On Thu, 13 Nov 2008 08:09:22 -0800, "Bay Area Holdout"
wrote:


"Cliff" wrote in message
.. .
Another three trillion down the drain.
Does the phrase "Miserable Failure" ring a bell?

OTOH AIG had another nice party and someone
is getting a lot of taxpayer money .... well, debt to
the taxpayer, anyway. THEY got the money.

No accountability either AFAIK. Just
free money ... How did this get started
again?
--
Cliff

Well CONGRESS and Bush decided something had to be done. Paulson proposed
the bailout, they wrote it up and sent it to CONGRESS.

The HOUSE votes and rejects it. Let the games begin!
Pelosi in her brillant leadership role blames the Republicans(surprize!) but
96 Dems vote NO the first time as well. If as LEADER of the HOUSE Dems she
got 20 or so of those 96 to vote YES, it would have PASSED first time!
But no she blames the Republicans......great leader that she is.

A few days later, what was sent to CONGRESS as a THREE PAGE Bill becomes a
FOUR HUNDRED PAGE Bill loaded with PORK. And now it PASSES!

Sent to Bush and he signs it as he said he would.

And that is how this got started!

Happy about it...nope. Are they going to end up doing more...yup. Is this
the only solution, well it seems to be now, as everyone with a lobbyist is
sreaming they need money.
Will it get better, once the smoke clears it will, could take years and as
with 9/11 things will be different, but it will not the same as it was
before. Welcome to the new Europe, land of the dole and socialisim. Once
even more people start sucking on the government money "tit", it was the
end.

BAHO

------------
That 750 billion is small change.

The total cost to prevent [or at least delay] market clearing of
dodgy (worthless) assets [and the resulting collapse of many of
the major banks, brokerages, insurance companies, hedge funds and
venture capital -private equity funds] is now estimated to be AT
LEAST 5 trillion dollars.

To put this in perspective the total annual production of all
goods and services in the United States [GDP] is estimated at
slightly more than 13 trillion dollars. 5/13 = 38% of GDP IN TWO
MONTHS WITH NO END IN SIGHT, AND NO ACCOUNTABILITY.

for complete article click on
http://www.forbes.com/home/2008/11/1...12bailout.html

Note that despite the huge sums of money involved, only a few
tiny crumbs have fallen off the table to the citizens below in
terms of foreclosure abatements, etc. while their unemployment
rate skyrockets.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).