Off-Topic :
Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Bush's $700 billion bailout program for financial institutions
Posted by:
Tea Leaf
()
Date: October 06, 2010 12:30PM
So under Bush the US taxpayers paid $700 billion to bailout banks and financial institutions. It looks like there are plans again to build another stimulus like the Bush bailouts for banks and real estate investors by Republicans.
JUST SAY NO! It's our tax money and it should not be going to bail out big corporations and financial institutions. These are the same banks foreclosing and selling off peoples homes and charging us outrageous interest rates on our credit cards!
JUST SAY NO! It's our tax money and it should not be going to bail out big corporations and financial institutions. These are the same banks foreclosing and selling off peoples homes and charging us outrageous interest rates on our credit cards!
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
justsayin
()
Date: October 06, 2010 02:06PM
http://www.dailyfinance.com/story/treasury-bailout-will-cost-taxpayers-85-less-than-expected/19662064/
Saved the financial system, already 85% less cost than expected, and the taxpayer may still make money on it when it is all over. Oh and by the way TARP was originally estimated to be a $350B program. Doubling the amount and complaining about it doesn't make you a legit protester, it makes you an outright liar.
----------------------------------------
"She looks pretty good for 12, admit it." - WingNut, 04/24/2012
"I'm racist too. So what?" - Ellipsis 9/16/2011
"If you only knew who I was, and what I was working to do you would...have the decency to tell me I hated my nation and the way of life. I may not agree with...the government...I hate the "government"......" - Firrat 9/1/10
"there seems to be a queer...why? To try and further demean a defeated... dumb Tea party... I think we need more... far left folks on a regular basis - Louis Farakhan, Jesse Jackson...Al Sharpton" - Registered Voter, 8/19/2011
"If your computer is running slow, or you have any other problems, email me at with the problem and i am willing to fix it, for a price of course" - Taylor, spamming FFU on 04/12/2006. "N****rs as slaves again? I think so..." - Taylor, 09/20/2009
Edited 1 time(s). Last edit at 10/06/2010 02:12PM by justsayin.
Saved the financial system, already 85% less cost than expected, and the taxpayer may still make money on it when it is all over. Oh and by the way TARP was originally estimated to be a $350B program. Doubling the amount and complaining about it doesn't make you a legit protester, it makes you an outright liar.
----------------------------------------
"She looks pretty good for 12, admit it." - WingNut, 04/24/2012
"I'm racist too. So what?" - Ellipsis 9/16/2011
"If you only knew who I was, and what I was working to do you would...have the decency to tell me I hated my nation and the way of life. I may not agree with...the government...I hate the "government"......" - Firrat 9/1/10
"there seems to be a queer...why? To try and further demean a defeated... dumb Tea party... I think we need more... far left folks on a regular basis - Louis Farakhan, Jesse Jackson...Al Sharpton" - Registered Voter, 8/19/2011
"If your computer is running slow, or you have any other problems, email me at with the problem and i am willing to fix it, for a price of course" - Taylor, spamming FFU on 04/12/2006. "N****rs as slaves again? I think so..." - Taylor, 09/20/2009
Edited 1 time(s). Last edit at 10/06/2010 02:12PM by justsayin.
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
Jesus Christ Superstar
()
Date: October 07, 2010 02:52PM
And how does that compare to the horseshit that obammy has spent so far?
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
sumguy
()
Date: October 08, 2010 11:19AM
We need to remember who proposed and wrote this bailout. Bush should have vetoed this bill that make it his but it stilled would have passed. It should be called nancy pelosi's bailout.
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
Lopter495
()
Date: October 08, 2010 12:07PM
The problem wasn't the bailout. That had to happen in order to save the US economy from a total meltdown. The problem was Bush and Republicans supporting deregulation and allowing schemes like Bush's buddy Ken Lay at ENRON doing Mark to Market accounting.
Another good example was the fraud at WorldCom with Bernard Ebbers, the former CEO of WorldCom.
The US government needs to keep tight regulations on corporations or they will rob the US economy blind. It's nature of US corporations.
Another good example was the fraud at WorldCom with Bernard Ebbers, the former CEO of WorldCom.
The US government needs to keep tight regulations on corporations or they will rob the US economy blind. It's nature of US corporations.
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
sumguy
()
Date: October 08, 2010 12:34PM
I'm pretty sure enron didn't crash the housing market or bankrupt gm and chyrler.
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
justsayin
()
Date: October 08, 2010 01:02PM
Lopter495 Wrote:
-------------------------------------------------------
> The problem wasn't the bailout. That had to
> happen in order to save the US economy from a
> total meltdown. The problem was Bush and
> Republicans supporting deregulation and allowing
> schemes like Bush's buddy Ken Lay at ENRON doing
> Mark to Market accounting.
The above is so wrong I don't even know where to begin. Mark to market accounting was implemented as an accounting standard starting with FAS 115 in May 1993, check your history to see who was president and who held Congress then. Mark to market itself actually makes good accounting sense because it reflects the real value of securities that are not up for sale. Mark to market had to be suspended during the debt crisis because it made the accounting too "true" to be unwound. The fact that accounting fraud happened has nothing to do with MtM directly, only that criminals picked that method to engage on fraud. It would have been some other way had MtM not been in place.
Accounting fraud is not partisan. Look up Raines and what he did at Fannie Mae before becoming Clinton's Director of OMB.
> The US government needs to keep tight regulations
> on corporations or they will rob the US economy
> blind. It's nature of US corporations.
This statement assumes that in-place regulation means bad things can't happen. I would point you to the Bernie Madoff scandal, who got away with what he did through several SEC audits.
----------------------------------------
"She looks pretty good for 12, admit it." - WingNut, 04/24/2012
"I'm racist too. So what?" - Ellipsis 9/16/2011
"If you only knew who I was, and what I was working to do you would...have the decency to tell me I hated my nation and the way of life. I may not agree with...the government...I hate the "government"......" - Firrat 9/1/10
"there seems to be a queer...why? To try and further demean a defeated... dumb Tea party... I think we need more... far left folks on a regular basis - Louis Farakhan, Jesse Jackson...Al Sharpton" - Registered Voter, 8/19/2011
"If your computer is running slow, or you have any other problems, email me at with the problem and i am willing to fix it, for a price of course" - Taylor, spamming FFU on 04/12/2006. "N****rs as slaves again? I think so..." - Taylor, 09/20/2009
Edited 1 time(s). Last edit at 10/08/2010 01:02PM by justsayin.
-------------------------------------------------------
> The problem wasn't the bailout. That had to
> happen in order to save the US economy from a
> total meltdown. The problem was Bush and
> Republicans supporting deregulation and allowing
> schemes like Bush's buddy Ken Lay at ENRON doing
> Mark to Market accounting.
The above is so wrong I don't even know where to begin. Mark to market accounting was implemented as an accounting standard starting with FAS 115 in May 1993, check your history to see who was president and who held Congress then. Mark to market itself actually makes good accounting sense because it reflects the real value of securities that are not up for sale. Mark to market had to be suspended during the debt crisis because it made the accounting too "true" to be unwound. The fact that accounting fraud happened has nothing to do with MtM directly, only that criminals picked that method to engage on fraud. It would have been some other way had MtM not been in place.
Accounting fraud is not partisan. Look up Raines and what he did at Fannie Mae before becoming Clinton's Director of OMB.
> The US government needs to keep tight regulations
> on corporations or they will rob the US economy
> blind. It's nature of US corporations.
This statement assumes that in-place regulation means bad things can't happen. I would point you to the Bernie Madoff scandal, who got away with what he did through several SEC audits.
----------------------------------------
"She looks pretty good for 12, admit it." - WingNut, 04/24/2012
"I'm racist too. So what?" - Ellipsis 9/16/2011
"If you only knew who I was, and what I was working to do you would...have the decency to tell me I hated my nation and the way of life. I may not agree with...the government...I hate the "government"......" - Firrat 9/1/10
"there seems to be a queer...why? To try and further demean a defeated... dumb Tea party... I think we need more... far left folks on a regular basis - Louis Farakhan, Jesse Jackson...Al Sharpton" - Registered Voter, 8/19/2011
"If your computer is running slow, or you have any other problems, email me at with the problem and i am willing to fix it, for a price of course" - Taylor, spamming FFU on 04/12/2006. "N****rs as slaves again? I think so..." - Taylor, 09/20/2009
Edited 1 time(s). Last edit at 10/08/2010 01:02PM by justsayin.
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
Lopter95
()
Date: October 08, 2010 01:43PM
sumguy Wrote:
-------------------------------------------------------
> I'm pretty sure enron didn't crash the housing
> market or bankrupt gm and chyrler.
Yes, that was another completely separate Bush fuck up. Thanks.
-------------------------------------------------------
> I'm pretty sure enron didn't crash the housing
> market or bankrupt gm and chyrler.
Yes, that was another completely separate Bush fuck up. Thanks.
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
Lopter5988
()
Date: October 08, 2010 01:44PM
As for Mark to Market, you must be approved to use that system and that's what Bush allowed ENRON to do unchecked.
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
Capt. Obvious
()
Date: October 08, 2010 03:03PM
Lopter5988 Wrote:
-------------------------------------------------------
> As for Mark to Market, you must be approved to use
> that system and that's what Bush allowed ENRON to
> do unchecked.
Enron used m2m all throughout the Clinton Administration, yes or no?
-------------------------------------------------------
> As for Mark to Market, you must be approved to use
> that system and that's what Bush allowed ENRON to
> do unchecked.
Enron used m2m all throughout the Clinton Administration, yes or no?
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
Capt. Obvious
()
Date: October 08, 2010 03:06PM
Lopter495 Wrote:
-------------------------------------------------------
> The problem was Bush and Republicans supporting deregulation
Which deregulation measures during the Bush administration are you referring to?
-------------------------------------------------------
> The problem was Bush and Republicans supporting deregulation
Which deregulation measures during the Bush administration are you referring to?
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
sumguy
()
Date: October 08, 2010 09:25PM
Maybe someone explain why we needed to bailout bank and auto companys.
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
Halloween is not scary
()
Date: October 08, 2010 10:17PM
We would have had meltdown without the bank bailouts. The problem is that this thing did not get fixed by those bailouts and now we are facing another train wreck.
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
conVince
()
Date: October 09, 2010 08:37AM
Halloween is not scary Wrote:
-------------------------------------------------------
> The problem is that this thing did not
> get fixed by those bailouts and now we are facing
> another train wreck.
The bailouts did not fix anything at all, but Kris Dodd's bank reform bill fixed everything. By concentrating on things like making overdraft fees opt-in, that demokrat has saved our banking system!!! Amerikan hero!!!!!
------------------------------------
twitter @EyeAmU
-------------------------------------------------------
> The problem is that this thing did not
> get fixed by those bailouts and now we are facing
> another train wreck.
The bailouts did not fix anything at all, but Kris Dodd's bank reform bill fixed everything. By concentrating on things like making overdraft fees opt-in, that demokrat has saved our banking system!!! Amerikan hero!!!!!
------------------------------------
twitter @EyeAmU
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
Gravis
()
Date: October 10, 2010 12:40AM
sumguy Wrote:
-------------------------------------------------------
> Maybe someone explain why we needed to bailout
> bank and auto companys.
so... you dont want the money in your bank account?
"the wisdom of the wise will perish, the intelligence of the intelligent will vanish."
-------------------------------------------------------
> Maybe someone explain why we needed to bailout
> bank and auto companys.
so... you dont want the money in your bank account?
"the wisdom of the wise will perish, the intelligence of the intelligent will vanish."
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
sumguy
()
Date: October 12, 2010 11:36AM
Why would I want to pay twice for the money I earned. I received no bailout money. I'm a responsibly american I don't buy things i can't afford. When I go to best buy I don't let the sales guy talk me into something I can't afford. NO cash NO toys. If we don't fail we never learn. If my business fails I have to close the doors. There is no saftey net failure is failure. If you have children then you may understand this. If you let them fail then they will learn. If you constantly bail them out they will only make the same mistake. If you don,t punish bad behavior it just continues.
Re: Bush's $700 billion bailout program for financial institutions
Posted by:
justsayin
()
Date: October 12, 2010 11:42AM
What are the constant bailouts? Was Bear Stearns bailed out? No, they went under. Did Lehman Brothers get bailed out? No, they were allowed to go under. Did Countrywide get bailed out? No, they were shoved over to Bank of America to manage.
How are you paying twice for money you earned? Most of these bailouts will actually turn out to be profitable to the taxpayer.
You don't sound very sophisticated... at the very least you are just repeating talking points and can't seem to defend your positions. I'd say you should concentrate more on being a "responsibly american" and less on posting stuff on public forums without an acceptable understanding of what you are saying. Just because Sarah Palin, Beck, and the teabaggers say something doesn't make it true.
----------------------------------------
"She looks pretty good for 12, admit it." - WingNut, 04/24/2012
"I'm racist too. So what?" - Ellipsis 9/16/2011
"If you only knew who I was, and what I was working to do you would...have the decency to tell me I hated my nation and the way of life. I may not agree with...the government...I hate the "government"......" - Firrat 9/1/10
"there seems to be a queer...why? To try and further demean a defeated... dumb Tea party... I think we need more... far left folks on a regular basis - Louis Farakhan, Jesse Jackson...Al Sharpton" - Registered Voter, 8/19/2011
"If your computer is running slow, or you have any other problems, email me at with the problem and i am willing to fix it, for a price of course" - Taylor, spamming FFU on 04/12/2006. "N****rs as slaves again? I think so..." - Taylor, 09/20/2009
How are you paying twice for money you earned? Most of these bailouts will actually turn out to be profitable to the taxpayer.
You don't sound very sophisticated... at the very least you are just repeating talking points and can't seem to defend your positions. I'd say you should concentrate more on being a "responsibly american" and less on posting stuff on public forums without an acceptable understanding of what you are saying. Just because Sarah Palin, Beck, and the teabaggers say something doesn't make it true.
----------------------------------------
"She looks pretty good for 12, admit it." - WingNut, 04/24/2012
"I'm racist too. So what?" - Ellipsis 9/16/2011
"If you only knew who I was, and what I was working to do you would...have the decency to tell me I hated my nation and the way of life. I may not agree with...the government...I hate the "government"......" - Firrat 9/1/10
"there seems to be a queer...why? To try and further demean a defeated... dumb Tea party... I think we need more... far left folks on a regular basis - Louis Farakhan, Jesse Jackson...Al Sharpton" - Registered Voter, 8/19/2011
"If your computer is running slow, or you have any other problems, email me at with the problem and i am willing to fix it, for a price of course" - Taylor, spamming FFU on 04/12/2006. "N****rs as slaves again? I think so..." - Taylor, 09/20/2009