My blog is simple . . . What?? Why?? Someone please explain this to me. Everyone is worried about the preservation of contract law. Does anyone realize that if we didn't bail them out, they would have been in bankruptcy and there wouldn't have been any bonuses??? I don't get it.
Perhaps it is a good time for the IRS to become involved. Let's find out who received what, why, when, and where appropriate, make the director and receiver of bonus monies on an entity which purportedly was going under, accountable for the surplus of monies which made bonuses even possible Enough is enough. We, as taxpayers, are now major contributors of AIG and as a contributor who now has a vested interest in this mess, I say, "investigate and tax accordingly under the strictest of guidelines."
At one time bonuses were tied into job performances and company profits, how is anyone "entitled" to a bonus when the company is sinking faster then a rock? It just blows my mind to think anyone can recieve a $1 million bonus from this company that may be at the center of what caused the disaster in the financial markets.
Forgot to mention the commercial distressed assets will probably hit the market very soon. Right now most of them are being sold quietly to private entities. Unless President Obama's TALF is implemented immediately those commercial assets are going to start hitting the streets. Even China, our biggest creditor, has indicated they are hesitant about investing in our economy. However, there are of foreign investors interested in US distressed real estate assets both commercial and residential.
Note to Carlos Silva: I hate to agree with the negative but your right. The Big Banks are going to get rocked soon. TThe fact today Obama said he would not support the Bonuses at AIG even thou they are contracted is mind blowing. Contracts for employee pay mean nothing, that is not the American way. The Bank CEOS who are all now working for a Dollar a year started to speak out today about how the rules are no longer the written rules but the verbal directives of the Treasury. Take the TARP money , some say they did not want it, but were blackmailed into taking it. These small facts seem to get lost by the public but not the banks and investors. Giethner needs to show us a real plan soon and I sure hope it contains the RTC as many of the banks show no ability to adminsiter the bad assets any better than the ability they had to make subprime loans without equity. The world is a changing... I just hope there is a slice of the pie in it for my team and I.
The Alt-As, CDOs and derivatives have not hit the market yet. Hold on to your hat it's going to be a wild ride! However, those who are wise and stay informed will capitalize on this market. Feel bad for the folks who don't want to stay informed because they "don't want to be negative" and believe everything they are fed by the media/government. If the ship is sinking not thinking or talking about it is going to keep it from sinking! The best thing you can do is stay informed to make sure you don't lose everything. Keeping our head in the sand is what perpetuated this financial disaster! There were many warnings about this but people "didn't want to be negative" and/or stop the gravy train. The fed is supposedly trying to avoid a bank run by helping their "friends" but their friends want to get theirs before it comes crashing down. Call me negative if you want but all the information and sources point to more difficult and challenging times. I am not going to sit here and believe everything is alright while I see things falling apart in front of me.
Ps
If you really want to know what is going on in our country read material published outside the US.
Thank you, Jesse and George, for your input and opinion. I would love very much to read about your blog, Jesse; however, I cannot seem to find that opinion. I have copied and pasted, but it's not pulling up anything. Any ideas?? I'm very interested to hear what you had to say and I'm sure you don't want to have repeat it. The AIG situation has completely rubbed me the wrong way. We will probably now be faced with more tax dollars paying the attorneys as they fight to "preserve the essence of contract law," which is probably in line with George's position allowing the "big wigs to get their share before the ship sinks." My Grandmother used to have a saying, "too many hands in the cookie jar." Hm m m m . . . that saying may have some relevance in this situation.
This is not doing our markets any good. My public is worried about buying a home and think we are close to falling apart. The news is just killing our markets. I am not sure Washington is up to a fixing this. This looks to me like the big wigs getting their share before the ship sinks. I could be entirely wrong but that is what the public thinks also. To much double talk and not enough of the PLAN. I still dont know what they are going to do with the TOXIC Assets and every month we lose more Jobs in Ca. thus making it hard to pay a mortgage thus more bad assets are being made, thus driving down the value of the already toxic assets. The Cycle is not broken yet. OH what a grand state of affairs.
Comments
Ps
If you really want to know what is going on in our country read material published outside the US.
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