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Steve Ebels hasn’t been that hurt by the recent stock market roller-coaster ride because he no longer has much to lose.
Ebels, who owns a heating business, said he already lost much of his life savings when a general contractor he was doing work for went belly up, leaving Ebels with a pile of bills for materials and labor he had already invested in the project.
And that is perhaps the biggest reason why Ebels, 51, would like to see the failed Wall Street titans pay for the actions that have led to this crisis. If he has to start over because of a soured business deal, he figures, so should they.
“I would just like to see some way that these people are held personally accountable,” he said. “We’ve got to do more of that in this country: personal responsibility and accountability.”
For Ebels, who lives in Falmouth, Mich., it’s also especially galling that people like him, who are already suffering from the weak economy, will now end up footing the bill for these chief executives’ mistakes.
“All (the bailout has) done is transfer all the indiscretions of all these people onto the shoulders of the taxpayers,” he said.
As Americans digest a dizzying series of events that has left Wall Street shaken to its core, the mood on Main Street is shifting from fear to loathing. They are angry that government regulators did not do enough to prevent this — and protect them — in the first place. They are upset the government is proposing billions of dollars in bailouts for Wall Street, even as many regular Americans are struggling to hang onto their homes and pay their bills.
They also are livid that massive financial firms in which they trusted took wild risks and made incredibly bad decisions, in turn impacting their personal finances. Some wonder why, in the face of such a massive financial crisis, so few of these executives have stepped up to apologize for, or even try to explain, their actions.
Mostly, they think it’s despicable that many of these top executives could walk away with millions of dollars in their bank accounts, even as some average Americans see their retirement plans thrown into chaos.
The Senate Tuesday opened a series of congressional hearings on the bailout plan that will address some of the issues, such as executive compensation and relief for regular homeowners, that have drawn some of the outrage.
The one thing Susan Provencal, 63, knows is that her retirement will not go as planned. First, Provencal was laid off from one, then another, high-paying job training workers. Then, she had to abandon a plan to live in her getaway home in the mountains because she couldn’t find enough work there, either.
So, Provencal decided to sell that home and put all her equity into a condo in the northern California city of Fairfield, where she found clerical work. But in the year since she bought the condo — and after staving off phone calls urging her to take on the type of non-traditional home loans at the center of this crisis — she has seen its value plummet.
Now, with her home equity wiped out, her regular income down and her retirement investments suffering, Provencal figures there will be no way she will retire in three years as she had hoped. Plus, she’s worried about her kids and grandkids, who she wouldn’t be able to help if they lost their homes or their jobs.
As she struggles to figure out her drastically changed situation, Provencal says it’s aggravating to think that Wall Street executives aren’t suffering a similar financial fate.
“It’s like adding insult to injury to then see that the government is going to step in, and these idiots that have done wrongdoing for a long time are still going to retain big bonuses,” she said.
Provencal thinks the executives should have seen these problems coming. And if they couldn’t foresee it, then she thinks safeguards are needed to prevent the same thing from happening again.
“I hate to see too much regulation in place, but the bottom line is, these institutions have not been self-regulating,” she said.
At 59, Richard Martin also is dealing with a suddenly changed financial landscape. Martin had planned to stop working next year, using his 401(k) savings and two pensions he has earned to finance his retirement. But after watching his investment portfolio shrink for the past 12 months, he said that plan is looking iffy at best.
Adding to his woes, Martin now isn’t sure he’ll have a job, even if he does decide to keep working. The Grand Prairie, Texas, resident works for Electronic Data Systems, which was recently bought by Hewlett-Packard. Last week, HP announced plans to cut 24,600 jobs over the next few years as it absorbs EDS.
But even if he postpones retirement, Martin isn’t going to hold out for a stock market rebound. Last week, he arranged to have his 401(k) investments moved completely into cash-like investments. News later in the week of the proposed massive bailout plan didn’t make him feel better about betting on the markets.
“I’m not sure anything gives me any confidence anymore,” he said.
In fact, to Martin, the bailout seems to just be giving corporations what they want, without forcing them to change their ways enough to prevent the same thing from happening again. If these companies have spent the last few decades arguing for deregulation, he figures they should be willing to live with the consequences of a free market.
“I would have loved to have seen a few of these go under, personally,” Martin said. “The idea of the free market is that the strong survive and if they’re not capable of surviving, they shouldn’t be in the marketplace.”
Michael Danter, 45, thinks the government did the right thing by coming to the aid of a few financial institutions, in an effort to maintain some measure of confidence in the U.S. financial system.
Still, he thinks the top executives at companies getting federal aid should pay for their misdeeds in the form of a substantially smaller paycheck, especially since the savings could be enough to save a couple thousand regular workers their jobs.
“I know they work hard and I’m not into this socialism, but what’s enough? One million? Two million?” he asked.
Still, despite the current crisis, in general Danter said he’s against more regulation of the financial markets. The physician, who lives in St. Louis, also has no plans to get out of the stock market, especially since retirement is still a long way off for him.
“As far as I’m concerned, this is a good time to buy,” he said.
Even among experts, there is some room for anger.
Dean Baker, co-director of the Center for Economic and Policy Research who was among the few predicting this type of mortgage-related disaster years ago, has the biggest beef with former Fed chief Alan Greenspan, who he believes should have done more to temper the housing bubble that is at the root of the crisis.
“If he didn’t know it was going on, it was undoubtedly incompetence on his part,” Baker said of Greenspan.
Mark Gertler, a professor of economics at New York University, also thinks Americans have a right to be angry, both at the regulators who failed to police these financial institutions and at the companies who didn’t see this mess coming.
While many Americans may have assumed that the denizens of Wall Street had a keener understanding of the situation than they did, he said it’s been sobering to realize that even executives at some of the biggest financial companies, such as insurance giant AIG, didn’t fully appreciate the risk involved.
“The thing you learn is people who seem smarter than you may not be,” he said. “That’s the scary thing.”
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{"commentId":3054465,"authorDomain":"1merlin"}
If you all had any sense you wouild realize this day was planned in 1913 when the Congress approved the Federal Reserve. It has not been a Republican or Democrat thing. It has been a Banker's Dream. The Federal Reserve owns us NOW. We are all slaves to the those who control the worthles dollar. At the same time we have become owners of the worthless mortgages and weill have to pay them off ($1.3 TRILLION worth) while the fat cats get richer.
{"commentId":3054465,"threadId":"365088","contentId":"1898155","authorDomain":"1merlin"}
#51 - Tue Sep 23, 2008 9:06 AM EDT{"commentId":3054481,"authorDomain":"dguaglardi"}
If the republicans are allowed to stay in power, the lesson will be - you don't have to follow the rule of law, you can be as greedy as you want and there will be no punishment meted out.
{"commentId":3054481,"threadId":"365088","contentId":"1898155","authorDomain":"dguaglardi"}
- 1 vote
#52 - Tue Sep 23, 2008 9:08 AM EDT{"commentId":3055744,"authorDomain":"mchllecat"}
They get getting paid no matter what,what are the incentives?More tax cuts for the wealthiest,even more than under Bush if Mcain is elected.
{"commentId":3055744,"threadId":"365088","contentId":"1898155","authorDomain":"mchllecat"}
{"commentId":3054531,"authorDomain":"pchantreau"}
Meet the new welfare queens: Lehman, Bear, AIG. This is precious. The free market integrists who have been brainwashing us for years into thinking that regulation is evil are now experiencing the results of it and what do they do? Beg the government for money, like all these low life suckers struggling in poverty that they despise so much. Unbelievabe! Meanwhile, they're still going to get their bonuses and keep their mansions, private golf courses, jets and call girls. Across the Pacific, China is laughing its way to becoming the world's foremost superpower, they know this does not affect them since their money comes also from the everyday folk shopping at wal mart to save nickels and dimes. All American sheeps repeat after me: Baaaa.
{"commentId":3054531,"threadId":"365088","contentId":"1898155","authorDomain":"pchantreau"}
#53 - Tue Sep 23, 2008 9:13 AM EDT{"commentId":3054533,"authorDomain":"robdrica"}
What are the lessons learned? Going back to Ronald Reagan's Administration and beyond, trickle-down theory has failed and this time with a big bang. The concept of Republicans has always been to let the rich have all the money they want and if and when they create businesses the rest of society can then get jobs and the wage crumbs they give us. All of us will be happy and live peacefully ever after.
What happens in reality is that rich people get greedy, wall street financial forecaster, financial analyst etc, and political hacks who day-in and day-out proclaim the fundamentals of the economy is and has never been better destroy our country. The Bush administration had finally put a nail in the coffin for all you trickle-down theorists. The rich got their tax break for almost 6-years. The jobs did not come. We lost more jobs than was created. The rich, however, got away with murder. After ruining everything in this great country of ours, they have come back to the people who did not get any tax break for help. These same advocates are still talking about this not being the time to raise taxes.
What I propose is this. Bring back the tax level of the rich to what it was under Clinton. Give the same amount of tax break to the rest of society and lets see what happens in 6-years. I predict we will have better economy and peaceful society. After all, the stimulus package was to increase purchasing and thus generate cash flow for business. If this theory is true, then when the masses have money, we will buy and the rich business merchants will have money from the sale of their products to increase production and expand their respective business. And if this is not true, then why did the government send out checks this year? The rich got their chance; its time for everyone else to have the same chance for the same length of time.
{"commentId":3054533,"threadId":"365088","contentId":"1898155","authorDomain":"robdrica"}
- 1 vote
#54 - Tue Sep 23, 2008 9:13 AM EDT{"commentId":3062442,"authorDomain":"hobojo351"}
You are just making too much sense. That just won't do. I have always said that the purchasing power of the ordinary citizen is what spurs the econmy. Decent wages for the workers is money in the pocket for the wealthy. We also illiminate the welfare society. But some people think that if they do not pay a fair wage to their workers they will make a larger profit in their pockets. That will last only for the short term. Health care? The profits from that industry goes to a precious small percentage of the population. Too many wealthy people & not enough of middle income folks. Top heavy has been proven to eventually break the middle that holds it up. Simple grade school science. Just how much money does one need to make one happy, is there ever enough for some? How do you sleep at night? Does it really matter that when you die you are buried in a mausoleum instead of in the ground? I guess it makes you feel good when you have to give to charity so you don't have to pay higher taxes. You know, those charities that exist because of your greed.
{"commentId":3062442,"threadId":"365088","contentId":"1898155","authorDomain":"hobojo351"}
{"commentId":3054539,"authorDomain":"texashillcntryguy"}
How funny, if we voted out every encumbant, the Democrats would loose their majority in Congress....
But I have to fully sympathise with the feeling of wanting the rascals out. The real problem is we only get new rascals in. We need a whole different kind of person in politics than we have - but I am at a loss as to how to accomplish that.
{"commentId":3054539,"threadId":"365088","contentId":"1898155","authorDomain":"texashillcntryguy"}
#55 - Tue Sep 23, 2008 9:13 AM EDT{"commentId":3054552,"authorDomain":"freeflyte1"}
So many posts seeking to dodge the ultimate responsibility WE as citizens bear for this mess! Hey! Being a responsible citizen in this Constitutional Republic is HARD WORK! It's made even harder by a media system that is in the bag for one party only and therefore slants their reporting in that direction.
FOLLOW THE MONEY! Does anyone really think Wall Street firms give way more money to the Democrats because they (the firms) are "socially responsible"? Wanna buy a toll bridge in San Francisco I have for sale?
I'm beginning to think that maybe the Liberals are correct about us after all. Maybe we all really are too stupid to run our own lives and really do need a huge government bureaucracy to tell us what to do from cradle to grave. A "right" to own a home even if you can't afford it? A "right" to a service created and conducted by another human being, like Health Care? I wish someone would point out to me just where these "rights" come from besides the fertile imaginations of political con artists bent on creating and retaining power for themselves.
With all the power and liberty we possess in this wonderful country, the most successful in the history of the Planet, we are getting what we deserve as the price of our laziness and lack of political oversight.
The less vigilant we are a citizens the more screwings we are going to get from our "leaders" just like the one this bailout represents.
{"commentId":3054552,"threadId":"365088","contentId":"1898155","authorDomain":"freeflyte1"}
#56 - Tue Sep 23, 2008 9:15 AM EDT{"commentId":3061644,"authorDomain":"hobojo351"}
How old are you? I am old enough to remember a time that all you had to have was a job & everything was affordable. Doctors visits were affordable, even hospitals were something you could afford if you could pay over a short period of time. Dentist charged $5.00 to pull a tooth & $10.00 to fill one. I started out from high school, making $195.00 a month. I gave my mother $50.00 a month to live at home & still had money to buy her entire outfits for gifts. I could charge clothes at an upscale brand name clothing store while they were on sale & pay it on my next paycheck which was bi-monthly. We had hour long lunch breaks & 2 15 minute breaks for every 8 hours we worked. Over time was rare, but did occur at one time & we did not make much money for it, in fact less per hour worked then regular hours. But even at that we could afford just about anything. Then the insurance companies started pushing their wares & the buy now pay later industry kicked in in full force. At first this was easy also. As a young woman under 21 I could buy anything on time. At 21 I was able with a couple of my friends to take a train trip from Virginia to Miami for a weeks vacation & pay it later. Keeping up with the Joneses also began & under these stated circumstances that was also fine initially. But I beleive all these "new" things were the early beginnings of our current financial situation. Now mind you, there was no such thing as a homeless person with the exception of the then known hobo's that just decided to drop out of society. People lived reasonably well and some were more well off than others, but the gap was nowhere close to todays world. As a for instance, doctors had nice homes & property, but not necessarily mansions. Greed is what has taken over this country. The gap between the haves & have nots has widened to an unbeleivable stretch. Isn't it funny how 65 years can bring such extreme change? I pity the youth of today, there is no way they could do the same as I did when I was their age. I lived at home after obtaining employment mainly to help out at home. After a couple of years I moved out on my own into the city I worked in.
{"commentId":3061644,"threadId":"365088","contentId":"1898155","authorDomain":"hobojo351"}
{"commentId":3054561,"authorDomain":"kbradley-1"}
It would be so nice to be able to point your finger at one entitiy and say that's the reason for this debacle. Unfortunately, many entities had a hand in this (the Dems, Republicans, Wall Street, Banks, Mort Brokers, home buyers and owners, etc.) Obviously more regulatory oversight is needed. I like the idea of "investing" tax dollars in companies that need rescuing so that we the taxpayers will get a return on our investment and not just take money and put it in the pockets of a few executives whose MBA is equivalent to toilet paper. Being a mortgage broker (yes, there are some honest ones out there that truly understand the economics involved), I am still seeing the same problems we have now being put off a few years from now. I counsel people who are looking at loan modifications and help them negotiate with these morons at the "top" financial institutions. Here's an example: a client with a $450K mortgage and an adjustable now at 11% and a house worth $300K being offered a loan modification of 5% interest only for 5 years on $450k and the loan reverting back to the 11% principal & interest for the last 25 years. Hello!!! How does this fix the problem? It doesn't, but it keeps the fat cats from losing their jobs! If a lot of people go for deals like this (and a lot of people will unfortunately), we will be in the same boat 5 years from now. What would make sense is for regulation to prevent crap like this from happenning. The industry has cleary demonstrated it can't regulate itself.
{"commentId":3054561,"threadId":"365088","contentId":"1898155","authorDomain":"kbradley-1"}
#57 - Tue Sep 23, 2008 9:15 AM EDT{"commentId":3054564,"authorDomain":"dtw1264"}
I am really glad to read that Americans are having thier voice heard in this whole ordeal. I think the fact that the American people have become so vocal in thier fury on this issue has given Congress the legitimacy it needs to say this bailout plan must have several attachments to it These additions must hold Wall Street accountable and keep the American taxpayer interests first and foremost in mind for the future.
{"commentId":3054564,"threadId":"365088","contentId":"1898155","authorDomain":"dtw1264"}
#58 - Tue Sep 23, 2008 9:16 AM EDT{"commentId":3054568,"authorDomain":"astraea1980-1"}
Is it right that Wall Street tycoons will get to walk away to their yachts, Bentleys, and homes in the Hamptons, and draw from multimillion dollar bank accounts, while the American taxpayer has to pay for their greedy mistakes? I believe they knew what was coming down the pike. How could they not know? They knew. And they did nothing but continue stuffing cash in their pockets, knowing this crappy excuse of a government we have would bail them out with OUR money. Would they bail American homeowners out of loans they can't afford? Hell no, that's Socialism, GASP!, perish the thought. But they're more than willing to let the Wall Street execs sail away on their golden parachutes. This isn't socialism...it's CORPORATE FASCISM. But then BushCo knows all about corporate fascism, doesn't it? They sure do, and they think it's just ducky.
I don't know if Obama will be any better than anyone else, but I do know that McCain the Deregulator will continue this corporate mollycoddling in the true Republican mold, not to mention going to war with the whole freaking world.
Remember: the last Great Depression began with a Republican president saying "the economy is fundamentally sound!" History has a way of repeating itself when people are too stupid to see the handwriting on the wall. AGAIN.
{"commentId":3054568,"threadId":"365088","contentId":"1898155","authorDomain":"astraea1980-1"}
- 2 votes
#59 - Tue Sep 23, 2008 9:16 AM EDT{"commentId":3055620,"authorDomain":"genetichuman"}
Exactly, American Pie. Socialism is a word that has been used to scare Americans for way too long. You want Universal Health Care? Oooooh, can't do that. That's socialism. You think that if we bail out banks we should be able to limit their failed executives compensation packages? Oh, no! That's socialism. You like Social Security the way it is just because it works? You're a socialist!
Actually if you look up the definition of socialism, you'll see that none of these things are socialism, but even if they were, so what? What's important is whether they work for the American people. If they work, we should do them. If they don't work, we shouldn't do them. It's as simple as that. We should base our policies on what works, and not be swayed by people yelling "Boo!! Socialism!!!"
{"commentId":3055620,"threadId":"365088","contentId":"1898155","authorDomain":"genetichuman"}
- 1 vote
{"commentId":3054589,"authorDomain":"badazbrad"}
i wont do it.i wont pay
{"commentId":3054589,"threadId":"365088","contentId":"1898155","authorDomain":"badazbrad"}
- 2 votes
#60 - Tue Sep 23, 2008 9:17 AM EDT{"commentId":3054651,"authorDomain":"dlw3078"}
You know, I've worked hard all my life. For a lot of years, I was a single mother. I oftened wondered how some people could afford luxury cars, million dollars homes, vacation homes, etc... Now, I realize it was through theft and deception.
These executives that walk away from these failing companies should not be rewarded. You can bet your life they took care of themselves before the company went under. Never mind the hardworking employees that went to work everyday, thinking they were building some future security for their families and their retirement. These crooks (executives) should not only have to pay for what they've done to our economy, they should also have to forfeit all of their assets. Heaven forbid if they had to live in a blue-collar home - - - they would probably cry themselves to sleep at night.
My ancestors fought for this country; my grandfathers worked in the coal mines; I don't think the way this country turned out is what they had in mind for the future of their children and grandchildren. By not policing these corporations, our government has really let down the average working American. They're too dumb to realize that what they've done will cost their children and grandchildren, too.
The only way I can even imagine getting this mess straightened out is by starting over from scratch.
It will be difficult, but we've been there before. Only, this time, these high rollers should have to look over their shoulder everyday. I would like to see exactly what they do in a day's work (golf, 4 hour lunch).
You know, I'm not college educated. I never had the luxury of the extra money or extra time to go to school. Maybe, in the end, I'm better off. I don't expect something for nothing and I don't want to get rich off of other peoples misfortunes.
Oh, and another thing, all I keep hearing is technology is our future. For what???? All of our manufacturing jobs are being sent to other countries - - - what are we going to do with our computers and technological advancements - - - play Solitaire???
Wake up, America! We need to get rid of these idiots!
{"commentId":3054651,"threadId":"365088","contentId":"1898155","authorDomain":"dlw3078"}
#61 - Tue Sep 23, 2008 9:23 AM EDT{"commentId":3054654,"authorDomain":"hanzak"}
It would be nice to see some responsibility being taken - there is plenty of blame to go around in the guise of greed. Wall Street, Congress, and Home Owners were all greedy.
In 1929 when the market crashed, people took individual responsibility and jumped out windows. In 2008 when the market is crashing everyone is pushing the guy next to him out the window. No bail out, no golden parachutes, let's see some contrition for stupid decisions being made while the players were laughing all the way to the bank.
{"commentId":3054654,"threadId":"365088","contentId":"1898155","authorDomain":"hanzak"}
#62 - Tue Sep 23, 2008 9:23 AM EDT{"commentId":3056123,"authorDomain":"widemoto"}
When things were going good during the housing boom there weren't many complaints, now everyone is pointing fingers at each other and calling for reform, investigations and whatever.
It's too late, the damage is done and this will have to work itself through until we hit rock bottom.
All we can do after is too try to learn a lesson from this and not let history repeat itself again for the third time.
Depression One 1929
Depression Two 2008/09
Depression Three hopefully never again if we ever get past Depression Two
Absolute political reform with strict term limits, no lobbying of Congress period and tighter regulation of Wall Street mega banking institutions may help a little.
{"commentId":3056123,"threadId":"365088","contentId":"1898155","authorDomain":"widemoto"}
{"commentId":3054659,"authorDomain":"wwh45"}
There is an old saying......"every big problem starts out small". Just like the little boy from Holland who saved the country by putting his finger in the leak in the dike. Trouble is we didn't have anybody to do that in this country. Simple economics says that if you can't afford to pay back, don't borrow. And it does nobody any good to encourage those people who can't repay to borrow money. Seems like every crisis in this country is avoidable if someone would simply look ahead and explore the possibilities.......the what ifs. And when will we ever start working together and allow for hard work and brains to be rewarded with successful lives.
{"commentId":3054659,"threadId":"365088","contentId":"1898155","authorDomain":"wwh45"}
- 1 vote
#63 - Tue Sep 23, 2008 9:23 AM EDT{"commentId":3054693,"authorDomain":"sneila"}
{"commentId":3054663,"authorDomain":"sneila"}
{"commentId":3054721,"authorDomain":"jmarmo"}
Jimmy Carter should be appologizing for appointing Alan Greenspan, Barney Frank, Chuck Schumer, Chris Dodd and Charles Wrangle should resign immediately. These resignations would be for pretending the problems didn't exist when Bush tried to make reforms. Then we move to Wall Street. Jim Johnson and Frank Raines should be required to pay back every nickel of the bonus's they recieved while at Fannie and Freddie. These bonus's amount to about 150 million combined. Additionaly they should be bared from EVER particpating in the financial sector of our nation again.
{"commentId":3054721,"threadId":"365088","contentId":"1898155","authorDomain":"jmarmo"}
#65 - Tue Sep 23, 2008 9:28 AM EDT{"commentId":3055302,"authorDomain":"schantzbird"}
Your comments are a great example of how our two party system is just not working. Poor Bush. Dumb Carter. In many respects, Jimmy Carter was the smartest president we have had since FDR. What if we would have listened to him when he was pushing for a comprehensive energy policy? I can guarantee any fanatical Bush supporter right now is a fanatical republican. We will get better leaders if we start voting for leaders instead of a party.
{"commentId":3055302,"threadId":"365088","contentId":"1898155","authorDomain":"schantzbird"}
- 1 vote
{"commentId":3054742,"authorDomain":"spooot56"}
Well another reason for liberals to blame Bush, although this started way before Bush ever took office, it wasn't in the last 8 years. This, I'm afraid to say is the result of a defunct Congress, the do nothings that are sitting in Washington that actually WRITE the bills. Let's see Dodd, a liberal was the recipient of a great interest rate and he didn't have to go through the same process that the rest of us have to go through to get a loan, there are many more in Washington that have recieved the same special treatment. That's the very reason no one stepped in before now, you can sit and blame Bush all day long, however the deregulation was signed into law by none other than a Democrat, Bill Clinton. I'm not blaming one or the other, they are all to blame and until we get that, nothing will change.
Now you watch, the Dems will add a nice big tax increase to this bill, it won't be a simple bailout, it will be a tax for all of us, again. And to get the bill through Bush will have no alternative but to sign it.
Again I do this think bailout is necessary for our country to remain somewhat solvent, but I don't want to see us taxed to death to get it done.
{"commentId":3054742,"threadId":"365088","contentId":"1898155","authorDomain":"spooot56"}
#66 - Tue Sep 23, 2008 9:30 AM EDT{"commentId":3054754,"authorDomain":"hogtie-1"}
I hate people!
Have a crappy day!
{"commentId":3054754,"threadId":"365088","contentId":"1898155","authorDomain":"hogtie-1"}
#67 - Tue Sep 23, 2008 9:31 AM EDT{"commentId":3054840,"authorDomain":"dlw3078"}
I'm just overwhelmed by this mess - - - I feel the same way. If I see another @!$%# in a three-piece suit today, I'll scream!
{"commentId":3054840,"threadId":"365088","contentId":"1898155","authorDomain":"dlw3078"}
{"commentId":3054759,"authorDomain":"brent3"}
All chief officers of these companies that are being bailed out should forfeit homes, bank accounts, yachts, retirement accounts, etc. All those millions and probably billions put into this bailout to reduce the bailout being paid by taxpayers.
Investigate if these bonuses were paid on incorrect financial statements, and if so, put them straight in jail for minimun 10 years. Investigate why Board of Directors of these companies failed to foresee this meltdown. If they were given incorrect info add more years in jail to the culprits. If they knew and continued to allow golden parachutes, and so forth, file charges against each and every one of them.
Sick of it Cheryl
{"commentId":3054759,"threadId":"365088","contentId":"1898155","authorDomain":"brent3"}
- 2 votes
#68 - Tue Sep 23, 2008 9:31 AM EDT{"commentId":3054787,"authorDomain":"socalreo"}
The management teams and boards of directors should be dismissed and required to disgorge all their personal gains acquired while running these companies into the ground before one tax payer cent is spent rescuing any of these companies. There needs to be consequences for these guys who mismanaged their responsibilities, possibly even some jail time for guys like Mozillo of Countrywide who sold millions of dollars of Countrywide stock knowing full sell that the company would crash in the end.
{"commentId":3054787,"threadId":"365088","contentId":"1898155","authorDomain":"socalreo"}
#69 - Tue Sep 23, 2008 9:33 AM EDT{"commentId":3054806,"authorDomain":"kmoser1810"}
Anger keeps being directed in the wrong direction. I totally agree with these execs not getting golden parachutes and that should be shareholders agnst that sees to that, not our Govt. One guy here spewing on and on about revolt and standing up. FORGET IT! As Americans, we have lost our drive to hold politicians accountable. We let them run ramshod over us and do nothing. No one believes their votes count. No one tracks what their politician votes for. (atleast the majority does not). The two fools running for office now know full well healthcare promises they are making could never come to reality while they are in office. There is too much legislation that would have to be dealt with and with bail out, no money to fund any programs. Right not the lobbyists are up there wining and dining your representitives! LOOK AT THE MONEY INVOLVED! This is a lobbyists dream! Look at the number of accounting firms that will need to be hired and title companies to figure out who actually owns what. It is going to make them billions. In the meantime, more of us little people lose our homes, pay excessive interest rates and bank fees while our Reps. get fat! Go online and see how your choice votes. Dont just go pull the lever to pull it because someone had a better speach writer.
{"commentId":3054806,"threadId":"365088","contentId":"1898155","authorDomain":"kmoser1810"}
#70 - Tue Sep 23, 2008 9:34 AM EDT{"commentId":3054897,"authorDomain":"spooot56"}
If it doesn't benefit a Congress memeber monatarily they will do nothing. I can't even imagine what a socialized medical care system would be like.
As for voting, how bout the folks that jsut see a name on the ballot that is familiar, that is one of the main reason people continue to vote for the same people over and over again.
{"commentId":3054897,"threadId":"365088","contentId":"1898155","authorDomain":"spooot56"}
- 1 vote
{"commentId":3056180,"authorDomain":"raym"}
We are just a bunch of controled sucker's. We in the middle pay the bottom feeder's to stay home and pump out babies and pay corporate welfare to the wealthy. Both parties are playing us. They control us by keeping us bickering amongst ourselve's over thing's we have no control over. Divide and conquer.
{"commentId":3056180,"threadId":"365088","contentId":"1898155","authorDomain":"raym"}
{"commentId":3054809,"authorDomain":"wolves-1"}
And the people that complain the loudest, and rightfully so, probably voted Republican and will continue to vote for the same party that did this to them. Republican controlled executive, and Republican controlled congress and senate for most of the last 8 years. So really, in a sense, they age getting what they deserve.
{"commentId":3054809,"threadId":"365088","contentId":"1898155","authorDomain":"wolves-1"}
#71 - Tue Sep 23, 2008 9:34 AM EDT{"commentId":3149227,"authorDomain":"dloveless"}
After seeing Nancy Pelosi, Harry Reed and Barney Frank on TV and seeing how the underlying cause of this mess (Affirmative Action Mortgages) is kept out of the public discourse. I have come to the conclusion that America needs ands deserves to suffer through another great depression. Ultimately the people are responsible for the idiots they put into office and the lunacy they visit upon us.
A bank refuses to loan money to people who are bad credit risks and it is accused of Red Lining and is punished by the govt. So the bank makes bad loans and then sells those loans to investors. The investors find out the loans are worthless and stops buying them. The banks fail because they can no longer unload the bad loans. Now the govt wants to force the citizens to buy the bad loans or the economy will collapse, and the American people blame the bankers and invesors for making too much money. What kind of an Orwellian world have we created? I say let it all crumble. We will get what we desirve.
{"commentId":3149227,"threadId":"365088","contentId":"1898155","authorDomain":"dloveless"}
{"commentId":3054824,"authorDomain":"thechasegroup"}
"trickle up theory" = fresh water (as in a well)
"trickle down theory" = used yellow stained water as in "P... all over us"
Economic theory 101
{"commentId":3054824,"threadId":"365088","contentId":"1898155","authorDomain":"thechasegroup"}
- 1 vote
#72 - Tue Sep 23, 2008 9:36 AM EDT{"commentId":3054852,"authorDomain":"roberttlutz"}
I think everyone can find significant blame in both parties for this mess. I think the solution going forward is right in front of our faces, but never considered due to media manipulation - VOTE INDEPENDENT!
{"commentId":3054852,"threadId":"365088","contentId":"1898155","authorDomain":"roberttlutz"}
- 1 vote
#73 - Tue Sep 23, 2008 9:38 AM EDT{"commentId":3054918,"authorDomain":"quilts5"}
This is not about which political party got us into this mess. They both did. They do not represent us, the workers of America, and never have. You can bet this bailout will only help those who least need it. Remember Roger Moore's movie showing Bush before a group of donors saying that the middle class would be crying before he was done or something to that affect, while it has happened. We need to take away the pensions and insurance of all the fat cats in Washington including the White House and Congress until the billions they want to give are returned and the national debt is repaid. All the assets of those CEO's and managers should be taken to pay this back. Golden parachutes should be outlawed but they will come up with some other method. Get ready for some very bad years because this bailout is not going to work. They are not telling you all the facts, like there is another round of loan ballons coming that is going to cause another round of foreclosures.
{"commentId":3054918,"threadId":"365088","contentId":"1898155","authorDomain":"quilts5"}
- 1 vote
#74 - Tue Sep 23, 2008 9:43 AM EDT{"commentId":3054935,"authorDomain":"jrintennesee"}
This is the second time I have made this post. All these financial houdinis need to be indicted by the Attorney General under the RICO act. There is no difference between them and the organized crime bosses. Make them serve real time for their real crimes and wipe out their ill-gotten fortunes by ordering restitution to the taxpayers who will be bailing out the financial systems because of their gross misconduct.
Call your senators and representatives TODAY and demand prosecution under the RICO act of all the CEOs, board members, and senior management of these institutions of greed and corruption.
{"commentId":3054935,"threadId":"365088","contentId":"1898155","authorDomain":"jrintennesee"}
#75 - Tue Sep 23, 2008 9:44 AM EDT{"commentId":3054953,"authorDomain":"flashmcgruder"}
There are good comments and emotions being expressed here, but it is unlikely that any of he Senators or members of the House of Representatives are reading this blog or any others. Contact your Congressional representatives quickly!!!
Everyone, please e-mail your Senators and House Representative this week to let them know what you think! The links are:
and
{"commentId":3054953,"threadId":"365088","contentId":"1898155","authorDomain":"flashmcgruder"}
- 1 vote
#76 - Tue Sep 23, 2008 9:45 AM EDT{"canLink":false,"threadId":"365088","isPrivate":false}
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