In a perverted sorta’ way, I hope Obama or one of his ilk (ilks, elks?) fill the federal government and descend upon the small minority who have economically benefitted so very much the past couple decades and more while my socio-economic class has lost economic ground, been spat upon, forced to directly economically compete for jobs and housing with millions of the “undocumented ones,” steadily smashed down into a 2nd-world level economic quagnmire……. descend upon those BIG money makers and tax them at a 90 percent or higher rate with NO loopholes to hide within.

Let the upper-crust suffer along with those of us at the bottom.

Heck, the CEOs can live a life of luxury on one year’s salary!!!! And, their free health insurance for life while my class, the ones harvesting the food that allows all to specialize in their highly-paid fields, get no overtime pay until AFTER 60 hours of labor is exceeded per week; and those workers include 10 year olds up to old folks in their 70s, sweltering in the 100 degree heat, and are offered NO benefits.

Bah!!!!!!!!!!!!!!!!!!!!!

Let the “mighty” fall… and may those who have prospered so greatly suffer as so many other hard-working non-priveleged Americans have.

/class envy or class reality?
//come work in the fields for awhile then chime in
///like your grocery store shelves full, don’t you? Thank the members of the working-poor class if you do

Meanwhile this credit addicted population ends up screwing themselves so royally the whole economy tanks. I can do what I can to protect myself and save for myself, but I’m no match for the US economy. So their idiotic actions now affect ME, despite me being smart.

I agree completely.

Responsible voters (like you) are outnumbered by irresponsible voters. And it looks like it’s going to get worse before it gets better.

Sure, GM doesn’t have the expense on the books. Their just pay a big old honking tax bill instead of a health bill.

Intelligently managing their benefit costs is a different story.

Exactly. It’s always “free market” until they screw up, then all of a sudden those customers they screwed are supposed to pay for a bailout.

John

Now that said fools are losing their homes, I DESERVE lower prices for not ruining myself financially. My wife & I’d like to buy a house next year. We carry no debt except 2 years left on a sub 3% APR car loan.

Prices still need to come down significantly. What is the point of me saving my $ smartly & then getting them taken from me to bail out irresponsible people?

The Detroit 2.8 are not Government Sponsored Enterprises. For that matter, unlike Fannie and Freddie, they do not even have a majority market share in their line of work in the U.S.

It’s why America shouldn’t bail out Freddy and Fannie. And the same logic applies to GM! When they make profit, these companies keep it, and more importantly waste it by having bad policy, bad products, etc. When these companies start losing money, we have to pay?

If they can get over their massive retirement, bond, health care debts, their business itself is perfectly sound, if in decline.

Remember in Japan, Canada, Germany, etc. the government pays for health care, not employers. US automakers do not have a level playing field.

Fannie and Freddie haven’t been bailed out yet, and it still can be stopped. Contact your congressmen/senators if you oppose this. And you should, unless you own these bonds or stock. And you probably don’t, the biggest single owner is the government of China. This is a big deal, a $300 billion bailout is $1000 of taxpayer money for every man woman and child in this country.

The D3 still have a viable business, and still sell

That’s the disgusting part.

Without their implicit government guarantee, these two monsters wouldn’t have been able to swallow such a bloated portfolio – much of it toe-tag credit score types. And now, while it makes sense to put a free-market hollow point thru Freddie and Fannie’s brainpans, the resulting spatter will mess the rest of the housing market.

I believe you make a false assumption that if Fannie and Freddy take a dirt nap, that no money lending would occur.

It’s all about supply and demand. F & F go out of business, I can assure you that Wells Fargo, Citi and even Wal-Mart would begin lending much more money than they currently do. Even more likely is that local and regional banks and CU’s would step into the void.

They might make more demands on a quality credit record, but lending would still be occurring.

I also advocate this method to “bail out” the all the people with upwardly adjusting ARMs. I will be very mad if they just get to walk away from their homes because I was conservative and bought a house I could afford on a fixed rate, but I also see the big problem in making it impossible for these ARM owners to get out from under their massive debt. Let them get T-Bill rate loans from the government (which like student loans and tax debt be bankrupsy-proof) to help them start to recover.

I think it’s a good compromise to bring sanity back into our financial industry.

Of course the Washington elitists are going to bail out their New York elitist friends with OUR money. That’s “what they do”.

Detroit may as well be Cuba as far as Washington is concerned.