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chinadaily (chinadaily)
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Should US Congress pass the $700b bailout plan?

Should the US Congress pass the $700b bailout plan requeted by the Bush administration?

Bush, Paulson and Bernanke called for an early pass, otherwise the economy may slide into serious recession. However, lawmakers balked at the astonishing price tage of the plan and the heavy hand the government put on private business.

What's your opinion?

2008-9-26 09:53 AM

caringhk (O Sweetie&Me go laojia. ..)
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Now they are pondering

over the word WEI JI

like years ago JFK did for CRISIS on Cuba

With toxic assets floating everywhere,

sure they need to get rid of floaters

2008-9-26 10:01 AM

tian_y_tian
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It is good for the world? or good for themselves only?

2008-9-26 10:07 AM

kevin812
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2008-9-26 10:13 AM

byronious
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No

Why should taxpayers for the mess?

2008-9-26 11:16 AM

mariame
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I think the answer is no. The talks continue and the future seems gloomier. The congress doesn't want to pass it as many are against it. But I believe there will be a solution soon. Many businesses count on it!

2008-9-26 11:46 AM

caringhk (O Sweetie&Me go laojia. ..)
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QUOTE:

Originally posted by mariame at 2008-9-26 11:46
I think the answer is no. The talks continue and the future seems gloomier. The congress doesn't want to pass it as many are against it. But I believe there will be a solution soon. Many businesses ...

the solution is go bankrupt anytime now

2008-9-26 01:33 PM

mariame
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QUOTE:

Originally posted by caringhk at 2008-9-26 13:33

the solution is go bankrupt anytime now

They will pay for what they have done for years and the financial crisis around the world.

2008-9-26 01:46 PM

caringhk (O Sweetie&Me go laojia. ..)
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QUOTE:

Originally posted by mariame at 2008-9-26 13:46

They will pay for what they have done for years and the financial crisis around the world.

YES, pay for IRAQ,Afghan mother of all WARS

2008-9-26 02:08 PM

mariame
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QUOTE:

Originally posted by caringhk at 2008-9-26 14:08

YES, pay for IRAQ,Afghan mother of all WARS

Absolutely!

2008-9-26 02:10 PM

#10

huang262
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CEOs who got out before crisis left with millions
By RACHEL BECK and ELLEN SIMON, AP Business Writers
Thu Sep 25, 5:55 PM ET

With a Wall Street bailout looming that will almost certainly limit CEO pay, some of the poster boys of the financial crisis have already fled the scene, taking millions of dollars in severance packages with them.

Stanley O'Neal walked away from Merrill Lynch with a package now worth about $66 million. Less than a year later, the storied investment house was forced into a takeover by Bank of America.

Ken Thompson was ousted from Wachovia in June with a "golden parachute" now worth more than $5 million, and Chuck Prince was forced out at Citigroup with a parting gift now valued at $16 million.

They are among the best-known former CEOs in the American banking industry — an industry that, after they left, was brought to its knees in a crisis that had lawmakers warning about the possibility of outright panic or even another Great Depression.

"These guys took all this risk, and ultimately they won't have to suffer the consequences of their decisions," said Barry Ritholtz, who writes the popular financial blog The Big Picture and is CEO of research firm FusionIQ.

2008-9-26 03:02 PM

#11

huang262
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Angry US public lights fire under fat cat CEOs
AFP - 2 hours 10 minutes ago

NEW YORK, (AFP) - - An angry US public and Congress demanded to snip the rip cord on golden parachutes used by fat cat CEOs to escape Wall Street's mayhem.

Both Democrats and Republicans in Congress insisted that an emergency multi-billion dollar government bailout for the financial industry include restrictions on executive pay.

Their push caught the mood of a nation sickened at watching the titans of finance walk away from Wall Street disasters not only unscathed, but enriched.

"The wealthiest people, those ... in the best position to pay, are being asked for no sacrifice at all," read a petition to Treasury Secretary Henry Paulson, which on Thursday, after three days, had 32,600 signatures.

The petition, organized by independent Senator Bernie Sanders from Vermont, attacked what it described as the Treasury's attempt to let bungling executives "continue to make exorbitant salaries and bonuses."

Those gigantic pay checks, bonuses, and Midas-like farewells encapsulate what the public sees as Wall Street's greed-is-good philosophy.

For example, the CEO of bankrupt Lehman Brothers, Richard Fuld, was paid 22 million dollars in 2007, including stock options and other compensation, according to a survey published by USA Today.

Martin Sullivan, the chief executive of AIG, who left the insurance giant before it was rescued this month by the federal government, received 14 million dollars, the survey said.

Even punishment for those at the center of the chaos comes with a gold lining.

When the government took over collapsed mortgage giants Fannie Mae and Freddie Mac, ousted bosses Daniel Mudd and Richard Syron were not allowed 12.59 million dollars worth in severance payments.

Yet they still got out the door with 9.43 million dollars in retirement benefits.

Public anger at such figures underlies skepticism about the entire government rescue.

Yahoo! News

2008-9-26 03:07 PM

#12

mariame
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Protesters rally in New York against bailout!

Several hundred protesters yelled their enthusiastic support outside the New York Stock Exchange on Thursday as union leaders decried a proposed $700 billion plan aimed at reinvigorating the credit markets by relieving financial institutions of distressed debt.(Xinhua/AFP Photo)

Image Attachment: xin_47209052610341403091713.jpg (2008-9-26 03:51 PM, 27.43 K)

2008-9-26 03:51 PM

#13

totothedog
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YES

As HL Mencken said, Amerikaaners deserve to get it "good and hard".

THese are the parasites that accepted stolen land. These are the parasites that thieved labour from Africa. These are the parasites that accept the fraudulent dollar and then accept the illegal wars. These are the parasites that accept korrupt, rigged elektions where they're given Hobson's choice.

They deserve to get the shaft.

2008-9-26 06:12 PM

#14

broken_heart (broken_heart)
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Reply #1 chinadaily's post

?Prediction? Will the "BAILOUT" COME BEFORE THE WEEKEND or AFTER?

Will the "BAILOUT" COME BEFORE THE WEEKEND or AFTER?

2008-9-26 06:35 PM

#15

buddy35
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How can they even think of taking money off the dumb American taxpayer when these incompetent greedy parasites continue their rich lives?

QUOTE:

Originally posted by totothedog at 2008-9-26 18:12
As HL Mencken said, Amerikaaners deserve to get it "good and hard".

THese are the parasites that accepted stolen land. These are the parasites that thieved labour from Africa. These ar ...

And who exactly is having this 'crisis'?
Not the greedy city traders who are still living it up with their big fat bonuses!
Those cities bankers and brokers are going to get richer out of ruining the global economy, and everyone are going to get hammered because of their greed.

2008-9-26 08:44 PM

#16

tradervic (Uncle Laowai)
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<snort>

Please... a good many people around the world have been greedy for the last couple of decades - between the currency pegging and the allure of cheap labor. Left way too much artifical cash on the table for people to be even more greedy.

As it stands - the giddy talk of globalization has ended - and the pie in the sky dreams of emerging markets have vaporized. Looks like more than a few countries - China, Russia, U.S., and the E.U. are going to be rebuilding for the next few years.

2008-9-26 09:11 PM

#17

satsu_jin
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QUOTE:

Originally posted by tradervic at 2008-9-26 22:11
Please... a good many people around the world have been greedy for the last couple of decades - between the currency pegging and the allure of cheap labor. Left way too much artifical cash on the ...

As it stands - the giddy talk of globalization has ended - and the pie in the sky dreams of emerging markets have vaporized. Looks like more than a few countries - China, Russia, U.S., and the E.U. are going to be rebuilding for the next few years.

If you understand that globalization means unlimited pilfering of the public by bankers, yes, I do agree. If you see it as being 'finished' generally, I doubt it. As long as there is no alternative available globalization will continue. Right now the only alternative is isolation (and no splendid isolation).

'Rebuilding', well there will be several levels of rebuilding the banking sector. High, moderate and little.

From what has been clear so far, the U.S. and U.K. are highly affected
Continental EU moderatly (France for instance is hardly affected and the banking sector is healthy)
Barely need for restructuring is in East Asia. Banks are doing well because they were always more cautious and more conservative by nature. For instance - Japan takes this unique chance to buy as much as possible of the remnants of failed US banks.

The real question is how long will it take for the US to recover and to regain trust again? There are different opinions, ranging from an optimistic 5 years to a pessimistic 15 to 20 years. I guess we've all to wait and see.

2008-9-26 09:36 PM

#18

buddy35
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Welcome to the United Soviet States of America!

QUOTE:

Originally posted by tradervic at 2008-9-26 21:11
Please... a good many people around the world have been greedy for the last couple of decades - between the currency pegging and the allure of cheap labor. Left way too much artifical cash on the ...

You, comrade, live under a Socialist Government now that funds the top rich:
The Federal Reserve is the Fascist body behind the puppet Bush government.
You are now a shareholder of every major financial institution in the USSA.
You're now a Commie.
Go home and pay your taxes.
Thank you.

2008-9-26 10:23 PM

#19

tradervic (Uncle Laowai)
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Hm... Which Banks are "Healthy"

QUOTE:

Originally posted by satsu_jin at 9/26/2008 08:36 AM
From what has been clear so far, the U.S. and U.K. are highly affected
Continental EU moderatly (France for instance is hardly affected and the banking sector is healthy)
Barely need for restructuring is in East Asia. Banks are doing well because they were always more cautious and more conservative by nature. For instance - Japan takes this unique chance to buy as much as possible of the remnants of failed US banks.

France? French bank uncovers massive fraud (Jan 2008)

npr.o rg/templates/story/story.p hp?storyId=18391664

Rest of Europe? Fear of bank collapse hits the euro zone/Danish Bank Collapse Sparks Concerns

theglobeandmail.c om/servlet/story/LA C.20080926.RBANKSEUROPE26/TPStory/Business

forbes.c om/2008/08/25/roskilde-commerzbank-dresdner-markets-cx_po_0825transvideo1.h tml

QUOTE:

Shares in Fortis NV fell sharply yesterday amid continuing worries about the solvency of the Dutch bank and insurance company.

Japan and East Asia?

After the shock from 10 years ago, the $64,000 question is how much risk these banks are willing to take, after getting retooled from that crash?

query.n ytimes.c om/gst/fullpage.h tml?res=9B00E0D61038F934A25752C1A961958260

2008-9-27 02:39 AM

#20

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