MAXDOUT Posted October 4, 2008 Share Posted October 4, 2008 (edited) Am I the only one that pays their bills on time no matter what? NO!!!! I don't think so, so how does this help us out? I may be off base, but does anyone else see the same thing I do????????? Is this "bailout" going to help me, by helping others out?---I am not sure I understand!!! Maybe I should stop paying my bills and cry wolf, then the government is going to "help" me out??????????????? Is that whats going on??? If so, I must be f*ckin retarted. Because, I was under the impression that if you took care of your business...(your bills) you where rewarded. Now, if you walk away, like a coward you get "bailed out"...................what the fk. Is anyone as frustrated with this bullshit as I am??????????????????? Edited October 4, 2008 by maxdout Quote Link to comment Share on other sites More sharing options...
RAGDOLL MX Posted October 4, 2008 Share Posted October 4, 2008 i too think its BS....and to top things off, one of the CEO's that was running Freddie Mac is to be appointed as the Sec of Treasury if Obama gets elected....apparently if you make millions, run your buisness into the ground, and then you can tell the govt that you need the help to get out of it....its stupid... fack em....let them fail....then freeze their assests and use THEIR money to bail out the buisnesses..stupid! they should all be shot! Quote Link to comment Share on other sites More sharing options...
TheAlaskan Posted October 4, 2008 Share Posted October 4, 2008 Screw this "bail out"!!! Give every man woman and child over 18 a 150k and see what happens. Bills get paid! mortgages paid off (for most), cars, trucks, toys all get paid off. The leftovers would either go into savings (helping the banks out) into the stock market (bringing that back up) or be used to buy toys (bringing the economy back up). But instead it gets dumped back into the businesses that lost it in the first place!!! :flatbiller: WTF!?!? I'ts like giving a gambling addict a loan over and over again....THEY'RE GONNA LOSE IT ALL!!! We, the people, are not going to see any of it! and now you have CEO's of these bankrupt companies walking away with millions of dollars! Quote Link to comment Share on other sites More sharing options...
Dune Dad Posted October 4, 2008 Share Posted October 4, 2008 (edited) I dont get it either... I know of a few people that stopped paying their mortgage for 6+ months. When repo time came around for them the bank payed them to move..!! WTF!!! :?: :?: I work 6-7 days a week just to get by at times and there are people that can finance the whole world then when there over it they walk away from everything... Now I know there are some people that are really having a hard time and it does help them out.... But I have seen a lot of people latley that are jumping on the "F#ck It" band wagon and think it will all go away... I guess im dumb for paying my bills on time... or even late sometimes.... We just finished a customers house that is trying to sell it now... Good Luck!! It is a second home.. They said that they had bought it a few years ago for cheap.. The last 3 years they have refinaced the home 5 times for better that 200k... Now their how broke they are and how bad they have it... Give it a BREAK!!! He was driving a 07 lifted Diesel and she had a 08 BMW.... The house is better that 4000 Sq Ft near the lake... I wish I was that kind of broke.... I just dont get what it going on today and how this so called "Bail Out" thing is going to work... Just my Edited October 4, 2008 by Dune Family Quote Link to comment Share on other sites More sharing options...
undertow Posted October 4, 2008 Share Posted October 4, 2008 I thought this was bs too.. untill my father pointed out what was going to happen to all of us if this didn't pass. Probably not the perfect solution but it's a hell of alot better then if they did nothing. Unless you are super rich then this bailout helped all of us. It's bs that we are in this situation but something had to be done or we would of all been screwed. Quote Link to comment Share on other sites More sharing options...
randyvw Posted October 4, 2008 Share Posted October 4, 2008 ok, this is gonna be a long one. we just sang the national anthem in this baseball game analogie/housing bubble. it dwarfs the technology bubble we had at the turn of the century. at the top, (early 2006) i sold my house in the victor valley for TRIPLE what it was worth three years before that. meanwhile we are making LESS $ than we did in y/2000, inflation adjusted. that figure is from a year ago....the 10% inflation we had in last 12 months makes it not even close anymore!.....housing prices ALWAYS revert to the mean. that means we got a long way to go down yet. 2000 was a pretty good base year for fair value on houses compared to income. over 70 year period before 2000 we paid about 25 to 30 percent of our salary to buy a house. at the top we were paying 50 to 60 percent to buy our houses. unsustainable. period. before all this is over we will be back to 2000 prices IF we don't have a depression. the problem with all these bailouts is the gubmint doesn't want to admit this and let prices go back to the historical norm. they keep spending our hard earned money trying to prop up the prices, because the banks are (virtually)ALL insolvent! the foreign banks and others who lent us the money to finance this casino now know we can't pay it back. that 700 billion dollars we are gonna throw at this problem will be like taking a pistol to a nuclear war! to those that want to educate themselves about housing and the economy, do a google on housing bubble and spend a couple hours reading. or just go to patrick.net. the nasdaq still hasn't got to where it was 8 years later and this bubble was much bigger. we screwed ourselves and our kids and our kid's kids. so get popcorn and pull up a chair, it's about to get mighty interesting! Quote Link to comment Share on other sites More sharing options...
Kitcat Posted October 5, 2008 Share Posted October 5, 2008 What I love most about the bailout is the $100 million in pork barrel projects! We need to limit the terms on the senators and congressmen. The politicians have had their pockets lined by lobbyists and special interest groups for too long! :worthless_without_pics: Quote Link to comment Share on other sites More sharing options...
Kitcat Posted October 5, 2008 Share Posted October 5, 2008 Okay, I heard about the wooden arrows and the Rum runners, but this was a very interesting pork barrl project: "Creation of a seven-year cost recovery period for construction of a motorsports racetrack: Track owners currently follow a seven-year depreciation schedule and write each year's depreciation off their taxes. The IRS wanted to increase the depreciation timetable to 15 years, which would mean the track owner's depreciation would be cut in half. The measure in the keeps the seven-year depreciation schedule for two years and would cost taxpayers $100 million." Anyone know anything about this???? Quote Link to comment Share on other sites More sharing options...
crazy dave Posted October 6, 2008 Share Posted October 6, 2008 Stupid is as stupid does why lower interest rates to finance a war pointless one i might add Quote Link to comment Share on other sites More sharing options...
randyvw Posted October 6, 2008 Share Posted October 6, 2008 just call it the no banker left behind bill Quote Link to comment Share on other sites More sharing options...
Richard Cheese Posted October 6, 2008 Share Posted October 6, 2008 the congressional phone lines were the busiest they have ever been on the days that the house, and senate were voting on THEIR (dis)respective bills i call bullshit... Quote Link to comment Share on other sites More sharing options...
ltr450rider Posted October 6, 2008 Share Posted October 6, 2008 Good 'ol Barbara Boxer (IDIOT!) fielded 90,000 phone calls at her district office about the bailout plan. 85,000 were AGAINST the plan, she voted FOR the plan. Correct me if I'm wrong but aren't polititians supposed to represent the PEOPLE? Quote Link to comment Share on other sites More sharing options...
MAXDOUT Posted October 7, 2008 Author Share Posted October 7, 2008 I may be a little off................But here goes. My wife worked for a "Loan Broker" the f*ckin kid was 28 makin 40k a month doing loan's he probably shouldn't have. I am not a loan or banker guy, but I say arrest these a$$hats, repo all there sh*t, and apply the amount collected from these "jump on the fk everyone train" guys. Maybe it would send a message to all out there. Maybe not.....it's kinda like runnin from the Police. If the god-damn siren's come on STOP!!!!!! Or, we (the Police) can shoot to kill!!!! If that was the case, and everyone knew it, they would stop. However, the weak a$$ system we have in place allows you to run, possibly get arrested, (allegedely) then...we the American people...if convicted will support your dumb a$$ in jail the rest of your f*ckin life. What the hell, America, put a bullet in their head for not following orders and be done with it. It's time to set an example....ramp up our inforcement and people (idiots) who don't get it, may follow suit. I can't believe it has gotten to this. Quote Link to comment Share on other sites More sharing options...
Richard Cheese Posted October 7, 2008 Share Posted October 7, 2008 (edited) Good 'ol Barbara Boxer (IDIOT!) fielded 90,000 phone calls at her district office about the bailout plan. 85,000 were AGAINST the plan, she voted FOR the plan. Correct me if I'm wrong but aren't polititians supposed to represent the PEOPLE? there are some news reports that martial law was threatened if this bill had not passed http://www.opednews.com/articles/Represent...081004-301.html i say bring it.......we need a quick population decrease in the WORST way anyway...and, ive got guns and ammo AND food with water, and plenty of my neighbors /friends do too....been talking about this for 10+ years BRING THAT SHIAT!! Edited October 7, 2008 by richard cheese Quote Link to comment Share on other sites More sharing options...
ltr450rider Posted October 7, 2008 Share Posted October 7, 2008 i say bring it.......we need a quick population decrease in the WORST way anyway...and, ive got guns and ammo AND food with water, and plenty of my neighbors /friends do too....been talking about this for 10+ years BRING THAT SHIAT!! I didn't know you were Mormon. :angry2: Quote Link to comment Share on other sites More sharing options...
Richard Cheese Posted October 7, 2008 Share Posted October 7, 2008 I didn't know you were Mormon. :angry2: wanna buy one of my extra wives?? she's getting on my nerves :pile: Quote Link to comment Share on other sites More sharing options...
ash Posted October 8, 2008 Share Posted October 8, 2008 Now this really makes my F'n blood boil...there are not enough cuss words known to man in every language that describes how I feel right now!!! My God, what has it come to? http://www.foxnews.com/story/0,2933,434223,00.html WASHINGTON — Less than a week after the federal government had to bail out American International Group Inc., the company sent executives on a $440,000 retreat to a posh California resort, lawmakers investigating the company's meltdown said Tuesday. The tab included $23,380 worth of spa treatments for AIG employees at the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy. The retreat didn't include anyone from the financial products division that nearly drove AIG under, but lawmakers were still enraged over thousands of dollars spent on catered banquets, golf outings and visits to the resort's spa and salon for executives of AIG's main U.S. life insurance subsidiary. "Average Americans are suffering economically. They're losing their jobs, their homes and their health insurance," House Oversight Committee Chairman Henry Waxman, D-Calif., scolded the company during a lengthy opening statement. "Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation." Click here to see a copy of the bill for the retreat. The hearing disclosed that AIG executives hid the full range of its risky financial products from auditors as losses mounted, according to documents released Tuesday by a congressional panel examining the chain of events that forced the government to bail out the conglomerate. The panel sharply criticized AIG's former top executives, who cast blame on each other for the company's financial woes. "You have cost my constituents and the taxpayers of this country $85 billion and run into the ground one of the most respected insurance companies in the history of our country," said Rep. Carolyn Maloney, D-N.Y. "You were just gambling billions, possibly trillions of dollars." AIG, crippled by huge losses linked to mortgage defaults, was forced last month to accept the $85 billion government loan that gives the U.S. the right to an 80 percent stake in the company. Waxman unveiled documents showing AIG executives hid the full extent of the firm's risky financial products from auditors, both outside and inside the firm, as losses mounted. For instance, federal regulators at the Office of Thrift Supervision warned in March that "corporate oversight of AIG Financial Products ... lack critical elements of independence." At the same time, Pricewaterhouse Cooper confidentially warned the company that the "root cause" of its mounting problems was denying internal overseers in charge of limiting AIG's exposure access to what was going on in its highly leveraged financial products branch. Waxman also released testimony from former AIG auditor Joseph St. Denis, who resigned after being blocked from giving his input on how the firm estimated its liabilities. Three former AIG executives were summoned to appear before the hearing. One of them, Maurice "Hank" Greenberg — who ran AIG for 38 years until 2005 — canceled his appearance citing illness but submitted prepared testimony. In it, he blamed the company's financial woes on his successors, former CEOs Martin Sullivan and Robert Willumstad. "When I left AIG, the company operated in 130 countries and employed approximately 92,000 people," Greenberg said. "Today, the company we built up over almost four decades has been virtually destroyed." Sullivan and Willumstad, in turn, cast much of the blame on accounting rules that forced AIG to take tens of billions of dollars in losses stemming from exposure to toxic mortgage-related securities. Lawmakers also upbraided Sullivan, who ran the firm from 2005 until June of this year, for urging AIG's board of directors to waive pay guidelines to win a $5 million bonus for 2007 — even as the company lost $5 billion in the 4th quarter of that year. Sullivan countered that he was mainly concerned with helping other senior executives. Sullivan also came under fire for reassuring shareholders about the health of the company last December, just days after its auditor, Pricewaterhouse Cooper, warned of him that AIG was displaying "material weakness" in its huge exposure to potential losses from insuring mortgage-related securities. AIG's problems did not come from its traditional insurance subsidiaries, which remain healthy, but instead from its financial services operations, primarily its insurance of mortgage-backed securities and other risky debt against default. Government officials feared a panic might occur if AIG couldn't make good on its promise to cover losses on the securities; investors feared the consequences would pose a threat to the U.S. financial system, which led to the government bailout. AIG suffered huge losses when its credit rating was cut, thanks largely to complex financial transactions known as "credit default swaps." AIG was a major seller of the swaps, which are a form of insurance, though they are not regulated that way. The swap contracts promise payment to investors in mortgage bonds in the event of a default. AIG has been forced to raise billions of dollars in collateral to back up those guarantees. Sullivan said many of the firm's problems stemmed from "mark to market" accounting rules mandating that its positions guaranteeing troubled mortgage securities be carried as tens of billions of dollars in losses on its balance sheet. This in turn, said former AIG chief executive Willumstad, who ran the company for just three months after Sullivan left, forced the firm to raise billions of dollars in capital. The federal rescue came after AIG suffered disastrous liquidity problems after its credit rating was lowered, forcing the company to come up with even more capital. "AIG was caught in a vicious cycle," Willumstad said in the testimony. Greenberg said that AIG "wrote as many credit default swaps ... in the nine months following my departure as it had written in the entire previous seven years combined. Moreover, "unlike what had been true during my tenure, the majority of the credit default swaps that AIGFP wrote in the nine months after I retired were reportedly exposed to subprime mortgages." But Sullivan said the complex swaps had underlying value, even as the market for them froze, sending their book value plummeting and forcing AIG to scramble for collateral. "When the credit markets seized up, like many other financial institutions, we were forced to mark our swap positions at fire-sale prices as if we owned the underlying bonds, even though we believed that our swap positions had value if held to maturity," Sullivan said. The hearing is the second in two days into financial excesses and regulatory mistakes that have spooked stock and credit markets and heightened fears about a global recession. Quote Link to comment Share on other sites More sharing options...
ltr450rider Posted October 9, 2008 Share Posted October 9, 2008 I think it's been said before, but how about we sieze all of thier assets and use the money to pay off this disaster that they caused. Then hang thier azzes publicly. Fuggin jerkoffs. Quote Link to comment Share on other sites More sharing options...
~JILL~ Posted October 16, 2008 Share Posted October 16, 2008 BOHICA! B - bend O- over, H- here I - it C- comes A- again Quote Link to comment Share on other sites More sharing options...
White Rhino Posted October 16, 2008 Share Posted October 16, 2008 all those exec's should feel the pain fire all of them since we, (the US ) ownes 80% of AIG now!!!!! fuggers!!!! wait how do I get a job there? Quote Link to comment Share on other sites More sharing options...
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