Stock Market Crash Financial Crisis: $700 Billion Bailout

[kitemaster55]

Awesome you nailed it and no politician addressed the real problem of regulation 2 laws written by Gramm (R) caused this.

[bulbheadmyass]

Excellent song and I loved the history lesson too.

[ettennyl62]

Every time they come up with a fix the market tanks

[BABABONDOMAN]

Question: If only approximately TEN people are responsible for this financial disaster WHY aren't these ten people either in PRISON or put out on the streets with nothing but the clothes they are wearing? At minimum these people should have ALL the money and assets they "own" and given back to the people now struggling in America due to their greed. We should NOT let these people get away with what they have done!

[tomasleeman]

These bills were past by the house and the senate and signed in to law by the president. Alan Greenspan and the federal reserve lowered interest rates to 1 % causing widspread speculation. Preditory leanders took advantage of unsophisticated investors with exotic morgages. Companys like AIG knew the risk on credit default swaps but sold them anyway. Investment banks leveraged themselves out to 35 to 1. And people bought over priced houses think there was a great fool to buy it at ahigher price.

[ettennyl62]

I guess there were a lot more than just 10 people responsible, all of congress and the senate and the president, the federal reserve system, all the big investment banks and brokerage firms, mortgage brokers real estate agents and appraisers and the foolish people who bought houses above their means

[kinimalia]

reported on NPR 10/4/08 on This American Life that for the taxpayers to purchase this huge, stinking pile of garbage assets and get nothing in return is certainly possible.

However, someone in both Sen and House has added language to the bailout bill to give the Treasury Secretary the OPTION of requiring stock in the failed banks, along with the worthless assets.

Sort of like yes, we'll buy your bad debts, but we own a % of your business.

Q: How do we force them to do this now?

[ettennyl62]

good question...

[kinimalia]

there seems to be a movement now to "buy out, not bail out" which asks our world leaders to override the financial movers and shakers, and resolve this matter on an international level, to restabilize the world's economy.

does anyone know what that's about? I'd like to understand this better

[ryanneal77]

excellent,. and the kiteboarding videos ain't half bad either,.

[AmberCrawfordMovies]

Tom, u rock!!

[censorshipwatchdog]

LOL!

[ettennyl62]

Both Mcain and Obama have taken multi millions from the Financial Insurance and real estate sector neither talks about the legislation that got us here.

[escandres8]

thanks for your work...

[coreydwyer]

awsome!!

[buddyboyofcanada]

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]

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.

[MiaZgra]

buddyboy for President! Sadly, it won't happen in a million years, but it sure is a nice thought! Boy, what I could do with a million smackeroonies! Woo hoo!

[tomasleeman]

Good idea!

[PuppyPockets]

Nice!