well all I can say is, this "rebate" is bull*hit, period. I am not getting a dime, as one of those folks in that magical 5% I fail to see how this is fair at all either way.

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"The captain has turned off the `No Dubbing' sign. You are free to speak any language you choose."

I see this as the biggest example in American history where the middle class is robbed to enrich a few.
In a nutshell, giant financial institutions made millions of high risk loans....spread the resulting bad debt across 401k plans (yo bet your boots they owned absolutely zero of these stocks) - so all of our 401k plans (I'm sure you noticed) were making money FAAAAAAAAAAAR less than the rest of the markets - to losing money while the markets were dong well.

This was the first time we were robbed.

The second time is when a week ago the Feds gave $200 BILLION to the largest banks in the world to keep them from geting slammed when so many of the bad debts came due that they couldn't possible hide it anymore.

The third time will be if this passes....again...follow the money, the Democrats are claiming this is to "help the people" - ask yourself who is getting the money...it is not them.

Everyone saw this coming at least 5 years ago.

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The government cannot give without first taking.

Well, after reading all the posts in this thread, I can now say that I have rarely been more disgusted in my life.

200 Billion?

That is sickening. If we bail out large corporations and industries, then why not bail out individuals too? Why not bail out all the restaraunts that go bankrupt every year?

The Federal government has no right to spend US tax dollars like this. Many people say it is to stop a panic, which I do understand, but it is still wrong. Maybe there should be a panic.

Maybe we need a friggin depression so that the American people will pull their heads out of their asses and finally admit what they already know in their hearts to be true.

Maybe they would finally admit that both parties have sold out the American people.

Maybe they would finally realize that anyone who supports either of the two parties is a moron.

Sickening.

Welcome to the land of American Idol Norrin.

As someone so eloquently stated in another thread - "Americans have become like mushrooms - keep them in the dark, feed them a lot of shit - and they will be all the happy for it."

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The government cannot give without first taking.

self direct your 401 K dude...get it out of their hands..thats what I did....

my roth (whch I can no longer contribute to the bastards) is in mainly stocks with some bond balance......its taking but there are by and large co.'s that will rebound..

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"The captain has turned off the `No Dubbing' sign. You are free to speak any language you choose."

damn straight...since December I have only lost 42 cents!!
I took control of my 401k around June or so...when I noticed that that my regular savings account was getting better interest than the 401k!!!...little did I know the reason why, I didn't learn why until a few months ago.

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The government cannot give without first taking.

UPDATE:

I hope those in this thread can appreciate the pure "dumbassness" of our governments latest move...on top of the $200 giveaway.

Keep in mind WHY we are in the shape we are in....

The Feds have a cap on Fannie and Freddie of a combined $1.5 trillion of mortgage loans between the two...this is for obvious reasons.

Yesterday....the cap was removed. (are you still sitting)

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The government cannot give without first taking.

You're joking right? You do realize that while the poor are being foreclosed upon the rich are taking their money out of the stock market causing it to drop, and buying up all of the land across the country. Donald Trump is doing cartwheels while the lower class gets taxed beyond its means. Oh yes, I feel horrible for the rich.

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Dude, 30%-50% of his $300,000,000 will hurt him WAYYYY less then 30% of my $60,000 hurts me. I don't feel bad at all, especially since most wealth is inhereted, and they DID NOT bust their ass to get it. The only busting was daddies nut into mommies vagina.

Word em up b. Not to mention, the rich can afford to hire high priced lawyers who know all of the tax loopholes and have corporate and government connections, so 30% is probably being pretty generous.

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Let me see if I understand this right. The Federal Reserve LOANED $29 billion to JP Morgan as part of their buyout of Bear Stearns. JP Morgan is putting up $30 billion of its own money. JPMC has to pay the Fed's back. The worse that can happen is the value of the mortgage backed securities get sold for less than what they were paid for, which was already at a steap discount.

So how is this bad for our economy?

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I want to change the world but they won't give me the source code.

Let me update you...the Feds opened up our money...to the tune of $200 billion to not only the largest banks in the world, but all of the largest financial corporations and law firms in the world....and what do they give us in return for collateral? - all of the high risk loans that are not being paid.

As for JPM...after the government assumed the risks and gave them $29 billion (for starters biggy) - they said what the hell and quadrupled the bid...why not?? Hell they are about to be twice as large as they were to begin with - on taxpayers money, with us taking the risk...so ask yourself biggy...why did they need the $29 billion when they can afford to offer them 5 times as much as original?

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The government cannot give without first taking.

According to my cousin who is a rel estate and mortgage broker- jumbos= non conforming loans may now be moved to a ceiling of 730.000 BUT there are no lenders out there to borrow from, because they were waiting it appears, for the easy cash the feds will guarantee , i.e. fanie mae and freddy to fund the loans with...

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"The captain has turned off the `No Dubbing' sign. You are free to speak any language you choose."

No doubt it is alot of money. What I'm asking is :"Is the risk that great?"
Helping one investment bank won't do any good. These investment products are very complex. The portfolio's can go across multiple banks. Calling in loans of one bank because of the concerns of the value will effect other banks, which can destabilize the entire financial structure.

The Fed stepped in when Bear Stearns was on the verge of collapse, which means the loan they gave to JPMC was for a heavy discount on the investment products. It's not loan for 2005 mortage backed securities but for the deep discounted 2008 price.

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I want to change the world but they won't give me the source code.

I think its more than the money, there is a principal invloved..

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"The captain has turned off the `No Dubbing' sign. You are free to speak any language you choose."