Here's hoping...

ya, but that would just come right back up Ben's alley and right into Paulie's TARP. That's guaranteed.

Far too many people abused the bankruptcy process to charge up enormous amounts of debt and then skip away, scot free. It stopped being a last-ditch action that was only taken very reluctantly years ago. Bankruptcy lost it's social stigma, and so reform was necessary. By and large, the people who are unable to discharge their debts should not have run them up in the first place, and should serve as an object lesson to others.

We cannot continue to coddle people and insulate them from all risk in life. If you spend more than you can repay, you deserve to have your life made miserable for you.

BHO top contributors

University of California $909,283
Goldman Sachs $874,207
Harvard University $717,230
Microsoft Corp $714,108
Google Inc $701,099
JPMorgan Chase & Co $581,460
Citigroup Inc $581,216
National Amusements Inc $543,859
Time Warner $508,148
Sidley Austin LLP $492,445
Stanford University $481,199
Skadden, Arps et al $473,424
Wilmerhale Llp $466,679
UBS AG $454,795
Latham & Watkins $426,924
Columbia University $426,516
Morgan Stanley $425,102
IBM Corp $415,196
University of Chicago $414,555
US Government $400,819
Genesis 0

Mtg - not if Obama kills the TARP.

Quote:

We cannot continue to coddle people and insulate them from all risk in life.

Well, yes.
But wouldn't that start with the banks that issue credit/credit cards. If they don't make sure the borrower is credit worthy, shouldn't they be made to face the consequences of their bad judgement?

Mtg - why have you not reported to your muslim reeducation camp yet????

Fatso is right - any ****ing IDIOT knows you do not loan money to deadbeats!!!

The truest evidence that the banks are at fault is HAPPENNING RIGHT NOW. Look at ALLLLLLLLL the credit they are pulling back from retail consumers (HELOCs cut, credit card lines reduced, rates up)

When it is in their interests to **** people over for their gain, they do it (MY FRIEND HAD HERS CUT WITHIN A DAY OF NOTIFYING HER).
They COULD have loaned more responsibly at ANY TIME, but they didn't - **** THEM!!!!!

Stellar idea Gen.

KD, I hope you're sending your resume to Rahm Emanuel today.

Opus,

What the hell job you got Gen applying for?

Secretary of Common Sense

That post has been vacant for about 20 years.

How about lifting the ban on Medicare from negotiating bulk discounts on prescription drugs for seniors?

Reimportation is a red herring. We wouldn't need to reimport from Canada if we simply negotiated the same price discounts ourselves.

Medicare Part D is costing us way too much money. Either eliminate the prescription drug benefit or figure out a way to get the costs back in line.

BUT, BUT, BUT MICRO!!! - If we cut into big Pharma's profits like that, HOW THE HELL WILL THEY HAVE ENOUGH MONEY TO LOBBY CONGRESS FOR FAVORABLE LEGISLATION?????

that idea is not feasible

"Mtg - not if Obama kills the TARP."

There is the proof that it just cannot be done. Everyone and their uncle knows TARP cannot be killed. Not after being voted _twice_ with MAJOR coercions.

Look at 2008, micro:

http://www.opensecrets.org/industries/in....

Mtg - never say never.

We choose between killing TARP and killing government.

There is no way in hell Obama kills the TARP. It will grow, morph and be another 'tool' in his bag o' tricks.

Out of curiousity.... Anyone think we roll back affirmative action now?

I would be shocked if it happened right away, but in a year or 2, maybe??

I would be equally shocked if AA was expanded from here....

Earmark Reform.... Lobbyist Reform (end revolving door).... Line Item Veto....

And how about getting the Justice Department kicked into gear so we can some perp walks for the fraudsters....

I completely agree on repealing the Bankruptcy Reform Act. The debt should be defaulted and with a clean slate will come new capital formation as folks rebuild their life savings. It will take time, but that will form the basis for a real economic recovery in 12-18 months.

He needs to kill the TARP first so that the taxpayers aren't given these bad debts. I have no pity on any person that ran up a bunch of bad debt and now wants to walk away.
I want to see him reverse everything that Paulson has put into place.

How about a recission bill to reverse some of the over-the-top pork that was stuffed into the EESA legislation. The TARP was $700 billion, but there was $150 billion of crap stuffed into that bill that was completely unrelated.

Subsidies for wool... subsidies for bicycle commuters...

$150 billion in pork!!! That's a good place to start demonstrating you can be fiscally responsible.

I hope we pull out of iraq in the first 15 minutes... i also hope they start sending out free money via a stimulus package... the bigger the better. Make this idea third, as my wife and I are going to go back on our vow to not use credit cards and plan to max out as many credit cards as they send us to buy as much stuff as we can.

it's going to be epic.

DELETED, you're right, this one was off topic.

KD, Martin was consul to many of the largest moneyed elite. He has recently published, from prison I might add a treatise on his views of cycle theory which relates to the fix we find ourselves in. Specifically he speaks to retribution and the heavy hand of the law seeking scapegoats for malfeasance on the part of the regulatory structure diverting blame from itself as a protection of its own “self interest” which could have the effect of chasing capital out of the US market. He also speaks to balancing the destruction of credit with monetization in effect increasing the supply of money as opposed to borrowing which merely shifts the location of capital likely increasing the devastation.

It’s a moderate length read, and though you may not agree with what is said I think you might find it compelling on many levels.

http://www.contrahour.com/contrahour/fil....