Mitch Albom is pissed.

Discussion in 'Politics' started by Qua, Dec 16, 2008.

  1. Qua

    Qua
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  2. B_starinvestor

    B_starinvestor New Member

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    When you consider that the the auto bailout only represents 2% of the TARP funding, its not hard to see why the people of Detroit are a little pissed.

    Paulson hasn't even used the TARP money to buy toxic assets, and the banks haven't used the funds to extend or loosen credit; they've used it for mergers/acq. activity.

    The whole thing is a load of shit. Bernacke/Paulson sold a TARP plan to Congress, and we've recieved no identifiable benefit. The gov't has an ownership stake in our financial infrastructure. That's about it.

    The only backstop they've provided that can be construed as helpful was keeping AIG afloat.

    Idoits.
     
  3. houtx48

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    well star i see you a whole new light............
     
  4. HazelGod

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    Talk about understatement...

    I'll summarize:

    The USA will die without its auto industry.
    Senators are hypocrites, so cannot comment on our mismanagement.
    Feds gave lots of money fast and loose to Wall St., so why won't they give us anything right now?
    Waaah! We're dying, and the USA will die with us!



    :rolleyes:
    Get over yourself already, Mitch.
     
  5. Qua

    Qua
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    The fallout in Michigan from a Big Three collapse will be unparalleled since the Great Depression. Health Care will have the rug puled out from under it, in addition to everything else slowly grinding to a halt. And he and Star bring up a very valid point: wasn't the point of the $700B bailout to loosen credit so that things such as this didn't need to happen? Why hasn't credit eased? I just found out I need a new student loan lender because mine has backed out of new loans. After the bailout.

    The irony of no-strings attatched money for banks but such a heated debate over 2% of that in strictly regulated loans strikes everyone in Detroit as a big middle finger. The money that was claimed to be apportioned to save industry is not being used for that purpose, and has no requirements that it ever be.

    I don't think the country will go down with us, but I think a couple years from now the time will be ripe for anyone interested to join me in a Latin America style coup.
     
    #5 Qua, Dec 16, 2008
    Last edited: Dec 16, 2008
  6. HazelGod

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    The TARP and the auto industry bailout proposal are separate animals, and it's folly to associate the one with the other as so many tend to do.

    Yes, to date, TARP has been an abysmal failure. As much as it freezes Satan's scrote, star has articulated this failure accurately...I have acquaintances working for Citi and Wells Fargo, and their internal messaging has centered around holding onto as much of their bailout money as possible, using it to purchase failed local and regional banking interests instead of extending credit to ease the market pressure.

    My problem is the auto industry bailout proponents seem to believe that Congress' stupidity in hastily enacting shite legislation for one sector would somehow justify repeating that stupidity for another. Or that because the amount in question is only ~2% of the TARP bailout, it shouldn't rate this scrutiny.

    While we're at it, how about I lobby Congress for a personal loan of only $100 million? It would only cost every taxpayer about fifty cents, they'd never feel it...and it's only 0.01% of the TARP program cost! And I guarantee with that financial backing, I can pay it back with interest inside of ten years.

    These fuckers need to declare bankruptcy and restructure their operations under the oversight of a federal court. Our government does NOT exist to protect the bottom lines of corporations and their business models from competition and evolution, despite what GM, Ford, MPAA, and the RIAA believe...it exists to serve the people of this nation.
     
  7. B_starinvestor

    B_starinvestor New Member

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    Right, but since the auto bailout died in the Senate, the White House is moving to include the auto bailout from TARP funds.
     
  8. Qua

    Qua
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    Which honestly makes me happier than another $14B getting thrown around, since some of that money is going to be accounted for and scrutinized, and no more money added to the Fed's tab
     
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