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Terms of contracts should have been set up prior
Tuesday, November 10, 2009 6:17 AM PST
Ever since the financial bailouts began last year, we've been hearing about the government apparently taking over executive compensation that amazingly has taken these corporations by surprise.
Now, whenever I have borrowed any amount of money, it was known from the outset (prior to executing the agreement) what was expected in return for the loan. So, what's going on here?
Are we to believe that the U.S. government actually bailed out these companies using billions of taxpayer money without first making it clear what they would be entitled to do in exchange for the favor? Likewise, did the executives at these companies not take the time to fully understand that their salaries might be cut by up to 90 percent if the government deemed it necessary anywhere down the line prior to their repaying the debt? If so, there's a tremendous amount of stupidity going on — or we're simply not being told the truth. Or could it just be a lot of both?
From the beginning, these bailouts seemed shady to many; handing over tons of cash without first coming to specific terms (and apparently not making that information public) as well as not accounting for every penny disbursed borders on insanity. However, if Uncle Sam was clear regarding the terms of these loans, why is there any discussion about it going on now?
As a matter of contractual common sense, these executives should be thankful that they have jobs at all. But I have yet to hear even a "thank you" to the American people for giving them a helping hand.
However, before we offer the government out heartfelt thanks for all they've done in this regard, a little more transparency (as promised by President Obama during his campaign) is certainly called for.
Jerome R. Kinderman
Lodi
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sparky595 wrote on Nov 12, 2009 6:22 AM:
'However, before we offer the government out heartfelt thanks for all they've done in this regard, a little more transparency (as promised by President Obama during his campaign) is certainly called for.'
Jerome, he has been very transparent. He is taking over banks right in front of our eyes. He took over control of auto companies right in front of our eyes. He has spent over 5 trillion dollars on budgets, stimulus packages, and bailouts right in front of our eyes. He has said that he is 'going to fundamentally change America' right in front of our eyes. He has weakened our defenses against terrorism right in front of our eyes. He is trying to pass the largest energy tax in the history of the world (cap and trade) right in front of our eyes. He is about to unconstitutionally have the government take over the healthcare system right in front of our eyes.
The problem, is where he is being transparent, the American people need to start paying attention. "
Billy Rubin wrote on Nov 12, 2009 6:18 AM:
Now, with all this time you have, investigate whose administration's budget is spending those billions since Jan. '09. "
sparky595 wrote on Nov 11, 2009 3:44 PM:
'And, before you run off to blame all *that* on Obama, too, why not invest a moment in google.'
Thanks for the financial tip. It looks as if I invested wisely. "
sparky595 wrote on Nov 11, 2009 3:39 PM:
01/19/2001 --- $5,727,776,738,304.64
01/19/2007 --- $8,675,085,083,537.48
Total of 1st 6 yrs $2,947,308,345,232.84 Trillion
Since obama and the democrats took over the senate and obama in the white house, until present day :
01/22/2007 --- $8,676,668,422,505.86
11/09/2009 --- $11,990,022,541,364.79
Total, less than 3 years $3,313,354,118,858.93 Trillion "
sparky595 wrote on Nov 11, 2009 2:34 PM:
01/21/2009 --- 10,625,053,544,309.79
11/09/2009 --- 11,990,022,541,364.79
Total 1,364,968,997,055.00
The first year isn't even done, and obama is on a pace of 12 trillion dollars in the same time frame that bush contributed 5 trillion. "
sparky595 wrote on Nov 11, 2009 2:23 PM:
http://www.treasurydirect.gov/NP/NPGateway
01/19/2001 --- 5,727,776,738,304.64
01/20/2009 --10,626,877,048,913.08
After crunching some numbers, that comes out to $4,899,100,310,608.44 (or about 5 trillion).
Yes, I am that bored. I'm off work with a temporary leg injury. "
sparky595 wrote on Nov 11, 2009 1:41 PM:
'Sparkless, I don't know how to break it to you - Bush spent 6 TRILLION dollars [Trillion - with a "T"], not "5 billion" dollars [with a "b"].'
OK , I'll give you the "T" & "B" thing, it was early in the morning. I did mean Trillion not Billion.
However, what am I supposed to believe from you anyway? Your 6:50 pm post said it was 9 trillion. After I called you on it, hmmm, it gets revised to 6 trillion. "
Billy Rubin wrote on Nov 11, 2009 12:44 PM:
I'm glad you asked. The nine trillion dollar national debt was an old number I had heard during Bush's term in 2007. I checked and it is currently more than 12 Trillion dollars.
And, before you run off to blame all *that* on Obama, too, why not invest a moment in google. "
Billy Rubin wrote on Nov 11, 2009 12:31 PM:
Sparkless, I don't know how to break it to you - Bush spent 6 TRILLION dollars [Trillion - with a "T"], not "5 billion" dollars [with a "b"].
To a Conservative apologist like you, I know that Trillions and Billions are conveniently interchangeable when you're blaming the opposition, but still, don't you think other people notice? "
sparky595 wrote on Nov 11, 2009 6:50 AM:
'Go ahead, you big tough-talking conservative you, blame it all on Obama...'
I have not claimed to be a conservative. I have been a registered democrat for nearly 20 years. I voted for Clinton twice, and never voted for Bush. ALL Democrats should be worried that a far left statist has hi-jacked their party. This is not your grandpa's democratic party anymore. To put it into terms that I am sure you will understand, it would be like Rush Limbaugh and Michael Savage winning the white house on the republican ticket. "
sparky595 wrote on Nov 11, 2009 6:44 AM:
'Do you remember the Nine Trillion Dollar debt left by that administration?'
Where did you pull that number out of? "
sparky595 wrote on Nov 11, 2009 6:37 AM:
I guess time will tell who's right and who's wrong. "
sparky595 wrote on Nov 11, 2009 6:24 AM:
If you read my 7:44 am post, you would see that obama was asking for 350 billion from Bush before he was even inaugurated. Obama and the democrats are the only reason Tarp passed congress to begin with. The democrats were in control of congress since 2006.
Yes, Bush contributed. Yes, the deficit did start growing before obama was elected. The problem is obama is dumping a tanker full of gasoline onto a fire that is burning America. "
Billy Rubin wrote on Nov 10, 2009 6:50 PM:
Sparkless, do you know who was in office 12 months ago? How about 11 months ago? 10 months ago?
Do you know who was in office two years ago? Three? Four, five, six, seven, eight years ago?
Do you remember who signed off on the hundreds of billions in TARP money? Do you remember that administration's "No Questions" policy? Do you remember the Nine Trillion Dollar debt left by that administration?
Go ahead, you big tough-talking conservative you, blame it all on Obama; Jerome is looking for a new BFF. "
sparky595 wrote on Nov 10, 2009 3:12 PM:
jbhiker wrote on Nov 10, 2009 2:38 PM:
Well let's see! One term in the Senate, 1 Year as President. Yep... he is the guy to blame. I didn't know until just now that he is the Mastermind behind the last 20+ years of catastrophic governing. "
sparky595 wrote on Nov 10, 2009 2:18 PM:
sparky595 wrote on Nov 10, 2009 11:54 AM:
sparky595 wrote on Nov 10, 2009 11:52 AM:
Lodian wrote on Nov 10, 2009 11:26 AM:
wtf wrote on Nov 10, 2009 11:01 AM:
"The Second Amendment itself states, "A well regulated Militia, BEING NECESSARY TO THE SECURITY OF A FREE STATE, the right of the people to keep and bear Arms shall not be infringed." (Emphasis added.) Note that the purpose of the right to keep and bear arms was to insure "the security of a FREE STATE." (Emphasis added.) "Free from what?" you ask. Free from federal tyranny. Free from an overbearing, encroaching, heavy-handed, would-be national government."
Rest of article:
http://www.campaignforliberty.com/article.php?view=338 "
wtf wrote on Nov 10, 2009 10:59 AM:
"Some in this country want to believe that the assault on our rights will be stopped simply by replacing the Democratic majority with Republicans. These well-meaning Americans do not understand that establishment Republicans of today are merely Democrat-lite. They preach limited government out of one side of their mouth, yet vote for bigger government and less freedom, seeking more power for themselves and satisfying their most generous donors, dismantling the Constitution in the same manner as the Democrats that they claim to stand in opposition to."
Rest of article:
http://www.campaignforliberty.com/blog.php?view=28123 "
sparky595 wrote on Nov 10, 2009 8:18 AM:
'Sparky, as a Republican I blame both parties.'
I couldn't agree more. I am simply tired of everyone ignoring obama's roll in this. His supporters act as if he is superman here to save the day. The problem is that he has been spreading krytonite everywhere. "
sam wrote on Nov 10, 2009 7:57 AM:
Personally, I think any business that is "too big to fail" is frightening. I think our "leaders" have been asleep at switch for more than just a year or two.
Look at the water bill our state is trying to pass. A once $6 BILLION bill is now over $11 BILLION just because of added "political pork". That is just an another example of our "fiscally responsible" leaders. "
sparky595 wrote on Nov 10, 2009 7:48 AM:
sparky595 wrote on Nov 10, 2009 7:47 AM:
sparky595 wrote on Nov 10, 2009 7:44 AM:
President-elect Barack Obama asked President Bush today to request the release of the second $350 billion in federal bailout funds so he would have "ammunition" if the country's fragile economy weakened further.
President-elect Barack Obama meets with Mexico's President Felipe Calderon in Washington, today. Obama then told reporters he's asked President Bush to request another $350 billion in TARP funds.
(Charles Dharapak/AP Photo)
The White House said that Bush has agreed to request the money.
Obama, speaking after a meeting with Mexican President Felipe Calderon, said it would be "irresponsible" to enter the White House without having asked Bush to request the funds. He called the cash "potential ammunition" in case the economy worsened.
AGAIN, WHY IS THIS NOT OBAMA'S MESS?
No more spinning, no more pointing fingers. Obama needs to clean up HIS mess.
http://abcnews.go.com/GMA/Economy/story?id=6626721&page=1&page=1 "
sparky595 wrote on Nov 10, 2009 6:23 AM:
sparky595 wrote on Nov 10, 2009 6:23 AM:
"The legislation may have failed; the crisis is still with us," said House Speaker Nancy Pelosi, D-Calif., in a news conference after the defeat.
"What happened today cannot stand," Pelosi said. "We must move forward, and I hope that the markets will take that message."
Also....
"We are ready to continue to work on this," said Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.
Also....
"What happened today cannot stand," Pelosi said.
Also....
In Colorado, Democrat Barack Obama said, "Democrats, Republicans, step up to the plate, get it done."
And the House vote that led to those comments above....
Yes No
Democrats 140 95
Republicans 65 133
Total 205 228 "
sparky595 wrote on Nov 10, 2009 6:06 AM:
By the way, how did obama vote on this.......Obama (D-IL), Yea
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00213
WHOSE MESS IS HE CLEANING UP? WHOSE PROBLEMS IS HE FIXING? HE IS AS RESPONSIBLE, IF NOT MORE, FOR OUR FINANCIAL CRISIS AS ANYONE ELSE.
Stop living in the past and start paying attention to the present before we lose our chance at a future. "
sparky595 wrote on Nov 10, 2009 5:52 AM:
I didn't like Bush, never voted for him one time, so I am not here to defend him. However, at what point does this become obama's presidency?
Tarp 1, Tarp 2, Stimulus 1, Omnibus 1, 2009 budget (adding 1.4 trillion dollars to our debt), Cap and Trade (which will necessarily raise energy rates-obama's words), Trillion dollar government take over of healthcare, and now talk of Stimulus 2.
Other than Tarp 1, the rest is obama's mess. Tarp 1 was proposed by Bush, yet supported in Congress by the dems, not republicans. "
sparky595 wrote on Nov 10, 2009 5:33 AM:
Billy Rubin wrote on Nov 10, 2009 5:14 AM:
Comments on this story are now closed.