750 Billion bailout

[39mto39g]

Bailouts of AIG, Bear Stearns, Freddie Mac, Fannie Mae and others with your taxpayers money is just the tip.
Next came the big three auto makers, and now the big insurance companies.
AIG, Bear Stearns, Freddie Mac, Fannie Mae executives all make multi million $ salaries, The Big three auto executives also make multi million $ salaries, they flew to Washington in their privet or corporate jets and stood there with their tin cup in hand.

Insurance biggies are complaining that the relatively new "Law" 'Mark to Market' is hurting their books. Mark to market is kind of hard to explain, because it's different with Asset value and Mutual funds and Margin accounts, but basically it's assigning a "today" value on assets instead of what is on the books for that assets.

Before any money should be given to any of the big financial institutions, (AIG, Bear Stearns, Freddie Mac, Fannie Mae) There should have been a house cleaning of all those top executives that have high salaries and are to blame for the crises, But that didn't happen. So the government bails them out and has one guy oversea that 750 billion. Yea that’s a good plan.

Before the government gives any money to the big three auto companies there should be a huge garage sale, GM owns 5 Corporate jets that it's execs use, ( GM officials have said they would get rid of 2) How nice.
GM, Ford, and Chrysler have holdings all over the world, ie. Vacation spots and weekend meeting places, I believe the phone still works, Get rid of all the holdings.
Cut executive salaries and get rid of top management and anyone else that is the cause of GM, Ford and Chryslers problems.
I just read that a GM worker was laid off, he was a parts carrier, He made $60,000, for getting parts. Can anyone see how stupid this is?

Just were does the bail out stop? I guess the government could go back and bail out Enron also.
There should be a bunch of stuff happen before any money is given to any of these groups. But, having one person oversee the 750, that is not going to happen.
So, The Companies will get big money, Executives will stay , and get a salary increase, Vacation in the alps. 5 years from now the companies will again ask for a bail out or go bankrupt. I am jealous of the Execs, 5 years from now I would have all the money I need, and to heck with the rest of you.

Ron

My money

[MORTARDUDE]

http://www.bizjournals.com/phoenix/s...ml?jst=b_ln_hl



Bailouts, rescues, cash injections in U.S. economy total $8.5 trillion



Federal bailouts, equity buys into banks and investment houses, liquidity infusions by the U.S. Federal Reserve Bank, loan guarantees and economic stimulus checks now total $8.5 trillion, according to various estimates.

That equates to about 60 percent of U.S. gross domestic product, which will come in around $14 trillion, according to economists.

The $8.5 trillion total in bailouts is nearly twice the size of annual GDP in Japan and accounts for more than the annual GDP of every national economy except the U.S., European Union and China, according to federal data.

The $8.5 trillion includes the $700 billion bank and Wall Street bailout; federal takeovers of Fannie Mae and Freddie Mac; individualized bailouts for Citigroup and American International Group; and various cash infusions into financial and lending markets by the Fed. The $700 billion includes federal equity buys into Bank of America Corp., JP Morgan Chase & Co., Goldman Sachs Group Inc. and other financial institutions.