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The economy part 5, now with new improved bailout!

Old 09-26-08, 07:31 PM
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The economy part 5, now with new improved bailout!

Continuation of the previous economy/hell/handbasket thread

http://forum.dvdtalk.com/politics-wo...t-part-iv.html
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Old 09-26-08, 07:36 PM
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http://www.portfolio.com/views/blogs...storm?tid=true

possible that now we won't need a bailout, bad part is a lot of banks will fail
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Old 09-26-08, 07:36 PM
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Whaaa???

Other thread not closed?

Preemptive strike?

Bush doctrine?
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Old 09-26-08, 08:02 PM
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executive authority.
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Old 09-26-08, 08:05 PM
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Originally Posted by al_bundy View Post
http://www.portfolio.com/views/blogs...storm?tid=true

possible that now we won't need a bailout, bad part is a lot of banks will fail
That's not what that article says at all. It says we still need a bailout, but there's a possibility that the economy won't collapse if we don't get one in the next few days.
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Old 09-26-08, 08:17 PM
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http://www.cnbc.com/id/26904496?__so...*blog*&par=RSS

farmers are having trouble getting loans
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Old 09-26-08, 08:35 PM
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Giving 20% to ACORN?

...Why not just give that to the People for the American Way? or the NRA? or the Teamsters? or why not just line it up for a big statue of Vladamir Lenin overlooking Washington.
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Old 09-26-08, 09:05 PM
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Originally Posted by Superboy View Post
Giving 20% to ACORN?

...Why not just give that to the People for the American Way? or the NRA? or the Teamsters? or why not just line it up for a big statue of Vladamir Lenin overlooking Washington.
See the last thread. ACORN doesn't get 20% of the bailout. ACORN once got a grant from a government agency that could stand to get 13% (65% of 20%) of any profits, after the $700BN is paid back. If the agency decided to give another grant to ACORN, I guess ACORN would stand to gain a little.
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Old 09-26-08, 09:50 PM
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Originally Posted by mbs View Post
See the last thread. ACORN doesn't get 20% of the bailout. ACORN once got a grant from a government agency that could stand to get 13% (65% of 20%) of any profits, after the $700BN is paid back. If the agency decided to give another grant to ACORN, I guess ACORN would stand to gain a little.
Why should ACORN get diddly-squat? They saved the financial system?

Now if they want to invest their already government-granted money and base the results of that investment on whether the financial system makes it, I could see giving them their appropriate amount of profit.

But they're not exactly capitalist, are they?
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Old 09-26-08, 09:53 PM
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No they didn't save the finanacial system, they are being looked at again for corruption.

In fact ACORN was very big in pushing for and lobbying for the 'new' higher risk homes loans that got us into this mess.

They were one of the most vocal groups saying the loans only to those who had good credit was 'discrimination' against the poor.
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Old 09-26-08, 10:01 PM
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Originally Posted by X View Post
Why should ACORN get diddly-squat? They saved the financial system?
In the other thread, I agreed with you that ALL the profits should go toward the deficit.

However, that doesn't mean I support people claiming this bill sucks due to some Democratic conspiracy where ACORN is getting 20% of the bailout. It just isn't true.

Why they want to give the National Housing Trust (not ACORN) 13% of any profits? No idea. Subsidized apartments are important, but I'm not sure where they fit into the bailout.

I'm not sure why ACORN is even being discussed. Just because they got a grant from the NHT, doesn't mean they'll get any of these profits. An analogy: I've received funding from the NIH for my laboratory. It doesn't mean that increasing the NIH funding means I will get any more.

Last edited by mbs; 09-26-08 at 10:04 PM.
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Old 09-26-08, 10:08 PM
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So apparently the CEO of WaMu has only been CEO for 2 weeks but stands to gain up to $16M in severence.
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Old 09-26-08, 10:14 PM
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Originally Posted by mbs View Post
I'm not sure why ACORN is even being discussed. Just because they got a grant from the NHT, doesn't mean they'll get any of these profits. An analogy: I've received funding from the NIH for my laboratory. It doesn't mean that increasing the NIH funding means I will get any more.
I think ACORN is being discussed because they are beneficiaries of this from the Dodd proposal:

TRANSFER OF A PERCENTAGE OF PROFITS.
DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).
USE OF DEPOSITS.Of the amount referred to in paragraph (1)
65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and
35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).
REMAINDER DEPOSITED IN THE TREASURY.All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt.
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Old 09-26-08, 10:18 PM
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Originally Posted by X View Post
I think ACORN is being discussed because they are beneficiaries of this from the Dodd proposal:
Where does it list ACORN? Maybe I'm missing something.
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Old 09-26-08, 10:21 PM
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Looks like Wachoivia is the next bank.

http://dealbook.blogs.nytimes.com/20.../index.html?hp
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Old 09-26-08, 10:23 PM
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Originally Posted by wabio View Post
So apparently the CEO of WaMu has only been CEO for 2 weeks but stands to gain up to $16M in severence.
I think that's mainly because he's just the fall guy for the previous CEO (and board?) who turned down Chase's offer earlier this year.
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Old 09-26-08, 10:23 PM
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Originally Posted by BigDaddy View Post
Looks like Wachoivia is the next bank.

http://dealbook.blogs.nytimes.com/20.../index.html?hp
National City will follow closely.
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Old 09-26-08, 10:25 PM
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Originally Posted by mbs View Post
Where does it list ACORN? Maybe I'm missing something.
I think you have to look into who get the money out of the HTF (Housing Trust Fund) and you can add La Raza to the list.
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Old 09-26-08, 10:26 PM
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Originally Posted by Ranger View Post
I think that's mainly because he's just the fall guy for the previous CEO (and board?) who turned down Chase's offer earlier this year.

At least the AIG guy did the right thing.

The CEOs of Fannie Mae and Freddie Mac were refused the generous golden parachutes they'd been counting on when their respective enterprises were taken over by federal regulators, and most recently the replaced CEO of American International Group (AIG) voluntarily abandoned his $22 million severance package.

Robert Willumstad served as CEO to insurance giant AIG and could have taken his $22 million into a slightly early retirement at the age of 63, but he stated, "I prefer not to receive severance payments while shareholders and employees have lost considerable value in their AIG shares." What would you do in his position would you walk away from this kind of package or take the money and move on?
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Old 09-26-08, 10:39 PM
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How many CBs will cut ahead of scheduled meetings in a concerted effort? My guess is less than seven some have speculated, and more likely around three, maybe four tops.
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Old 09-26-08, 10:40 PM
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What are "CBs"? Central Banks?
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Old 09-26-08, 10:43 PM
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Yes.
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Old 09-26-08, 10:45 PM
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Originally Posted by BigDaddy View Post
What would you do in his position would you walk away from this kind of package or take the money and move on?

I would've taken the $22 million, given $20 million away to employees who lost their jobs and kept $2m for myself. I'd make sure I got a waiver from Uncle Sam.
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Old 09-26-08, 10:45 PM
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By the way, did you catch Mr. Brown's comments this evening? Folks there are not happy with the PM.
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Old 09-26-08, 10:46 PM
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I assume Wachovia is just getting an early start on takeover talks in case Congress can't agree on a bailout plan by Monday morning. Wachovia (and National City) can survive if we get a bailout soon. If not, Wachovia will be taken over by the closing bell Monday and we'll start hearing about National City being involved in a takeover by Tuesday at the latest.
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