a2a_linkname=”Wanted: Fuld”;
a2a_linkurl=”http://tupto.com/corporate-america/wanted-fuld/”;

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The financial crisis in the banking industry is the equivalent to somebody slitting their wrist and watching it bleed.

A lot of people in the industry made a lot of astronomical bad bets (slitting of the wrist) and did nothing to address it (watching it bleed). I keep saying over and over again that these people haven’t done one damn thing to address their own problem internally. They have known the sub-prime mortgage was falling apart over a year ago, yet they were and are still under a business as usual policy. They have done nothing to change their policy, stopped the foreclosures or have done any renegotiation on those loans where the high interest rates are the only thing keeping some homeowners from losing their homes.

Predatory lending and liar loans aside people need to start looking to the people running the show and who got us into this mess instead of to the government for a bailout. The bailout itself is nothing more than the Iraq war all over again, they are lying to get what they want, they’ll continue to come back for more money, and it will be grossly mismanaged. It is a deal with the devil, i.e. Paulson.

The thing that irritates me the most about this is that the only thing that stopped the bailout from going through is the backlash from constituents, i.e. I won’t get re-elected. If not for that they would have done exactly what they did with most bills and including the decision to go to war and that is merely a rubber stamp without considering the massive implications of such a decision.

Instead of just figuring the bailout needs to occur in some way shape or form and just going with what one man (Paulson) is telling them why aren’t they having discussions about not doing it at all and going back the businesses and banks to figure out alternatives? Essentially Congress should be forcing their hand and making them get out of the huge mess they’ve made by saying there will be no bailout. I believe that would do much more to bring confidence back than any bailout plan.

They are going forward without thinking of ANY alternatives. They are taking the word of ONE man (I won’t mention the connection this one man has to all who are to benefit from the bailout). Where’s Bernanke lately anyway? They are rushing into it without full understanding of what the problem is. They are rushing into it assuming it is going to work. There is no evidence that the bailout will work, or that anybody is going to participate, or what Paulson’s motives are.

And how many times since the word bailout was uttered has the problem changed? First it was that more people will lose their homes. OK, that is no different than what is happening now and they are still watching that wound bleed. How can a bailout help that? It can’t because the bailout is for the banks and the banks don’t need a bailout to stop foreclosures.

The problem now is credit, which I don’t recall them mentioning when this “crisis” first started. I understand the importance of many businesses needing short terms loans and such, but I don’t think it will be a bad idea to cut credit for consumers since far too many are in debt up to their eye balls anyway. Besides I know I am still getting credit offers in the mail, so I am not seeing it myself and I am sure there are many more who aren’t seeing it either so my guess is many Americans are not seeing this “crisis.”  I DO believe there are a lot of Americans hurting right now but this bailout plan isn’t going to help them.

And why are people still saying we will go into a recession? It seems to me we have been in one for awhile, but nobody will admit it.

What exactly are they doing on Capital Hill anyway? I can get a two year old to do the rubber stamping.

The financial crisis in the banking industry is the equivalent to somebody slitting their wrist and watching it bleed.
A lot of people in the industry made a lot of astronomical bad bets (slitting of the wrist) and did nothing to address it (watching it bleed). I keep saying over and over again that these people [...]

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The Economic Stabilization Act

Act Summary

Section-by-section of the final bill

The Economic Stabilization Act
Act Summary
Section-by-section of the final bill

a2a_linkname=”Emergency Economic Stabilization Act of 2008″;
a2a_linkurl=”http://tupto.com/money/emergency-economic-stabilization-act-of-2008/”;

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Embedded video from CNN Video

a2a_linkname=”Blame game - boo hoo”;
a2a_linkurl=”http://tupto.com/money/blame-game-boo-hoo/”;

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a2a_linkname=”Photo reveals shocking revalation about Paulson”;
a2a_linkurl=”http://tupto.com/money/photo-reveals-shocking-revalation-about-paulson/”;

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