Oct 3rd, 2008
No, Then Yes? The Mother of All Bailouts Makes a Comeback
This is being written the night of Wednesday, October 1, 2008.
Just a few days ago the House of Representativest rejected the $700 billion bailout package which almost every personal finance blogger I’ve read opposes. It actually was a nice demonstration of the power of the people in politics, as apparently the switchboards were overloaded with objectors–of course, the impending elections in a hair over a month make the politicians very aware that their constituents are their bosses.
Of course, it ain’t over until it’s over, and I (among many others) was sure that the bill would somehow get through, just hopefully with a lower price tag.
What’s passed as of now from the Senate is still at $700 billion bailout package, but with some changes to hopefully make it more palatable to the House.
Come on, people! The big issue is not these changes; the big issue is the dollar amount! We can’t afford a $700 billion dollar bailout package, it’s that simple. Find a way to do it with less, or forget about it and go in another direction.
It is only my opinion that these CEO’s that ran our credit institution should never get these ridiculous severance packages. The Board of Directors of these credit institution should all be dismissed for allowing this to go on. It needs to stop now. Mr. Fishman who joined Washington Mutual Sept 8, left Sept 25,2008 will get this wonderful severance package. I wonder if an average teller left Washington Mutual what would the severance package be if they left in that period.
This is one of the reasons our Economy is the way it is, because this has been allowed to go on for years. If the people have to bail these companies out, then these CEO’S should get nothing.
The little person on the street does not get a severance package, yet these CEO’s get all their benefits. No wonder the average worker cares less how the company does that they are working for, when they treat the CEO’s like they do and the little person is treated like a number your social Security number.
Things need to change and it needs to change from the “Top”
We’d have been better off with the first bailout package without all the damn earmarks!
[...] Suenaga talks about not affording the bailout in No, Then Yes? The Mother of All Bailouts Makes a Comeback posted at Uncommon Cents. The truth is it’s more unpalatable now with $110 billion dollars in [...]
[...] Suenaga talks about not affording the bailout in No, Then Yes? The Mother of All Bailouts Makes a Comeback posted at Uncommon Cents. The truth is it’s more unpalatable now with $110 billion dollars in [...]