Sunday, July 15, 2018 21:19

Obama’s Response to the $700B bailout

Posted by teppish on Thursday, September 25, 2008, 0:32
This news item was posted in Economy, Politics category and has 4 Comments so far.

He makes many great points.

1) I don’t have a problem with CEOs making millions and millions of dollars because they deal with billions. I do have a problem that their salary is not tied to stock performance. Either have performance based salary or cap your salary at say $700K. I’m glad Barack is attacking them head on.

2) Agree that Section 8 of the proposal is complete rubbish. “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Who the hell in their right mind agrees to this?

3) I agree that this thing sucks for taxpayers. I personally do not want to pay for the greed (wall street) and the mistakes (main street) of others. But I guess stabilizing the economy is also for public welfare so we should do something. I’m not sure how Obama’s plan would work with taxpayers becoming investors but taxpayers should be rewarded. And banks should be made responsible too.  Also, I am still not sure where this $700B is coming from? Are they raising taxes? Taking it out of public projects? Taking it out of the military?

4) I guess we should bail out homeowners… I’m fuzzy on this. On one hand, they knew they were overextending. On the other, maybe they were sold a bad bill of goods. Maybe they should be allowed to walk away from their mortgage without default on their credit. Not sure.

Here is the transcript of Obama’s speech..

http://www.crooksandliars.com/2008/09/23/obamas-press-conference-this-plan-cannot-be-a-welfare-program-for-wall-st-executives/#more-33083

Here is a draft of the plan…


http://seekingalpha.com/article/96820-the-treasury-s-bailout-proposal-and-its-faults

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4 Responses to “Obama’s Response to the $700B bailout”

  1. 25 September, 2008, 2:05

    This is a great summary! Next week I am going to be helping shuffle voters in SW Ohio between registration and the early ballot boxes, and I’d love to take along your summary in case there are any questions regarding the bailout. I’d also like to republish this on my own blog and pass it around to my friends.

  2. teppish
    25 September, 2008, 2:19

    The seeking alpha writer has a more in depth look at the proposal. Worth a look.

  3. LaterSkater
    25 September, 2008, 6:51

    I’m really really against the golden parachutes. Shouldn’t their income be tied to the income of their organization? I think some of these owners are due for a jail term, no? I wonder how many of them have significantly contributed to political campaigns.

  4. 18 June, 2015, 21:10

    Thanks!

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