Re: [MBZ] OT: bailout
Rick Knoble wrote: The Party is Over By Peter Schiff Wonder if he is any relation to the Schiff banking family? His daddy is tax protester Irwin Schiff. http://en.wikipedia.org/wiki/Irwin_Schiff ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
On Thu, Oct 9, 2008 at 4:27 PM, Gary Hurst [EMAIL PROTECTED] wrote: i'm thinking of selling everything i own and buying GM and ford stock with the proceeds F I give a thumbs-up to as a value buy---they are months, not years, away from a turnaround given all the great small cars they sell in Europe and the growing mindshare of the Fusion which is just as good a car for the Sixpack family as a Camry or Accord. GM, on the other hand, is dead and buried. Don't hold your breath waiting for the feds to bail them out. Toyota might, though. That'd be the only way you'd make money off that stock. As always, Internet investment advice is worth what you pay for it... Alex Chamberlain ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
i will take your advice then and value it accordingly! 500 shares of ford monday morning On Sat, Oct 11, 2008 at 11:30 AM, Alex Chamberlain [EMAIL PROTECTED]wrote: On Thu, Oct 9, 2008 at 4:27 PM, Gary Hurst [EMAIL PROTECTED] wrote: i'm thinking of selling everything i own and buying GM and ford stock with the proceeds F I give a thumbs-up to as a value buy---they are months, not years, away from a turnaround given all the great small cars they sell in Europe and the growing mindshare of the Fusion which is just as good a car for the Sixpack family as a Camry or Accord. GM, on the other hand, is dead and buried. Don't hold your breath waiting for the feds to bail them out. Toyota might, though. That'd be the only way you'd make money off that stock. As always, Internet investment advice is worth what you pay for it... Alex Chamberlain ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
There's talk of a GM/Chrysler merger -- talk about a toxic combination! On Sat, Oct 11, 2008 at 10:30 AM, Alex Chamberlain [EMAIL PROTECTED] wrote: On Thu, Oct 9, 2008 at 4:27 PM, Gary Hurst [EMAIL PROTECTED] wrote: i'm thinking of selling everything i own and buying GM and ford stock with the proceeds F I give a thumbs-up to as a value buy---they are months, not years, away from a turnaround given all the great small cars they sell in Europe and the growing mindshare of the Fusion which is just as good a car for the Sixpack family as a Camry or Accord. GM, on the other hand, is dead and buried. Don't hold your breath waiting for the feds to bail them out. Toyota might, though. That'd be the only way you'd make money off that stock. As always, Internet investment advice is worth what you pay for it... Alex Chamberlain -- OK Don, KD5NRO Norman, OK There are only three sports: bullfighting, motor racing, and mountaineering; all the rest are merely games. - Ernest Hemingway '90 300D (Rattled), '92 300D (Saber), ''97 Ply Grand Voyager (Vincent van-go) ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Alex Chamberlain [EMAIL PROTECTED] writes: GM, on the other hand, is dead and buried. Don't hold your breath waiting for the feds to bail them out. Why not they are bailing everyone else out? I saw a funny/ironic comment today, the gist of it was why are we worried about Obama when the current administration is tripping over themselves to socalize everything now? Allan -- 1983 300D ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Allan Streib wrote: I saw a funny/ironic comment today, the gist of it was why are we worried about Obama when the current administration is tripping over themselves to socalize everything now? Ever since the $700B was first proposed, I've been saying that by Jan 20, there won't be anything left for Obama to nationalize. Mitch. ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
My 29 y.o. son just made his first stock purchase yesterday - AIG @$2.45 Today he has his first capital loss to take the edge of yesterday's euphoria! On Thu, Oct 9, 2008 at 7:27 PM, Gary Hurst [EMAIL PROTECTED] wrote: i'm thinking of selling everything i own and buying GM and ford stock with the proceeds On Thu, Oct 9, 2008 at 7:10 PM, Mitch Haley [EMAIL PROTECTED] wrote: Rich Thomas wrote: Oh, and the car companies sneaked $25B (with another $25B potential) in there last week too, when no one was looking. Oh, and a fat lot of good it did them. GM dipped below $5.50 per share today, for the first time since 1950. Was $50-60 in 1969, and has split 2:1 since then. Mitch. ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Bill R [EMAIL PROTECTED] said: I think any Republicans who support Bush have long given up any credibility in claiming to be against big and intrusive government and big spending and being for fiscal responsibility. The only difference I can see is that the big spending comes by borrowing from China and sending the payment book to our kids and grandkids so that the billionaires can get richer still. Just my opinion, but judging from the polls and a few personal contacts I don't think I am the only one who feels this way. I agree, I think that many conservatives have a lot of problems with this administration, but it goes much farther than that. The federal government has been out of control for decades. Here's an interesting piece illustrating how federal regulators ignored and overrode state-level concerns about risky lending. Just goes to prove that you cannot manage these things centrally, especially when political agendas are driving the decision making. The writer here mentions Bush, of course, but note that the Comptroller of the Currency John Hawke was appointed by Clinton, and a lot of the policy mandates for relaxed lending requirements date back to his administration and even before. http://biz.yahoo.com/bizwk/081010/0842b4104036827981.html Allan -- 1983 300D ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
andrew strasfogel [EMAIL PROTECTED] said: My 29 y.o. son just made his first stock purchase yesterday - AIG @$2.45 Today he has his first capital loss to take the edge of yesterday's euphoria! Hopefully he'll be pretty happy about it in 5 or 10 years. Somewhere soon should be a good buy opportinity for those with any money left. Allan -- Allan ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
He only suffers a loss if he sold it. Now, losing value is another thing, not only BTDT, but doing it more every day. :( Harry My 29 y.o. son just made his first stock purchase yesterday - AIG @$2.45 Today he has his first capital loss to take the edge of yesterday's euphoria! ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
andrew strasfogel wrote: My 29 y.o. son just made his first stock purchase yesterday - AIG @$2.45 Today he has his first capital loss to take the edge of yesterday's euphoria! Tell him if he wants to play with beaten down insurance companies, buy their debt, not their equity. Take a look at ticker symbol ISP. ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
It's a sad note when the Democrats appear to be the fiscally responsible ones... :P -MMM- I think any Republicans who support Bush have long given up any credibility in claiming to be against big and intrusive government and big spending and being for fiscal responsibility. The only difference I can see is that the big spending comes by borrowing from China and sending the payment book to our kids and grandkids so that the billionaires can get richer still. Just my opinion, but judging from the polls and a few personal contacts I don't think I am the only one who feels this way. ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
What's the attraction? It's expensive compared to AIG or FNM and has no dividend either.. On Fri, Oct 10, 2008 at 9:55 AM, Mitch Haley [EMAIL PROTECTED] wrote: andrew strasfogel wrote: My 29 y.o. son just made his first stock purchase yesterday - AIG @$2.45 Today he has his first capital loss to take the edge of yesterday's euphoria! Tell him if he wants to play with beaten down insurance companies, buy their debt, not their equity. Take a look at ticker symbol ISP. ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Go to GM, 5%+ dividend, beaten down price, gov help on the way. Harry What's the attraction? It's expensive compared to AIG or FNM and has no dividend either.. Tell him if he wants to play with beaten down insurance companies, buy their debt, not their equity. Take a look at ticker symbol ISP. ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
andrew strasfogel wrote: What's the attraction? It's expensive compared to AIG or FNM and has no dividend either.. ISP is a $25 perpetual bond selling for $6-7. Coupon rate is 6.2%, so it pays $0.3875 in interest, not dividends, every quarter (see September 29, 2008 on the link below). You buy one of those, and ING owes you $25 at 6.2%. If ING goes bankrupt, shareholders get nothing, but ISP holders should get something. And ING is a lot less likely to BK than AIG in my opinion. http://finance.yahoo.com/q/hp?s=ISPa=10b=7c=2003d=09e=10f=2008g=d Mitch. ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
The Party is Over By Peter Schiff Euro Pacific Capital, Inc. Friday, 10 October 2008 More than just a mere liquidity or credit crisis, the current financial storm represents the death throes of the old global economic order, and perhaps the birth pains of a new one. The sun is setting on the borrow and spend culture that has defined us for a generation. Our long ride on the global gravy train is finally coming to an end, and once it does nothing will be the same. The sooner we come to grips with this the better. Despite the myriad of proposals that are coming from Washington and other world capitals, we must understand that this crisis cannot be cured by governments. In the United States, credit is gone because savings are gone. Our shallow pool of savings has been depleted through bad loans, and we can no longer entice foreigners to lend us their available savings. Given that we are already too loaded up on existing debt they we cannot realistically repay, who can blame them for not wanting to lend us more? As a result, the free market is trying to put an end to our spending spree. Without savings or home equity to fall back on, Americans struggling with rising prices are finally being forced to cut back. This has terrified our leaders and is causing them to dismantle the remaining structure of our free enterprise-based economic system. The intention of all these daily federal interventions is to keep the credit spigots open so Americans can go even deeper into debt to buy more stuff they can't actually afford. This should be clear enough to anyone who listens to what our leaders are actually saying. When speaking about the need for an even larger fiscal stimulus package, Barney Frank, chairman of the House Financial Services Committee, said, We have to prop up consumption. He has it backwards. The government has been propping up consumption for far too long, and the best thing they can do now is remove the props so spending can be replaced by savings. The sad reality is that we borrowed and spent our way into this crisis, and we are not going to borrow and spend our way out of it. Legitimate credit can only be supplied if there are genuine savings to finance it. Savings can't be magically concocted into existence by a printing press, but can only be created by consumers who spend less than they earn. Efforts to fool the market will not work and will ultimately lead to a monetary disaster and runaway inflation. Were the government to allow market forces to work, Americans would now have to pay cash for their consumption. That would mean no instant credit for new cars, plasma TVs, appliances, consumer electronics, clothing, furniture, etc. Unless buyers actually had the cash in their checking accounts these purchases would have to be deferred. From an economic perspective this is precisely what the doctor ordered. But for an economy based 72 percent on consumer spending, the medicine will go down hard. Ultimately, a serious reduction in consumer and mortgage credit, combined with an increase in personal savings, would again provide a pool of needed capital for businesses to produce products and provide employment opportunities. However, the danger is that this potential credit could be completely crowded out by massive borrowing by the Federal Government. In addition, prices for such things as houses and college tuition will fall sharply, as the credit artificially propping them up disappears. People would still be able to buy houses and send their kids to college only they would pay much lower prices when they do. However, if the government keeps creating inflation to artificially sustain consumer borrowing and spending, there will be no savings left to fund anything and prices will be so high that despite massive consumer spending there will be few goods that Americans could actually afford to buy. http://news.goldseek.com/EuroCapital/1223671266.php ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Who needs private enterprise? Let's nationalize it, Comrades! Paulson endorses bank stock purchase plan By MARTIN CRUTSINGER, AP Economics Writer 34 minutes ago WASHINGTON - Treasury Secretary Henry Paulson said Friday that the Bush administration will move ahead with a plan to buy stock in financial institutions. Paulson said the program to purchase stock in financial institutions will be open to a broad array of institutions. The administration received the authority to make direct purchases of stock in banks in the $700 billion measure Congress passed last week to rescue the nation's financial system. It would mark the first time the government has taken equity ownership in banks in this manner since a similar program was employed during the Great Depression. Paulson announced the administration was moving forward with the program during a news conference at the conclusion of discussions among finance officials of the Group of Seven major industrialized countries. That group endorsed the outlines of a sweeping program to combat the worst global credit crisis in decades. As we develop plans to purchase equity ... we are working to develop a standardized program that is open to a broad array of financial institutions, Paulson said in a statement. Paulson said the government's program would be designed to complement the efforts of banks to raise fresh capital from private sources. He said the government's stock purchases would be of nonvoting shares so that the government will not have power to run the companies. The purchase of equity stakes in companies would be in addition to the main thrust of the $700 billion rescue effort, which involves purchasing distressed assets off the books of financial institutions as a way of unthawing frozen credit markets and getting banks to resume more normal lending operations. Paulson told reporters the administration was moving swiftly and thoughtfully to implement the new rescue package. The administration is expected to start making announcements next week of the private sector asset management firms that will be selected to help run the program. Asked how quickly the stock purchase program for banks could be implemented, Paulson said, We are going to do it as soon as possible. We are not wasting time. People are working around the clock. Paulson refused to provide an estimate of how much of the $700 billion program would be devoted to buying up distressed assets and how much would be used to purchase stock in financial institutions. http://news.yahoo.com/s/ap/20081010/ap_on_bi_ge/meltdown_paulson ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Private enterprise? What's that? On Fri, Oct 10, 2008 at 8:04 PM, Mitch Haley [EMAIL PROTECTED] wrote: Who needs private enterprise? Let's nationalize it, Comrades! -- OK Don, KD5NRO Norman, OK There are only three sports: bullfighting, motor racing, and mountaineering; all the rest are merely games. - Ernest Hemingway '90 300D (Rattled), '92 300D (Saber), ''97 Ply Grand Voyager (Vincent van-go) ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
WASHINGTON - Treasury Secretary Henry Paulson said Friday that the Bush administration will move ahead with a plan to buy stock in financial institutions. Non-voting stock? I didn't think so... -- Jim ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
The Party is Over By Peter Schiff Wonder if he is any relation to the Schiff banking family? Rick Knoble '85 300 CD '87 190 DT ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Luther wrote: Who authored that? Sam Brownback -- Senator from Kansas. Donald H. Snook ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Now we're all gonna be retail bankers as well as mortgagers and investment bankers and car company owners! http://www.nytimes.com/2008/10/09/business/economy/09econ.html?pagewanted=print --R Donald Snook wrote: Luther wrote: Who authored that? Sam Brownback -- Senator from Kansas. Donald H. Snook ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Tell him he should run for president. I would vote for him. Donald Snook wrote: Luther wrote: Who authored that? Sam Brownback -- Senator from Kansas. Donald H. Snook ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
http://www.youtube.com/watch?v=AvktL4qu3us 4:45 mark. ;) -MMM- --- On Thu, 10/9/08, Rich Thomas [EMAIL PROTECTED] wrote: Now we're all gonna be retail bankers as well as mortgagers and investment bankers and car company owners! ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Luther wrote: Tell him he should run for president. I would vote for him. Didn't Wonko like him a year or two ago? http://sambrownback.wordpress.com/ Mitch. ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
This is what my Congressman said on the House floor pertaining to the bailout bill. He is Peter Visclosky (D) Indiana Rick Knoble '85 300 CD '87 190 DT September 29, 2008 Madam Speaker, in 1991, when Congress was considering repealing the Glass-Steagall Act and its regulatory framework, Representative John Dingell stated that repealing the Glass-Steagall Act would usher in a golden age of thievery. Mr. Dingell has been proven correct. As recently as September 15, President Bush was saying that Americans have good reason to be confident in our economic strength, and that We have a flexible and resilient system that absorbs challenges and makes corrections and bounces back. Henry Paulson was saying that the current turmoil in markets and financial institutions ultimately would make things better. Now suddenly, we have a crisis. The Bush Administration would have us believe that this crisis is a sudden accident of nature, that it just happened, and could not have been prevented. This crisis is not an accident of nature. The stage was set for this crisis with the repeal of Glass-Steagall in 1999, but this crisis is not the result of a single error in policy. It is the direct result of years and years of deliberate and cynical exploitation by the captains of an unregulated industry, aided and abetted by an Administration that has willfully failed to enforce our laws and regulations, and that hasselected individuals from the very institutions that need oversight to watch over their friends and former colleagues. This crisis is what happens when you set the foxes to guard the henhouse for 8 long years. Now we are being asked to solve this crisis that has been building for most of the last decade in seven days. But is the solution being foisted on us really going to help Main Street? Or is it simply meant to clean up Wall Street's mess, cloak the Bush Administration's abysmal failure to protect the people of this country from financial predators, and further enrich those whose covetousness has caused this problem? Is it going to help the people we represent, or is it going simply add to the profits of foreign banks? Additionally, the Washington Post of September 27, 2008, reports that the six largest banks in the world are going to emerge from this crisis even larger than before. But what about the small community banks that have been following the rules and dealing fairly with borrowers, and who will bear the brunt of the financial dislocation caused by irresponsible financial giants? Why are we leaving our smaller banks to fend for themselves, while bailing out foreign banks? Why does the Royal Bank of Scotland, with $3.5 trillion in assets, need welfare from the American taxpayer? The Bush Administration is rushing us into spending $700 billion without stopping to think things through, because there just isn't time for thinking. They say, trust us, this is necessary. I've heard this before. To me it sounds like what we were told about Iraq: that we had to go to war right away, because of the Weapons of Mass Destruction that Saddam Hussein possessed. Oh, that's right, they didn't exist. We were told Trust us. It sounds like what we were told when we had to pass the Patriot Act immediately to allow the government to eavesdrop on our private communications and to get the list of books you checked out of the library without probable cause; because there was a risk of terrorism. We were told that we had to fall in line quickly and trust the President. Now it's trust us again. I didn't then, and I don't now! What about the people we're supposed to be protecting? Contrast the President's urgency to help the minions of Wall Street with his disdain for the most vulnerable members of society: our children. During the last two years we asked President Bush to help provide health insurance to four million additional children in our country. He refused to do so-- twice--but now he says we have to bail out four million brokers in seven days. Where was the bailout when real people, the people I am here to represent, experienced financial crisis? When LTV went bankrupt and thousands of people lost their jobs, President Bush didn't sound the alarm. All I know is that Richard Fuld of Lehman Brothers made $34,832,036 last year. When many Bethlehem Steel retirees had their pensions cut, did President Bush provide a helping hand? All I know is that when Stan O'Neal retired from Merrill Lynch, his compensation package was worth $161.5 million. When National Steel went bankrupt, did this Administration ask for a bailout? All I know is that Freddie Mac's Richard F. Syron made $18,289,575 in 2007. When Republic Steel went bust under this Administration, they ceased to exist. On the other hand, AIG ceased to exist after a federal bailout, and no one asked Martin J. Sullivan of AIG to give back the $14,330,736 he was paid
Re: [MBZ] OT: bailout
--- On Thu, 10/9/08, Rick Knoble [EMAIL PROTECTED] wrote: This is what my Congressman said on the House floor pertaining to the bailout bill. He is Peter Visclosky (D) Indiana It's a sad note when the Democrats appear to be the fiscally responsible ones... :P -MMM- ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Mitch Marmel [EMAIL PROTECTED] said: --- On Thu, 10/9/08, Rick Knoble [EMAIL PROTECTED] wrote: This is what my Congressman said on the House floor pertaining to the bailout bill. He is Peter Visclosky (D) Indiana It's a sad note when the Democrats appear to be the fiscally responsible ones... :P Appear being the operative word. Allan ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Allan Streib wrote: Mitch Marmel [EMAIL PROTECTED] said: It's a sad note when the Democrats appear to be the fiscally responsible ones... :P Appear being the operative word. They only appear that way if they are standing next to Republicans. And some people would argue that Republicans look responsible when standing next to Democrats: http://www.youtube.com/watch?v=1RZVw3no2A4 ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
The stage was set for this crisis with the repeal of Glass-Steagall in 1999, ... and then he blames the crisis on the Bush Administration Somebody correct me if I am wrong, but my recollection is that Billybob was the Prez in 1999. How is that Bush's fault? Now Bawney Fwank, CHris Dodd, I would believe. By the way, it was NOT the Bush administration who enacted the legislation last week. It WAS congre$$$. and Bawney Fwank, CHris Dodd, and good ol BO Bama were pushing it all the way! Yes, McLame voted for it too, but he was not leading the pack. At 10:44 AM 10/9/2008, you wrote: This is what my Congressman said on the House floor pertaining to the bailout bill. He is Peter Visclosky (D) Indiana Rick Knoble '85 300 CD '87 190 DT September 29, 2008 Madam Speaker, in 1991, when Congress was considering repealing the Glass-Steagall Act and its regulatory framework, Representative John Dingell stated that repealing the Glass-Steagall Act would usher in a golden age of thievery. Mr. Dingell has been proven correct. As recently as September 15, President Bush was saying that Americans have good reason to be confident in our economic strength, and that We have a flexible and resilient system that absorbs challenges and makes corrections and bounces back. Henry Paulson was saying that the current turmoil in markets and financial institutions ultimately would make things better. Now suddenly, we have a crisis. The Bush Administration would have us believe that this crisis is a sudden accident of nature, that it just happened, and could not have been prevented. This crisis is not an accident of nature. The stage was set for this crisis with the repeal of Glass-Steagall in 1999, but this crisis is not the result of a single error in policy. It is the direct result of years and years of deliberate and cynical exploitation by the captains of an unregulated industry, aided and abetted by an Administration that has willfully failed to enforce our laws and regulations, and that hasselected individuals from the very institutions that need oversight to watch over their friends and former colleagues. This crisis is what happens when you set the foxes to guard the henhouse for 8 long years. Now we are being asked to solve this crisis that has been building for most of the last decade in seven days. But is the solution being foisted on us really going to help Main Street? Or is it simply meant to clean up Wall Street's mess, cloak the Bush Administration's abysmal failure to protect the people of this country from financial predators, and further enrich those whose covetousness has caused this problem? Is it going to help the people we represent, or is it going simply add to the profits of foreign banks? Additionally, the Washington Post of September 27, 2008, reports that the six largest banks in the world are going to emerge from this crisis even larger than before. But what about the small community banks that have been following the rules and dealing fairly with borrowers, and who will bear the brunt of the financial dislocation caused by irresponsible financial giants? Why are we leaving our smaller banks to fend for themselves, while bailing out foreign banks? Why does the Royal Bank of Scotland, with $3.5 trillion in assets, need welfare from the American taxpayer? The Bush Administration is rushing us into spending $700 billion without stopping to think things through, because there just isn't time for thinking. They say, trust us, this is necessary. I've heard this before. To me it sounds like what we were told about Iraq: that we had to go to war right away, because of the Weapons of Mass Destruction that Saddam Hussein possessed. Oh, that's right, they didn't exist. We were told Trust us. It sounds like what we were told when we had to pass the Patriot Act immediately to allow the government to eavesdrop on our private communications and to get the list of books you checked out of the library without probable cause; because there was a risk of terrorism. We were told that we had to fall in line quickly and trust the President. Now it's trust us again. I didn't then, and I don't now! What about the people we're supposed to be protecting? Contrast the President's urgency to help the minions of Wall Street with his disdain for the most vulnerable members of society: our children. During the last two years we asked President Bush to help provide health insurance to four million additional children in our country. He refused to do so-- twice--but now he says we have to bail out four million brokers in seven days. Where was the bailout when real people, the people I am here to represent, experienced financial crisis? When LTV went bankrupt and thousands of people lost their jobs, President Bush didn't sound the alarm. All I know is that Richard Fuld of Lehman Brothers made $34,832,036
Re: [MBZ] OT: bailout
Looks like time to change my name to Chrysler and hit that big receiving line. Manfred Date: Wed, 08 Oct 2008 19:13:52 -0400 From: Rich Thomas [EMAIL PROTECTED] Subject: Re: [MBZ] OT: bailout Oh, and the car companies sneaked $25B (with another $25B potential) in there last week too, when no one was looking. Is there no end to rewarding or supporting failure? --R ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Rich Thomas wrote: Oh, and the car companies sneaked $25B (with another $25B potential) in there last week too, when no one was looking. Oh, and a fat lot of good it did them. GM dipped below $5.50 per share today, for the first time since 1950. Was $50-60 in 1969, and has split 2:1 since then. Mitch. ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
why is that a sad note? it's been a long time since the democrats have been the party of bigger government than the republicans. all this stupid talk we've been hearing for so long about welfare queens and their cadillac cars -- i say scrap the war and the bailout and buy everyone on welfare a new cadillac and we will be so far ahead. i remain to this day a registered republican and have been all my life. but i am disgusted by the party of big lies, big theft and big government. the republicans are like the preacher who spends all day on about the fags and druggies, while he does crystal meth with his male prostitute lover. come to think of it, the same people are supporting both sets of liars. someone breaks into your house and steals all your stuff, so the answer is to go get new stuff and then just plain give it to them? is this the logic of this bailout? On Thu, Oct 9, 2008 at 12:59 PM, Mitch Marmel [EMAIL PROTECTED]wrote: --- On Thu, 10/9/08, Rick Knoble [EMAIL PROTECTED] wrote: This is what my Congressman said on the House floor pertaining to the bailout bill. He is Peter Visclosky (D) Indiana It's a sad note when the Democrats appear to be the fiscally responsible ones... :P -MMM- ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
i'm thinking of selling everything i own and buying GM and ford stock with the proceeds On Thu, Oct 9, 2008 at 7:10 PM, Mitch Haley [EMAIL PROTECTED] wrote: Rich Thomas wrote: Oh, and the car companies sneaked $25B (with another $25B potential) in there last week too, when no one was looking. Oh, and a fat lot of good it did them. GM dipped below $5.50 per share today, for the first time since 1950. Was $50-60 in 1969, and has split 2:1 since then. Mitch. ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
and then he blames the crisis on the Bush Administration Somebody correct me if I am wrong, but my recollection is that Billybob was the Prez in 1999. With a VERY repugnant congress. -- OK Don, KD5NRO Norman, OK There are only three sports: bullfighting, motor racing, and mountaineering; all the rest are merely games. - Ernest Hemingway '90 300D (Rattled), '92 300D (Saber), ''97 Ply Grand Voyager (Vincent van-go) ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT: bailout
Donald, Who is this Senator? He needs to hear from folks who agree with him even though the $700B deed has been done Thanks, Chuck Phoenix AZ On Oct 8, 2008, at 1:21 PM, Donald Snook wrote: I have avoided getting involved in the bailout discussion mainly because I just didn't know enough about it to have an educated opinion. I did however see a letter from a Senator to his constiuents that makes some pretty good points. Here it is: As we close out the 110th Congress, a lot of important questions about the future of the country have been discussed. The Wall Street Bailout Package has dominated headlines in the past few weeks, and Americans are worried about the country's financial stability. We are at the front end of an economic recession. I hope I'm wrong, but I don't think so. The federal government has tools to use to reduce the depth and harm of the downturn and to hasten the recovery. These tools need to be used and used wisely. Our growth in exports has kept us out of a recession so far. But now, with financial markets struck with fear and the consumer slowing down, a downturn is occurring. Everyone has been asking me: What are we to do? 'First, do no harm' is the Hippocratic Oath that doctors take, and politicians should, too. Let's undo the quarterly 'mark to market' requirement that requires companies to mark down their assets and weaken their balance sheets and scares off lenders or debilitates financial institutions. Mark to market should be done in such a way that doesn't lead to bigger financial bubbles or bigger financial bursts. And obviously, we need to update our regulation of financial markets to see that this does not happen again. Second, re-instill confidence. Permanently up the FDIC covered amounts to $250,000 and provide capital to tottering institutions as needed and requested, but the taxpayer must be protected. The taxpayer should get some ownership in the institutions participating. We must sell that ownership back into the markets once this situation stabilizes. Third, put some gas in the tank. Our economy needs money. We can borrow and spend federal dollars and pass the debt forward or we can free up money in the private sector already. This is what gets you out of a recession - increased economic activity. Do the following for a one-year period: Cut the capital gains tax rate to 5% for assets bought or sold during the year and held for more than 3 years. Allow expensing of depreciable assets purchased. Allow the repatriation of U.S. capital held overseas at a 2% tax rate. These moves would put hundreds of billions of dollars into the U.S. economy in a one-year time period. I've been through economic downturns before and they are tough. Lives are impacted and scarred. As a young lawyer, I represented hard-working farmers caught in the farm crises of the 1980's. I saw farmers, small businesses, and banks struggle to survive. Some didn't make it. Often the biggest thing needed was time. Time to work out the problems. Congress needs time to get this right. A rushed $700 billion bailout package is unlikely to produce the long-term results we need. Plus, $700 billion is a lot of money. You could buy all the farm land in the top 16 agricultural producing states in America with that amount of money. Or it could buy 4.4 million Americans a home at the median price in Kansas. I applaud the hard work of Treasury Secretary Paulson and Fed Chairman Bernanke and their staffs. They are good people. But we see this differently than they do. We didn't do much of the subprime mortgage borrowing or lending and now we're asked to pay for it. If that is the case, then we want something that works for the broader economy to get us out of the recession rather than just bailing out a few bad actors and hoping it helps everyone else. It is for these reasons, that I voted against the current bailout package. However, I completely agree that we must act, but we must act right. Donald H. Snook McDonald, Tinker, Skaer, Quinn Herrington, P.A. 300 West Douglas P.O. Box 207 Wichita, Kansas 67201 0207 Tel. (316) 263-5851 This confidential message may be subject to the attorney-client privilege or protected by the attorney work-product doctrine. If you have received this message in error, please delete it and notify me. http://www.mtsqh.com/ ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to:
Re: [MBZ] OT: bailout
And Ahnold is gonna be looking east for $7B (just a drop in the bucket now), and the socialist paradise of Massachusetts, home to Bwawney Fwank, Ted Kennedy (D-UI), Jean Kerre (who served in Viet Nam, by the way), and Obama guvuhnuh friend Dervel Patrick, are gonna be formulating their request as well. I was just a little while ago trying to figure out how I could get me wunnathem bail-out loans for just a few mil. Oh, and the car companies sneaked $25B (with another $25B potential) in there last week too, when no one was looking. Is there no end to rewarding or supporting failure? --R Chuck Landenberger wrote: Donald, Who is this Senator? He needs to hear from folks who agree with him even though the $700B deed has been done Thanks, Chuck Phoenix AZ On Oct 8, 2008, at 1:21 PM, Donald Snook wrote: I have avoided getting involved in the bailout discussion mainly because I just didn't know enough about it to have an educated opinion. I did however see a letter from a Senator to his constiuents that makes some pretty good points. Here it is: As we close out the 110th Congress, a lot of important questions about the future of the country have been discussed. The Wall Street Bailout Package has dominated headlines in the past few weeks, and Americans are worried about the country's financial stability. We are at the front end of an economic recession. I hope I'm wrong, but I don't think so. The federal government has tools to use to reduce the depth and harm of the downturn and to hasten the recovery. These tools need to be used and used wisely. Our growth in exports has kept us out of a recession so far. But now, with financial markets struck with fear and the consumer slowing down, a downturn is occurring. Everyone has been asking me: What are we to do? 'First, do no harm' is the Hippocratic Oath that doctors take, and politicians should, too. Let's undo the quarterly 'mark to market' requirement that requires companies to mark down their assets and weaken their balance sheets and scares off lenders or debilitates financial institutions. Mark to market should be done in such a way that doesn't lead to bigger financial bubbles or bigger financial bursts. And obviously, we need to update our regulation of financial markets to see that this does not happen again. Second, re-instill confidence. Permanently up the FDIC covered amounts to $250,000 and provide capital to tottering institutions as needed and requested, but the taxpayer must be protected. The taxpayer should get some ownership in the institutions participating. We must sell that ownership back into the markets once this situation stabilizes. Third, put some gas in the tank. Our economy needs money. We can borrow and spend federal dollars and pass the debt forward or we can free up money in the private sector already. This is what gets you out of a recession - increased economic activity. Do the following for a one-year period: Cut the capital gains tax rate to 5% for assets bought or sold during the year and held for more than 3 years. Allow expensing of depreciable assets purchased. Allow the repatriation of U.S. capital held overseas at a 2% tax rate. These moves would put hundreds of billions of dollars into the U.S. economy in a one-year time period. I've been through economic downturns before and they are tough. Lives are impacted and scarred. As a young lawyer, I represented hard-working farmers caught in the farm crises of the 1980's. I saw farmers, small businesses, and banks struggle to survive. Some didn't make it. Often the biggest thing needed was time. Time to work out the problems. Congress needs time to get this right. A rushed $700 billion bailout package is unlikely to produce the long-term results we need. Plus, $700 billion is a lot of money. You could buy all the farm land in the top 16 agricultural producing states in America with that amount of money. Or it could buy 4.4 million Americans a home at the median price in Kansas. I applaud the hard work of Treasury Secretary Paulson and Fed Chairman Bernanke and their staffs. They are good people. But we see this differently than they do. We didn't do much of the subprime mortgage borrowing or lending and now we're asked to pay for it. If that is the case, then we want something that works for the broader economy to get us out of the recession rather than just bailing out a few bad actors and hoping it helps everyone else. It is for these reasons, that I voted against the current bailout package. However, I completely agree that we must act, but we must act right. Donald H. Snook McDonald, Tinker, Skaer, Quinn Herrington, P.A. 300 West Douglas P.O. Box 207 Wichita, Kansas 67201 0207 Tel. (316) 263-5851 This confidential message may be subject to the attorney-client privilege or protected by the attorney work-product doctrine. If you have received this message in error, please
Re: [MBZ] OT: bailout
It was the junior Senator from Kansas -- Sam Brownback. Donald H. Snook McDonald, Tinker, Skaer, Quinn Herrington, P.A. 300 West Douglas P.O. Box 207 Wichita, Kansas 67201 0207 Tel. (316) 263-5851 This confidential message may be subject to the attorney-client privilege or protected by the attorney work-product doctrine. If you have received this message in error, please delete it and notify me. http://www.mtsqh.com/ -Original Message- From: Chuck Landenberger [mailto:[EMAIL PROTECTED] Sent: Wednesday, October 08, 2008 5:04 PM To: Mercedes Discussion List Cc: Donald Snook Subject: Re: [MBZ] OT: bailout Donald, Who is this Senator? He needs to hear from folks who agree with him even though the $700B deed has been done Thanks, Chuck Phoenix AZ On Oct 8, 2008, at 1:21 PM, Donald Snook wrote: I have avoided getting involved in the bailout discussion mainly because I just didn't know enough about it to have an educated opinion. I did however see a letter from a Senator to his constiuents that makes some pretty good points. Here it is: As we close out the 110th Congress, a lot of important questions about the future of the country have been discussed. The Wall Street Bailout Package has dominated headlines in the past few weeks, and Americans are worried about the country's financial stability. We are at the front end of an economic recession. I hope I'm wrong, but I don't think so. The federal government has tools to use to reduce the depth and harm of the downturn and to hasten the recovery. These tools need to be used and used wisely. Our growth in exports has kept us out of a recession so far. But now, with financial markets struck with fear and the consumer slowing down, a downturn is occurring. Everyone has been asking me: What are we to do? 'First, do no harm' is the Hippocratic Oath that doctors take, and politicians should, too. Let's undo the quarterly 'mark to market' requirement that requires companies to mark down their assets and weaken their balance sheets and scares off lenders or debilitates financial institutions. Mark to market should be done in such a way that doesn't lead to bigger financial bubbles or bigger financial bursts. And obviously, we need to update our regulation of financial markets to see that this does not happen again. Second, re-instill confidence. Permanently up the FDIC covered amounts to $250,000 and provide capital to tottering institutions as needed and requested, but the taxpayer must be protected. The taxpayer should get some ownership in the institutions participating. We must sell that ownership back into the markets once this situation stabilizes. Third, put some gas in the tank. Our economy needs money. We can borrow and spend federal dollars and pass the debt forward or we can free up money in the private sector already. This is what gets you out of a recession - increased economic activity. Do the following for a one-year period: Cut the capital gains tax rate to 5% for assets bought or sold during the year and held for more than 3 years. Allow expensing of depreciable assets purchased. Allow the repatriation of U.S. capital held overseas at a 2% tax rate. These moves would put hundreds of billions of dollars into the U.S. economy in a one-year time period. I've been through economic downturns before and they are tough. Lives are impacted and scarred. As a young lawyer, I represented hard-working farmers caught in the farm crises of the 1980's. I saw farmers, small businesses, and banks struggle to survive. Some didn't make it. Often the biggest thing needed was time. Time to work out the problems. Congress needs time to get this right. A rushed $700 billion bailout package is unlikely to produce the long-term results we need. Plus, $700 billion is a lot of money. You could buy all the farm land in the top 16 agricultural producing states in America with that amount of money. Or it could buy 4.4 million Americans a home at the median price in Kansas. I applaud the hard work of Treasury Secretary Paulson and Fed Chairman Bernanke and their staffs. They are good people. But we see this differently than they do. We didn't do much of the subprime mortgage borrowing or lending and now we're asked to pay for it. If that is the case, then we want something that works for the broader economy to get us out of the recession rather than just bailing out a few bad actors and hoping it helps everyone else. It is for these reasons, that I voted against the current bailout package. However, I completely agree that we must act, but we must act right. Donald H. Snook McDonald, Tinker, Skaer, Quinn Herrington, P.A. 300 West Douglas P.O. Box 207 Wichita, Kansas 67201 0207 Tel. (316) 263-5851 This confidential message may be subject to the attorney-client privilege or protected by the attorney work-product doctrine. If you have received this message in error
Re: [MBZ] OT: bailout
Who authored that? Luther Donald Snook wrote: I have avoided getting involved in the bailout discussion mainly because I just didn't know enough about it to have an educated opinion. I did however see a letter from a Senator to his constiuents that makes some pretty good points. Here it is: As we close out the 110th Congress, a lot of important questions about the future of the country have been discussed. The Wall Street Bailout Package has dominated headlines in the past few weeks, and Americans are worried about the country's financial stability. We are at the front end of an economic recession. I hope I'm wrong, but I don't think so. The federal government has tools to use to reduce the depth and harm of the downturn and to hasten the recovery. These tools need to be used and used wisely. Our growth in exports has kept us out of a recession so far. But now, with financial markets struck with fear and the consumer slowing down, a downturn is occurring. Everyone has been asking me: What are we to do? 'First, do no harm' is the Hippocratic Oath that doctors take, and politicians should, too. Let's undo the quarterly 'mark to market' requirement that requires companies to mark down their assets and weaken their balance sheets and scares off lenders or debilitates financial institutions. Mark to market should be done in such a way that doesn't lead to bigger financial bubbles or bigger financial bursts. And obviously, we need to update our regulation of financial markets to see that this does not happen again. Second, re-instill confidence. Permanently up the FDIC covered amounts to $250,000 and provide capital to tottering institutions as needed and requested, but the taxpayer must be protected. The taxpayer should get some ownership in the institutions participating. We must sell that ownership back into the markets once this situation stabilizes. Third, put some gas in the tank. Our economy needs money. We can borrow and spend federal dollars and pass the debt forward or we can free up money in the private sector already. This is what gets you out of a recession - increased economic activity. Do the following for a one-year period: Cut the capital gains tax rate to 5% for assets bought or sold during the year and held for more than 3 years. Allow expensing of depreciable assets purchased. Allow the repatriation of U.S. capital held overseas at a 2% tax rate. These moves would put hundreds of billions of dollars into the U.S. economy in a one-year time period. I've been through economic downturns before and they are tough. Lives are impacted and scarred. As a young lawyer, I represented hard-working farmers caught in the farm crises of the 1980's. I saw farmers, small businesses, and banks struggle to survive. Some didn't make it. Often the biggest thing needed was time. Time to work out the problems. Congress needs time to get this right. A rushed $700 billion bailout package is unlikely to produce the long-term results we need. Plus, $700 billion is a lot of money. You could buy all the farm land in the top 16 agricultural producing states in America with that amount of money. Or it could buy 4.4 million Americans a home at the median price in Kansas. I applaud the hard work of Treasury Secretary Paulson and Fed Chairman Bernanke and their staffs. They are good people. But we see this differently than they do. We didn't do much of the subprime mortgage borrowing or lending and now we're asked to pay for it. If that is the case, then we want something that works for the broader economy to get us out of the recession rather than just bailing out a few bad actors and hoping it helps everyone else. It is for these reasons, that I voted against the current bailout package. However, I completely agree that we must act, but we must act right. Donald H. Snook McDonald, Tinker, Skaer, Quinn Herrington, P.A. 300 West Douglas P.O. Box 207 Wichita, Kansas 67201 0207 Tel. (316) 263-5851 This confidential message may be subject to the attorney-client privilege or protected by the attorney work-product doctrine. If you have received this message in error, please delete it and notify me. http://www.mtsqh.com/ ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
