|
Post by headache on Mar 2, 2009 11:11:55 GMT -5
We all know that the republican party has the answer to all our problems, right? It's so easy I can't believe people are not screaming it from the top of all buildings. Tax cuts tax cuts tax cuts. When people no longer pay taxes, USA will be paradise and American companies will more resemble gods than profit entities! Oh god!
If anything, the current financial mess created by greedy idiots, is the result of too little oversight and too little regulations, but hey! This is what Americans love! To lose all their money!
I'm so happy I made myself recession and depression proof years ago and quite frankly, this whole economic disaster time has no effect whatsoever on my financial situation. I was called an idiot 5 years ago when I told people a financial crash was imminent and that the real estate price could not continue to increase and people who refinanced based upon financial wet dreams would become bankrupt in a few years time. I was correct though and I acted back then on my own hunch and I'm sitting pretty right now.
And I have to say, I have problems mustering much sympathy for those who go under based on their own financial incompetence.
|
|
|
Post by percyqshunn on Mar 2, 2009 11:12:31 GMT -5
I think there are two seperate reasonings behind this bail-out mentality.
1. The Bush administration asked for, and was given, the funds to keep the rich fuckers rich. That is why none of the money has begun to filter back into the system. Of course, they didn't tell the American people their true intentions.
2. The Obama administration fought for, and was given, the funds in the stimulus bill to help keep Americans employed. Are there shady goings-on? Probably some. But the gist is, it was meant to help us avoid complete financial collapse. Whether or not that will be the end result, remains to be seen.
I agree with some of you. The only way to fix this shit, is to let it them fail. If we learn anything from it, then we can hopefully avoid the same situation in the future.
|
|
|
Post by stormwarden on Mar 2, 2009 19:58:25 GMT -5
Amazing what eight years of Bush can do to a country. And now Obama has to scramble to undo as much damage as he can. This will be a bumpy ride, make no mistake.
To be fair, the new CEO of AIG is working, IIRC, for a buck a year, and all the old managemen has been thrown out. Here is to hoping this CEO will do far more good than harm.
|
|
|
Post by dasticken on Mar 2, 2009 22:32:27 GMT -5
Don't have a lot of time BUT...
AIG isn't like the local grocery store where if it goes under it may be inconvienient and the surrounding neighbors will have to drive a bit further to buy food.
If AIG goes belly up the state of the economy now, will be something that we will be seeing as the "good ol' days". What would happen, banks fail, life insurance policies go away for good for many in the world, credit markets go into a deep freeze, homeowner property values take a major dive- really scary shit.
Don't get me wrong- AIG fucked up royal when someone back when thought there was no need to capitalise on thier risk. When they assumed that a company like Lehmen Brothers could never go under and didn't need to have a plan if they did. (And yes all the executive spending was sick).
But at the end of the day letting them die screws us more than it will ever make us feel better.
Like it or not, the economy is still dependent on AIG's survival.
|
|
|
Post by MaybeNever on Mar 2, 2009 22:41:26 GMT -5
Maybe the thing to do is to break up these "too big to fail" companies as a condition of the bail-out. Restructure them extensively in addition to replacing management. Painful, and maybe terrible if the companies refuse to play ball and thus collapse, but a safeguard for the future.
|
|
|
Post by The Watcher on Mar 8, 2009 20:57:43 GMT -5
Maybe the thing to do is to break up these "too big to fail" companies as a condition of the bail-out. Restructure them extensively in addition to replacing management. Painful, and maybe terrible if the companies refuse to play ball and thus collapse, but a safeguard for the future. That's a pretty good idea. In the meantime, while all these "Too Big to Fail" companies are down to a dollar a share, I'm buying stocks. I've never done it before, but I figure the economy can't keep falling forever, and someday, the big guys will be back up over 400 dollars per share. I just set up an E-Trade account today to see how much of Citigroup I could acquire. At 97 cents a share, it's gonna be The Watcher, Inc. pretty soon.
|
|
|
Post by skyfire on Mar 9, 2009 7:36:36 GMT -5
When I was a professional tutor, the college I was with had my IRA set up through none other than AIG.
Even before things went bad, my IRA still managed to lose money for an entire year outside of what my employer put into it.
By the time I was able to get it rolled over into an IRA through my local credit union a few months ago (turns out I was technically on the college's employment roster for a full year after being fired and so couldn't roll over my IRA until they officially let me go) it'd lost half of its value.
|
|