The media, markets, and Congress are abuzz with "Toxic Assets." They're also attempting to rename this "legacy loans." It simply sounds better when you're talking about using taxpayer money to "buy it."
But what exactly are we talking about with "toxic assets?" Those are the predatory loans made by the greedy to the greedy based on unrealistic rises in real estate values. These are the loans that should never have been made. These are the risks that corporations took in a belief that they would make astounding profits, that failed.
Simply, they are bad loans, foreclosed loans on real estate not worth the borrowed amount.
Your "representatives" think that you, the taxpayer, should pay 2005 inflated prices in order to get the banks out of the trouble they got themselves in. It will have the marketed effect, the banks will be better off. Their stock prices will go up. It will benefit the corporate constituencies of our elected officials.
This comes at a cost to you, the taxpayer. It is wrong. Capitalism is a system of personal and professional responsibility. It allows individual choice and freedom. It rewards good decisions and holds each responsible for bad decisions.
An underlying but unstated right of the Constitution, Bill of Rights, and Capitalism is the right to be wrong and to let the world know that you are wrong. If you decide to pay $100,000 for a 2010 Ford Mustang believing you can sell it to your neighbor for $150,000, your friends may tell you you're out of your mind. But that is your money and your decision to make.
If the neighbor pays the $150,000 for it, we'll shake our heads in disbelief, but if you end up selling it to him for $50,000, it is not our responsibility to make up the difference. And that is what Congress is doing. They're making us pay the difference in the losses of banks.
To be a bit more accurate, it would be like a single person bidding and purchasing an entire estate at auction regardless of bid price, selling everything that could make a profit and then coming to their neighbor and expecting them to pay the price bid for the items not worth the price he paid at bid. Now imagine that it was the richest man in town that did that and exacted the losses on every worker in town.
It is not right. It is not Constitutional. It is not moral. It is not capitalism. It is not the American way.
These corporations took the risks. They got greedy. And they got burned. It is NOT the responsibility of the taxpayer, i.e waiters, factory workers, and Soldiers to pay for the bad risks that the corporations made.
Tennessee Taylor©2009, TNT, all rights reserved
Showing posts with label bailouts. Show all posts
Showing posts with label bailouts. Show all posts
Tuesday, March 24, 2009
Saturday, January 24, 2009
The Never Ending CEO Bailout Debacle
Well, the people of Tennessee and the people of the United States told Washington that we were against TARP, the CEO Bailout Bill. They passed it anyway and we've been paying for it on a daily basis. The Representative of the 6th District voted for it twice, in both its long and longer versions.
In short, Congress made a mockery of the people and the people were confused, purposely by The Party. I'm not running against President Bush, nor against President Obama, but they were both part of the debacle. I'm not running for Senate nor did I think we had much of a choice in that race. In fact, there is only one member of our current delegation that I could fully endorse. There are others that I would fully oppose and still some that I would half-heartedly support.
But that's a different subject for a different day. Today, it's the TARP and the myriad of Economic Stimuli Packages we've witnessed. These are only getting worse by the day. The absolute power of the The Party (DNC) is producing horrible results of partisan hubris. The next package is snowballing into the greatest piece of pork ever witnessed.
Meanwhile, we are still learning of new excesses afforded by the DNC sponsored TARP/CEO Bailout Bill uniformly supported by the Democrats (minus one) and opposed by the Republican Representatives (minus one) of the State of Tennessee. None were voted out of office for their hubris. This video expresses the sentiment of many of our citizens:
Still, we must shake things up in 2010. We cannot afford the absolute power of The Party given them in 2008, and the "Blue Dog Democrats" have not presented the opposition needed to the out of control spending of the Far Left Leaders Pelosi, Frank, Murtha, Reid and Others we had hoped. Hope is all we have and it is being dashed on the rocks of voting records.
In short, Congress made a mockery of the people and the people were confused, purposely by The Party. I'm not running against President Bush, nor against President Obama, but they were both part of the debacle. I'm not running for Senate nor did I think we had much of a choice in that race. In fact, there is only one member of our current delegation that I could fully endorse. There are others that I would fully oppose and still some that I would half-heartedly support.
But that's a different subject for a different day. Today, it's the TARP and the myriad of Economic Stimuli Packages we've witnessed. These are only getting worse by the day. The absolute power of the The Party (DNC) is producing horrible results of partisan hubris. The next package is snowballing into the greatest piece of pork ever witnessed.
Meanwhile, we are still learning of new excesses afforded by the DNC sponsored TARP/CEO Bailout Bill uniformly supported by the Democrats (minus one) and opposed by the Republican Representatives (minus one) of the State of Tennessee. None were voted out of office for their hubris. This video expresses the sentiment of many of our citizens:
Still, we must shake things up in 2010. We cannot afford the absolute power of The Party given them in 2008, and the "Blue Dog Democrats" have not presented the opposition needed to the out of control spending of the Far Left Leaders Pelosi, Frank, Murtha, Reid and Others we had hoped. Hope is all we have and it is being dashed on the rocks of voting records.
Wednesday, December 10, 2008
Recent Votes
I can't blame him for being absent on this vote. The Chicago and Detroit Politicians demand a vote for the UAW from their membership. The People of Petersburg want more of their taxdollars spent in better ways. The UAW is threatening trickle down economics if their $70k/year paychecks are cut. Even the waitresses of Tennessee are targeted by the UAW ads.
Below are Barton Gordon’s most recent votes.
Go to the votes page for a complete list and vote feed/tracker.
Date
Vote
Vote Description
Dec 10, 2008 8:46 PM
Gordon: Absent
On Passage - House - H.R. 7321 Auto Industry Financing and Restructuring Act
Passed 237-170, 27 not voting
Dec 10, 2008 8:27 PM
Gordon: Absent
Amendment 1 to H.R. 7321
Agreed to 403-0, 30 not voting
Dec 10, 2008 6:12 PM
Gordon: Aye
On Passage - H.Res. 1534 Providing for consideration of H.R. 7321, to authorize financial assistance to eligible automobile manufacturers, and for other purposes
Passed 225-179, 29 not voting
Dec 10, 2008 5:53 PM
Gordon: Aye
On Ordering the Previous Question: H.Res. 1534 Providing for consideration of H.R. 7321, to authorize financial assistance to eligible automobile manufacturers, and for other purposes
Passed 225-180, 28 not voting
Dec 10, 2008 4:11 PM
Gordon: Aye
On Approving the Journal
Passed 215-170, 48 not voting
Nevertheless, the UAW Bailout Bill, aka Big 3 Bridge Loan, passed the House, in part because he didn't vote against it. Neither did he work with The Party to oppose it.
Below are Barton Gordon’s most recent votes.
Go to the votes page for a complete list and vote feed/tracker.
Date
Vote
Vote Description
Dec 10, 2008 8:46 PM
Gordon: Absent
On Passage - House - H.R. 7321 Auto Industry Financing and Restructuring Act
Passed 237-170, 27 not voting
Dec 10, 2008 8:27 PM
Gordon: Absent
Amendment 1 to H.R. 7321
Agreed to 403-0, 30 not voting
Dec 10, 2008 6:12 PM
Gordon: Aye
On Passage - H.Res. 1534 Providing for consideration of H.R. 7321, to authorize financial assistance to eligible automobile manufacturers, and for other purposes
Passed 225-179, 29 not voting
Dec 10, 2008 5:53 PM
Gordon: Aye
On Ordering the Previous Question: H.Res. 1534 Providing for consideration of H.R. 7321, to authorize financial assistance to eligible automobile manufacturers, and for other purposes
Passed 225-180, 28 not voting
Dec 10, 2008 4:11 PM
Gordon: Aye
On Approving the Journal
Passed 215-170, 48 not voting
Nevertheless, the UAW Bailout Bill, aka Big 3 Bridge Loan, passed the House, in part because he didn't vote against it. Neither did he work with The Party to oppose it.
Thursday, December 4, 2008
The Unrepentant UAW
The UAW was back on Capital Hill today, again telling of their terrible woes, how they can barely live on $70,000+/year and how they needed money from the Good people of Gainesboro to survive the economic hard times.
They attempted to be repentant. They promised to give up their $65,000+ unemployment checks if the Members of Murfreesboro will give up their tax dollars to support their lavish incomes.
They even said they'd let their employers pay their benefits checks late to their bloated Employment Corporation, the UAW, if the Taxpayers of Tennessee would simply donate more of our paychecks. They complained it was unfair for us to look at their bloated paychecks and benefits packages as a source of the problem, that their wages alone only caused 10% of the prices we pay on trucks we love.
Sorry, Detroit, I don't buy your new found sacrifices. I don't buy into your impoverished 70k/year pity party. No, I will not let you bend the taxpayers over the barrel as you have the American Consumer for decades. I know it's a bad economy up there. The UAW and your politicians have strangled it.
Your example is what we need to avoid, Detroit. We need a Common Sense Citizen, not a party loyalist as Our Representative. We need someone that represents Our People, not their Corporate Constituencies. Our Representative must say no to this nonsense. Our Citizens should not prop up the paychecks of overpaid workers in Detroit, even if their executives are smart enough to drive hybrids the second time round of their begging.
TNTaylor©2008, Tennessee Taylor, all rights reserved.
They attempted to be repentant. They promised to give up their $65,000+ unemployment checks if the Members of Murfreesboro will give up their tax dollars to support their lavish incomes.
They even said they'd let their employers pay their benefits checks late to their bloated Employment Corporation, the UAW, if the Taxpayers of Tennessee would simply donate more of our paychecks. They complained it was unfair for us to look at their bloated paychecks and benefits packages as a source of the problem, that their wages alone only caused 10% of the prices we pay on trucks we love.
Sorry, Detroit, I don't buy your new found sacrifices. I don't buy into your impoverished 70k/year pity party. No, I will not let you bend the taxpayers over the barrel as you have the American Consumer for decades. I know it's a bad economy up there. The UAW and your politicians have strangled it.
Your example is what we need to avoid, Detroit. We need a Common Sense Citizen, not a party loyalist as Our Representative. We need someone that represents Our People, not their Corporate Constituencies. Our Representative must say no to this nonsense. Our Citizens should not prop up the paychecks of overpaid workers in Detroit, even if their executives are smart enough to drive hybrids the second time round of their begging.
TNTaylor©2008, Tennessee Taylor, all rights reserved.
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