[Homestead] Is it serious, or is it not?
bobford79 at yahoo.com
Wed Oct 1 18:23:31 EDT 2008
1)Just like you lynn, they have mortgage payments. Unlike you, they depend on outside jobs to make those, and other, payments.
2)They 'will' profit, whether we bail them out or not. The really , really big guys are so tied in ,we don't even notice.
For example. Hank Paulson is the one asking for the bailout, he is worth half billion dollars, regardless (Goldman-sachs), Franklin Raines Walked away from GSE (Fannie) with tens of millions after costing taxpayers billions and is now one of Obama'a (now, unofficial) economic advisors. Betrnake, FGoldman -Sachs. Barney Frank, big contributions from big banks/finance; lingtime personal friend of Paulson. Governor of New Jersey (Corzine -Goldman Sach's) Obama economic advisor, Chris Dodd, VIP loans, buddy buddy with so many Conn. bankers and hedge fund managers. Robert Rubin, Obama econ. advisor, Goldman Sachs, former Clinton cabinet.
These people, and thousands more like them, helped to create the problem, will now help to solve the problem, and they, their friends and families all will profit, no matter what occurs with bail-out. They are so incestuously tied to the rule-makers, they are insulated from harm.
3) a long-time economic crisis can cause all sorts of societal ills. Examples range from urban barrios, to housing projects, to places hit by acute and chronic economic downturns --south La. in the 80's oilfield bust, for example. ;Not all but Many different Indian Reservations (sorry Lynda, but it's true).
Like I wrote before, I hope I'm worrying for nothing. But, most, not all, certainly, working people are only a few months away from not being able to pay their bills --being broke.
I'm not even sure the bail-out will help, I'm not saying i'm necessarily for the bail-out. I'm just hoping this economic "adjustment" can be more gradual than it appears to be heading. Our economic system, globally is built upon credit. Good or bad, that is a fact. bobford
--- On Wed, 10/1/08, Lynn Wigglesworth <lynnw1366 at hotmail.com> wrote:
> From: Lynn Wigglesworth <lynnw1366 at hotmail.com>
> Subject: Re: [Homestead] Is it serious, or is it not?
> To: homestead at lists.ibiblio.org
> Date: Wednesday, October 1, 2008, 3:46 PM
> bob ford wrote:
> But, I do feel empathy for people I know, you only played
> by the rules
> they were taught. A couple of those people are my baby
> brothers. They
> don't have a clue. Just work hard, pay their bills,go
> to church; wait
> for deer season.
> 1)What do you foresee happening to them? If they aren't
> dependent on
> constant credit, I don't see how it will affect them.
> > We are in a rigged game; the people who should pay
> for this mess, will profit, instead. And, the worker bees
> will face more divorce, substance abuse; poor health; early
> preventable death, in reward for their hard work.
> 2)I think the people who caused it only profit if we bail
> them out.
> credit crunch really cause divorce, substance abuse, poor
> health, etc? I
> think the 'worker bees' will have to give up their
> cell phones and new
> cars and expensive habits, move to houses they can afford.
> Painful, but
> Lynn Wigglesworth
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