700 Billion Dollar Buyout

mikeinie · Post by **mikeinie** » Sat Sep 27, 2008 10:18 am

I think the main reason why I am ‘surprised’ by this, is that the whole Enron collapse in 2001 was suppose to sort out all the financial irregularities. Sarbanes-Oxley (SOX) audits were supposed to take care of this kind of mismanagement. How could this happen? Has the SOX audit process also been a complete failure?

Accountable · Post by **Accountable** » Sat Sep 27, 2008 11:02 am

mikeinie;998691 wrote: I think the main reason why I am ‘surprised’ by this, is that the whole Enron collapse in 2001 was suppose to sort out all the financial irregularities. Sarbanes-Oxley (SOX) audits were supposed to take care of this kind of mismanagement. How could this happen? Has the SOX audit process also been a complete failure?
As I understand it, this is a different animal. This was not lying, cheating, or manipulating the numbers. This was straight-up, legal stupidity - all done above-board.

Post by **spot** » Sat Sep 27, 2008 2:13 pm

According to the BBC it really does look as though this $700 billion free handout to shareholders is going to go ahead, leaving the banks as flush with money as they'd have been had all the mortgage debt been sound and profitable. Are the banks penalized? Are the executives or the board members? Do the shareholders face losses? No no and no. All that needs doing now is to collect the missing cash from all the tax returns and add anything left over to the outstanding National Debt where it can be serviced by the unborn.

I'm all for it. Death to capitalism, long live the revolution. Vote McCain in November and add another nail to the coffin.

http://news.bbc.co.uk/1/hi/business/7639321.stm

Accountable · Post by **Accountable** » Tue Sep 30, 2008 2:54 am

Jay Leno:

“A failed President and a failed Congress invest 700 billion of your money into failed businesses. Believe me, this can’t fail!

Post by **spot** » Tue Sep 30, 2008 3:00 am

Accountable;1001873 wrote: Jay Leno:

“A failed President and a failed Congress invest 700 billion of your money into failed businesses. Believe me, this can’t fail!

All he left out was the bit about the failed country.

Accountable · Post by **Accountable** » Tue Sep 30, 2008 3:18 am

spot;1001875 wrote: All he left out was the bit about the failed country.
Never miss a chance to take a pot shot, eh Spot?

spot;406353 wrote: I have a great love and admiration for America and have always said as much.
Phuckin hypocrite and liar.

Post by **spot** » Tue Sep 30, 2008 3:23 am

Your country's leadership has taken to killing foreigners by the million, Acc. It ought not to have done that. The fact that you refuse to stop them makes you all complicit in their decisions.

The underlying intention in bailing out the financial institutions and giving them good money for bad is to enable them to go back to the profligate ways which fuelled the spending spree. I'm surprised nobody emphasises that. Either you collectively want the spending spree back or you don't. I'd see it as the fast track to third world poverty for half your population if you do it but your leadership still thinks it's the right approach.

gmc · Post by **gmc** » Tue Sep 30, 2008 10:41 am

Scrat;1002654 wrote: If you think about it our leaders have left us with little choice, the American economy is a "service" economy, not a manufacturing based economy.

It has to have people spending more than they earn in order to prosper, borrowing and spending has kept it going these last 20 years and since just about everything we buy is made overseas now we have little to fall back on.

And Spot, I do believe Karl Marx was correct. I once heard Dave Ross say we have harnessed greed and made it work for us. The question is, who is wearing the harness?

Right wing politics have wrecked our economy as well. Maggie Thatcher and her service economy-servicing what?

Karl Marx was wrong in so many ways. The odd twee sound bite doesn't detract from the fact he was wrong about so many things.

Galbally · Post by **Galbally** » Tue Sep 30, 2008 10:44 am

Scrat;1002654 wrote: If you think about it our leaders have left us with little choice, the American economy is a "service" economy, not a manufacturing based economy.

It has to have people spending more than they earn in order to prosper, borrowing and spending has kept it going these last 20 years and since just about everything we buy is made overseas now we have little to fall back on.

And Spot, I do believe Karl Marx was correct. I once heard Dave Ross say we have harnessed greed and made it work for us. The question is, who is wearing the harness?

Well you do have the hiTech sector, semiconductors, chemicals, heavy machinery, aerospace, the armaments industry etc. But to continue to grow the manufacturing and technology sector your leaders will have to start promoting actual science and scientific achievement again, which may mean the Republicans stopping pandering to creationists and their fellow travellers.

Post by **spot** » Tue Sep 30, 2008 10:58 am

Galbally;1002729 wrote: Well you do have the hiTech sector, semiconductors, chemicals, heavy machinery, aerospace, the armaments industry etc. Oh come on - taking them in turn that's Japan, Taiwan, Malaysia, Korea, China. And then the US, I'll grant you the armaments industry much good it does them.

Galbally · Post by **Galbally** » Tue Sep 30, 2008 11:44 am

spot;1002756 wrote: Oh come on - taking them in turn that's Japan, Taiwan, Malaysia, Korea, China. And then the US, I'll grant you the armaments industry much good it does them.

Spot I am not saying that they are the only country with a HiTech sector, I am just stating facts, that the entire American Economy is not based on Estate Agents and Burger Bars, of course far too much of it probably is.

To be honest Britain is far more dependent on its financial and service economy than almost every other industrialized country. If you take the CIty of London and and the property market out of the British economy nowadays you are not left with that much, which I why I reckon than in the long run, Britain is going to be very hard hit indeed by all of this, which I suppose you could put down to the price of slavishly tying your country's politcal and economic future to America and the American way with very few questions asked, but by God there will be a lot of question now.

gmc · Post by **gmc** » Tue Sep 30, 2008 1:29 pm

Galbally;1002824 wrote: Spot I am not saying that they are the only country with a HiTech sector, I am just stating facts, that the entire American Economy is not based on Estate Agents and Burger Bars, of course far too much of it probably is.

To be honest Britain is far more dependent on its financial and service economy than almost every other industrialized country. If you take the CIty of London and and the property market out of the British economy nowadays you are not left with that much, which I why I reckon than in the long run, Britain is going to be very hard hit indeed by all of this, which I suppose you could put down to the price of slavishly tying your country's politcal and economic future to America and the American way with very few questions asked, but by God there will be a lot of question now.

Sadly I think you are right there. Might shut up all those who complain about the EU a bit though.

RedGlitter · Post by **RedGlitter** » Tue Sep 30, 2008 1:40 pm

Accountable;1001883 wrote: Never miss a chance to take a pot shot, eh Spot?

Phuckin hypocrite and liar.

Agreed.

Patsy Warnick · Post by **Patsy Warnick** » Tue Sep 30, 2008 9:04 pm

Scrat

Speaking about Senate/Congress being re-elected

that would also include the 2 running candidates...

Think of this:

McCain or Obama so very busy with their smear/negative ads - right...?

If either one of them had any sense, while on the podium during their Debate.

1 of them - the "1 " with guts, balls, " Maverick" should've spoke out & annouced:

I will from this day forward contribute all funds from my Campaign Ad Account and put these million towards the Financial Bailout, for you,, as you (the people) are priority...... that "1 with US as priority" - would soon be president...

Oh, we're not priority - apparentally not with Congress/Senate either..?

Not enough people have lost their jobs yet....ummmmm maybe decide in Oct.?

Makes me want to run out and VOTE......

Patsy

Patsy Warnick · Post by **Patsy Warnick** » Tue Sep 30, 2008 10:25 pm

Then you tell me / us who the hell to vote for ??

neither - have US (us people) as priority...?

no one has had to face this type of NEAR DEPRESSION ...?

it's like the edge of NIAGRA FALLS..

or ,,is this what "THEY" want us to feel/think ??

Patsy

Patsy Warnick · Post by **Patsy Warnick** » Tue Sep 30, 2008 11:07 pm

I saw LINE 'EM UP ....!!!!! Burn 'EM DOWN

This is a mess and it's truely comes down to EGO's

We're nothing - this is what we're allowed - and what WE say is nothing,

so, help you God. what type of society does that sound like ?

We're just PUPPETS

WE - "the people" use to mean a great deal..?? we are so broken

I can't explain my disappointment..

Patsy

Patsy Warnick · Post by **Patsy Warnick** » Tue Sep 30, 2008 11:39 pm

I say EGO cause:

Greed is getting to be a given in politics. - it's there - and so is the LOOP HOLE...

Once the accomplishment of working that Loop Hole - That "greed person" will be in front of a Mirror and adjusting that Collar sharply ....

Cocky attitude ?

Person is thinking : I'm Lookin Good - as I rip them off. how cool is that..?

I'm diggin it...

this is how I think - just my opinion on EGO.

and I didn't want to explain at 7 :00 A.M. tomorrow

Patsy

Galbally · Post by **Galbally** » Tue Sep 30, 2008 11:59 pm

Patsy I totally understand why people in America are so so angry right now, it is a terrible situation, and the things that have been allowed to happen, as well at the attitude of the people at the top of the financial heap are disgusting to be honest. Well, the elections are coming up very shortly, I think its time that the people gave the whole system a kick where the sun don't shine, however that can be done. Thats the only real option open to you now.

Patsy Warnick · Post by **Patsy Warnick** » Wed Oct 01, 2008 12:03 am

Gal

Unfortunately our last Rebellion was in 1 7 7 6 over TEA ...

who's up what A$$$$$$$$$

Patsy

gmc · Post by **gmc** » Wed Oct 01, 2008 1:15 am

I read somewhere that during the McCarthy era anyone that the definition of a communist was someone that advocated the purpose of government was to make things better for the people. Whether that was true or one of those apocryphal tales America does seem to have a problem with the idea that government shouldn't just be about making things easy for business to thrive without regard for the consequences.

posted by scrat

The big problem is our system, it's broken it's corrupt. The only way we can do anything is either vote the scum out of office or burn DC to the ground.

The main point is, our government is broken.

I wouldn't say it's broken, pretty bent perhaps, but it looks like it's about to snap back upright and smack those trying to make it grow to their own ends in the teeth. It's noce to hear xongressmen are worried they might not get re-elected if they vote for this bailout. That's the way it should be, elected representatives scared of ignoring the voters.

Post by **spot** » Wed Oct 01, 2008 1:17 am

By all means revolt, Patsy.. Every time there's a national or state election, vote. If you vote Democrat you're voting for the existing system. If you vote Republican you're voting for the existing system. If you write in a valid name who isn't either - or you're lucky enough to have an Independent candidate to vote for - then you're rebelling. It makes no difference who it is, the name can't get into office, all you're doing is voting "no, change the system". It's worth doing. Just not voting is a different message entirely.

Has there ever been a successful candidate for Congress over the last hundred years who wasn't standing as a Democrat or a Republican? I think there was a Southern Democrat party split during desegregation in the 60s, I'll look that up, but I don't think that counts against what I'm saying. I'm saying the US system is a two-party system and both parties currently refuse to act for the majority of the American people.

Accountable · Post by **Accountable** » Wed Oct 01, 2008 3:23 am

Patsy Warnick;1003477 wrote: Then you tell me / us who the hell to vote for ??

neither - have US (us people) as priority...?

no one has had to face this type of NEAR DEPRESSION ...?

it's like the edge of NIAGRA FALLS..

or ,,is this what "THEY" want us to feel/think ??

Patsy

Scrat;1003484 wrote: I know how I am going to vote, all incumbents, from the dog catcher to the senator/congressional candidate will not get my vote. I will either leave the presidential vote blank or write in Ron Paul.

The big problem is our system, it's broken it's corrupt. The only way we can do anything is either vote the scum out of office or burn DC to the ground.

The main point is, our government is broken.
The Libertarian Party are idiots for not nominating Ron Paul and supporting this Bob Barr guy instead. Sure, Paul wasn't running for the nomination, but small parties have endorsed candidates outside their parities before.

Here's some food for thought:

http://www.campaignforliberty.com/ watch the videos

http://www.votepact.org/

Nomad · Post by **Nomad** » Wed Oct 01, 2008 4:50 am

IRAQ + AFGHANISTAN

Per Month - $12.3 billion

Per Week - $2.9 billion

Per Day - $410 million

Per Hour - $17 million

Per Minute - $284,722

Per Second - $4,745

_______________________

The above is legitimate.

A $700 billion bail/buy out for is reprehensible.

Im stunned.