need to add title here

Barney Frank On Auto Bailout

December 14, 2008 2:12 PM

Financial Services Committee Chairman Barney Frank tells Lesley Stahl auto bailout props up people, not companies.

Recent Segments
Scroll Left Scroll Right
Add a Comment
by sallychicago December 13, 2008 8:18 AM EST
Like a relative told me, "we''re *** near nationalizing" all the companies in America now, so why not the auto companies? And folks gotta realize we''re one step closer to socialism whether we want to be or not, because corporations don''t pay taxes anymore; people and individual tax payers pay taxes. Corporations move their companies off shore to avoid taxes. 80% of taxes are paid by individuals...so in effect capitalism hasn''t existed in the U.S. in decades. As we grow poorer, we depend on the govt more.

What needs to happen is tax the corporations that move out of country; penalize them when they move their companies to another country to avoid taxes. This is insane that the burden of taxes is on the people.
Reply to this comment
by ed_c_in_ok December 12, 2008 7:22 PM EST
Democrats in DC need to realize they are left with the remnants of a republican era of error where every dime was milked out of the economy by the greedy. Now democrats will have to face a trap set by republicans. Bail out big business or face the media and radical mobs of people who do not want to understand what happened or who caused it. They just want their cushy jobs back and everything to return to never never land living with their heads in the sand where all seemed to be wonderful...

It%u2019s time to face the facts with a World Wide reality check. We are very near that point of no return where terrorists subtly broke and conquered America through the dismantling of the economic system.
Reply to this comment
by ed_c_in_ok December 12, 2008 7:20 PM EST
It''s time to stop the political games and create some rules that reinstate integrity into our system or all will be lost. The rich are going to have to belly up to the bar and help bail out America with some of their quickly achieved fortunes of the past decade. Taxes on them must be adjusted immediately or the government is loaning money that they too must borrow from China or other foreign countries. Yes they can print money but that is even more inflationary than borrowing. Either way these kinds of costly bail outs are going to drive the value of the dollar to an unprecedented bottom where even the people who have millions in American dollars will be out flanked by those who have YEN and other strong currencies.

When businesses make bad decisions sometimes if forces them into bankruptcy. Seldom have I ever seen a bank willing to loan bankrupt businesses money to save them.
Reply to this comment
by ed_c_in_ok December 12, 2008 7:16 PM EST
The exchange rate of the dollar is what needs to be bailed out. Otherwise the yen will buy up America for dimes on the yen and America is in danger of the greatest war ever, the war against communist owned empires within our boundaries that the masses are dependent upon to survive.

Any loan or bail out must be collateralized or it is not a loan. It is a gift. Big difference Barney. Detroit has many assets that can collateralize this huge loan. The salaries of their work force has reached all time heights of greed in the work place through union strong arming. If those workers wish to keep working it is time they too are willing to become realistic about their worth. We can live without building cars for a few years. Of course the Chinese will immediately begin building more at a more affordable price. Americans who have shown no loyalty to American made products will bite the bait and within only a few years there will be little need for Detroit to exist.

Myself I am tired of seeing so many vehicles on the streets that cost more than an affordable home. That is a basic indicator of how wealth that has been achieved by many or how much debt they have chosen to live in all while a growing percentage of Americans still live in poverty. The separation of wealth is the problem that must be fixed or America is headed toward a Civil War like the world has never seen with the rich against the poor where in the end most everyone loses.
Reply to this comment
by ed_c_in_ok December 12, 2008 7:14 PM EST
Barney Frank is realistic in that he knows something must be done or the Country is going into a deep depression. He needs to make sure that the country realizes who created this situation and how it all happened. Otherwise democrats will ultimately be blamed for running up an already exorbitant national debt and will pay a fatal price in the next election for cleaning up the mess that was created by republican malfeasance and greed. We have had over a decade of run away rich where credit became so available that even a cave man could get it. Now the system is going to have to adjust for the rampant inflation created by unregulated banking where ruthless loan officers made loans simple to win their commissions and not with what was best for the customer in mind. Regulations protect people from profiteering from the unconscionable. Yet many of these loans will have to go bad and many of these companies who are upside down because of mismanagement must go bankrupt. The remnants of these will be picked up by the wealthy and rebuilt into a different empire. The one danger we need to be aware of is that foreign investors are going to be like vultures watching and waiting to capture the best of them to subtly take over more of the American Dream.
Reply to this comment
  • Stealing A Movie Stealing A Movie

    1:57 November 1, 2009

  • Fighting Back Fighting Back

    1:26 November 1, 2009

  • Hard Time Hard Time

    1:41 October 4, 2009

  • Marc Dreier: The Swindler Marc Dreier: The Swindler

    13:10 October 4, 2009

  • The Liquidator The Liquidator

    13:03 September 27, 2009

  • Madoff's Missing Millions Madoff's Missing Millions

    1:17 September 27, 2009