Economic Downturn Has Finally Arrived!!

[gja1000]

I was talking with someone who had heard an interesting idea about the bailout situation. When a business goes to the Government for bailout money, the stipulation is that they get the money, ONLY if the CEO's who allowed the company to get in trouble are fired.

Hmmm..... wonder how many would be clammering for a handout then???

[DianaB]

Originally Posted by gja1000

I was talking with someone who had heard an interesting idea about the bailout situation. When a business goes to the Government for bailout money, the stipulation is that they get the money, ONLY if the CEO's who allowed the company to get in trouble are fired.

Hmmm..... wonder how many would be clammering for a handout then???

Personally, I like that idea, Gayle!

I can't believe that with everything that's been going on that the banks would make sure that they got their bonuses!!! That makes me hopping MAD!!!!

[HALEY]

makes my blood boil, its getting ugly here at work today, there fire people now, upper management and sales people are getting axed today... very sad... its making me nervous... i don't like this stress today...

[celstu1]

We at my work had an idea.

Personally I was totally against the bailout program and was bummed when it did pass. This administration is working AGAINST the people of the United States. Especially the middle class. So whatever they proposed would probably not be likely to help those who make this country 'turn' so to speak.

The people I work with said that every taxpaying citizen should get $100,000 from this bailout and LET them stimulate the economy. Some will pay off or put down a big chunk on thier house and refinance into a more solid loan, some will save it, but mostly some will do a little of everything with it. Pay off some of their house, spend some of it frivously like a vacation or a shopping spree for christmas and put some in the bank. It would make the 'banks' hurt for a little longer, but eventually the money will trickle up to the banks and everyone would be happy. We'd be in debt still, but at least the goal/objective of the bailout would have been met.

Dont' you love our idea? haha This idea came from a group of very smart people, most of them 50 or so years of age and who lived through the depression of the 80s.

[Janet]

I feel bad for everyone and like you Diana...I'm so freaking mad about this bailout and the bonuses. What can ya do? Nothing, the rich get richer, the poor get poorer and hopefully poor won't have to suffer too much, that somehow the donations will come through.

I

[HALEY]

they keep this crap up, there is not going to be a middle class anymore there is just going to be the rich and the poor!

[Gina]

Originally Posted by HALEY

they keep this crap up, there is not going to be a middle class anymore there is just going to be the rich and the poor!

You got that right! Middle class American is no longer being represented.. Democrats equate poorer.. Republic equate rich.. Middle Class nada...

[HALEY]

Yep Gina, and if the new president wants to tax people making over 200,000 a year, there goes all your small businesses there not going to survive...

[DianaB]

Originally Posted by celstu1

We at my work had an idea.

Personally I was totally against the bailout program and was bummed when it did pass. This administration is working AGAINST the people of the United States. Especially the middle class. So whatever they proposed would probably not be likely to help those who make this country 'turn' so to speak.

The people I work with said that every taxpaying citizen should get $100,000 from this bailout and LET them stimulate the economy. Some will pay off or put down a big chunk on thier house and refinance into a more solid loan, some will save it, but mostly some will do a little of everything with it. Pay off some of their house, spend some of it frivously like a vacation or a shopping spree for christmas and put some in the bank. It would make the 'banks' hurt for a little longer, but eventually the money will trickle up to the banks and everyone would be happy. We'd be in debt still, but at least the goal/objective of the bailout would have been met.

Dont' you love our idea? haha This idea came from a group of very smart people, most of them 50 or so years of age and who lived through the depression of the 80s.

I like that bailout plan!!!! It would have certainly helped our economy. It would have helped in all areas by sales taxes, income taxes, and the paying off of debts. I've always said that about cutting taxes and letting the people spend that money. The money would just go around and everyone would be helped.

I think that it won't be long before we're a socialist nation anyway. I heard several people comment on it during the campaign. The rich get richer and the poor get poorer!!!! Looks like we're on our way........sadly to say.

[Marilyn]

Originally Posted by HALEY

Yep Gina, and if the new president wants to tax people making over 200,000 a year, there goes all your small businesses there not going to survive...

Just to clarify what this means, he is proposing to increase the taxes of people making over $250,000 (net taxable income, not gross profit). They are currently paying at a rate of like 37%. What he is proposing that they pay the same thing they currently do on the first $250,000 and any income over that amount is taxed at like 39%. If the person made $270,000 for example, the tax would be 2% higher on the $20,000. It's not a huge increase to the individual tax payer, but cumulatively it can make a difference in income for our country. We have a huge debt that we have to pay off somehow. The money has to come from somewhere. There is no way that our government can keep borrowing from China and still not balance the budget, and expect our government to not go bankrupt. As a small business owner, if we made over $250,000, I'd be willing to pay the extra 2% on the income over that amount to try to improve our countries financial position.

The other side's idea was to cut taxes on the hugh corporations with the expectation that they would use the extra money to invest in their companies and the effects would trickle down to the middle class. We've see from this bailout what happens when you give huge corporations extra money, they spend it on bonus's and lavish meetings, and somehow that's supposed to trickle down. Reagan was a very good president, I voted for him, but his trickle down economics didn't work then and it didn't work during the Bush administration either. No way ExxonMobile should be getting government subsidies while making record profits. Something has to change. Washington has to come to their senses. It's not a matter of republican vs. democrat, it's a matter of coming together to help the country.

I'm afraid we are all going to have to make some sacrifices to help our country or we will be in even bigger trouble. If we all work together, I'm sure we will find a solution to this. I'm just afraid that there is not enough oversight in Washington of the people getting these bailouts. I'm glad they have not yet given all of it away, and they are realizing that some of what has been given is not working like they intended it to. Perhaps they will modify the bailout plan so that it does become more effective.

We need to be praying for our leaders that, if it' God's will, that they have the wisdom to do the right things.

[HALEY]

As a middle class worker i pay enough taxes, i'm not helping these corporate giants out at all.. the governement should have never bailed out these giants. and for what so they can go to a spa resort cause there so stessed out!! and as for small business owners, my sister owns a business and this will effect her, why should she pay more taxes she pays enough already.
If the governement keeps this up there will be no middle class in the united states at all..
Who is going to be next in line for the bailout?? Why didn't the government help out all the steel mills that closed?? why just the banks, its not fare, cause the banks got greedy and loaned people money that they couldn't pay back... this is crazy.
I help this government out alot by working and paying my taxes. Why don't they look at the millions of people on welfare and get a work program started for them and ship all the illegal aliens back.. there's a start right there.... Im sick of supporting them people too... I wish someone would give me money and pay my medical bills too...

[Marilyn]

Haley, I'm very much in agreement with you about the big corporations!!! This is horrible. And how about those automakers taking their luxury jets to Washington to ask for a handout. They said it was for safety reasons. The wealthy in Hollywood fly commercial jets, and if they aren't safe enough for the CEO's they aren't safe enough for the rest of us either. None of those executives should make more than the President if they are taking taxpayer money to make their business work. It's a shame what is happening!!! And you are right, why the automakers and not the steel mills??? Once you start bailing out, where do you draw the line???

Congratulate your sister on making a taxable income of more than $250,000 a year. She should be having a nice Christmas. That's quite an accomplishment for a small business owner. She's doing better than 99% of them, and much better than my hard working small business owning husband has been able to do, even building several $400,000 custom homes a year. People think he makes lots of money. He handles lots of money, but net taxable income is another matter. He has lots of business expenses like rent, labor, materials, etc, etc. If the economy improves, maybe someday we can be where your sister is. I was hoping to retire and help him to get there, but the way things are looking, I'd better stay right where I am as long as I can.

[HALEY]

Marilyn, she is making that on paper only, she is into personal care, and she and her husband only make around 9.00 an hour with all the overhead they have, round the clock workers, lpn's on duty, and the things they have to claim for income is crazy, she pays her personal care home mortgage and that is considered income! I never heard of that in my life, she said its crazy.. they had to cut back some on the groceries buying store brand and shopping at Sam's club cause there prices are going up.. crazy...
And your right where does this madness end?? it's funny when the steel industries were being shipped over sea's where was the goverenment to help the millions of steel workers that lost there jobs and were an industry that's still hurting today. we want money too.. but were not going to get it.. we laid off and fired thousands of people since Sept. you don't see any of this in the newspapers why?? it makes my blood boil!!!
And Gm workers are making with benefits $ 47.00 an hour and with nothing new on the car markert, no fuel effiency cars ... let them close if you ask me.. there not competative with the foreign market... why put the money is a failing business?

[Marilyn]

We were talking about it today. Gas is down to $1.83 per gallon here. Diesel is $2 something. The grocers and everyone else raised their prices because the price of gas and diesel was so high that their costs had gone up. Has anyone seen the price of groceries and other consumer goods drop since the gas prices have dropped????

[HALEY]

groceries are going up around my area like crazy, i was emailed a list of department stores that are going to be closing soon, so sad...