no golden parachutes
I am so over it- the feds bailing out the CEOs. Let's hope this isn't the beginning of the next Great Depression. Meantime, can you believe they want US to bail out the thieves behind this??
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Funny how they can find $700 B (I heard that's a third of our budget) to bail out the Wall St. Fat Cats, but can't seem to find the money to fix our healthcare system...
it's not the people (well, not *just* the people) who are being bailed out, but the financial institutions -- those institutions that have our savings accounts, our retirement funds, our insurance money (as in, those who would pay if our homes caught fire and we needed repairs), our mortgages. The reason that they are working on a bailout is to try to maintain some stability in the economy, since if an investment bank were to collapse with no government padding to soften the fall, there would be very harsh repercussions on our economy (much, much worse than we are seeing now) and on our ways of life.
That said, I don't know enough to know whether I think this is being done in the right way (I'm inclined to say no), but something did need to happen.
The lesson that is being learned from all of this is that there needs to be a lot more regulation in the industry (and there will be, part of the money we are talking about here is also going to be used to research the situation and work on restructuring that sector).
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for CEO's of the companies who sold bad goods (balloon mortgages etc) will continue under the bailout plan proposed by the Republicans. Barney Frank and other leading economists who have read and know the bill were on NPR this a.m. highlighting this fact. That's my complaint. Like, I sell someone a really bad product, that person gets sick or into dire financial straits in part b/c I sold them something irresponsibly, my business finally goes bad b/c I"m selling bad goods, and then not only does the gov't step in and SAVE my business, but they say "AND you can keep your mill a year salary," and we'll get the serfs, the lowly middle class and poor to PAY to save you business, in taxes." THIS IS JUST CORRUPT. Since they have made a massive mess of our money, YES, the feds have to step in, to CLEAN UP THE DOO DOO so that we don't all end up in worse straits. But it's like giving the playground bully (or sociopathically greedy) a bailout reward, and no consequences, and making the kid he stole lunch money from pay for his lunch into perpetuity.
Yeah, I"m pissed about this injustice. Not so much for me, but for those w/ no health ins, living hand to mouth, and to a lesser extent for people like me, a small business women who works her ass off as a single mom, who is a totally great citizen and taxpayer, and who will footing the tab for the CEOs, not JUST the institutions.