WHERE the HELL that corporate bailout money, who received it, and what they're doing since?
We're not talking about an explanation of a three stage Saturn Rocket here, this is a simple accounting rolled up into a really easy to understand score card, nothing more.
BTW, along with the IT background and years of working with fortune 100 companies, I have a finance/accounting background. What we're asking for isn't hard, in fact, it's quite simple and an up to date scorecard should have been a requirement from the inception of this transfer of wealth, er loan, no wait, bailout of the once wealthy.
We can acknowledge that Phase One of the banking program was an overlap between administrations, and to some extent, although it should not happen, they can both kind of point the finger at each other and say, "I thought THEY were keeping track of stuff."
Back when the money was being voted on, part of the back pressure was, where is the oversight? And that is probably the main point, I don't think the oversight ever got nailed down properly. If it were an existing agency, you can be sure the paperwork and fleet of accountants would have been in place, but with this thing, amazingly enough, with huge numbers of zeros involved, it does sound like they were dishing it out with something written down on the back of a napkin at Ruth Chris Steakhouse.
We should demand and have accountability. No excuses, these people are getting paid to do the job, but it's become acceptable in this society to say, "that's too hard, it's complicated, I caaaaan't, and it gets buy in".
We're turning into lazy thinkers and accepting it as normal. I hate lazy thinkers, almost as much as I hate liars. No hope for me liking government, is there?
Paulson intentionally crafted this bill so there'd be practically no oversight. Do you really think some self-appointed delegation of SENATORS can follow the money trail?! They're all about politics, not accounting.
This was a gift from Paulson to his fellow bankers on Wall Street, nothing else. Compare it to the hoops the auto company execs had to jump through to get their LOAN!
The mortgage lenders I am in contact with are telling me that the government buying up many of the problem loans has really freed up $ for clients. A family member owns an abstract company out of Michigan has been buried with title work searches for customers refinancing to take advantage of the cheapest mortgages in almost 50 years.
These home loans for less than 5% amaze me.
I am not sure if America has ever had cheap money and falling home prices in modern history.
YES the bailout has made a big difference I can see.
Not the point, that much liquidity should make a difference. Not sure if it's worth the cost or the right fix though, jobs should be the focus IMO, that's the real problem and the root cause of all this.
The only way to fix the jobs problem is to BUY AMERICAN products
Agree, but both sides of the aisle are reciting outdated mantras about free trade and isolationism. Not the case. Time for fairness. That is all.
(02-04-2009 12:11 AM)DesertBronco Wrote: [ -> ]WHERE the HELL that corporate bailout money, who received it, and what they're doing since?
We're not talking about an explanation of a three stage Saturn Rocket here, this is a simple accounting rolled up into a really easy to understand score card, nothing more.
BTW, along with the IT background and years of working with fortune 100 companies, I have a finance/accounting background. What we're asking for isn't hard, in fact, it's quite simple and an up to date scorecard should have been a requirement from the inception of this transfer of wealth, er loan, no wait, bailout of the once wealthy.
It's worse than we can imagine.Schools and universities are getting a huge chuck of money, and they are even less prepared to use it well or to be accountable. Of course none of them will get big salaries or junkets, but the money will be pissed away on a lot of useless stuff anyhow.
It reeks of desperation, and that's a scary thought.
Quote:I am not sure if America has ever had cheap money and falling home prices in modern history.
If it seems to good to be true........
A major problem with the stimilus package is that a ton of it is going to schools/universities.
For example, in Battle Creek, 24 million is going to be pumped into the five school districts. For what? To do more of what they already do badly?
Universities are now plotting how to go after money. You should see all of the internal memos and meetings on how to capture federal dollars.
Huh? If we are going to give away money at least target it toward physical infratructure improvement like bridges and roads, and put folks to work. Don't give it to universities for pretend "busy work" jobs so that professors can get a raise. That's economic stimulus? For whom? What a crock of chit.
(02-05-2009 09:12 AM)BCBronco Wrote: [ -> ]For example, in Battle Creek, 24 million is going to be pumped into the five school districts. For what? To do more of what they already do badly?
Thats the problem w/the bank/auto and all these bailouts. You are putting money into institutions that have failed w/no remedy for success. It would be one thing if these were good investments but they are not.