Toxic Debt!

, Ireland

Sep 19, 2008 @ 12:43:28

I am hearing in the news that the US Treasury Secretary is planning to set up a super dump to dump all the toxic debt in the US.

He is talking about basically writing off hundreds of billions of dollars of irresponsible lending made by the financial institutions in the US.

But the guys who made the decisions and policies that have created all this bad "toxic" debt, have received millions in bonuses for making those same decisions and following the buy out by government will STILL be in these well paid jobs to make the same mistakes all over again and make more money for themselves in the process.

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MrJester

Wakefield, United Kingdom

#2

Sep 19, 2008 @ 12:50:48

@sweetcheeks Said

I am hearing in the news that the US Treasury Secretary is planning to set up a super dump to dump all the toxic debt in the US.

He is talking about basically writing off hundreds of billions of dollars of irresponsible lending made by the financial institutions in the US.

But the guys who made the decisions and policies that have created all this bad "toxic" debt, have received millions in bonuses for making those same decisions and following the buy out by government will STILL be in these well paid jobs to make the same mistakes all over again and make more money for themselves in the process.

It'll keep happening because they don't get harmed by all this, it's all us in the lower class that get the damage while there on the high ground as the tide comes in.

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jonnythan

Bringer of rad mirth

Deleted

Here and there,

#3

Sep 19, 2008 @ 12:51:20

Well the idea is that new regulations and oversight, coupled with the lessons learned by the lenders, will prevent this from happening again.

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sweetcheeks

, Ireland

#4

Sep 19, 2008 @ 12:53:41

They are saying that this is his view but that it will require passing through legislation the cost is going to be so huge.

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jonnythan

Bringer of rad mirth

Deleted

Here and there,

#5

Sep 19, 2008 @ 12:53:51

@MrJester Said

It'll keep happening because they don't get harmed by all this, it's all us in the lower class that get the damage while there on the high ground as the tide comes in.

They don't get harmed?

Are you serious?

They don't get harmed.

These people have lost millions and millions of dollars. Their investments and portfolios have taken really, really hard hits. The companies they own or have stock in and so forth have taken nose-dives. Some have collapsed entirely.

You think these rich bankers want the stock market to go down? You think it doesn't hurt them when Wall Street cornerstones crumble and file bankruptcy?

No way man. "These people" are hurting bad right now.

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MrJester

Wakefield, United Kingdom

#6

Sep 19, 2008 @ 12:56:33

@jonnythan Said

They don't get harmed?

Are you serious?

They don't get harmed.

These people have lost millions and millions of dollars. Their investments and portfolios have taken really, really hard hits. The companies they own or have stock in and so forth have taken nose-dives. Some have collapsed entirely.

You think these rich bankers want the stock market to go down? You think it doesn't hurt them when Wall Street cornerstones crumble and file bankruptcy?

No way man. "These people" are hurting bad right now.

In comparison to the public man.

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Scoobiedoolala

Deleted
Banned

paducah, Kentucky

#7

Sep 19, 2008 @ 12:59:05

imo, the bankers are set for a bit. of course, if a great depression hits, their money won't amount to s***. nobody's will. i have yet to call the trust company and tell them to cease playing with my children's trust.
and who better to ask than jonnythan:
if thier money, say 75,000 is in trust, is it in jeopardy?

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sweetcheeks

, Ireland

#8

Sep 19, 2008 @ 13:00:25

I see the head of the Halifax bank in Britain who was in charge of the company that crashed got a few million last year in salary and bonus and now the new buyers are going to give him a job with them for a few million a year plus the chance of buying a few million stocks at discounted rates.

It sounds as if the crisis has hurt him.

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sweetcheeks

, Ireland

#9

Sep 19, 2008 @ 13:04:57

I see the stock market has rallied world wide almost as quick as it crashed so the big stock owners who sold initially and bough back so cheaply at our expense will have made themselves another killing.

Oh my heart bleeds for them

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basha

Somewhere YOU wanna be!!, Unit

#10

Sep 19, 2008 @ 13:05:05

@jonnythan Said

They don't get harmed?

Are you serious?

They don't get harmed.

These people have lost millions and millions of dollars. Their investments and portfolios have taken really, really hard hits. The companies they own or have stock in and so forth have taken nose-dives. Some have collapsed entirely.

You think these rich bankers want the stock market to go down? You think it doesn't hurt them when Wall Street cornerstones crumble and file bankruptcy?

No way man. "These people" are hurting bad right now.

I agree, no one truly chooses to lose money.

@MrJester Said

In comparison to the public man.

If you think about it, they have always had far more to lose than the common man!! And some have lost all that they have (common and rich) You hit the ground a lot harder when you have something.
If you have nothing, then there is nothing to lose.

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MrJester

Wakefield, United Kingdom

#11

Sep 19, 2008 @ 13:19:18

@basha Said

I agree, no one truly chooses to lose money.

If you think about it, they have always had far more to lose than the common man!! And some have lost all that they have (common and rich) You hit the ground a lot harder when you have something.
If you have nothing, then there is nothing to lose.

They will still normally have some kind of safety net, they will normally still be able to live, meanwhile more of the economic mess ups cause lower class familys more difficulty.

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basha

Somewhere YOU wanna be!!, Unit

#12

Sep 19, 2008 @ 13:20:35

I don't despute that at all, many families have it very hard but its a big f***ing deal to have millions one day and nothing the next don't you think??

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MrJester

Wakefield, United Kingdom

#13

Sep 19, 2008 @ 13:23:12

@basha Said

I don't despute that at all, many families have it very hard but its a big f***ing deal to have millions one day and nothing the next don't you think??

As i said, most normally have some kind of safety net, some collection of money, I'd presume so if they're in that type of job where one day everything could go all downhill.

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sweetcheeks

, Ireland

#14

Sep 19, 2008 @ 13:23:57

Those with the millions will still have the millions after this and it will be tax payers that will foot the bill.

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Wingsy

wingsdillialicious!

Moderator

Wingsville,

#15

Sep 19, 2008 @ 13:52:07

@MrJester Said

As i said, most normally have some kind of safety net, some collection of money, I'd presume so if they're in that type of job where one day everything could go all downhill.

Yes, but when you're talking about people who are used to having 50 million dollars, their safety nets aren't that big.

In my job, I deal with very wealthy people all day long. Our phones have been ringing off the hook with calls from people wanting to know what to do.

Some of our clients have already lost huge sumes of money. They're in a panic. Yes, they still have more than others, but when you're accustomed to living life at a very high standard, what is normal to us looks pretty grim.

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