quote:

ORIGINAL: cyberdude611

Senator Christopher Dodd is the chairman of the Senate Banking Committee and is one of the leading politicians trying to negotiate a deal to bailout the US economy out of the current financial crisis.

So i did some research and found an article that gave a list of Christopher Dodd's biggest doners. What is funny is that a guy like this could have a donor list like this and be a big character in putting together the largest banking bailout in American history....and then bash people who blew up his deal. He was on CNN earlier slamming McCain because McCain dared to question him.

Sen. Dodd's list of donors:
Citigroup, $310,294;
SAC Capital Partners, $282,000;
United Technologies, $263,400;
AIG, $224,678;
Bear Stearns, $205,600;
St. Paul Travelers, $205,400;
Royal Bank of Scotland, $203,750;
Goldman Sachs, $175,600;
Morgan Stanley, $155,000;
Credit Suisse, $154,550;
Merrill Lynch, $134,950;
JPMorgan Chase, $129,150;
Lehman Brothers, $128,400;
KPMG, $113,100;
General Electric, $108,250;
Deloitte Touche, $108,000;
USB, $101,900;
Hartford Finance Services, $101,500;
The Hartford, $94,350;
Bank of America, $91,300.

This doesnt include that this guy got a sweet VIP deal from Countrywide (a deal you or me would never get) which saved him $75,000 on two mortgages.

I wonder whose interests this guy is looking out for while negotiating a bailout with OUR money!

A perfect example why this bill should die. The millionaire CEOs in these banks want the government to save their skin. And this is just one Congressmen. There are many others with similar donor sheets on both sides of the aisle. We are in this mess because of them and now they want you, the taxpayer, to get them out of it.

quote:

ORIGINAL: rulemylife

I share the anger, but, as you said, we are in this mess.  It will only be worse for taxpayers, in the long run, if these banks start to collapse. 

quote:

ORIGINAL: rulemylife

quote:

ORIGINAL: cyberdude611

Senator Christopher Dodd is the chairman of the Senate Banking Committee and is one of the leading politicians trying to negotiate a deal to bailout the US economy out of the current financial crisis.

So i did some research and found an article that gave a list of Christopher Dodd's biggest doners. What is funny is that a guy like this could have a donor list like this and be a big character in putting together the largest banking bailout in American history....and then bash people who blew up his deal. He was on CNN earlier slamming McCain because McCain dared to question him.

Sen. Dodd's list of donors:
Citigroup, $310,294;
SAC Capital Partners, $282,000;
United Technologies, $263,400;
AIG, $224,678;
Bear Stearns, $205,600;
St. Paul Travelers, $205,400;
Royal Bank of Scotland, $203,750;
Goldman Sachs, $175,600;
Morgan Stanley, $155,000;
Credit Suisse, $154,550;
Merrill Lynch, $134,950;
JPMorgan Chase, $129,150;
Lehman Brothers, $128,400;
KPMG, $113,100;
General Electric, $108,250;
Deloitte Touche, $108,000;
USB, $101,900;
Hartford Finance Services, $101,500;
The Hartford, $94,350;
Bank of America, $91,300.

This doesnt include that this guy got a sweet VIP deal from Countrywide (a deal you or me would never get) which saved him $75,000 on two mortgages.

I wonder whose interests this guy is looking out for while negotiating a bailout with OUR money!

A perfect example why this bill should die. The millionaire CEOs in these banks want the government to save their skin. And this is just one Congressmen. There are many others with similar donor sheets on both sides of the aisle. We are in this mess because of them and now they want you, the taxpayer, to get them out of it.

I'm sure you would probably find many of the same donated to McCain.  And Obama.

I share the anger, but, as you said, we are in this mess.  It will only be worse for taxpayers, in the long run, if these banks start to collapse. 

The only bright spot is the FBI is pursuing cases against a lot these corporations' executives, including those at Fannie Mae and Freddie Mac. 

quote:

ORIGINAL: DarkSteven

quote:

ORIGINAL: rulemylife

I share the anger, but, as you said, we are in this mess.  It will only be worse for taxpayers, in the long run, if these banks start to collapse. 

Yeah, right.  That news flash is courtesy of the Administration that lied to us about Iraq, rammed the Patriot Act down out throats, wiretapped illegally and claimed that the VP forms his entire own branch of government.  Why believe ANYTHING they say?

quote:

ORIGINAL: TheUtopian

quote:

ORIGINAL: rulemylife

quote:

ORIGINAL: cyberdude611

I beg to differ with that assessment. It's my feeling that this country is/would be far better off without the banking/financial services establishment. Besides, the 700 billion is just a small bandaid.

Like a brother said on the radio last night - '' The quicker the banking establishment disintegrates, the quicker Americans will head in mass to Washington with rakes and pitch forks. ''

I don't know about you, but I'd nut up if a few million rushed the gates on the capitol police.... or hell....for that matter, just pelted the grounds with garbage. For the life of me, I cannot understand why such an air of nobility is projected on these crooks.




- R



PS - Good post, Cyberdude.

Then what?  We keep our retirement savings buried in coffee cans in the backyard and when we need credit find a nice honest loanshark?

(in reply to TheUtopian)

quote:

ORIGINAL: servantforuse

The Govt. made money on the savings and loan bailout and the Chrysler bailout. They will make money on this to. ps..This was not Bush's fault. It started during the Clinton adminisration when banks were forced to change lending practices so more minorities could buy a home... It got out of control from that point.. 

quote:


Then what?  We keep our retirement savings buried in coffee cans in the backyard and when we need credit find a nice honest loanshark?

quote:

ORIGINAL: servantforuse

The Govt. made money on the savings and loan bailout and the Chrysler bailout. They will make money on this to. ps..This was not Bush's fault. It started during the Clinton adminisration when banks were forced to change lending practices so more minorities could buy a home... It got out of control from that point.. 

quote:

ORIGINAL: slvemike4u

The Banking practices that wound us up in this mess have little to do with individual bad loans,rather it is the repackaging and ponzi scheme method of moving these questionable loans and the accounting practices that make this profitable.These are the areas that regulation is needed to reign in.
The market can and will set the price for lending according to a borrowers credit score and need.Blaming defaulting homeowners instead of the money men,bankers and Wall Street speculators is sheer folly....the guy down the block defaulting on his home loan is far more likely to be a victim or predatory lending practices than the architect of this collapse.

quote:

ORIGINAL: TheUtopian

quote:


Then what?  We keep our retirement savings buried in coffee cans in the backyard and when we need credit find a nice honest loanshark?

In all honesty, its prolly better off in a coffee can. And to give you some solid professional advice, personally, I'd get out of both the market and liquid paper, and into commodities - because the long term trend will be for the dollar and markets to dive. Trust me on this....

As for your comment about loansharks : I'm already on record in my opinion that the Gambino crime family is far more dignified and trustworthy than Wall Street. Americans will sleep better at night if they better live their lives credit free....





- R

quote:

ORIGINAL: TheUtopian

quote:

ORIGINAL: slvemike4u

The Banking practices that wound us up in this mess have little to do with individual bad loans,rather it is the repackaging and ponzi scheme method of moving these questionable loans and the accounting practices that make this profitable.These are the areas that regulation is needed to reign in.
The market can and will set the price for lending according to a borrowers credit score and need.Blaming defaulting homeowners instead of the money men,bankers and Wall Street speculators is sheer folly....the guy down the block defaulting on his home loan is far more likely to be a victim or predatory lending practices than the architect of this collapse.

If you resurrected all of ARM-laden foreclosed / currently failing properties and injected them with the difference between their initial teaser rates and current reset rates, that amount would not exceed 35-40 billion.

To take it one step further....If you completely paid off the loans on both the foreclosed and currently failing properties {90 days out} mentioned above, that amount would not exceed 110 billion....

So to blame this transgression on greedy middle class Americans and the average Joe six pack, is completely ludicrous. Wall Street and the ruling class are responsible for this nightmare.




- R

quote:

ORIGINAL: servantforuse

Yea, I do. I have bought 4 homes and am debt free. For each one I had an attorney review my loan agreement to avoid any pitfalls. Whatever happened to 'buyer be aware'. Don't these people know how to read???