Sen's. Stabenow & Levin.. Here Comes the Bacon!!!

[East Detroit]

Well, nothing except for the $82 billion bailout for the auto industry.

GM and Chrysler were given loans.

The banking industry in New York was given the bailout. [[$700B+)

[Lorax]

Thanks for making that distinction- the Republicans, even those living in metro Detroit love to blame first the unions, and then the auto execs for promoting corporate welfare.

It's amazing how when Wall Street goes to Washington, hat in hand, they get free money at zero percent interest, continue to invest in risky ventures, and only pay back what they got so the feds don't tell them that 1 billion dollar paydays for their CEO's is excessive.

When Detroit goes with hat in hand, and asks for a loan with interest, at 10% of what Wall Street got as a freebie, then Republicans start stamping their feet.

Gotta love the double standard- it's OK to bail out the folks who put us in this economic mess, rather than nationalize the "too big to fail" banks, as should have been done, but when the guys who shower after work need a short-term loan, to preserve hundreds of thousands of jobs, then all of a sudden there's a problem.

I'm sick and tired of the elitist corporate apologists even having a platform from which to speak. They are nothing more than greedy fascists who could give a shit about their fellow Americans, and are in fact, anti-American, and as far as I'm concerned, are nothing more than a bunch of treasonous bastards.

[Fnemecek]

There are numerous factual errors here that deserve a correction.

It's amazing how when Wall Street goes to Washington, hat in hand, they get free money at zero percent interest, continue to invest in risky ventures, and only pay back what they got so the feds don't tell them that 1 billion dollar paydays for their CEO's is excessive.

When Detroit goes with hat in hand, and asks for a loan with interest, at 10% of what Wall Street got as a freebie, then Republicans start stamping their feet.

#1. Republicans in the House and Senate were stomping their feet for both programs.

#2. GM and Chrysler each got money from TARP, which was later rolled into their later bailouts for repayment purposes.

#3. While the banks did not have to pay interest for the TARP funds, they did have to hand over stock in their respective companies.

#4. While the CEOs of the various banks are generously compensated, none of them get anywhere near the $1 billion mark.

[Lorax]

There are numerous factual errors here that deserve a correction.

#1. Republicans in the House and Senate were stomping their feet for both programs.

#2. GM and Chrysler each got money from TARP, which was later rolled into their later bailouts for repayment purposes.

#3. While the banks did not have to pay interest for the TARP funds, they did have to hand over stock in their respective companies.

#4. While the CEOs of the various banks are generously compensated, none of them get anywhere near the $1 billion mark.

A few corrections to the "corrections":

1. The Republicans bitterly complained that Detroit got loans, eventhough the amount of those loans was only a fraction of what Wall Street received.

2. I made no mention of this, as it was not part of my initial post.

3. Stock was handed over only as collateral, it was not sold, therefore no profit.

4. Most CEO's of the subject companies when they retire get out for more than a billion dollars in pay and stock.

The heads of AIG, Merrill Lynch, Bank of America all had egregious paydays while receiving public monies, and complained bitterly that executive pay was being reigned in by the feds. GM and Chrysler CEO's took zero pay during this period, what makes Wall Street so special?

This is why they have enjoyed such a great reputation, and are so well liked by average Americans.

The retiring head of Merrill Lynch went on to co-found One West Bank which the feds handed over all good paying loans from the bankrupt Indymac Bank for 50 cents on the dollar, and insures them as well, courtesty of the US taxpayer.

The head of AIG went on to compete in another firm which challenges the health and longevity of AIG- no written conflict of interest agreements were signed to prevent the constant casino capitalism from continuing.

And so it does today. We now have the same firms, which were "too big to fail" now monstrously large, with even less regulation.

[Fnemecek]

GM and Chrysler were given loans.

The banking industry in New York was given the bailout. [[$700B+)

The $700 billion to the financial services industry was also structured as a loan. The banks began repaying those loans in July. As of last week, $500 billion of the $700 billion has been repaid. All loans to the various banks have repaid in full. It's only the insurance companies and other firms that still owe money to the U.S. Treasury.