Thoughts on U.S. Bailouts

[casinobonusguy]

I have a difficult time with bailing out the auto sector when my neighbor works for GM and made over $100,000 last year and brags about 2 hour coffee breaks and that people babysitting machines make about $35.00 per hour.It's time those high paying workers took a pay cut about 30% across the board so these cars are not made at a loss.

Back when unions were created it was about providing a fair wage and good working conditions ,it is not about giving the average joe with grade 11 education a million dollar home and a $80,000 car in his drive way.I live in Canada In GM country(Oshawa Ontario) so in this town i can give you about 500 examples of lazy overpaid workers who now want MY tax money to keep these cushy jobs and benefits.No sympathy from me ,if it was my business i
would let it fold and hire back NON union workers . Reality is that many people work their asses off with pride for fraction of what the autoworkers make and would be glad to take their jobs.

[casinobonusguy]

If these bailouts were really because of the bad housing mortgages the States could have bought 1,000,000 of these houses average price $250,000with so called bad mortgages from the banks and just gave them to the people and all that would have only cost 250 billion. So bump that up to 750 billion and thats 3 million homes or a trillion and that 4 million homes.

If they did that people would of been able to stay in they're house's they would own they're houses so they would not be paying anything on them and could spend money elsewhere. This would also have kept the prices of everyone elses houses higher because the market would'nt be flooded with cheap forclosed houses. And the banks would no longer have this so called bad debt and they would be able to lend money.

And all that would have only cost a trillion dollars.

I don't agree with that .I think they should have assessed each case and accepted what people can afford to pay and reduce the principle 10-25% so people would feel their home was worth saving.If you pay off all these bad debts ,the people who lived within their means wouldn't be happy.

[Stocks]

I don't agree with that .I think they should have assessed each case and accepted what people can afford to pay and reduce the principle 10-25% so people would feel their home was worth saving.If you pay off all these bad debts ,the people who lived within their means wouldn't be happy.

Ya thats true but they're basicly rewarding the banks for not living within they're means I'd much rather them give the money directly to my neighbor who cant afford to pay his mortgage and is going to lose his house. This way it keeps the value of my house higher aswell but whats done is done its just a money grab for the federal reserve and other central banks that run the world.

[Stocks]

I have a difficult time with bailing out the auto sector when my neighbor works for GM and made over $100,000 last year and brags about 2 hour coffee breaks and that people babysitting machines make about $35.00 per hour.It's time those high paying workers took a pay cut about 30% across the board so these cars are not made at a loss.

Back when unions were created it was about providing a fair wage and good working conditions ,it is not about giving the average joe with grade 11 education a million dollar home and a $80,000 car in his drive way.I live in Canada In GM country(Oshawa Ontario) so in this town i can give you about 500 examples of lazy overpaid workers who now want MY tax money to keep these cushy jobs and benefits.No sympathy from me ,if it was my business i
would let it fold and hire back NON union workers . Reality is that many people work their asses off with pride for fraction of what the autoworkers make and would be glad to take their jobs.

I agree with you on the unions they're like sports agents all they care about is money around here the nurses are threating strike when they're deal is up our gov is offering them 20% pay increase over the next 4 years which they offered the other public employes and they accepted they loved it but the nurse union thinks a 20% increase is a slap in the face.

[PokerNations]

I'm all for having systems in place that are temporary crutches to help people with assistance when they're having a rough time.

But I'm not a fan of a system that becomes a lifestyle choice for people. Where it's easier to pop out another child and collect another check rather than be productive.

Likewise I don't feel it makes much sense to reward gross incompetence of already highly-paid and wasteful companies and CEO's by providing bailouts.

We're a Capitalist nation, we need to start acting like one. If you bail out the schmucks who mismanaged things, it doesn't really teach them a lesson on how to conduct their business profitably.

Likewise, what about all the hard-working businesses that didn't screw up? Their reward (and that of the average Joe) is to get stuck paying for someone elses screw-up?

I think a lot of these companies asking for bailouts should fail. We're a competitive society, new companies will enter the market with innovative ideas rather than trying to conduct the same old tired ways of business that lead to this sort of garbage.

[mickn888]

It all comes down to greed to capitalism encourages. We have lived to years of excess and unreal returns and now we just have to accept that our standard of living is going to drop dramatically over the next 5-10 years. The good times will come again, and this mess we are in right now will be repeated again in the next 50-80 years.

[Jeremy]

I agree that in the next 5-10 years, the overall standard of living will decrease. Personally however I plan on creating my own destiny and continue living in excess and seeing phenomenal returns on all my hard work.

Heaven forbid I actually come out and say I want to be ultra successful and make a lot of money though. In the U.S. this is pretty taboo and frowned upon now days.