FACEPALM! Mets help CitiBank practice financial responsibility by keeping CitiField name

The New York Mets say the name Citi Field will remain on their new ballpark and believe the struggling bank will survive its current economic crisis following a government bailout.
At $400 million over 20 years, could the taxpayer not have insisted that the funds be allocated elsewhere in a more responsible manner? I guess there is no point in arguing with someone who feels justified otherwise, right?

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“They’re socializing the entire financial system!” – Ron Paul

So 9/11 scared you into believing we had to fight a war with no end in sight.

Cervical cancer scared you in believing that you need to have a vaccine shot for your pre-teenage girl.

And now the current state of the financial markets are scaring you into believing that we need a central world bank. It’s gone far enough, people! (Why didn’t we take Ron Paul to the White House?!)

Wall Street May Say “Thanks, but no thanks” to bailout money. Why?

I'm getting $700 billion but I have to give up my Golden Parachute!?

This was one of my biggest concerns regarding the bailout of Wall Street! Not only would they be getting a “Get Out of Jail Free” card for spending money like it was some Monopoly tournament, but by giving them $700 billion dollars, they would be able to continue paying for their lavish high finance lifestyle. Not to mention, the execs would be able to maintain their Golden Parachute. Well guess what? Somewhere in that 450+ page bailout plan, amidst the Puerto Rican Rum, race car driving, and the Exxon Valdez, there were additional references, er… conditions that will curb executive pay at banks that participate in the bailout plan – including limiting stock-related pay and banning ‘golden parachutes’ for executives. You can’t have your cake and spend it, too. You want my money to help you? We’ve got some conditions. Don’t like it? Then you’re on your own.

Is my government teaching “tough love”? Did they actually listen to the outraged voices of Main Street? Is Wall Street deciding that it might be better to be responsible for their own actions or will “boys be boys” and decide there’s got to be a better way to keep as much cash in their pockets? This is encouraging. This trend of accountability must continue beginning at the top through to every American. My fingers are crossed.

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State of the World Bailouts (10/5/08)

$71.3 billion bailout for Germany

$25.6 billion bailout for Belgium

$90.12 billion bailout for Britain

$441 billion bailout for Greece

$12.4 billion bailout for Switzerland

$5.2 billion bailout for Denmark

$14 billion bailout for Iceland

$561 billion bailout for Ireland

$100 billion bailout for Russia

All numbers are approximate but when you are talking in increments of billions, does it make much of a difference if you are off by a couple of billion? These are the bailouts that have occurred in the last 12 months (technically last several months). While some of the bailouts are being covered by private investors, the majority of them are being covered by their respective governments. Are we witnessing the collapse of capitalism or can the world economy regain from its drunken composure?

Hindsight is 20/20

Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

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Senate send their version of bailout

Here it is (link) and it’s 400-plus pages of material that is supposed to be read by Friday by The House. I’m being told that you’ll find words such as Exxon Valdez (1989), wooden arrows, auto racing tracks, and Puerto Rican Rum. WTF?! This is what they call “sweeteners” and not earmarks. That is what I am being told. Can you see why Americans don’t like politics? It’s all the lingo!

Draft of Bailout Bill – Download and Read It!

Draft of Emergency Economic Stabilization Act of 2008

It’s 110 pages and although it’s not a light read, you can sit and go through it within an hour. I’ll read it and post my thoughts on it later.

Everyone talks bailout but no does a thing good about it

Forget McCain and his lack of knowledge about the economy. It appears that no one in Washington wants to comment on all the bailouts. Is it that hard to piece together? I’m understanding that we’re now starting to bailout some non-US banks. What?!!

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Of course, I’m always able to hear the voice of reason – Ron Paul! Oh, but everyone else thinks he’s a crackpot. Well color me crackpot as well!