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Bailout blues

Posted Friday, September 26, 2008, at 3:13 PM

As much as I do my best to watch business news as little as possible, here lately it's captured my attention just as it has many of you. And what I see is scary.

Watching different banks fail every day of the week and seeing the panic in the entire financial sector could be the beginning of some scary times.

Through this entire mess, Pres. Bush kept saying this was just a bump in the road and would pass, but this week when he came out on television and told the nation that we were on the brink of economic disaster, that really hit home. Typically, these things are downplayed and spun to sound positive and thats why its so rare for them to just come out and say 'uh-oh'.

However, I'm not sure this $700 billion bailout is the answer. The idea of bailing out these lenders and banks that made these ridiculous loans and took a gamble makes me sick. They certainly wouldn't pay off my gambling debts and that's exactly what's going on.

I understand something has to happen, but it's not fair to use the money of the people who have been victims of this predatory lending to bail out the very ones that took the risk.

I'm not saying the people doing the borrowing don't hold fault because they do, but if you're not going to bail the taxpayers out then you shouldn't take more money from them to bail out the banks.

They are saying on television that we will have a bailout plan by midnight so stay tuned.

Well, I think I'm done with my rant now. What do you think??

Showing comments in chronological order
[Show most recent comments first]

Washington Mutual Bank was bought out last night and its reported a former President left with millions of dollars, I say hunt down and prosecute.

-- Posted by changedname on Fri, Sep 26, 2008, at 3:48 PM

SAY, NO, TO BAILOUTS, let the crooks fix the problem themselves.

-- Posted by changedname on Fri, Sep 26, 2008, at 3:49 PM

The bailout plan is unconstitutional! Ron Paul has an excellent letter on the bailout plan. You are correct, Corey- This should not be put on the backs of taxpayers!

-- Posted by swift on Fri, Sep 26, 2008, at 3:51 PM

Wow! Dexterite and I agree! Amen, Dexterite!

-- Posted by swift on Fri, Sep 26, 2008, at 4:00 PM

I don't like it, but I think if we don't do it we will be sorry. I think the entire world economy depends on this. I am not sure this was about the economy itsself. I think this was about unscrupulous lenders and the pressure to allow people to have credit that they shouldn't have had. No one watching because everyone in Congress was probably making money too.

-- Posted by I.B. Le Truth on Fri, Sep 26, 2008, at 9:17 PM

And don't forget, folks- The Gram-Leach-Bliley Act, passed by Democrats and Republicans and signed by Bill Clinton in '99 helped do away with restrictions that would have kept this mess from happening.

-- Posted by swift on Sat, Sep 27, 2008, at 9:13 AM

And Swift, that's the same Phil Gramm from Texas, adviser to John McCain, they're all responsible.

-- Posted by changedname on Sat, Sep 27, 2008, at 8:28 PM

Income tax is questionable, but these other 20+ taxes are illegal, unconstitutional and basically extortion. So when the government wants to STEAL more of my money, it p***es me off. They should stop THEIR spending and cut costs. Then they would have billions and billions of extra money. And these lenders, screw them and the fickle investors that are backing them. Investors should NOT be able to hurt the economy like this b/c they're scared and spineless.

-- Posted by Jim Morrison on Sun, Sep 28, 2008, at 3:38 AM

Jim is right! The income, death, property, and inheritance taxes amomout to government theft. There are constitutional ways to finance the neccessary government responsibilities other than taxation. Here are the Prohibition Party Taxation and Spending policies from the '08 platform:

1. A Balanced budget

2. Limiting taxing powers of Congress

3. Restoration of the independent Treasury

4. Cutting off funding of National Endowment for the Arts

5. Ending "death taxes" completely

6.Prohibiting the use of eminent domain to benefit an individual person or corporation

7. Minimizing taxes which threaten private ownership of land and real-estate

8. Emphasizing excise taxes for financing government.

These are fairly similar to other America First/Populist parties. The Constitution, Article 1, Section 8, provides that Congress shall have the power to coin money and to regulate its value.

"Therefore we call upon Congress to terminate the Fedral Reserve System for the purpose of reducing the national debt and to withdraw the United States from the World Bank."-Prohibition Party Platform, 2008. This same principle is promoted by the Constitution Party and other America First/Populist parties.

And Dexterite, you're right again.

-- Posted by swift on Mon, Sep 29, 2008, at 3:50 PM

Swift, what difference does it make?? A third party is not gonna win!

-- Posted by goat lady on Mon, Sep 29, 2008, at 8:41 PM

Don't let Bush's scare tactics sway you. Anything that comes out of that mans mouth is a lie and if he is really trying to PUSH something, saying we must act NOW, just remember there were no weapons of MASS DISTRUCTION!!!

-- Posted by proud rooster on Tue, Sep 30, 2008, at 11:01 AM

Happy Cock....that is the dumbest thing I have read on here in awhile. I hate to think how happy you are when Pelosi, Clinton, Biden, Osama Obama, Harry Reid, and other liberal idiots speak. Nice to know you are yet another who surely opposed this war from the start because you were smarter than Bush, Hillary Clinton and others who looked over the same information and felt we needed to go on the offensive.

I hope the magic screw up wand that Bush used to destroy our country is put in the Smithsonian for all to see.

-- Posted by shannonhoon on Tue, Sep 30, 2008, at 11:47 AM

Me Too!!! I will visit to see it!

-- Posted by proud rooster on Tue, Sep 30, 2008, at 12:00 PM

We'll take a tour bus! Unless, of course, hoon puts a switch blade through the tires....

-- Posted by goat lady on Tue, Sep 30, 2008, at 3:11 PM

GOAT...you seem to have some sense about you. While I try to add sarcasm and whatever else to the stuff I type, you seem to be level headed and then you go and give the crap a Proud Rooster types credibility? Which gives you none in the eyes of others? Interesting.

A little over one year ago:

1) Consumer confidence stood at a 2 1/2 year high;

2) Regular gasoline sold for $2.19 a gallon;

3) the unemployment rate was 4.5%.

4) the DOW JONES hit a record high--14,000 +

5) American's were buying new cars, taking cruises, vacations

overseas, living large!...

But American's wanted 'CHANGE'! So, in 2006 they voted in a Democratic

Congress and yes--we got 'CHANGE' all right. In the PAST YEAR:

1) Consumer confidence has plummeted;

2) Gasoline is now over $4 a gallon & climbing!;

3) Unemployment is up to 5.5% (a 10% increase);

4) Americans have seen their home equity drop by $12 TRILLION

DOLLARS and prices still dropping;

5) 1% of American homes are in foreclosure.

6) as I write, THE DOW is probing another low~~











-- Posted by shannonhoon on Wed, Oct 1, 2008, at 3:13 PM

I know, gl! I know a third party won't win but, as I said before, maybe... just maybe enough third party votes could get the message to the two major parties. They need to start thinking about the American people and the next generation instead of how they can manipulate the election.

-- Posted by swift on Wed, Oct 1, 2008, at 3:58 PM

I know, I know, swift. Let's hope it works, but I doubt if it will.

Oh, hoon, hoon... Always talking about "credibility." Did it ever occur to you that some of us don't give a rat's *** about our "credibility"? Mostly, I just wanted to have FUN, when I suggested a tour bus to see Bush's wand on display in the Smithsonian. Criminitally, we were talking about Mickey Mouse!

Trouble with you is ----- You're NO FUN anymore!!!

Lighten up, willya? You do better with irreverent sarcasm than with out-of-control shouting. You're gonna have a coronary!

-- Posted by goat lady on Wed, Oct 1, 2008, at 5:52 PM

McCain and Palin In 2009!! (Hopefully we won't get that other unexperienced, can't-make-up-his-mind idiot and that dude he's running with).

-- Posted by Jim Morrison on Thu, Oct 2, 2008, at 1:12 AM

Jimmy M, that will be about 2 months too late.

Just hoping someone gives me some counter arguments for these two choices we have. 4 more years of Bush doesn't count, 72 years old doesn't count, Sarah Palin is one heart beat away doesn't count, Obama supported this and organized that won't count. Give me some meat so I can begin to believe you liberals aren't all bun.

-- Posted by shannonhoon on Thu, Oct 2, 2008, at 9:12 AM

Umm, Hoon, the election is in Nov. but the office isn't officially taken over until Jan. 2009. Am I wrong on this? Just checking.

-- Posted by Jim Morrison on Thu, Oct 2, 2008, at 1:14 PM

I think you would be better off to go with McCain and Palin in 2008!! Haven't seen any campaign signs or slogans with '09 on them.

-- Posted by shannonhoon on Thu, Oct 2, 2008, at 2:15 PM

Don't just blame the predatory lendors. You sign your name on that line that says you agree and understand everything when purchasing a home. Then 2 or 3 years later turn around and say ol' poor me, I didn't know that my interest rate would adjust to the point that I can't afford to pay my bills. It's the lenders fault for doing this to me. Typical human response, pass the blame onto someone else. We need to take responsibility for our actions. If someone would tell me that based on their information, I would be able to take out a $250,000 mortgage with $50,000 income at ARM rate of 4.5% that adjusts every year after 2 years. I would have to ask if I can afford it now at 4.5% would I be able to get a loan at 6.5% fixed right now and if the answer is no, tell them to take a hike.

-- Posted by NoDisclosure on Tue, Oct 14, 2008, at 11:17 AM

"Now they want a bail out, what I'm talking about is a Democrat Liberal who doo (for me 'n you)"-Hank Williams Jr in McCain Palin Tradition (remake of Family Tradition)

-- Posted by swift on Fri, Oct 17, 2008, at 3:07 PM

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Corey Noles, staff writer for The Daily Statesman and Editor of The North Stoddard Countian, is the author of a regular baseball/St. Louis Cardinals column and also uses his blog to sound off on various happenings in sports. He also operates a weekly baseball mailbag column.

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