Here We Go Again....

[thetrailboss]

Looks like Bank of America is getting another $20 billion or so from the feds for a bailout. In my experience as a former credit card customer, they do a sh^&ty job and seem to screw up everything they touch.

It's amazing how many people I talk with think that they are getting a bailout from the Feds.

http://money.cnn.com/2009/01/16/news/companies/bofa_new_bailout/index.htm?cnn=yes

 

[ctenidae]

Actually, it's $138 billion, much of which will be used to cover losses from BoA's purchase of MErril Lynch.

I have yet to figure out how a corporate takeover qualifies for TARP money. It's supposed to be for covering shit that happened in the past, not stupid decisions going forward, isn't it?

As a colleague is fond of saying, we are in so much trouble.

 

[deadheadskier]

BOFA CEO Lewis: Lewis said the government's response led to considerable uncertainty about its next steps, but in the end, he concluded that sticking with the deal would best benefit the national economy.

"We did think we were doing the right thing for the country," Lewis said.

Hey asshole, you're CEO of a Bank, not Treasurer of our country.

BIG PROBLEM when a business is so large that the national economy can't get by without it. The Merrill Deal should have never happened. The Anti trust laws in this country need to be completely re-worked.

All of these banks should have never been allowed to get so large.

 

[Warp Daddy]

Yep and now Larry Flynt of Hustler fame and the bozo who runs Girls Gone Wild also want a friggin bailout ALL AT OUR EXPENSE !!!

this country is IN THE SHITTER !! TOO many seriously unethical bastards running stuff -- TEA PARTY anybody ??

 

[thetrailboss]

I just heard that BOA said they needed a loan "to balance their books" after buying ML. :roll: I need to balance my books after three years of grad school. Give me a bailout. :roll:

And BOA has said that they are going to use some of the money to pay a dividend to shareholders....if I read that right....

 

[deadheadskier]

So, the bail out money paid by all tax payers will be given to the share holders. Kind of a reverse robin hood situation isn't it? Take from the poor to give to the rich. :angry:

 

[Warp Daddy]

AGREE totally !

i have written several former contacts in the Congress and suggested that we all be given a $2500 PER person TAX CREDIT to ameliorate the 700 billion dollar bailout ( 700B/308 million census ). and went on to suggest that perhaps in fairness it ought to be limited to just taxpayers and that figure would probably be 2 , 3 times HIGHER

Admittedly it was tongue in cheek, but i am tired of these miscreants and wastrels on Wall Street and in Corporate suites getting MY HARD EARNED cash .

What is our new credo in American Business "SCREW UP AND GET UP "

 

[thetrailboss]

BOA is crying about their losses. I think many of us took major losses in our IRA's/Retirement Accounts last season. My financial advisor is sheepish to talk with me because I lost about 40% of the account due to the economy.

Again, I need a bailout. :wink: (sigh)

 

[deadheadskier]

Yep and now Larry Flynt of Hustler fame and the bozo who runs Girls Gone Wild also want a friggin bailout ALL AT OUR EXPENSE !!!

What the heck, why not. We're nationalizing the banking industry, why not nationalize the porno industry. Make Sarah Palin chairwoman :lol:

 

[Warp Daddy]

email your representatives and CONFRONT the issue don't just sit and bitch and do nothing

 

[ctenidae]

AIG appears to have put a good chunk of their bailout money into their private equity business. Yup. Public money, going into a private partnership.

As my colleague also likes to say, the Fat Lady hasn't sung yet. In fact, she hanged herself in the dressing room.

 

[GrilledSteezeSandwich]

CD rates are so freaking low as well..3% is wack..I miss getting 5-6%

 

[thetrailboss]

ctenidae: your friend is quite witty :wink:

 

[drjeff]

I'm trying so hard NOT to add to this thread as it will take me about 2 seconds to get a banned for politics wrist slap

 

[Glenn]

How are we going to pay for all of this? I'm already know they'll be no SS by the time I retire. Then you've got this bailout money...oh, and they want to start expanding medicare. Again, where will this money come from?

 

[Warp Daddy]

I'm trying so hard NOT to add to this thread as it will take me about 2 seconds to get a banned for politics wrist slap

i'd rather you vent your frustrations on YOUR representatives and put them on notice that they are culpable if they continue bailouts .

- Trickle down economics has been replaced by a policy of SCREW the Silent majority - they deserve it

 

[GrilledSteezeSandwich]

As long as Obama gives us all $1,000 I'm happy..

 

[ctenidae]

How are we going to pay for all of this? I'm already know they'll be no SS by the time I retire. Then you've got this bailout money...oh, and they want to start expanding medicare. Again, where will this money come from?

Inflation. Does wonders for paying off debt.

 

[mondeo]

How are we going to pay for all of this? I'm already know they'll be no SS by the time I retire. Then you've got this bailout money...oh, and they want to start expanding medicare. Again, where will this money come from?

http://en.wikipedia.org/wiki/Bureau_of_Engraving_and_Printing

 

[Warp Daddy]

A Moral on finance




>
> Once upon a time in a village, a man appeared and announced to the villagers
> that he would buy monkeys for $10 each. The villagers seeing that there were
> many monkeys around, went out to the forest, and started catching them. The
> man bought thousands at $10 and as supply started to diminish, the villagers
> stopped their effort. He further announced that he would now buy at $20.
> This renewed the efforts of the villagers and they started catching monkeys
> again.
>
> Soon the supply diminished even further and people started going back to
> their farms. The offer increased to $25 each and the supply of monkeys became
> so little that it was an effort to even see a monkey, let alone catch it!
>
> The man now announced that he would buy monkeys at $50! However, since he
> had to go to the city on some business, his assistant would now buy monkeys on his behalf.
>
>
> In the absence of the man, the assistant told the villagers. "Look at all
> these monkeys in the big cage that the man has collected. I will sell them to
> you at $35 and when the man returns from the city, you can sell them to him
> for $50 each."
>
> The villagers rounded up all their savings and bought all the monkeys.
>
> Then they never saw the man nor his assistant again, only monkeys everywhere!
>
> Now you have a better understanding of how the stock market works.