Comments on: The View from Main Street http://www.onpointradio.org/2008/09/the-view-from-main-street On Point is a live, two-hour morning news-analysis program, produced by WBUR 90.9 and NPR. Sun, 08 Nov 2009 11:30:17 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: AV http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-2#comment-3567 AV Wed, 01 Oct 2008 19:52:16 +0000 http://www.onpointradio.org/?p=2582#comment-3567 <i>I’m an engineer. My opposition to the plan is not ideological WRT to EITHER end of the spectrum! My opposition to the plan is based on the simple fact that no evidence has been presented that this plan will work, that the cost has been estimated correctly, or that the consequences, intended and otherwise, have been assesed.</i> Exactly! I agree with that analysis and conclusion too. I’m an engineer. My opposition to the plan is not ideological WRT to EITHER end of the spectrum! My opposition to the plan is based on the simple fact that no evidence has been presented that this plan will work, that the cost has been estimated correctly, or that the consequences, intended and otherwise, have been assesed.

Exactly! I agree with that analysis and conclusion too.

]]> By: Why $700 billion for the bailout? It's a big number - CrazyAmerica http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-2#comment-3562 Why $700 billion for the bailout? It's a big number - CrazyAmerica Wed, 01 Oct 2008 16:54:53 +0000 http://www.onpointradio.org/?p=2582#comment-3562 [...] Why $700 billion for the bailout? It's a big number The View from Main Street | WBUR and NPR's On Point with Tom Ashbrook I'll post this here instead of starting another thread that gets ignored. I did hear another [...] [...] Why $700 billion for the bailout? It’s a big number The View from Main Street | WBUR and NPR’s On Point with Tom Ashbrook I’ll post this here instead of starting another thread that gets ignored. I did hear another [...]

]]> By: Julie Gale http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-2#comment-3552 Julie Gale Wed, 01 Oct 2008 13:46:11 +0000 http://www.onpointradio.org/?p=2582#comment-3552 On a higher plane. I am an individual who many years ago felt and seen a dying system, and realized the futulity of 'Panting' 'after' that, which, did not bring life or satisfaction to the human race. I have always lived simply being. Happy with very little. When will humanity in its stupidity and negative ignorance remember an important feature of our existance. Money is not real.It was not a tree in the garden of Eden. It was an idea, a concept of control and power over those who had no need of it. But in time through the egotistic imaginings and greed of those who had chosen to live by reason of distaughtion and happy to distaught, whereby creating a 'vortex' system where the innocent who wished to be no part of the 'invisible fences'(lies)were forcebly sucked into a system that, they had lived peacfully, lived freely, without. I feel those who created the trap called the 'monetry system' who force others to have to live in the lie of their trap are to be most pitied, for they are not human, but simply walking Egos, that know nothing of what it means to be a human being. They have created a twisted world whos' dealings can only have one future. Its only these people who refuse to recognize that ALL control of what they had control of, disappeared a long time ago. Pity their end? No! Freedom and peace for the innocent, for our home, Planet Earth...This world reminds me a lot of Buddha. Revered for his wisdom and spiritual insight, but, he died of gluttony. Cheers... On a higher plane. I am an individual who many years ago felt and seen a dying system, and realized the futulity of ‘Panting’ ‘after’ that, which, did not bring life or satisfaction to the human race. I have always lived simply being. Happy with very little. When will humanity in its stupidity and negative ignorance remember an important feature of our existance. Money is not real.It was not a tree in the garden of Eden. It was an idea, a concept of control and power over those who had no need of it. But in time through the egotistic imaginings and greed of those who had chosen to live by reason of distaughtion and happy to distaught, whereby creating a ‘vortex’ system where the innocent who wished to be no part of the ‘invisible fences’(lies)were forcebly sucked into a system that, they had lived peacfully, lived freely, without. I feel those who created the trap called the ‘monetry system’ who force others to have to live in the lie of their trap are to be most pitied, for they are not human, but simply walking Egos, that know nothing of what it means to be a human being. They have created a twisted world whos’ dealings can only have one future. Its only these people who refuse to recognize that ALL control of what they had control of, disappeared a long time ago. Pity their end? No! Freedom and peace for the innocent, for our home, Planet Earth…This world reminds me a lot of Buddha. Revered for his wisdom and spiritual insight, but, he died of gluttony. Cheers…

]]> By: George Chigas http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-2#comment-3551 George Chigas Wed, 01 Oct 2008 13:29:04 +0000 http://www.onpointradio.org/?p=2582#comment-3551 One way to put homeowners' interests into the bailout package is to allow homeowners a one-time opportunity to withdraw retirement savings (IRAs, etc) without penalty or cap gains tax to paydown (or pay off) their mortgage and thus be able to keep their home which otherwise would not be affordable for them. One way to put homeowners’ interests into the bailout package is to allow homeowners a one-time opportunity to withdraw retirement savings (IRAs, etc) without penalty or cap gains tax to paydown (or pay off) their mortgage and thus be able to keep their home which otherwise would not be affordable for them.

]]> By: Steve Branam http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-2#comment-3543 Steve Branam Wed, 01 Oct 2008 02:16:10 +0000 http://www.onpointradio.org/?p=2582#comment-3543 I loved Ben Stein's term for Paulson: kleptocrat. I also strongly agree with his argument that you don't give more power to the people who screwed things up (and power unencumbered by oversight, at that). That follows as well for golden parachutes to the financial executives who drove things into the ground. The idea that the financial markets should be unregulated and left to control themselves is completely outrageous. That is a fine academic concept in the rational world, but then it meets human behavior, and rationality goes out the window. In a lax regulatory environment, people will become corrupted by the enormous amounts at play, or the corrupt will move in to take advantage, and then they will start engaging in sociopathic behavior. They focus on their own short term self interests, to the detriment of everyone else's interests, and even to their own long term interests. Such people have turned our economy into a giant Ponzi scheme, and we are all left holding the bill. I loved Ben Stein’s term for Paulson: kleptocrat. I also strongly agree with his argument that you don’t give more power to the people who screwed things up (and power unencumbered by oversight, at that). That follows as well for golden parachutes to the financial executives who drove things into the ground.

The idea that the financial markets should be unregulated and left to control themselves is completely outrageous. That is a fine academic concept in the rational world, but then it meets human behavior, and rationality goes out the window. In a lax regulatory environment, people will become corrupted by the enormous amounts at play, or the corrupt will move in to take advantage, and then they will start engaging in sociopathic behavior. They focus on their own short term self interests, to the detriment of everyone else’s interests, and even to their own long term interests. Such people have turned our economy into a giant Ponzi scheme, and we are all left holding the bill.

]]> By: Peter Nelson http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3542 Peter Nelson Wed, 01 Oct 2008 01:13:34 +0000 http://www.onpointradio.org/?p=2582#comment-3542 <i>Why is it that Congress is taking the Jewish holy days off, if this is the largest crisis since the Depression? I think they should work straight through, whether it’s a Jewish, Christian, Muslim, Hindu, Buddhist or Druid holiday.</i> Given how far they are from having a sensible solution to this problem I think we should consider a <b>gift from God</b> that Rosh Hashanah came along exactly when it did. Both the Congress and, evidently, Dave, are in WAY too emotional a state to deal with this problem with the detached, un-panicked perspective needed to make good decisions. This break will allow people to get some perspective, catch their breath, and maybe be more clear-headed on Thursday. BTW, did anyone notice that when Bush gave his little speech this AM that he paused before saying "the Jewish holiday"? Presumable his text said "Rosh Hashanah" and for ONCE IN HIS LIFE, a little voice in his head told him he would never pronounce it right, so he decided not to attempt it. It might be the only good decision he's made in his Presidency. L'Shana Tova! Why is it that Congress is taking the Jewish holy days off, if this is the largest crisis since the Depression? I think they should work straight through, whether it’s a Jewish, Christian, Muslim, Hindu, Buddhist or Druid holiday.

Given how far they are from having a sensible solution to this problem I think we should consider a gift from God that Rosh Hashanah came along exactly when it did. Both the Congress and, evidently, Dave, are in WAY too emotional a state to deal with this problem with the detached, un-panicked perspective needed to make good decisions.

This break will allow people to get some perspective, catch their breath, and maybe be more clear-headed on Thursday.

BTW, did anyone notice that when Bush gave his little speech this AM that he paused before saying “the Jewish holiday”? Presumable his text said “Rosh Hashanah” and for ONCE IN HIS LIFE, a little voice in his head told him he would never pronounce it right, so he decided not to attempt it. It might be the only good decision he’s made in his Presidency.

L’Shana Tova!

]]> By: Anonymous http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3541 Anonymous Wed, 01 Oct 2008 01:01:54 +0000 http://www.onpointradio.org/?p=2582#comment-3541 This is in response to Dave's inquiry (posted at 8:52 AM on 9/30/08). I find your question to be quite disrespectful and offensive. The Jewish holy days are used for personal introspection and prayer. They are not mental health days! Government offices close down every Christmas, Easter and New Years Day and it is only right that Jewish holy days (and for that matter other religious holidays) are treated with the same importance. This is in response to Dave’s inquiry (posted at 8:52 AM on 9/30/08). I find your question to be quite disrespectful and offensive. The Jewish holy days are used for personal introspection and prayer. They are not mental health days! Government offices close down every Christmas, Easter and New Years Day and it is only right that Jewish holy days (and for that matter other religious holidays) are treated with the same importance.

]]> By: Peter Nelson http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3540 Peter Nelson Tue, 30 Sep 2008 23:51:25 +0000 http://www.onpointradio.org/?p=2582#comment-3540 justanother says... <i> Shouldn’t this bill be published and transparent to general taxpayers since we are part of the ones pay for this too. That way we may not oppose so much if this bill makes sense to general taxpayer. If you are the payer, shouldn’t you see the contract before your approval?</i> What makes you think it's not published? <b>ALL</b> legislation is published! Here's a link to the version that got voted down yesterday . . . http://graphics8.nytimes.com/packages/pdf/business/20080928bailout_text.pdf . . . it doesn't answer most important questions because so much us left up to the discretion of the Treasury Dept., but I'm really surprised that anyone doesn't understand that all bills are published. justanother says…

Shouldn’t this bill be published and transparent to general taxpayers since we are part of the ones pay for this too. That way we may not oppose so much if this bill makes sense to general taxpayer.

If you are the payer, shouldn’t you see the contract before your approval?
What makes you think it’s not published?

ALL legislation is published! Here’s a link to the version that got voted down yesterday . . .

http://graphics8.nytimes.com/packages/pdf/business/20080928bailout_text.pdf

. . . it doesn’t answer most important questions because so much us left up to the discretion of the Treasury Dept., but I’m really surprised that anyone doesn’t understand that all bills are published.

]]> By: Peter Nelson http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3539 Peter Nelson Tue, 30 Sep 2008 23:47:00 +0000 http://www.onpointradio.org/?p=2582#comment-3539 <i>It is abundantly clear that both left and right are mistaken on the issue of the bailout.</i> You are wrong. It's the "center" that is mistaken. The Left and Right oppose this plan for different reasons, but opposition is the right course of action. I'm an engineer. My opposition to the plan is not ideological WRT to EITHER end of the spectrum! My opposition to the plan is based on the simple fact that <b>no evidence</b> has been presented that this plan will <b>work</b>, that the cost has been estimated correctly, or that the consequences, intended and otherwise, have been assesed. It is abundantly clear that both left and right are mistaken on the issue of the bailout.

You are wrong. It’s the “center” that is mistaken. The Left and Right oppose this plan for different reasons, but opposition is the right course of action.

I’m an engineer. My opposition to the plan is not ideological WRT to EITHER end of the spectrum! My opposition to the plan is based on the simple fact that no evidence has been presented that this plan will work, that the cost has been estimated correctly, or that the consequences, intended and otherwise, have been assesed.

]]> By: Peter Nelson http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3538 Peter Nelson Tue, 30 Sep 2008 23:38:01 +0000 http://www.onpointradio.org/?p=2582#comment-3538 <i>"Now, my concern is how Congress will address and control the pricing of the mortgage derivatives it’s proposing to buy, insure, or whatever. There is a 100% difference between 20 cents on the dollar and 40 cents on the dollar. How our government values these banks’ “assets” is an important and largely undiscussed element of this bailout plan. I would LOVE IT if NPR took this topic and ran with it. Politicians are babbling the easy talking points: “Main Street, Wall Street, Credit Crunch, Market Drop.” There’s a lot more to consider than these four buzz words when crafting new laws."</i> Yes, yes, and yes! And THAT's why there is so much opposition to this bailout plan. You've put your finger on a handful of the MANY unanswered questions about this! This plan is huge and complex and whether it will work at all, and what it will REALLY cost and what the consequences, including the unintended ones, will be need to be carefully and soberly evaluated. That will take <b>time</b> and <b>many detailed answers</b> and the President and the Congressional leadership want us to vote for this NOW before that process has been done. As an engineer I think it's insane to adopt such a complex plan before understanding it better. “Now, my concern is how Congress will address and control the pricing of the mortgage derivatives it’s proposing to buy, insure, or whatever. There is a 100% difference between 20 cents on the dollar and 40 cents on the dollar.

How our government values these banks’ “assets” is an important and largely undiscussed element of this bailout plan. I would LOVE IT if NPR took this topic and ran with it.

Politicians are babbling the easy talking points: “Main Street, Wall Street, Credit Crunch, Market Drop.” There’s a lot more to consider than these four buzz words when crafting new laws.”

Yes, yes, and yes!

And THAT’s why there is so much opposition to this bailout plan. You’ve put your finger on a handful of the MANY unanswered questions about this!

This plan is huge and complex and whether it will work at all, and what it will REALLY cost and what the consequences, including the unintended ones, will be need to be carefully and soberly evaluated. That will take time and many detailed answers and the President and the Congressional leadership want us to vote for this NOW before that process has been done.

As an engineer I think it’s insane to adopt such a complex plan before understanding it better.

]]> By: Mitch Hampton http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3534 Mitch Hampton Tue, 30 Sep 2008 21:26:17 +0000 http://www.onpointradio.org/?p=2582#comment-3534 It is abundantly clear that both left and right are mistaken on the issue of the bailout. The left is wrong in demonizing finance and wall street as inherently evil; thus, they are blinded to the harm that a failing wall street would cause mian street, blind to the connections. On the right, there is a worship of the unregulated market, and they too fail to see a need for the a bailout. What the week shows is the common ideological failures of conservatism and "progressivism" It is abundantly clear that both left and right are mistaken on the issue of the bailout. The left is wrong in demonizing finance and wall street as inherently evil; thus, they are blinded to the harm that a failing wall street would cause mian street, blind to the connections. On the right, there is a worship of the unregulated market, and they too fail to see a need for the a bailout. What the week shows is the common ideological failures of conservatism and “progressivism”

]]> By: justanother http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3533 justanother Tue, 30 Sep 2008 20:55:57 +0000 http://www.onpointradio.org/?p=2582#comment-3533 Necessity and practicality shape ideology, not the other way around. If we use our ideology to steer our practicality, then we will become the victims of our very own ideology. A true practice in life should be flexible, otherwise America's capitalism, which is so overly glorified, would fail like one of the empires in human history. If one person is willing to go down with one's principal and ideology, go ahead, but don't drag others to go down with you. Necessity and practicality shape ideology, not the other way around.

If we use our ideology to steer our practicality, then we will become the victims of our very own ideology.

A true practice in life should be flexible, otherwise America’s capitalism, which is so overly glorified, would fail like one of the empires in human history.

If one person is willing to go down with one’s principal and ideology, go ahead, but don’t drag others to go down with you.

]]> By: Linda Morse http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3530 Linda Morse Tue, 30 Sep 2008 20:40:28 +0000 http://www.onpointradio.org/?p=2582#comment-3530 I want to know why I'm not hearing anyone say that perhaps the voters would be more approving and trusting of the actions of Congress during this crisis if we already had some respect for its members. The approval rating of Congress before this crisis was somewhere below 20% I believe, so why should Congress not expect us to be angry? The next Congress needs to consider its actions and try to regain our respect so that they may do their job more effectively. I want to know why I’m not hearing anyone say that perhaps the voters would be more approving and trusting of the actions of Congress during this crisis if we already had some respect for its members. The approval rating of Congress before this crisis was somewhere below 20% I believe, so why should Congress not expect us to be angry? The next Congress needs to consider its actions and try to regain our respect so that they may do their job more effectively.

]]> By: justanother http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3525 justanother Tue, 30 Sep 2008 18:15:26 +0000 http://www.onpointradio.org/?p=2582#comment-3525 It's mind boggling that how can congress vote "nay" based on the votes of their people when most people don't know the details of this proposal bill? Shouldn't this bill be published and transparent to general taxpayers since we are part of the ones pay for this too. That way we may not oppose so much if this bill makes sense to general taxpayer. If you are the payer, shouldn't you see the contract before your approval? It’s mind boggling that how can congress vote “nay” based on the votes of their people when most people don’t know the details of this proposal bill?

Shouldn’t this bill be published and transparent to general taxpayers since we are part of the ones pay for this too. That way we may not oppose so much if this bill makes sense to general taxpayer.

If you are the payer, shouldn’t you see the contract before your approval?

]]> By: justanother http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3524 justanother Tue, 30 Sep 2008 17:44:34 +0000 http://www.onpointradio.org/?p=2582#comment-3524 Ok, maybe this has been asked by the previous comments. Excuse my ignorance on the financial issues, but why not the government just lend the money to banks and other financial institutes, charge them the interests, which comes from the profits those organizations make in the future. I am sure if the profits can distribute to the interest and principal from the loan, instead of going to all the top executives, this might work better than putting the pressure on taxpayer. As a taxpayer, I don't mind to bail out this crisis at this very moment, as long as I will be "guaranteed" to get my money back with interest, then I consider it's a fair deal. But again this could be a naive approach. But the thought of this approach really makes sense to me. By the way, are we able to see the details of this bailout bill anywhere on the internet, if anyone knows, please let me know, thank you very much. Ok, maybe this has been asked by the previous comments.

Excuse my ignorance on the financial issues, but why not the government just lend the money to banks and other financial institutes, charge them the interests, which comes from the profits those organizations make in the future. I am sure if the profits can distribute to the interest and principal from the loan, instead of going to all the top executives, this might work better than putting the pressure on taxpayer. As a taxpayer, I don’t mind to bail out this crisis at this very moment, as long as I will be “guaranteed” to get my money back with interest, then I consider it’s a fair deal. But again this could be a naive approach. But the thought of this approach really makes sense to me.

By the way, are we able to see the details of this bailout bill anywhere on the internet, if anyone knows, please let me know, thank you very much.

]]> By: Catherine Caldwell-Harris http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3520 Catherine Caldwell-Harris Tue, 30 Sep 2008 16:35:09 +0000 http://www.onpointradio.org/?p=2582#comment-3520 Jeff, Very good point about "We are not good at doing large public works projects anymore." I agree its a tough problem. Maybe work on small public works projects. On a lighter note, I got this in my inbox today. DEAR AMERICAN: I NEED TO ASK YOU TO SUPPORT AN URGENT SECRET BUSINESS RELATIONSHIP WITH A TRANSFER OF FUNDS OF GREAT MAGNITUDE. I AM MINISTRY OF THE TREASURY OF THE REPUBLIC OF AMERICA. MY COUNTRY HAS HAD CRISIS THAT HAS CAUSED THE NEED FOR LARGE TRANSFER OF FUNDS OF 800 BILLION DOLLARS US. IF YOU WOULD ASSIST ME IN THIS TRANSFER, IT WOULD BE MOST PROFITABLE TO YOU. I AM WORKING WITH MR. PHIL GRAM, LOBBYIST FOR UBS, WHO WILL BE MY REPLACEMENT AS MINISTRY OF THE TREASURY IN JANUARY. AS A SENATOR, YOU MAY KNOW HIM AS THE LEADER OF THE AMERICAN BANKING DEREGULATION MOVEMENT IN THE 1990S. THIS TRANSACTIN IS 100% SAFE. THIS IS A MATTER OF GREAT URGENCY. WE NEED A BLANK CHECK. WE NEED THE FUNDS AS QUICKLY AS POSSIBLE. WE CANNOT DIRECTLY TRANSFER THESE FUNDS IN THE NAMES OF OUR CLOSE FRIENDS BECAUSE WE ARE CONSTANTLY UNDER SURVEILLANCE. MY FAMILY LAWYER ADVISED ME THAT I SHOULD LOOK FOR A RELIABLE AND TRUSTWORTHY PERSON WHO WILL ACT AS A NEXT OF KIN SO THE FUNDS CAN BE TRANSFERRED. PLEASE REPLY WITH ALL OF YOUR BANK ACCOUNT, IRA AND COLLEGE FUND ACCOUNT NUMBERS AND THOSE OF YOUR CHILDREN AND GRANDCHILDREN TO WALLSTREETBAILOUT@TREASURY.GOV SO THAT WE MAY TRANSFER YOUR COMMISSION FOR THIS TRANSACTION. AFTER I RECEIVE THAT INFORMATION, I WILL RESPOND WITH DETAILED INFORMATION ABOUT SAFEGUARDS THAT WILL BE USED TO PROTECT THE FUNDS. YOURS FAITHFULLY MINISTER OF TREASURY PAULSON Jeff,
Very good point about “We are not good at doing large public works projects anymore.” I agree its a tough problem. Maybe work on small public works projects.

On a lighter note, I got this in my inbox today.

DEAR AMERICAN:

I NEED TO ASK YOU TO SUPPORT AN URGENT SECRET BUSINESS RELATIONSHIP WITH A TRANSFER OF FUNDS OF GREAT MAGNITUDE.

I AM MINISTRY OF THE TREASURY OF THE REPUBLIC OF AMERICA. MY COUNTRY HAS HAD CRISIS THAT HAS CAUSED THE NEED FOR LARGE TRANSFER OF FUNDS OF 800 BILLION DOLLARS US. IF YOU WOULD ASSIST ME IN THIS TRANSFER, IT WOULD BE MOST PROFITABLE TO YOU.

I AM WORKING WITH MR. PHIL GRAM, LOBBYIST FOR UBS, WHO WILL BE MY REPLACEMENT AS MINISTRY OF THE TREASURY IN JANUARY. AS A SENATOR, YOU MAY KNOW HIM AS THE LEADER OF THE AMERICAN BANKING DEREGULATION MOVEMENT IN THE 1990S. THIS TRANSACTIN IS 100% SAFE.

THIS IS A MATTER OF GREAT URGENCY. WE NEED A BLANK CHECK. WE NEED THE FUNDS AS QUICKLY AS POSSIBLE.

WE CANNOT DIRECTLY TRANSFER THESE FUNDS IN THE NAMES OF OUR CLOSE FRIENDS BECAUSE WE ARE CONSTANTLY UNDER SURVEILLANCE. MY FAMILY LAWYER ADVISED ME THAT I SHOULD LOOK FOR A RELIABLE AND TRUSTWORTHY PERSON WHO WILL ACT AS A NEXT OF KIN SO THE FUNDS CAN BE TRANSFERRED.

PLEASE REPLY WITH ALL OF YOUR BANK ACCOUNT, IRA AND COLLEGE FUND ACCOUNT NUMBERS AND THOSE OF YOUR CHILDREN AND GRANDCHILDREN TO WALLSTREETBAILOUT@TREASURY.GOV SO THAT WE MAY TRANSFER

YOUR COMMISSION FOR THIS TRANSACTION. AFTER I RECEIVE THAT INFORMATION, I WILL RESPOND WITH DETAILED INFORMATION ABOUT SAFEGUARDS THAT WILL BE USED TO PROTECT THE FUNDS.

YOURS FAITHFULLY MINISTER OF TREASURY PAULSON

]]> By: Mark http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3519 Mark Tue, 30 Sep 2008 16:32:49 +0000 http://www.onpointradio.org/?p=2582#comment-3519 These are terrible times we live in right now. Wall Street CEO's have had their glory days of raping the markets to line their own pockets and now it's all come tumbling down around them. Wall Street is to blame for the state of the market right now As a homeowner and taxpayer, I'm outraged at all these GOLDEN PARACHUTES these CEO's obtain as they run their companies into the financial ruin from their bad judgements and now they expect the taxpayer to bail them out. What is the Government doing to ease the burden of the taxpayer/homeowner on Main Street? Even if we do bail out Wall Street this is not going to ease the burden on the homeowner, our bills still need to be paid. With the rising expenditure that homeowners now have to cope with there is no help for us. I would like the government to spend this bail out money wisely, why are they not considering paying down homeowners mortgages by 10% - 15%, which would inject capital back into the banks and mortgages, ease homeowners financial burdens. Possibly reduce the home being repossessed, as the housing market is flooded with homes that no one wants or can afford. This would allow homeowners to have more monthly cash in their pockets to spend on Main Street keeping small and large businesses a float. This American Economy relies on the public spending cash to keep the market moving, right now most people are not spending as they are unsure of the future. My financial future right now is wondering where I'm going to get the money to pay my heating bill this winter, my car payments the mortgage and the rising cost of food. Ultimately the taxpayer is getting the blunt of the stick again and this is why so many people are outraged at this bail out package...Where is the help for the taxpayer? Where is our bail out package so we can continue to live our lives as responsible taxpayers. These are terrible times we live in right now. Wall Street CEO’s have had their glory days of raping the markets to line their own pockets and now it’s all come tumbling down around them. Wall Street is to blame for the state of the market right now
As a homeowner and taxpayer, I’m outraged at all these GOLDEN PARACHUTES these CEO’s obtain as they run their companies into the financial ruin from their bad judgements and now they expect the taxpayer to bail them out.
What is the Government doing to ease the burden of the taxpayer/homeowner on Main Street?
Even if we do bail out Wall Street this is not going to ease the burden on the homeowner, our bills still need to be paid. With the rising expenditure that homeowners now have to cope with there is no help for us.
I would like the government to spend this bail out money wisely, why are they not considering paying down homeowners mortgages by 10% – 15%, which would inject capital back into the banks and mortgages, ease homeowners financial burdens. Possibly reduce the home being repossessed, as the housing market is flooded with homes that no one wants or can afford. This would allow homeowners to have more monthly cash in their pockets to spend on Main Street keeping small and large businesses a float. This American Economy relies on the public spending cash to keep the market moving, right now most people are not spending as they are unsure of the future.
My financial future right now is wondering where I’m going to get the money to pay my heating bill this winter, my car payments the mortgage and the rising cost of food.
Ultimately the taxpayer is getting the blunt of the stick again and this is why so many people are outraged at this bail out package…Where is the help for the taxpayer?
Where is our bail out package so we can continue to live our lives as responsible taxpayers.

]]> By: jeff http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3517 jeff Tue, 30 Sep 2008 16:16:24 +0000 http://www.onpointradio.org/?p=2582#comment-3517 <i>Why not pump the money into the economy by having massive public works like FDR did?</i> Because it wont work. We need to fix our infrastructure that is a given, but how many people will it employ and how many will want to do manual labor. If you want to see what a potential disaster huge public works projects can be, read up on Boston's big dig. This thing is killing the state of Massachusetts and it's transportation authority is going bankrupt. We are not good a doing large public works projects anymore. To many people look at them as cash cows and the other issue is that it seems to me that the evidence shows that money outweighed quality control. In Japan if what happened in the Big Dig project went down you have seen the CEO's of the construction and engineering companies resigning and in some cases committing suicide. This is an extreme, but what did the heads of the Bechtel/Parsons Brinckerhoff do when confronted with the problems they caused, they hired lawyers and refused to take any ownership of the faulty construction until forced by the state through legal action. You see anything wrong with this picture? Why not pump the money into the economy by having massive public works like FDR did?

Because it wont work. We need to fix our infrastructure that is a given, but how many people will it employ and how many will want to do manual labor.

If you want to see what a potential disaster huge public works projects can be, read up on Boston’s big dig.

This thing is killing the state of Massachusetts and it’s transportation authority is going bankrupt.

We are not good a doing large public works projects anymore. To many people look at them as cash cows and the other issue is that it seems to me that the evidence shows that money outweighed quality control.

In Japan if what happened in the Big Dig project went down you have seen the CEO’s of the construction and engineering companies resigning and in some cases committing suicide. This is an extreme, but what did the heads of the Bechtel/Parsons Brinckerhoff do when confronted with the problems they caused, they hired lawyers and refused to take any ownership of the faulty construction until forced by the state through legal action.

You see anything wrong with this picture?

]]> By: Dave http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3515 Dave Tue, 30 Sep 2008 16:16:11 +0000 http://www.onpointradio.org/?p=2582#comment-3515 One corrosive effect of bubbles, tech, real estate, tulip bulbs, hedge funds, etc., is to distort markets so that other investments, manufacturing better automobiles, in modernizing manufacturing plants, etc. are ignored. As an engineer and entrepreneur I can tell you that ever since the tech bubble it is very difficult to get people interested in investments in fundamentally sound businesses as they want there capital to go where the return is the highest. When I despaired of trying to make money by building better factories and tools I was forced to go where the money seemed to be, real estate and construction. So if anyone wants to know where their good manufacturing job went just go to Fresno, Miami or any other place like it, and look at the forests of empty homes that were built with money that Wall Street could have invested in the factory that you used to work in. In the immortal words of Walt Kelly, "We have met the enemy and he is us". One corrosive effect of bubbles, tech, real estate, tulip bulbs, hedge funds, etc., is to distort markets so that other investments, manufacturing better automobiles, in modernizing manufacturing plants, etc. are ignored. As an engineer and entrepreneur I can tell you that ever since the tech bubble it is very difficult to get people interested in investments in fundamentally sound businesses as they want there capital to go where the return is the highest. When I despaired of trying to make money by building better factories and tools I was forced to go where the money seemed to be, real estate and construction. So if anyone wants to know where their good manufacturing job went just go to Fresno, Miami or any other place like it, and look at the forests of empty homes that were built with money that Wall Street could have invested in the factory that you used to work in.

In the immortal words of Walt Kelly, “We have met the enemy and he is us”.

]]> By: Regina http://www.onpointradio.org/2008/09/the-view-from-main-street/comment-page-1#comment-3513 Regina Tue, 30 Sep 2008 15:58:36 +0000 http://www.onpointradio.org/?p=2582#comment-3513 I find it hard to believe that no one saw this coming. When I became aware that the mortgage lending was opening up to marginally qualified borrowers, I saw it as a disaster waiting to happen and warned friend and family to beware. My judgment was based on my 3 years of low level experience in the mortgage banking industry over 20 years ago. I find it hard to believe that no one saw this coming. When I became aware that the mortgage lending was opening up to marginally qualified borrowers, I saw it as a disaster waiting to happen and warned friend and family to beware. My judgment was based on my 3 years of low level experience in the mortgage banking industry over 20 years ago.

]]>