"We're all in this together"

[maui9002]

Thomas Friedman writes an article on why the economic rescue plan is in your interest, even if you think it's a bailout of "Wall Street fat cats". Now that the compromise has been defeated, the bill is getting loaded up on political cupcakes for both Republican and Democratic Congressmen-exactly what will make the bill more expensive and a boon for the wealthy (Monday's version had no capital gains tax cut for private investors, no relief for the alternative minimum tax, no loosening of regulations for private investors to invest in financial institutions, and no insurance for bad loans purchased by private entities--all of these are likely to be included in the new bill to get some Republican votes, and none of them are really necessary to deal with the primary problem addressed by this bill).

<http://www.nytimes.com/2008/10/01/opinion/01friedman.html?_r=1&ref=opinion&oref=slogin>

[texastoast]

1. Nice framing

It's a bailout. Until the plan has very strict reform, no White House oversight whatsoever, stringent future controls and adequate funding to police those controls, criminal penalties for the "fatcats" who brought us to this, and real relief for Main Street, I'll call again and oppose it.

[maui9002]

3. Well, here's my wager

The bill will pass this week, but it will have more provisions in it that you don't like and no more provisions of the type you're arguing for. Why? Because all of the calls made by people like yourself (which is your right) have forced the Democrats and Republicans to seek cover (e.g., both parties have to bring a majority or close to a majority of their members to support the bill) before they support the bill, and the only way to do that is to provide more "stuff" to gain support for this bill--and we'll end up with a bill that is worse than what was proposed on Monday.

[texastoast]

4. Well, we will just have to keep fighting for what is right

Won't we?

[maui9002]

10. You can, although of course you and I disagree on the rescue plan

But I'd suggest that you and I share many common goals, which I think would be handled better by a Democratic Congress and a Democratic President than by trying to reach those goals in this bill under the current circumstances. For instance, you insist that those who are responsible be brought to bear in this bill; I'd argue as Democrats we'd have a better chance of getting something done on that issue outside the bill with the new Congress.

[Virginia Dare]

7. I think you're spot on......n/t

[pocoloco]

2. You and the frog in your pocket!

[brentspeak]

5. So says the Guru of Offshoring America's Livelihood

[JHB]

6. On the 20th (just before the meltdown), he wanted obama to promise to...

...keep Paulson on as Treasury Secretary because he was doing such a swell job.

That would be "Mr. Risk" Paulson, who put forward the original scare-em proposal.

If that doesn't say enough about Friedman's judgement, then try googling the term "Friedman Unit".

[SOS]

8. Suddenly we're all in this together?

Sorry, after 25 years of brutal Milton Friedman-inspired economic abuse heaped on the average American, it's too late to make your absurd claim that "we're in this together".
Friedman was for globalization and the Iraq invasion.
He's not a columnist, he's a weathervane.

[YvonneCa]

11. There is a conflict between your post and...

...your sig line. :7

[ProfessorGAC]

9. Notice How They Can't Defend It With Condescending

They just are saying "trust us. If you don't do it it will be really bad, but i can't give you detail on what the bad is because you plebians wouldn't understand."

Well, Tommy boy. I understand a lot more than you do and i won't accept being talked down to.
The Professor

[maui9002]

12. I hope you don't think I'm being condescending

I don't have the qualifications/experience to adopt that kind of tone. I am, however, in a business closely connected to the financial industry, I've been in this profession for more than 25 years, and I've never seen things this bad--and based on what I'm hearing and experiencing--deals not getting funded, projects being pulled, people I thought were rock solid financially declaring bankruptcy, I'm just very concerned, not just for myself and my family, but everyone because it seems so viral. I'm not defending nor trying to excuse anything that's happened; I'm just lobbying for a solution I believe is necessary to lessen an impending recession.

By the way, your screen name and post suggests you have some economic background. What do you think is the best option right now? Just let the market correct itself or have the government intervene but in a different way?

[guitar man]

13. yeah, right

We're all in this together :eyes:

I just got off the phone with my wife, she's scraping up change to try and get enough to buy a package of diapers for our daughter. I'm so sure I'm "in this together" with some sonofabitch that just got $19 million for 3 weeks work. We should mob Wall Street and string these fuckers up by their own goddamn guts from the lamp posts!! Enough!! :mad:

:mad::mad::mad::mad::mad::mad::mad:
:mad::mad::mad::mad::mad::mad::mad:
:mad::mad::mad::mad::mad::mad::mad:

[Not the Only One]

14. Failure is earned. These corporations should live with the consequences.

Let the federal government swoop in and buy up these companies that go bankrupt, if no one else will (They will, by the way). I'm fine with that. The taxpayer needs full control of all of these assets if they are spending our money on this mess.