Bruce,
I agree with you about bonuses but also about HOW hey spend the
bailout money should be regulated. Banks that didn't need the
bailout are getting hundreds of millions and they aren't using it to
free up credit practices. Wall Street companies are giving
bonuses and paying dividends to Stockholders which means the
Americans who just lost their job will be payingoff those investors'
dividends making it tougher to send their kids to college, etc. This
is a bunch of b.s. and these guys are crooks in suits. I don't care
what 'party' you're for, unless we regulate this tax bailout, the
'party' is over for the middle class and a Feudal system of Lords and
Serfs and no middle class will be ushered in quickly. And if History
serves, revolution follows.
We have targeted tax breaks all throughout our system in order to
stimulate and encourage development of necessary resources for the
good of our country. And we regulate so much that it actually has
become starkly obvious that there's something amiss about the push to
enact this handout before it could be 'conditioned' and Paulson has
no business in his position unless we want a puppet to distribute as
this
administration sees fit. This was at it's heart, a money grab, this
administration has never been truly a Republican conservative
administration
but it has had a cynical cronyism which has had nothing to do with
what's best for our bottom line. At least we've seen fit to
mandatorily 'fire' our
President automatically after 2 terms, now it appears as if there
needs to be term limits at these Wall Street Companies and Detroit as
well.
So I don't care that there were no strings attached to the first
'infusion' of the bailout. It's not like these companies have a lot
of options so I say
fire the bums who got them into this with poor business practices, we
can change the 'deal' at any time because it's OUR ball and we can leave
the playground at any time we like and not bail out any of them.
IT'S NOT TOO LATE TO REGULATE!
If, as the saying goes, 'What's best for business is best for
America' then just how's that workin' out for us?
Happy New Year!
Patrick
ps: as for your 'best and brightest' comment, I suppose you were
being sarcastic as no one has ever accused Bush or his folks of being
either, much less
both.
On Dec 27, 2008, at 10:05 AM, Bruce Hershenson wrote:
Remember when all our best and brightest politicians were screaming
for the Social Security money to be invested in the stock market so
that our retirees could enjoy those sensational returns Wall Street
investors were receiving?
Funny how no one is recommending that anymore. The funny part is
that it isn't a bad idea right NOW (with the market at the levels
it is at). They could set up a government fund called "Social
Security Investments" and buy chunks of the down and out giant
companies that have been dragged down by the credit crisis (like
GE, GM, etc) and negotiate insanely good deals (like the ones
Warren Buffet always demands and gets) and then they should leave
those investments alone, and never sell them. Sure, some would work
out poorly, but overall, they would do quite well, as long as our
country eventually gets out of this mess. I see this as a win/win,
because the companies would get much needed cash infusions, and our
future retirees would have tangible investments instead of an IOU
from the government.
Incidentally, all government bailouts should come with the proviso
that no bonuses be paid to executives until and unless the loans
are repaid in full. If the current execs don't like that, they
should leave, and be replaced (and it is hard to believe their
replacements could do a worse job than they did).
Bruce
On Sat, Dec 27, 2008 at 11:46 AM, Patrick Michael Tupy
<tellta...@mac.com> wrote:
Am I the only one who thinks the 'bailout' was an end-around move
to get massive no strings attached
tax-payer money into Wall Street after Bush failed to get the huge
pool of Social Security money 'privatized'
and into the coffers of Wall Street?
Patrick
On Dec 27, 2008, at 9:38 AM, Susan Heim wrote:
I agree with you Bruce. What drove Bernie Madoff was greed. As
for his "investors", greed played a part there also, but there is
nothing wrong with making a profit. The fact that the promises
made to these investors was so great, that should have been their
red flag. We would all be naive to believe that there are not
hundreds of Bernie Madoff's out there manipulating at one level or
another. Look at these companys that have been and are being
"bailed out" by our representatives who deemed they deserved it.
What happened to representing your constituents. I haven't spoken
to one person that would have approved these bailouts. In fact,
most people I have spoken to were and are adamantly against the
bailouts.....and the bonuses just keep on coming!! Some of these
defense attorneys....blah, blah, blah, all the way to the bank!!
As for the SEC being asleep at the wheel, I think it was way
more than that and wonder how many pockets go padded to look the
other way. As for tying this to movie posters, that's where most
of my investment is. I know it, I can count on it, I have it
insured and I trust most of the people involved in it. So, that
combination works for me.
Happy holidays everyone and I hope a better year coming for all.
Sue
www.hollywoodposterframes.com
Date: Fri, 26 Dec 2008 10:19:42 -0600
From: brucehershen...@gmail.com
Subject: [MOPO] WAY OT: What drove Bernie Madoff
To: mop...@sol03.american.edu
I looked at the cnn site just now and they have an article
entitled, "What drove Bernie Madoff".
It tells about what a brilliant man he is, and it concludes
"Several people who know Madoff say his saga reminds them of a
Greek tragedy. Just like Icarus who tried to fly too close to the
sun, Bernie Madoff destroyed himself in his unending quest for
success and respect. Says Madoff's defense attorney, 'this is a
tragedy.'"
This really offends me. He was a crook who has done untold damage
to tens of thousands of people's lives (counting the many
charitable groups he ruined) and he did so in the worst possible
way, by being a confidence man who won their trust and then
betraying it.
The people who were swindled have some responsibility, because
they forgot the old adage "if something seems too good to be true,
it probably is", but their doubts were overcome by their basic
greed in wanting those great returns, and in their belief that no
one could be dishonest and operate on that scale.
But this crook is the lowest of the low, and deserves no sympathy
and is not "tragic" by any measure.
What do YOU think?
Bruce
P.S. If one thinks this has nothing to do with movie posters, it
seems an absolute certainty there will be one or more movies made
about this fraud, and that opens the question of what title they
will choose (maybe "The Death of Icarus"?) and who will be chosen
to play the lead role!
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