By Caitlin Taylor

Mar 23, 2009 8:07am

The Note, 3/23/09: Crisis of Confidence — Obama seeks to build mutual trust — but outrages build

By RICK KLEIN Where’s the confidence? We know where we can’t find it at the moment — in the economy, in Wall Street executives, in consumers, in the Treasury secretary, and on the op-ed pages of The New York Times. All this mistrust makes a tricky political and economic bank-shot more difficult. In large part because of AIG, the public is not going to want to buy in to the next piece of the bank bailout plan without a compensation crackdown. Private capital, meanwhile, doesn’t want strings attached. President Obama has to get these folks to play together without threatening to beat each other up. And the expectations have risen in inverse proportion to the public confidence in those delivering and executing the plan. The stakes have risen as well: The bank rescue plan being outlined Monday morning at Treasury (not on live TV) is Secretary Tim Geithner’s best chance to prove he’s the right guy for the job. (How far are we from saying the same about President Obama?) Prove it they must: “Obama administration officials worked Sunday to persuade reluctant private investors to buy as much as $1 trillion in troubled mortgages and related assets from banks, with government help,” Andrew Ross Sorkin, Eric Dash, and Rachel L. Swarns report in The New York Times. “As part of the program, the government plans to offer subsidies, in the form of low-interest loans, to coax private funds to form partnerships with the government to buy troubled assets from banks.” “But some executives at private equity firms and hedge funds, who were briefed on the plan Sunday afternoon, are anxious about the recent uproar over millions of dollars in bonus payments made to executives of the American International Group,” they write. “Some of them have told administration officials that they would participate only if the government guaranteed that it would not set compensation limits on the firms.” “A bold argument coming from the Obama administration this morning,” ABC’s Jake Tapper reported Monday on “Good Morning America. “Amidst all this populist outrage at Wall Street the administration will suggest that the next key step needed to repair this economy that in many ways has been plundered by Wall Street will require the US to partner with Wall Street.” (Is the argument harder to make now that the administration has spent a weekend walking back its support for the House-passed AIG bonus tax? And where does the president go for support when his Treasury secretary has lost the left?) The Geithner standard, in his own words: “The depth of public anger and the gravity of this crisis require that every policy we take be held to the most serious test: whether it gets our financial system back to the business of providing credit to working families and viable businesses, and helps prevent future crises,” the Treasury secretary writes in a Wall Street Journal op-ed. “Our new Public-Private Investment Program will set up funds to provide a market for the legacy loans and securities that currently burden the financial system.” And: “This requires those in the private sector to remember that government assistance is a privilege, not a right. When financial institutions come to us for direct financial assistance, our government has a responsibility to ensure these funds are deployed to expand the flow of credit to the economy, not to enrich executives or shareholders,” he writes. “We want the private sector to work with us,” Geithner tells the Journal’s Deborah Solomon. But do they want the same? And does the public really want to work with the private sector at all, when the risk falls to taxpayers (again)? Unfortunate timing: “The rollout comes at an inopportune time, with bailout fatigue turning to rage amid a furor over bonus payments to employees of American International Group Inc.,” Solomon writes. “As a result, whether or not the prescription is correct to fix what ails the financial sector, there is likely to be concern about an effort that appears to reward Wall Street.” How long before this turns into a bashing on Capitol Hill? “To encourage investor participation, the Treasury believes participants in the program shouldn’t be subject to executive-pay rules imposed by Congress,” Solomon writes. If you need fresh new outrage: “Embattled bank JPMorgan Chase, the recipient of $25 billion in TARP funds, is going ahead with a $138 million plan to buy two new luxury corporate jets and build the premiere corporate aircraft hangar on the eastern seaboard’ to house them, ABC News has learned,” ABC’s Brian Ross, Joseph Rhee, and Megan Chuchmach report. “The financial giant’s upgrade includes nearly $120 million for two Gulfstream 650 planes and $18 million for a lavish renovation of a hangar at the Westchester Airport outside New York City.” “Execs at ‘bailed-out’ JPMorgan Chase are banking on smooth flying ahead,” the New York Post’s Chuck Bennett writes. “The banking behemoth, which took $25 billion in tax funds last fall, has two new Gulfstream 650 jets on order, The Post has learned.” Paul Krugman sets a tone — following up on his weekend Web column: “This is more than disappointing. In fact, it fills me with a sense of despair,” Krugman writes in The New York Times. “Mr. Obama has apparently settled on a financial plan that, in essence, assumes that banks are fundamentally sound and that bankers know what they’re doing. It’s as if the president were determined to confirm the growing perception that he and his economic team are out of touch, that their economic vision is clouded by excessively close ties to Wall Street. And by the time Mr. Obama realizes that he needs to change course, his political capital may be gone.” Responds Christina Romer, chair of the Council of Economic Advisers, to ABC’s Diane Sawyer on “GMA” Monday: “I think Paul’s just wrong on this one. This is really tails both government and the private sector win, heads both the government and the private sector lose.” (May want to coin a new metaphor . . . ) Losing the left: “The indignation over AIG will serve a useful purpose if it focuses public attention on the much larger issue — the failure of the entire approach that Treasury Secretary Tim Geithner and White House economic czar Larry Summers are using to rescue the banking system,” Robert Kuttner writes at Huffington Post. The tweet read round the blogosphere: “Geithner is starting to look like Obama’s Rumsfeld,” Markos Moulitsas writes. “The bad news for Geithner is this: He’s pitching a plan for the government to put up more taxpayer dollars to help private companies clean up the mess, right at the time when Congress and the public have a bad case of bailout fatigue,” Politico’s Eamon Javers writes. “And there are clear signs the administration knows it can’t afford another high-profile stumble by Geithner. On Monday, he’ll announce a three-pronged attack on the credit problems of the nation’s banking system — but not in front of television cameras, only in a pen and pad briefing for reporters,” he writes. An understatement: “The announcement is a major test for Geithner, whose first speech on the financial rescue Feb. 10 offered so few details that it triggered a sell-off in financial stocks,” Bloomberg’s Robert Schmidt and Rebecca Christie write. “Adding to the pressure on the administration is an unprecedented wave of populist anger over the rescue thus far, following the revelation that employees of American International Group Inc. got $165 million in bonuses after the insurer received taxpayer funds.” Too tempting for even Vice President Joe Biden’s joke-writers to avoid: “Tim Geithner is always there when you need to borrow money — ‘no questions asked,’ ” Biden said at the Gridiron Club dinner Saturday. A good review: “This plan has a good chance of success; certainly much better than the plan Treasury put forward six weeks ago,” Mark Zandi, chief economist at Moody’s Economy.com, tells McClatchy’s Kevin G. Hall. What happened to channeling the anger? (And will there be political blowback if something else isn’t done fast on AIG?) “As the Obama administration prepared to unveil major elements of its plan to address the global financial crisis, some of its leading economic officials reacted coolly to congressional actions to recoup bonuses from financial firms through targeted taxes,” Michael A. Fletcher and Anthony Faiola report in The Washington Post. “The public outrage over the AIG bonuses has undermined support for Treasury Secretary Timothy F. Geithner at a pivotal moment.” “That may be a dangerous way to go,” Jared Bernstein, the top economic adviser to Vice President Biden, told George Stephanopoulos on ABC’s “This Week.” “What happened at AIG vis-à-vis these bonuses is a symptom of a much larger problem and we cannot lose sight of the much larger problem which is stabilizing financial markets.” (Notice that the “much larger problem” isn’t executive pay, or the Wall Street culture more broadly.) “We can’t govern out of anger,” the president said on “60 Minutes” Sunday. “Main Street has to understand, unless we get these banks moving again, then we can’t get this economy to recover. And we don’t want to cut off our nose to spite our face.” Politico’s Craig Gordon and Jonathan Martin: “The interview captured the balancing act that Obama must strike on the economy. He gave a nod to public anger at Wall Street while saying it could not dictate his response.” The Boston Globe’s Farah Stockman: “Populist outrage over bonuses for AIG, which received $170 billion in federal rescue funds and paid out one one-thousandth of that money in retention bonuses required by the employees’ contracts, has become a serious political challenge for Obama, who is trying to generate public support for an unprecedented $3.6 trillion budget at a time of rising alarm over federal spending.” William Greider, in a Washington Post “Outlook” piece: “The president is now trapped between these two realms — the governing elites who decide things and the people who are governed. Which side is he on? If he does not choose wisely, the anger could devour his presidency.” Geithner’s next turn on the AIG hot seat comes Tuesday, and it’s warming up in anticipation: “Since the fall, senior aides to Timothy Geithner have closely dealt with American International Group Inc. on compensation issues including bonuses, both from his time as president of the Federal Reserve Bank of New York and as Treasury secretary,” Michael L. Phillips and Sudeep Reddy report in The Wall Street Journal. “The extent of their involvement, which wasn’t widely known, raises fresh questions about whether Mr. Geithner could have known earlier about AIG’s $165 million in bonus payments. When the bonuses sparked a political firestorm last week, Mr. Geithner said he learned about their full scope in early March, just days before they were paid,” they write. Don’t lose sight of AIG (even if we lose AIG altogether, eventually): “The deluge of bad publicity — which AIG’s regulatory filings delicately call ‘headline attention’ — is gnawing at sales in the company’s core insurance businesses, and may be making it harder to get a good price for some of the units AIG is trying to sell to raise cash,” Martin Zimmerman writes in the Los Angeles Times. “The bonus brouhaha also makes it likely that the formerly well-regarded AIG brand name will one day disappear from the marketplace, even if the company itself survives.” Will the war between Treasury and Sen. Chris Dodd, D-Conn., come back to haunt the administration? “Yes, the Obama Administration didn’t want to take the blame for allowing the AIG bonuses to occur, especially with all the popular anger against the payments,” Frank James blogs for the Chicago Tribune. “But a Senate chair is a useful ally to have, especially when you know you will need him for further legislative efforts to save the financial system.” Have the energy for energy, too? The president speaks at 12:30 pm ET and clean energy and new technologies. “President Barack Obama’s aides say the administration will work with Congress on his budget proposal, but energy independence is not subject to wheeling and dealing,” the AP’s Philip Elliott writes. “Obama planned to make the case Monday for a budget proposal that invests billions in research designed to reduce climate change and guarantees loans for companies that develop clean energy technologies. Obama has tied his first budget proposal as president to a renewable energy program to help the United States move toward energy independence.” What you’ll be reading about next week: the AP’s Liz Sidoti checks in on the NY-20 House race. “With polls tight, a Republican state legislator and Democratic venture capitalist battle daily over the economic stimulus package in congressional race that’s seen as a referendum on President Barack Obama’s policies and a test of GOP strength,” Sidoti writes. From the annals of the opposition — a theme you’ll see again: “Senate Republicans are moving beyond policy critiques of President Barack Obama to charges of incompetence and mismanagement on the economy,” Roll Call’s David M. Drucker reports. “Senate Republicans for weeks have attacked Obama and Democrats on philosophical grounds typical of the liberal-conservative divide in Congress. But last week, as the furor over AIG’s use of taxpayer funds to pay executive bonuses boiled over, top Senate Republicans played the competence card, signaling a broader case they intend to make against the president and the Congressional majority as midterm elections near.” The empty Cabinet: “Two months into the administration and six weeks after the Daschle demise, there is not one Obama nominee confirmed for any job in the sprawling and critical Department of Health and Human Services,” Al Kamen reports in The Washington Post. Arnold for Senate? “Is Gov. Arnold Schwarzenegger — the former bodybuilder and action hero — getting ready for the next big starring role in his larger-than-life political career?” Carla Marinucci writes in the San Francisco Chronicle. “For Californians who read political tea leaves, some signs are starting to emerge: A few months ago, the Republican was on the campaign trail for presidential candidate John McCain, lambasting Barack Obama as a guy with ‘skinny legs,’ ‘scrawny little arms’ and socialist ideas. On Thursday, there he was standing next to President Obama — hugging him and praising him as the nation’s economic savior and reformer. The governor regularly dismisses talk of another political run — specifically for U.S. Senate — as something he’s just not interested in, but recently he appeared to soften his words.” No Matthews for Senate: “Chris Matthews, the usually garrulous host of “Hardball” on MSNBC, has quietly signed a new long-term contract to remain with the cable network through the next election, signaling that he had quit entertaining any plans to run for a Senate seat,” Bill Carter writes in The New York Times. The Kicker: “President Obama sends his greetings. He can’t be here tonight because he’s busy getting ready for Easter. He thinks it’s all about him.” — Vice President Joe Biden, filling in for the president at the Gridiron dinner. “No, no. There’s gotta be a little gallows humor to get you through the day.” — President Obama, asked by Steve Kroft whether he’s “punch-drunk” and perhaps taking the economic challenges too lightly. Follow The Note on Twitter: http://twitter.com/thenote For up-to-the-minute political updates check out The Note’s blog . . . all day every day:

http://blogs.abcnews.com/thenote/

User Comments

TRUST??……Today Giethner plans to unveil a sweet deal to Chase and JP Morgan banks to give TRILLION dollars to take toxic assets off their books. Now we hear on today’s news JP Morgan is spending millions on a new corporate jet and a new hanger to put it in.
Mr. President and members of congress because I can’t show fingers on this blog, I will have to say it, SCREW YOU and your trust. I have had it with giving away billions of my tax dollars to fund more criminal spending by banks.
It is way past time to march on Washington and let them know how America really feels about how government is not working for the people. It is time to take back our government.

Posted by: vnvet69 | March 23, 2009, 8:51 am 8:51 am

This is the change you obamabots voted for… LOL. Obama is a crook and there was never any change. Had you actually researched him before the vote you would have seen all this coming. He is a rookie who is only worried about paying back his special interests.

Posted by: chad | March 23, 2009, 9:10 am 9:10 am

Mr. Obama helped to escalate public outrage at AIG by feigning “outrage” about the bonuses of which the Whitehouse was fully aware, and in fact helped to save. So, after a period of fingerpointing, the President now wants to build up confidence after helping to erode it. He’s playing both sides of the fence. Now, he has his group out campaigning for his budget which amounts to more taxes. Count me out on that one. I take issue with the administration for not distinguishing real banks from other financial conglomerates. I also blame most of the media for presenting a pack mentality of the financial picture. I’m pleased with my bank but watching carefully.

Posted by: Vivi | March 23, 2009, 10:00 am 10:00 am

” people are already questioning his qualifications? ”
nope, not questioning, we’re seeing the proof that he’s an incompetent and inexperienced and corrupt as his predecessor.

Posted by: realityville | March 23, 2009, 10:04 am 10:04 am

My confidence has risen in the President, the more I understand what is happening on Wall Street. Geithner gives me the willies when he talks, but I believe he also has a handle on this complex situation. Geithner is brilliant, he just shouldn’t be in charge of explaining the policy. This is not the time for wild eyed, impetus action by the federal government. Obama is steady, knowledgable and very, very, very, smart. I’d say absolutely he’s the right man for the job.

Posted by: Amy in Maine | March 23, 2009, 10:23 am 10:23 am

Don’t blame AIG for doing something that Congress told them they could do. This is another unintended consequence for which Congress is famous. It seems to me that when Senator Dodd inserted the bonus clause in TARP he had someone in mind, a political favor; maybe executives of Fannie Mae and Freddie Mac?

Posted by: Richard | March 23, 2009, 10:31 am 10:31 am

Posted by: Vivi | Mar 23, 2009 10:00:11 AM
Vivi, you said; …..”He’s playing both sides of the fence.” …..
____________________________
Rather than suggest “indecisiveness” or “game-playing”, Your ‘positive suggestion’ for The President would be? ……

Posted by: bobj72 | March 23, 2009, 10:44 am 10:44 am

I suggest the American people start boycotting firms like JP Morgan, refuse to do business with or invest in their financial products…They don’t look like a sound financial management to me, and are probably doomed to fail again. The excesses are extrodinary…Keep their names of the frount pages and their pictures on the wall of shame.

Posted by: cowgirl | March 23, 2009, 10:55 am 10:55 am

Richard, congress did NOT tell them to pay bonuses…they have already been paid, the time to halt the bonuses was back when the federal reserve bailed them out..In the fall of 08..they wrote a contract with AIG, they knew there were big bonuses coming..the rush to save AIG from total collapse, and a world wide depression was the rush..Things would be dire today if it had not been done…as much as I hate the idea of bailing out big business…we desperately need to find a way to give these ceos and bonus people a wake up call and I think it is up to the American people as opposed to the government to put some teeth in this…Make them pay for there ongoing lavish lifestyles on our dollars, and into the future when this is behind us..

Posted by: cowgirl | March 23, 2009, 11:06 am 11:06 am

Instead of critisising Geithner, we should be thankful he is NOT a politician, I am impressed by the fact he has his nose to the grindstone…I never hire a BSer to do a job unless it is in marketing..The President is the explainer in chief in this case, and is superb at explaining things in a way that ordinary americans can understand..

Posted by: cowgirl | March 23, 2009, 11:12 am 11:12 am

People need to start directing their anger at the institutions that caused this problem, otherwise we will be back here again in the future…thats like blaming your grocery store for the bad peanut butter products on their shelves..Republicans need to start showing some constructive thought proceses-before they lose all credibility.

Posted by: cowgirl | March 23, 2009, 11:18 am 11:18 am

This plan benefits everybody including investors. We’ll see if the banking and Wall Street types really want to be part of the recovery and do their part to strengthen this nation.

Posted by: Joe Barone | March 23, 2009, 11:37 am 11:37 am

Private investors who fear “strings attached” should only worry if the taxpayers are being asked to float the boat and pay for those mansions in the Hamptons. Otherwise, if financial institutions want to throw their money at these fat cat SOBs, well so be it. President Obama is doing the best that anyone could do, given the hellacious situation with the banking community. People who sit around bashing him on blogs aren’t changing the minds of the majority of those who elected him. I say we are lucky to have exactly this man for this time.

Posted by: Phoenix lady | March 23, 2009, 11:39 am 11:39 am

There is enough blame to go around for both parties. It is not time to blame but to try to fix it. AIG got this way because no one was looking or checking. The bonus’ while aggitating only accounts for .01% of the money given to them. We need to stop trying to put all the blame on our new president but to unite and support him. He has had to come into an administration facing the worst conditions in 30 or 40 years. It is not easy to keep everyone happy but he needs all our support which he is not getting. When 9/11 happened, no one said “it’s because we have a weak government”. All rallied together, Democrats, Republicans, Independents got together which is not happening now. We are in a war of such. We need to get out of the bashing mode just because we lost. This man has ideas which will be not only for now but for our future. He is for the middle class not the upper class which is what has been going on for way to long. He only wants to tax anyone making over 250,000 only 3%. I think they can afford it. The middle class have been carring the tax load for far too long with no one helping them. Their taxes have gone up and their salaries down. They have lost benefits, jobs and security. This did not happen in the last two months. They have no loopholes to help them. They work, they pay taxes with little or no assistance from the government. It’ about time someone stood up for them.

Posted by: talmag | March 23, 2009, 11:42 am 11:42 am

TAXPAYERS are the insolvent INSURANCE COMPANY for WALL STREET!

Posted by: kerplunk | March 23, 2009, 11:57 am 11:57 am

“This is amazing…President Obama has been in office for just over two months and people are already questioning his qualifications?”
————————————–
Actually, those of us who DID NOT vote for him have been questioning hisqualifications since he began to emerge as a real candidate!
We are not surprised by this at all. He is without question very charismatic, and people do like him! As a leader and I mean leader, he has a LOT to learn, and we dont have time for him to get up to speed on the job!
Last week was a classic example! He knows Geithner’s plan requires private money as well as public. Yet he made no public attempts to influence Barney Frank & the other Dems from going overboard on the AIG situation and having that incredibly STUPID vote on a trageted tax!
Now everyone is wondering if they can get any rel amount of private money into this plan when you have buffons like Frank trying to determione who should make how much. Investors do not want congress coming after them in a year or two if things work out good and they make “too much” money on this!

Posted by: Mike_C | March 23, 2009, 12:00 pm 12:00 pm

for the idiots who praise this latest scam. THE GOVERNMENT WILL PUT UP 92% FOR THE TOXIC ASSESTS AND PRIVATE PITCHES IN 8%. OH YAH, AND WHEN TSHTF, THE PRIVATE FOLKS GET THEIR DOWNPAYMENT BACK.

Posted by: bhudda flii | March 23, 2009, 12:01 pm 12:01 pm

Does anyone remember “newspeak” from Orwell’s Brave New World?
Renaming “toxic” loans as “legacy” loans seems to perfectly fit the definition of newspeak.

Posted by: listen up | March 23, 2009, 12:04 pm 12:04 pm

cowgirl,
If someone told you you could have your bonus, you would just walk away from it…especially in these uncertain times?
PLEASE, none of us would sit at the table and push that pile of money back! We would be just like those workers there at AIG – Think first about yourself and your family! Anyone who says they would just walk away form that money is lying…or independantly wealthy already!

Posted by: Mike_C | March 23, 2009, 12:04 pm 12:04 pm

TAXPAYERS
are the
INSOLVENT
INSURANCE CARRIER
for
WALL STREET.

Posted by: kerplunk | March 23, 2009, 12:06 pm 12:06 pm

That dog won’t hunt….

Posted by: USdoomed | March 23, 2009, 12:12 pm 12:12 pm

Amy in Maine, cowgirl & Joe Barone
Now this is Constructive Engagement!Instructive, objective, non-partisan, “balanced” Comments, offered very intelligently. (Impressive!)
_____
“My confidence has risen in the President, the more I understand what is happening on Wall Street.”
_____
…”suggest the American people start boycotting firms like JP Morgan, refuse to do business with or invest in their financial products…”
“…Keep their names of the front pages”…
“..the rush to save AIG from total collapse, and a world wide depression was the rush..Things would be dire today if it had not been done…
“I hate the idea of bailing out big business…we desperately need to find a way to give these CEO’s and bonus people a wake up call” …
“Make them pay for there ongoing lavish lifestyles on our dollars, and into the future when this is behind us..”
“..The President is the explainer in chief in this case, and is superb at explaining things in a way that ordinary americans can understand..”
“People need to start directing their anger at the institutions that caused this problem, otherwise we will be back here again in the future…”
_____
“This plan benefits everybody including investors. We’ll see if the banking and Wall Street types really want to be part of the recovery and do their part to strengthen this nation.”

Posted by: bobj72 | March 23, 2009, 12:20 pm 12:20 pm

Thanks Bob. I almost didn’t come back to this blog after some nasty exchanges on Friday, but, I figure, why let the rightwing people have sole control of the megaphone? I educate myself, think about the issues, and I have a right to state my opinion. Glad we agree :-)

Posted by: Amy in Maine | March 23, 2009, 12:33 pm 12:33 pm

With the exception of a “Solo FLAMING Rant” here-and-there, the more vocal opposition (to The New President & his Administration) TOTALLY INVALIDATE their Personal Opinion & Policy Position/s with Comments ‘riddled with’; “those of us…”, “We are not…”, “We don’t have time…”, “Investors do not want…”, “none of us would…” or “We would be…”
_____
Anyone using that many possessive pronouns, is “walking around with a mouse in their pocket!”

Posted by: bobj72 | March 23, 2009, 12:43 pm 12:43 pm

It’s good to see that the “O” Supporters got their Marching orders in the E-mail last week…..like me.
You are all Good little Soldiers in “O”‘s Internet Army..
I will see to it that when we have total control you will all have a State to control…or at least a State you think you control, but he really tells you what to do with it…Kind of Like your Opinions on these News Forums.
Keep up the Good Work! “O” is PROUD!!

Posted by: Patch W Adams | March 23, 2009, 12:46 pm 12:46 pm

You are all Good little Soldiers in “O”‘s Internet Army..
“I will see to it that when we have total control you will all have a State to control…or at least a State you think you control, but he really tells you what to do with it…Kind of Like your Opinions on these News Forums.
Keep up the Good Work! “O” is PROUD!!”
______________
Please explain your point. in English.

Posted by: gus [don't play] | March 23, 2009, 1:07 pm 1:07 pm

Amy in Maine, a few things we MUST remember; 1.) We are the overwhelming majority. 2.) We Believe it “Right and Proper” to Protect the oppositions “Right to their opinion/s”, as well we Believe in everyones Right to the Freedom of Expression. 3.) Most Important is We MUST perservere in Contesting and Opposing political thought that we KNOW to be inconsistent with Truth. (That is our personal obligation as a mature, intelligent, engaged citizen … in this society!)
* Note: I am involved on another site that ‘lays out specific topics’ (questions) and I found myself promising not to participate in a ‘highly vicious’, completely “Anti Obama” topic. The ISSUE here is; the intelligent, objective, engaged visitors to the site Know their involvement would be futile, so they “Pass.” What this provides for is the gathering of hateful, (largely) uninformed & uneducated, biased (occasionally racially insensitive) groups of people to “feed on one another” and “influence the uninformed.” The site administrators don’t ‘tightly monitor’ the expression there and “the Tone” (in my opinion) has the potential to “be cancerous.” Much of the content, is only “a rung or so above” the “highly radical, revolutionary” type of exchange. We have NO ALTERNATIVE, but to be vigilant!

Posted by: bobj72 | March 23, 2009, 1:12 pm 1:12 pm

The plan is working, the stock and housing markets turning around.
Eat s***, haters.

Posted by: Flashlighter | March 23, 2009, 1:13 pm 1:13 pm

Obama made a good point when he the majority of the money in the American economy has been circulating in the financial markets. I think our economy will turn around when we create enough new and innovative products (i.e. new energy technology in homes and forms of transportation) that can be bought and sold anywhere in the U.S. The bread and butter of any economy has been the handmade goods that support and energize the people. And, if we are incessantly outsourcing everything, it’s bad news. I think we need to start asking ourselves, “What can we make, here in the U.S., that people will need and want?”

Posted by: Daniel in San Francisco | March 23, 2009, 1:23 pm 1:23 pm

Regardless of the reality behind the Obama Administration’s claims, I believe the economic climate can only begin to improve when our attitudes improve. Therefore the Administration’s optimism isn’t misplaced, and cannot but move us towards recovery. I believe the nay-sayers in the Republican party are only hurting at this point I claim no partisan affiliations.
— Lyndon, Upstate, NY

Posted by: Lyndon | March 23, 2009, 1:26 pm 1:26 pm

Buying up “toxic assets” will not
solve the crisis.
these guys, Geithner and Obama,
are rearranging the deck chairs on
The Titanic.
Why in heavens name would private
firms or consortiums want to buy
bad loans from the banks.
There is little or no hope of ever
receiving payment on these loans.
Where is the upside for the private
firms or the government for that
matter? Free courtside tickets to
the NCAA Final Game.
This plan is like a shell game.
Now you see the “toxic assets” and
now you don’t! But they are still
around and are still Worthless.

Posted by: reaganfan | March 23, 2009, 1:34 pm 1:34 pm

bobj72
I know what you mean. And, some posters use different names on the same site to post multiple hateful comments, just to give the impression they have more strength in numbers.
I am always interested in opposing points of view, I don’t expect everyone to think the way I do, but what gets my goat are the hateful comments that just insult, tear down and disparage Obama, Democrats, and “libruls,” in general.

Posted by: Amy in Maine | March 23, 2009, 1:37 pm 1:37 pm

Rick Klein – IF ONLY there was a reporter out there, an actual reporter, who could, you know, investigate the genesis of the AIG bonuses story. These things don’t materialize out of thin air. Golly, Lois, this sounds like a job for Superman! But seriously – The Note should take it as a mission to see how the entire country has been manipulated by having the AIG bonuses story – arguably a non-story if presented fairly and accurately – put out there and then shopped to the MSM. Follow the money – who has the most to gain by AIG’s CEO’s political insensitivity outed? Who has the most to gain by our economy NOT recovering as fast as it should under the Obama administration’s aggressive plans? Enquiring minds, Rick.

Posted by: Eric | March 23, 2009, 1:50 pm 1:50 pm

reaganfan. please don’t give up the day job for your “art”.

Posted by: gus [don't play] | March 23, 2009, 2:10 pm 2:10 pm

To say that AIG is too big to fail is BS!!
If Geitner had not bailed out AIG, the European and Asian governments would have had to put more money into THEIR financial system. But he did, now we are bailing out European and Asian financial institutions through AIG.

Posted by: Ted Johnson | March 23, 2009, 2:19 pm 2:19 pm

I have to agree with Lyndon in upstate NY, but how can our attitude improve while the same BS continues to reward the criminal?
Can you honestly trust a bank or Wall Street when the money given to help is not doing anything for the people paying the bill, but continues to line the pockets and material assets of the CEO’s and executives?

Posted by: Ted Johnson | March 23, 2009, 2:26 pm 2:26 pm

Reganfan…These were only bad assets when they were over valued…that million dollar house will now be valued at “true market” it is no longer ..toxic…it is an excellent investment at a bargin price…the real estate market is showing signs of improving now that prices have become realistic..there wioll always be value in a piece of land and a house..but not if you buy at those unrealist and over inflated prices

Posted by: cowgirl | March 23, 2009, 2:50 pm 2:50 pm

Ted, i agree with you..It is up to the american people to keep their state representatives focused on putting in place regulations that make them accountable for their hocus pocus..and then MAKING sure regulators do their jobs.We the people need to make sure that are investments are safe and so we don’t have to let history keep repeating itself…I honestly saw this coming with ENRONs failure..basically it was the same type of manipulation of smoke and mirrors…the dept. of energy under the supervision..or lack there of…turned a blind eye..to these corporations and to all regulatory practices in general..we can’t let that happen or we will continue down this path…

Posted by: cowgirl | March 23, 2009, 2:57 pm 2:57 pm

Posted by: reaganfan | Mar 23, 2009 1:34:11 PM
reaganfan, Are You a Classic or what?
You said; …”Now you see the “toxic assets” and now you don’t! But they are still around and are still Worthless.”
__________
That’s an Illogical and Ignorant statement, to say an Asset is “worthless.” An Asset, by definition is; “an item of value owned.” They refer to as “toxic” or “troubled Assets”, since the ‘asset value’, at this time is “undetermined.” The assets may be “non-performing assets”, i.e., foreclosures, defaults, fraudulent transactions, etc. – but they do have “Value” or “Worth!”

Posted by: bobj72 | March 23, 2009, 3:02 pm 3:02 pm

Patch, I was here long before the president asked for support…I took a couple of months off after the election…and when i did a “drive by” I heard the same “white noise” that was a precursor to the republican attempt to impeach president Clinton…Mis information, and apathy are the enemys of democracy, and i dove back in. Facts will always trump hysteria and mob rule

Posted by: cowgirl | March 23, 2009, 3:15 pm 3:15 pm

Facts will always trump hysteria and mob rule
Posted by: cowgirl | Mar 23, 2009 3:15:39 PM
—————————————-
I wouldn’t bet on that assertion , if I were you ,at least historically speaking…

Posted by: sigh on | March 23, 2009, 3:29 pm 3:29 pm

Daniel, I couldn’t agree with you more..I am a “fair” trader not “free” trader..We became a great country by innovating and producing a product..not just a servicing country, I would rather invest in our auto industry-that actually makes a product, I want to buy an axe that doesn’t fall apart the first time i split a round of wood(china)..I try to buy american no matter the extra cost..but it is really difficult to find those products. Start e-mailing your legaslators..tell them how you feel, when we are all doing the same thing…we become a force, and have the power to change things…Poor Nancy Pelosi gets about an e-mail a week from me…LOL

Posted by: cowgirl | March 23, 2009, 3:36 pm 3:36 pm

Sigh on: Well if you let it grow like a cancer..you will be trampled by it, you have to get out frount in the beginning if you are going to keep the mob from forming

Posted by: cowgirl | March 23, 2009, 3:38 pm 3:38 pm

Gus,
The point is those who support Obama are acting just like those that supported Bush. It’s just Partisan Politics to some and that is all they need to know. If their Party says it’s Good, then for those people it’s Good. Also known as Kool-Aid Drinkers.
But “O” did send out an e-mail telling his supporters to Mobilze this weekend and show support for his polocies. Suprise! The 4 of them Showed up…
I am just calling a spade a spade….
If people were really interested in fixing this they would take off their Partisan Colored Glasses and realize those in Washington don’t give a Flying Rats Pa-toot about anyone unless you work in Congress, the White House or have made a Fat Doantion to their Re-election Fund.
Example- There were 3 Republicans that wrote the Legislation that helped with Deregualtion. But they couldn’t do it without the Democrats that voted for it and Clinton that Signed it…it’s not one Party that is the Problem..it’s Both Parties.
Bush was a Socialist, Big Government Spender and Obama is Bush x 10. The Problem with Washington is the 2 party system….the two parites are the same in action…different in BS.
Between Bush and Obama our Money won’t even be worth the same as Toilet Paper.
¿Es eso claramente bastante Gus?

Posted by: Patch W Adams | March 23, 2009, 3:38 pm 3:38 pm

Cow Girl, the facts are in my last post…and no they won’t….
Hysteria Wins every time…

Posted by: Patch W Adams | March 23, 2009, 3:41 pm 3:41 pm

I personally think …the only way to change the greedy mentality on wall street and corporations..is for that mob to form and march against them..to picket and protest against them enmass..to scare the Bjesus out of them..they obviously aren’t scared of government, but i imagine “we” could rock their world

Posted by: cowgirl | March 23, 2009, 3:45 pm 3:45 pm

What about the Greedy Mentality in Washington? Should we leave them out?

Posted by: Patch W Adams | March 23, 2009, 3:48 pm 3:48 pm

OK Patch, why don’t we work together to find a solution? “we” give the politians their power..mostly by not paying attention until there is a crisis. I marched against the vietnam war…eventually..we protesters brought the war to an end..we put so much pressure on washington and the politicians..did it happen that week …no..but it did bring about change eventually…dang sure wouldn’t have ended if we sat on the couch and drank beer and just threw food at the TV….I believe we did that when the marches were over…..LOL

Posted by: cowgirl | March 23, 2009, 3:52 pm 3:52 pm

Cowgirl, it doesn’t happen over night but we must look at everyhting with eyes wide open. Not just make excuses for people we would prefer to succeed.
Today the Markets are up because of the New Trillion Dollar Spending Plan, too bad it’s only temporary since inflation is going to kill us down the Road in a Major way.
The question is..when is enough Money that is being Miss-Spent and given to Big Business enough? When do we let them fail so we don’t all Fail??
No one up there in Washington has the faintest Idea what they are doing…and don’t care if anyone Outside of Washington Does….
If we down here on this Forum can see what is happening..why can’t they? Or do they Care?
If we want to solve this then the little people need to kick out the Partied, learn the Constitution, hold the people in Government to it and Run for office ourselves.
The other option is not one I wish to think about…I must go..well chat later.

Posted by: Patch W Adams | March 23, 2009, 3:58 pm 3:58 pm

patch..No, but actually the politicians are hostage to those corps..so we start by cutting out the original source..You won’t change politicians until you can change the influence of the biggies..Right now I see politicians who are more worried about their angry constituents than the wall streeters…In the end tho you have to take into account that our whole economy has gotten tied into the stock market, and how do we balance that out..I don’t know.. but its a discussion we need to start having..

Posted by: cowgirl | March 23, 2009, 3:58 pm 3:58 pm

The problem that NO one seems to acknowledge in the media is that BO’s goal is to tank this country and its economy, while simultaneously pretending to be doing just the opposite. He is doing this because his pastor of 20 years, along with all of those “marxist professors he sought out in college”, have convinced him that capitalism doesn’t work and that America is an evil country.
His left-wing, socialist agenda is FAR more important to him than a re-election (which I must say atleast shows BO is man of principle, it’s just that nearly all of his principles are TERRIBLE for the economy).
Regardless, he is an anti-American socialist who must be stopped. He also takes cheap shots at the Special Olympics.
BO is a snob and his followers are brainwashed.

Posted by: Jill | March 23, 2009, 4:03 pm 4:03 pm

greed is intrinsic to tail less monkeys evidently.
knowing this ,we ,this nation can (and did previously) make laws that clearly demarcate legal and illegal behavior in the financial sector ,and dovetail those laws with punishments that serve to deter others ; this is not the case today.
important commerce regulations were removed/undone to benefit a few ,at the peril of the majority/nation. that was and is unforgivable ,and i blame blue dog democrats as much as bush and gramm .
blue dog democrats need to be sanctioned within the party ,they are republicans underneath a very very thin democratic veil . totally unacceptable.
this still isnt a pass go for the conniving/inept republicans ,who are trying to bi-partisanize the blame for this current financial meltdown when everyone knows EXACTLY who was running the government , had the majority for nearly 8 years ,and the veto pen for that whole time as well.
Go mr obama ,you are a visionary among the dullards ,and so you will be lambasted and hung out to dry ,warranted or not ,by the ignorant and the hateful and the sore losers etc etc…
the republican lie machine is busted ,but keep trying ,it makes your chances to be a viable political party lessen ,which i approve of .
mr obama ,please listen.
GO ON AND TAX THE RICH SILLY , THATS WHAT IS NEEDED NO MATTER WHAT THE REPUBLICANS SAY. QUICKEST WAY TO RAISE REVENUE THERE IS = TAX THE WEALTHY

Posted by: sigh on | March 23, 2009, 4:11 pm 4:11 pm

Jill: What can I say??? You are an Idiot…if you have nothing to say..why stop here at all? Gosh I hope i haven’t offended all the other Idiots

Posted by: cowgirl | March 23, 2009, 4:24 pm 4:24 pm

I would like to insult the tweeters out there as a parting gift…It is a tool for those who can’t compose a paragraph.it is another example of the dumbing down of america…reducing us to what the media gives us…a soundbite

Posted by: cowgirl | March 23, 2009, 4:40 pm 4:40 pm

Posted by: Patch W Adams | Mar 23, 2009 12:46:35 PM
Patch, early you said; “It’s good to see that the “O” Supporters got their Marching orders in the E-mail last week…..like me.
You are all Good little Soldiers in “O”‘s Internet Army.. ”
_________
Posted by: Patch W Adams | Mar 23, 2009 3:38:26 PM
Patch, then you moved to; …”those who support Obama”…
________________________
Why did you “softened your cynicism?” Suddenly got Religion??? Or was it intended to garnered a platform for meaningful discourse?
Your “sudden respect” for The President doesn’t ‘come across’ as authentic. But more as “Fishing for unsuspecting prey.”
There’s alway a reason, when multiple parties find it necessary to ask for “Clarification” of comments. It’s either a “communications skills problem” or “confusion in executing strategy.”

Posted by: bobj72 | March 23, 2009, 4:58 pm 4:58 pm

Posted by: Jill | Mar 23, 2009 4:03:27 PM
Jill, “cowgirl got it right! Real right!”
Your reasoning and rationale has ‘long since been passe’ on this site. “Nice Try.”

Posted by: bobj72 | March 23, 2009, 5:04 pm 5:04 pm

No one up there in Washington has the faintest Idea what they are doing…and don’t care if anyone Outside of Washington Does….
________________
The first line is revealing.
the Confederate States of America.

Posted by: gus [don't play] | March 23, 2009, 5:27 pm 5:27 pm

“..he is an anti-American socialist who must be stopped.”
______________
The President of the United States is anti-American? …Huh?
which one are you claiming opposition?
South America?, North America?, Central America?, ‘Merica? [the state in which dumb uneducated southern whites live]?

Posted by: gus [don't play] | March 23, 2009, 5:33 pm 5:33 pm

“¿Es eso claramente bastante Gus?”
__________________
It’s FRENCH here, Patch. French.

Posted by: gus [don't play] | March 23, 2009, 5:36 pm 5:36 pm

“..greed is intrinsic to tail less monkeys evidently.”
____________
Huh?

Posted by: gus [don't play] | March 23, 2009, 5:39 pm 5:39 pm

Posted by: . | March 23, 2009, 6:34 pm 6:34 pm

IT IS TOTALLY UNFAIR FOR THE GOVERNMENT TO ONLY INVITE THE RICH OR FINANCIALLY SECURED TO BENEFIT FROM THE SELL OF TROUBLED ASSETS. I WAS THINKING, “WHAT ABOUT SELLING THE TOXIC ASSETS TO ALL AMERICANS; NOT ONLY THE RICH.” THE OBAMA ADMINISTRATION COULD SET UP A WEBSITE SIMILAR TO ‘OPTIONS EXPRESS’, E-TRADE, AND SHAREBUILDERS.” THE BANKS COULD SELL THEIR TOXIC ASSETS UNDER THEIR STOCK MARKET ‘TICKER’ NUMBER. IN DOING SO, EVERYONE, INCLUDING THE E-TRADE ‘BABY’ WILL BE ABLE TO BUY A ‘PIECE’ OF THE ‘PIE’ OF THE TOXIC ASSETS. REMEMBER, FOR MILLIONS OF AMERICANS, “THE DOWNSIDE OF THE FINANCIAL AND MORTGAGE CRISIS WAS ‘BAD’ CREDIT.” THE BLESSING OF WALLSTREET IS, “YOU DO NOT HAVE TO HAVE ‘GOOD’ CREDIT TO INVEST YOUR MONEY.” PRES. OBAMA’S, “ALL HANDS ON DECK’ APPROACH TO LEADERSHIP IS THE REASON FOR HIS POPULARITY. OFFERING AN ‘OPEN’ INVITATION TO ALL AMERICANS WILL GIVE THE NATION A SENSE OF RESPONSIBILITY FOR IMPROVING THE ECONOMY. HERE’S MY PREDICTION, IN A FEW YEARS FROM NOW, “THE MORTGAGE CRISIS IS GOING TO HAPPEN AGAIN.” THE REASON BEING, “THE RICH PEOPLE ARE BUYING UP ALL OF THE ‘CHEAP’ PROPERTY AND SELLING AT ‘UNAFORDABLE’ PRICES. A FEW MONTHS AGO, “THERE WAS A ‘RICH’ GUY ON TV WHO SAID, “I HAVE 30 HOMES IN ESCROW.” THE RICH WAS TAKING AVANTAGE OF THE ‘AFFORDABLE’ PRICES OF HOMES. I AM SURE HE IS GOING TO SELL HIS HOMES TO THE AVERAGE AMERICAN AT ‘UNAFORDABLE’ PRICES. THIS IS THE BEGINNING OF THE MORTGAGE CRISIS. THE RICH ALREADY HAVE THE AMERICAN DREAM OF A HOME. THE MIDDLE CLASS SHOULD BE ABLE TO BENEFIT FROM THE ‘GREATEST’ OPPORTUNITY OF HOME OWNERSHIP IN THE HISTORY OF AMERICAN REAL ESTATE.”

Posted by: Sandy Obu | March 23, 2009, 7:16 pm 7:16 pm

BEFORE THE FINANCIAL CRISIS, “IF YOU PUT $400,000 IN TO A SINGLE
ACCOUNT, AND THE BANK SUFFERS LOSES, “YOU WILL GET BACK UP TO
$100,000.” IN THE COURT OF LAW, “DELIBERATELY NOT PAYING YOUR DEBT IS
ILLEGAL.” THIS IS WHY I SAY, “WHY DID THE FDIC ALLOW BANKS TO POCKET
ANY MONEY OVER $100,000?” AND, IF ACCOUNTS ARE INSURED UP TO $100,000,
“WHY DIDN’T THE FDIC ENFORCE THE BANKING RULE OF, “NO ACCOUNTS CAN
EXCEED $100,000?” INSTEAD, THE FDIC ALLOWED THE BANKS TO POCKET
ANYTHING OVER $100,000. IN ORDER TO PROTECT THE ACCOUNT HOLDER’S
ASSETS, THE BANKS SHOULD HAVE SAID, “YOUR ACCOUNT CANNOT EXCEED
$100,000.” THIS IS WHY I SAY, WHEN THE BANKS CLOSE ITS DOORS, “BOTH
THE BANKS AND FDIC ARE TO BLAME FOR LOSING THE PEOPLE’S MONEY.” THE
QUESTION IS, “WHY DID BANKS CONTINUE TO DEPOSIT MONEY IN TO ACCOUNTS
OVER $100,000?” THE ANSWER IS, ‘GREED’. THE BANKS ARE NOT STUPID,
THEY KNEW, “ANY MONEY OVER $100,000 IS THEIRS TO KEEP.” TO ME, “AN
ACCOUNT ‘NUMBER’ IS AN ‘ELECTRONIC’ SAFE DEPOSIT BOX?” JUST LIKE WITH
A SAFE DEPOSIT BOX, “SHOULDN’T A CUSTOMER GET ALL OF THEIR MONEY
BACK?” MAYBE, I’M WRONG, BUT, “IT SEEMS THAT IF YOU GIVE THE BANKS
$400,000, YOU SHOULD GET $400,000 BACK, NOT $100,000.” WHEN YOU SEE
‘BANKS’ LIKE CHASE BUYING CORPORATE JETS AND BUILDING HANGERS TO HOUSE
THE JETS, YOU HAVE TO ASK, “ARE THEY USING BAILOUT MONEY, OR ACCOUNT
HOLDERS MONEY?” AND, IF THEY ARE USING THEIR OWN MONEY, “WHY DID THEY
TAKE THE BAILOUT MONEY?” REMEMBER, AFTER ACCEPTING ‘BAILOUT’ MONEY,
“CHASE MADE A MAJOR PURCHASE OF WASHINGTON MUTUAL BANK.” THIS IS WHY I
SAY, “THE BANKS AND MADOFF ARE ONE IN THE SAME; THEY BOTH ‘MADE’ OFF
WITH THE PEOPLE’S MONEY. IF MADOFF’S INVESTMENT FIRM WAS BACKED BY THE
FDIC, “HE WOULD NOT BE SITTING IN JAIL.”

Posted by: Sandy Obu | March 23, 2009, 7:20 pm 7:20 pm

BEFORE THE FINANCIAL CRISIS, “IF YOU PUT $400,000 IN TO A SINGLE
ACCOUNT, AND THE BANK SUFFERS LOSES, “YOU WILL GET BACK UP TO
$100,000.” IN THE COURT OF LAW, “DELIBERATELY NOT PAYING YOUR DEBT IS ILLEGAL.” THIS IS WHY I SAY, “WHY DID THE FDIC ALLOW BANKS TO POCKET ANY MONEY OVER $100,000?” AND, IF ACCOUNTS ARE INSURED UP TO $100,000, WHY DIDN’T THE FDIC ENFORCE THE BANKING RULE OF, NO ACCOUNTS CAN EXCEED $100,000?” INSTEAD, THE FDIC ALLOWED THE BANKS TO POCKET ANYTHING OVER $100,000. IN ORDER TO PROTECT THE ACCOUNT HOLDER’S ASSETS, THE BANKS SHOULD HAVE SAID, “YOUR ACCOUNT CANNOT EXCEED $100,000.” THIS IS WHY I SAY, WHEN THE BANKS CLOSE ITS DOORS, “BOTH THE BANKS AND FDIC ARE TO BLAME FOR LOSING THE PEOPLE’S MONEY.” THE QUESTION IS, “WHY DID BANKS CONTINUE TO DEPOSIT MONEY IN TO ACCOUNTS OVER $100,000?” THE ANSWER IS, ‘GREED’. THE BANKS ARE NOT STUPID, THEY KNEW, “ANY MONEY OVER $100,000 IS THEIRS TO KEEP.” TO ME, “AN ACCOUNT ‘NUMBER’ IS AN ‘ELECTRONIC’ SAFE DEPOSIT BOX?” JUST LIKE WITH A SAFE DEPOSIT BOX, “SHOULDN’T A CUSTOMER GET ALL OF THEIR MONEY BACK?” MAYBE, I’M WRONG, BUT, “IT SEEMS THAT IF YOU GIVE THE BANKS $400,000, YOU SHOULD GET $400,000 BACK, NOT $100,000.” WHEN
YOU SEE ‘BANKS’ LIKE CHASE BUYING CORPORATE JETS AND BUILDING HANGERS TO HOUSE THE JETS, YOU HAVE TO ASK, “ARE THEY USING BAILOUT MONEY, OR ACCOUNT HOLDERS MONEY?” AND, IF THEY ARE USING THEIR OWN MONEY, “WHY DID THEY TAKE THE BAILOUT MONEY?” REMEMBER, AFTER ACCEPTING ‘BAILOUT’ MONEY, “CHASE MADE A MAJOR PURCHASE OF WASHINGTON MUTUAL BANK.” THIS IS WHY I SAY, “THE BANKS AND MADOFF ARE ONE IN THE SAME; THEY BOTH ‘MADE’ OFF WITH THE PEOPLE’S MONEY. IF MADOFF’S INVESTMENT FIRM WAS BACKED BY THE FDIC, “HE WOULD NOT BE SITTING IN JAIL.”

Posted by: Sandy Obu | March 23, 2009, 7:40 pm 7:40 pm

Sandy Obu, if you are unaware, “Typing your message in ‘all capital letters’ is taken as “HOLLERING” in “www. protocol.” You can only imagine the impression a message, as Lengthy as yours might leave with someone ‘who would just look at it!’ I guarantee you it would take someone, who was seriously interested in Human Psychology, who would be interested enough to take the time to read it.

Posted by: bobj72 | March 23, 2009, 9:44 pm 9:44 pm

While the White House waits for the American public to calm down over AIG, lenders continue to foreclose homes that were ultimately based on fraudulent terms. I don’t think Americans need to focus so much on AIG as they do on taking these lenders to task and stopping this foreclosure frenzy they have started. That is what is hurting America.
I was a victim of predatory lending and I found a certified fraud examiner to do an audit on my ARM loan. Then I found a way to get a loan modification without cost to me. You too can modify your loan without the hassle of doing the negotiation yourself and not being charged outrageous fees for the services. http://advancedparalegalservice.com
Further, John Boehner, the mouth piece of the Republican party, continues to feed the deterioration of the real American dream, owning a home and having a good job. Shame on him for continuing to polarize America with his hateful comments on the new Administration. I have not seen any constructive contribution in the form of better ideas from the Republican party. Get off the soap box and join the effort to get America back on track!

Posted by: urbanlotus | March 24, 2009, 10:22 am 10:22 am

If a company is determined to be too big to fail, then it is also too big to exist, and should be forced to downsize. Don’t we have agencies in the government that are supposed to regulate mergers and takeovers?
If Mr. Obama truly wants to create jobs then he should immediately start reducing the size of these huge conglomerates. EVERY time businesses merge or take over another there are jobs lost. Why don’t we put limits on these greedy, power hungry people?
For years there has been this passion in business to grow larger and larger and always the ones who suffer are the working people. This is because of lost jobs, and higher costs for products.
It’s time for the bureaucrats to get out of bed with business and start serving the people of this country. It’s also time for congress to stop the constant campaign for re-election and do something right for a change. If these clowns would do what they should, then they wouldn’t have to worry about low public opinion and elections.

Posted by: James Cooke | March 24, 2009, 3:34 pm 3:34 pm

To all that still defends Obama – the people should be an a uproar over the millions of dollars in bonus payments made to executives of AIG. Yes, indeed lets move on, but go figure..oops they did it again, they didn’t read the small fine print there bad!!! so i ask should we trust his judgement? Geithner offered so few details, what happened to transparency? It willies me that the Obama Fanatics of this nation are blinded with his persona, he is a human being like everyone else don’t set him up to be a MESIAS, like his pastor did. Be open minded, those that still defend the decisions made are because, they still have jobs, still have a home… I don’t blame Obama for for our crisi, but i see him more focus on long term than short term. Jobs are needed now. Provide incentives to companies that hire, tax cuts to companies that keep jobs here not over seas, why not hold the banks accountable for bad loans and by that i mean, you approved loans then renogotiate with homeowners, and with each home modified, give them an incentive, so everyone wins. What did the people gain from AIG, Absolutely nothing. Give to those that will help restructure the nation.

Posted by: Peoples Voice | March 24, 2009, 5:26 pm 5:26 pm

Posted by Bobj72:
That’s an Illogical and Ignorant statement, to say an Asset is “worthless.” An Asset, by definition is; “an item of value owned.” They refer to as “toxic” or “troubled Assets”, since the ‘asset value’, at this time is “undetermined.” The assets may be “non-performing assets”, i.e., foreclosures, defaults, fraudulent transactions, etc. – but they do have “Value” or “Worth!”
Bob toxic means poison not troubled!
A “non-performing asset” is by
definition not an asset.
Therefore it would be a liability.
Since you are so Bright why don’t the
banks keep them?
Why do the taxpayers and hedge funds
have to take them off the bank’s hands?
After all according to you even though
they’re toxic they do have value.

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