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Socialism here we come!


dgreco
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House votes on car bailout

 

The House of Representatives on Wednesday approved a $25bn package of low-cost loans to help hard-pressed carmakers and their suppliers finance plant modernisation at a time of restricted access to public capital ­markets.

 

The automotive loans are separate from the proposed $700bn bail-out for the banking sector, which is still being debated in Congress. The House approved the measure 370-58, setting the stage for Senate approval within days.

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I actually read it earlier, but I believe it was on a blog.

 

The auto manufacturers have taken enough taxpayer dollars, along with the airlines, over the last 20 years, that it has to be close to a trillion dollars. We absolutely need to stop keeping them on life-support, and force them to actually try and compete with the Japanese, rather than subsisting on government handouts.

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I actually read it earlier, but I believe it was on a blog.

 

The auto manufacturers have taken enough taxpayer dollars, along with the airlines, over the last 20 years, that it has to be close to a trillion dollars. We absolutely need to stop keeping them on life-support, and force them to actually try and compete with the Japanese, rather than subsisting on government handouts.

 

Because the Japanese don't get massive government subsidies.

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Socialism? Really? Come on guys, you are all freaking out. Just because the govt choses to intervene in the market it doesn't mean we are gonna start singing the International instead of the pledge of allegiance any time soon.

nationalizing farmers, investment banking, now banking, and auto dealers... how is it not socialized. We are subsidizing and banking everything that fails. That doesnt say free market.

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get this, apparently the FDIC may need 150B bailout!

 

http://www.bloomberg.com/apps/news?pid=206...&refer=home

 

The Bloomberg story isn't really accurate. The FDIC is not going to "run out of money".

 

 

 

"The fund's current balance is $45 billion - but that figure is not static. The fund will continue to incur the cost of protecting insured depositors as more banks may fail, but we continually bring in more premium income. We will propose raising bank premiums in the coming weeks to ensure that the fund remains strong. And, at the same time, we will propose higher premiums on higher risk activity to create economic incentives for poorly managed banks to change their risk profiles. The fund is 100 percent industry-backed. Our ability to raise premiums essentially means that the capital of the entire banking industry - that's $1.3 trillion - is available for support."

 

http://www.fdic.gov/news/news/press/2008/pr08084.html

 

Not to mention you'll also have cases like today with JPMorganChase and WaMu, where there is no loss at all to the FDIC.

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I welcome socialism, comrades.

If we turn communist, THEN you can say 'comrades'. Until then, learn the difference between socialism and communism. Thanks. :thumbup

I know the difference. Maybe you should learn a little about me. Thanks. :thumbup Maybe a little history as well. Russian communism was a bastardization of socialist principles. Hence, comrade is applicable.

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Didn't want to make a whole new topic, but reading the Bailout plan it includes a 10 billion payout to the Acorn group. That is Obama's leftist law group. I find that very funny and goes smack in the face of his no lobbyists around here group.

 

Read up on ACORN also. They are a group who takes business out of inner cities. Like kicking Costco out of an inner city. They protested private dinners and were fined up to 50,000 dollars for doing so. They were involved in 2004 for Voter fraud and registering illegal aliens to get their "person" elected.

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Socialism? Really? Come on guys, you are all freaking out. Just because the govt choses to intervene in the market it doesn't mean we are gonna start singing the International instead of the pledge of allegiance any time soon.

nationalizing farmers, investment banking, now banking, and auto dealers... how is it not socialized. We are subsidizing and banking everything that fails. That doesnt say free market.

Free market isn't everything nor does it solve every single problem. And some socialization and government involvement is not necessarily a bad thing (European countries anyone?). When we start taking over businesses, creating collective farms, and implementing five year plans, please freak out. What is happening is anything but the beginning of a planned economy.

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I don't refer to European countries as socialist because they are not pure socialist nations (neither are Cuba or China or Vietnam, btw, they are just dictatorships), but they have socialized social programs such as health care and education, among others, and their governments intervene more in the economy than ours does. Whether or not they are doing better because they borrow less than we do I do not know, but I do know that some European countries (France especially) have very large public debts.

Anyways, my point was that we are not heading towards a planned economy, something which a truly socialist program requires, so it is silly to say that we are heading towards socialism. If there's anything wrong with the bailout project is that they are using tax payer's money to do so and true, why should we pay for Wall Street's problems? At the same time, if come a time the govt gets a profit out of this situation, then I'm all for it as long as they use the extra $$ for something worthwhile...but that's another story.

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