Tag Archive: government

The Gold Dome

Posted by dimplemonkey on Natuba


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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$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?

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.