I say screw the banks and financial markets until they have used the bailout funds in a definable way to jump start this economy by lending out the damned money!!! http://money.cnn.com/2008/12/19/news/economy/tarp_tale_of_first350b/index.htm? What in the hell are those 116 banks and Citigroup doing with all of those billions they have been given? I watched Congress angrily grill the Assistant Treasury guy last week and he truly doesn't know what they have done with it. He will "check with regulators" and "get back to us". This is just outrageous that we have given these morons all that money and there is no action on their part seemingly to do what they are supposed to do with it.....make loans!! This is one of the main reasons I lost my job. The banks are making it very very tough on small businesses to get the usual operating loans that they get from time to time to get by seasonally slow times or economic downturns. These bailout out funds are supposed to ease that problem but these jerks are sitting on the cash.
Here is a link to those hearings on the Hill: http://money.cnn.com/2008/12/10/news/economy/bailout_oversight_hearing/index.htm?postversion=2008121015 I couldn't sleep a wink after turning on C-span at 3 am and seeing this bullcrap going on. I just couldn't believe that the people getting the TARP money were so unaccountable and yet they make the Big Three, who employ millions and actually make something, grovel and beg for a paltry 17 billion by comparison. Something is rotten in Denmark.
Dave, As you know, I am against the bailouts. However, the total mismanagement of the banking industry bailout has left me without justification for an auto bailout. At this point in time, just start cutting checks. If it were me, I'd turn back the clock and take us back to elementary school. I'd 'indian give' the remainder of the money allocated for the bailout and just hand it to the big 3. They certainly couldn't do any worse with it.... This is just a joke. Also, I have noticed that you seem to drop your partisan dagger when it comes to all things related to Congress, except that you single out those in the minority still.... I have warned you that Pelosi, Inc. would be a nightmare... Yet you still don't hold them accountable... Tell me, at what point in time do you take a closer look at those who are actually in charge and get after them with the same vitriol as have the President?
Republicans have been dead set against an auto bailout.....and that has served to assist ( assist...not completely cause ) my unemployment....and I hate those bastards for it. The hearings on TARP were somewhat bi-partisan and the Dems were as vocal if not more so in their criticism of the Treasury's handling of the accountability...at least that was the impression I got from watching the proceedings on Cspan.
Just BAIL ME OUT!! Give me back the 40% of my portfolio thats gone down the drain! No Union.. no pension..! I laugh when I hear people talk about their pensions. Be self employed for 45 years and lose 40% no joke!
Just moved my 401-K over to fixed income funds. Took a 32% loss off of Jan. 1 2008 levels but felt I could not afford to wait and see if things got better.....given my unemployed status and a possible future need for cash to survive. That's where I now reside.....in a complete fix.