What the $1 trillion dollar federal bailout means to YOU

As you should know by now, the Bush administration came to the rescue of the financial industry with a $1 TRILLION (no typo, with a "T") federal bailout:
http://www.cbsnews.com/stories/2008/09/19/politics/politico/thecrypt/main4459802.shtml

Before you can even get your head around that astronomical number, here´s what the federal bailout means to you:

• The $1 trillion federal bailout does nothing but reward greed and bad behavior. After countless CEOs driven by blind greed ran the American financial system to the ground, the Bush administration rewards their performance with your tax dollars. Socialism is alive and well in America, but only for those with a membership in a yatch club. They won't lose their villas.
  
  
• The $1 trillion bailout will only keep the market from imploding... for now. It will not punish those CEOs and companies that brought about this mess, but rather encourage the same behavior. Financial corporations will not change the way they worked. In consequence:
  
  
• The next market implosion will be even bigger, and there will not be a bailout to save us.
  
  
• Together with the cost of the disastrous war in Iraq, Americans will be saddled with a gargantuan national debt from generations to come. Your great-grand kids are thanking you from the future.
  
  
• Of course, your money will be worth less, and the chances of rising inflation out of control are greater than ever. Stretching your paycheck to the end of the month will be tougher and tougher.
  
  
• The Bush administration didn't just pull a trillion dollars out of a hat. This massive amount of money given away to ailing CEOs will come at the expense of the poorest amongst us. Expect social services, infrastructure maintenance budgets, public services, and such to be cut down even more.
  For example, expect worse roads, crumbling schools, less police and firemen coverage, etc.
  
  
• Note to those residents of the Red States: since your states tend to be more dependent on federal aid, expect the above to be even worse for you. Hey, at least you didn't vote for those "socialists" Gore or Kerry! :sarcasm:
  
  
• Following up on that topic, that money will have to come from somewhere. Expect more borrowing from democracy-loving nations like China, Saudi Arabia, or the United Arab Emirates.
  This, in consequence, will make us less independent, and more indebted to their interests.
  
  
• The $1 trillion dollar bailout also reminds us that the Bush administration started by giving away your money to the richest among us (massive tax cuts), and continued by provided billions of dollars in no-bid contracts to cronies to supply the Iraq war. Now, the Bush administration ends its 8-year run by giving away $1 trillion of the treasury (aka: your tax dollars) to greedy and inefficient CEOs that ran our economy to the ground.
  In 8 long years, the only consistent thing the Bush administration has done is let the richest and most privileged amongst us to raid the treasury at their will.
  Once again, your great-grand kids are thinking you from the future, from the comfort of their cardboard shanty towns.

So beware, while the economy won't implode right now, things will get tighter and tougher in the years to come, and the downward spiral will continue, only at a slower pace. Things will be particularly bad for middle class working families, as they'll carry the burden of this debt.


PS (on edit): REMEMBER ALL THIS THE NEXT TIME THEY TELL YOU WHY AMERICA CAN'T HAVE NATIONAL HEALTH PLAN.

Apparently, providing heath care for all Americans is a waste of money, that rewards bad behavior for people that don´t earn it or contribute to society. Next time a Republican tells you their half-assed reasons why it´s ok for a (dwindling) superpower not to have national health care, or better schools, or proper scholarships, etc... well, remind them we just gave away $1 TRILLION bucks of our hard earned dollars to lazy, incompetent and greedy honchos that ran our financial system to the ground. :grr:

There is no money to rebuild NOLA after Katrina, or properly equip FEMA, or rebuilt the WTC site in New York, or provide proper shielding for our soldiers in Iraq, or assist 30 million uninsured Americans, etc. But there's always money to make sure Wall Street executives can keep paying their country club fees.
Remember that.

PS 2: Also, remember this mess the next time a Republican utters the word DEREGULATION.
This mess is a direct consequence of the deregulation efforts started during the Reagan years. Since then, Republicans have waved the flag of deregulation and tax-cutting, making it the center of their political philosophy. Apparently everyone thought it was a great idea to let entire industries "police themselves". Yeah right! Now we are seeing the consequences of boundless greed mixed with deregulation. That word should, from now on, become a slur.

This is one righteous rant! Spot fucking on!

:bounce:

infuriating!!!!

You mean to tell me that the FED, having already injected nearly $2 TRILLION over the past YEAR into the financial market, to help support the very corporations that are on the verge of collapse, We, The American People are asked to Bailout these very same corporations to the tune of $1.4 TILLION additional dollars...!!!!! WHoa, Whoa WTF are you Kidding ME!!!!!! What the Fuk did theses corporations do with all that damn money the FED has been pumping into the system over the past year....!!!

There is no way the American People are that damn stupid..... Right?

now we have the least informed, least caring population in the world. Take my $$, take my freedom, just don't let them queers get married.

Vote for John Russell Instead! www.johnrussellforcongress.com

Look if this is truly about Businesses and Future Homeowners being able to get loans then Start a new agency that will loan the money to those who need it if they qualify instead of giving it to Businesses that have managed poorly. Since we now own Fannie Mae and Freddie Mac why not make Fannie Mae for homes and Freddie Mac for businesses and those two use the TRILLION DOLLARS for loans. No BAILOUTS for Businesses. Loans Yes Bailouts NO if they qualify!!!!!!!. BAILOUT HOMEOWNERS that need the help if they qualify ONLY. You got to think faster than these crooks people!!!!

And edit. K&R

I think I'm going to copy and paste that into an e-mail and send it out to all of my friends and relatives who keep forwarding all those cutesy, religious themed e-mails. Wake the fuck up!

a monthly tithe to the corps and be done with it. This sucks so much. I feel so bad for those young folk out there including my own sons. What a horrible mess has been left for them.

Send this to EVERYONE you know. THIS needs to make the email round chains.

Did the Bush administration really gut federal regulations or, given their general incompetence, did they just not enforce them? Maybe we investigate and jail a bunch of people. How much money are we going to let them steal before our anger lasts beyond one news cycle?

* and his cronies scratching each others backs.

This addresses this situation quite well I'd say.

This "plan" sends a strong signal saying, "Go right ahead and continue with your corruption. You'll get your ass bailed out by the government (i.e. by We the People)."

If you don't invest in the stock market, you are screwed. If you do invest in the stock market, worry not - you'll get your money back one way or the other at the expense of the taxpayer. :mad:

In the meantime, people are dying in Galveston, TX as the infrastructure of the USA crumbles.

In the meantime, people are dying from lack of health care. In the meantime, the poor are getting poorer trying to live on tiny paychecks that embrace the minimum wage.

In the meantime, YOUR kid is getting a shitty education unless you can afford to send them to a private school which is unlikely if you aren't rich already. No more Pell grants nor scholarships - sorry, it costs too much "they" say.

As for those that just might freeze to death this winter thanks to global warming and the high cost of energy, well we can't be helping them out now can we?

The elderly and the disabled are likely getting hurt the most as they are likely on fixed incomes; some are entirely dependent upon small social security checks if they happen to be lucky enough to qualify for these benefits.

In the meantime, these same greedy bastards are walking away laughing their asses off being they are being rewarded for their greed and corruption!

Great deal alright - for the chosen few! :argh:

:dem: :kick: & recommend!

Are Bush and Co. trying to bankrupt the federal government before Democrats take control so that they will be unable to do any reforms because there will be no money left? If so, we can also expect Bush to commit to at least one more foreign war, the way that Poppy did, just to keep the Dems busy (and all the money tied up). Which country will be attacked? Venezuela? Iran? Some unexpected country?

We know that the GOP is committed to no health care reform. Bankrupting the federal government is one way to keep it from happening.

The question has been popping into my mind for years now. America = truth= propaganda? That can't be right. Head Hurts

I'm hoping to see some assurances from Democrats in Congress that Wall Street lobbyists aren't helping them write the rules protecting the people's interest in the bailout fiasco. Somehow I have a feeling......

I've been stewing about this whole thing for the last two days. While you and I go off to work to earn a paycheck that barely houses, clothes and feeds our families (that is, if it does) the big fat cats on Wall Street will be high-fiving either other and planning their next golfing vacations.

Anyone who says they support McCain and the Shrubs (mostly the high-ranking docs at my hospital) I bring this stuff up. They usually have no response.

there has not been any announcement that people responsible for this will be held accountable. If no laws were broken then this appears to be an intentional action. How could something be so completely screwed up and the fix is to turn the nation's economy over to the Executive branch - effectively neutering Congress.
the repub dream lives on as the government is drown in the bathtub and exists now to serve the wealty - those wonderful job exporters - oops - creators.

They may have won.

This may calm the markets until the election
is over but the only people smiling are the
foreign banks that now own what's left of Bush's
America.

If the Pentagon wants to go to war from here on,
they will have to ask permission from the Chinese
and the Saudis.

Returning to 1929?

The solution is tax the rich and invest in infrastructure, with some type of moratorium on repossesion
that will need to be figured out. The guys who got us into this mess are trying to get us out. As
Einstein said, We can't solve problems by using the same kind of thinking we used when we created them.

What is 700B gonna do but provide Bush's cronies with golden parachutes.

See See www.wallstreetdigest.com/hotline.php for numbers.

life where it is, in fact, applied. The word, "law" is the only term that rises above the level of a blandishment, in the context of the worst kinds of white-collar crime.

In the context of white-collar crime, Mr Big's schemes and scams are so much more extensive and heinous in their effects than the more or less normal run of street-level crimes, that their activities, far from requiring "regulation", in fact, require the enactment of draconian laws. These malefactors, particularly the politicians who acted as the tools of the corporate criminals, are not regulationless, but lawless, but the politicians evidently think that since they make and rescind laws, they must be above the law, themselves.

When a massive fraud, for instance, robs old couples of their life-savings, maybe their homes, too, so that some of them commit suicide in their despair, surely the crime is every bit as vicious as a murderous Charles Manson-type rampage.

Ironically, perhaps, in view of this economic debacle, in the West, at least, the US has been at the forefront (miles head of the UK, surprise, surprise...) of the countries that take corporate crime seriously, and punish the criminals responsible with terms of imprisonment.

:headbang:

Those are the people who have worked all their lives and actually built up some wealth in the form of a home and a pension fund.

And there are a lot of Americans who fall into this group. And a goodly number vote repub.

Maybe this bail-out is to placate them.

Ultimately, the numbers will have to balance out. That means we will have to work our way out by creating wealth, not consuming it. And not running a zero-sum game that the stock markets have become.

correct the typos I left unchecked....

:7

The average American home owner has seen a substancial drop in real income, a significant devalueing of their real estate, not to mention the hidden inflation at the supermarket and gas station. All of these factors add up to what must at least equal the $T we are now being told we must fork over to "help out" the very people who have raked in billions in profits as we suffered.
If there is going to be a socialistic solution to the crisis, let the society of people be the ones to gain.

:mad:

:banghead:

lucky them.

I can't believe how small the protest has been.

Unless some network has the "balls" to air the TRUTH......they will NOT know how serious this is. One can not expect the sheep to baaahhh if they don't know they are in danger. They listen to the MSM and the MSM will never air all the facts and it will mearly be nothing more than a blip in the news and they will move on. We need to soundbite this in someway so it "sticks" in their minds. Make it personal........frame it and somehow get out the word fast as bushco and his henchmen will not wait on this and from the sounds of it, neither are the dems.........it's Powell's WMD trailers, rods, etc and Rice's mushroom cloud all over again. How can any dem senator or congressman ever TRUST these liars after that great deception which led us into Iraq? Who is our Senator Smith? Who will demand answers?