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Mayor Bloomberg voiced his thoughts on the souring economy and the steps the city and federal government are taking to address it.
On his $1.5 billion request for city agencies to cut their budgets--$500 million this year, $1 billion next--he said at a civic meeting last night, "We're going to have some tough times. I don't think anybody doubts that ... we have to reduce expenses." He also characterized the cuts as "annoying" but not devastating, according to the Daily News (the News also has a graphic illustrating how these cuts boil down to the some agencies' level).
As for the government's $700 billion bailout of financial firms, Bloomberg doesn't think it should be called a bailout, because he believes the government will make a lot of money. He also supported the idea of executives being paid a lot of money for their jobs; the Observer reported the Mayor as saying the "free market" allows people to "use financial reward as their goal rather than public service" and there's "nothing wrong with that."
And as he did during his Meet the Press appearance, Bloomberg has also been touting the city's mortgage program, pointing out only five out of the over 17,000 mortgages are in foreclosure.
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Ok...so don't call it a bailout. Let's call it an 'investment.'
Well, I don't want my tax dollars to 'invest' in this scheme. The last scheme these idiots ran brought this on. Why shoudl we trust them? We should 'bail out' not them but the debts, then begin to liquidate the companies and their assets, and give parachute-less exits to the people who caused it. Period.
FTA: Bloomberg doesn't think it should be called a bailout, because he believes the government will make a lot of money.
if that is the case, then let those firms hold onto the paper.
if that is the case, then why isn't Bloomberg himself buying some of those assets?Don't they want to make a lot of money?
This whole thing reeks....
Reads like financial reward as a goal is some off-beat, evil idea. :rolleyes:
the "free market" also allows people to use financial liability as punishment for high risk taking and there's "nothing wrong with that". Bloomberg wants taxpayers to pay for CEO's losses? wtf
"My dear there is much more money to be made in the destruction of civilization than in building it up." Rhettt Butler, Gone With the Wind
*** Gigi
www.jewssip.com
First of all the amount of unchecked power the bail out bill gives to the US Treasury is unconstitutional. According the bill, Treasury secretary's decisions "non-reviewable" by Congress and can not be challenged by any court of law. This undermines the process of checks and balances amongst the three branches of government. So screw you Bloomberg if you support the bail out bill and not the Constitution.
The present bailout proposal simply replicates the situation which caused the present crisis, only on a larger scale. That is the production of funny money, or rather funny credit. It will, therefore, lead to another crisis of the same kind but one that is broader and more severe. In effect, it's yet another swindle on a grander scale.
I gather the folk are not at all happy with the proposal, because even hard-shell Republicans politicians have become dubious of it. I suggest joining the chorus and informing your Senators and your Congressperson that handing over bundles of freshly printed money to the rich for them to play with as they please is no longer acceptable.
Starrygordon - Did you read my comment above about Paulson getting will be able to hand out tax payer dollars without any oversight by any other government branch? That's where the next crisis will begin. This bill is the Patriot Act for the financial crisis. Scary.
http://www.npr.org/templates/story/story.php?storyId=94985539&ft=1&f=1001