Quote Originally Posted by Cavguy View Post
I understand the impacts of a loss of credit to the market - but I too want some payback for the $5k-6k in taxes I'm going to pay to bail out US AND INTERNATIONAL firms who are handing out golden parachutes left and right.
When you do your taxes and suddenly find that you're getting tagged with that $5-6k in additional taxes, please let us know. I won't hold my breath. Like the other $10 trillion in debt, that money will be paid for by someone else at some distant point in the future.

A few random thoughts...

- Our loan to AIG was at 8% above LIBOR and their assets are collateral. If anybody here would like to borrow money from me at 8% above LIBOR and to put up their house as collateral, then please let me know. I would be happy to provide such a bailout to anyone who is likely to repay. My savings account is only paying 3% and my portfolio is down for the year. 8%+ would be pretty sweet.

- Anyone making more money than someone else is a popular target for blame on this issue, but that is oversimplified. Here is a short list of culprits for this global financial abortion: those who borrowed more than they could afford, those who lent money without regard to the ability of the borrower to repay, regulators who failed to enforce regulations, legislators and officials who did away with sensible regulation, and investment bankers who assumed too much risk. Did I leave anyone out?

- And if this $700 billion to $1 trillion bailout bothers you, don't forget the dual fiascos known as Fannie Mae and Freddie Mac. Check this out from Politico...

The two government-chartered companies run a highly sophisticated lobbying operation, with deep-pocketed lobbyists in Washington and scores of local Fannie- and Freddie-sponsored homeowner groups ready to pressure lawmakers back home.

They’ve stacked their payrolls with top Washington power brokers of all political stripes, including Republican John McCain’s presidential campaign manager, Rick Davis; Democrat Barack Obama’s original vice presidential vetter, Jim Johnson; and scores of others now working for the two rivals for the White House.

Fannie and Freddie’s aggressive political maneuvering has helped stave off increased regulation and preserve special benefits such as exemption from state and local income taxes and the ability to borrow at low rates.
And according to the AP, the highest lifetime contributions from those PACs? Why none other than the Speaker of the House, House Minority Leader, House Minority Whip, Senate Majority Leader, Chairman of Senate Banking, Housing and Urban Affairs Committee, and the Chairman of the House Financial Services Committee. This is the best government that money can buy.