Thanks to everyone in Washington who voted for this. Now pretty much the taxpayers will be bailing out those greedy Wall Street *******s so they can dig themselves another hole. How anyone could justify this while at the same time handing out multi-million dollar retirement packages to CEOs who drive companies into the ground is beyond me. I think they should base CEO retirement packages on overall performance. It would at least give them some incentive to try. My future kids, their kids, their kids' kids, and their grandkids will be paying on this and it still won't ever be paid off......
Posted by pettyfan (Member # 2260) on :
Yeah, that's some sh!t. They got themselvs into this mess, they should get themselves out of it the best way they can, and NOT at the expense of the taxpayers.
Posted by jdocster (Member # 5752) on :
Motley,
Most of this money is supposed to be repaid in the form of short term loans to banks. Theoretically, this money should be paid back. Do I think it will happen?
Read this:
In addition to the $700 billion financial bailout package Bush signed into law Friday, the Fed announced two bold programs. On Monday, it increased a short-term loan program to banks and other financial institutions to as much as $900 billion by the end of the year. And on Tuesday it said it would buy vast amounts of short-term "commercial paper" debt, some of it unsecured, taking the Fed into previously uncharted waters.
Fasten your seat belts people... The market will bounce back. I'm just wondering how long it's going to take.
Try to stay positive...
Posted by Chris the CandyFanMan (Member # 3197) on :
I'd say it'll start making serious progress up in about a year and a half. It may take a few more years to get up to pre-this year levels, but perhaps this will be a blessing in disguise; if the world's smart, they'll use this down period to become more efficient in as many areas as possible, then carry it over when things go back up again. Don't worry too much about all the CEOs; more than a few will probably end up serving Enron-length terms; the FBI's already investigating several, and after what's come out in the recent Congressional hearings, it's almost certain more will have not just the book but the whole library thrown at them.
Posted by MotleyRulz (Member # 3598) on :
I saw those arrogant prick executives from AIG testifying before Congress the other day. They spent in the hundreds of thousands of dollars on some sort of exclusive spa/retreat and then beg to get bailed out......
