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Originally Posted by roachboy
remember, ace, that it's "smart money" people who created this fucking disaster.
why should anyone listen to you or them now?
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"Smart money" is the money that will survive this crisis and emerge stronger. The folks at AIG may have been the smartest guys on Wall St., but they got caught up in greed. These smart people exploited il conceived rules and regulations. People put false trust in the governments ability to regulate. We know there is greed in the market. But when government gives the illusion of being able to protect people, people let their guard down, hence you get the AIG's, Madoff's, Enron's, Worldcom's etc.
The folks at companies like GM, had management teams that gave away the future of the company to the unions for short -term profits. If you look at GM financial statements since the 1980's the company has been slowly dieing every year. Anyone can clearly see the company can not survive, unless it is reorganized and restructured. The people who made the decisions leading to GM's death are long gone. Not many companies survive 100 years plus, like JNJ, PG or GE. GM has already beat the averages, but it is time for them to die or re-invent themselves.
---------- Post added at 10:04 PM ---------- Previous post was at 09:53 PM ----------
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Originally Posted by highdro69
1) Singling out the Obama team implies that the Repubs would have done anything different
Bear in mind they initiated the bailout
It's standard Repub protocol to prop up and support big businesses, regardless how detrimental it is to the common man
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I include Congress and even the TARP legislation signed by Bush was wrong in my view. However, I am in the moment. Obama is making things worse in my view. Obama, rode in on a promise to tax the "rich" and fairly distribute America's wealth, well some "rich" people are a lot poorer, unfortunately so is everyone else.
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2)Absolving debt where it was rightfully placed places a strain on the economy in the exact same manner that keeping these failing business afloat does. You're essentially saying that chair is better than chair, when chair is, in fact, still chair.
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In some cases a failing company could be purchased by a stronger company. That won't happen until all the "bailouts" end.