We're not socialists...

[Larry Gude (Premo)]

Geithner On Ousting CEOs, Reviving Economy | - CBS News

Days after GM's CEO Rick Wagoner was forced out by the Obama administration, Treasury Secretary Timothy Geithner left open the possibility that such moves could happen again.

In an interview with CBS Evening News anchor Katie Couric, Geithner acknowledged the government has had to do "exceptional things" – citing AIG as well as Fannie Mae and Freddie Mac.

"We have changed management aboard," he said. "And where we've done that, we've done it because we thought that was necessary to make sure these institutions emerge stronger in the future."

When asked if he would leave open the option to pressure a bank CEO to resign, Geithner replied: "Of course."

Of course.

[cwo_ghwebb]

"We're gonna have setbacks ahead," he said. "And that's why it's so important that we're moving together with the world to try to make sure we bring recovery back. And the world is with the president on this."

First of all, I disagree the world is with the president on this. Germany, for one, has disagreed with the president's fiscal policies.

Secondly, why should the citizens (and their children and grandchildren not yet born) be made responsible for paying for the president's version of a new world order?

[Vince]

We're not socialists...

Nah, we're really not. The present government just wants to control everything. That's all.

[Mike (Premo)]

Originally Posted by cwo_ghwebb

Secondly, why should the citizens (and their children and grandchildren not yet born) be made responsible for paying for the president's version of a new world order?

I think back to spending time with my grandarents (Italinan immigrant candy makers on one side / Southern farmers on the other)- they always seemed proud of what their accomplishments in paving a way for the greatness that is America. Stories of Great Deepression I, WW II, Korea, Soviet threats in the 1950's & 1960's were told as if all America was in sync (certainly not true, but more then than now.)

I wonder if & when I'm blessed with grandchildren - I'll be able to look them in the eyes and tell them I did all I could to ensure their peace and prosperity.

Kind of sappy, I know, but I can't help but feeling our generation is failing future generations like no other one has done. And I'm talking primarily about the ecinomy and the government's ludicrous spending (BOTH parties).

Don't even get me started on the poor job I think the gov't is doing protecting our way of life from foriegn threats - living close to Wash DC, I am more than slightly worried about seeing a bright light seconds before I'm vaporized. I just pray it desn't happen while I'm sitting on Rte 5 in the morning or afternoon "Waldorf 500."

[Rosehaven]

Look if those of you are really bent out of shape that the government stepping into this mess is the slippery slope of socialism....then what is your solution (sorry for the alliteration there)? Do we just do nothing and let "the free market" or "the market forces" go to work? What do you say to the people who will lose their jobs because the government didn't act out of concern to do so is socialist? What do you say to the people losing their homes because the government refuses to buy the bad mortgages and hold them until they can be later sold at a time when prices go back up?

Just give me your answer to that.

(chirping crickets in the silence)

[ImnoMensa]

Originally Posted by Rosehaven

Look if those of you are really bent out of shape that the government stepping into this mess is the slippery slope of socialism....then what is your solution (sorry for the alliteration there)? Do we just do nothing and let "the free market" or "the market forces" go to work? What do you say to the people who will lose their jobs because the government didn't act out of concern to do so is socialist? What do you say to the people losing their homes because the government refuses to buy the bad mortgages and hold them until they can be later sold at a time when prices go back up?

Just give me your answer to that.

(chirping crickets in the silence)

Well we have spent a lot of money and people are still losing their jobs, people are still losing their homes , and now the Government is printing money out of thin air.

We sent Billions to GM and Chrysler and now they are going bankrupt anyway.
We will probably soon be paying GM retirees out of federal funds as we keep Obama's Union friends happy. So far we have spent Billions and gotten nothing in return. We still arent free from the recession and we have extended our credit limit to the max.

I think if we had just done nothing and allowed the process to begin we would have had a better idea of who to bail out and what was needed, Instead ,we just jumped in threw moeny around and havent solved anything.

Except now the President has a new power. The power to fire CEO's of private organisations. We paid a lot for that gift to Obama. An Unconstitutional gift for an Unconstitutional president.

[hvp05 (Premo)]

Originally Posted by Rosehaven

then what is your solution

I know you did not join the forums this morning, so surely you have seen some of the hundreds of posts answering that very question over the past two months.

Do we just do nothing and let "the free market" or "the market forces" go to work?

Yes. It amazes me to hear/see people decrying such a notion, when allowing the free market to do its thing is EXACTLY what made America so great in the first place.

What do you say to the people who will lose their jobs because the government didn't act out of concern to do so is socialist? What do you say to the people losing their homes because the government refuses to buy the bad mortgages and hold them until they can be later sold at a time when prices go back up?

Again, the general notion over the past two months has been that, although these "solutions" may work in the short term, in the long term - years and even generations down the line - what King Obama's administration is doing will very likely create permanent damage upon the U.S.

A couple generations ago, Americans would have pulled together to work through a crisis; today people are too short-sighted, sensitive, and selfish so they are more prone to look for that quick fix.

The administration wants us to believe there is an "easy", pain-free way out of this, when the realistic answer is that there will be pain no matter which course is taken; there can only be degrees. Unfortunately, the King is dealing out comfort with one hand while the other hand is digging us deeper.

[ylexot (Premo)]

Originally Posted by Rosehaven

Look if those of you are really bent out of shape that the government stepping into this mess is the slippery slope of socialism....then what is your solution (sorry for the alliteration there)? Do we just do nothing and let "the free market" or "the market forces" go to work?

Yes.

Originally Posted by Rosehaven

What do you say to the people who will lose their jobs because the government didn't act out of concern to do so is socialist?

Get another job.

Originally Posted by Rosehaven

What do you say to the people losing their homes because the government refuses to buy the bad mortgages and hold them until they can be later sold at a time when prices go back up?

You were stupid. Stupid hurts. Don't be stupid. Here endeth the lesson.

[kom526]

Originally Posted by Rosehaven

Look if those of you are really bent out of shape that the government stepping into this mess is the slippery slope of socialism....then what is your solution (sorry for the alliteration there)? Do we just do nothing and let "the free market" or "the market forces" go to work? What do you say to the people who will lose their jobs because the government didn't act out of concern to do so is socialist? What do you say to the people losing their homes because the government refuses to buy the bad mortgages and hold them until they can be later sold at a time when prices go back up?

Just give me your answer to that.

(chirping crickets in the silence)

Prepare for the dissection of this post. The "chirping crickets" is due to the fact that everyone who read this is shaking their heads in disgust. I guess you do call yourself an American, right? Well I may not be some economic scholar but I have a much better view on this economy than you do and this will be obvious soon.


Yes, you do let the free markets take care of this problem. It's called capitalism, you either get a chance to succeed with a good business plan and marketing of a product or service that people need and/or want, or you fail miserably due to lack of a sound business plan, poor management, or providing a good or service that has no demand.

If people lose their jobs because the company they are employed by closes due to poor management, no market etc., then that is what happens. It's been happening for years and years without government intervention so why should it start happening now?

The mortgage thing is a dead freaking horse, but we'll do this again... I'll try and type slowly. If you signed a mortgage that you knew you could not afford then why in the world should the 93+% of us that have homes we can afford be responsible for your lack of common sense. What part of "ADJUSTABLE RATE" didn't these people understand? If you purchased a loan with an ARM @ 4.5% and fixed rates were at 6.375% where did you think think your interest was going to go. For the banks and the lenders that KNOWINGLY made bad loans then they should be held accountable with money out of their reserves. Our tax money is NOT to be used for bailing out stupid homeowners or moronic banks or the government backed agencies that forced these banks to make these bad loans. If you think tax money is to be used for these purposes, I'll wait for you to show me where in the Constitution this is stated.

[Vince]

Originally Posted by Rosehaven

Look if those of you are really bent out of shape that the government stepping into this mess is the slippery slope of socialism....then what is your solution (sorry for the alliteration there)? Do we just do nothing and let "the free market" or "the market forces" go to work? What do you say to the people who will lose their jobs because the government didn't act out of concern to do so is socialist? What do you say to the people losing their homes because the government refuses to buy the bad mortgages and hold them until they can be later sold at a time when prices go back up?

Just give me your answer to that. (chirping crickets in the silence)

Why should the government buy up the bad mortgages at all. Why should my tax money go to buying up mortgages that people can't pay due to their own stupidity. I didn't go out and get a mortgage and buy a home I couldn't afford. So why am I paying the penalty. As far as being bent out of shape at the government stepping in and taking over Banks, etc. You bet your azz I am bent. And not only is the government bailing out companies that are going to fail anyway, but they are forcing Banks to take money that the Banks don't even want (check Wells Fargo for that one). And with all the bailout, etc. going on, we are still heading for a very deep depression.