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Treasury: Ummmm we changed our minds.

Discussion in 'Political Discussion' started by PatsFanInVa, Nov 13, 2008.

  1. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    TARP, the Troubled Asset Relief Program, will now not buy troubled assets at all. It's back to the original request: "Just give us the freakin money. Give us all of it. Gimme. Or you'll have a freakin' depression!"

    Dudes, I supported (and still somewhat less enthusiastically support) the "bailout." But so far we seem to have bailed out AIG twice now, injected money directly into the finance sector, partially nationalized the banking industry and.... did nothing about the bad assets themselves.

    We're also looking at a really anemic amount (20 Bn) to restructure mortgages.

    I am losing my proverbial religion here.

    PFnV
  2. PatriotsReign

    PatriotsReign Rookie

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    I've been saying this for months now PFiVA....the gov't doesn't know how to "fix" the economy. You know why? Because it's impossible to fix it. No gov't policy has ever fixed our economy in our entire history. Go check for yourself. It is now pretty widely accepted that gov't policy made the great depression worse and prolonged it.

    So we'll sit here month after month and wonder why were spending money on x, y & z and nothing seems to be working. No matter what the gov't does, we're headed into some stormy seas that many alive have never witnessed.

    RW doesn't like the dark cloud prognostications, but I'm just telling you what the reality is. I've been saying it for months but some here call it doom & gloom or say I want this to happen. Do I want to lose my job? Of course not! But I'd be lying if I said things might not be too bad.

    As we speak, Great Britain is closing in on an economic meltdown.

    UK on the Brink of Meltdown

    "Mr Clarke, 68, said the British economy is headed for a "catastrophic crisis" that will be "far worse than anything that has occurred in my lifetime".

    "There will be a very serious recession next year," he said in an interview with Telegraph TV. "I think the big problem in 2009 will be the catastrophic fall in consumer spending demand, spending in shops will get worse."

    Mr Clarke, who as Chancellor of the Exchequer between 1993 and 1997 led Britain's recovery from Black Wednesday, called for a temporary cut in VAT to boost spending"


    Mish's Global Economic Trend Analysis
  3. wistahpatsfan

    wistahpatsfan Rookie

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    Very true. I knew that the "Bailout Package" or "Rescue Plan" or "Economic Enhancement Bill"...whatever you call it, stank to high heaven. There were never safeguards in place to ensure that the money didn't just go into a hole - a hole also known as off-shore accounts and bonus packages - and here we are, with the AIG gun at our head again. Now the sh!tbox makers are threatening us via their trade unions and their "pacts" with Obama, real or imagined.

    And don't feel bad about your misplaced faith, PFiV. I had no scientific basis for my apprehension about the bailout. Just a gut feeling about the outgoing administration and Congress handing the keys to the Kingdom over to their friends.

    AIG and all the car makers should be allowed to fail or thrive on their own. Why didn't the government bail out American Motors in the 70's? Because Chrysler was either going to bail them out or AMC was going to die. I don't miss the Matador, Gremlin or Pacer. The crap GM Ford and Chrysler are making won't be missed, either.

    We don't make steel, shoes or ships anymore...but we will still make cars, just at the Toyota and Honda plants.
  4. Seneschal2

    Seneschal2 Rookie

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    Anyone want to direct me to a thread(s) where AIG is the specific focus? Could do a search but I'm sure you'll guide me in the right (oops, correct) direction. :)

    BTW, first post ever in this forum. :cool:
  5. PatriotsReign

    PatriotsReign Rookie

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    Welcome to the "WE're all pissed off" political board Senechal2!

    No one has started a thread on the twice bailed out AIG mess of a company. Feel free to rile us up even more!
  6. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    [​IMG]

    An another thing. There are too many states. Please eliminate three.

    Oh I'm not agin' it in principle. I'm just very tired of the analysis going to "liquidity" without the teeth to make the banks bloody lend it, instead of buying each other as they go bankrupt.

    I know the "self-correcting market" and "creative destruction" is going to be the judgment of our local mickey marketeers... I personally think given the performance of the invisible hand of late, the way to go is heavy, odious regulation, maybe not including the kidnapping by the govt of the loved ones of these corporations' board of directors, but close to it. I want a "lend or die motha*****" edict at this point. And what do I see? they haven't even filled out the oversight board they wrote into the bill in the first place... and the first two tranches are almost spent.

    Oh, and the new plan for the rest of the money? Bail out credit card companies. Bloody credit card companies.

    Worst. Administration. Ever.

    PFnV
  7. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey

    Looks like Ian switched servers a few months too soon ... he could have had Uncle Barney foot the bill for a new one.
  8. MrBigglesWorth

    MrBigglesWorth Rookie

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    the government should have guaranteed people's 401k's and 403b's much like the FDIC does on bank amounts and let the banking system run it's course. let these CEO's cut their pay or lose their job.

    the sad part is this bailout is like a spoiled kid going on a spending spree going out to dinner, the movies, eating junk food, and then at the end of the day has nothing to show for it.

    where's the investment in infrastructure?

    keeping the things the way they are will result in more of the same. we need to try soemthing radical like making solar power investment for your house a 75% credit and people will actually start purchasing it getting those companies going, bringing down the cost and it will become very profitable to export these goods. it will create jobs galore in design and production.
  9. Leave No Doubt

    Leave No Doubt PatsFans.com Supporter PatsFans.com Supporter

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    I'm convinced the country which forges ahead in the energy market will be the eventual economic superpower.

    I totally agree with your post, in fact when I heard about the auto industry I thought why don't we invest those monies in designing and building a high speed monorail system.
  10. MrBigglesWorth

    MrBigglesWorth Rookie

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    unfortunately we are governed by lobbyists and unions resulting in foolish decisions like the Big Dig instead of building a second major airport in central or western mass.
  11. Leave No Doubt

    Leave No Doubt PatsFans.com Supporter PatsFans.com Supporter

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    The Big Dig has to be one of the best examples of _______ we'll ever see in our lifetimes.

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