30 Sep 08
After all, he was awarded an $18.7m bonus for 6 month's work as the chief executive of the Goldman Sachs Group.
http://www.nytimes.com/2006/07/04/business/04goldman.html
Greed of Paulson & people like him is exactly the reason why the US & World Economies are in the state they are in.
No wonder Obama called for "adult supervision" in Washington yesterday, pointing out that Bush, McCain, Paulson et al have fought against financial-market regulation for decades.
30 Sep 08
Originally posted by SquelchbelchWell I guess you should ask the Democrats. After all, if it were not for the Republicans his legislation would have passed.
After all, he was awarded an $18.7m bonus for 6 month's work as the chief executive of the Goldman Sachs Group.
http://www.nytimes.com/2006/07/04/business/04goldman.html
Greed of Paulson & people like him is exactly the reason why the US & World Economies are in the state they are in.
No wonder Obama called for "adult supervision" in Washington y ...[text shortened]... that Bush, McCain, Paulson et al have fought against financial-market regulation for decades.
30 Sep 08
2 edits
Originally posted by jlillyThe proposed measure is an effort to stabilize the market and infuse liquidity into the market so that the average Joe can go out and get a loan for a car and/or so the company the average Joe works for has access to credit so they can pay him and/or so the business he works for does not go out of business and/or so that the average Joe does not loose his house in foreclosure and/or so the average Joe does not have to watch his retirement dwindle to nothing in his 401k.
@Whody:
You're in support of bailing out these monsters?
Everyone associated with the legislation agrees that the need for such legislation is abhorrent, however, the question is, is the alternative more abhorrent? As for myself, I have no idea other than what the "experts" tell me just like everyone else so I guess the question is, who do you trust? All I know is that I am tired of bureaucrats making financial decisions for the country because they are as clueless as you and me. For example, they have a bad habit of running out outrageous debts and then taxing the hell out of us all to boot and then look around and wonder why the economy is tanking. It is then no wonder we are in such dire straights. Instead of being lawyers they should all have PHD's in economics. Then again, that does not seem to have helped Uncle Ben and company. They seem as clueless as the bureaucrats.
30 Sep 08
1 edit
Originally posted by whodeyI must admit I find it strange that some people refuse to face the facts.
The proposed measure is an effort to stabilize the market and infuse liquidity into the market so that the average Joe can go out and get a loan for a car and/or so the company the average Joe works for has access to credit so they can pay him and/or so the business he works for does not go out of business and/or so that the average Joe does not loose his hou oes not seem to have helped Uncle Ben and company. They seem as clueless as the bureaucrats.
The truth of the matter is that the average American citizen is going to have to directly pay for the financial mis-management & greed of the corporations and their multi-millionaire executives at a time when Joe Public can least afford it.
The current crisis demonstrates exactly how abuse of modern Capitalism can lead to catastrophe if correct regulations and restrictive legislation is not in place.
http://news.bbc.co.uk/2/hi/business/7643199.stm
Members of Congress have been dealing with two powerful conflicting forces over the last week.
The first was remorseless pressure from the White House - the argument that the country faced a crisis so profound that unless they approved the government's plans, American capitalism would grind to a halt as funds flowing between the banks began to dry up.
But the second pressure which is much harder to measure came from ordinary voters writing or emailing their own members of Congress angrily demanding that they reject a scheme which is universally perceived here as a bail-out of Wall Street bankers.
They are perceived as greedy, incompetent fat cats who have created this crisis themselves and who are now being allowed to pick the pockets of American voters to fix it.