People Power

[ioan]

Yep and these boys just asked for another 13 billion of our tax money.

Fannie Mae CEO Michael Williams and Freddie Mac CEO Charles Haldeman have received, along with eight other executives, a combined $13 million in bonuses for their work at the failing companies. In the hearing before the House Oversight Committee, they argued that their compensation levels are necessary to attract the talented workers needed to see the companies through difficult times.

“We need to compensate our executives and employees to ensure that we have and keep the leadership we need to continue our progress,” Williams said.

Looks like they were reading Dilbert, oh wait...

[chuck34]

Agree.
Funny how some people have such short memories.

Not all financial institutions needed, wanted, or desired tarp funds.

Funny how some that are ignorant chastise others' memories.

[ioan]

Not all financial institutions needed, wanted, or desired tarp funds.

Funny how some that are ignorant chastise others' memories.

OK, only 90% needed it.

BTW in the US you can force a bank to take money they don't need?

[chuck34]

OK, only 90% needed it.

BTW in the US you can force a bank to take money they don't need?

It was less than 90%

And yes the federal government has been allowed to grow so powerful in this country that they can force people to do pretty much whatever they want. In this particular case it was "take this money or we will saddle you with so many investigations and plug up your offices with so many investigators that you will literally not be able to conduct business".

[Bolton Midnight]

Glad to see them move the smelly rentamobs out.

in the UK most of these protesters go home to the home counties, hypocrites with their iphones and the like. Batter them.

[Malbec]

I am posting from a phone so it is extremely hard to post links. However if you simply google "banks forced to take tarp" you will get a quick education on the subject. I am not simply making it up as you suggest.

OK fair enough I was wrong.

Interesting to hear quotes from the BoA CEO claiming that the TARPs were much needed at the time and things would have been much worse without them.

Before you deride others though chuck perhaps you ought to wonder if your claim that the credit crunch was government caused is correct. Was the government responsible for packaging home loans of different credit ratings as AAA?

The problem with this 'debate' is that you've already predecided that government is at fault. The banks misbehave, its the governments fault for mishandling the aftermath. If the government tries to preempt problems, its their fault for misbehaving. Try taking a step back.

[chuck34]

OK fair enough I was wrong.

Interesting to hear quotes from the BoA CEO claiming that the TARPs were much needed at the time and things would have been much worse without them.

Before you deride others though chuck perhaps you ought to wonder if your claim that the credit crunch was government caused is correct. Was the government responsible for packaging home loans of different credit ratings as AAA?

The problem with this 'debate' is that you've already predecided that government is at fault. The banks misbehave, its the governments fault for mishandling the aftermath. If the government tries to preempt problems, its their fault for misbehaving. Try taking a step back.

Have I once said the banks were not at fault? Have I once defended the banks? No quite the opposite in fact, I have said all along that they were in the wrong and that they should have suffered the consequences.

It is the government's fault for mishandling the aftermath of this bubble. It is also the government's fault for not properly investigating the GSEs (Fannie and Freddy). Bush requested that investigation numerous times, only to be stopped by Rep Frank ans Senator Dodd. And no Bush is not blameless either, he could have done more.

The whole situation is and was a mess. My whole argument is that the banks made a bunch of shady deals, and should have paid rhe price for them. But there were many points where the government stepped in "to make thimgs better for the greater good" only to make things worse. Their policies continued to inflate a housing bubble that should have never been inflated, or at the very least popped early on before much damage would have been done. Or failing that, they should have gotten out if the way and let the free market and well established bankruptcy proceedings take their natural course so that we could have moved through a very painful (yet natural and necessary) period of market correction.

[ioan]

It was less than 90%

And yes the federal government has been allowed to grow so powerful in this country that they can force people to do pretty much whatever they want. In this particular case it was "take this money or we will saddle you with so many investigations and plug up your offices with so many investigators that you will literally not be able to conduct business".

There goes the land of freedom tag down the drain.
Not that it's anything new.

[ioan]

Well well, look what happens in the land of freedom:

Officers in pepper spray incident placed on leave - Yahoo! News

[Rollo]

Well well, look what happens in the land of freedom:

Officers in pepper spray incident placed on leave - Yahoo! News

We can do better than that. Here's the video:
UC Davis Protestors Pepper Sprayed - YouTube

Aren't people in the United States supposed to have some kind of right to peaceful assembly or something?