...these people that doubt. People that are accustomed to fear & intimidation. Being accustomed to it after a while, you start to question why. When you question why, you start to find out there really isn't anything to be scared of, as long as you ask the right questions & act responsibility. But, the trick is, & this is what's getting my hometown down, you HAVE to ask the questions.
I've been reading, again. & again, today's soundtrack is brought to us by Marvin, who in case you didn't guess, is definitely in my list of top 5 people to have dinner with. Open it in a new window, then come back to read the rest of my post so you can read with the song playing in the background. I'll wait here.
From what I understand the big bank CEO's are threatening to NOT participate in any bailout agreement if their bonuses are taken away. Yes, you read that right. You know me, I'm currently trying to find the names of these CEO's. I think the FBI might be able to help me...
For others that may still be confused, this is an excellent article for you to read:
http://krugman.blogs.nytimes.com/2008/09/23/getting-real/
Yes, I had to re-read it a few times to sink in, but it helps.
Okay, so what all these experts are saying is that if controls for oversight are put into the legislation, only banks that are failing would want to be part of the bailout. So lots of people are asking the next logical question; if banks aren't failing, why do they need our help?? This is what the White House Press Secretary said:
"With respect to executive pay, again, I'm not going to get into specific, point-by-point details on what our views are on that, other than the Secretary of Treasury said it would make more difficult to make this plan work and effective if you provide disincentives for companies and firms out there who are holding mortgage-backed securities and other securities from participating in the program. You have to remember, these are not all weak or troubled firms that own mortgage-backed securities. A lot of them are very successful banks and investment houses that have done very well, have been responsible, are holding performing assets that have value. They were not necessarily irresponsible players, and so you have to be careful about how you deal with them."
So where the "HUH?" comes in is here. This is why I am saying this is essentially a Socialist, heck, Communist, banking system being proposed. If a bank isn't troubled, why do they need our tax dollars to help them out? The reason they wouldn't want to participate is because if they aren't allowed to have bonuses, it's not worth it to them. This is because the only reason they are in the game is for their bonuses. If these firms are doing so awfully they are going to fail, why would the issue of bonuses even be an issue? You know the phrase you can't get blood from a turnip?? (I'm actually a rutabaga. Nice to meet ya.) If these vampires don't need to participate, obviously they are going to be able to get their blood some other way. So they aren't going to fail, I'd say.
Remember in my first post on this how I quoted Section 8 about how there were no provisions for oversight??? Paulson (AArgh! A$$hole!) responded with this:
"We gave you a simple, three-page legislative outline and I thought it would have been presumptuous for us on that outline to come up with an oversight mechanism. That’s the role of Congress, that’s something we’re going to work on together. So if any of you felt that I didn’t believe that we needed oversight: I believe we need oversight. We need oversight."
Yeah, he didn't include oversight because he's been proven to be someone who isn't comfortable overstepping any boundaries, whatsoever. Ya know, first thing I think of when I think of him is how meek & unassuming he is.
I am looking for what Obama's plans are in regards to this, but this is what he's said up to this point:
"First, the plan must include protections to ensure that taxpayer dollars are not used to further reward the bad behavior of irresponsible CEOs on Wall Street. There has been talk that some CEOs may refuse to cooperate with this plan if they have to forgo multi-million-dollar salaries. I cannot imagine a position more selfish and greedy at a time of national crisis. And I would like to speak directly to those CEOs right now: Do not make that mistake. You are stewards for workers and communities all across our country who have put their trust in you. With the enormous rewards you have reaped come responsibilities, and we expect and demand that you to live up to them. This plan cannot be a welfare program for Wall Street executives."
& as far as the GOP, well, go here: http://www.talkingpointsmemo.com/docs/RSC-Alternative-bailout-Plan/
I'll just summarize & tell you it calls for the elimination of the Capital Gains Tax for 2 years. Ya know, that tax that's based on profits in real estate, cause that's what we're all making right now. Talk about giving the richest people a break on taxes & then passing the tax burden onto everyone. It also seeks to repeal the Humphrey-Hawkins Full Employment Act, this measly little thing that regulates things like, oh, requiring the government to utilize only reasonable measures in balancing the budget, mandates the Board of Governors of the Federal Reserve to establish a monetary policy that maintains long-run growth, minimizes inflation, and promotes price stability. It also requires the President to set numerical goals for the economy of the next fiscal year in the Economic Report of the President and to suggest policies that will achieve these goals & requires the Chairman of the Federal Reserve to connect the monetary policy with the Presidential economic policy. Oh, & there's this other thing: it prohibits discrimination on account of gender, religion, race, age, and national origin in any program created under the Act.
I think things are looking up. It seems like the lights are getting brighter in this tunnel & the need for this tunnel is becoming more & more unnecessary. For those of you keeping up on this, & especially those of you that actually HAVE called & complained: BLESS YOU! This how the system is supposed to work. We call- They answer.
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