Everyone will be a millionaire!

Forums: Philosophy, Philosophy Of Politics
Email this Topic • Print this Page

As you might have guessed, this thread is about the increasingly large U.S government bailouts. We already have a debate running about the merit of this policy, so here I have a different, more practical question.

Does anyone have a comphrehensive list of all the Treasury and Federal Reserve actions thus far?

Here is what I can remember or peice together from old reports.

Fed
$2 trillion is unspecified activities...?

Treasury
TARP: $700 billion
Hope Now: $300 billion
Fannie/Freddie: $200 billion
Assorted tax breaks for banks: $140 billion
AIG: $110 billion (separate form TARP funds)
Bear Stearns: $30 billion
Stimulus I: $168 billion
FDIC total payouts: ?

Does anyone know of any others, or anything more about these?

By the way, might I say...:perplexed:

Topic Stats
Top Replies
Link to this Topic

Type: Discussion • Score: 0 • Views: 1,054 • Replies: 11

No top replies

@BrightNoon,

No, I personally don't know of more.

But I did hear a disturbing news story (unverified) last night; It said that, basically, the House is very concerned about the complete lack of accountability on where these funds are going. The CEO's contacted on the matter promised not, "... to get the moneys mixed up with employee bonuses" and the like.

:Not-Impressed:

1 Reply

@Khethil,

sadly, although it will result in widespread economic pandamonium and suffering, the only rational choice is to leave the failing companies to die, all the bailout will do is maybe spur them to not fail and remain liabilities for the government, limping along to economic recession. if the government wants to salvage these companies, it should nationalize them, place them under a steady hand, and allow them to recede into the background. Loans could be extended, more thourough screening of who is trustworthy could be implemented, and they could regain their former collosal status

2 Replies

@nicodemus,

What gets me is the banks in the uk who got bailed out are bankrupting companies because they wont renew their overdrafts..you would think they would have more sympathy but oh no they can get bailed out for mucking up but the companies who have done nothing wrong are suffering..

0 Replies

@BrightNoon,

BrightNoon;33250 wrote:

As you might have guessed, this thread is about the increasingly large U.S government bailouts. We already have a debate running about the merit of this policy, so here I have a different, more practical question.

Does anyone have a comphrehensive list of all the Treasury and Federal Reserve actions thus far?

Here is what I can remember or peice together from old reports.

Fed
$2 trillion is unspecified activities...?

Treasury
TARP: $700 billion
Hope Now: $300 billion
Fannie/Freddie: $200 billion
Assorted tax breaks for banks: $140 billion
AIG: $110 billion (separate form TARP funds)
Bear Stearns: $30 billion
Stimulus I: $168 billion
FDIC total payouts: ?

Does anyone know of any others, or anything more about these?

By the way, might I say...:perplexed:

everyone already is a millionair as long as everyone feels and knows his/her beautifull braincells and nerves and body.

0 Replies

@nicodemus,

nicodemus wrote:

sadly, although it will result in widespread economic pandamonium and suffering, the only rational choice is to leave the failing companies to die, all the bailout will do is maybe spur them to not fail and remain liabilities for the government, limping along to economic recession. if the government wants to salvage these companies, it should nationalize them, place them under a steady hand, and allow them to recede into the background. Loans could be extended, more thourough screening of who is trustworthy could be implemented, and they could regain their former collosal status

Unfortunately, Nationalizing the companies would cost more than trying to give them a boost. Remember that we would be having to nationalize many different companies, costing billions more than we're currently giving to them, still not making thier products any more buyable. As much as I think that the bailout is a waste of time and resources, we can"t afford those costs

0 Replies

@BrightNoon,

I think the idea of bailing out companies is ridiculous. Let them suffer the consequences of their actions. Who will bail me out when I cannot repay my student loans? The companies I helped bail out? For some reason I doubt that would ever happen.

Why doesn't the government take that $30 billion or so the auto companies are asking for, and instead invest it in people with visionary ideas to make a new American vehicles that pushes the boundaries of what was thought possible. We need to invest in innovation, which most American companies quit doing when it was realized that cuts down on short term profits.

2 Replies

@Theaetetus,

Theaetetus wrote:

I think the idea of bailing out companies is ridiculous. Let them suffer the consequences of their actions. Who will bail me out when I cannot repay my student loans? The companies I helped bail out? For some reason I doubt that would ever happen.

Why doesn't the government take that $30 billion or so the auto companies are asking for, and instead invest it in people with visionary ideas to make a new American vehicles that pushes the boundaries of what was thought possible. We need to invest in innovation, which most American companies quit doing when it was realized that cuts down on short term profits.

Is it what the average American wants is the question they should be asking..not what these companies want..you cant make a lame horse run in the Derby..

0 Replies

@Theaetetus,

Theaetetus wrote:

I think the idea of bailing out companies is ridiculous. Let them suffer the consequences of their actions. Who will bail me out when I cannot repay my student loans? The companies I helped bail out? For some reason I doubt that would ever happen.

Why doesn't the government take that $30 billion or so the auto companies are asking for, and instead invest it in people with visionary ideas to make a new American vehicles that pushes the boundaries of what was thought possible. We need to invest in innovation, which most American companies quit doing when it was realized that cuts down on short term profits.

Unfortunately, most of that money would be spent on building and concept, leaving thousands of unemployed car-plant workers to starve instead, why don't we have the current automakers work on new ideas. not only does this help environmental and corperate issues, but it allows Americans to keep from the loss of thier income.

One thing that could make a difference would be if we stopped pampering the unions. the average factory laborer is making at least $70 per hour in pay and benefits. But if the companies try to downsize thier pay budget some, they get lawsuits up to thier eyeballs due to the "abuse of worker's rights." My opinion is that they are better off with a job tha pays only well than they are standing in an unemployment line.

2 Replies

@averroes,

The whole world is crying out for an alternative form of transport that is not reliant on oil such as battery cars that do more than forty miles an hour and carry a family three hundred miles and what do the car companies do...carry on their own sweet way producing cars for a booming economy where oil is still king...Invest in the future into inventive imaginative ideas that America was so good at for centuries...Its a new time it needs new revolutionery men with ability..Come on America do what your good at..

0 Replies

@averroes,

averroes wrote:

why don't we have the current automakers work on new ideas.

Because they have proven to be incompetent. Had they had good, new ideas, the automakers would not be in the situation they are. Give them all the boot, and put people in charge with innovative ideas.

1 Reply

@Theaetetus,

Quite right, there are really three issues with the detroit bailout and all the others. 1) The government has no money, 2) supporting non-viable businesess by defintion prevents innovation that would lead to viable business, 3) THE GOVERNMENT HAS NO MONEY

As for the total spending, I've lost count. But I think there is no doubt that the coming administration will 'change' our way into (multi?) trillion dollars deficits for the foreseable future. Don't worry though, Obama has said that don't need to worry...:Not-Impressed:

0 Replies

Everyone will be a millionaire!

Related Topics

Quick Links

My Account

able2know