The little guy gets screwed again..only in the USA 27 replies

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emonkies

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17th July 2003

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#1 10 years ago

Was listening to Coast to Coast with George Noory on FM radio and they were talking about the 700 billion payout and why the Feds are pushing banks to start making loans.

The female guest whose name escapes me made a point that Wall street is distributing 70 billion dollars for pay outs for bonuses to the companies receiving the money.

It makes my mind reel that 10% of the largest bailout in history is being paid to some fat assed mother#$%^&s who will get my hard earned tax money to do not a dammed thing.

In essence it looks like the rich are doing exactly what the little guy was afraid they would do.

They are hoarding the money, paying bonuses out of it, and going on resort vacations.

The money would have been better spent paying out to each US citizen.




Mr. Pedantic

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8th October 2006

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#2 10 years ago

Yeah, it sort of feels like that here as well, one of our major electricity companies announced a 10% rates increase, and then the day after announced it would increase the bonuses for its board members, up to double what they receive. Then on radio their spokesman was trying to defend their action, saying "Oh, yes, they've worked pretty hard over the last few years, and their pay hasn't increased a bit, so they're due for a pay rise". Though, to be fair, here you can just switch power supplier, there it's sort of compulsory, seeing its tax money.

The money would have been better spent paying out to each US citizen.

Really? $200 per person? If it were my money I would probably rather have it go towards paying off the national debt and some quality infrastructure.




Nemmerle Forum Mod

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26th May 2003

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#3 10 years ago

You have to wonder why the money didn't come with restrictions on what it could be used for.




emonkies

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17th July 2003

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#4 10 years ago

Just heard on the news a Senator has put some restrictions on the loan and what it can and cant be spent on. Pay raises and bonuses are on the dont list.

I think someone said that if dispered to every legally registered American the total outlay would come to about $200,000 per person.

I also saw where one bank is in a uncomfortable spot because word leaked out that they intend to take the payout and use it to shore up their situation and spend it on buying out other banks.




Dot Com

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#5 10 years ago

Mr. Pedantic;4656505 Really? $200 per person? If it were my money I would probably rather have it go towards paying off the national debt and some quality infrastructure.[/QUOTE] Who needs a surplus and infrastructure when you can use your 200 dollars for a big screen TV with HD.

[quote=Nemmerle]You have to wonder why the money didn't come with restrictions on what it could be used for.

I hope that's a rhetorical question. ;)




MrFancypants Forum Admin

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7th December 2003

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#6 10 years ago

I wonder if this crisis makes Bush and his fellows look like the most socliast administration the US ever had.

Mr. Pedantic;4656505 Really? $200 per person? If it were my money I would probably rather have it go towards paying off the national debt and some quality infrastructure.

It still would make more sense than giving it to people who already are very rich. Those 200 dollars per person are more likely to end up supporting the US economy than millions on some manager's bank account.




Guest

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#7 10 years ago

I'd prefer if they had just never taken the money from American citizens in the first place.




Pethegreat VIP Member

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19th April 2004

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#8 10 years ago
Who needs a surplus and infrastructure when you can use your 200 dollars for a big screen TV with HD.

Or fill up your Hummer. Or buy one text book for college.

I see no point to hording money or asking for more when you already have more than enough money. If you have a giant house, dozens of cars, maids and butlers, a private jet, and your own boat what more do you need or even want?

I have much more respect for people like Bill gates and Andrew Carnegie who used their massive fortunes to build hundreds of libraries and museums or fight AIDS. Once you are dead that massive fortune and your possessions means nothing to you. Your legacy will live on after your death. Do you want to be known as scrooge who horded his possessions? Or do you want to be known for taking your success and using it help lift other people up?

I think things would have been better if the government stayed out of this issue. Banks will buy out the failing banks knowing that they will be able to turn a profit in time. PNC just bought out national city. PNC is based in the city I am living in so it will be a boost to the local economy.




Warborg

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2nd August 2002

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#9 10 years ago

I heard Bush say he was pissed because he said he wanted the banks to give out more loans(not be so tight), instead they are using it for them(the banks).

My thought is how could Bush be so dumb?

Wait....don't answer that.




Mr. Matt VIP Member

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17th June 2002

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#10 10 years ago

Only in the USA?

Earlier this month Brown announced a £500 billion bailout for the banks too. When you take the size of the British economy compared to that of America, as well as the dollar->pound exchange rate into account, that's a fecking huge sum.

But what people fail to realise is that the banks are the economy. Without them there'd be no mortgages, no loans, no savings, no credit... banks are an essential part of the economy. When they start to go under, you have to do everything possible to ensure their continued survival lest the economy grow even worse than it already is.

The banks just need to be a little more cautious in their lending in the future. And by 'a little', I mean 'a lot'.