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We made it without a bailout

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Posted: Friday, October 3, 2008 10:00 pm

My wife and I are 79 years old and have watched our finances all of our married life, with no bailout from anyone whenever we got in trouble.

Like many of you, we have had our investments lose value, but I believe the market should correct itself. In that way, maybe we would learn not to let it happen ever again - just like we did after the Enron debacle. After that mess, I had confidence in wouldn't happen again.

Now, here we have Wall Street and financial institutions. Because of greed, we were charged exorbitant fees and usurious interest rates, and now it looks like the taxpayer is going to have to bail them out while the big shots who saw this happening and did nothing will be allowed to walk away with golden parachutes in the millions plus added benefits. It just isn't fair.

Walter White

Lodi

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23 comments:

  • posted at 10:54 am on Sun, Oct 5, 2008.

    Posts:

    Answer:$50,000 by the owner of the horse who is expecting to recoup his investment from the winnings of the horse and other future deals. Everyone else is gambling, not investing.So, when Hank Paulson and his golfing buddies go to the track"

     
  • posted at 10:53 am on Sun, Oct 5, 2008.

    Posts:

    The crisis explained.Joe goes to the track and bets $2 on a horse.Two guys standing nearby get into a discussion and Fred says to Sam, "I'll bet you $5 that Joe wins his bet."Next to them are Bill and Bob. Bill says: "I'll bet you $10 that Fred welshes on his bet if he loses."Next to them is Sally. Sally says: "For $3 I'll guarantee to Bill that if Bob fails to pay off, I'll make good on the bet."Sally then goes to Mary and borrows the $7 needed in case she has to ever pay off and promises to pay back $8. She doesn't expect to every have to pay since she believes Bob will always make good. So she expects to net $2 no matter what happens to Joe.A quick calculation indicates that there is now 2+5+10+3+7 = $27 riding on the outcome of the horse race.Question how much has been "invested" in the horse race?Wait for it:

     
  • posted at 5:32 am on Sun, Oct 5, 2008.

    Posts:

    Actually, dogs, I think you and t jefferson are pretty much on the same page. The video below shows testimony by Texas state representative, Suzanna Gratia-Hupp, whose parents were killed by an insane gunman while her gun was out in the car, gives very moving and bold testimony about the REAL reason that the second amendment was designed to protect our God-given right to keep and bear arms.EXCELLENT!http://video.google.com/videoplay?docid=-4069761537893819675&pr=goog-sl

     
  • posted at 5:02 am on Sun, Oct 5, 2008.

    Posts:

    t jefferson, spoken like a true Marine. OO-RAH!!!!

     
  • posted at 4:54 am on Sun, Oct 5, 2008.

    Posts:

    dogs, I am also going to have to respectively disagree with your statement about force (guns) not solving anything. I would like you to point to a conflict that hasn't been resolved by force. This is a trick question and here is why. Force rules in nature. As humans we can easily see this in lawless societies - anarchy as you call it. But here is the kicker - What is a Law? It is not a social compact, it is a justification for the use of force. What happens if you break a law? So, for those who say the US is a nation of Laws, they are in reality saying we are a nation of Force. Civil societies just put an arbitrator (judge) in the middle. This is fine when the judge has few biases, but at this point a lot of our judges are corrupt and political. So what do we really have? A country where the rich rule and the rest serve. Police and the military keep everyone down. How do you fix it, you can't without breaking it first.

     
  • posted at 3:42 am on Sun, Oct 5, 2008.

    Posts:

    dogs, anarchy is not the only outcome from a revolution. Did the US devolve to anarchy after the revolution. What I am advocating is a return to the principles of the foundations of this great country. What I am saying is that the fix is in and there is no way that is going to happen through the ballot box. Revolution is a young mans game and in some ways this combat training in the middle east is going to come in handy in the coming years. At some point the millions of combat veterans are going to say enough is enough and then the politicians better watch out. This country wasn't won by the politicians, it was won by force of arms. It's a shame people have forgotten that.

     
  • posted at 4:04 pm on Sat, Oct 4, 2008.

    Posts:

    lodisafeway wrote: "On November 4th do whatever it takes to vote those out who should go. Together we have that power."Bit of a problem with this. Oh, not with the senate and congress; but with the presidential contenders.Obama, McCain and Biden are all members of the senate. They ALL voted FOR the bailout bill...not to mention the perks for Alaskan fisheries and I just read the Exxon Valdez oil spill.So if we vote the above SOBs out of the senate but vote for one of them for president, we'd be rewarding them and the only message being sent would be:KICK ME, I LOVE ABUSE!Maybe it's time for a third party winner or a flood of write ins for Ron Paul.I still like my idea of McCain stepping down and Ron Paul becoming the GOP nominee.

     
  • posted at 3:21 pm on Sat, Oct 4, 2008.

    Posts:

    sam wrote: "WTF, this makes me so mad. Several years ago AIG fired 10's of thousands of their USA workers and outsourced to India. So we bailed out the workers in India."We're bailing out a LOT of foreign banks as well. One in Scotland, can't think of the name off the top of may head; but there are others. I have read several articles that describe the bailout as "toxic assets" when what they really mean is "debt" - we're paying for debt.Not only that, since the banks are getting bailed out; we, as taxpayers, are basically giving our hard earned money to the fricking banks so they can loan it back to us with interest.Real sweetheart deal, huh?

     
  • posted at 2:06 pm on Sat, Oct 4, 2008.

    Posts:

    Dogs, you are 70? I am impressed. You have that kickass passion usually found in people 20 years your junior. Blog on. You have my respect and attention.

     
  • posted at 2:02 pm on Sat, Oct 4, 2008.

    Posts:

    wtf said "AIG subsidiary parties in style in OC, two weeks after bailout"WTF, this makes me so mad. Several years ago AIG fired 10's of thousands of their USA workers and outsourced to India. So we bailed out the workers in India. We are sooooo dumb.FYI, AIG was born in China.AIG's history dates back to 1919, when Cornelius Vander Starr established an insurance agency in Shanghai, China. Starr was the first Westerner in Shanghai to sell insurance to the Chinese.

     
  • posted at 9:52 am on Sat, Oct 4, 2008.

    Posts:

    Mr. White you have 9 years on me, and it sounds like your "Mad as Hell and am not going to take it anymore", I couldn`t agree more. However, I have written to many people in high places, and did get a responce from some. No doubt from an aid and a rubber stamp. To think that person is going to read all the emails that come across their desk, your fooling yourself. You can demand all the accountability you like, and you will get "what patty shot at", Lodisafeway your correct when you say the people have the power, the vote is power, use it and clean house. Hopefully we would get somebody better.

     
  • posted at 8:22 am on Sat, Oct 4, 2008.

    Posts:

    tjefferson, you can`t be serious when you say now is the chance for real people to REVOLT. If you revolt your talking anarchy, which means absence of government. Your speaking about a dictator ship, in which the group with the most guns wins. Stop and think of what your saying. A vote is more powerfull than a gun, a gun solves nothing other than leaving allot of good people dead. Finding the right people to operate the govenment is not an easy job. Power corrupts even a good man, so it would seem we have to do the best we can with what we have to choose from.

     
  • posted at 8:09 am on Sat, Oct 4, 2008.

    Posts:

    lodisafeway: I agree. Complaining does nothing, even upholds and embraces the problem.When US citizens are offered information as to the cause and source of the problem, they usually do the Orwellian denial.

     
  • posted at 8:01 am on Sat, Oct 4, 2008.

    Posts:

    Walter White: The difference between you and these public representatives is that you are not a criminal.

     
  • posted at 7:51 am on Sat, Oct 4, 2008.

    Posts:

    And, of course, Dr. Ron Paul, being the doctor that he is, wants to eradicate the source of the malady.http://www.americanfreepress.net/html/dismantle_federal_reserve_151.htmlAmerica needs leadership at this time. We dont need politicians who are bought and paid for by corporate interests.McCain should step down citing health reasons - hes already abandoned Michigan in his campaign - just closed up shop and left town. http://www.evtv1.com/player.aspx?itemnum=13300http://news.yahoo.com/s/politico/20081002/pl_politico/22895Palin could cite family concerns because she is clearly not qualified to be Vice President of the U.S. Letterman hit it on the head (video not too good, but still funny)http://www.youtube.com/watch?v=Xud1niCK5Z0Ron Paul received the second largest number of votes at the RNC and, therefore, should be the GOP candidate.

     
  • posted at 7:51 am on Sat, Oct 4, 2008.

    Posts:

    Last week I placed on my Web site, www.sanders.senate.gov, a letter to Secretary Paulson in support of my amendment. It said that it should be those people best able to pay for this bailout, those people who have made out like bandits in recent years, they should be asked to pay for this bailout. It should not be the middle class. The message is very simple: We had nothing to do with causing this bailout. We are already under economic duress. Go to those people who have made out like bandits. Go to those people who have caused this crisis and ask them to pay for the bailout.http://www.sanders.senate.gov/news/record.cfm?id=303980

     
  • posted at 7:50 am on Sat, Oct 4, 2008.

    Posts:

    Bernie Sanders (RI - I) had a few words on this subject and a good idea to boot! Unfortunately, his amendment to the bailout bill was set aside. Gee, I wonder why..Most of my constituents did not earn a $38 million bonus in 2005 or make over $100 million in total compensation in three years, as did Henry Paulson, the current secretary of the Treasury, and former CEO of Goldman SachsIf we are going to bail out Wall Street, it should be those people who have caused the problem, those people who have benefited from Bush's tax breaks for millionaires and billionaires, those people who have taken advantage of deregulation, those people are the people who should pick up the tab, and not ordinary working people. I introduced an amendment which gave the Senate a very clear choicewe can ask the people who have gained the most from the spasm of greed, the people whose incomes have been soaring under president bush, to pick up the tab.(cont)

     
  • posted at 7:50 am on Sat, Oct 4, 2008.

    Posts:

    Oh, and certain senators didnt do too bad, either.How much bribe money does it take to transfer $700 Billion taxpayer dollars to Wall Street's elite?GOLDMAN SACHS CONTRIBUTIONS:Obama, Barack (D-IL) $691,930Clinton, Hillary (D-NY) $468,200Romney, Mitt (R) $229,675McCain, John (R-AZ) $208,395Himes, Jim (D-CT) $114,748Giuliani, Rudolph W (R) $111,750Dodd, Christopher J (D-CT) $105,400Edwards, John (D) $66,450Specter, Arlen (R-PA) $47,600Emanuel, Rahm (D-IL) $32,950Reed, Jack (D-RI) $30,100Biden, Joseph (D-DE) $14,800How much money did your Representative get from Big Bankers to look the other way and pass a bill that the American people clearly do not want?http://www.youtube.com/watch?v=Ek7zc0lJxbMAlaskan fisheries made out, too!http://uk.youtube.com/watch?v=u65V6ATo4rM

     
  • posted at 7:49 am on Sat, Oct 4, 2008.

    Posts:

    ******THIS JUST IN*******Some people did do just fine with this recent bailout..AIG subsidiary parties in style in OC, two weeks after bailoutFinancial crisis? What financial crisis? Less than two weeks after Uncle Sam gaveAmerican International Group (AIG) an $85 billion loan - staving offfinancial collapse -execs fromone of its insurance subsidiaries, AIG AmericanGeneral, gathered for a conference at the uber-swankSt. Regis Monarch Beach Resort whereocean-view rooms start at$565 a night and world class luxuryis the rule.(Make sure to look at the pics; the place is gorgeous)http://taxdollars.freedomblogging.com/2008/10/02/after-federal-bailout-aig-fetes-in-style-in-oc/?ref=patrick.net

     
  • posted at 7:49 am on Sat, Oct 4, 2008.

    Posts:

    Americans were told that the bailout would help the economy; that the stock market would rally.They were wrong.The Dow Jones closed DOWN 193 points yesterday (Friday)http://futures.tradingcharts.com/marketquotes/quickquote.php3?sel=Dow+JIAThe NASDAQ closed DOWN 33 points yesterday (Friday)http://futures.tradingcharts.com/marketquotes/quickquote.php3?sel=OTHERSThe S & P closed DOWN 16.10 points yesterday (Friday)http://futures.tradingcharts.com/marketquotes/quickquote.php3?sel=OTHERSHave to wait and see what happens Monday; but I think Wall Street might have forgotten that trading goes on all night and on weekends because other countries trade our markets as well.

     
  • posted at 7:48 am on Sat, Oct 4, 2008.

    Posts:

    No, Mr. White, its not fair; hasnt been for quite a long time.Addie Polk, 90, of Akron, Ohio, became a symbol of the nation's home mortgage crisis when she was hospitalized after shooting herself at least twice in the upper body Wednesday afternoon.Why in the world would a woman who managed to live 90 years shoot herself?Well, it turns out that she was being foreclosed on but Fannie Mae (who was later taken over) managed to get some positive PR out of it when they forgave her debt and gave her the house.What I said in another blog applies here:ProblemReactionSolutionhttp://www.cnn.com/2008/US/10/03/eviction.suicide.attempt/index.html

     
  • posted at 4:03 am on Sat, Oct 4, 2008.

    Posts:

    Are you kidding me? do you think the politicians really care about the people they are supposed to represent? This is a government of the rich, for the rich, and by the rich and it will not change unless we go to the original solution. Why do you think the local cops have been turned into paramilitary units and combat troops are now being deployed in the US. The politicians know the gig is up. they have taken it to the people one to many times and now there is a real chance the people will revolt. I am not talking about a useless vote, this country did not start by a peaceful vote and acquiescence on the part of the British, it started another way and that will be the solution in the coming years. should be interesting.

     
  • posted at 1:14 am on Sat, Oct 4, 2008.

    Posts:

    Mr. White - while I share your angst as to what has happened on Wall Street and Main Street, just complaining about it does nothing. Your 79 years of living have undoubtedly provided you with sufficient wisdom to offer at least one solution to ensure that it "won't happen again."Too often when we experience failure from those who purport to know so much and do so little (our so-called leaders, for example), we truly believe that we our powerless - that the only solution is to rely upon those who failed us to deliver us. Does no one see the folly in that mindset?These buffoons in Washington must go - all of them who helped to create this mess and the rest who sat idly by and permitted it to happen. You made a good first step, Mr. White by writing a letter to the News-Sentinel. Now, go one step further and start writing to our leaders demanding accountability - and don't stop writing! That goes for the rest of us as well.On November 4th do whatever it takes to vote those out who should go. Together we have that power.

     

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