Le Jacquelope
Loves Spam
- Joined
- Apr 9, 2003
- Posts
- 76,445
And you right wingers wonder why you're losing this election so badly?
http://www.minyanville.com/articles/lehman-fre-fnm-mortgage-bush-bailout/index/a/19366/from/yahoo
Power Moves to Main Street
John Hoover Oct 07, 2008 10:00 am
Anger on Main Street is growing. The people -- real, working, tax-paying people -- have more of a voice in government than they’ve ever had over the last 2 centuries.
At least they did for a moment.
In setting out their blueprint for the legislature, the founders of our nation envisioned gentlemen farmers who spent no more than a term or two representing their neighbors back home. They never imagined professional politicians who were bought and sold like marketplace commodities.
But here we are. The initial rejection of the bailout package was a wake-up call: It showed us that the Internet has given some modicum of power back to common voters.
As shocking as it must have been to President Bush and Majority Leader Nancy Pelosi to find themselves in bed together, Congressional representatives were resisting the most appendage-twisting, career-threatening, strong-arm maneuvers by the craftiest, most shameless political operatives in Washington (from both sides of the aisle) hell-bent on mortgaging taxpayers decades into the future with no guarantee of success or remuneration.
Senators don’t do the kind of face time with their constituents “back in the district” that House reps must do. Senators are much higher price-tag - servants of the wealthiest campaign contributors. That’s why they so casually blew off Main Street’s anger and concern over the idea of bailing out Wall Street: To them, those knuckle-dragging, middle-of-the-IQ-bell-curve folks lack the sophistication necessary to comprehend the complexities of our dynamic financial system.
While Washington political operatives were bludgeoning enough congressional representatives into submission to pass the bailout legislation, a letter arrived at Ann Harvey’s home in Staten Island. It was from Lehman Brothers, the place where Ann had worked for the past 16 years, informing her that the severance and benefits package she’d been promised had been terminated, effective immediately.
Former CEO Dick Fuld is apparently reluctant to kick in any of the $71 million he made last year to help Ann as she searches for another job. I don’t want to be the one to explain to her that she has no business being upset at the taxpayer-funded bailout of bad management. And I can’t blame Ann for being mad as hell - nor can I blame Main Street for saying it’s not going to take it any more.
What all this will mean to the future of the Street and the White House is uncertain. What will become of regulation? John McCain hasn’t performed well in dealing with the crisis, and stands accused by many as being part of the cause. And Barack Obama is the number-two recipient of Fannie Mae's recent political contributions, right after Senator Christopher Dodd.
Might campaign contributions by Fannie Mae anger Ann Harvey? Imagine that you help “misplace” nearly $9 billion. You get fired over it. But you walk away with a golden-parachute package of $26 million, plus a monthly pension of $116,300 and fully paid health and dental insurance - for life.
As papers filed with the SEC show, the man in question with the sweetheart deal is Franklin Raines - the now-departed CEO of Fannie Mae. He must have needed the parachute: He only earned $90 million while managing the agency into the current crisis.
Is nobody clean? Even the rescuers are pillaging. The New York Post and a host of other publications reported this week that Alan Fishman was paid $60,000 per hour to manage WaMu for a few weeks as it was seized by Federal regulators. His $7.5 million payday might have made some sort of sense if he’d rescued the bank and the investors’ money. But no.
I wonder if Alan can float Ann Harvey a few bucks for groceries, or cover her mortgage for one month.
As Bush and Pelosi tag-teamed to pass the bailout, they could at least comfort one another with the fact that they both enjoy the financial security afforded the political class. In fact, virtually everyone inside is taken care of to the tomb.
What is the future of the political class versus the voters? Professional politicians in the United States -- and the wealthy individuals, foreign families, and business people who own them -- will need to do a better job of honoring the wishes of American voters on Main Street - or become better skilled at subverting them while convincing them they’re being served.
Like the future shape, form, and health of global financial markets, only time will tell. One thing is certain: We’re living in the midst of tremendous historical change.
http://www.minyanville.com/articles/lehman-fre-fnm-mortgage-bush-bailout/index/a/19366/from/yahoo
Power Moves to Main Street
John Hoover Oct 07, 2008 10:00 am
Anger on Main Street is growing. The people -- real, working, tax-paying people -- have more of a voice in government than they’ve ever had over the last 2 centuries.
At least they did for a moment.
In setting out their blueprint for the legislature, the founders of our nation envisioned gentlemen farmers who spent no more than a term or two representing their neighbors back home. They never imagined professional politicians who were bought and sold like marketplace commodities.
But here we are. The initial rejection of the bailout package was a wake-up call: It showed us that the Internet has given some modicum of power back to common voters.
As shocking as it must have been to President Bush and Majority Leader Nancy Pelosi to find themselves in bed together, Congressional representatives were resisting the most appendage-twisting, career-threatening, strong-arm maneuvers by the craftiest, most shameless political operatives in Washington (from both sides of the aisle) hell-bent on mortgaging taxpayers decades into the future with no guarantee of success or remuneration.
Senators don’t do the kind of face time with their constituents “back in the district” that House reps must do. Senators are much higher price-tag - servants of the wealthiest campaign contributors. That’s why they so casually blew off Main Street’s anger and concern over the idea of bailing out Wall Street: To them, those knuckle-dragging, middle-of-the-IQ-bell-curve folks lack the sophistication necessary to comprehend the complexities of our dynamic financial system.
While Washington political operatives were bludgeoning enough congressional representatives into submission to pass the bailout legislation, a letter arrived at Ann Harvey’s home in Staten Island. It was from Lehman Brothers, the place where Ann had worked for the past 16 years, informing her that the severance and benefits package she’d been promised had been terminated, effective immediately.
Former CEO Dick Fuld is apparently reluctant to kick in any of the $71 million he made last year to help Ann as she searches for another job. I don’t want to be the one to explain to her that she has no business being upset at the taxpayer-funded bailout of bad management. And I can’t blame Ann for being mad as hell - nor can I blame Main Street for saying it’s not going to take it any more.
What all this will mean to the future of the Street and the White House is uncertain. What will become of regulation? John McCain hasn’t performed well in dealing with the crisis, and stands accused by many as being part of the cause. And Barack Obama is the number-two recipient of Fannie Mae's recent political contributions, right after Senator Christopher Dodd.
Might campaign contributions by Fannie Mae anger Ann Harvey? Imagine that you help “misplace” nearly $9 billion. You get fired over it. But you walk away with a golden-parachute package of $26 million, plus a monthly pension of $116,300 and fully paid health and dental insurance - for life.
As papers filed with the SEC show, the man in question with the sweetheart deal is Franklin Raines - the now-departed CEO of Fannie Mae. He must have needed the parachute: He only earned $90 million while managing the agency into the current crisis.
Is nobody clean? Even the rescuers are pillaging. The New York Post and a host of other publications reported this week that Alan Fishman was paid $60,000 per hour to manage WaMu for a few weeks as it was seized by Federal regulators. His $7.5 million payday might have made some sort of sense if he’d rescued the bank and the investors’ money. But no.
I wonder if Alan can float Ann Harvey a few bucks for groceries, or cover her mortgage for one month.
As Bush and Pelosi tag-teamed to pass the bailout, they could at least comfort one another with the fact that they both enjoy the financial security afforded the political class. In fact, virtually everyone inside is taken care of to the tomb.
What is the future of the political class versus the voters? Professional politicians in the United States -- and the wealthy individuals, foreign families, and business people who own them -- will need to do a better job of honoring the wishes of American voters on Main Street - or become better skilled at subverting them while convincing them they’re being served.
Like the future shape, form, and health of global financial markets, only time will tell. One thing is certain: We’re living in the midst of tremendous historical change.
