Does Anyone feel like Bailing

[Griff]

The real money was in men and material not goofy black ops.

[ZenGum]

I agree with Griff. True, there was a large amount of cash used in Afghanistan, but much, much more went to US industries, Lockheed Martin, Halliburton etc. And those lucky few who got rich then spent some of it on consumer goods and services within the US.
But, as a wishy-washy wimp, I also acknowledge a lot of truth in Merc's point: there were a lot of factors that had little or nothing to do with the WOT.

[TheMercenary]

No end in sight.

http://www.breitbart.com/article.php...show_article=1

[TheMercenary]

Editorial
Bailing Away

The federal government is going for broke in an attempt to avert the type of calamitous financial collapse that led to the Great Depression. No one would fault the objective, but throwing money at the problem is becoming an end in itself.

http://www.nytimes.com/2008/11/30/opinion/30sun1.html

[TheMercenary]

WASHINGTON -- The Treasury Department has failed to address a number of critical issues while implementing the $700 billion financial rescue plan, including how to ensure its efforts are successful, the Government Accountability Office said Tuesday.

The report, which was required by the legislation authorizing the rescue plan, said Treasury has yet to figure out how to make sure financial firms receiving billions of dollars of federal funds comply with limits on executive compensation and dividend payments. (Read the full report.)

On a more basic level, the Treasury's efforts to establish "an effective management structure and an essential system of internal control" are incomplete, the report said.

"Without a strong oversight and monitoring function, Treasury's ability to help ensure an appropriate level of accountability and transparency will be limited," the report said.

http://online.wsj.com/article/SB122824907384873263.html

[classicman]

Originally Posted by TheMercenary

On a more basic level, the Treasury's efforts to establish "an effective management structure and an essential system of internal control" are incomplete, the report said.

"Without a strong oversight and monitoring function, Treasury's ability to help ensure an appropriate level of accountability and transparency will be limited," the report said.

Lemme see if I get this... We have no plan implemented to oversee that the monies are spent properly, so we decided to give the money out anyway and worry about that later.

[TheMercenary]

Correct. According to the GAO, the money is being given out without adequate oversight on how it is being spent.

[ZenGum]

This thread should be read in conjunction with the welfare thread.

[lookout123]

It is only what we deserve after electing politicians willing to fall for the "we need this package done right now or the economy will collapse" BS that was spun. $700B given out with no firm plan in place. $700B given out with no oversight on the distribution. $700B given out because a lot of people made bad choices and didn't like the consequences. $700B given out because some only pay lip service to the free market. $700B given out which will only make the hole deeper.

BS. Every last penny of it. The $700B isn't meant to prevent to AIG, Citi, the Big 3, etc. fail... it is proof that they've already failed and they just want the taxpayer to pick up the pieces so they can keep their doors open. Good companies don't fail. Bad companies do. Bad companies should be forced to face the consequences of bad management. They either close the doors (only the strong survive) or they are taken over by stronger companies (only the strong survive). Bailouts only encourage poor companies to continue being poor companies.

[TheMercenary]

Originally Posted by lookout123

BS. Every last penny of it. The $700B isn't meant to prevent to AIG, Citi, the Big 3, etc. fail... it is proof that they've already failed and they just want the taxpayer to pick up the pieces so they can keep their doors open. Good companies don't fail. Bad companies do. Bad companies should be forced to face the consequences of bad management. They either close the doors (only the strong survive) or they are taken over by stronger companies (only the strong survive). Bailouts only encourage poor companies to continue being poor companies.

Here, here! Well stated.

[WR4981EF]

Citi is raising the APR on accounts of those with A++ credit to 19.99%

[lookout123]

My dad just received a very "uniquely" phrased letter from citi. He let my sister use his CC to buy her truck a couple years ago. Fixed 3% for the life of the loan. That is the only purchase ever made on the card and she only has about a year left to pay on it. The letter is confusing but once it is deciphered it basically says we want to raise your rate to 12%. Yeah, we agreed on 3% but we need more money. If you don't agree with us raising your rates you have to let us know in writing. If you don't want us to change the rate we won't let you use the card for future purchases. Funny.

[ZenGum]

Originally Posted by lookout123

My dad just received a very "uniquely" phrased letter from citi. He let my sister use his CC to buy her truck a couple years ago. Fixed 3% for the life of the loan. That is the only purchase ever made on the card and she only has about a year left to pay on it. The letter is confusing but once it is deciphered it basically says we want to raise your rate to 12%. Yeah, we agreed on 3% but we need more money. If you don't agree with us raising your rates you have to let us know in writing. If you don't want us to change the rate we won't let you use the card for future purchases. Funny.

Since this does need a reply, I'm left wondering how the sentiments of "go fuck yourselves" are best expressed in legal jargon.

[xoxoxoBruce]

That's standard procedure for all the cards I've had. When they decide to jack the interest rate, the first time you use the card, the interest rate goes up on the unpaid balance. Doesn't bother me because I never pay any interest.

[classicman]

DETROIT (AP) - Worried about their jobs and warned that the cost of failure could be a depression, hundreds of leaders of the United Auto Workers voted overwhelmingly Wednesday to make concessions to the struggling Detroit Three, including all but ending a much-derided program that let laid-off workers collect up to 95 percent of their salaries.

"Everybody has to give a little bit," said Rich Bennett, an official for Local 122 in Twinsburg, Ohio, representing Chrysler workers. "We've made concessions. We really feel we're doing our part."

Union leaders also agreed to let the cash-starved automakers delay billions of dollars in payments to a union-administered trust set to take over health care for blue-collar retirees starting in 2010.

In addition, they decided to let the Detroit leadership begin renegotiating elements of landmark contracts signed with the automakers last year, a move that could lead to wage concessions.

Bout friggin time! The see the reality now that enough people are fed up with this situation and are re4ady to let the big three fail and start from scratch. Guess they realize that its better let a little go now than a whole lot later.