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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
Maggie_May Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-18-08 07:28 AM
Original message
We get a little old stimulus package while
Wall street gets bailed out with our tax dollars. CEOs have walked away with billions of peoples hard earned money. I know that some of you people shouldn't have bought homes that they couldn't afford. But the big guys new what they were doing they new it and got rich from it. Now we get what a couple hundred bucks and so everything is great. The American people should be outraged our homes the only real wealth that the average American has is going down the tubes. As we sit helpless while we here of another rate cut that destroys our dollar even more forget about putting your money in the bank or CDs you get nothing in return. While the guys on Wall street wait for us and our kids and grandkids to bail them out. We are helpless in the destruction of once was the American dream.
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better tomorrow Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-18-08 07:31 AM
Response to Original message
1. what little you can expect
It just may be less than you think...

http://www.irs.gov/newsroom/article/0,,id=179164,00.html If you have kids...

http://www.irs.gov/newsroom/article/0,,id=179165,00.html If you don't....

Checks will be direct deposited to people who had their taxes direct deposited depending upon the last two digits of your social security number beginning in May with last checks to go out by July.
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elizfeelinggreat Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-18-08 07:34 AM
Response to Original message
2. follow the money (and the people in this administration)
you can't say they don't learn!

From Wiki on the S&L crisis:

The US Savings and Loan crisis of the 1980s and 1990s was the failure of several savings and loan associations in the United States. More than 1,000 savings and loan institutions (S&Ls) failed in "the largest and costliest venture in public misfeasance, malfeasance and larceny of all time."<1> The ultimate cost of the crisis is estimated to have totaled around USD$160.1 billion, about $124.6 billion of which was directly paid for by the U.S. government -- that is, the U.S. taxpayer, either directly or through charges on their savings and loan accounts-- <2>, which contributed to the large budget deficits of the early 1990s. The resulting taxpayer bailout ended up being even larger than it would have been because moral hazard and adverse-selection incentives compounded the system’s losses. <3>

A taxpayer-funded government bailout related to mortgages during the S&L crisis may have created a moral hazard and acted as encouragement to lenders to make similar higher-risk loans during the 2007 subprime mortgage financial crisis. <4>

The concomitant slowdown in the finance industry and the real estate market may have been a contributing cause of the 1990-1991 economic recession. Between 1986 and 1991, the number of new homes constructed dropped from 1.8 million to 1 million, the lowest rate since World War II. <5>
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-18-08 08:01 AM
Response to Original message
3. We are just like Chile in the 1980s
America today is like Chile in the 1980s.

"The Chicago Boys persuaded the junta that removing restrictions on the
nation’s banks would free them to attract foreign capital to fund
industrial expansion.

Pinochet sold off the state banks - at a 40% discount from book value -
and they quickly fell into the hands of two conglomerate empires
controlled by speculators Javier Vial and Manuel Cruzat. From their
captive banks, Vial and Cruzat siphoned cash to buy up manufacturers -
then leveraged these assets with loans from foreign investors panting to
get their piece of the state giveaways.

The bank’s reserves filled with hollow securities from connected
enterprises...

By 1982, the pyramid finance game was up. The Vial and Cruzat “Grupos”
defaulted. Industry shut down, private pensions were worthless, the
currency swooned."

And the results were spectacular:

"In 1973, the year General Pinochet brutally seized the government,
Chile’s unemployment rate was 4.3%. In 1983, after ten years of free-
market modernization, unemployment reached 22%. Real wages declined by
40% under military rule.

In 1970, 20% of Chile’s population lived in poverty. By 1990, the
year “President” Pinochet left office, the number of destitute had
doubled to 40%. Quite a miracle."

The US is in for the same thing.

http://civillibertarian.blogspot.com/2006/12/tinker-bell-pinochet-and-fairy-tale.html
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