China Posted November 11, 2008 Share Posted November 11, 2008 America Discovers That Bailout Will Be Used To Pay Wall Street Bonuses U.S. taxpayers have suddenly noticed where much of the first tranche of the Wall Street bailout is going. Bloomberg's Christine Harper talks to the people: "I may not understand everything, but I do understand common sense, and when you lend money to someone, you don't want to see them at a new-car dealer the next day,'' said Ken Karlson, a 61-year-old Vietnam veteran and freelance marketer in Wheaton, Illinois... "Even really sober people are saying this is the worst financial crisis since the Depression, and they're saying bonuses are just going to be reduced?'' said Patrick Amo, a 53-year-old retired merchant marine in Seattle. ``Oh my God, you read that and your jaw drops.''... "This is the real economy these vultures have wrecked once again,'' said Leo Gerard, president of the Pittsburgh-based United Steelworkers, which represents 1.2 million active and retired members. ``Workers are taking it on the chin through no fault of their own.''... "The executives in companies that get bailout money should have their base salaries reduced by 10 percent for 2009 and they should pay back a substantial portion of their 2007 bonuses to the government for the financial devastation they oversaw, fostered and, in some cases, directly caused,'' said S. Woods Bennett, a 57-year-old lawyer in Baltimore. ``Their sense of entitlement is appalling.''... "The argument of saying we're not using the bailout money is just crap because money's fungible, money's money,'' said [compensation consultant] Crystal, who writes the newsletter graefcrystal.com... "Please explain how miserable performance of biblical proportions warrants any bonuses, particularly using money from me the customer and taxpayer,'' said Glenn Brown, 67, who recently retired after 21 years as a researcher in the department of surgery at Beth Israel Deaconess in Boston and as an adjunct assistant professor at Harvard Medical School. ``I don't understand how they can even conceive of doing that.''... "If these guys were so talented how did this problem happen anyway?'' said Mark Whitling, 63, who works as the chief financial officer of a steel service company that employs 125 people in Eastern Ohio. ``We don't feel sorry for them.''... "It's crazy, it's all one company, it's the same thing,'' said Scott Floyd, a 37-year-old marketing executive in Manhattan Beach, California. ``For people to say the guys in the brokerage should get bonuses because they did well, but it was just the mortgage lending division that did terribly, that's a bunch of BS.''... Karlson, the Vietnam vet, said he thinks Wall Street executives are "thumbing their noses at the common people'' if they pay themselves bonuses while people in the country are losing their homes. "The rationale that they depend on their bonuses, come on, how are we supposed to relate to that?'' he said. "You don't get a bonus from your company if it doesn't do a good job."... "My mother always told me, don't ever do anything that you would be too ashamed to tell me about, and I thought, would they really want to tell their mother that?'' Click on the link for more Link to comment Share on other sites More sharing options...
Koolblue13 Posted November 11, 2008 Share Posted November 11, 2008 I wish they would bail out the restaurant industry. Link to comment Share on other sites More sharing options...
Bang Posted November 11, 2008 Share Posted November 11, 2008 Is anyone surprised? Pinochet justice for these people. Up against the goddam wall. ~Bang Link to comment Share on other sites More sharing options...
Kilmer17 Posted November 11, 2008 Share Posted November 11, 2008 Im shocked..........not at all. I think a big round of "I told you so's" is appropriate here. Link to comment Share on other sites More sharing options...
Destino Posted November 11, 2008 Share Posted November 11, 2008 Where are all the cries of redistribution of wealth and socialism now? Link to comment Share on other sites More sharing options...
shk75 Posted November 11, 2008 Share Posted November 11, 2008 Is anyone surprised?Pinochet justice for these people. Up against the goddam wall. ~Bang I find that a little offensive Bang, I know you are using a metaphor but Pinochet is a VERY touchy subject for some people. Link to comment Share on other sites More sharing options...
BigMike619 Posted November 11, 2008 Share Posted November 11, 2008 wasnt this a huge issue during the debates? the bailouts that were so supported by both sides are nothing more then a bonus payout? seems like we are being hoodwinked.. Link to comment Share on other sites More sharing options...
Destino Posted November 11, 2008 Share Posted November 11, 2008 I find that a little offensive Bang, I know you are using a metaphor but Pinochet is a VERY touchy subject for some people. I'm orginally from Chile. While I still get annoyed at the mention of that ****s name... I'm not offended by what Bang said. Link to comment Share on other sites More sharing options...
shk75 Posted November 11, 2008 Share Posted November 11, 2008 I'm orginally from Chile. While I still get annoyed at the mention of that ****s name... I'm not offended by what Bang said. como estai po huevon. I am not saying all Chileans would find it offensive just that mentioning that type of "justice" can offend some people...:2cents: Link to comment Share on other sites More sharing options...
SkinInsite Posted November 11, 2008 Share Posted November 11, 2008 Sure we make a lot of money but we also spend a lot of money. Link to comment Share on other sites More sharing options...
Destino Posted November 11, 2008 Share Posted November 11, 2008 como estai po huevon. I am not saying all Chileans would find it offensive just that mentioning that type of "justice" can offend some people...:2cents: haha! Bien po loco, aqui estoy hueviando como siempre. I guess calling it "justice" would piss some people off. Link to comment Share on other sites More sharing options...
Koolblue13 Posted November 11, 2008 Share Posted November 11, 2008 Bailout Type Cost To Taxpayers Pelosi's latest economic-stimulus package $300 billion Paulson's Bank Nationalization package $250billion Bailout to the American car companies $25 billion Nancy Pelosi's bailout of the state and local governments $150 billion Financial "bailout" bill $700 billion+ Bear Stearns financing $29 billion Fannie Mae and Freddie Mac nationalization $200 billion AIG loan and nationalization $85 billion (+ extra request of $35 billion) Federal Housing Administration housing rescue bill $300 billion Mortgage community grants $4 billion JPMorgan Chase repayments $87 billion Loans to banks via Fed's Term Auction Facility $200 billion+ Loans from Depression-era Exchange Stabilization Fund $50 billion Purchases of mortgage securities by Fannie/Freddie $144 billion POSSIBLE TOTAL $2.56 trillion+ NUMBER OF HOUSEHOLDS PER U.S. CENSUS 105,480,101 POSSIBLE COST PER HOUSEHOLD $24,269 Link to comment Share on other sites More sharing options...
DeanCollins Posted November 11, 2008 Share Posted November 11, 2008 Where are all the cries of redistribution of wealth and socialism now? Exactly, or hooray for capitalism, free market economies and unregulated corporate industry. :laugh: Link to comment Share on other sites More sharing options...
Koolblue13 Posted November 11, 2008 Share Posted November 11, 2008 Exactly, or hooray for capitalism, free market economies and unregulated corporate industry. :laugh: Because we certainly have a free market and unregulated corporate industries. Link to comment Share on other sites More sharing options...
Bang Posted November 11, 2008 Share Posted November 11, 2008 I find that a little offensive Bang, I know you are using a metaphor but Pinochet is a VERY touchy subject for some people. My apologies, good sir. Let's just shoot the ****s. ~Bang Link to comment Share on other sites More sharing options...
techboy Posted November 11, 2008 Share Posted November 11, 2008 Exactly, or hooray for capitalism, free market economies and unregulated corporate industry. :laugh: Do you realize that this story argues for free markets and against big government interventions like the bailout? Link to comment Share on other sites More sharing options...
Quasimofo Posted November 11, 2008 Share Posted November 11, 2008 Wait a minute.....You mean EVERYONE was right? NOOOOOOOOO, who woulda thunk it? :doh: Link to comment Share on other sites More sharing options...
PokerPacker Posted November 11, 2008 Share Posted November 11, 2008 Where are all the cries of redistribution of wealth and socialism now? we have been ****ing about the bailouts from day one, don't even start on the partisan bull****. Link to comment Share on other sites More sharing options...
Thiebear Posted November 11, 2008 Share Posted November 11, 2008 I find that a little offensive Bang, I know you are using a metaphor but Pinochet is a VERY touchy subject for some people. Why do you hate wooden puppets? Sorry, i went to public school. Link to comment Share on other sites More sharing options...
shk75 Posted November 11, 2008 Share Posted November 11, 2008 My apologies, good sir. Let's just shoot the ****s. ~Bang Amen to that Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted November 11, 2008 Share Posted November 11, 2008 Another failure of our gov't. Thanks Congress for being lap dogs Thanks Bush for appointing Paulson Thanks Paulson for looking out for your Wall St buddies Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted November 11, 2008 Share Posted November 11, 2008 Where are all the cries of redistribution of wealth and socialism now? That is just rich Pretty much every conservative in the tailgate was against this, as was a vast majority of the base In fact, you yourself were the one ****ing about not enough Republicans voting for this in the House and defeating the measure the first time it came up Link to comment Share on other sites More sharing options...
AsburySkinsFan Posted November 11, 2008 Share Posted November 11, 2008 My major complaint about this bailout was the lack of oversight and accountability in fact that was the very thing that I lit my Senators and Congressman up about when I wrote them. Personally, I think Gomer says it best. Surprise, surprise, surprise. BTW, Bush thanks for sticking it to us once again on your way out the door. WTG Paulson for helping out all your golfing buddies. We have the foxes guarding the hen houses, and the worst part of it is that when I watched this on CNN this morning I wasn't shocked, and I'm not sure if I'm angrier at the fact that they did it, or at the fact that I'm not more shocked and appauled that they did it. Link to comment Share on other sites More sharing options...
luckydevil Posted November 11, 2008 Share Posted November 11, 2008 Where are all the cries of redistribution of wealth and socialism now? It still is. Just socialism for the wealthy. Link to comment Share on other sites More sharing options...
Corcaigh Posted November 11, 2008 Share Posted November 11, 2008 Exactly, or hooray for capitalism, free market economies and unregulated corporate industry. :laugh: I'd be more in favor of that more than this abomination which is corporate socialism and nothing more. Link to comment Share on other sites More sharing options...
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