People, it is time to call, write, or Email your representatives in government office. We are getting ripped off big time over this bailout deal. According to an Associated Press article the banks and institutions that have received part of the first half of the $700 billion government bailout package are saying that they don't know what they are doing with the billions they have gotten from American taxpayers. They claim that they are not even tracking that money which is pretty sad and unbelievable. You can read the article from the Associated Press here: http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/meltdown_secrets
Here is a copy of the Email I sent to one of my representatives:
Dear Congressman Obey,
I have just read an Associated Press article about the unaccountability the banks and financial institutions have with the almost $350 billion dollars they have received from American taxpayers in the form of a government bailout. Here is a link to the story: http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/meltdown_secrets
This is totally unacceptable and I would hope that there are going to be some accounting for the money these institutions already have received before they get a dime more out of the second half of $700 billion earmarked for bailing these businesses out. It's unacceptable and unbelievable that these businesses would receive billions without tracking what they are doing with the money, if this is really the case they are not fiscally responsible enough to receive any more taxpayer money. If they were lending money out you better believe that they would want to know what the intended purpose of that money was and they would keep track of it.
It burns me that Bush had to have the line about the businesses that have their troubled assets bought up in the government bailout scheme have to follow the rules of the bailout bill, but then Mr, Paulson instead bought up stocks in their companies effectively voiding out any oversight or accountability for the money they received from taxpayers. What the heck is that Paulson guy doing anyway? The Bush administration and Paulson basically got what they asked for in the first place, a large amount of money with no restrictions on what was done with it or who it was given to. Something is wrong when the administration asks Congress for that much money to do one thing and then after they get the money they do whatever they want with it anyway, don't you guys feel like you been hoodwinked? I do, even though its what I expected in the first place. You people in the House and Senate better be getting together and demanding information and accountability about the first half of the $700+ billion before you release any of the second half of the money or you all are going to have as high of approval ratings as Bush enjoys, and that wouldn't be good for your future elections. I just find this totally unacceptable.
Sincerely,
xxxxxxxxxxxx
Update:
This is the letter I received back from Congressman Obey:
Dear Mr. Chapek:
Thank you for contacting me to express your concern about how the Treasury Department is implementing the bank rescue program.
I absolutely share your concern. House Financial Services Committee Chairman Barney Frank is holding a series of hearings, with some already underway, about the implementation of the program. This is going to continue to be a challenge in the coming months and will be one of the many major issues President-elect Obama will face when he takes office in January.
Please be assured I will keep your views in mind if further legislation is brought to the Floor of the House this year and also into the next session of Congress.
Thank you again for taking the time to get in touch.
Sincerely,
David Obey
Your Congressman
Showing posts with label financial institutions. Show all posts
Showing posts with label financial institutions. Show all posts
Monday, December 22, 2008
Thursday, November 13, 2008
We Continue to Get Fooled Again
Unlike The Who song in the 70s, that states, "we won't get fooled again", it is instead, "we continue to get fooled again".
Remember that $700 billion bail out package for Wall Street financial companies that was supposed to free up money from bad debts for lending to get the economy back rolling? With most of the first half of that money gone or spoken for, it didn't work. A week ago a lame duck president got up on national television and pleaded with financial institutions not to hold on to that money to shore up their financial situation, or buy other failing institutions, but to use it for lending like it was intended. It looks like the original plan which was to buy up "bad" mortgages and eventually sell them at a later date paying back taxpayers when the housing market was higher wasn't really considered too hard to start with. Instead of buying failed mortgages, setting some kind of stipulations on how the money was spent or used to insure that the taxpayer could be paid off, the administration decided that we would just buy up the worthless pieces of paper called stocks from companies that no one else would ever in their right mind buy, because the companies are failing in the first place. It looks like Bush get's his money for his big business buddies one way or another. Now that almost half the money is gone, and they can't get banks to loosen up money for lending, the government is thinking about maybe starting to give the second half of the money to directly help homeowners, let's hope that they come up with a few better rules for regulating that half of bailout money.
Talk about redistribution of wealth? How are the bailed out or soon to be bailed out institutions reacting to the economy downturn? They are paying bonuses in the area of $230,000 to employees making base salaries of $400,000. Makes perfect sense to me. After your upper management loses all your money resulting that your company needs to be bailed out by the taxpayers, your management people need hundreds of thousands of dollars of bonuses to know they are appreciated. What?!! Yes during house hearings I heard that these institutions were paying up to a million dollars a month to people who weren't even working at the company anymore, but who were held on on retainer because the companies were afraid that these people would spill their trade secrets with their competitors. Trade secrets??? Mr. Big Business, you are broke, what is it about your company procedures would anyone want or value? Gee what would these trade secrets be? Something like, "How to Bankrupt Your Company and Get Bailed Out by the Government"? Or maybe, "Screw Your Company and Get a Million a Month for Not Working". And while those guys who make 400 thousand dollars a year and bonuses of 230 thousand dollars are getting paid by the American taxpayer if, God forbid, that taxpayer gets a 1 thousand dollar tax break, it is an evil wealth redistribution plot that will bankrupt the top 1-2% of Americans. While you are thinking about that, think about just how much that health plan or education, or disability is such a drain on society compared to them guys pulling in $600,000 dollars plus a year at your expense.
This is not even touching on all the taxpayer money going towards the war in Iraq or money going to other governments that are fighting wars for us. What about all the money going to the company Dick Cheney has ties to that supplies the instruments of destruction to support the wars around the globe. I bet that is another company that isn't feeling the pinch of the bad economy, the only company other than big oil. It isn't chance that in the movies Batman and Spiderman that more than one multimillionaire's fortune was built up using money from the arms industry, kind of like art reflects reality.
I have a bit of news for them politicians. The market is failing and stalled because the common man, the one that's not in the top 2% of income earners, doesn't have any money to spend on things that aren't absolutely necessary. Hell most of them don't have the money to spend on the things that are necessary. That what happens when you cater to the top 1-2% of the people who make the most, they divvy things up to make the most out of everyone else until everyone else don't have the money to keep the economy going.
These things should make you mad as hell. They should make you want to hold people, corporations, and administrations accountable for the mistakes that make and especially when they do things that either are illegal or should be illegal. The Bush/Cheney administration needs to be held accountable for their deeds while in office, they surely didn't protect the constitution that they swore to protect. They started wars where we had no business, screwed up the economy for their buddies gain, went against Geneva conventions and international law. The first step to fixing things is to find and admit where things went wrong to get to this time in space that we are in, and take steps that these things do not ever have the chance to happen again. Impeach Bush/Cheney. Then prosecute them.
Remember that $700 billion bail out package for Wall Street financial companies that was supposed to free up money from bad debts for lending to get the economy back rolling? With most of the first half of that money gone or spoken for, it didn't work. A week ago a lame duck president got up on national television and pleaded with financial institutions not to hold on to that money to shore up their financial situation, or buy other failing institutions, but to use it for lending like it was intended. It looks like the original plan which was to buy up "bad" mortgages and eventually sell them at a later date paying back taxpayers when the housing market was higher wasn't really considered too hard to start with. Instead of buying failed mortgages, setting some kind of stipulations on how the money was spent or used to insure that the taxpayer could be paid off, the administration decided that we would just buy up the worthless pieces of paper called stocks from companies that no one else would ever in their right mind buy, because the companies are failing in the first place. It looks like Bush get's his money for his big business buddies one way or another. Now that almost half the money is gone, and they can't get banks to loosen up money for lending, the government is thinking about maybe starting to give the second half of the money to directly help homeowners, let's hope that they come up with a few better rules for regulating that half of bailout money.
Talk about redistribution of wealth? How are the bailed out or soon to be bailed out institutions reacting to the economy downturn? They are paying bonuses in the area of $230,000 to employees making base salaries of $400,000. Makes perfect sense to me. After your upper management loses all your money resulting that your company needs to be bailed out by the taxpayers, your management people need hundreds of thousands of dollars of bonuses to know they are appreciated. What?!! Yes during house hearings I heard that these institutions were paying up to a million dollars a month to people who weren't even working at the company anymore, but who were held on on retainer because the companies were afraid that these people would spill their trade secrets with their competitors. Trade secrets??? Mr. Big Business, you are broke, what is it about your company procedures would anyone want or value? Gee what would these trade secrets be? Something like, "How to Bankrupt Your Company and Get Bailed Out by the Government"? Or maybe, "Screw Your Company and Get a Million a Month for Not Working". And while those guys who make 400 thousand dollars a year and bonuses of 230 thousand dollars are getting paid by the American taxpayer if, God forbid, that taxpayer gets a 1 thousand dollar tax break, it is an evil wealth redistribution plot that will bankrupt the top 1-2% of Americans. While you are thinking about that, think about just how much that health plan or education, or disability is such a drain on society compared to them guys pulling in $600,000 dollars plus a year at your expense.
This is not even touching on all the taxpayer money going towards the war in Iraq or money going to other governments that are fighting wars for us. What about all the money going to the company Dick Cheney has ties to that supplies the instruments of destruction to support the wars around the globe. I bet that is another company that isn't feeling the pinch of the bad economy, the only company other than big oil. It isn't chance that in the movies Batman and Spiderman that more than one multimillionaire's fortune was built up using money from the arms industry, kind of like art reflects reality.
I have a bit of news for them politicians. The market is failing and stalled because the common man, the one that's not in the top 2% of income earners, doesn't have any money to spend on things that aren't absolutely necessary. Hell most of them don't have the money to spend on the things that are necessary. That what happens when you cater to the top 1-2% of the people who make the most, they divvy things up to make the most out of everyone else until everyone else don't have the money to keep the economy going.
These things should make you mad as hell. They should make you want to hold people, corporations, and administrations accountable for the mistakes that make and especially when they do things that either are illegal or should be illegal. The Bush/Cheney administration needs to be held accountable for their deeds while in office, they surely didn't protect the constitution that they swore to protect. They started wars where we had no business, screwed up the economy for their buddies gain, went against Geneva conventions and international law. The first step to fixing things is to find and admit where things went wrong to get to this time in space that we are in, and take steps that these things do not ever have the chance to happen again. Impeach Bush/Cheney. Then prosecute them.
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