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View Full Version : OT: Please help save our economy from the robber barons!


billgrok
10-16-2007, 06:14 PM
The Federal Reserve and Bush's Treasury department are trying to bail out the predatory lenders and Wall Street banks who are responsible for the current housing bubble that is taking our country into a recession (or depression). Folks, it's time to call upon our elected representatives to address the outright fraud and lack of discipline perpetrated by financial institutions which have gotten us into this mess.

There is now an AUTOMATED online petition available that will automatically send a paper FAX to your Senators and Congressmen after you sign it:
http financialpetition.org

Near the bottom of the petition is a link to background information helping to explain some of the concepts this petition addresses. Please check that out as well.

Maybe we can't do much about the damage that has already been done to our economy and financial stability, but we can at least pressure our leaders to take action to prevent the further erosion of our Nation's financial system. NO BAILOUTS FOR BILLIONAIRES!!!

If you agree with the contents of this petition, please email a link to your friends, asking them to do the same.

Thanks for taking the time to read this and the petition.
Bill

Indy_Steelers
10-16-2007, 06:23 PM
We should just get the Government to get out of the private sector all together and we would be fine.

Atlanta Dan
10-16-2007, 06:32 PM
The Federal Reserve and Bush's Treasury department are trying to bail out the predatory lenders and Wall Street banks who are responsible for the current housing bubble that is taking our country into a recession (or depression). Folks, it's time to call upon our elected representatives to address the outright fraud and lack of discipline perpetrated by financial institutions which have gotten us into this mess.

There is now an AUTOMATED online petition available that will automatically send a paper FAX to your Senators and Congressmen after you sign it:
http financialpetition.org

Near the bottom of the petition is a link to background information helping to explain some of the concepts this petition addresses. Please check that out as well.

Maybe we can't do much about the damage that has already been done to our economy and financial stability, but we can at least pressure our leaders to take action to prevent the further erosion of our Nation's financial system. NO BAILOUTS FOR BILLIONAIRES!!!

If you agree with the contents of this petition, please email a link to your friends, asking them to do the same.

Thanks for taking the time to read this and the petition.
Bill

Unless that comes with a list of bank account numbers from which those Congressmen can withdraw "campaign contributions" good luck with that having any impact.

Money doesn't talk in politics - it screams

revefsreleets
10-16-2007, 06:44 PM
Personally, I don't care what private sector companies do as long as it's above board. But a government bailout is inexcusable. All that means is that the people who pay the most taxes pay more taxes to bailout people who should pay more taxes but don't.

Atlanta Dan
10-16-2007, 06:50 PM
Personally, I don't care what private sector companies do as long as it's above board. But a government bailout is inexcusable. All that means is that the people who pay the most taxes pay more taxes to bailout people who should pay more taxes but don't.

Unless some of those people who currently pay the most taxes work on Wall Street or in Greenwich and are the beneficiaries of the bailout = somehow I do not think Hank Paulson is behind this because he is worried whether borrowers who never should have qualified for mortgages in the first place are now facing foreclosure

GBMelBlount
10-16-2007, 06:59 PM
We should just get the Government to get out of the private sector all together and we would be fine.


I am a big Laissez Faire / Capitalism fan, but in this case I think that lending got out of hand. Lenders were lending to 125%of the value of a home, 100% of the home value with no income verification and even 100% of the appraised value for people w/ B/C (less than perfect) credit. Then there were appraisers who would consistently overvalue homes in their appraised value opinions. Add the Adjustable Rate Mortgages and you have a recipe for disaster. IMHO government is very big and tends to overregulate but I do think there is some degree of "oversight" that is needed in some industries. Just my two cents.

revefsreleets
10-16-2007, 07:08 PM
Unless some of those people who currently pay the most taxes work on Wall Street or in Greenwich and are the beneficiaries of the bailout = somehow I do not think Hank Paulson is behind this because he is worried whether borrowers who never should have qualified for mortgages in the first place are now facing foreclosure

But this is regulation in reverse. Why not regulate up front? The government needs to take one extra step this time and bail out the end users, not the banks, and that is if anyone gets bailed out at all. This is, after all, irresponsibility by both the predatory lenders AND the borrowers trying to get something they probably knew up front they could never afford.

Christ, the S&L mess should have taught us a lesson. I guess it did, though. If you get in trouble as a giant bank, the government will bail you out at the taxpayers expense.

Atlanta Dan
10-16-2007, 07:12 PM
But this is regulation in reverse. Why not regulate up front? The government needs to take one extra step this time and bail out the end users, not the banks, and that is if anyone gets bailed out at all. This is, after all, irresponsibility by both the predatory lenders AND the borrowers trying to get something they probably knew up front they could never afford.

Christ, the S&L mess should have taught us a lesson. I guess it did, though. If you get in trouble as a giant bank, the government will bail you out at the taxpayers expense.

You and I are in complete agreement on this

revefsreleets
10-16-2007, 07:14 PM
We shifted one bubble to another when the dot coms went down. Now we are left with what? Some new market needs to emerge legitimately this time, no shifting or shell games.

Stlrs4Life
10-16-2007, 09:25 PM
But this is regulation in reverse. Why not regulate up front? The government needs to take one extra step this time and bail out the end users, not the banks, and that is if anyone gets bailed out at all. This is, after all, irresponsibility by both the predatory lenders AND the borrowers trying to get something they probably knew up front they could never afford.

Christ, the S&L mess should have taught us a lesson. I guess it did, though. If you get in trouble as a giant bank, the government will bail you out at the taxpayers expense.



I also agree with this.

revefsreleets
10-17-2007, 04:04 PM
Well, for what it's worth, I signed the petition.

Preacher
10-17-2007, 04:48 PM
We shifted one bubble to another when the dot coms went down. Now we are left with what? Some new market needs to emerge legitimately this time, no shifting or shell games.

That is an interesting post... and I think the answer goes back to the game of politics.

The last two major expansions of the economy... Dot com and Home sales (90's and 00's respectively), were both driven because the respective govt. agencies looked the other way during the time. Why? because expanding economies re-elect presidents and parties.

If you look at the Enron/Tyco/Worldcom issues... they all HAPPENED in the 90's, driving the stock markets and not creating a drag. Same thing here.

You all know what would REALLY stop all of this???

If our fed. govt. stopped playing politics with the economy. The ONLY way to REALLY influence the economy is to either drive taxes TOO high, and create a recession, by people choosing to not invest .... or drive taxes TOO low, and create massive govt. debt (no, the debt isn't much at all now when the GDP is taken into account). Which then creates downward pressure on the economy through inflation and thus recession.

Other then that, the president has VERY LITTLE to do with the every day economy (Nixon and those idiotic price freezes).
Furthermore, the Congress has a lot more to do with it then the executive wing... yet it is the executive wing that looks the other way (FBI, Treasury, FDIC, etc. are all executive) because both parties want to use it to elect their president.

ONce a gain... what a joke.

revefsreleets
10-17-2007, 05:09 PM
It's frustrating. A big help would be finding a way to keep all these foreigners who come over here to use our educational system from fleeing after they graduate. We are getting crushed in science and engineering, and it's only going to get worse. The emerging "new economy", whatever it may end up being, needs to be based solidly in reality, not some phantom empty numbers game.