Since Congress Is Responsible For The AIG Outrage, Shouldn't They Get Taxed 90%?
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Congress does an awful job of running things. They continually vote themselves raises. They caused the housing bubble and collapse.
They rushed through a stimulus package that was so urgent ... that no one even knew what was in it. Not even the President. And he signed it.
Congress should be forced to pay back 90% of their salaries for very bad performance. Or be fired.
When will Americans finally realize that half of the boobs on Capitol Hill have to go?
Come on. Do you also blame the police when they fail to catch a crook? Do you advocate that they lose their salaries when a bankrobber hits his second bank?
The real crooks are AIG. Don't lose sight of that. Government can work better, and we are here to make sure that happens, but Wall Street created and perpetrated the crimes that we're all paying for. Clinton and other business conservatives like Gramm made it possible, but it wasn't congress's fault.
By the way, you're aware that the GOP is the party that fought against limits on executive pay, right? Dodd and others wanted stricter regulations. And Obama compromised with the GOP - that's who pushed for these outrageous payments.
Come on. Do you also blame the police when they fail to catch a crook? Do you advocate that they lose their salaries when a bankrobber hits his second bank?
The real crooks are AIG. Don't lose sight of that. Government can work better, and we are here to make sure that happens, but Wall Street created and perpetrated the crimes that we're all paying for. Clinton and other business conservatives like Gramm made it possible, but it wasn't congress's fault.
By the way, you're aware that the GOP is the party that fought against limits on executive pay, right? Dodd and others wanted stricter regulations. And Obama compromised with the GOP - that's who pushed for these outrageous payments.
Wow, I've heard that some of the best pot in the nation is grown and smoked in Idaho. But, you are spewing tales that would suggest that Idaho's water is being dosed as well.
A police officer doesn't usually have inside information about bank robberies. And the police force doesn't usually give a thief the keys to the bank.
Congress put words into this bill ( read slowly ) that allowed AIG to fulfill previously arranged and contracted bonuses to top executives.
For your information, Dodd admitted to language that was put into the stimulus bill, which he didn't fight. He knew about it and didn't act.
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Government can work better, and we are here to make sure that happens, but Wall Street created and perpetrated the crimes that we're all paying for.
Once again you're wrong. Barney Frank and his friends made it easier for unreliable people to get mortgages. God, do I really have to explain this again? It was all down hill from there.
Geez, Chris Dodd is embarassed about his involvement in AIG exec bonuses. Not embarassed at all that he was involved in supporting an 800 billion dollar stimulus bill, that he didn't read, and was so full of pork that even folks in Idaho could smell it.
Congress should also repeal their pay raise that was voted in the very same budget that authorized AIG's payment. No money for AIG employees, no more money for Congress
Congress should also repeat their pay raise that was voted in the very same budget that authorized AIG's payment. No money for AIG employees, no more money for Congress
Count on the gentleman from TX's 14th to vote NO to his own payraise.
Once again you're wrong. Barney Frank and his friends made it easier for unreliable people to get mortgages. God, do I really have to explain this again? It was all down hill from there.
Yes. Please explain again.
And be sure to include an explanation of why a very tiny increase in defaults (brought about by deceptive loan practices) in the $20 Trillion home mortgage market was the problem, rather than the complete and total wipeout of the unregulated $70 Trillion secondary derivative market. Explain exactly why the first was worse than the second.
When the Democratic Congress ratcheted up and encouraged banks to give out loans to folks that were likely to default on their obligation, everyone knew that a bubble was on the way.
Banks made tons of money on these loans ( on the books) but the point is that these home loan contracts still needed to be paid. And they weren't being paid. If the government wouldn't have stuck their dick in it in the first place, real estate would have dealt with market conditions as they came.
In other words, real estate boomed artificially, and homes that people thought were worth so much, because of demand, really weren't worth that much to begin with. On the books, a home might be worth $200,000. If the owner defaulted and lost the house. The bank retained it. Without getting back what it leant. Also, no one is going to buy the house for what the bank wants. Because prices went up uncontrolably.
But, banks could not have gotten into this kind of risk game, if it weren't for a Democratic Congress that passed laws that encouraged risky buyers to invest, and then backed out.
Last edited by Yooperkat; 03-21-2009 at 01:58 PM..
People routinely say: When are we going to wake up and take back America?
And what in the hell are we peon peasants going to do about it? If you say vote them out then click on the next post because what I have to say is not for you. Also what I want to say is impossible under the current USA Government regime and will also get me canned from this forum. They have their feet on our necks and we can't get up.
In the old days if we did not like what the Govt did we marched, ranted and carried signs saying horray for our side. The Govt was affraid of we the peons. Today we are affraid of the Govt and that is dispicable.
We are so busy working 2 jobs just to make ends meet we have no time to march, demonstrate or take up arms and start a revolution. Besides, if we the peons did try to organize the donut munching connoisseur pigs who's belly looks like a damn donut will just arrest us for unlawful assembly or whatever other law they can dream up or make up.
Give up my friends and fellow Americans. America no longer belongs to we the peons. It belongs to your (not mine) Govt.
Regime? Are you crazy? You don't have to answer that. A regime is in the manner of Castro or Chavez or any other little third-world dictatorship. The American public voted to get these clowns in. The American public can vote to get them out. And quit this "let's put 'em all in jail" crap, quit putting the donkey before the cart. Get 'em out first, then prosecute.
Not everyone is working 2 jobs, yet. I feel for the ones who must. As in the "old days", there are still many who can march, who can demonstrate, who make the calls. Give up? Sounds like you already have. Too bad, cause you won't or cannot participate.
When the Democratic Congress ratcheted up and encouraged banks to give out loans to folks that were likely to default on their obligation, everyone knew that a bubble was on the way.
Banks made tons of money on these loans ( on the books) but the point is that these home loan contracts still needed to be paid. And they weren't being paid. If the government wouldn't have stuck their dick in it in the first place, real estate would have dealt with market conditions as they came.
In other words, real estate boomed artificially, and homes that people thought were worth so much, because of demand, really weren't worth that much to begin with. On the books, a home might be worth $200,000. If the owner defaulted and lost the house. The bank retained it. Without getting back what it leant. Also, no one is going to buy the house for what the bank wants. Because prices went up uncontrolably.
But, banks could not have gotten into this kind of risk game, if it weren't for a Democratic Congress that passed laws that encouraged risky buyers to invest, and then backed out.
Well, you completely missed the point. How does a small uptick in default rates (which was primarily not associated with the poor homeowners) cause a global crisis? And how is it that you are ignoring the complete collapse of a $70 secondary derivatives market in you explanation?
Are you trying to find a scapegoat? Seriously, why would people want to torture the facts in order to blame poor people (or those who want them to own homes) and defend the ones who actually got filthy rich by trading vapor-investments?
The first group caused a small hiccup in the mortgage market. The other sucked $70 trillion out of our economy. Which was more serious?
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