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Paulson $700 billion Plan -Print & Tax
Print and Tax
This is what we can expect from the $ 700 billion dollar (and all the Other initiatives Fannie...AIG and all other black holes. Etc.) Call to save the economy. Accepting this initiative will cost every American $37,000. Putting this in its proper context this ...Approximately 73% of the median US salary just for one year.
It is beyond unbelievable.
We are dammed if we and dammed if we don't.
It leaves one to question … we followed so silently when we were told that Iraq had weapons of mass destruction. Well too many billions to count and more importantly too many young lives destroyed to find out
this wasn't the case.
I respect what Obama said, it is not the point to find who is at fault but the important thing is to resolve the crisis. It is so sadly evident that the crisis will be solved by taxing the US populace and more so by the FED printing dollars. By printing money, our dollars have a strong chance of devaluing and more so potentially causing rampant inflation. Any way you look at it we are in a terrible situation. Is it wrong to complain? How many of us paid our mortgages on time, lived within our budgets and paid our taxes. Now only to be
faced with one of the worst economic situations in our lifetime due to greed and Government waste. If we ran our households or businesses as the government had we would be in the poor house. Listening to speeches has only led one to believe that the government themselves really does not know what to do.
They are making it up as they are going and changing the rules.
One day short selling is absolutely not permitted…and the next under certain conditions.
Laurence Fink the CEO BlackRock which manages approximately $1.4 trillion dollars is a strong advocate of the bailout. Now one has to take this into context Mr. Fink was one of the pioneers of mortgaged backed securities back in the 1980’s. Some could even say he is responsible. More interesting, BlackRock has been a “pioneer” in buying and managing distressed assets, acquiring $15 billion in mortgage bonds from UBS last May. BlackRock was picked in the spring by the Fed to manage a $30 billion portfolio once run by Bear Stearns before it was acquired by JPMorgan Chase & Co.
Very interesting coincidences !
Earlier in the article I mentioned to save the economy. I am not referring to just the US economy, Clearly the world economy. So many rationalized that the BRIC economies would de couple and be spared the melt down. All one has to do is look at either the Indian or the Russian stock markets or economies. They too have been effected. Inflation and panic know no borders. Today there was even a run on a bank in Hong Kong. The Hong Kong central bank infused 500 million dollars to ease the situation and restore calm. The reason of the run was supposedly a rumor on the manipulation of pricing of the derivatives it had on their books. Time will tell but the true crisis might become present when bank after bank realizes that many of the derivatives on their books aren’t worth all that much.
Bush stated last night ``Without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold,''. Mr. Bush we are in a financial panic just to let you know. A simple question – Where were the regulators when banks were lending to people that could never pay them back? Where were the regulators when companies took loans to buy other companies at exaggerated multiples? Why..Why ..Why are we in such a terrible situation…?
Posted by Andrew Abraham at 6:09 AM
Print and Tax
This is what we can expect from the $ 700 billion dollar (and all the Other initiatives Fannie...AIG and all other black holes. Etc.) Call to save the economy. Accepting this initiative will cost every American $37,000. Putting this in its proper context this ...Approximately 73% of the median US salary just for one year.
It is beyond unbelievable.
We are dammed if we and dammed if we don't.
It leaves one to question … we followed so silently when we were told that Iraq had weapons of mass destruction. Well too many billions to count and more importantly too many young lives destroyed to find out
this wasn't the case.
I respect what Obama said, it is not the point to find who is at fault but the important thing is to resolve the crisis. It is so sadly evident that the crisis will be solved by taxing the US populace and more so by the FED printing dollars. By printing money, our dollars have a strong chance of devaluing and more so potentially causing rampant inflation. Any way you look at it we are in a terrible situation. Is it wrong to complain? How many of us paid our mortgages on time, lived within our budgets and paid our taxes. Now only to be
faced with one of the worst economic situations in our lifetime due to greed and Government waste. If we ran our households or businesses as the government had we would be in the poor house. Listening to speeches has only led one to believe that the government themselves really does not know what to do.
They are making it up as they are going and changing the rules.
One day short selling is absolutely not permitted…and the next under certain conditions.
Laurence Fink the CEO BlackRock which manages approximately $1.4 trillion dollars is a strong advocate of the bailout. Now one has to take this into context Mr. Fink was one of the pioneers of mortgaged backed securities back in the 1980’s. Some could even say he is responsible. More interesting, BlackRock has been a “pioneer” in buying and managing distressed assets, acquiring $15 billion in mortgage bonds from UBS last May. BlackRock was picked in the spring by the Fed to manage a $30 billion portfolio once run by Bear Stearns before it was acquired by JPMorgan Chase & Co.
Very interesting coincidences !
Earlier in the article I mentioned to save the economy. I am not referring to just the US economy, Clearly the world economy. So many rationalized that the BRIC economies would de couple and be spared the melt down. All one has to do is look at either the Indian or the Russian stock markets or economies. They too have been effected. Inflation and panic know no borders. Today there was even a run on a bank in Hong Kong. The Hong Kong central bank infused 500 million dollars to ease the situation and restore calm. The reason of the run was supposedly a rumor on the manipulation of pricing of the derivatives it had on their books. Time will tell but the true crisis might become present when bank after bank realizes that many of the derivatives on their books aren’t worth all that much.
Bush stated last night ``Without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold,''. Mr. Bush we are in a financial panic just to let you know. A simple question – Where were the regulators when banks were lending to people that could never pay them back? Where were the regulators when companies took loans to buy other companies at exaggerated multiples? Why..Why ..Why are we in such a terrible situation…?
Posted by Andrew Abraham at 6:09 AM
