calling me "dumb ass", "fuckhead", "moron", etc. Thanks!

Mostly because what they did was legal.

 

[NOBama]

Mostly because what they did was legal.

Combined with PURE GREED which was the motivating factor of the Boards of Directors that granted those "Golden Parachutes" to their buddies.

 

[WillowTree]

get on the phone and call your congresscritters. They all suck. I don't have a problem telling them they suck.

 

[editec]

Most of the money they've made is already in their pockets.

I agree about cutting the rigging on their golden parachutes, though.

Personally, I think the shareholders of the banks which are still standing, should file suits in civil court against the boards of directors and the top management too.

They obviously didn't do their jobs with due diligence and the stockholders are left holding the bag.

Bankrupting these guys in cvil would seem like justice served

 

[Chris]

My Congresscritter is Thelma Drake.

She voted with Bush 99% of the time.

She does suck.

 

[Ravi]

I understand the economic crisis. I understand why such a move to bailout failing financial institutions may be necessary to the economy... and blah, blah, blah.

What I don't understand is why the CEO's are walking away with millions of dollars in their pockets when their corruption and greed was the cause of the crisis to begin with. How does this work? Why is this allowed? Why aren't they being penalized? Is there any recourse?

These may be stupid questions but certainly not the first I've asked in my lifetime. But, honestly, I don't get it. Can someone explain?... preferably without calling me "dumb ass", "fuckhead", "moron", etc. Thanks!

It's more of the Bush Administration's brilliant trickle down theory. The theory is that if we allow rich people to stay rich and rip us off, we will all benefit eventually.

 

[WillowTree]

My Congresscritter is Thelma Drake.

She voted with Bush 99% of the time.

She does suck.

They all suck. But at least she voted. Not Obama. He votes "not present" he's out to lunch.

 

[plt42]

My Congresscritter is Thelma Drake.

She voted with Bush 99% of the time.

She does suck.

Mine is Kay Bailey Hutchison... Republican, Texas, Bush... need I say more!

 

[DiveCon]

Mine is Kay Bailey Hutchison... Republican, Texas, Bush... need I say more!

um, thats one of your 2 senators

 

[plt42]

Most of the money they've made is already in their pockets.

I agree about cutting the rigging on their golden parachutes, though.

Personally, I think the shareholders of the banks which are still standing, should file suits in civil court against the boards of directors and the top management too.

They obviously didn't do their jobs with due diligence and the stockholders are left holding the bag.

Bankrupting these guys in cvil would seem like justice served

Now you see... this makes perfect sense to me. Undisputable logic. It just seems criminal that they should walk away from the chaos unscathed.

 

[sealybobo]

I understand the economic crisis. I understand why such a move to bailout failing financial institutions may be necessary to the economy... and blah, blah, blah.

What I don't understand is why the CEO's are walking away with millions of dollars in their pockets when their corruption and greed was the cause of the crisis to begin with. How does this work? Why is this allowed? Why aren't they being penalized? Is there any recourse?

These may be stupid questions but certainly not the first I've asked in my lifetime. But, honestly, I don't get it. Can someone explain?... preferably without calling me "dumb ass", "fuckhead", "moron", etc. Thanks!

It's because the sheeple in this country will allow it. Where is the outrage?

And this bailout is not necessary, nor will it fix anything.

They should allow all home owners to renegotiate their mortgages. If my home lost $30k, I should owe the banks $30K less. That'll give consumers more buying power and it will stop the foreclosures, so the banks won't need to be SAVED!!

This is just like the Iraq war. They went in pre-emptively to stop Saddam from nuking the USA. Oops, he didn't have any nukes, but it still is costing us $20 billion a month. So now they are going to pre-emptively solve the crisis we aren't even in, and it's going to cost an additional $700 billion.

Kiss your social security goodbye and your dollar is now worth a quarter.

 

[dilloduck]

It's because the sheeple in this country will allow it. Where is the outrage?

And this bailout is not necessary, nor will it fix anything.

They should allow all home owners to renegotiate their mortgages. If my home lost $30k, I should owe the banks $30K less. That'll give consumers more buying power and it will stop the foreclosures, so the banks won't need to be SAVED!!

This is just like the Iraq war. They went in pre-emptively to stop Saddam from nuking the USA. Oops, he didn't have any nukes, but it still is costing us $20 billion a month. So now they are going to pre-emptively solve the crisis we aren't even in, and it's going to cost an additional $700 billion.

Kiss your social security goodbye and your dollar is now worth a quarter.

and a hell of a lot of people got homes that they didnt pay for.

 

[plt42]

It's more of the Bush Administration's brilliant trickle down theory. The theory is that if we allow rich people to stay rich and rip us off, we will all benefit eventually.

I used to see the logic of tax breaks to businesses on the theory that those monies would be used for expansion and creation of jobs. It seemed a sound economic plan. Now we all see that the money was pocketed, jobs were outsourced, American jobs were eliminated and business continued to prosper. You're so correct... what a rip off.

 

[strollingbones]

and a hell of a lot of people got homes that they didnt pay for.

who is getting homes they are not paying for? Why toss people out of homes...nothing is worse than a house sitting empty...for the house.....the banks dont want the houses back..they are not in the real estate business...

 

[dilloduck]

who is getting homes they are not paying for? Why toss people out of homes...nothing is worse than a house sitting empty...for the house.....the banks dont want the houses back..they are not in the real estate business...

I call forgiving a loan, giving. What do you call it?

 

[strollingbones]

are they forgiving homeowners loans in total?

only a total idiot believes this will ONLY cost 700 million the final figures will be 3x to 4x as much. what government program costs in under budget?

 

[plt42]

um, thats one of your 2 senators

You're correct again... John Cornyn is the other. His term will end in 2009 and he's basically been Hutchison's puppy dog. Hutchison is definitely the pack leader.

 

[DiveCon]

You're correct again... John Cornyn is the other. His term will end in 2009 and he's basically been Hutchison's puppy dog. Hutchison is definitely the pack leader.

but i think chris was talking about his representitive, but he rambles so much about things i can see how you might have been confused
my current congressman is Tom Allen
but he is trying to unseat Susan Collins(and doing a poor job of it) so he wont be back in congress after jan
and its looking like Charlie Summers(R) will be my next congressman

 

[sealybobo]

and a hell of a lot of people got homes that they didnt pay for.

What? Who got a home they didn't pay for? We are all paying. By the time you finish paying for a $200k home, you have paid the banks $600k.

Are you crying for the banks?

Do you complain about tax breaks? Do you say, "a hell of a lot of people got tax breaks they didn't deserve"?

You must be a non home owner if you don't like this idea. Or you are a rich banker.

Maybe I'm not understanding your comment. Please clarify.