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Geithner Unveils $1.5 Trillion Bank Bail-Out? We're Cooked...

  1. profile image0
    pgrundyposted 8 years ago

    Does anyone feel any better after listening to this guy? I don't. Another trillion dollars for the banks? And this from the guy who had the brass balls to tell Congress that he used Turbo Tax the year he forgot to pay taxes on his IMF income? Rilly? Turbo Tax? What, did he forget to upgrade to the Turbo Tax NY Federal Reserve Chairman Gold Edition? I think you get one of those free with every billion dollar donation to Citibank--plus you get that cool foam coaster too.

    I think this is getting nuts at the level of Twilight Zone nuts. I think it's all over except the shoutin'. yikes

    What do you guys think?

    1. Mark Knowles profile image60
      Mark Knowlesposted 8 years ago in reply to this

      Cooked? Nah - slow roasted over an open fie for the next few years.... Oh yes. smile

      Does it feel like an attempt to destroy the value of the dollar? Oh yes. Not going to be pretty. The British bankers said "sorry" and then the ones who lost their bonuses because the bank needed billions in bailout money are suing lol

      BANK - it is the new four letter word smile

      1. Amanda Severn profile image91
        Amanda Severnposted 8 years ago in reply to this

        I didn't understand the thinking behind having those bankers say sorry publicly. Was it supposed to make us feel better? I've seen far more convincing performances at my ten-year old's school play.

        1. Sufidreamer profile image81
          Sufidreamerposted 8 years ago in reply to this

          Because they don't really care - they have millions stashed in the Cayman Islands!

          1. Amanda Severn profile image91
            Amanda Severnposted 8 years ago in reply to this

            Did you see those guys on the news Sufi? What was Gordon Brown thinking of, dishing out all that money, and not laying down some rules.

            1. Sufidreamer profile image81
              Sufidreamerposted 8 years ago in reply to this

              Crazy stuff - the UK and US cannot just keep pumping money into the bank accounts of these parasites. Makes me think that something else is afoot, here. Gordon Brown seems like an intelligent man, but my cat could have told him that these people would siphon money into their own bank accounts.

              I would like to see the Greek bankers try that - the Greeks would burn every bank in Athens, and then start on the Parliament. The British just accept things too much, sometimes - you should all be out on the streets.

              1. Amanda Severn profile image91
                Amanda Severnposted 8 years ago in reply to this

                You're joking! People here would try to be apathetic, but they just can't be bothered!

  2. Amanda Severn profile image91
    Amanda Severnposted 8 years ago

    Pam, I haven't caught up with the latest financial news from your side of the Atlantic just yet, but we're all reeling this side from the fact that several of our banks are using sizeable chunks of bail-out money to fund their annual performance bonuses. These guys surely do not live in the same world as the rest of us. How do they sleep at night? Our politicians have politely suggested that the bankers might waive their bonuses under the circumstances. No legislation has been put in place to ensure this happens, however. The whole scenario is like a giant jenga game. When the foundations have been sufficiently excavated, then the whole edifice will crumble into the basement.

  3. profile image0
    pgrundyposted 8 years ago

    Yeah, Obama put a $500K cap on executive compensation for any bank that takes federal bailout money--that was a few days ago. He did it because people were freaking out over banks who took TARP funds granting their top tier $18 billion in bonuses in 2008. The NYT ran an article on how you can't live decently in New York city on half a million. You really can't--not at the level they are used to living--but it's hard to see how they are justified in getting billions of dollars in bonus pay for running the whole financial system into the ground. I mean, they could move to New Jersey, right? Cut back. Limit the caviar to weekends only.

    I just don't see how the U.S. can avoid total economic collapse at this point. The stimulus bill is nearly a trillion, the bank bail-out is another trillion and a half, and we're already over a trillion in debt. That's already pushing four trillion dollars, and they're saying it might actually cost more than that. It's going to be like post-War Germany here, wheeling a barrel full of cash around to buy a loaf of bread. It's gonna be the United States of Zimbabwe.

    We'll be wiping our butts with $10 bills. That's all they'll be good for. yikes

  4. Mark Knowles profile image60
    Mark Knowlesposted 8 years ago

    It is possibly worse in the UK. Europe is not far behind. And when the Eastern European countries start defaulting, as they will..............

    1. profile image0
      pgrundyposted 8 years ago in reply to this

      I may be asking for payment in beef jerky pretty soon--you know, never mind the money, just send food. big_smile

      Seriously, my ex's father came here from Hungary in the 1950s. He has seen a deflationary spiral in person. He said there is nothing you can do, no way to prepare, it's just ugly. You just have to live through it somehow. It's encouraging to see that he did live through it, but he also had to come here to survive.

  5. Mark Knowles profile image60
    Mark Knowlesposted 8 years ago

    No beef jerky here. How about Donkey Sausage - a Corsican delicacy. Tastes much better than beef jerky. lol

    1. profile image0
      pgrundyposted 8 years ago in reply to this

      I think my roommate already has one of those! tongue

  6. profile image0
    pgrundyposted 8 years ago

    I don't understand how the U.S. can ever catch up with all this money we are promising to give out to the banks. Plus, the stock market fell today and Wall Street was all upset because they expected more money and fewer restrictions.

    1. robie2 profile image91
      robie2posted 8 years ago in reply to this

      The Dow was down close to 500 points......a one day disaster.  I think the crunch is here--and clearly we will all go together when we go.  This is a world thing-- not an American or Brit thing only.

      Break out the Little Friskies,Pam.  The moment you and I have been talking about since we arrived on Hubpage a year ago is almost upon us.  There's nothig to do but sit tight and hope for the best.

      1. Sufidreamer profile image81
        Sufidreamerposted 8 years ago in reply to this

        We were planting vegetables today - at least in this area, we can live off the land.

        Just preparing for the worst sad

  7. Eric Graudins profile image61
    Eric Graudinsposted 8 years ago

    I REALLY tried looking at this whole bailout thing from a politician's point of view, but couldn't get my head that far up my arse.

    Eric G.

    P.S. SufiDreamer: We've just moved to a place where there's LOTS of backyard space.
    I'll certainly be starting a veggie garden cool

  8. profile image0
    pgrundyposted 8 years ago

    It's so transparently 'last ditch'--as in, this is it. If this doesn't do it, we're screwed. Robie you are right, it's Little Friskies time.

    Eric, good luck on that vegetable garden. We did pretty well with ours last year. It did help--but it spiked our water bill. I'd like to rig a system to use grey water for it in the future.

 
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