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kenwas

Join Date 04/2003

+124

We've been had again!

Remember the bailout?

For those following the great $700B bailout plan, it would appear that we have been had again. First, Paulson was going to buy "toxic assets from the banks. That was changed to a plan to give loans to the banks with oversite and strings attached. None of that happened. What did happen was the government simply bought non-voting shares of stock in the banks and the banks are free to do with the cash whatever they wish. There are no strings attached, not even a requirement to begin lending again. Ergo, Fannie Mae will be using part of the funds to retain defense attorneys for the very executives that created the problem in the first place. Not only are we giving them these funds without strings or oversite, we are now paying the defense fees of the executives. It would appear that we have been had again.

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DrJBHL

Join Date 04/2002

+3919

Ken, this is horrendous if true. I know that the idiots can't do anything right, but this wrong? Is it irreversible or can things be rectified? As I understood it, a commission type agency was to be set up to keep oversight.

I find it hard to believe that the same lack of oversight which contributed to this mess is still at work (or still not at work).

This is a real shocker. I had read that the money would be phased in fairly slowly, and that one or two bodies would be overssing it. Have you heard different?

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kenwas

Join Date 04/2003

+124

They have bought and are buying the stock. They are non-voting shares and no legal way that I know of to track the funds and control the use. The defense fund for Fannie Mae was on the radio today. I forget which station.

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sources?

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NightTrainthedark

Join Date 07/2003

+255

Start hoarding rice, water, and porn.

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kenwas

Join Date 04/2003

+124

sources?

Like I said I heard it on the radio not sure what station. I heard it again on a Fox News bit with Judge Napolitano. Whether it is true I have no way of knowing but it was not posed as a dem or rebublican blame issue but rather a legal issue. I would be truly happy to hear that it is not true however!

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I know that the idiots can't do anything right

Hope you are including both parties in this.

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DrJBHL

Join Date 04/2002

+3919

Quoting Night Train,

reply 4

Start hoarding rice, water, and porn.

Quoting Hankers,

reply 6

I know that the idiots can't do anything right
Hope you are including both parties in this.

I am, Hankers. Keep your eye on 'em and never take it off! It's your duty as a citizen: I read the book:

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Philly0381

Join Date 11/2004

+844

We've been had again!

And we will contunie to be had because we are all on the FAILBOAT!

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NightTrainthedark

Join Date 07/2003

+255

a bit of cut and paste

Meanwhile, the Washington Post reports major US banks are on pace to spend more than half their bailout money on rewarding their shareholders. The thirty-three banks are set to receive some $163 billion in government bailouts. Half of that sum would go toward paying off shareholders over the next three years. The Bush administration touted the bank bailout as necessary to resume lending. But Treasury officials say the banks would never accepted loans if they weren’t allowed to redistribute dividends to shareholders. Democratic Senator Charles Schumer of New York is calling for the suspension of dividend payments at bailed-out banks.

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DrJBHL

Join Date 04/2002

+3919

I think there's got to be a way to stop this. I really can't believe this. This is causus belli if true.

Not to detract from the thread but Detroit automakers are asking for money too.

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SirSmiley

Join Date 06/2005

+38

That's why I keep my money in Canadian banks...that and the fact that I'm Canadian.

Mind you I'm looking at buying shares instead of putting money in the bank as 8% in dividend returns beat's a 4% bank account.

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Philly0381

Join Date 11/2004

+844

The whole situation was bad to begin with.

Mind you. we are counting here on the media to be reporting facts here, which at times does get us into trouble.

If this is true though, just how much do these people think the tax paying working stiffs (yes, that would be the rest us) are willing to put up with?

How's that saying go 'Fool me once shame on me, fool me twice...........'

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starkers

Join Date 05/2004

+1153

The whole situation was bad to begin with.

Sure was.... and I predicted this precise scenario! There was no way those greedy bastards were going to do the right thing with the bailout money... it was always going to go on themselves before fixing up the mess the pricks made in the first place.

It should have gone out as mortgage relief so that struggling home buyers could make their repayments to the banks and keep their homes... but no, that's socialism and NOT the American way.

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SirSmiley

Join Date 06/2005

+38

I wish I had lot's of mony because I'd by a lot of the foreclosed home's at a third of the price. Then turn around and sell it back to the original owner at that rate plus costs and say 5% then hold the initial mortgage. People would actually have a mortgage they could pay. Actually surprised that no body has jumped on that.

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Join Date 03/2001

+23

Jeez. When it rushed though, I knew it was bad.

This is a mistake from both parties.

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kenwas

Join Date 04/2003

+124

I find it hard to believe that the same lack of oversight which contributed to this mess is still at work (or still not at work)

Why so?. It is the same people doing the oversite!

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WebGizmos

Join Date 09/2003

+735

Wow....never saw that coming?

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starkers

Join Date 05/2004

+1153

Wow....never saw that coming?

Sure did....

The whole situation was bad to begin with.

Sure was.... and I predicted this precise scenario!

Again, the relief/aid/rescue package is going to the wrong people... not those who desperately need it.

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WebGizmos

Join Date 09/2003

+735

Business as usual Starkers. And I agree....I'd love to see Wall street crash and burn. Wouldn't effect me one bit. I'm so poor now I can't even see bottom to reach up to anyway.

Again, the relief/aid/rescue package is going to the wrong people... not those who desperately need it.

Again...Business as usual Starkers. Oh...and yes...I did see that coming...I was just kidding.

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DrJBHL

Join Date 04/2002

+3919

Quoting WebGizmos,

reply 19

What Crap... the rich stay rich/get richer, and richer... and the average joe gets screwed again...and again... and again... and when will somebody say "fuck the big banks, let 'em go under and let's start again"
Business as usual Starkers. And I agree....I'd love to see Wall street crash and burn. Wouldn't effect me one bit. I'm so poor now I can't even see bottom to reach up to anyway.

Again, the relief/aid/rescue package is going to the wrong people... not those who desperately need it.
Again...Business as usual Starkers. Oh...and yes...I did see that coming...I was just kidding.

It wasn't just starkers...but let's start a protest movement. I'm on the phone to my representative like SOONEST!

I'm just gonna ask her one question: "You wanna keep your job?"

Believe me....and the media as well CNN MSNBC...the works! No whining! Action needed! Please get on the horn!

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NightTrainthedark

Join Date 07/2003

+255

Call all your local news channels and express your frustration.

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Again? Don't you mean still?

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I wish all that i just read was not true, but deep down inside i know that it is, what bothers me, is they bail out these big companies,and the family down the street cant make a mortgage payment and lose their home, makes me sick

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One thing i realized years ago, when i did union work ( i worked for the state of MA) how powerless you are against these corrupt organizations, as one person with a complaint, of course these bailouts are a much bigger scale, but same scenario

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Starkers question for you , i see your rrom Australia, do you folks have similar problems down their with your politiicians that us up here in the US dont hear about?? is it the same everywhere you go i am wondering???

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