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OT: A path we shouldn't start down

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  • OT: A path we shouldn't start down

    Tonight I plan to write my federal representatives demanding that they do everything within their power to prevent the current administration from getting the new powers it wants. For those that don't know what I'm talking about do a news search for "treasury" & "powers" or follow this link.

    Is anyone else concerned that the current administration is guiding us down a path we shouldn't follow?
    Last edited by dan s; 03-25-2009, 11:02 PM.
    -Dan S.
    dans-hobbies.com

  • #2
    Spell checkers are not a substitute for proof reading.
    Free software for calculating bolt circles and similar: Click Here

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    • #3
      Originally posted by dan s
      For those that don't know what I'm talking about do a news search for "treasury" & "powers" or follow this link.
      Do you understand the issue?

      The US was barely able to rescue AIG, because it's an insurance company, and not a bank. Under current treasury law, the US government can only rescue banks.

      Paulson, Bernanke and the Bush administration had to play fast and loose with the existing Treasury Powers to rescue AIG. And I'm glad they did, because AIG issued most of the Credit Default Swaps that were propping-up Morgan-Stanley, Lehman and Goldman Sachs. If the Fed hadn't bailed out AIG, the two remaining US investment banks would have gone down the toilet along with Lehman and Merrill Lynch.
      Last edited by lazlo; 03-25-2009, 11:00 PM.
      "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

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      • #4
        Originally posted by dan s
        Tonight I plan to right my congressmen and representative demanding that they do everything within their power to prevent the current administration from getting the new powers it wants. For those that don't know what I'm talking about do a news search for "treasury" & "powers" or follow this link.

        Is anyone else concerned that the current administration is guiding us down a path we shouldn't follow?
        Nope. I am more concerned with a private corporation that takes millions of tax dollars and hands them out to their over-fed, fat cat, leather seat warmers. I busted my butt for 9 years for a company, making half what my skillset was worth. In that time they brought in a bean counter who was already retired on a full pension from Conoco, and immediately started paying him 6 figures a year. Now I am laid off, along with 40% of the guys that kept that hole afloat for the past decade, and mister seat warmer is STILL drawing his 6 figures. I say LET the government come in and regulate this crap. They can't do a worse job than is already being done!

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        • #5
          happy now???

          Originally posted by Evan
          Spell checkers are not a substitute for proof reading.
          -Dan S.
          dans-hobbies.com

          Comment


          • #6
            Originally posted by lazlo
            Do you understand the issue?
            Yes I understand the issue, I have no problem with regulations that prevent companies from doing stuff like this in the future. I do however have a serious problem when the government starts talking about laws that will let them seize companies.
            -Dan S.
            dans-hobbies.com

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            • #7
              Originally posted by dan s
              I do however have a serious problem when the government starts talking about laws that will let them seize companies.
              They're not talking about laws to seize companies, they're talking about laws to bail out Wall Street firms, like the $2 Billion in taxpayer money we spent to bail out Bear-Stearns, the $180 Billion went spent to bailout AIG (so the execs could have $180 Million in performance bonuses),...

              Those firms wanted , and were desperate, to be bailed out.
              "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

              Comment


              • #8
                Did you even read the article, or look up a different one?

                They aren't talking about imposing regulations, they are talking about getting power to "seize" "financial "companies that they think could hurt the entire system.

                Originally posted by websterz
                Nope. I am more concerned with a private corporation that takes millions of tax dollars and hands them out to their over-fed, fat cat, leather seat warmers. I busted my butt for 9 years for a company, making half what my skillset was worth. In that time they brought in a bean counter who was already retired on a full pension from Conoco, and immediately started paying him 6 figures a year. Now I am laid off, along with 40% of the guys that kept that hole afloat for the past decade, and mister seat warmer is STILL drawing his 6 figures. I say LET the government come in and regulate this crap. They can't do a worse job than is already being done!
                -Dan S.
                dans-hobbies.com

                Comment


                • #9
                  Originally posted by dan s
                  Did you even read the article, or look up a different one?

                  They aren't talking about imposing regulations, they are talking about getting power to "seize" "financial "companies that they think could hurt the entire system.
                  "Seize" is a financial term for nationalizing. The US "Seized" AIG -- the taxpayers now own 80% of AIG (and several other investment banks). But AIG desperately wanted to be "seized," or it would have gone bankrupt. Same deal with Washington Mutal, which was "seized" before it went bankrupt, otherwise $300 Billion in retirement funds would have evaporated.

                  U.S. Seizes Control of AIG With $85 Billion Emergency Loan

                  "Under current law, the government can only seize banks. The legislation would extend that authority to companies that own banks, and other financial businesses such as insurers, investment houses and hedge funds. "
                  Last edited by lazlo; 03-25-2009, 11:18 PM.
                  "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

                  Comment


                  • #10
                    I hardly see the current financial debacle as a ringing endorsement of "hands-off" regulation of Wall Street. As far as I'm concerned, any company whose "essential contribution to the economy" requires me and my children to bail it out should be explicitly subject to close critical adult supervision.

                    These companies are like nuclear power plants.... and we just had a dandy of a melt-down on Wall Street. Now is not the time to be complaining about weld inspection, and
                    the Navy sub crews taking over running the plant if the operators prove incompetent.

                    - Bart
                    Bart Smaalders
                    http://smaalders.net/barts

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                    • #11
                      Originally posted by barts
                      I hardly see the current financial debacle as a ringing endorsement of "hands-off" regulation of Wall Street. As far as I'm concerned, any company whose "essential contribution to the economy" requires me and my children to bail it out should be explicitly subject to close critical adult supervision.
                      I agree Bart -- I think most people do. But the problem is that 3 of the 5 largest US investment banks went bankrupt last year, and the remaining 2, plus world's largest insurer (AIG) would have gone as well without huge taxpayer bailouts.

                      In other words, it sucks, we all hate it, but if we didn't bail these assholes out, we'd be in the midst of a Great Depression, and not "just" a really bad recession.
                      "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

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                      • #12
                        Libs!

                        All this shi$ happened in the last 60 days!!!

                        It's all Obama's fault!!! Those damn liberals!!!!

                        PaulF

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                        • #13
                          Well, let's see... We're being constantly told that the economy is the Number One Priority, and a Crisis We Must Fix Immediately... but Obama has yet to even nominate people- or at least nominate people who will accept the nomination- for seventeen of the eighteen positions at the Treasury.

                          Our one Treasury man, a tax dodger himself, who we were told was "the only one qualified for the position", has such gravitas that virtually every time he got in front of the cameras to make a statement, the stock market tanked. Yesterday's statement caused a drop in the value of the dollar itself.

                          We're told that, in order to "fix" the economy, we must revamp our health care system- in what must be one of the largest non sequiturs ever spoken by man. Those speaking it apparently forgetting that those countries that already have similar systems of nationalized health care, are also going through heavy economic troubles.

                          The people now in charge were, just a few years ago, decrying Bush's near-$500Bn deficits as "inexcusable" and "irresponsible". These same people are now lauding a forthcoming deficit three times that amount as a "sound economic strategy".

                          Nope, nothing to worry about here!

                          I mean, it's not like the Chinese are terrified of the idea of the US economy tanking, and so have proposed moving away from the dollar or anything...

                          Doc.
                          Doc's Machine. (Probably not what you expect.)

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                          • #14
                            Geithner's own words.

                            http://www.youtube.com/watch?v=6ZZlXbxv_i4
                            -Dan S.
                            dans-hobbies.com

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                            • #15
                              Originally posted by PaulF
                              All this shi$ happened in the last 60 days!!!

                              It's all Obama's fault!!! Those damn liberals!!!!
                              -Couple quick questions, Paul:

                              One; Who writes the Budget and approves spending, Congress or the President?

                              Two; Which party has been in control of Congress since 2006?

                              Three; Where was Obama for the four years before he became President?

                              Bonus question: Why does he keep saying he "inherited" an economic problem that he himself was involved in and had the power to fix- Presidents can't write legislation, remember- for some four years before gaining the Oval Office?

                              Doc.
                              Doc's Machine. (Probably not what you expect.)

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