Take your medicine

[cottonpicken]

http://www.financialsense.com/fsu/editorials/schiff/2008/1121.html

You can apply this logic/line of thinking to almost everthing.Including your own farm/business.

Now apply it to our current government,
75 billion of tax payers dollars to the banks?
How big is the federal budget?100 billion?
Our unfunded liabilities over a trillion?
Now our own car companies?
One thing is for sure if we dont flush our consumption economy down the toilet,we are up the creek without a paddle.

Kind of easy to understand how the island of saskatchewan is doing so well
when you apply the logic.

[Fransisco]

http://www.youtube.com/watch?v=aLq9B5_iFCo

[jensend]

whatever your political or economic philosophy these bailouts make no sense because as schiff says you're penalizing profitable companies to subsidize the failures.

[Fransisco]

What! Are you kidding? That is the essence of socialism. The lefts whole purpose in life is to bailout anybody and everybody at the expense of those who actually make a profit.

[TOM4CWB]

Fransisco,

SOUNDS EXACTLY LIKE WHAT THE CWB HAS DONE ON WHEAT PRICING... DURING ITS WORST CROSS TRANSFERS... FOR THE PAST 2 YEARS THROUGH PPO'S!

POOLERS GET OUR FAMILIES WHEAT MONEY.

[agstar77]

I agree the bailouts are not good and probably will fail , since the pit is so deep. But where you against the CAIS and other ag support programs , aren't those socialist? The free market system has run amuck under the Great Greenspan. Without rules the game is never fair. This whole mess is due to individual and collective greed that went unchecked.

[Fransisco]

No the whole mess is the result of 'need' not greed. What motivator do you think drove the affordable housing debacle forcing banks to give loans to people who couldn't pay them back. This is not because of self interest, responsible people are continually being forced to sacrifice to the needs of others. The same thing is being done again for the auto industry.

The rules as they are now do not ensure that the game is fair, the rules punish the good and reward the bad. The moral hazard continues to grow along with the total amount of all the bailouts.

Lets recap a bit:

$29 billion for Bear Stearns

$143.8 billion for AIG (thus far, it keeps growing)

$100 billion for Fannie Mae

$100 billion for Freddie Mac

$700 billion for Wall Street, including Bank of America (Merrill Lynch), Citigroup, JP Morgan (WaMu), Wells Fargo (Wachovia), Morgan Stanley, Goldman Sachs, and a lot more

$25 billion for The Big Three in Detroit (and growing)

$8 billion for IndyMac

$150 billion stimulus package (from January)

$50 billion for money market funds

$138 billion for Lehman Bros. (post bankruptcy) through JP Morgan

$620 billion for general currency swaps from the Fed

Rough total: $2,063,800,000,000

That's a little over $6,800 for every man, woman, and child, or just under $15,000 for each of America's 140 million taxpayers.

The government is trying to outlaw an important part of the free market with all of this. The free market is naturally self correcting, and the self correcting mechanism is called failure. If you do something stupid you pay a price, you learn, and you move on. The government is trying to outlaw failure and in the process is making the failure's bigger and bigger.

[wedino]

Why don't the auto industry go to the big oil companies for the $250 billion? It should be easy for the oil companies to come up with the cash considering the huge profits they made in the past year.

[cottonpicken]

http://www.europac.net/Schiff-Bloomberg-11-21-08_lg.asp

[Fransisco]

Yup, just ignore the $29 more per hour that the big three union boys are making over the competition. That can't be part of the problem.
http://mjperry.blogspot.com/2008/11/bailout-ultimate-in-lemon-socialism.html

And while they're at it they need to make sure they ignore the government imposed 'CAFE' regulations which force the big three to produce, with high-cost labor, millions of small cars designed to lose money.

http://mjperry.blogspot.com/2008/09/cafe-most-perverse-product-regulation.html

Take your Que from agstar, blame the market not yourself or the government for your problems. Then don't ask, <bold>DEMAND,</bold> that the taxpayers bail you out.