Bye Bye Banks and Wall Street

innerSpaceman · 09-29-2008, 11:49 AM

No they don't. They need to do just what they've done. Reject this bullsh!t of $700 billion throwaway of OUR money that won't do a damn thing to solve the financial debacle of banks.

I feel bad for Alex and for zapppop, you are both likely to lose your jobs. Banks are going to drop like flies (there are only a handful left standing at this point anyway, right?). But the bailout would only delay the inevitable.

The deal included no protection against windfall golden parachutes and outrageous CEO compensation for the dickwads who caused this disaster, and no relief for homeowners who can't pay their mortages. The only "concession" the democrats (supposedly in charge of Congress) got was oversight for the money (i.e, half now and half to be approved later by Congress).

Voters are not buying the Sky Is Falling Scenarios in the press, and they are letting their representatives know it. A Republican Congressman from Texas wisely pointed out the bailout proposal is, "like the Patriot Act and the Iraq War, borne of fear and haste." Bravo for him.

Perhaps voters will feel differently soon, perhaps not. Right now, the crisis is only in the news. No one's feeling it in their lives. During the Great Depression, no one had to read it in the paper to know there was a great depression. Until people start seeing this as a calamity affecting them, I can't blame them for thinking this is just a bailout of reckless Wall Street Tycoons, and likely a feckless way to prop up global markets that simply can't be propped up at this point.

The Lovely Mrs. tod · 09-29-2008, 12:39 PM

Quote:

Originally Posted by innerSpaceman

No they don't. They need to do just what they've done. Reject this bullsh!t of $700 billion throwaway of OUR money that won't do a damn thing to solve the financial debacle of banks.

... Perhaps voters will feel differently soon, perhaps not. Right now, the crisis is only in the news. No one's feeling it in their lives. During the Great Depression, no one had to read it in the paper to know there was a great depression. Until people start seeing this as a calamity affecting them, I can't blame them for thinking this is just a bailout of reckless Wall Street Tycoons, and likely a feckless way to prop up global markets that simply can't be propped up at this point.

While I'm not sure as to whether or not the bailout would help much, I disagree with the contention that voters aren't feeling the crisis in their lives. Three banks in as many months, every customer wondering what's going to happen to their assets, every employee wondering what's going to happen to their job. Approximately one million foreclosures in California alone are predicted for 2008...that's a LOT of people who are feeling this crisis in their lives. Face it...the nation's nervous. And not without reason.

Isaac · 09-29-2008, 12:49 PM

Quote:

Originally Posted by innerSpaceman

I feel bad for Alex and for zapppop, you are both likely to lose your jobs.

Don't cry for me Argentina. I still have a job.

The merger was brought to my attention last Friday by my co-worker, Sean. Citi met w/ Wachovia to begin negotiations of a potential merger. Over the weekend things moved quickly and an agreement was made early this morning. Wachovia (unlike Washington Mutual / 'Wa-Mu') didn't fail but was encouraged by the FDIC to merge w/ Citi. The merger will be a $42 billion loss for Citi. Wachovia suffered a loss of $15 billion earlier this year but that was mainly due to the bad home loans that were acquired when Wachovia bought out Golden West. The merger won't be finalized til the end of the year. Some of the bank employees might get laid off.

So what does this mean for me ? Not much (at least for now). Though Wachovia Bank is having it's bank woes (like all banks right now), my company, Wachovia Dealer Services, is continuing to generate more & more revenue. Each quarter we set a new record high. Though we're only a small part of the Wachovia Corp. we're very successful. Citi has an auto finance division but it's much smaller than ours. There doesn't seem to be much cause for alarm where I'm at. So for at least the next 3 months it looks like it'll be business as usual.

09-29-2008, 11:49 AM	#1
innerSpaceman Kink of Swank Join Date: Jan 2005 Location: Inner Space Posts: 13,075	No they don't. They need to do just what they've done. Reject this bullsh!t of $700 billion throwaway of OUR money that won't do a damn thing to solve the financial debacle of banks. I feel bad for Alex and for zapppop, you are both likely to lose your jobs. Banks are going to drop like flies (there are only a handful left standing at this point anyway, right?). But the bailout would only delay the inevitable. The deal included no protection against windfall golden parachutes and outrageous CEO compensation for the dickwads who caused this disaster, and no relief for homeowners who can't pay their mortages. The only "concession" the democrats (supposedly in charge of Congress) got was oversight for the money (i.e, half now and half to be approved later by Congress). Voters are not buying the Sky Is Falling Scenarios in the press, and they are letting their representatives know it. A Republican Congressman from Texas wisely pointed out the bailout proposal is, "like the Patriot Act and the Iraq War, borne of fear and haste." Bravo for him. Perhaps voters will feel differently soon, perhaps not. Right now, the crisis is only in the news. No one's feeling it in their lives. During the Great Depression, no one had to read it in the paper to know there was a great depression. Until people start seeing this as a calamity affecting them, I can't blame them for thinking this is just a bailout of reckless Wall Street Tycoons, and likely a feckless way to prop up global markets that simply can't be propped up at this point.
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