What the $700 Billion Dollar Bailout Means for You

[Tha_Professa]

Only subscribing to the most basic of basic cable pays off yet again.

[Shoval Manuts]

Except when Comcast raises the monthly bill.

[Tha_Professa]

Actually... I just got my current bill today, and it had information on the rate increases, and the basic cable rate isn't gonna change.

[Shoval Manuts]

SWEET!

[Tha_Professa]

And as an additional plus, my Verizon bill still charged me for the old DSL rates instead of the new FiOS rate.  Next month I'll see if that's a one-time thing or a bigger error on their part.

[Shoval Manuts]

On a related political note, Synchronized Debating:

http://www.boingboing.net/2008/10/28/synchronized-preside.html

[homesystem]

That's fuckin' interesting, man.

[Shoval Manuts]

This sucks - they promised to buy bad mortgage backed debts with the money, now they change their minds.  See what happens when you give someone a blank check:

http://www.usatoday.com/money/economy/2008-11-12-financial-crisis_N.htm?loc=interstitialskip

[homesystem]

This sucks - they promised to buy bad mortgage backed debts with the money, now they change their minds.  See what happens when you give someone a blank check:

http://www.usatoday.com/money/economy/2008-11-12-financial-crisis_N.htm?loc=interstitialskip

Seems like it's kind of like what happens when you fuck a stranger in the ass.

[newefezziwig]

This sucks - they promised to buy bad mortgage backed debts with the money, now they change their minds.  See what happens when you give someone a blank check:

http://www.usatoday.com/money/economy/2008-11-12-financial-crisis_N.htm?loc=interstitialskip

Yeah, sounds like a nice little bait and switch.

[pnickers]

Sounds like business as fucking usual. 

[Shoval Manuts]

It's gets better:  http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=world

In a nutshell, the Fed is willing to publicly disclose where the $700 Billion will be going for the purposes of bailout (once they make up their mind where they want to spend it) that was approved by Congress.  However, they are unwilling to publicly disclose where $2 Trillion has been spent that was not approved by Congress.  This is our taxpayer money the Federal Reserve is fucking with.  People really should give a shit...

[homesystem]

Well, the simple solution is to abolish the Federal Reserve. Fuck 'em.  Two strikes (or however many they have) and yer ahhhhta there.

[Shoval Manuts]

Speaking of which

http://www.restoretherepublic.net/group.php?group_id=77

Group Name:   End the Fed Pittsburgh
Description:   On November 22, 1910 a malevolent creature was conceived in the darkness.

Ninety-eight years after its illegitimate conception, we will gather at the gates of its lair to signal the beginning of its end!

On November 22, 2008 at 10AM we will join with people in 37 other cities on a day of national protest and education and gather at the Federal Reserve office in Pittsburgh located at 717 Grant St. (Pgh, PA 15219).

Please sign up at www.endthefed.us

We know who they are, and what they are up to, and on 11/22/08 we will expose the truth about the fed to the world!!

[newefezziwig]

Not sure about the FED, but maybe if the Securities and Exchange Commission was doing its job, shit like CDO's, CDS's and naked short selling would have either been illegal or regulated with short circuits in place to protect people's money. 

I would think that less regulation would allow private companies/banks/securities to find even more loopholes to exploit to fuck us over.. like now, when it's too late and we're scrambling to fix shit.

[pnickers]

Though I like the idea, they aren't going to get a lot of attention protesting at 10:00am on a Saturday morning when they will be the only people downtown.  

[Tha_Professa]

Yeah... maybe some of the events in other cities will get more notice, but downtown PGH on a Sat. morning, they'll be "preachin' to the choir"

[Jeebas]

Pick your battles Sean, do you want people to come to your show on Friday night or go to this protest

And yes I do give a shit, but not enough to go protest in an abandoned downtown on a Saturday morning...

[Shoval Manuts]

Ha, totally missed this reply...  yeah, doing this Sat morning totally sucks.  Especially after a night of wreckin decks n gettin sex.

[Shoval Manuts]

So I was thinking about the $25B proposed bailout that is on the table to save the auto industry.  And at first I was like, "Fuck it, let them burn for building all the SUV's, etc".  But as Nick pointed out, there are a lot of families tied to these companies that would burn, too.  Then it hit me...  This is the letter I just sent to our PA senators and if you agree with me, I ask you to send them a copy yourself.  Let our voices be heard:

Senator, let me first thank you for your time.  I know that the Senate is currently considering a $25B bailout package for the auto industry which is being met with harsh criticism and waning support.  Might I suggest another idea.  I believe that the auto industry has been producing the wrong product (SUV's, inefficient cars, etc) and they are now paying for that.  However, by withholding that bailout money from these companies, it will affect millions of people, from retirees to the suppliers of these companies.  I believe the government should step in with an oversight to have the auto companies build new products, not continue to make the same mistakes.  I feel that we should refocus the automakers to create a new public transit infrastructure in America.  That would keep workers on the line, building an American product while also increasing our public transit system.  This will decrease the need for foreign oil and the impact on the environment.  So, by repositioning the auto companies product focus, you can not only save jobs, but fix a transit system that is broken and promote a clean environment.  Please consider this option for the growth and security of our nation.

[Bull]

So I was thinking about the $25B proposed bailout that is on the table to save the auto industry.  And at first I was like, "Fuck it, let them burn for building all the SUV's, etc".  But as Nick pointed out, there are a lot of families tied to these companies that would burn, too.  Then it hit me...  This is the letter I just sent to our PA senators and if you agree with me, I ask you to send them a copy yourself.  Let our voices be heard:

Senator, let me first thank you for your time.  I know that the Senate is currently considering a $25B bailout package for the auto industry which is being met with harsh criticism and waning support.  Might I suggest another idea.  I believe that the auto industry has been producing the wrong product (SUV's, inefficient cars, etc) and they are now paying for that.  However, by withholding that bailout money from these companies, it will affect millions of people, from retirees to the suppliers of these companies.  I believe the government should step in with an oversight to have the auto companies build new products, not continue to make the same mistakes.  I feel that we should refocus the automakers to create a new public transit infrastructure in America.  That would keep workers on the line, building an American product while also increasing our public transit system.  This will decrease the need for foreign oil and the impact on the environment.  So, by repositioning the auto companies product focus, you can not only save jobs, but fix a transit system that is broken and promote a clean environment.  Please consider this option for the growth and security of our nation.

Not too shabby, did you sign it DJ Arsenal (wreck'n decks 'n' hav'n sex?)

[Jeebas]

I can get on board with that idea, though I am guessing that the cost-profit margin (or some shit) is a lot different (maybe much crappier as they only buyers would be governments) from building SUVs to building buses, light rail cars, etc.

[pnickers]

I don't think Sean was implying that public transit infrastructure would be the only product manufactured by the automakers, or at least that's how I read it. 

Though I like this idea, in all honesty it will probably cost us a lot more than $25 billion to "refocus" the industry.  Just think of the new facilities that will need to be constructed to support a mass transit system.  I don't know the specifics about auto manufacturing, but the same assembly line that is currently used to build SUV's or cars can't be used to construct light rail vehicles.  I do, however, think that this is a good idea for a slow transition to a division for public transit for the future. 

[$1.50]

I agree with Paco on the cost side of refocusing the industry. Seems to me that if we want to improve mass transit, we'd be better off letting the auto companies go under and instead use the bailout money to grow companies that actually work on those things now. Assuming the same skilled workers could work on either product, I think that a company that currently has those products in development or production would be able to get it up and running faster than one that starts at square one.

[Shoval Manuts]

Letting these companies die will kill the economy as well as the market worldwide, which could cost us a lot more to just get back to "square one".  This wouldn't be the first time in history, however, that the auto industry was retooled for new purposes.  Think back to WWII when the auto industry produced planes, tanks, and weapons.

[pnickers]

This situation really is a double edged sword.  If the auto companies go into chapter 11, then at least the restructuring of the companies will at least be observed by a judge.  Unfortunately, this will mean that a lot of people are going to be laid off and retirees pentions will suffer. 

If we just throw them this large $25 billion dollar bone, who's to say that they won't just keep pulling the same shit they have been for the past 20 odd years, especially with the price of gas falling recently.  In the long run, they either ask for more money, or they go out of business entirely. 

I agree that they could retool, I just don't think the current amount will be enough, and the majority of US citizens don't have improvement of our transportation infrastructure high on the country's "to do" list. 

[$1.50]

Letting these companies die will kill the economy as well as the market worldwide, which could cost us a lot more to just get back to "square one".  This wouldn't be the first time in history, however, that the auto industry was retooled for new purposes.  Think back to WWII when the auto industry produced planes, tanks, and weapons.

I ain't gonna argue it on the forums, but I don't think that's the case.

[Gregor]

I ain't gonna argue it on the forums...

do it, do it, do it...

[Bull]

Letting these companies die will kill the economy as well as the market worldwide, which could cost us a lot more to just get back to "square one".  This wouldn't be the first time in history, however, that the auto industry was retooled for new purposes.  Think back to WWII when the auto industry produced planes, tanks, and weapons.

I ain't gonna argue it on the forums, but I don't think that's the case.

You being a fancy lad?

[Tha_Professa]

Yeah really... your arguments too good for the likes of these forums.