Wall Street banks in $70bn staff payout

[Zibby Swieca]

If you can stomach the thought of “wall street” staff receiving bonuses of $70 Billion compliments of the taxpayers, then delete this post and tell me to .......
If this pisses you off something fierce then send this out to all of your chain mail recipients, to everybody you know.
Pay and bonus deals equivalent to 10% of US government bail-out package.
http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking (http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking)

Zibby Swieca TREC LIC #9645
www.SanAntonioTexasHomeInspector.com (http://www.sanantoniotexashomeinspector.com/)
San Antonio Texas, San Antonio based home inspection company offering services throughout San Antonio and surrounding counties.

[Rick Hurst]

Question: Is it too late to start a "failing banking institute"? Be nice to be able to get part of that 700 billion.


rick

[Ted Menelly]

Question: Is it too late to start a "failing banking institute"? Be nice to be able to get part of that 700 billion.


rick

Hey Rick

I wonder if I send a letter to Washington and tell my tale of the debt I incurred from building my business over the last 4 years if they might bail me out on my debt. Isn't that pretty much the same thing ?

It would be real nice If I was bailed out of my debt. After all the influx of money into the ecomomy must have been helping someone some where.

[Rick Hurst]

Ted,

Don't worry about any of that debt. As soon as Obama gets into office and starts the spreading the wealth program, you'll get your check and pay off any of those debts.

Its going to be great. :rolleyes:

rick

[Nick Ostrowski]

Ted,

Don't worry about any of that debt. As soon as Obama gets into office and starts the spreading the wealth program, you'll get your check and pay off any of those debts.

Its going to be great. :rolleyes:

rick

Ooooh......I hope they have my mailing address correct.

[Jerry McCarthy]

First we bail out the over-borrowers, then we bail out the over-lenders, then we give bonuses to anybody demonstrating gross incompetence. Is everybody in Washington nuts? :confused: :confused: :confused: :confused:

[Michael Larson]

Is everybody in Washington nuts? :confused: :confused: :confused: :confused:I think you know the answer to your own question WCJ.

[Ted Menelly]

Ted,

Don't worry about any of that debt. As soon as Obama gets into office and starts the spreading the wealth program, you'll get your check and pay off any of those debts.

Its going to be great. :rolleyes:

rick

Yeah think?????

Man I am gonna go right out and vote for him if that's the case.

[Ted Menelly]

First we bail out the over-borrowers, then we bail out the over-lenders, then we give bonuses to anybody demonstrating gross incompetence. Is everybody in Washington nuts? :confused: :confused: :confused: :confused:

Let them be nuts for the moment. Rick says if you vote for Obama you will get a check to bail us out. Give me my check and then straighten everything out :D

[Jim Luttrall]

First we bail out the over-borrowers, then we bail out the over-lenders, then we give bonuses to anybody demonstrating gross incompetence. Is everybody in Washington nuts? :confused: :confused: :confused: :confused:

I thought that was a prerequisite before going to Washington:rolleyes:

We're from the government and we are here to help...
Yeah, right.

[Frank Bombardiere]

I hate to say it but it is our own faults to some degree. Lobbyists, lawyers, and fat cat polititions have taken over this country while we paid no mind to what was going on. If any good comes from this embarrassing fiasco, it will be that we as citizens will get more involved and pay attention to what the hell our elected officials are doing. A major overhaul is needed. Our forefathers had a great system in place and it has become so distorted that they would not even recognize it today. Congress should be a service to your country and not a career. I don't see how it will ever drastically change until we as the majority, keep an eye on what the government officials are doing and hold them accountable.

I am as slow as I have ever been to no fault of my own. Nobody is going to bail me out. Yet these fat cats with their fat cat contracts written by fat cat lawyers are stealing money with no recourse. It is criminal and makes me sick to my stomach. The free market system is not working when people can do this much damage and get rich while ruining so many innocent peoples financial futures. I would not be able to look myself in the mirror if I was one of these wall st fat cats getting some obscene bonus for total failure. I only hope that we will learn from this and make positive changes to prevent it from happening again. I am still glad to be an American and believe that we will come out of this and be fine in the long run. It could always be worse, but why ruin a great society for greed. De-regulation does not work in today's world. There is not enough integrity inherent in today's society to de-regulate. I am a registered republican and have never been for gov regulation, but I think the world has changed and regulation is needed to get a grip on our out of control market system.

OK I'm done now, I am not really much of a political person, but I am highly pissed about this rediculous mess we are in and seeing these idiots get rich in spite of it is almost more than I can take.

[Jim Luttrall]

I agree with much of what you have posted, Frank.
Except
De-regulation does not work in today's world. There is not enough integrity inherent in today's society to de-regulate. I am a registered republican and have never been for gov regulation, but I think the world has changed and regulation is needed to get a grip on our out of control market system.

It is precisely because Washington is corrupt and full of self interest/special interest controlling the regulation that de-regulation is needed.
There is one basic operating principle that even Washington cannot change, supply and demand, with another closely related of Risk and Reward.
When they tried, we got the mess we have now.
They removed the consequence of making bad loans from the loan making process in the name of "helping" low income folks.
They made the loans and sold the paper but got richer without consequence for years, until the price of homes went too high due to unnatural demand and the house of cards came tumbling down when those loans could not be paid.
They got the reward of a high risk activity without the risk.

My fear is that the "bailout" could make things worse by putting in a false floor on home values and actually prolonging the agony.

Trying to correct the plight of the poor by taking away from the rich does not work.
Making a social experiment by screwing with one of the driving forces of the entire nation's economy (home ownership) has always been stupid, we are just finding out how stupid now.
If lenders will lose money when making a loan, they will self regulate the price of the loan and the availability.
Remove the risk and hey, everybody gets cheap loans, no down payment, because someone else is covering the risk.
Only Washington can screw up a viable system so royally in the name of helping the little guy!
Maybe we should make politicians take an oath of office that includes a line from the Doctors oath, "First, do no harm:"

JMO

[Jerry Peck]

It is precisely because Washington is corrupt and full of self interest/special interest controlling the regulation that de-regulation is needed.

Only Washington can screw up a viable system so royally in the name of helping the little guy!

Regarding regulation and de-regulation ...

Regulation is needed - to some extent - to prevent/break up monopolies. If one company/person owns it all, there is no competition, not advances beyond normal advances, no reason to risk money to invent completely new ways to do things - you already have a captive audience who has no choice but to pay you for whatever it is you provide them.

Without regulation, there can be no true capitalism, no 'risk/reward', as 'the firstest with the mostest wins' and no one else is allowed in.

Just like, to some extent, unions are needed. At least *were needed*, now they have become corrupt, and, to some extent, are killing themselves, however, without unions, 'Da Boss' would do as 'Da Bosses' of old did - you owe your soul to the company store ...

YouTube - 16 TONS (Mick Sumbling) (http://www.youtube.com/watch?v=MiZU2IbDrXU)

[Ted Menelly]

Everyone posting here is right about most of what they say.

I just want you folks to think about it all as we slide into less and less work.

I guarantee that none of you were complaining about a thing for the last dozen years in your businesses. In the times to come all of you will be complaining of the amount of business you will be doing.

You all have to think about what you are all saying. Think about the countless Realtors, Countless Plumbers, Electricians, Roofers, HVAC techs, equipment operators, mortgage folks, title companies, builders and yes, HOME INSPECTORS that are about to be out of work or are already.

When I said COUNTLESS above I meant COUNTLESS untold numbers of businesses of all sorts will crash when all the folks I mentioned above lose their work and income. It is going to have a massive snow ball affect on the economy.

If you all think it is so wonderful to slam all these regulations and new regulations down Americas throat.......... Watch out what you wish for. You are about to get it.

I for one have felt an immediate affect to this crisis. Don't know about you folks but I have gone from a minimum of 6 to 10 or better a weak to 1 to 3 a week as far as inspections go. This week I thought I had some things going but they have not materialized as of yet.

Have you noticed that no one has a plan for saving the economy. Have you noticed that the candidates talk of re regulating, safe guards, accountability. What a bunch of crap. What they are both talking about is this great country of ours going down the tubes financially.

We are going to put a stop to this. We are going to put a stop to that.

Thats right. They are going to put a stop to this and that. They are going to put a stop to who knows how many ten and tens of thousands of people working unless they stop, think, calculate and then stop, think and calculate again.

Do you realize that that 700,000,000,000 has not even begun to go into the market yet. Probably a good thing because maybe someone actually has a thought.

I know folks with good credit and stable jobs that make pretty decent money but have no down payment. So what about the down payment. Protecting what investor. A down payment does not protect the investor in the slightest. By the time it comes to losing the home to foreclosure the family funds are gone, they are already late a few months. In a down turned economy (when this scenario will take place) the home is going to take twice as long to sell and it already lost a ton of value with the bad economy. OOOPs, down payment all gone!!!!! It is the income and job stability. Give the guy a reasonable fixed interest rate.

Have him gather all the closing costs and put him in a home for gosh sakes.

Oh well, enough of my frustrated jabber. Off to try to keep myself busy and keep from going nuts. Can't stand being idle.

[Zibby Swieca]

Former Federal Reserve Chairman Alan Greenspan told Congress on Thursday he is "shocked" at the breakdown in U.S. credit markets and said he was "partially" wrong to resist regulation of some securities.

Greenspan "shocked" at credit system breakdown - Yahoo! News (http://news.yahoo.com/s/nm/20081023/bs_nm/us_financial_greenspan)

[Billy Stephens]

Buddy of mine will be Closing a Home ( built for him over last few months) in Ft. Meyer Fl.
.
Told me the only way they would loan Him the money was to show PROOF he already had enough to pay for it out Right. :eek:

[Ted Menelly]

Buddy of mine will be Closing a Home ( built for him over last few months) in Ft. Meyer Fl.
.
Told me the only way they would loan Him the money was to show PROOF he already had enough to pay for it out Right. :eek:

Say What????????????????????????????????///

[Rick Hurst]

Buddy of mine will be Closing a Home ( built for him over last few months) in Ft. Meyer Fl.
.
Told me the only way they would loan Him the money was to show PROOF he already had enough to pay for it out Right. :eek:

He's not much of a consumer then. There are plenty of lenders out there still loaning money to people who have worthy credit.

The problem still exist for those who are buying and not worthy. We have a client right now that is trying to buy a duplex but the listing agent is having problems getting the power on. Seems their more busy right now turning off the power to the homes that hadn't paid their bill.

Anyway this guy is fixing to lose this deal he says because the lender is requiring him to show a certain amount of funds in his account to get this loan. He is now telling me that if the power doesn't get turned on before the first, he's screwed because he has other financial obligations that will have to be paid therefore that account won't have the necessary funds required.

This is just another person in my opinion that should not be buying or investing in a home when they don't have the funds. If this place was to be vacant for a few months, he said it would go into foreclosure as he couldn't make the payments. Does this sound familar?

rick

[Billy Stephens]

He's not much of a consumer then. There are plenty of lenders out there still loaning money to people who have worthy credit.

rick
.
Could be but He had at least ($ 350k ) secured funds to show the lender.
* the man is worth a lot more. ;)
.
.