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Old 11-13-2008, 11:20 AM   #7 (permalink)
Ezliving_Jim
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Re: What are they doing with the $700 Billion Bailout?

Frank and Dodd have blood on their hands because they forced Fannie and Freddie to make mortgages for people who were a high credit risk and couldn't afford them, in order to encourage low-income home ownership.

This bad mortgage mess didn't happen due to deregulation. It happened because Frank and Dodd and others made it happen. It happened because they ignored warnings that this was going to be a financial problem. It happened because they were paid a lot of money by Fannie and Freddie to let it happen.

Dodd and Frank can not be trusted to fix this. They should be hung.

A side effect was the "housing boom" inflation bubble caused by the increased demand by uncreditworthy home buyers. Residential housing values need to get back to reality.

There is a deregulation problem with letting the hedge funds go wild. Still, these were only traded by professional investment gamblers. The SEC should rein in these products. They can start by increasing margins.

We have to let the free market work. Failure must be allowed. Sorry, GM. You blew it. Sorry GM workers. Your unions screwed you. Move South and build cars in a non-union factory and don't you dare try to unionize it.

Everyone in Congress who votes for The Employee Free Choice Act should be hung.

I was glad to see the USPS laying off workers. At least they are trying to run the Post Office like a real business.

We know a managed economy doesn't work. The biggest and the best who try (Russia) can't get it right.

I hate the idea of nationalizing financial institutions. It is the lowest risk strategy, in my view. It is better for us to have an equity position in an institution we want to succeed than it is to by bad paper at higher than market value just to resell/reprice it at a loss. That was a fuched plan from the jump.

We should have a sunset of no more than 5 years to get the bailout money repaid and the govt ownership of the preferred stock in these institutions sold back at a profit.

Keep in mind, this is not just a US economic problem. We are in a worldwide economic crisis. Many other countries are dealing with their own economic problems. Everyone has skin in this.

The world has to start making better economic decisions. Back to Economics 101. We all have to get economically healthy together.

For now, Congress need to eliminate the tax on capital gains to encourage investment. Government spending needs to be cut.

Government jobs programs need to involve real work. Rebuild our crumbling infrastructure. Teach auto workers how to build roads and bridges.

Last edited by Ezliving_Jim; 11-13-2008 at 11:44 AM.
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