Say good bye to that 700 Billion people

[J_Lannon]

That giant sucking sound is getting louder and louder. Steven King could not have plotted this any better.

[saltandsand]

It must be what we all want... we keep letting it happen. Pathetic, absolutely pathetic. And after all the hub bub the market is down on what should otherwise be fantastic news for the money grubbers. Watch the market volatility increase and move further down... the international market turned upside down. We've lost some serious clout on this one...

Say good bye to Jumbo... adios to Dubya.... thank g*d, nothing but nothing could be worse (oops, I should not forget the old axiom of "be careful what you wish for...")

[OBXFISHN]

I'd like to hear some new ideas rather than bashing the legislation. If you can do better, run for office or at least tell us how you would keep our 401k accounts from being worthless. This isn't even close to perfect but something needed to be done.

[J_Lannon]

I'd like to hear some new ideas rather than bashing the legislation. If you can do better, run for office or at least tell us how you would keep our 401k accounts from being worthless. This isn't even close to perfect but something needed to be done.


That 700 billion, and the 150 billion in pork is not going to save your 401k.

[OBXFISHN]

That 700 billion, and the 150 billion in pork is not going to save your 401k.

OK, tell me exactly why this won't and what do you suggest we do? One line blurbs like your's make good sound bites but offer little constructive input.

[surfsidesativa]

OK, tell me exactly why this won't and what do you suggest we do? One line blurbs like your's make good sound bites but offer little constructive input.

I tell you what I wouldn't do... I wouldn't have given an ex-ceo and chairman of Goldman Sachs 700 billion in taxpayers $$$ to use at his discretion. Personal friend and appointee of George Bush mind you. We just got played for fools on this deal.

[J_Lannon]

OK, tell me exactly why this won't and what do you suggest we do? One line blurbs like your's make good sound bites but offer little constructive input.

1.. Nobody gets 1 penny until they get the people in jail, who intentionally overrated home values for bonus purposes, or before they left a company.

2. Banks would have to make promises to own the notes on a house, and not to sell them off to other finance institutions. This pyramid scheme has to stop.

3. Stop groups like ACORN who "black mail" banks into lending to unqualified buyers.


I think that would be a good start. You?

[OBXFISHN]

I tell you what I wouldn't do... I wouldn't have given an ex-ceo and chairman of Goldman Sachs 700 billion in taxpayers $$$ to use at his discretion. Personal friend and appointee of George Bush mind you. We just got played for fools on this deal.

This is one of the reasons this election is now more important than ever. The next president can appoint somebody new for this position and this person has powers never before given to one individual in the history of our country. We need to ask both candidates who they plan to appoint and how they plan to administer this money.

[OBXFISHN]

1.. Nobody gets 1 penny until they get the people in jail, who intentionally overrated home values for bonus purposes, or before they left a company.

2. Banks would have to make promises to own the notes on a house, and not to sell them off to other finance institutions. This pyramid scheme has to stop.

3. Stop groups like ACORN who "black mail" banks into lending to unqualified buyers.


I think that would be a good start. You?

These are all valid points and are a good start for the future and preventing a repeat of this mess but should we tie up the bailout with trying to link all of these to this legislation and possible delaying or even killing any chance of a deal? Or should we push for additional legislation to cover these and other issues?

Thanks for your answer to my question. You have proven that we can have a discussion here without resorting to juvenile disrespect.

[J_Lannon]

This is one of the reasons this election is now more important than ever. The next president can appoint somebody new for this position and this person has powers never before given to one individual in the history of our country. We need to ask both candidates who they plan to appoint and how they plan to administer this money.

They will have "little control" no matter who wins. The Democrat controlled congress is already sold on the idea of throwing away the money. McCain will be a lame duck the very day that he steps into office. Barrack will follow where ever the House and Senate....... "Leads" him.


This isnt the old days when both parties really worked together behind closed doors. Now days its all about flash and posture.

I do actually feel sorry for the dumb shits who bought property under these finance schemes. In some respects......I can understand wanting a house so bad that you over look some of the fine print. If they intend to honestly pay off the mortgage, then I firmly believe that the finance companies should work with them. And that goes DOUBLE for any finance company that takes any of the 700 million dollars. The people who took risks with interest only loans while flipping houses is another story.

[surfsidesativa]

This is one of the reasons this election is now more important than ever. The next president can appoint somebody new for this position and this person has powers never before given to one individual in the history of our country. We need to ask both candidates who they plan to appoint and how they plan to administer this money.

OBX, no time to look it up right now but I think we're stuck with Paulson for longer than you might think. The current admins policy of cronyism has been sickening at very best.

[can't fish today]

Sigh. I sense a new gravy train has just been created. I sure wish I could find a way to jump on. I'm kinda weary of working and paying taxes.

Any suggestions?

[OBXFISHN]

Sigh. I sense a new gravy train has just been created. I sure wish I could find a way to jump on. I'm kinda weary of working and paying taxes.

Any suggestions?

Invest in a bar or anti-depression drugs. :beer:

[Fishing_Feud]

Good Bye

[jhmorgan]

This is one of the reasons this election is now more important than ever. The next president can appoint somebody new for this position and this person has powers never before given to one individual in the history of our country. We need to ask both candidates who they plan to appoint and how they plan to administer this money.


To that point, Obama has received more campaign contributions from Fannie Mae and Freddie than ANY OTHER POLITICIAN EVER. Mind you, since he has only been in office for a couple of years, you would not expect that. Dodd is second on that list (not a surprise at all if you look at his record on the issue).

McCain, who has been in office for how many more years than Obama so therefore been collecting donations for a much greater period of time, has taken something like 1/5-1/6 from the same companies compared to Obama. People like to blame the Repubs for this mess, but the facts show that these companies were giving LARGE sums to BO, and that BO has/had prominent ex executives on his team..

[Fishing_Feud]

To that point, Obama has received more campaign contributions from Fannie Mae and Freddie than ANY OTHER POLITICIAN EVER. Mind you, since he has only been in office for a couple of years, you would not expect that. Dodd is second on that list (not a surprise at all if you look at his record on the issue).

McCain, who has been in office for how many more years than Obama so therefore been collecting donations for a much greater period of time, has taken something like 1/5-1/6 from the same companies compared to Obama. People like to blame the Repubs for this mess, but the facts show that these companies were giving LARGE sums to BO, and that BO has/had prominent ex executives on his team..

that is so true I just wanted everyone to read it again:D

[HellRhaY]

we're lucky we don't have 401k, or i'll die watchimg my retirement money go into the wind.
my wife and i cashed out our 401k 7 years ago.

[saltandsand]

that is so true I just wanted everyone to read it again:D


Except neither one of you bothered to support your contentions with a pinhead of support. And this ain't a simple issue.

[saltandsand]

The price tag just went up.... $900 billion. http://news.yahoo.com/s/ap/20081006/ap_on_bi_ge/fed_credit_crisis;_ylt=Agjp0wRq3InxbgUsB34sXplu24cA at the window, and that gentlemen is on top of the $700 billion. Watch how fast the sucking sound yanks that money out in LAVISH, OVER THE TOP, BULL TARD CEO COMPENSATION.... the kind of compensation that the rightie tighties so vehemently defend.

And lookie here... a new appointee to institute control... more institutionalization yet not one of the bastages have been charged yet... guess we're not talking about the right kind of institution http://news.yahoo.com/s/ap/20081006/ap_on_bi_ge/meltdown_administration;_ylt=As.mwV7F7tnZWyI_bVAjOiZu24cA


Office of Financial Stability ... Mr Neel Kashkari, a former executive at Goldman Sachs, would be the interim head of the Office of Financial Stability.

Ladies and gentlemen.... here's his... uh hmmm... official bio: http://www.treas.gov/organization/bios/kashkari-e.html Man I'm impressed...NOT...

But the Bush Administration has yet to put out a formal announcement on the Treasury site for the Office of Financial Stability, which would include a mission statement, metrics, accountability and transparency, etc. But I suppose Dick Cheney is working on it from whatever deep dark hole he has decided to HIDE himself in during these dark and gloomy times that HE and his buddies have created and pulled profits from... ENJOY>>>

BTW: Ask yourself one question... how can these guys be about deregulation yet they are creating new divisions, offices and departments within the government at break neck speed.... gotta CHANGE it all up so that its PALIN and SIMPLE... :D

[saltandsand]

we're lucky we don't have 401k, or i'll die watchimg my retirement money go into the wind.
my wife and i cashed out our 401k 7 years ago.

Why did you make her cash her's out? Your's wasn't enough for the two of you? Or did you need to hire a maid because she won't clean house?

Your apology is expected.

[saltandsand]

I'd like to hear some new ideas rather than bashing the legislation. If you can do better, run for office or at least tell us how you would keep our 401k accounts from being worthless. This isn't even close to perfect but something needed to be done.

First thing is to enforce accountancy requirements and regulation. This is something that McCain simply will not do, not sure whether Obama will do it but I'd take a gamble on that rather than a sure shot with someone who refuses to do it.

Second is to institute trading curbs during unprecidented volitility, re-evaluate the curbs and penalize short sales, and prosecute each and every naked short seller. Have yet to hear a position by either party as to this item.

Third, support defined benefit/defined contribution retirement plans, provide incentives as appropriate, and mandate valuation standards that associate risk to the investment.

Fourth, provide safe havens for worker retirement plans, possibly with fees and penalties once elected, thereby offering workers an ability to stand off volitile economic waves based on individual decisions (such as age, health, retirement objectives, relative wealth, obligations for spouse/children, etc.) This would be similar to other investment/retirement funds available in other countries and for government workers at states/federal. But the key here is to ensure that these funds cannot be leveraged by politicians.

[wolfva]

And the best thing of all? Experts are saying that bailout bill wasn't enough, was just the start, and they'll need MORE money. Gee, it sure is lucky money grows on trees, eh?

[J_Lannon]

And the best thing of all? Experts are saying that bailout bill wasn't enough, was just the start, and they'll need MORE money. Gee, it sure is lucky money grows on trees, eh?



It will be 3 times the 700 billion before its over.

[OBXFISHN]

To that point, Obama has received more campaign contributions from Fannie Mae and Freddie than ANY OTHER POLITICIAN EVER.


Fact check:

Actually they gave more to Sen. Christopher Dodd, D-Conn., the chairman of the Senate banking committee.

But, that is not the point. Both candidates voted for the bailout. The issue is what's going to be done with the money and will it be enough? We can make this a R vs D issue but that won't stop the depression that's looming. Both sides will have to work together and that likely will not be enough. I wish all the execs who profitted from this mess would be forced to forfeit their bonuses to help pay for this BS. We all know that won't happen because neither party wants to bite the hand that feeds them.:--|

[OBXFISHN]

we're lucky we don't have 401k, or i'll die watchimg my retirement money go into the wind.
my wife and i cashed out our 401k 7 years ago.

So, I guess you're keeping your money in your mattress?:confused:

You do know your 401k doesn't have to be invested in stocks don't you?

Also, if your employer matches any part of your contributions and you don't participate, that's like throwing free money away.

[HellRhaY]

Your apology is expected.
for what? for repeating what you said? you're still dragging your baggage from the other thread to this thread? the Palin's deserve your apology as well. If you write a letter of apology to them then you can get mine.


So, I guess you're keeping your money in your mattress?:confused:

You do know your 401k doesn't have to be invested in stocks don't you?

Also, if your employer matches any part of your contributions and you don't participate, that's like throwing free money away.
we cashed both our 401k to buy a gas station. we used the gas station as collateral to buy a rental beachside condo. we used the equity of the condo to get a carwash.

we can't get any 401k from employers now,we are now self employed and the wife is only doing part time job/ on call basis as a nuclear pharmacist with GE. She wanted to totally quit working but how am i suppose to get all my free LEADs if she quits??? At least that way, i can get all the leads i wnat for sinkers, jigs and split shots.;)

Shameless Plug: I have a ton of leads, anyone wants to buy some i'm selling it for .50cents a pound.

[OBXFISHN]

we cashed both our 401k to buy a gas station. we used the gas station as collateral to buy a rental beachside condo. we used the equity of the condo to get a carwash.

Well I guess you're set then. There's no way this mess will affect a gas station, rental property or car wash.:rolleyes:



Sorry, I couldn't help being a smartarse. Nothing personal meant.;)

[jhmorgan]

[QUOTE=OBXFISHN;448174]Fact check:

Actually they gave more to Sen. Christopher Dodd, D-Conn., the chairman of the Senate banking committee. [QUOTE]


Not trying to be argumentative, but Dodd was second on that list. Even if Dodd were first, he has been in Senate for a longer period and has proven to be semi retarded on this issue. At least he has admitted his hand in the fiasco, unlike Frank. And I agree that the problems go beyond party boundaries, I just have a problem with the Right being constantly blamed for it when the facts show that The Dems have a major hand in all of this.

[saltandsand]

And the best thing of all? Experts are saying that bailout bill wasn't enough, was just the start, and they'll need MORE money. Gee, it sure is lucky money grows on trees, eh?

It will be 3 times the 700 billion before its over.

Fact check:

Actually they gave more to Sen. Christopher Dodd, D-Conn., the chairman of the Senate banking committee. Please support this and all other contributions, I'm sure it will be informative.

But, that is not the point. Both candidates voted for the bailout. The issue is what's going to be done with the money and will it be enough? We can make this a R vs D issue but that won't stop the depression that's looming. Ya know the funny thing is that some sit in abject denial that we are even in a recession... funny how people can twist things.... Both sides will have to work together and that likely will not be enough. I wish all the execs who profitted from this mess would be forced to forfeit their bonuses to help pay for this BS. That is the best idea I've heard through all this mess, and yet it gets little attention. Just ask yourself how long you would keep your job if you failed to perform, better yet ask if shady performance would yield a bonus... We all know that won't happen because neither party wants to bite the hand that feeds them.:--|

Three is a row.... gentlemen I do believe we have a consensus on this issue... fantastic that we can agree!! :):):)

[jhmorgan]

I should have double checked the numbers that I saw, but apparently Obama was second. This lists Obama at 2 and Kerry and Dodd behindg him. My apologies..

http://www.foxnews.com/story/0,2933,423701,00.html

I think what I saw the other night was referring to the numbers since 2005, where Obama has the most money at 112,000 and McCain around 16k from these companies and/ or their PACs and employees. Thats a large difference.

http://latimesblogs.latimes.com/washington/2008/09/mortgage-giants.html

Yes it is a blog but it is LA Times.

Truth or Fiction offers a short and sweet synopsis of the allegations and the facts behind it.

http://www.truthorfiction.com/rumors/o/obama-contributions-2.htm

Really the rankings depend on where you track them back to. Regardless, for BO's short period in government, he has taken the most money PER YEAR from these people

[saltandsand]

for what? for repeating what you said? you're still dragging your baggage from the other thread to this thread? the Palin's deserve your apology as well. If you write a letter of apology to them then you can get mine.

Given your dementia, I'll remind you:

Quote:
Originally Posted by wolfva
"Personally, I think you're just jealous that a lowly woman has done what you could never do."

And HellRhay said:
"i also think that, in another thread he stated that his wife stays in the house. maybe that's another reason for him to hate this woman. a woman who has accomplishes far better things than the woman he had cleaning his house."

Yeah buddy... beats what your wife is doing... stealing lead from GE...

You gonna be a jerk all your life or just most of it?

[steve grossman]

Both of my ex-wives, and my current girlfriend have always reminded me,that women are smarter then men......

Is this really true??

[saltandsand]

Both of my ex-wives, and my current girlfriend have always reminded me,that women are smarter then men......

Is this really true??

Depends on what you define as intelligence.... :D:D

[surfsidesativa]

This (http://abcnews.go.com/Blotter/story?id=5973452)takes the cake.

[BubbaHoTep]

This (http://abcnews.go.com/Blotter/story?id=5973452)takes the cake.

Well said. Yes, it does! Thanks for the link. I hadn't seen that story today.

[surfsidesativa]

Can Obama help with my new 401 plan?

If you had purchased $1,000 of Delta Air Lines stock one year ago, you would have $49 left.

With Fannie Mae, you would have $2.50 left of the original $1,000.

With AIG, you would have less than $15 left.

But, if you had purchased $1,000 worth of beer one year ago, drank all of the beer, then turned in the cans for the aluminum recycling REFUND, you would have $214 cash.

Based on the above, the best current investment advice is to drink heavily and recycle.

It's called the 401-Keg :beer:

[HellRhaY]

Can Obama help with my new 401 plan?

If you had purchased $1,000 of Delta Air Lines stock one year ago, you would have $49 left.

With Fannie Mae, you would have $2.50 left of the original $1,000.

With AIG, you would have less than $15 left.

But, if you had purchased $1,000 worth of beer one year ago, drank all of the beer, then turned in the cans for the aluminum recycling REFUND, you would have $214 cash.

Based on the above, the best current investment advice is to drink heavily and recycle.

It's called the 401-Keg :beer:
then it's mccain that can help you, he is married to a beer heiress.

[sprtsracer]

If Obama wins, I think Perrier and French Wine might be a good investment!!! But then again, good ole whiskey may be better since we'll all want to stay drunk just to forget what we're putting up with!!!

[jcreamer]

we're lucky we don't have 401k, or i'll die watchimg my retirement money go into the wind.
my wife and i cashed out our 401k 7 years ago.
We did the same. Your choice, your busines and your decision. I hope it was for the better.