Bailout fails!!!

Can we get a Hallelujah?

I hope you all looked closely at the votes. It is the Republicans who defeated this. The Democrats WANTED to had over the money with virtually no strings attached. But lo, not all Democrats voted for the bill. In a personal note to me Neil Abercrombie wrote: "I will not vote to bail out people who committed massive fraud on the American public." My sentiment exactly! But overall, when the Republicans shoot down a chance for their rich buddies to get richer, you know it must be flawed. Leaves you wondering how sheepish the Democratic establishment has become? They Republican establishment was obviously following their President's whim. It is only the rank-and-file representatives (ie people like you and me) that defeated the bill.

Everybody keep on their reps to kill this once and for all because they are planning a re-vote.

Paulson, unwittingly shows off the absurdity of the plan and its dark unpinnings:

One of the more contentious issues was how to limit the pay of executives whose firms seek government aid, a top priority for Democrats and even some Republican lawmakers. But it was a concern for Mr. Paulson, who worried about discouraging firms from participating in the rescue plan

So, if an executive can't make oodles of money off the bailout, they might not want their struggling companies to participate?

Paulson knows these folks since he was the CEO of the on-the-way-to-be-screwed Goldman Sachs. He is personally worth over a half a billion dollars himself! They don't care about America's economic well being, just amassing more personal wealth.

If Paulson thinks it is so important, why doesn't he convince a couple hundred of his best buddies to bailout Wall Street. They have the billions they ripped from the heart of working America.

But that would be too risky for them, but for some reason it is good enough for the rest of the hundreds of millions of Americans?

Goldman Sachs. Maybe a little top heavy?

So, the magicians of Wall Street have cast a spell on the Feds who are casting spells on the American public.

I say....WAKE UP!

Goldman Sachs has 21 top executives and hundreds of managers. These folks all take home millions each year and we, the American public, are supposed to help them?

Lloyd Blankfein is CEO. His compensation package was worth over $115 million last year.

You feeling a tug on your heart strings to help this guy and his little business out?

No, maybe the fact that Gary Cohn and Jon Winkelried (Goldman's two COOs) compensation are under $120 million each?

Or the suffering of David Viniar whose cash compensation and stock options in 2007 only totaled $80 million?

Oh, the humanity! These people do need our help.

Why doesn't our government give these CEO's a personal loan with their personal wealth as collateral? You know why? Because these CEO know that personally they are not worth betting their own wealth on. So why should we?

So, $700 billion...Could buy a whole bunch of new high schools, hospitals, fund tons of students loans (that are a good investment), and save social security. Or not get another $700 billion into debt is probably the best idea for our country.


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GoldmanSachs and Morgan Stanley are having a wee bit of a problem

I'm technically on hiatus, but this news bite was too sweet to pass up:

"Morgan Stanley has taken $15.7 billion of writedowns and losses on mortgage-related securities and other types of loans since the credit crunch started last year. Goldman's tally stands at about $4.9 billion... their revenue from sales and trading and investment banking have been declining this year...Goldman, in particular, has been remarkable for the high bonuses it pays to its employees. Goldman's CEO and two co- presidents were each paid more than $67 million last year."

Failing up. Kind of like going short?