I'm against bailing out the investors or the borrowers just like you are.

But here is my complaint. When I invested in Whoops bonds, a consortium of public utility companies backed those bonds. They included utility companies from Washington, Montana, Nevada, Idaho, and Oregon. It was called pay-or-take, meaning they payed for the bonds and had a stake in the electricity the nuclear plants would generate.

However, when the management team for the Washington Power Company made some very bad decisions, the costs started to skyrocket. Eventually government regulation and litigation pushed the cost to 24 billion. Essentially, the federal government stacked the deck against the large energy companies by allowing any and every protest group to bring suit against WPPSS.

When they finally decided to shut the program down, the courts declared the original contracts null and void. All those costs could have been passed on to the rate payers. Therefore, the utility companies were let off the hook for repayment and I, as an investor, was left with a worthless piece of paper.

I was told that the courts felt that as an "investor" I was in a better position to absorb the loss. Whereas the poor utility rate payer could not affort to pay more for their electric utility bills.

To earn that $10,000 I lost, I spent a year on a little crapola island called Kosrae. I only saw my wife twice that year. She was living in a little crap apartment in Guam.

Today, the government wants to bale out the homeowner because they will lose their house. But they really can't do it without making the investor whole again. So, now I get to pay again.

I am totally against government interference in these deals. It always means the taxpayer is going to pay for something the bureaucrats screwed up.

RJ

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Looks like it wouldn't suck to visit, but to live there for a year?

What did you do there, and how does a guy from Florida end up there?

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Obama's New "57 State Patriotic Pin":




Sayeth John Drake - 10/13/08: "OK, you're right, I admit to LYING"

Exactly right. To do this would be yet another blank cheque in the same mould as the bailout this is supposed to replace.

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"Capitalism is the astounding belief that the most wickedest of men, will do the most wickedest of things for the greatest good of everyone."

- John Maynard Keynes

Why not just declare that bottom 35% of income earners to become state owned slaves ? Auction 5% of the population to pay off the debt and we have a perfectly functioning economics system.

McDonald's gets to pay wages of zero. Owning slaves would be sweet anyway and atleast that way they have to be clothed and kept healthy for purpose.

It works in Australia, so why not?

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I am an American. That's the way most of us put it, just matter of factly. They are plain words, those four: you could write them on your thumbnail, or sweep them clear across this bright autumn sky. But remember too, that they are more than just words. They are a way of life. So whenever you speak them; speak them firmly, speak them proudly, speak them gratefully. I am an American. ...a tradition

We were involved in building the airfield you see above. At first, for a young guy, it appeared to be an adventure in a South Seas Paradise. But after about a month the reality set in. The islanders, not just those in Kosrae, are extremely dishonest. If you visit, please remember that the only thing they are interested in is your money. And if you won't give it to them, they are not above stealing it.

It really sucked, as you said. And the money I saved was small repayment for a year of hard work, aggrevation, and harrassment. So when I lost most of it a few years later, it was a bitter pill to swallow.

I'm really tired of the government changing the laws to protect their voting constituencies. This current bail out is a tax payer rip off.

RJ

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