Wall Street Welfare - Fanny, Freddy, AIG, Bank of America

[Oracle of Delphi]

How do you feel about the current Wall Street Welfare taking place, with Fanny, Freddy, AIG, Bank of America, etc. Will it affect the 25 billion the big 3 are seeking from the Federal Government? If the big 3 go belly up, will the Federal Government come to their rescue or let the big three wither on the vine and die? Should the Federal Government let the big 3 die, if so, why not let the banks and insurance companies die too? What's the difference between the American auto industry and Wall Street?

What are your thoughts?

[FAPTurbo]

Wall Street probably has more people who have their noses up Washington's ass. However, with the government doing a total about-face by bailing out AIG, I think Detroit could get the US government to throw some pennies their way.

Although I have already lost some money because of the current situation, I kinda wish AIG collapsed. Although the consequences would've been dire, I think it would have been the only way to show Wall Street, and people in business that their bull$h! will bite them in the ass sooner or later. What goes around, comes around, but unfortunately, the higher ups in the companies will be shielded by this because of their salaries, while their employees, and the people of America who are stakeholders in those companies will feel the pain. After seeing how totally awesome, and productive the airlines have been since their big bailouts, I'm inclined to believe that bailouts don't work, at least in the long term.

Edited September 17, 2008 by Captainbooyah

[CSpec]

The financial bailouts are a bit different, because there was a real worry that other firms to fail in a chain reaction around the world. And yes the airline bailouts basically went straight into the pockets of the executives and shareholders.

[Drew Dowdell]

Privatizing the profits and socializing the losses.

[ZL-1]

The $h!'s starting to hit the fan, let's see how this all ends...

Edited September 17, 2008 by ZL-1

[Newbiewar]

i got my money in the pot... we'll see...

i'm betting on wall street to prevail, hopefully im not wrong

[Oracle of Delphi]

i got my money in the pot... we'll see...

i'm betting on wall street to prevail, hopefully im not wrong

On a whim, I bought 200 more GM shares yesterday @ $9.97.

Edited September 18, 2008 by Pontiac Custom-S

[ehaase]

The government will bail out the banks, insurance companies, and GM and Ford and maybe Chrysler, but we will pay for it in a few years either with much higher taxes or a collapsed dollar and a decade long slump like Japan had.

[haypops]

The government will bail out the banks, insurance companies, and GM and Ford and maybe Chrysler, but we will pay for it in a few years either with much higher taxes or a collapsed dollar and a decade long slump like Japan had.

What no inflation?

[GXT]

A couple thoughts:

1) I don't know how McCain can get away with doing his "smaller government"/"government should get out of your life" speech and at the same time toss in a section about "more regulation". But then I never thought the US was the communist country that apparently it is. I guess when the chips are down communism wins out. :AH-HA_wink:

2) It boggles the mind that the right has any credibility left with the American public. At least I am assuming they do based on the closeness of the election.

3) I think it stinks that people can get involved in mortgages they have no way of paying, wall street can get rich off of selling them, and the responsible tax payer that was doing things right now has to pay for both of them.

[longtooth]

A couple thoughts:

1) I don't know how McCain can get away with doing his "smaller government"/"government should get out of your life" speech and at the same time toss in a section about "more regulation". But then I never thought the US was the communist country that apparently it is. I guess when the chips are down communism wins out. :AH-HA_wink:

2) It boggles the mind that the right has any credibility left with the American public. At least I am assuming they do based on the closeness of the election.

3) I think it stinks that people can get involved in mortgages they have no way of paying, wall street can get rich off of selling them, and the responsible tax payer that was doing things right now has to pay for both of them.

McCain can say that regarding smaller Government because the comment services the foam-at-the-mouth-military-leg-humping-George-Bush-loving 'basers' (the 26%) devoted to Conservatism, the GOP and the Holy Grail of the GOP: small Government. We're going to have a rather large Government presence in our lives and well beyond our own time given the horrendous economic meltdown fostered under their stewardship of America and that great unregulated casino, Wall Street. We're all Socialists now comrades.

My screen-name is Longtooth and I approved of this message.

Edited September 23, 2008 by longtooth

[MyerShift]

I feel that with the government takeover and meddling of these entities, then it has no choice really but to GIVE aid to the automakers should they need it.

Hooray for hypocrisy and everything else that is wrong.