The Fed handled $8.4 TRILLION from the auctions of the Treasury securities and hid the money from Congress. The law, Title 12, section 247, requires the Fed to make a “full report” to congress. Hiding that profit from Congress sounds like embezzlement. Ref. 3w scribd dot com message 49040689
Just google "CREDIT UNION dormancy FEES" "central credit union of florida walterbbutler" ..... and see ... or google "CENTRAL CREDIT UNION TOOK $ 277.86 FROM ACCOUNT FOR DORMANCY FEES" or "CENTRAL CREDIT UNION of florida FEES videos" or "CENTRAL CREDIT UNION of florida dormancy FEES videos" or "CENTRAL CREDIT UNION dormancy FEES"
My fellow Americans make sure you get your swine flu shot as it is your patriotic duty to prevent this pandemic and your IBM Verichip RFID implant as this will keep you safe from terrorists. In addition this chip will speed up checkpoints, grocery checkout and financial transactions. This also allows medical professionals instant access to medical records in the case of an accident or medical situation.
Thats what the owners count on the fact that americans will probably remain willfully ignorant to the big red white and blue dick thats being jammed up their assholes every day. Because the owners of this country know the truth its called the american dream because you have to be asleep to believe it!
Obama doesnt give a fuck about you just like bush they are both puppets! a few weeks about obama said this kind of abuse of bailout money would never happen, well sure as shit stinks AIG like the greedy pigs they are snorted all that money into the pockets of thier top players. you want to stop the Fascism america? go find the terrorists in New york they live in this big building on Wall st. go in there, shoot the fuckers take thier gold raid thier homes and vaults.
republicans and DEMOCRATS voted for this, vote libertarian. BTW, government encouraged these bad loans starting in the 1990's. remember they wanted more home ownership. well, they got it, and now we have to go to the people who started the fire to put it out?
Whats funny is that they never can find money, but yet they can find money to bail out and line the coffers of the cronnies they want to look out for.
Or we could just not vote for them and get them replaced!!! Their is a reason they won't allow young people to run for office. No experience = new ideas, and we can't have that.
THEY ARE!!! They run the gov't, especially the last 8 years. Republicans love the FREE markets, free to do as they please, free of corporate losses, and FULL of bullshit as it comes to us consumers.
You know if US doesn't bailout these companies more job loss and lay offs + no lending. But when the gov bails them out there is no nothing to help Americans. Were screwed either way. So all these rich AIG, FAnnie, Freddie cocksuckers get to stay rich fuck over average people who put money into them & the gov money that we had to give. AIG, Fanie, Fredie, & other bailouts adim need to all be fired! Now. Or monitor them like prisoners! Crap should not have control of the gov owned property!
The American tax payer has to bend over and grab his ankles while the politicians drive them around the parking lot. I'm proud to be an American, but why does my ass hurt?
Turns out Sec. Paulsen didn't take all the bad loans, he changed his mind yesterday. Now all the money is going to the banks so they can pay off their executive bonuses. Thank you Mr. Secretary! I can sleep easy tonight.
There is mass poverty in U.S, why can't your government payout 700 Billion to bailout kids born into poverty or improve your inadequate health system, which inadvertantly kills thousands of people a year.
Yet your government can pay out 700 billion to save an economy fuelled by greed of corporate CEO's and superficial stupidity of middle class America. Ohh I want that car and this house, I want I want I want. Middle class America, you were also greedy. Do you know what 1+1 equals?
Nothing in the news? Are you nuts? The news is all controled by these guys! They aren't going to criticise themselves! The only place to get the truth is RIGHT HERE!!!
I realize a lot of this is due to the banks knowingly giving bad loans, but why is nobody giving blame to the idiot consumers who knew they couldn't afford these loans?
They added $140 billion of additional pork just to get it through these guys are bought and paid for by the Financial, insurance and real eastate sector. Didn't repeal Gramm-Leach Bliley Act or Commodity Futures Modernization Act. There is a revolution brewing in America this could be the straw
The great one party system with two faces! Vote third party or its will only get worse! They have blended two parties into one Dysfunction Corporate Entity and your not INVITED! Only a National Strike will open their eyes! People are committing suicide because their old and lost their homes and retirement. Soon middle class Americans will be in bread lines! It is America's turn to be a third world country! And they have planned it for along time.
and there's nothing you can do about it! your slaves! no joke! you really are slaves! and Obama and Mccain are both in on it! they know you won't fight back!
"Bail out bonds" Instead of the gov. using our tax money to mop up the wall street mess, the gov. should issue bonds that will allow American/foreign individuals&companies to participate in the bail-out BY CHOICE and see a return on their investment. Regulation! The gov should post-regulate, that is force predatory lenders to refinance the foreclosed mortgages at the initial interest rates the borrowers were able to pay in the 1st place and let them back into they're homes. It's only PAPERWORK!!
when you dont pay the bail bondsman, you go to jail, so you wall street CEO get ready to get prison raped......also....this bailout is distracting us from the "energy crisis"...this is their way of sneaking by without actually having to come up with "alternate fuels"
BYE BYE AMERICA...YOU WONT BE MISSED!!....THE WORLD IS ALREADY CELEBRATING!!!
PARTY AT MY PLACE TONIGHT 9PM...ENTRY FEE = 100$ (DONT WORRY...100$ WONT BE WORTH SHIT BY NEXT MONTH...LOL) COMIES, IRAQIS, & TALIBAN ALREADY MAKING THE PARTY PREPERATIONS...NOTE: NO DOGS, THIEVES, OR ZIONISTS INVITED!!
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PS. Oh dear - Aparthied Israel is in deep shit without US Financial Backing.....LOL
the evil goal behind abolishing the Federal Reserve is to make inflation skyrocket on housing and crucial goods to humanity again and to keep wages low and send society into massive poverty.
abolishing the fed not only bails out wallstreet in a huge way it lets wallstreet make even more inflation to enrich the rich and impoverish and starve the average income worker into poverty!
STRONGLY URGE YOUR SENTAORS AND REPRESENTATIVES TO VOTE NO ON THE BAILOUT AND TO SUPPORT H.R. 2755: Federal Reserve Board Abolition Act. The American people do not support a bailout, but in fact understand that the economic challenges we face require a massive overhaul of our financial system.
politicians don't tell ppl this but as home prices rise, apartment prices rise for people who don't even own a home ! that means rent hikes for people working their ass off on minimum wage living in apartments! politicians avoid talking about this in mainstream media
the redundant rhetoric on tv is people losing their homes and bailin out wallstreets rich ceos, yet these home buyers where rich enough to buy one even after the 2003 hyperinflation spike what about the ones who cant afford one because its overvalued.., and bailing out wallstreet can only seek in helping home prices to hyperinflate again so that average income people and new generations cant afford one at all
I say, No bailout! I say, No bailout! But who give a shit what I say or what anybody that is saying no bailout. We the people have no say or voice anymore...They are going to do what they want...F THE STUPID AMERICANS...They say...They will pay...F Me!
Yes we are stupid and this is only fair because we plebes want to participate in the game of getting something for nothing which is the real estate speculation game. Sure the bad guys are the Fed, the banks and Wall Street but they thrive on our acceptance of the legality of the notion that some of us can own mother earth and charge the rest of us for access to her. The land speculation game is the same game as played by slave owners who were outraged when their game was called. Game called.
You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out. - Andrew Jackson, regarding the international bankers
I think the government should make everyone a millionaire...say 300 million population and everyone gets a million!.......and then let Wall Street and the Business people at the top, bid for your money with the goods and services they offer.Which is what they do now through their ADVERTISING EXCEPT WE NEED TO USE CREDIT. Forget the credit WHOSE INTEREST RATES ARE only FOR THE capitalistsS piggy bank and go to "cash only" for a change AND A REST.
THIS SUGGESTION WILL COST A LOT LESS THAN 700 BILLION and allow Americans to pay off their mortgage and debt and still have cash to buy goods and services. WOW what an infusion into the economy.. foreclosures would end immediately and the banks will get their due albeit without their interest to be sure unless they have penalties built in to prevent paying the mortgage off early.lol. So here is my question/suggestion I would love to hear the answer to.
Then you got no credit rating. where r u gonna put yr salary? What r u gonna do for those last 3 days of the month? I know!Invade another country and steal their oil!
PRAYER FOR AMERICA...the Controversial Video from Mysterious CATMAN COHEN
"Steal a TV or car and face hard time in prison. However, steal millions in undeserved salary bonuses and stock option grants and never spend a day in jail because there are no significant repercussions for criminals with white collars and expensive attorneys. Such is the state of justice today, which is to say, no justice at all...and people wonder why our youth have become so hard and cynical?"
It wasnt my day to day efforts that caused this and yet I have been HIT HARD by this bullshit. Pretty much anyone in the construction industry is taking up the ass on this one. Is it the front line builders/contractors that have caused this? Is it you folks that wanted a piece of the American dream that tried to buy an over priced house?
This is outright theft perpetrated by a bunch of spoiled brat lard ass fucks sitting behind a desk that have never worked a day in their life.
Wouldn't it be great to be JP Morgan, buying 307B in WaMu assets, paying less then 2B, and then if congress passes the 700B bailout, selling probably 10s of Billions of Toxic Assets to us!
That's perhaps a 1000% return on one days work, pretty good deal I'd say, perhaps the greatest in history.
You don't get what I'm saying. JP Morgan going to take 10s of Billions of dollars from us, regardless of what happens to the housing market.
Indeed, if house prices continue to fall, they will be able to unload even more, perhaps over of 100 Billions dollars of Toxic Assets that they paid less then 2 Billion for.
Wouldn't it be great to be JP Morgan, buying 307B in WaMu assets, paying less then 2B, and then if congress passes the 700B bailout, selling probably 10s of Billions of Toxic Assets to us!
That's perhaps a 1000% return on one days work, pretty good deal I'd say, perhaps the greatest in history.
your a dumbass, it is their FAULT your right, but were near a DEPRESSION you IDIOT, we have no choice.
The bad loands are underpriced, if you do not take those BOND LOANS, then those PEOPLE will have higher foreclosures, more losses on banks, more job losses.
I think the Idea behind the bailout is to stop or slow a looming Depression. if we dont do somthing now we will all be on the breadline, if the banks are bankrup how are u going to et you pension and life savings out??? I think they need to open the fed reserve and show us the damn books this whole thing is totally unfair.
Stupid democrats have been complaining about the economy for years, and now that the White house has decided to do something about it you start complaining even more, did you watch Bush stand up and put it into stupid terms to the American people? If they don't act now democrats might pop from all this, well get it back, along with the problem fixed.
mr turk, I suggest you invest in commodities and precious metals, because the trillion dollars you're talking about doesn't exist yet, foreign countries are unwilling or unable to fund that much debt so most of it will come from the federal reserve, the federal reserve get it by authorizing the mint to print more money, so investing in commodities is the only safe haven against the coming inflation.
Here's the deal - give it to the people if you do anything. You've milked us dry, and now is the time for some trickle up.
Then everyone in the nation agrees to vote anti-incumbent so the country can have in depth investigations and every last one of these sell out vermin in DC can pay the fiddler. Every last one.
hey young turk, it isnt only going to cost a trillion dollars, we will pay interest on all that "money" printed by the "Federal Reserve" which is a private insitution built on greed and fake loans, AND IT ISNT EVEN A GOVERNMENT INSTITUTION, GRATS ON TRYIN TO GET THE RICHER, WHOEVER SUPPORTS THIS IS BLIND
IF the market crashes? You make me laugh. The market IS crashing. There is NO stopping it now. Bailout or no bailout, it's already a done deal. The PRIVATE Federal Reserve is robbing the country blind. They will buy up every business of any worth after the crash. Because they are the ONLY way money is made in the USA. We, The People haven't made a dime since Dec of 1913, They, the international Banksters make it ALL. The Fed is a cartel of international banksters Hell-Bent on World control.
OMG!WTF! Under the proposed plan the fed will buy the bad debt at "hold to maturity" value rather than market value. This means that they will get approx. twice market value. The banks would turn a profit at the expense of the American Tax payer.
"'It would represent a massive injection of new capital into the US banking system - for which taxpayers would receive nothing in return, except for the assurances...that their banking system would not collapse,' he said"
Barack Obama received the 2nd most campaign contributions from Fannie Mae. Democrat Chis Dodd was first. Fannie Mae's disgraced former CEO-Franklin Raines- is an Obama economic advisor.
Obama slected disgraced former Countrywide Mortgage CEO Jim Johnson to lead his VP vetting committee. Remember? It was only a few months ago. Jim Johnson resigned when it was revealed his corruption and golden parachute were revealed. Obama's blasts Countrywide, picks Jim
Wall Street and CEOs are going to line their pockets with this bailout money and a few years from now we're going to find ourselves in this same situation again
the senators and speculators need to be prosecuted. greed has ruined this country. we left england to get away from taxes and now we are taxed more than ever.we are sheep being skinned and until the american public rises against the tyrant government, it will continue to get worse.
Apparently you have to rob to get rich in the Bush era.700bn corporate bailout? Let them crash! This is the biggest heist and is the biggest consolidation of wealth to the top 1% in American history! People should be rioting in the streets because we're going to be forced to pay for the mishandling and pure greed of the rich few. Try not paying your taxes and see what happens to you, you'll go to prison. These fuckers have taken everything from us. The shockwaves of this will be felt everywhere.
There has been not only no oversight from the Democrat-controlled Congress on any of these things, there has been an active effort to prevent oversight while at the same time blaming capitalism and the fact that there has been no regulation.
In the 2006 elections, Democrats won both the House of Representatives (233 Democrats, 202 Republicans) and the Senate (49 Democrats, 49 Republicans, and 2 Independents caucusing with the Democrats) as well as the majority of state governorships (28-22). 2006!!!!!!!!!!! whos been incontrol before 2006? congress in republican control since 1995-2006 much more involved in screwing up the economy
Barney Frank and Senator Chris Dodd took control of the House and Senate banking committees, Representative George Miller, Democrat, California, Senator Ted Kennedy took over their respective labor committees, John Dingell, Democrat, Michigan, Jeff Bingaman, Democrat, New Mexico, became chairman of the energy committees.
They want as many of you thinking that capitalism brought this about when in fact all roads lead to Fannie Mae and Freddie Mac and the Democrats who enabled them and ran them. They keep saying that people didn't believe in regulations.
I thought they were private, but weren't allowed to fail as a last resort. I don't htink all roads lead to them. You're being awfully abstract when you sound like a Republican pointing fingers at Democrats.
FUCK THE WALLSTREET BANKS, THERE ARE PLENTY OF BANKS THAT WERENT SO IRRESPONSIBLE THAT CAN SUSTAIN THIS ECONOMY, FUCK YOU WALLSTREET CROOKs MOTHERFUCKERS!!! and on that note bring our troops home, WE CAN'T AFFORD A WAR, FUCK NATION BUILDING, IRAQIES SORRY, BUT YOUR ON YOUR OWN.
However, it is said that if the banks fail, they cant loan money to business, and if business cannot get loans, then business grinds to a hault. Then another great depression.
I disagree. Some banks are fit (Wacovia, Bank of America), and they can make the loans. They do not need a bail out. So I say NO BAIL OUTS.
the banks are like investors. They gave money to people expecting a return plus interest. NOBODY gives out a loan unless they feel that they're going to get their money back. If these lenders are not incompetant, they're shady. This was their inevitable failure.
Give the bailout money to those whose 'subprime 'debts are 'the origin of the problem' by paying off their mortgages;
the banks get the money, get rid of their bad debts, many of the poorest families in the land get a foot-uo ,realty prices stablize , the extra disposable income of those families flows into the economy as savings or expenditures; this could be administered by teh feds; a conddition of the payments is the creditind of the same money to the above homebyers;
95 percent of the country that own less than 5 percent of it's wealth is absorbing the loss from the 700000000 trade deficit. And that small amount of wealth have to eat THAT loss as the lenders take advantage of them. So that same group has to bail out that group. This country is FUCKED UP. I agree, fuck the bailout. let the banks collapse, capitalism is survival of the fittest.
our american leaders are fucking retards at least Hugo Chávez take profitable company, if we the tax payer want to take on this type of debt we should take exxon mobile not unprofitable companyies
Unfortunately, TYT doesn't really understand the economy very well and needs to do some more research before blowing hot air. The government HAD to "bail" out the companies because otherwise the entire market will collapse. They have no choice, which is why both sides signed on. Also, the takeover of AIG will likely net in a profit for the govt because of the interest. Basically, they want to dismantle AIG but in a safe and controlled way. That's the plan at least.
You might have to add that the government had a the responsibility to punish the companies the practiced predatory lending practices. This situation is not a win win at the least. We will suffer because of the bail out. Hyper-Inflation will take place, and the so called middle and lower class will suffer. I guess the question could be why did it get to this point. The lesser of the two evils is still evil.
Well, the govt is owned by people who hate govt, so it's no wonder that the country is in the shits. Hobbes was right... Anyways, of course we will suffer from the bail out but we would have suffered more if these companies were allowed to collapse. Us liberals who argue for govt-backed health care (like Medicare or the VA) need to also see the benefit of govt regulation of wall street. Unfortunately, rich people are never held accountable so don't expect there to be any crackdown on corruption.
they had the choice, you apparently know very little about economics. And so did a lot of the idiots that ran the banks. When there is less factor market due to a huge TRADE deficit with a particular country, um... people won't have the money to pay off their mortgages. Duh! Their fault, these CEO's were paid for being the "experts". Ha! what hacks.
I try not to speak to the ignorant but you insulted me so I might as well respond. You are right that they had the choice, they didn't bail out Lehman Brothers. Do you know why? Think about it. Why AIG and why not Lehman? Of course you don't know, all you can see is your own rage. I've been listening to NPR and I trust their reporting more than you or the other non-thinkers. One thing we can agree upon is that somebody needs to put those banker crooks in jail. Won't happen though.
aimson, you're insulting your own intellegence. Why does NPR have to consult you on the obvious? I'm really pointing out a very basic cause and effect logic that explains why the U.S. private sector is in a shit load of trouble. Money doesn't just disappear you know! There is no frickin Armageddon. Bush, Bernake and the others have to convince us that they're going to fix the economy at large before they get one cent. And that money should come from both the rich and China, not us.
what makes the bankers crooks? They simply purchased AAA rated securities. How about the mortgage companies that apporoved loans for people who had no business GETTING loans? Or people APPLYING for loans that KNEW they wouldn't be able to pay them back?
We didn't need to bail anyone out. This is just the new manifestation of public fear to keep us all in line. Just like the Iraq nuke threat and the Cold War before it. Just like you begged for less cival rights when they showed you a picture of Osama, now you will beg for the end of the free market just because people made/took bad loans.
The other day I took a payday advance on my wages and spent it all in a strip club. Now I can't pay my rent. But that's ok, I'm sure the Government will bail me out just like they did Wall st.
We put all this emphasis on physical crimes like robbery, but nothing on bigger crimes like this trillion dollar blackmail scheme. Someone physically superior to you can't use that to take advantage of you and rob you, but people more knowledgable than you can use their minds and cunning to take your home and life savings? That's the Bush ad for you.
freaking sad init , i was thinking the same thing the whole time. most people at my job have not clue wats going on , when i talk about wats going at Wall street they dont even know how to respond because they have no idea how all this affects them . And guess where we work freaking Manhattan , wall street's a few blocks away and these tools dont know whats going on down there. now thats spells success for the New American plan, a bunch of idiots being beaten with a an iron and they love it .
1 Trillion? Go back to August 2007 and add all the liquidity package Bernanke has given so far,that's actually about 2 trillion. A very good job for United States of Socialist America!
Luigi Zingales proposed a sensible plan: we could have put the insolvent banks into an expedited form of bankruptcy. Some of the bond-holders would have forgiven debt in exchange for equity stakes in the companies that owe. just like chapter 11 except faster and with the government as a party in the negotiations. That would have allowed the debt to contract, which would have gotten us out of the crisis without a bailout.
Yes, we had to do something. But it didn't have to be this.
700billion for mass bailout, 300 bn for Fannie/Freddie, 85 bn AIG, 30 bn Bear Stearns that comes up to abt 10 Grand per family. I've never seen an instance where taxpayers have been shafted like in this bailout.
Its like all the patrons at a bar paying for damages done by two guys pickup a fight and breaking something.
"700billion for mass bailout, 300 bn for Fannie/Freddie, 85 bn AIG, 30 bn Bear Stearns that comes up to abt 10 Grand per family. I've never seen an instance where taxpayers have been shafted like in this bailout."
It's much worse than that. There aren't 300 million families in the US - only 300 million people. It's more like $30,000.00 per family, or more. It's a blank check. It WILL be MUCH more than that, if it goes through. And, band execs are already licking their chops.
Please, stop embarrassing yourself about Wall Street's reaction to the bailout!
The stock market rallied; because, SHORT SELLING WAS BANNED AND THE SHORTS *HAD* TO COVER!!!
Why are you not railing against the arbitrary banning of short-selling? Those on the wrong side of the trade should LOSE! The shorts were on the winning side of the trade! Why should they lose their profits?
The largest transfer of wealth in history, and its from the middle class to the wealthy. Deregulation fucking sucks my ass, how many times do we have to put up with this shit. First the savings and loans, the airlines, the energy companies now the mother of them all... its disgusting. McCain is up to his eyeballs in the shit (Keating fucking five) and Phil Gramm his economic guru is even deeper in the shit. C'mon.
No BailOut! No BailOut for the financial Elite. We have been ripped off our own resources, jobs and taxes. WE HAVE PLENTY of natural resources in our country OIL, TECHNOLOGY, AGRICULTURE to give Americans the money and jobs WE NEED. The Financial Elite is worried about keeping their POSH living styles. NO BAILOUT!! Stand Up and demand JUSTICE.
Everyone should be outraged. There should be rioting in the streets and we should hang everyone one of the fucking political cock suckers that vote for this shit. That's it. No more. Instead, we are all watching tv and sucking down beer and potato chips.
A fucking trillion dollars? This is incredible. So we the people fork over a Trillion dollars and give it to the banks to bail them out of the bad loans.
So what happens to the homes? Will they become government property? Will they sell them in lots to rich investors at super discounted prices to get rid of them? The houses in turn will be sold to ordinary people at the same inflated price. This is going to put our hard earned money right in the pocket of the billionaires.
This is exactly what's needed. Watch Ron Paul or Peter Schiff and you will understand that US can no longer sustain inflated housing prices which are based on THIN AIR, not realistic value and in order for the US economy to get back on foot, we MUST provide low priced homes all across the US. Here's an idea, all the foreclosed homes are should now be socially given out to the most capable working persons of the USA. Call it socialism, but guess what, we haven't started this, the Govt did.
Thanks for posting this video. Your feelings are shared all across US. I hope the bailout madness will be defeated. It is out ragious and unconscionable that average American has to pay for the execesses.
It's worse. The bailout for the banks doesn't help move homes, sell homes, to Joesixpac, especially with the new standards for home loans going UP, 1 October. It helps banks lend to each other, but the molding hulks in the foreclosure market grows DAILY.
CENK, you have got it 100% correct. We the American taxpayer are getting cheated, the crooks get away with billions with no worry. I am just as angry as you and many others. Congress, Republican or Democrat, makes no difference, they are out to screw the middle class and protect their butts just like they tucked it to us with the gas prices. Banks and other lenders were handing out loans with NO proof of income, no doc loans.
You put it the best so far, americans should be livid, but most the population don't even watch news, they don't even care. They all so so brainwashed and accepting of whatever this criminal government throws at them.
They even taking Cheney and Bush to court to stop them destroying the records from last 7 yrs, wake up people, your country is being run by an elite mafia.
I read in the beginging of all this that the bill to consumers was going to be around 3 TRILLION but was scalled back out of fear that the public would completely disapprove, 700 BILLION is more acceptable to our leaders and will up the price when our backs are turned.
With minorities here socialism will not work not everyone works on an equal scale. Look at Sweden for instance. Do you see blacks, or a large hispanic population there?
Can't people see this leading to the new world order were the government want to control our lives. There really is not a democracy here. Our freedom is definetly out the window if Obama the socialist wins. People need to really look closer at what is going on here. Gun control is used only so we can't defend ourselves. If guns were really a problem then I would not leave your house not even to go to work you might get shot.
No wounder why germans got sick of the jews. Jews run the markets here, and they made us suffer from their greed. If these people are so smart then they should have investigated the people they loaned money to. This is why capitalism does not work. They need a new system period, and not government controled. I'am looking for a job, and so is many other americans so I doubt lots of people will be paying for stupid greedy people, and their stupid mistakes.
Liquidity is not created by loaning money to the worst managed financial institutions, when there are plenty of good institutions out there!
These bailouts will bankrupt the US and it's people, risk that T-bills will not cover our expenses, and lead to further destruction of America as planned by the Bill of Rights and Constitution.
The Federal Reserve, with the approval of the Treasury Department, the president and the Congress is robing the American people by providing bailouts to financial institutions.
Demand that your congressman and representatives to vote against any bailouts of financial institutions.
Public money is not to be spent on supporting or nationalizing private corporations, which is socialism.
they blame the market volatility on Short Sellers... hmmmm ... how the hell is the market going up on day (buying) and down the next (selling)....geeezz... they should just shut the market down for a week instead of punishing the sellers for volatility that is clearly caused by BUYING and SELLING. lets ban buying for one week and selling the next. talk about artificially propping up the market... suck in number 1179 of 2008
dot com bubble burst...wall st. insiders cash in and the avg. american investor gets washed out. housing bubble burst...wall st. insiders cash in and the avg. american gets washed out. can they wash out the avg. american again after this? yep.. they are going to prop up the dow and suck americans back into the stock market. on friday Ford Jr. sold $5,000,000.00 of his shares in Ford Motor and who bought them... easy guess. they'll keep sucking you dry so long as you have any money left.
our country turned into United States Socialist of America. to say we are going to make PROFITS out of this??? sure! unless our homes price jumped 6 folds from the current price. thank you Bush Administration. Sept 19 Bailout is the day we are entering the collapse of former USA.
sadly, you're fucking right about that. this is terrible. i don't even know if we can fix this. no matter who is elected i just don't know. but i will say that john mccain will make it worse and at least obama will try
parulkarg, I hear you and your probably right but still... Cenk's visceral reaction is my own as well. What's to stop these fucks from doing something like this again. The republicans are all about deregulation and free market no matter who they hurt. The dems, with their nuts in a vice (and let's face it their own financial interests at stake) go rank and file along with it... We REALLY need Barack in the WH so a dem pres and a dem congress can set some shit right.
The Bailout isn't a fix - it's a delaying tactic so the right people can get their money out and into more tangible assets- for the rest of the suckers they're going to say don't worry, don't worry- and then boom it all goes bye bye.
This bailout was a smokescreen devised by the prvilidged frat boys in Wall St. who all support Democrats and hate to see a Bush in office. They devised a plan to crash the market and put Bush in a bind. Although the Democrats are a majority, once they have Obama they will take credit once the economy improves. Then its tax the middle class to death again and soft on terrorism
No offense but that is the most ridiculous thing I've heard since Wednesday, when McCain blamed Obama for the collapse of the US financial system.
The meltdown was created by greed and deregulation, hallmarks of the Reagan Revolution Republicans that have dominated Washington for the last 28 years.
Man up. You guys have really screwed this country.
Next time some Republican lectures you about fiscal responsibility, mention the bailouts!! That's what I did with somebody that read Ayn Rand's books!! That shut her ass up!!
Cmon Cenk, its a bit more complicated than that. The problem happened because there was a global liquidity crunch, lack of confidence in lending, without which businesses will fail. Depression would kick in. We would be in much bigger shit. Its not just fear mongering, that was a real possiibility. Also what is a real possibility is that once things settle down and economy is back on track, the goverment and hence the tax payer can actually make profit out of it. Leave it to the experts dude.
There was a add for a bank on the video..........
skryterz 3 months ago
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The Fed handled $8.4 TRILLION from the auctions of the Treasury securities and hid the money from Congress. The law, Title 12, section 247, requires the Fed to make a “full report” to congress. Hiding that profit from Congress sounds like embezzlement. Ref. 3w scribd dot com message 49040689
oldereb38 7 months ago
Please check out the Fat Cat Bankers by Tokyo Rose
Tokyorosebiz 8 months ago
This must have been one of the biggest daylight robberies in human history.
mozaks80 1 year ago
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Just google "CREDIT UNION dormancy FEES" "central credit union of florida walterbbutler" ..... and see ... or google "CENTRAL CREDIT UNION TOOK $ 277.86 FROM ACCOUNT FOR DORMANCY FEES" or "CENTRAL CREDIT UNION of florida FEES videos" or "CENTRAL CREDIT UNION of florida dormancy FEES videos" or "CENTRAL CREDIT UNION dormancy FEES"
walterbbutler 1 year ago
You asked: "...why should we pay it!!...."
The answer is: The Federal Reserve Act.
We MUST bail the banks out. It's written in the CONSTITUTION.
The American people are the intended VICTIMS of this system. BY DESIGN.
sspiega 1 year ago
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My fellow Americans make sure you get your swine flu shot as it is your patriotic duty to prevent this pandemic and your IBM Verichip RFID implant as this will keep you safe from terrorists. In addition this chip will speed up checkpoints, grocery checkout and financial transactions. This also allows medical professionals instant access to medical records in the case of an accident or medical situation.
barryobamasoetoro 2 years ago
wheres my profit sharing check from GM?
vince6363 2 years ago
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Thats what the owners count on the fact that americans will probably remain willfully ignorant to the big red white and blue dick thats being jammed up their assholes every day. Because the owners of this country know the truth its called the american dream because you have to be asleep to believe it!
-GEORGE CARLIN- RIP OLD MAN
btownmxer 2 years ago
Obama doesnt give a fuck about you just like bush they are both puppets! a few weeks about obama said this kind of abuse of bailout money would never happen, well sure as shit stinks AIG like the greedy pigs they are snorted all that money into the pockets of thier top players. you want to stop the Fascism america? go find the terrorists in New york they live in this big building on Wall st. go in there, shoot the fuckers take thier gold raid thier homes and vaults.
Warrivar 2 years ago 4
obama, we all voted for you so you can give it backside to us, like all nigga do to each other in prison like chris brown
whisky432 2 years ago
Yeah this situation is pure BS but it clearly demonstrates who is IN CHARGE of this country. NOT the Government but instead the Banks.
Umbreona 3 years ago 7
want to chat with singles
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GitarrSnubben666 3 years ago
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im on cam and bored
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Andrea2pac93 3 years ago
We should stop all bailouts; otherwise, the us economy will fall into deeper deflation.
longlastting 3 years ago 2
republicans and DEMOCRATS voted for this, vote libertarian. BTW, government encouraged these bad loans starting in the 1990's. remember they wanted more home ownership. well, they got it, and now we have to go to the people who started the fire to put it out?
J13WD40 3 years ago
Whats funny is that they never can find money, but yet they can find money to bail out and line the coffers of the cronnies they want to look out for.
TAMTULROD1 3 years ago
Or we could just not vote for them and get them replaced!!! Their is a reason they won't allow young people to run for office. No experience = new ideas, and we can't have that.
DezzyRaY 3 years ago
Republicans love stupidity.
548768 3 years ago 5
As they did in 1929, the international bankers are crashing the economy again. They hope to emerge as masters of us all.
torremalku 3 years ago 2
THEY ARE!!! They run the gov't, especially the last 8 years. Republicans love the FREE markets, free to do as they please, free of corporate losses, and FULL of bullshit as it comes to us consumers.
DezzyRaY 3 years ago
DAMN!!!
ZinayH 3 years ago 3
you express yourself very clearly
thanks the news doesnt cover it this way
AcdcfreakRocks 3 years ago 7
You know if US doesn't bailout these companies more job loss and lay offs + no lending. But when the gov bails them out there is no nothing to help Americans. Were screwed either way. So all these rich AIG, FAnnie, Freddie cocksuckers get to stay rich fuck over average people who put money into them & the gov money that we had to give. AIG, Fanie, Fredie, & other bailouts adim need to all be fired! Now. Or monitor them like prisoners! Crap should not have control of the gov owned property!
hmmyeah 3 years ago
The American tax payer has to bend over and grab his ankles while the politicians drive them around the parking lot. I'm proud to be an American, but why does my ass hurt?
menthol5 3 years ago
Turns out Sec. Paulsen didn't take all the bad loans, he changed his mind yesterday. Now all the money is going to the banks so they can pay off their executive bonuses. Thank you Mr. Secretary! I can sleep easy tonight.
audadvnc 3 years ago 2
There is mass poverty in U.S, why can't your government payout 700 Billion to bailout kids born into poverty or improve your inadequate health system, which inadvertantly kills thousands of people a year.
Yet your government can pay out 700 billion to save an economy fuelled by greed of corporate CEO's and superficial stupidity of middle class America. Ohh I want that car and this house, I want I want I want. Middle class America, you were also greedy. Do you know what 1+1 equals?
Kooknit 3 years ago
Nothing in the news? Are you nuts? The news is all controled by these guys! They aren't going to criticise themselves! The only place to get the truth is RIGHT HERE!!!
Operaddict 3 years ago 3
I realize a lot of this is due to the banks knowingly giving bad loans, but why is nobody giving blame to the idiot consumers who knew they couldn't afford these loans?
TeslasRadio 3 years ago
some of them didn't know they were just gullible i believe we should not fault them solely for this situation considering they were lied to
deadly105 3 years ago
They added $140 billion of additional pork just to get it through these guys are bought and paid for by the Financial, insurance and real eastate sector. Didn't repeal Gramm-Leach Bliley Act or Commodity Futures Modernization Act. There is a revolution brewing in America this could be the straw
tomasleeman 3 years ago
The great one party system with two faces! Vote third party or its will only get worse! They have blended two parties into one Dysfunction Corporate Entity and your not INVITED! Only a National Strike will open their eyes! People are committing suicide because their old and lost their homes and retirement. Soon middle class Americans will be in bread lines! It is America's turn to be a third world country! And they have planned it for along time.
bludrums 3 years ago
vote every congress rat out!
Vote for Nader.
dukeofpuddles 3 years ago
and there's nothing you can do about it! your slaves! no joke! you really are slaves! and Obama and Mccain are both in on it! they know you won't fight back!
Vonvalson 3 years ago
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"Bail out bonds" Instead of the gov. using our tax money to mop up the wall street mess, the gov. should issue bonds that will allow American/foreign individuals&companies to participate in the bail-out BY CHOICE and see a return on their investment. Regulation! The gov should post-regulate, that is force predatory lenders to refinance the foreclosed mortgages at the initial interest rates the borrowers were able to pay in the 1st place and let them back into they're homes. It's only PAPERWORK!!
jayleeds2006 3 years ago
today they vote again... If they vote for the bailout... well it just shows how stupid we americans are for taking crap like this..
baalyezidi 3 years ago
GAY
leklek69 3 years ago
BAILOUT = JAILOUT
UnconcernedCitizen 3 years ago
when you dont pay the bail bondsman, you go to jail, so you wall street CEO get ready to get prison raped......also....this bailout is distracting us from the "energy crisis"...this is their way of sneaking by without actually having to come up with "alternate fuels"
RydanDenali 3 years ago
Ur not the only one.
xxnativeangel84xx 3 years ago
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zebbb77 3 years ago
I just lost my job where's my bail out plan?
bennmug 3 years ago
So, will we finally be rid of these fucking "flip this house" shows?
Fucking cheeseball wanna be real estate moguls.
mizilus 3 years ago
HR 2755 Federal Reserve Board Abolition Act -
aww shit no, another plot to cause mass poverty
303iz4uNme 3 years ago
the evil goal behind abolishing the Federal Reserve is to make inflation skyrocket on housing and crucial goods to humanity again and to keep wages low and send society into massive poverty.
you evil fucking fucks!
303iz4uNme 3 years ago
abolishing the fed not only bails out wallstreet in a huge way it lets wallstreet make even more inflation to enrich the rich and impoverish and starve the average income worker into poverty!
I hate all fucking politicians!
303iz4uNme 3 years ago
STRONGLY URGE YOUR SENTAORS AND REPRESENTATIVES TO VOTE NO ON THE BAILOUT AND TO SUPPORT H.R. 2755: Federal Reserve Board Abolition Act. The American people do not support a bailout, but in fact understand that the economic challenges we face require a massive overhaul of our financial system.
NO BAILOUT!!
AdenMutiny 3 years ago
politicians don't tell ppl this but as home prices rise, apartment prices rise for people who don't even own a home ! that means rent hikes for people working their ass off on minimum wage living in apartments! politicians avoid talking about this in mainstream media
because theyll pass off for what they are!
homelessness makers
303iz4uNme 3 years ago
the redundant rhetoric on tv is people losing their homes and bailin out wallstreets rich ceos, yet these home buyers where rich enough to buy one even after the 2003 hyperinflation spike what about the ones who cant afford one because its overvalued.., and bailing out wallstreet can only seek in helping home prices to hyperinflate again so that average income people and new generations cant afford one at all
303iz4uNme 3 years ago
I say, No bailout! I say, No bailout! But who give a shit what I say or what anybody that is saying no bailout. We the people have no say or voice anymore...They are going to do what they want...F THE STUPID AMERICANS...They say...They will pay...F Me!
Skyywatcher88 3 years ago
Heres a question if this or when this bailout does pass.. WHAT IS EXACTLY THE AMERICAN DOLLAR WORTH?????
ricanplboy 3 years ago
Yes we are stupid and this is only fair because we plebes want to participate in the game of getting something for nothing which is the real estate speculation game. Sure the bad guys are the Fed, the banks and Wall Street but they thrive on our acceptance of the legality of the notion that some of us can own mother earth and charge the rest of us for access to her. The land speculation game is the same game as played by slave owners who were outraged when their game was called. Game called.
ourearthhome 3 years ago
You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out. - Andrew Jackson, regarding the international bankers
RayAir1 3 years ago
I think the government should make everyone a millionaire...say 300 million population and everyone gets a million!.......and then let Wall Street and the Business people at the top, bid for your money with the goods and services they offer.Which is what they do now through their ADVERTISING EXCEPT WE NEED TO USE CREDIT. Forget the credit WHOSE INTEREST RATES ARE only FOR THE capitalistsS piggy bank and go to "cash only" for a change AND A REST.
buddyboyofcanada 3 years ago
THIS SUGGESTION WILL COST A LOT LESS THAN 700 BILLION and allow Americans to pay off their mortgage and debt and still have cash to buy goods and services. WOW what an infusion into the economy.. foreclosures would end immediately and the banks will get their due albeit without their interest to be sure unless they have penalties built in to prevent paying the mortgage off early.lol. So here is my question/suggestion I would love to hear the answer to.
buddyboyofcanada 3 years ago
you guys are so dumb! You've all got forecloses in yr contracts. be prepared to get yr knees dirty to keep yr houses!!
loboramsgate 3 years ago
Then you got no credit rating. where r u gonna put yr salary? What r u gonna do for those last 3 days of the month? I know!Invade another country and steal their oil!
loboramsgate 3 years ago
PRAYER FOR AMERICA...the Controversial Video from Mysterious CATMAN COHEN
"Steal a TV or car and face hard time in prison. However, steal millions in undeserved salary bonuses and stock option grants and never spend a day in jail because there are no significant repercussions for criminals with white collars and expensive attorneys. Such is the state of justice today, which is to say, no justice at all...and people wonder why our youth have become so hard and cynical?"
KeevayMusic 3 years ago
Democrats are voting for this bailout too.
ericblr 3 years ago
The banks have screwed us for years. they made their bed, now they can sleep in their own shit!!
loboramsgate 3 years ago 3
watch my video "how to dismantle the united states heirarchy" and join the revolution. You must watch before October 6th
destructovision 3 years ago
It wasnt my day to day efforts that caused this and yet I have been HIT HARD by this bullshit. Pretty much anyone in the construction industry is taking up the ass on this one. Is it the front line builders/contractors that have caused this? Is it you folks that wanted a piece of the American dream that tried to buy an over priced house?
This is outright theft perpetrated by a bunch of spoiled brat lard ass fucks sitting behind a desk that have never worked a day in their life.
mizilus 3 years ago
Wouldn't it be great to be JP Morgan, buying 307B in WaMu assets, paying less then 2B, and then if congress passes the 700B bailout, selling probably 10s of Billions of Toxic Assets to us!
That's perhaps a 1000% return on one days work, pretty good deal I'd say, perhaps the greatest in history.
virginlampoil 3 years ago
GET THIS THROUGH YOUR FUCKING HEAD,\
more foreclosures, means more housing crashes, one house fails on one street and sells for 50% of its value, then THEY ALL SELL FOR 50% LESS
Spotvsfutures 3 years ago
You don't get what I'm saying. JP Morgan going to take 10s of Billions of dollars from us, regardless of what happens to the housing market.
Indeed, if house prices continue to fall, they will be able to unload even more, perhaps over of 100 Billions dollars of Toxic Assets that they paid less then 2 Billion for.
virginlampoil 3 years ago
Wouldn't it be great to be JP Morgan, buying 307B in WaMu assets, paying less then 2B, and then if congress passes the 700B bailout, selling probably 10s of Billions of Toxic Assets to us!
That's perhaps a 1000% return on one days work, pretty good deal I'd say, perhaps the greatest in history.
virginlampoil 3 years ago
your a dumbass, it is their FAULT your right, but were near a DEPRESSION you IDIOT, we have no choice.
The bad loands are underpriced, if you do not take those BOND LOANS, then those PEOPLE will have higher foreclosures, more losses on banks, more job losses.
Get the facts idiot
Spotvsfutures 3 years ago
Write and call you Congressman.
Demand impeachment of both Bush and Cheney.
mopsius 3 years ago
I've written both Congressman and my Senator, PISSED OFF.
F'EM VOTE EM OUT. If they go along with this shit vote em out. Republicratic whores, VOTE 3RD PARTY,
tell a friend
chewbaca1989 3 years ago
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Email your Senators:
Email your Representatives:
Americans don't want a bailout of Financial Institutions and want ALTERNATIVE PLANS (ie. Metzler and Luigi Zingales).
Vote for H.R. 2755: Federal Reserve Board Abolition Act.
Alan Greenspan (Gold and Economic Freedom) stated that the shabby secret of deficit spending is a scheme for the hidden confiscation of wealth.
amdura 3 years ago
I think the Idea behind the bailout is to stop or slow a looming Depression. if we dont do somthing now we will all be on the breadline, if the banks are bankrup how are u going to et you pension and life savings out??? I think they need to open the fed reserve and show us the damn books this whole thing is totally unfair.
MADDKNOCKER 3 years ago
There IS a solution. . .
NATIONALIZE THE FEDERAL RESERVE!
Seize their assets! Arrest the criminals!
NATIONALIZE THE FEDERAL RESERVE CARTEL!
Google: Executive Order 11110 JFK
NATIONALIZE THE FEDERAL RESERVE AND ALL IT'S MEMBER BANKS.
Stop allowing the Federal Reserve private banking cartel to counterfeit the nation's money.
THE FEDERAL RESERVE ACT OF 1913 WAS THE CRIME OF THE CENTURY!
NotOfThisGalaxy 3 years ago
Stupid democrats have been complaining about the economy for years, and now that the White house has decided to do something about it you start complaining even more, did you watch Bush stand up and put it into stupid terms to the American people? If they don't act now democrats might pop from all this, well get it back, along with the problem fixed.
soaper720 3 years ago
Impeach Bush. Cionfiscate all your assets for supporting him.
mopsius 3 years ago
mr turk, I suggest you invest in commodities and precious metals, because the trillion dollars you're talking about doesn't exist yet, foreign countries are unwilling or unable to fund that much debt so most of it will come from the federal reserve, the federal reserve get it by authorizing the mint to print more money, so investing in commodities is the only safe haven against the coming inflation.
luke666808g 3 years ago
trillon dollers right up your ass
sidneyoh 3 years ago
Here's the deal - give it to the people if you do anything. You've milked us dry, and now is the time for some trickle up.
Then everyone in the nation agrees to vote anti-incumbent so the country can have in depth investigations and every last one of these sell out vermin in DC can pay the fiddler. Every last one.
mizilus 3 years ago
hey young turk, it isnt only going to cost a trillion dollars, we will pay interest on all that "money" printed by the "Federal Reserve" which is a private insitution built on greed and fake loans, AND IT ISNT EVEN A GOVERNMENT INSTITUTION, GRATS ON TRYIN TO GET THE RICHER, WHOEVER SUPPORTS THIS IS BLIND
carlmolito 3 years ago
what we have in America these days is taxation without representation.
NO BAILOUT. They want a bailout havethem talk to their bestest buddies in China and the ME.
mizilus 3 years ago
This bailout is such a crock! I say NO!!! Wake the hell up people! No oversight? Where's the accountability? Who's criminally responsible?
I say let the stock market crash...then we can ALL start over at square one...even those greedy rich execs who created the problem.
bapagan 3 years ago
where do you think your money goes if the market crashes?
DVAFP 3 years ago
IF the market crashes? You make me laugh. The market IS crashing. There is NO stopping it now. Bailout or no bailout, it's already a done deal. The PRIVATE Federal Reserve is robbing the country blind. They will buy up every business of any worth after the crash. Because they are the ONLY way money is made in the USA. We, The People haven't made a dime since Dec of 1913, They, the international Banksters make it ALL. The Fed is a cartel of international banksters Hell-Bent on World control.
NotOfThisGalaxy 3 years ago
exactly
DVAFP 3 years ago
OMG!WTF! Under the proposed plan the fed will buy the bad debt at "hold to maturity" value rather than market value. This means that they will get approx. twice market value. The banks would turn a profit at the expense of the American Tax payer.
"'It would represent a massive injection of new capital into the US banking system - for which taxpayers would receive nothing in return, except for the assurances...that their banking system would not collapse,' he said"
Reported by the BBC
cg66079 3 years ago
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Barack Obama received the 2nd most campaign contributions from Fannie Mae. Democrat Chis Dodd was first. Fannie Mae's disgraced former CEO-Franklin Raines- is an Obama economic advisor.
Obama slected disgraced former Countrywide Mortgage CEO Jim Johnson to lead his VP vetting committee. Remember? It was only a few months ago. Jim Johnson resigned when it was revealed his corruption and golden parachute were revealed. Obama's blasts Countrywide, picks Jim
bennyh12345 3 years ago
Wall Street and CEOs are going to line their pockets with this bailout money and a few years from now we're going to find ourselves in this same situation again
Mardasee 3 years ago
ya THINK!!!
kwatson813 3 years ago
the senators and speculators need to be prosecuted. greed has ruined this country. we left england to get away from taxes and now we are taxed more than ever.we are sheep being skinned and until the american public rises against the tyrant government, it will continue to get worse.
texashardcoreowns 3 years ago
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Apparently you have to rob to get rich in the Bush era.700bn corporate bailout? Let them crash! This is the biggest heist and is the biggest consolidation of wealth to the top 1% in American history! People should be rioting in the streets because we're going to be forced to pay for the mishandling and pure greed of the rich few. Try not paying your taxes and see what happens to you, you'll go to prison. These fuckers have taken everything from us. The shockwaves of this will be felt everywhere.
ivanbunny25 3 years ago
There has been not only no oversight from the Democrat-controlled Congress on any of these things, there has been an active effort to prevent oversight while at the same time blaming capitalism and the fact that there has been no regulation.
TheGuyFromZhills 3 years ago
In the 2006 elections, Democrats won both the House of Representatives (233 Democrats, 202 Republicans) and the Senate (49 Democrats, 49 Republicans, and 2 Independents caucusing with the Democrats) as well as the majority of state governorships (28-22). 2006!!!!!!!!!!! whos been incontrol before 2006? congress in republican control since 1995-2006 much more involved in screwing up the economy
juslisen678 3 years ago
Barney Frank and Senator Chris Dodd took control of the House and Senate banking committees, Representative George Miller, Democrat, California, Senator Ted Kennedy took over their respective labor committees, John Dingell, Democrat, Michigan, Jeff Bingaman, Democrat, New Mexico, became chairman of the energy committees.
TheGuyFromZhills 3 years ago
They want as many of you thinking that capitalism brought this about when in fact all roads lead to Fannie Mae and Freddie Mac and the Democrats who enabled them and ran them. They keep saying that people didn't believe in regulations.
TheGuyFromZhills 3 years ago
I thought they were private, but weren't allowed to fail as a last resort. I don't htink all roads lead to them. You're being awfully abstract when you sound like a Republican pointing fingers at Democrats.
FromBoomTown 3 years ago
FUCK THE WALLSTREET BANKS, THERE ARE PLENTY OF BANKS THAT WERENT SO IRRESPONSIBLE THAT CAN SUSTAIN THIS ECONOMY, FUCK YOU WALLSTREET CROOKs MOTHERFUCKERS!!! and on that note bring our troops home, WE CAN'T AFFORD A WAR, FUCK NATION BUILDING, IRAQIES SORRY, BUT YOUR ON YOUR OWN.
juslisen678 3 years ago
I just want to point out that nobody will take you seriously when you rant like that.
biffsocko 3 years ago
I dont usually agree with a lot of things Cenk has to say, but he hit it on the head with this one. Good job Cenk, I feel your rage too.
dudeman1109 3 years ago
Agreed. Banks should be allowed to fail.
However, it is said that if the banks fail, they cant loan money to business, and if business cannot get loans, then business grinds to a hault. Then another great depression.
I disagree. Some banks are fit (Wacovia, Bank of America), and they can make the loans. They do not need a bail out. So I say NO BAIL OUTS.
cleftronix 3 years ago
the banks are like investors. They gave money to people expecting a return plus interest. NOBODY gives out a loan unless they feel that they're going to get their money back. If these lenders are not incompetant, they're shady. This was their inevitable failure.
therealcaptobvious 3 years ago
Give the bailout money to those whose 'subprime 'debts are 'the origin of the problem' by paying off their mortgages;
the banks get the money, get rid of their bad debts, many of the poorest families in the land get a foot-uo ,realty prices stablize , the extra disposable income of those families flows into the economy as savings or expenditures; this could be administered by teh feds; a conddition of the payments is the creditind of the same money to the above homebyers;
COME ON GEORGE !!
christowie 3 years ago
95 percent of the country that own less than 5 percent of it's wealth is absorbing the loss from the 700000000 trade deficit. And that small amount of wealth have to eat THAT loss as the lenders take advantage of them. So that same group has to bail out that group. This country is FUCKED UP. I agree, fuck the bailout. let the banks collapse, capitalism is survival of the fittest.
therealcaptobvious 3 years ago
You are ABSOLUTELY correct. Circulate this video. Contact media. Contact your representatives!!
ircjunk2004 3 years ago
our american leaders are fucking retards at least Hugo Chávez take profitable company, if we the tax payer want to take on this type of debt we should take exxon mobile not unprofitable companyies
MrRightAllTime 3 years ago
What a great country ( if your rich )
where else can you work for 30 days in a company, have it go broke, and get $76 million for yourself in bonus pay.
I hear they hung people for that back in the day..
americafirst101 3 years ago
so let the market collapse start ww3 and start over again without these bank robbing idiots.
TheRealEnzo 3 years ago
Unfortunately, TYT doesn't really understand the economy very well and needs to do some more research before blowing hot air. The government HAD to "bail" out the companies because otherwise the entire market will collapse. They have no choice, which is why both sides signed on. Also, the takeover of AIG will likely net in a profit for the govt because of the interest. Basically, they want to dismantle AIG but in a safe and controlled way. That's the plan at least.
aimson 3 years ago
Oh you mean like Paul Wolfowitz' promise that Iraq's oil would pay for its own rebuilding??
tttootsie 3 years ago
You might have to add that the government had a the responsibility to punish the companies the practiced predatory lending practices. This situation is not a win win at the least. We will suffer because of the bail out. Hyper-Inflation will take place, and the so called middle and lower class will suffer. I guess the question could be why did it get to this point. The lesser of the two evils is still evil.
jmartecep 3 years ago
Well, the govt is owned by people who hate govt, so it's no wonder that the country is in the shits. Hobbes was right... Anyways, of course we will suffer from the bail out but we would have suffered more if these companies were allowed to collapse. Us liberals who argue for govt-backed health care (like Medicare or the VA) need to also see the benefit of govt regulation of wall street. Unfortunately, rich people are never held accountable so don't expect there to be any crackdown on corruption.
aimson 3 years ago
they had the choice, you apparently know very little about economics. And so did a lot of the idiots that ran the banks. When there is less factor market due to a huge TRADE deficit with a particular country, um... people won't have the money to pay off their mortgages. Duh! Their fault, these CEO's were paid for being the "experts". Ha! what hacks.
therealcaptobvious 3 years ago
I try not to speak to the ignorant but you insulted me so I might as well respond. You are right that they had the choice, they didn't bail out Lehman Brothers. Do you know why? Think about it. Why AIG and why not Lehman? Of course you don't know, all you can see is your own rage. I've been listening to NPR and I trust their reporting more than you or the other non-thinkers. One thing we can agree upon is that somebody needs to put those banker crooks in jail. Won't happen though.
aimson 3 years ago
aimson, you're insulting your own intellegence. Why does NPR have to consult you on the obvious? I'm really pointing out a very basic cause and effect logic that explains why the U.S. private sector is in a shit load of trouble. Money doesn't just disappear you know! There is no frickin Armageddon. Bush, Bernake and the others have to convince us that they're going to fix the economy at large before they get one cent. And that money should come from both the rich and China, not us.
therealcaptobvious 3 years ago
what makes the bankers crooks? They simply purchased AAA rated securities. How about the mortgage companies that apporoved loans for people who had no business GETTING loans? Or people APPLYING for loans that KNEW they wouldn't be able to pay them back?
biffsocko 3 years ago
We didn't need to bail anyone out. This is just the new manifestation of public fear to keep us all in line. Just like the Iraq nuke threat and the Cold War before it. Just like you begged for less cival rights when they showed you a picture of Osama, now you will beg for the end of the free market just because people made/took bad loans.
primesteak 3 years ago
The other day I took a payday advance on my wages and spent it all in a strip club. Now I can't pay my rent. But that's ok, I'm sure the Government will bail me out just like they did Wall st.
primesteak 3 years ago
they would if you contributed to the govt as much as wall street does.
biffsocko 3 years ago
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We put all this emphasis on physical crimes like robbery, but nothing on bigger crimes like this trillion dollar blackmail scheme. Someone physically superior to you can't use that to take advantage of you and rob you, but people more knowledgable than you can use their minds and cunning to take your home and life savings? That's the Bush ad for you.
stanjz 3 years ago
This bailout will massively devalue the dollar and lead to rampant price inflation.
SeanEdwardsCA 3 years ago
Only in America.
The average American has no clue what just happened.
sunnfun 3 years ago
freaking sad init , i was thinking the same thing the whole time. most people at my job have not clue wats going on , when i talk about wats going at Wall street they dont even know how to respond because they have no idea how all this affects them . And guess where we work freaking Manhattan , wall street's a few blocks away and these tools dont know whats going on down there. now thats spells success for the New American plan, a bunch of idiots being beaten with a an iron and they love it .
muzicalife 3 years ago
Muzic don't even waste your breath with those lost folks.They probably couldn't even find Iraq on a map.
sunnfun 3 years ago
1 Trillion? Go back to August 2007 and add all the liquidity package Bernanke has given so far,that's actually about 2 trillion. A very good job for United States of Socialist America!
glassvision 3 years ago
no,it's only called evil socialism when we help americans who need it apparently
osp80 3 years ago 2
Luigi Zingales proposed a sensible plan: we could have put the insolvent banks into an expedited form of bankruptcy. Some of the bond-holders would have forgiven debt in exchange for equity stakes in the companies that owe. just like chapter 11 except faster and with the government as a party in the negotiations. That would have allowed the debt to contract, which would have gotten us out of the crisis without a bailout.
Yes, we had to do something. But it didn't have to be this.
iplaysax 3 years ago
700billion for mass bailout, 300 bn for Fannie/Freddie, 85 bn AIG, 30 bn Bear Stearns that comes up to abt 10 Grand per family. I've never seen an instance where taxpayers have been shafted like in this bailout.
Its like all the patrons at a bar paying for damages done by two guys pickup a fight and breaking something.
raghuveern 3 years ago
"700billion for mass bailout, 300 bn for Fannie/Freddie, 85 bn AIG, 30 bn Bear Stearns that comes up to abt 10 Grand per family. I've never seen an instance where taxpayers have been shafted like in this bailout."
It's much worse than that. There aren't 300 million families in the US - only 300 million people. It's more like $30,000.00 per family, or more. It's a blank check. It WILL be MUCH more than that, if it goes through. And, band execs are already licking their chops.
lifewhispers1 3 years ago
Please, stop embarrassing yourself about Wall Street's reaction to the bailout!
The stock market rallied; because, SHORT SELLING WAS BANNED AND THE SHORTS *HAD* TO COVER!!!
Why are you not railing against the arbitrary banning of short-selling? Those on the wrong side of the trade should LOSE! The shorts were on the winning side of the trade! Why should they lose their profits?
So much for the idea of "free markets."
lifewhispers1 3 years ago
The largest transfer of wealth in history, and its from the middle class to the wealthy. Deregulation fucking sucks my ass, how many times do we have to put up with this shit. First the savings and loans, the airlines, the energy companies now the mother of them all... its disgusting. McCain is up to his eyeballs in the shit (Keating fucking five) and Phil Gramm his economic guru is even deeper in the shit. C'mon.
schmokay 3 years ago 2
Cenk, I'm more pissed about this than you are.
99Leo 3 years ago
Stick a fork in the United States: it's done.
BigOrang10 3 years ago
No BailOut! No BailOut for the financial Elite. We have been ripped off our own resources, jobs and taxes. WE HAVE PLENTY of natural resources in our country OIL, TECHNOLOGY, AGRICULTURE to give Americans the money and jobs WE NEED. The Financial Elite is worried about keeping their POSH living styles. NO BAILOUT!! Stand Up and demand JUSTICE.
TauCeti7 3 years ago
Everyone should be outraged. There should be rioting in the streets and we should hang everyone one of the fucking political cock suckers that vote for this shit. That's it. No more. Instead, we are all watching tv and sucking down beer and potato chips.
kxnipt 3 years ago
Cenq,
A fucking trillion dollars? This is incredible. So we the people fork over a Trillion dollars and give it to the banks to bail them out of the bad loans.
So what happens to the homes? Will they become government property? Will they sell them in lots to rich investors at super discounted prices to get rid of them? The houses in turn will be sold to ordinary people at the same inflated price. This is going to put our hard earned money right in the pocket of the billionaires.
milofonbil 3 years ago
I am equally upset with the situation but what would have been a logical alternative is the question.
Just letting the banks fail would have had a major impact on the global economy as many of the failures already have
Ruckus2thaLADIES 3 years ago
This is exactly what's needed. Watch Ron Paul or Peter Schiff and you will understand that US can no longer sustain inflated housing prices which are based on THIN AIR, not realistic value and in order for the US economy to get back on foot, we MUST provide low priced homes all across the US. Here's an idea, all the foreclosed homes are should now be socially given out to the most capable working persons of the USA. Call it socialism, but guess what, we haven't started this, the Govt did.
linnx88 3 years ago
Thanks for posting this video. Your feelings are shared all across US. I hope the bailout madness will be defeated. It is out ragious and unconscionable that average American has to pay for the execesses.
user392000 3 years ago
It's not even counting our national debt. They are taking money from YOUR future and YOUR childrens future.
silvertrigga 3 years ago
It's worse. The bailout for the banks doesn't help move homes, sell homes, to Joesixpac, especially with the new standards for home loans going UP, 1 October. It helps banks lend to each other, but the molding hulks in the foreclosure market grows DAILY.
It's not 1 TRILLION, it's closer to 3 TRILLION.
Yourdeadmeat69 3 years ago
CENK, you have got it 100% correct. We the American taxpayer are getting cheated, the crooks get away with billions with no worry. I am just as angry as you and many others. Congress, Republican or Democrat, makes no difference, they are out to screw the middle class and protect their butts just like they tucked it to us with the gas prices. Banks and other lenders were handing out loans with NO proof of income, no doc loans.
antronig 3 years ago
You put it the best so far, americans should be livid, but most the population don't even watch news, they don't even care. They all so so brainwashed and accepting of whatever this criminal government throws at them.
They even taking Cheney and Bush to court to stop them destroying the records from last 7 yrs, wake up people, your country is being run by an elite mafia.
pierrelarouge 3 years ago
so does the gov't own the collateral that the banks have...such as houses
roooddy 3 years ago
way more than a trillion man
nidan206 3 years ago
I read in the beginging of all this that the bill to consumers was going to be around 3 TRILLION but was scalled back out of fear that the public would completely disapprove, 700 BILLION is more acceptable to our leaders and will up the price when our backs are turned.
antronig 3 years ago
go interview peter schiff. he saw this coming years ago
nidan206 3 years ago
People in the real estate business saw it coming years ago too.
antronig 3 years ago
HELL NO! HELL NO! HELL MUTHA@#$% NO!
I'M NOT PAYIN $1'000'000'000'000 DOLLARS MAAN!
GO UNEMPLOYED INSTEAD.lol!
OhMightyDollar 3 years ago
Tax payers should have shares on AIG. lol
baukiki 3 years ago
Lets try this again:
OMG, I am in debt.
I made idiotic decisions.
I made brainless investments.
I cant pay my creditors.
I need a BAILOUT.
$700 billion should do.
JCPPro 3 years ago
OMG, I am in debtI made idiotic decisionsI made brainless investments. I cant pay my creditorsI need a BAILOUT$700 billion should do
JCPPro 3 years ago
- This is madness!
- Madness? This is Sparta!!!
useforum 3 years ago
Found this angry man talking about the mega mailout - watch v=-4m1fh_v9II
zaggy3110 3 years ago
oops bailout, of course
zaggy3110 3 years ago
With minorities here socialism will not work not everyone works on an equal scale. Look at Sweden for instance. Do you see blacks, or a large hispanic population there?
midwest26 3 years ago
Can't people see this leading to the new world order were the government want to control our lives. There really is not a democracy here. Our freedom is definetly out the window if Obama the socialist wins. People need to really look closer at what is going on here. Gun control is used only so we can't defend ourselves. If guns were really a problem then I would not leave your house not even to go to work you might get shot.
midwest26 3 years ago
february 1st Obama will regret this, from that point on he will be blamed for all of it
rightly so
siogyumolcs 3 years ago
Don't worry eventually these dumb idiots will loose all they have with the way they screw people around.
midwest26 3 years ago
No wounder why germans got sick of the jews. Jews run the markets here, and they made us suffer from their greed. If these people are so smart then they should have investigated the people they loaned money to. This is why capitalism does not work. They need a new system period, and not government controled. I'am looking for a job, and so is many other americans so I doubt lots of people will be paying for stupid greedy people, and their stupid mistakes.
midwest26 3 years ago
3rd party candidate, now more than ever
ridaq 3 years ago 3
Liquidity is not created by loaning money to the worst managed financial institutions, when there are plenty of good institutions out there!
These bailouts will bankrupt the US and it's people, risk that T-bills will not cover our expenses, and lead to further destruction of America as planned by the Bill of Rights and Constitution.
amdura 3 years ago
The Federal Reserve, with the approval of the Treasury Department, the president and the Congress is robing the American people by providing bailouts to financial institutions.
Demand that your congressman and representatives to vote against any bailouts of financial institutions.
Public money is not to be spent on supporting or nationalizing private corporations, which is socialism.
amdura 3 years ago
they blame the market volatility on Short Sellers... hmmmm ... how the hell is the market going up on day (buying) and down the next (selling)....geeezz... they should just shut the market down for a week instead of punishing the sellers for volatility that is clearly caused by BUYING and SELLING. lets ban buying for one week and selling the next. talk about artificially propping up the market... suck in number 1179 of 2008
maximumvalues 3 years ago
dot com bubble burst...wall st. insiders cash in and the avg. american investor gets washed out. housing bubble burst...wall st. insiders cash in and the avg. american gets washed out. can they wash out the avg. american again after this? yep.. they are going to prop up the dow and suck americans back into the stock market. on friday Ford Jr. sold $5,000,000.00 of his shares in Ford Motor and who bought them... easy guess. they'll keep sucking you dry so long as you have any money left.
maximumvalues 3 years ago
our country turned into United States Socialist of America. to say we are going to make PROFITS out of this??? sure! unless our homes price jumped 6 folds from the current price. thank you Bush Administration. Sept 19 Bailout is the day we are entering the collapse of former USA.
whong819 3 years ago 2
Americans are soooooooo stupid. Your public national debt will soon exceed your GDP.
If this 1 trillion dollar bail out goes through, us national debt will reach 11 trillion and the american GDP is 13 trillion.
Soon enough the dollar will collapse and will leave you open for warfare
Omer698 3 years ago 4
sadly, you're fucking right about that. this is terrible. i don't even know if we can fix this. no matter who is elected i just don't know. but i will say that john mccain will make it worse and at least obama will try
ShitSmear69 3 years ago 3
parulkarg, I hear you and your probably right but still... Cenk's visceral reaction is my own as well. What's to stop these fucks from doing something like this again. The republicans are all about deregulation and free market no matter who they hurt. The dems, with their nuts in a vice (and let's face it their own financial interests at stake) go rank and file along with it... We REALLY need Barack in the WH so a dem pres and a dem congress can set some shit right.
SquallCloud 3 years ago
The Bailout isn't a fix - it's a delaying tactic so the right people can get their money out and into more tangible assets- for the rest of the suckers they're going to say don't worry, don't worry- and then boom it all goes bye bye.
billybobhobnob101 3 years ago 2
This bailout was a smokescreen devised by the prvilidged frat boys in Wall St. who all support Democrats and hate to see a Bush in office. They devised a plan to crash the market and put Bush in a bind. Although the Democrats are a majority, once they have Obama they will take credit once the economy improves. Then its tax the middle class to death again and soft on terrorism
ProAmerican4Life 3 years ago
No offense but that is the most ridiculous thing I've heard since Wednesday, when McCain blamed Obama for the collapse of the US financial system.
The meltdown was created by greed and deregulation, hallmarks of the Reagan Revolution Republicans that have dominated Washington for the last 28 years.
Man up. You guys have really screwed this country.
goodni2 3 years ago 4
privileged frat boys in Wall St support.. the DEMS??
lol
ilovetchocky 3 years ago
economics should be run by economists, not mandated by congress!
jesusninjapants 3 years ago
Next time some Republican lectures you about fiscal responsibility, mention the bailouts!! That's what I did with somebody that read Ayn Rand's books!! That shut her ass up!!
lebaneseameer 3 years ago 2
Cmon Cenk, its a bit more complicated than that. The problem happened because there was a global liquidity crunch, lack of confidence in lending, without which businesses will fail. Depression would kick in. We would be in much bigger shit. Its not just fear mongering, that was a real possiibility. Also what is a real possibility is that once things settle down and economy is back on track, the goverment and hence the tax payer can actually make profit out of it. Leave it to the experts dude.
parulkarg 3 years ago