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Thread: Czar to substantially cut pay: Summers

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by danarhea View Post
    Well, they DID run their companies into the ground to the point where they ended up taking Federal bailout money in order to stay in business. And when you take Federal money, there are Federal strings attached. If those people don't like the strings, then they should just give all the money back.
    They tried to give the money back and weren't allowed to do so. Not only that, some companies tried to pass on the bailout money, but weren't allowed to.

    IMHO, the big governmental mistake here was not forcing a few people to take less bonuses. It was bailing out these companies in the first place. In a free market, you either sink or swim, and if you treat your company like your personal piggy bank, while running it into the ground, then you SHOULD go out of business, and let other companies in the free market system take your niche of the market, because you do NOT deserve it.

    I agree with that 100%
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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by Goldenboy219 View Post
    Why would the wealthy "libbo's" vote for him if we was so detrimental to their wealth?
    Several reasons. There aren't as many rich Libbos. What rich Libbos there are probably feel guilty for being rich. The list goes on.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by apdst View Post
    I seem to remember some of those companies being forced to take the money, or not being allowed to give the money back when they found out about all the strings attached. Am I remembering wrong?
    You'll have to show which companies that didn't request money to begin with were forced to take it.

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by TheNextEra View Post
    You'll have to show which companies that didn't request money to begin with were forced to take it.
    No problem:

    Government refuses to allow TARP repayment

    Barack Obama Maintains Control Over Banks By Refusing to Accept Repayment of TARP Money - WSJ.com

    Government forces companies to take TARP money

    Records Show Full-Court Press Behind Banking Bailout - DealBook Blog - NYTimes.com
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by TheNextEra View Post
    You'll have to show which companies that didn't request money to begin with were forced to take it.
    Uncovered TARP Docs Reveal How Paulson Forced Bankers To Take Cash

    Look at the talking points that Paulson used.

    "Your firms need to agree to both...If a capital infusion is not appealing, you should be aware that your regulator will require it in any circumstance"

    This meeting involved the heads of all the biggest banks in the country.

    They also forced the money on dozens of smaller banks.

    Smaller Banks Resist Federal Cash Infusions - washingtonpost.com
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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by liblady View Post
    then let's also have the sr management of those companies who took bailouts be subject to urinalysis, smoking and alcohol restrictions. one could argue those behaviors could affect their work.
    I have no problem with that. Getting bailouts should be painful and it should be treated no different than someone receiving welfare.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

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    Re: Czar to substantially cut pay: Summers

    A serious run on our Financial markets would have taken place had we not initiated TARP. But remember, the perception behind congressional approval was based on creating a "Resolution Trust Corporation" like entity. No other body, besides one stemming from government (especially one with a tax base as large as ours) can hold bad assets (with liabilities as well) for an undefined amount of time without the profit motive forcing liquidation.

    The question remains, would we have been better off with a RTC style takeover or cash infusions?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by liblady View Post
    then let's also have the sr management of those companies who took bailouts be subject to urinalysis, smoking and alcohol restrictions. one could argue those behaviors could affect their work.
    You want to decrease moral hazard without hindering long term growth. The transactional costs associated with micro-management of a tax payer own entity would far outweigh the benefits IMHO.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by apdst View Post
    You weren't awake last year, were you? Are we to beleive that you totally missed it when PBO said all that stuff? Or, are you in denial?
    you contention was that libs don't like people who make money. back it up, please.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: Czar to substantially cut pay: Summers

    Quote Originally Posted by apdst View Post
    Several reasons. There aren't as many rich Libbos. What rich Libbos there are probably feel guilty for being rich. The list goes on.
    Something interesting to consider.

    The bottom line, the study suggests, is that little has changed in terms of income's general influence on individual voting patterns: in every presidential election since 1952, the richer a voter is, the more likely that voter is to vote Republican, regardless of ethnicity, sex, education or age.

    What's changing, the researchers argue, is how differences in income are playing out at the county and state levels. A key finding is that relative income is a much stronger predictor of voting preferences in poor states than it is in rich states.

    "We find that income matters more in 'red' America than in 'blue' America," the researchers explain. "In poor states, rich people are much more likely than poor people to vote for the Republican presidential candidate, but in rich states (such as Connecticut), income has a very low correlation with vote preference."

    In Connecticut, one of the nation's richer states, researchers found little difference between the voting patterns of the state's richest and poorest residents. In Mississippi, the nation's poorest state, they found dramatic income-related differences, with rich voters twice as likely as poor to vote Republican.
    Study debunks journalistic image of rich 'Latte' Democrats, poor 'NASCAR' Republicans
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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