The revised US$700billion bailout plan may stand a chance of revival after all, as the bailout plan passed last night by the Senate and heading toward the House. However, it's pretty obvious to anyone paying attention a majority of Americans oppose the bailout plan. Here are a couple of videos that pretty much sum up why the Americans feel that way.
What do you think?
Friday, October 3, 2008
Why Americans Oppose US$700billion Bailout Plan?
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3 comments:
Hi PS Thoo,
I'm emailing you in regards to an email I sent to you last month about a partnership, have you had a chance to think about it?
If you would more information about the proposal, please let me know.
Kind Regards,
Andrew Knight.
Website Manager
Banking & Finance Division
Asia-Pacific Region
Boomerang.com.au (Australia) Pty Ltd
E: andrew.knight@boomerang.com.au
Hi Andrew,
I do not recall seeing your email. I've looked at your profile but it offers no information about what you do either. To avoid being treated as spam, please reveal more information about yourself and your business proposition.
Thanks.
Firstly, using tax payers money to bail out a market is wrong. Same if
a failed private sector project is bailed out by government funds. Why
should the average mum and dad reimburse for poor performance from
senior executives who often earn megabucks. A poorly managed bail out
provides a safety net in that it can enter the minds of a corporate
world that "it doesnt matter if we take this risk and fail as the
government will bail us out". Its hardly a good thing.
Having said that I saw a placard on TV from the US saying "Bail out
people not banks". Well I have no idea how to do that but it seems
justified. There is a real risk that if the financial sector is not
bailed out then it will massively affect individuals and families in
that the economy will be in a tailspin and interest rates, ability to
borrow money, private sector investment and unemployment will all be in
negative territory.
Each of us work in the private sector and our employers would no doubt
consider employment levels if the economy declined. So is a financial
bail out an indirect bail out for people?? In my opinion its far too
early to really answer that. It now seems certain that US will be in
recession and it is hard to believe some are even talking about the
D-word!!
With regard to the sub prime crisis - KT folk legend and former US
President Bill Clinton has said the system has failed in that
* You cannot blame a person who lives in a poor area, goes to a bank
gets a cheap loan to buy a house in a better area. Then can't afford in
a few years
* you cannot blame the finance broker selling the loan if the person
buying is very very keen (see above) and the broker is paid commission
to provide the loan
* you cannot blame the bank as they have hungry customers
Charming Bill said better regulation is needed - I agree
For me I dont think in Australia we realise the enormity and seriousness
of the situation until one of the well known Aussie companies goes bust.
We are far too worrried about the Broncos, the AFL grand final or
Australian Idol.
Even with the ASX 200 now at 4800 (from 6800 in November 07) and
expected to fall 7% today it doesnt have the same fear factor like
say if Stockland, Lion Nathan, Babcock and Brown or RAMS did go bust.
I think the bail out should proceed but only if financial regulation
improves and the bail out is in controlled fashion.
by the way if it is managed well - the US Government stands to make
Billions as it will be buying very cheap stock and once the economy
turns they can sell it off for a mega profit
Nonetheless, the American Empire is in Terminal decline and eithjer
Barack or the one time POW will have an enormous task.
Let's be positive
regards
K
www.karmafinancialresearch.com
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