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Post by sandsman1 on Mar 24, 2009 1:32:50 GMT -5
no matter what i said in the past it was nice to see a nice jump up at wall street whether it last or not is to be seen but i also like the deal that aig is being hit with extra tax's for handing out tax payers money for out ragous bonuses -- to bad the overseas people wont be affected but its still a nice start
Markets U.S. open in 7 hrs, 5 mins DJIA7,775.86497.48 6.84%NASDAQ1,555.7798.50 6.76%
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Sabre52
Cave Dweller
Me and my gal, Rosie
Member since August 2005
Posts: 20,487
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Post by Sabre52 on Mar 24, 2009 9:36:29 GMT -5
Yep that market jump was nice. Hope it's not just temporary! I agree with taking back the bonuses but boy the language the govt uses pisses me off. All this "we got to get the money back for the taxpayers", " we got to buy the toxic assets and later we can sell them to make profits for the taxpayers". What a crock! Like the taxpayers ever see a dime of the recovered money. It's just goes into the government pot to be wasted on some other program to reward crooks and bad behavior. The working stiffs or folks who live their lives right and who paid their taxes and don't buy what they can't afford, won't get diddly squat. All these well publicized attacks on the rich are just a smokescreen to cover the real issue of government waste.....Mel
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stonedagain
starting to spend too much on rocks
Member since October 2004
Posts: 114
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Post by stonedagain on Mar 24, 2009 9:49:27 GMT -5
Amen Mel. I'm one of the working stiffs who lives right, pays my taxes and don't buy what I can't afford.
Personal greed got them into this mess - Let them fail and file bankruptcy - that's what I'd have to do if I started spending $$ I didn't have...
Thowing money (that we don't have) at the problem is never the answer
Hope today brings another good day to the market and helps to relieve some of the stress people are feeling.
~rhonda
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Post by bobby1 on Mar 24, 2009 10:15:32 GMT -5
The problem with congress passing a tax on the bonuses is that it isn't allowed in the constitution. You can't pass a law that is effective retroactively. They manipulated the bailout so that the bonuses could get paid and then grandstanded to make it look like they were outraged that the bonuses got paid! Its all just a charade! I'm a liberal that is getting disgusted with the current administration giving away our and our children's future to the crooks that stole everything in the first place. Ron Paul ..... where are you now that we need you badly? (I voted for him but he didn't have a chance. He is too honest). Bob
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Post by texaswoodie on Mar 24, 2009 15:16:21 GMT -5
I agree with Bob. I don't care how outrageous the bonuses were, these people had a contract with the company to receive bonuses. Then the gov comes along and taxes 90%. BULL HOCKEY!! Thanks Liberals, let's just toss the Constitution.
Curt
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Sabre52
Cave Dweller
Me and my gal, Rosie
Member since August 2005
Posts: 20,487
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Post by Sabre52 on Mar 24, 2009 16:06:56 GMT -5
Yep, that tax amounts to a Bill of Attainder, punishing one group of people without benefit of trial or representation. Violation of article 1 of the Constitution. No can do without violating the law! Big dummies in Congress are just trying to cover their own stupidity. They voted on the bonuses and passed them themselves and now they're trying to divert attention from their own bad behavior and complicity.....Mel
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jerryde
starting to spend too much on rocks
Member since November 2005
Posts: 246
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Post by jerryde on Mar 24, 2009 16:56:44 GMT -5
I agree with most of this discussion, because many of the bonuses were paid for work done in late 2007 early 2008. but...a new wrinkle
If I understand this correctly...Some of the money AIG accepted under TARP...was used to protect selected retirement and 401 plans so they would not lose any money...while letting others go down the tubes... If this is true, what groups benefited and which did not...To use our tax money to profit some groups and not others... Who is in charge of this whole sham....?
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Post by frane on Mar 24, 2009 17:07:02 GMT -5
The bail out was passed too quickly with no oversite, just a lot of closed door meetings and then Obama, who promised to go line by line and get rid of the pork, passed it all. There were no stipulations on that money. They are now going back, acting outraged and trying to pass it all off as an "I didn't know". Did Obama give his bonus back? I heard he received $100k. Any of these folks that have it in their contract to receive bonuses, whether a profit was made or not, can take the gov't to court over this and should win I would imagine. We will see how long it takes them to rewrite the laws. Looks like that is all in the works right now. Fran
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rallyrocks
fully equipped rock polisher
Member since November 2005
Posts: 1,507
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Post by rallyrocks on Mar 24, 2009 19:27:54 GMT -5
If it were up to me (obviously it isn't) any and all contractual obligations to employees would have been nullified the moment that bailout money went into their coffers.
Too big to fail to me reads too big period, as the new majority shareholders, I'd suggest we cut them up and sell them off to whoever thinks they can make a buck off these losers.
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Post by cpdad on Mar 24, 2009 21:32:23 GMT -5
cut them up and sell them... i agree totally....or let them fail big time.
if i have a contract with anyone to pick 1000 beans....for x amount of dollars.....but i get a bonus for picking 1200 beans.
and i pick 1200 beans...i better get my bonus....or im gonna sue someone and everyone to get my bonus...per the contract....and my attorney fees....and interest lost...and such.....i have been there and done it....well not me exactly.....but the company i work for has.
like said before....if our government can decide at its discretion that a contract is invalid on a whim....then we have officially been socialized ...kev
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Post by texaswoodie on Mar 25, 2009 6:55:59 GMT -5
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Post by bobby1 on Mar 25, 2009 10:13:36 GMT -5
There is a legal way for a company to void its contracts. It called Chapter 11 bankruptcy. (chapter 7 does it also because the company totally goes away). Bob
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