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You are advocating nationalization of the leading financial institutions that happen to be insolvent. Maybe that is a better solution than the Paulson plan, but neither one is a good solution in my view. Maybe the Congress should just bolster the FDIC sufficiently to protect depositors and let these banks fail. The surviving banks, such as JPM, BRK, BAC and C will thrive in a less competitive environment, and new ones will spring up.
wthattny 3 years ago
I agree with half of what you said.
NO BAILOUT IN ANY FORM!!!
troyg19 3 years ago
Taking EQUITY positions in return for the needed money is not Socialism or Marxism. They would not be owned or run by the government. It would simply be a purchase from other shareholders who would have lost 100% of their investment without the help of the tax payer. This is simply a chance for the government to put the money into accounts of the people who bought them.
DrArbitrage 3 years ago
Taking EQUITY positions in return for the needed money is NOT A BAILOUT. If it is, the only people being bailed out are the customers and the employees who were victimized by bad management. The people who wrecked the company lose their money as they should. The people who saved the companies get rewarded when the company and the economy turns around as they SHOULD.
DrArbitrage 3 years ago
I guess the situation is that FDIC cannot possibly be funded with enough money to cover the deposits that would be wiped out if our banking system collapsed under the weight of its 30x leverage and credit default swap liabilities. Hence, the Paulson plan is a propping up of the house of cards, in hopes the liabilities eventually will disappear through refinancing and piecemeal liquidation. Personally, I would rather see the govt declare certain instruments void.
wthattny 3 years ago
Oh yeah, I almost forgot.
The current Federal Reserve Chairman, Ben Bernanke, is the former CEO of Goldman Sachs!
Imagine that. The Good old boy system. He just wants to help out his friends.
troyg19 3 years ago
Don't forget Corzine.
DrArbitrage 3 years ago
Hello Mr. Arbitrage!
Been awhile.
The Bail out in ANY form, will mean a Depression for atleast a decade!
The FED (with any bailout package) will inflate our dollar so much, it will be worthless.
NO Package!!! Let there be a Very Bad recession for a year, maybe two, abolish the FED (who is responsible for this crisis), put our money back on the gold standard, and all will be back to normal.
Social Secuity is 22 Trillion in hole, it will not be saved, it is gone!
troyg19 3 years ago
All the money currently being paid to S.S. recipients, is being borrowed from other countries. S.S. has been broke for atleast a decade.
You or I will never see a penny of S.S. thx to the CFR members in Congress, and oh yeah, Bush Sr, Bush Jr, Clinton, and Reagon too. They all voted to raid the S.S. trust fund.
Who was the only Presidential Candidate that was even close to knowing this was going to happen? RON PAUL... and America rejected him.
troyg19 3 years ago