Wednesday, October 1, 2008

More Questions than Answers....

Wall Street is a place of bears and bulls. It is not smart to force taxpayers to dance with bears or to follow closely behind the bulls.

Here is the Dennis Kucinich quote from his House floor speech:

The $700 billion bailout for Wall Street, is driven by fear not fact. This is too much money in too a short a time going to too few people while too many questions remain unanswered.
Why aren't we having hearings on the plan we have just received?
Why aren't we questioning the underlying premise of the need for a bailout with taxpayers' money?
Why have we not considered any alternatives other than to give $700 billion to Wall Street? Why aren't we asking Wall Street to clean up its own mess?
Why aren't we passing new laws to stop the speculation, which triggered this?
Why aren't we putting up new regulatory structures to protect investors?
How do we even value the $700 billion in toxic assets?
Why aren't we helping homeowners directly with their debt burden?
Why aren't we helping American families faced with bankruptcy?
Why aren't we reducing debt for Main Street instead of Wall Street?
Isn't it time for fundamental change in our debt based monetary system, so we can free ourselves from the manipulation of the Federal Reserve and the banks?
Is this the United States Congress or the board of directors of Goldman Sachs?

I'm with Kucinich. There are more questions than answers. I'd like to add my questions to the list.
Why does Paulson still have his government job? Give him total immunity in the form of a pink slip.
What became of the FBI investigations of high level fraud on Wall Street?
How will this effect Social Security funds?
Show us the FDIC insured money, should 1/2 the banks (or more), in the US fail?
Would this financial crisis of epic proportions, help the financial situation, by proper taxation of the Oil industries, historic record profits?
Exxon Mobil posted a $10.89 billion profit in the first three months of this year.
Exxon Mobil earned $11.66 billion in the prior quarter. The profit in that quarter came to $1,385 a second, enough to buy nearly 382 gallons of gas at current prices.
Soaring oil prices lifted Chevron Corp.'s annual profit to $18.7 billion in 2007, the fourth consecutive year that the San Ramon company made record amounts of money.
Shell posted a whopping $27 billion in profit.
And the list goes on. We really should start connecting the dots.... we are giving royalty free resources, or undertaxing big oil as they rake in huge profits. 

Show us the money!
Tax the wealthy oil companies

Protect the people's money.
Don't squander our hard earned money on reckless and shoddy practices that do not hold the gamblers accountable.
The very wealthy oil companies with record profits must be required to contribute.
Make very sure Wall Street is not pulling off the greatest bank heist of the 21st Century.


Robert Rouse said...

Fran, ask and ye shall receive. Masters of War it Is.

Fran said...

Not a happy song, but damn, it's real

Christopher said...

Kucinich was correct.

No matter how you slice the bailout, this scheme comes down to the U.S. taxpayer footing the bill for Wall Street criminality.

If you see my thread, 'Markets Bounce Back,' from Tuesday, you see that despite the efforts of various lawmakers and naturally, Bush and his economic propaganda team, the country did not slip into the Great Depression 2.0 and in fact, the markets rallied.

The issue here is bad mortgage paper -- period. If the government really wants to deal with the underlying illness, they should either buy up the 3% or 4% of bad paper and create a fund of capital for lending institutions to borrow from but certainly not hand Henry Paulson a check for hundreds of billions and let him allocate it at his discretion.

Trust me. Six months from now, the economy will still be hurting.

Fran said...

I'm not buying the hurry up aspect.
I thought the total immunity deal was insane.
I think Paulson was lying through his teeth.
Dual personality McCain is now all about regulation, but just not for the last 26 years.
Bailing out people who get millions in bonus money & $500,000 salaries should not need bailing out.

It will be interesting to see how this plays out.
Rather than have the midas touch, Bush has ruined everything he's touched. He already left two companies he was in charge of in Bankruptcy,
so he's consistent. Consistently a disaster.