'This is Socialism for Wall Street and the Rich'

Continued....

"Of three dozen or so medium-sized regional banks, a good third are in distress," he told Barron's, saying half of the group could go bankrupt. Some big banks could wind up insolvent, he added, but said they might be deemed too big to fail.

Nouriel stressed that he is "quite bullish" about the state of the global economy and that he is positive about the medium and long term."

Corky, you didn't realize that corporate welfare is ok because it favors the wealthy? It is ok to help businesses that have come across hard times, but if an individual has fallen upon hard times it is their own fault and they should find their own way out.

OK, lemme see if I understand. The party of family values, moral purity and fiscal responsibility now co-signs having gay sex in mens restrooms (Craig), gay text messaging to boys (Foley) and bailing out failed businesses (Bear Stearns, Fannie Mae, et al)?
Did the republicans fold the tent?

Did the republicans fold the tent?

Posted by evilpolock

No, they just understand that they have nothing to lose in the long run as long as they can convince democrats to run to the right to get elected.

Democrats will do the republicans' work for them.

Hey if Clinton can repackage his party why can't Republicans?

Next on the McCain presidential platform: If elected, I guarantee mandatory gay-interracial marriages for every American citizen!

Second inning of a recession?

It's been socialism for the lazy since JFK got shot and LBJ took office.

Privatize the Profits.

Socialize the Losses.

Typical Neo-Con welfare for the Aristocrats.

Companies Tap Pension Plans
To Fund Executive Benefits - Wall Street Journal

"At a time when scores of companies are freezing pensions for their workers, some are quietly converting their pension plans into resources to finance their executives' retirement benefits and pay.

In recent years, companies from Intel Corp. to CenturyTel Inc. collectively have moved hundreds of millions of dollars of obligations for executive benefits into rank-and-file pension plans. This lets companies capture tax breaks intended for pensions of regular workers and use them to pay for executives' supplemental benefits and compensation."

"Royal & SunAlliance, an insurer, sold a division and laid off its 228 employees in 1999. Just before doing so, it amended the division's pension plan to award larger benefits to eight departing officers and directors. One human-resources executive got an additional $5,270 a month for life.

But to do this and still pass the IRS's nondiscrimination tests, the company needed to give tiny pension increases to 100 lower-level workers, said the company's benefits consultant, PricewaterhouseCoopers. One got an increase of $1.92 a month.

Joseph Gromala, a middle manager who stood to get $8.87 more a month at age 65, wrote to the company seeking details about higher sums other people were receiving. A lawyer wrote back saying the company didn't have to show him the relevant pension-plan amendment."

"Some lower-level people will lose benefits, too. Chester Madison, a middle manager who retired in 2002 after 33 years, saw his pension fall to $20,400 a year from $49,200. Mr. Madison, 62, has taken a job selling flooring in Sacramento, Calif.

He faults those who made the pension decisions. "I look at it as greed and taking care of the top echelons," he says."

http://online.wsj.com/article/
SB121761989739205497.html?
mod=hpp_us_pageone

Corporate welfare = good.
Welfare for the rest of us = bad.

There should be no questions on this really.

Companies Tap Pension Plans
To Fund Executive Benefits - Wall Street Journal
===================
This is an issue for Barack to embrace. Most people don't understand the details of most issues but they do understand when they are being cheated and robbed.

While I don't agree with bailing out FM, FRE or Bear Sterns, regulators should at least have demanded the resignations of all the management of each company it bails out.

Further point: The above being said, it"s still better to help the rich than the poor. The rich will invest, create jobs, buy mansions and yachts etc. The poor will just waste it on more crack, wine and lottery tickets.

FW-
re: "it"s still better to help the rich than the poor. The rich will invest, create jobs, buy mansions and yachts etc. The poor will just waste it on more crack, wine and lottery tickets."

Don't go a quotin' scripture, Thom.

Thom-
re: "While I don't agree with bailing out FM, FRE or Bear Sterns, regulators should at least have demanded the resignations of all the management of each company it bails out."

"regulators should have demanded..."

LOL.

I'm waiting for ray to show up and explain to us how this form of capitalism is "mutually beneficial".

www.sounddogs.com

BETELG,

The way you follow me around on the DR reminds me of a guy I knew in high school. He used to drive my girl friends and I around in his car. My girl friend and I had sex in the back seat while he did the driving. That's how he got his jollies. I'm telling you the same thing I told him: "Keep your eyes on the road and let real men take care of business".

Fwthom- You fucked your girlfriend in the back of your friends car while he was driving it, AND insulted his manhood?

I'd be surprised if you had any friends at this point. What a dumb thing to brag about, too.

Life's unending challenges, can't even afford a ROOM, too!

Back when Chrysler almost went bankrupt, we hit them with a bailout. Took several million shares of stock (preferred, of course) for millions of dollars of our money. Calculated, at the time, somewhere between $2 - $2.50 a share, it was sold over a six month period of time, for between $9 - $12 a share. What a bailout, huh?

Almost everything the government does is in the same vein. Fannie and Freddie were NOT bailouts, but were making secure capital available, as required, and IF necessary. A very big diference!

After all, congress had just slapped these two with a huge responsibility, to backstop already existing mortgages, with no initial funding. The market saw it immediately, and tanked their share value. Congress didn't!

We do a lot of bailing, however, the part not seen, is the reimbursments being returned to the BIG guys (the Government), from our efforts. They get back more than they give, ninety-eight point two percent of the time!

Game, set, match to the Government, there are safeguards in the Bear Stearn deal also, count on it!

Yeah,old OH-BAMMER is so full of crap.He raves against corporate welfare,then in the next breath he talks about helping US auto makers retool thier production lines for high mileage cars.
We are becoming a socialist country,bailing out sqealing pig companies that should be allowed to die(airlines,investment houses,amtrak,auto makers,etc,etc..........).

"Almost everything the government does is in the same vein. Fannie and Freddie were NOT bailouts, but were making secure capital available, as required, and IF necessary. A very big diference! "

dogen,

You have no clue. They were given cash loans at a huge discount when no one else can get any form of loan. But your average citizen going bankrupt can only get credit at 30% or higher on their Visa card. Forget about loans at 2% like the corporations are getting.

The gov't is partly responsible for the mess that we find ourselves in because of their lack of oversight and meaningful regulations.

I don't mind the gov't being the lender of last resort for these major corps if those loans are 1) properly secured by non pension assets of the corporation; 2) earn interest at fair market rates; 3) payable before dividends are paid to shareholders; 4) managers responsible for the poor decisions that created the problems are fired without receiving a golden parachute.

How predictable the dr left. Read an article, swallow it as truth and rant on against repub's and praising your own party for their wise foresight.

This article only paraphrases what barron's said, and if you had read the article, you would know the banking crisis is VERY bipartisan. ie It was chuck schumer and barney frank who rode fannie and freddie into the ground, starting in the early 90's when bill clinton allowed his cronies to outlaw redlining. You know take shit mortgages from slum neighborhoods...for the greater good!!!!

I CHALLENGE any dr lefter to tell me the banking crisis is a republican sponsored affair/idea. You whack jobs are sooooo full of shit your eyes are brown

Lemmy said it BEST:

EAT THE RICH!

Feed the poor

Rock on Motorheads!

Religion is what keeps the poor from murdering the rich.
-Napoleon Bonaparte

"The United States is in the second inning of a recession . . ."
How about recession called because of rain?

An worthwhile investigation should include bundling bad loans with good loans in order to peddle them to unsuspecting foriegners. This is known as fraud. It will be a long time before those suckers will provide any more capital to this bankrupt country.

But no, we wouldn't want to go there. Those white collar criminals are too important to both Bush and Obama. Besides people might begin to suspect these instituions are unworthy of our trust.

Health Care for all Americans: Bad Socialism
Social Security: Bad Socialism
Removing tax cuts for the rich: Bad Socialism
Bailing out Bear Stearns/Fannie Mae/Freddie Mac:Good Socialism
Bailing out Yuppies that were stupid enough to buy too much house: Good Socialism

Also:
I didn't realize until this thread I was supposed to be buying wine, crack, and lottery tix all these years. What have I been missing!?

All you middle class Cons might note that YOU TOO are being taxed to bail out Wall Street. Feel better now$

"My girl friend and I had sex in the back seat while he did the driving. That's how he got his jollies."

Sounds like you went out with all the classiest gals.

DaveWave,

If your point is that Democrats are also corrupt you are correct. This does not absolve the Rethuglican crime spree, whose operation center is the White House. Abramoff, Cunningham, Delay, Stevens...the list now exceeds Reagan's which topped out at 48 (those staffers who resigned under suspicious circumstances, were indicted and/or convicted). One reason the White House will not release White House Secret Service logs, is Abramoff's name is all over them.

Clinton and Gramm started this fucking mess, but Bush is finishing it. Do you actually believe there's no connection between Bush policy and the rise in Corporate crime. Did you know that during Shrub two terms Corporate bankruptcies are at record levels?

While the Republicans control Congress, Bush either deregulates and invents new subsidies for Enron and Oil Companies, issues contrarian signing statements or simply orders his staff to NOT enforce existing law.

With the economy collapsing long before 2004, the Rethuglicans created an artificial housing boom in Real Estate and Construction. No one else had any say. Hell the Dems still can't seem to do much. Now we will pay the piper.

The White House has refused to enforce Federal Energy Law, Securities Law, Banking Law, Mining Law, practically everything except their new terror laws, which they apply randomly to innocent people.

Meanwhile Rethuglican's like Paulson and Democrats liek Ruben are plotting to stick the public with the bill and keep their rich friends on Wall Street whole. Goldman Sachs just keeps making a killing, as if they have lots of inside information.

Surprise Surprise Surprise!!!

The GOP protects business at the expense of the people. Is this a new concept? HELL NO!!!!

Never underestimate the stupidity of the american people to vote against their interest.

Further point: The above being said, it"s still better to help the rich than the poor. The rich will invest, create jobs, buy mansions and yachts etc. The poor will just waste it on more crack, wine and lottery tickets.

Posted by fwthom at 2008-08-04 07:39 PM | Reply | Flag:

So, if rich people want to scam the system, that's a good thing in your eyes and they should be able to keep all the money they made and then be given more of our tax dollars so they can regroup and do it again at a later time?

....but poor people should be cast aside in favor of giving our tax dollars to people who are already multi-millionaires?

You truly are a 'shit-stain in a hobo's underwear in August'. (TM)

Wall Street Socialism?

This is news to some people?

Okay...

*** NEWSFLASH ***

Risks are being taken only by the taxpayers and Rewards are given over solely to the corporations.

Heads they win.
Tails you lose.

That's where we are right now.

If you can't see it then you aint looking particularily hard.

Be Well.

Health Care for all Americans: Bad Socialism
Social Security: Bad Socialism
Removing tax cuts for the rich: Bad Socialism
Bailing out Bear Stearns/Fannie Mae/Freddie Mac:Good Socialism
Bailing out Yuppies that were stupid enough to buy too much house: Good Socialism

Here's the way it typically works. If you are on the receiving end, socialism is good. It's bad when you being forced to pay for this larceny.

Religion is what keeps the poor from murdering the rich.
-Napoleon Bonaparte

------------

Yup. The fairy in the sky loves you even if those who own and control you in life clearly don't. Pure bullshit.