Wednesday, September 24, 2008

What should be part of the discussion of the $700 Billion

While I'm not an economist, I do play one on the Internet. -Sorry This whole thing torques me off, and does worry me a little because government intervention in the markets is what brought on the Great Depression and joking about this is keeping me from talking like Senator biden acting like a redneck in Virginia.

The more the politicians have messed with the economy, the worse it has gotten. The bad housing loans can be traced back to janet reno telling lending institutions to end red lining. Now if red lining as defined as because of color of hide occurred that should have been forced to end, BUT if it took away wisdom of giving loans to people that had no means to repay the loan no matter on the color of hide...we get the mortgage meltdown.

I'll be honest I don't know if we really need to bail out these banks, but let's be honest the US doesn't have the money to actually cover ANY of the bailout. One of the many, many downsides to these bailouts is it just reinforces the idea that companies don't have any responsibility for their actions and the government will just continue to be irresponsible.

Ron at The Cluttered Eclectic Mind has listed those that received donations from the government organizations Fanny May and Freddie Mac. To which I have a question. if they receive money from the government then are giving money to political campaigns how this doesn't violate money laundering laws is beyond me.

Through the last couple of weeks it has become well-known that President Bush tried 12 times to fix the problem, but failed (see democrat stonewalling) as reported by Mrs. bill clinton.

Senator chris dodd and Congressman frank should be forced to resign, receive NONE of their pension. If the politicians say the failed CEO shouldn't receive their golden parachute, neither should the politicians. The bribe...I mean contribution that Senator dodd received should be more than enough to be removed. ALL the politicians that received money from companies that are going to be bailed out should return every last cent they have received from Freddy Mac and Fanny Mae along with the money received from the businesses that are being bailed out. If silver colored bracelets are required for 535 people in the Capitol Building so be it.

The companies that are going to be bailed out, the CEO's that received major bonuses should return them to the companies before ANY government money is doled out. I'm not really for limiting a CEO's income, BUT stockholders should have the right to demand the money back from incompetent company heads.

There should be fraud charges brought against the former Fannie Mae CEO that somehow walked out the door with Tens of millions of dollars.

1 comment:

Ron Simpson said...

Amen!
I am happy the FBI is now investigating the upper management for fraud.