Monday, September 22, 2008

Buyout

$700B is a lot for taxpayers to swallow. Once people start to realize what they're being sold, there could be (and maybe should be) a backlash.

Good read.

A Sense of Resentment Amid the 'For Sale' Signs

The comments suggest that the bailout could pose a stiff new challenge for presidential candidates and anyone else running for office this fall. The wisdom of the government's massive financial intervention hasn't been marketed to the masses. The nation's financial and political leaders are working round the clock to repair the shattered markets, and no one, from the White House on down, has spent more than a few minutes explaining to the American people why they're being asked to assume hundreds of billions of dollars of liabilities.

President Bush said little all week. Finally, in remarks in the Rose Garden on Friday, the president said, "These measures will require us to put a significant amount of taxpayer dollars on the line." All the rescue efforts combined may approach a trillion dollars.

2 comments:

Scott P said...

One thing I feel strongly about: The corporations, banks, etc that get these handouts...um, I mean bailouts, should be required to throw the top execs out on their ears with nothing. It's outrageous that these CEOs can walk away from the companies they ran into the ground with their own pockets lined with millions!

b said...

We can hope that, just like the Chrysler situation, the taxpayer ends up making money on this investment. I agree with concessions for the investment. At least the Treasury is getting ownership in these assets.
My hope is that in this election year, Congress doesn't add more expense and entitlement programs
An interesting editorial:
http://tinyurl.com/4f62we