BS: The Bailout

Subject: RE: BS: The Bailout
From: Lonesome EJ
Date: 29 Sep 08 - 11:44 AM

Does it strike anyone how hypocritical it is for Big Business to rail against government interference on the one hand, and then cry for government help when their own greed pushes them into bankruptcy? Hypocrisy on a Biblical scale.
Are we as citizens still going to stand for a huge Reagan Monument in Washington DC?

Subject: RE: BS: The Bailout
From: SINSULL
Date: 29 Sep 08 - 11:36 AM

I agree Amos. It started as a bailout but the unexpected and very vocal objections from both sides of Congress and the American people forced enough changes to produce a bitter but digestible pill for all to swallow.
Now we watch and see. I found myself reading the bill and looking for loopholes that I might crawl through to get my mortgage paid off. I can't be alone. We'll see.

Subject: RE: BS: The Bailout
From: Donuel
Date: 29 Sep 08 - 11:36 AM

THe US is down by 28% today.

Subject: DELAYED REACTION
From: Donuel
Date: 29 Sep 08 - 11:35 AM

The toxic fallout from the current financial crisis will start hitting the ground this December and worsen over two years. The stagnationand inflation will cause deep oain for decades. IT will seem even worse fo visionary people who will see what could have been as well as what it has become.

Jobless rates will spike at about 18%
"Prediction is hard especaily when its about the furure"
Yogi Beara.

Subject: RE: BS: The Bailout
From: Amos
Date: 29 Sep 08 - 11:27 AM

"In the crash of 1929 the Dow Jones industrials ($INDU:Dow Jones Industrial Average   plunged 40% in two months; this time around it has taken a year to fall 22%.

The jobless rate jumped to 25% by 1933; it is little more than 6% today.

The gross domestic product shrank by 25% during the early 1930s; it is up over 3% during the past year.

Consumer prices fell by about 30% from 1929 to 1933; and the last time I looked they were still rising.

Home prices dropped more than 30% during the Depression vs. about 16% today.

Some 40% of all mortgages were delinquent by 1934 compared with 4% today.

In the 1930s, more than 9,000 banks failed compared with fewer than 20 over the past couple of years.

Remember also it was policy errors, not the stock market crash, that caused the Great Depression:
Instead of increasing the money supply, the Federal Reserve of that era reduced it by one-third.
Instead of lowering taxes, Herbert Hoover raised them.
And to channel whatever demand was left into U.S.-made goods, the government enacted the Smoot-Hawley Tariff Act to keep out foreign products; this only provoked our trading partners to do the same.

Add to this today's automatic stabilizers such as unemployment insurance and Social Security, the FDIC to insure bank deposits and circuit breakers to keep stocks from falling too quickly, and you can see why this is not a depression in any way shape or form.

While I am at it, I would like to take issue with the almost ubiquitous use of the word "bailout" to describe the government's rescue package.

Folks, this is not a bailout of anyone, not Wall Street, not Main Street, and certainly not the so-called "fat cats." It's an infusion of liquidity, designed to unclog the financial markets. In doing so, it will benefit everyone, business and consumers alike.

Also, the $700 billion bandied about will not be immediately handed over to the Treasury secretary; he will simply have a line of credit, similar to what the typical business might have.
Finally, this package may not even cost $700 billion. For that matter, it may wind up costing nothing. It all depends on the price the government pays for these distressed assets and what it winds up selling them for.

As for whom to blame for this mess, there is plenty to go around. In the words of that great philosopher, Pogo: "We have met the enemy and he is us." ...

Irwin Kellner, MarketWatch

Subject: RE: BS: The Bailout
From: Donuel
Date: 29 Sep 08 - 09:28 AM

The bailout is cut by mre than half.

250 billion is the maximum amount to be given at any time.

Odd Behavior Dept. :
Henry Paulson got down on his knees and pleaded with Congressional leaders.\\\\ He also had an anxiety attack and was in such respiratory distress that some people called for an ambulance that was not used.

The freefall of bank failures will continue and the bail outs will not prevent anything except for a few pigs being fed by the sheep.

Subject: RE: BS: The Bailout
From: beardedbruce
Date: 29 Sep 08 - 07:26 AM

"but I'm not too happy with "The Fix"..."

Damn! I hate it when I agree with Bobert!

Subject: RE: BS: The Bailout
From: Amos
Date: 29 Sep 08 - 12:47 AM

What do those numbers represent, Sawz? Actually?

It's not clear what you are saying here...



A

Subject: RE: BS: The Bailout
From: Sawzaw
Date: 28 Sep 08 - 11:39 PM

Bailout Bill: Full Text Of Plan

Subject: RE: BS: The Bailout
From: Riginslinger
Date: 28 Sep 08 - 11:33 PM

It looks like Chris Dodd is the run-away winner. Is that just because he's been there longer?

Subject: RE: BS: The Bailout
From: Sawzaw
Date: 28 Sep 08 - 11:21 PM

Economic Bailout SCAM

Chris Dodd $13,205,556
Barney Frank $2,494,611
Roy Blunt $2,000,000
Jud Greg $1,000,000

Subject: RE: BS: The Bailout
From: Sawzaw
Date: 28 Sep 08 - 10:48 PM

NYT

.....In 1999, the lawmakers adopted the Gramm-Leach-Bliley Act, which broke down the Depression-era restrictions between investment banks and commercial banks. As part of a political compromise, the law gave the commission the authority to regulate the securities and brokerage operations of the investment banks, but not their holding companies.

In 2002, the European Union threatened to impose its own rules on the foreign subsidiaries of the American investment banks. But there was a loophole: if the American companies were subject to the same kind of oversight as their European counterparts, then they would not be subject to the European rules. The loophole would require the commission to figure out a way to supervise the holding companies of the investment banks.

In 2004, at the urging of the investment banks, the commission adopted a voluntary program. In exchange for the relaxation of capital requirements by the commission, the banks agreed to submit to supervision of their holding companies by the agency.

Subject: RE: BS: The Bailout
From: Donuel
Date: 28 Sep 08 - 08:16 PM

again...

WHAT HAPPENS IF THERE IS A

STALEMATE

it will leave the high fundctioning moron President to declare an emergency Code Red and TAKE THE MONEY by executive order.

In a state of emergency he could even suspend the election but one precedant at a time is plenty

Dumping this all back in the President's lap does not help mainstreet or either party...

It would add impetus to throw away both parties and begin anew.

Subject: RE: BS: The Bailout
From: Donuel
Date: 28 Sep 08 - 08:13 PM

Dear Ms. Sawz

What do you think the average political & intellectual age of maturity is for the United States.

I believe it is below 21.

Sarah Palin , with all her accoplishments of rising to a govenorship aside, often sounds like she is 16 years old.

Subject: RE: BS: The Bailout
From: Donuel
Date: 28 Sep 08 - 07:57 PM

All these posts about the blame phase of this crisis circus need to be seen as desperate partisan attempts to plead not guilty.

SOme of the alibis are more laughable than others.

A Congressman said today that Wall Streets gambling thefts are the fault of Barny Franks.

Ads claim its all Obama's fault.



The voodoo economics that began in earnest during the Reagan administration and even earlier by Nixon have cast a spell on the country that will never be earsed. It will make the history books.

Super capitalism, the ownership society, the out sourcing strategy, the trickle down, the supplu side WHATEVER you want to call it, it is the wholesale legal theft by the wealthy ruling class that has brought poverty and desperate infrastructure to this land.

pointing fingers to the point of doing nothing
has an intersting outcome!

The Dems won't pass the bail out (now redefined as the buy in) unless half the republican house will pass it.

I wondered....

WHAT HAPPENS IF THERE IS A

STALEMATE

it will leave the high fundctioning moron President to declare an emergency Code Red and TAKE THE MONEY by executive order.

In a state of emergency he could even suspend the election but one precedant at a time is plenty

Subject: RE: BS: The Bailout
From: Amos
Date: 28 Sep 08 - 07:13 PM

WASHINGTON — The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Street's largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down.

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Joshua Roberts/Bloomberg News
Christopher Cox, the head of the Securities and Exchange Commission, testifying before the Senate banking panel on Tuesday.
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The S.E.C.'s oversight responsibilities will largely shift to the Federal Reserve, though the commission will continue to oversee the brokerage units of investment banks.

Also Friday, the S.E.C.'s inspector general released a report strongly criticizing the agency's performance in monitoring Bear Stearns before it collapsed in March. Christopher Cox, the commission chairman, said he agreed that the oversight program was "fundamentally flawed from the beginning."

"The last six months have made it abundantly clear that voluntary regulation does not work," he said in a statement. The program "was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily. The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate" of the program, and "weakened its effectiveness," he added.

Mr. Cox and other regulators, including Ben S. Bernanke, the Federal Reserve chairman, and Henry M. Paulson Jr., the Treasury secretary, have acknowledged general regulatory failures over the last year. Mr. Cox's statement on Friday, however, went beyond that by blaming a specific program for the financial crisis — and then ending it.

On one level, the commission's decision to end the regulatory program was somewhat academic, because the five biggest independent Wall Street firms have all disappeared.

Subject: RE: BS: The Bailout
From: Sawzaw
Date: 28 Sep 08 - 06:17 PM

US Congress passes 25 bln loan guarantees to automakers

5 hours ago

DETROIT, Michigan (AFP) — The US Senate Saturday approved 25 billion dollars in loan guarantees for the financially strapped US auto industry, intended to spark a wave of automotive innovation.

The loan guarantees were included in a continuing resolution that included funding for the US government and the wars in Iraq and Afghanistan.

Subject: RE: BS: The Bailout
From: Sawzaw
Date: 28 Sep 08 - 05:51 PM

2001

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac.

2003

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE."

2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator."

February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator."

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System."

2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system."

2007

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options."

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon."

Subject: RE: BS: The Bailout
From: Sawzaw
Date: 28 Sep 08 - 05:04 PM

CBS News:

Sep 27, 2008

"The draft bill includes a left-wing giveaway that would force taxpayers to bankroll a slush fund for a discredited ally of the Democratic Party," reads one leadership alert. "At issue is ACORN, an organization fraught with controversy for, among other scandals, its fraudulent voter registration activities on behalf of Democratic candidates. Rather than returning any profits made in the long-term from the economic rescue package, Democrats want to first reward their radical allies at ACORN for their (often illegal) help in getting Democrats elected to office."

Subject: RE: BS: The Bailout
From: Donuel
Date: 28 Sep 08 - 04:04 PM

This money should tide the ruling class over a democratic regime while at the same time the next administation will be economicly hog tied .

Subject: RE: BS: The Bailout
From: Ed T
Date: 28 Sep 08 - 03:11 PM

Banks are like apples on trees. The best ones are at the top of the tree. Most government folks don't want to reach to the good ones near the top because they are afraid of falling and getting hurt. Instead, they just pay attention to the rotten apples (banks) on the ground that aren't as good, but easy to see....... Seeing this, the apples at the top think something is wrong with them, because government pays more attention to the rotten ones and rewards them.

Subject: RE: BS: The Bailout
From: Amos
Date: 28 Sep 08 - 02:30 PM

Bloomberg:

"ept. 28 (Bloomberg) -- U.S. presidential candidates John McCain and Barack Obama each deserve credit for a breakthrough in talks on a $700 billion plan to revive the credit markets, their advisers said today.

Republican McCain worked with party members in the House to achieve plan changes such as government insurance of mortgage- backed securities and a phase-in of federal aid, Senator Lindsey Graham said on the ``Fox News Sunday'' television program.

``The fact is the House Republicans were not in the mix at all'' until McCain arrived at the talks, said Graham, a South Carolina Republican. McCain ``was decisive in regards to the House being involved.''

Senator John Kerry, an Obama adviser, disagreed. McCain said ``he was going to interrupt his campaign to come down and save the negotiations,'' according to the Massachusetts Democrat. ``What he did was interrupt the negotiations to come down and save his campaign.''

Senate Banking Committee Chairman Christopher Dodd said in a CNN interview today that McCain's trip was ``a political stunt'' that ``delayed and slowed down this process.''

Obama was supportive of negotiations in a ``mild'' and constructive'' way by calling in over eight or nine days of talks, said Dodd, a Connecticut Democrat.

Advancing the Talks

Senator Judd Gregg, a New Hampshire Republican, said on CNN that McCain and Obama both helped advance talks with their presence in Washington.

The two candidates ``focused Americans' attention'' on the severity of the financial crisis and also ``gave focus to Congress,'' Gregg said.

After talks at the Capitol ended after midnight, lawmakers said they had made a breakthrough and expect to announce an agreement on legislation later today. The House may vote tomorrow.

The plan would let the Treasury begin purchasing distressed debt securities from financial companies affected by the record number of home foreclosures. After five years, if there was a net loss to taxpayers, the president would have to submit a plan to Congress to recoup the funds, according to a plan outline."

Subject: RE: BS: The Bailout
From: Riginslinger
Date: 28 Sep 08 - 01:05 PM

We need to put out a public works contract to fix all the multi-storied buildings on Wall Street so the windows can be opened from the inside. That way all the crooked buffoons could jumpt to their demise and the crisis would be over.

Subject: RE: BS: The Bailout
From: Amos
Date: 28 Sep 08 - 12:48 PM

An interesting essay on some of the root patterns behind the current infection.


A

Subject: RE: BS: The Bailout
From: Riginslinger
Date: 28 Sep 08 - 09:49 AM

At one point, some of the Dems. wanted to direct money to "La Raza" to finance low cost housing. I hope they got that out. People calling their organization "The Race" might want to rethink their tactics.

Subject: RE: BS: The Bailout
From: Bobert
Date: 28 Sep 08 - 08:25 AM

Well, looks as if "The Fix" is in this morning with all the big shots in the House huddled in front of the microphone saying such... And almost everything that the Dems wanted, it seems as if they have gotten" ownership, no golden parachutes, assistence for the forclosed... Looks as if the Repubs got: emphisis on private capital but I'm not sure how they expect to enforce a law that is going to require private money to be directed into "The Fix"... Guess the devil is in the details...

At any rate, yeah, I still support Obama this election but I'm not too happy with "The Fix"...

B~

Subject: RE: BS: The Bailout
From: Amos
Date: 27 Sep 08 - 08:58 PM

I believe what happened is that CLinton made a few complimentary remarks about McCain. This has been wildly exaggerated by overheated jukeboxes posing as human beings with brains.


A

Subject: RE: BS: The Bailout
From: Bobert
Date: 27 Sep 08 - 08:54 PM

Yeah, ya' gotta watch the credit card companies like a hawk... They ***are*** out to get us... We use 'um but pay them off every month so no interest is involved and that makes 'um mad, mad, mad...

So they change our payment dates every two to 3 months trying to get somethin' outta us... So far we've beaten them but I reckon it's just a matter of time before our luck runs out and one sneaks a $25 late charge in 'cause they expected payment before the statement went out???

B~

Subject: RE: BS: The Bailout
From: Riginslinger
Date: 27 Sep 08 - 08:30 PM

I had a credit card that came due once a month, then they went on a 28 day cycle, like they were afraid of getting pregnant or something. Was Obama behind that?

Subject: RE: BS: The Bailout
From: MaineDog
Date: 27 Sep 08 - 07:16 PM

Yes, its true, I am a "deadbeat" according to some, because I don't like to pay interest.
Credit card companies do nasty things to us deadbeats. One of them tracked my history, and concluded, correctly, that I wouldn't be home during a certain period last year. They confirmed their conclusion by noticing several out-of-state gasoline purchases in a row, far from home (BTW that's a great waltz...) Then they sent me a notice saying that my payment dates were being "updated", and I was now delinquent, and owed them a late fee. So I stopped using that account, and got several new ones. Now I spread my travel business around, to make it harder for them to pull this stunt again.

Its a jungle out there.

Osama finds all this very immoral, and wants do destroy us for our evil financial habits. The man isn't stupid you know, only somewhat misguided.

MD

Subject: RE: BS: The Bailout
From: Riginslinger
Date: 27 Sep 08 - 06:32 PM

It's amazing how worked up people have become about this ACORN thing.

Subject: RE: BS: The Bailout
From: dick greenhaus
Date: 27 Sep 08 - 04:33 PM

"...and this offer is good only until midnight. Act now!"

Would you buy a used car from these guys?

Subject: RE: BS: The Bailout
From: GUEST,Guest from Sanity
Date: 27 Sep 08 - 03:09 PM

From: Ebbie
Date: 26 Sep 08 - 11:01 AM

GtS, "Clinton is now supporting McCain"? I don't find it. Any info?

It was on the news. We all sat and watched it, with amazement.

Subject: RE: BS: The Bailout
From: Amos
Date: 26 Sep 08 - 11:07 PM

Yeah, but admit it, he'd never get past security.


A

Subject: RE: BS: The Bailout
From: Little Hawk
Date: 26 Sep 08 - 05:21 PM

Chongo is the one who can most effectively reach across the aisle.

He has longer arms than either McCain OR Obama.

Subject: RE: BS: The Bailout
From: Donuel
Date: 26 Sep 08 - 05:20 PM

LOL to the 3 power

Subject: RE: BS: The Bailout
From: dick greenhaus
Date: 26 Sep 08 - 05:19 PM

Today's question is whether or not McCain can reach across the aisle and work with the Republicans.

Subject: RE: BS: The Bailout
From: Donuel
Date: 26 Sep 08 - 02:15 PM

WAMU bank went under because of a run of 16 billion dollars on their bank by depositers

Subject: RE: BS: The Bailout
From: Donuel
Date: 26 Sep 08 - 02:04 PM

http://usera.imagecave.com/donuel/bail-in.jpg

Subject: RE: BS: The Bailout
From: Ebbie
Date: 26 Sep 08 - 11:01 AM

GtS, "Clinton is now supporting McCain"? I don't find it. Any info?

Subject: RE: BS: The Bailout
From: Amos
Date: 26 Sep 08 - 10:10 AM

McCain's political dance spoils progress.


A

Subject: RE: BS: The Bailout
From: Amos
Date: 26 Sep 08 - 09:57 AM

In his first days in office, Hoover said, "Americans are nearer to the final triumph over poverty than ever before in the history of the land." Oops. And just before he was swept to the dunce corner of history, Hoover said, "No one has yet starved." At the time, people in rural America were eating brined tumbleweed and road-kill rabbits; the unemployment rate was 25 percent.

But the larger lesson is how Wall Street brought down Main Street. Banks were largely unregulated then, free to gamble people's savings on stock market long-shots. When the market collapsed, the uninsured deposits went with it. By the end of 1932, one fourth of all banks were shuttered, and 9 million people lost their savings.

In this century, thanks to the deregulatory demons released by former McCain adviser Phil Gramm and embraced by just enough lobbyist-greased Democrats, Wall Street was greenlighted again to act like a casino. Banks in the heartland passed on their mortgages to Wall Street, where they were sliced and diced in hundreds of largely incomprehensible ways. And while few people understand how those investment giants made money, this much is clear: it was a killing. In 2006 alone, Wall Street firms paid out $62 billion in bonuses.

With all the urgency of that famous National Lampoon magazine cover that showed a cute pooch with a gun to its head, and the line "If You Don't Buy This Magazine, We'll Kill This Dog," President Bush says the biggest bailout in American history must be passed now or the world will crumble. He said a similar thing in the run-up to war.

Just once, it might be worthwhile to listen to a dirt farmer like Jon Tester, who wonders why the same breathless attention is not given to the concerns of average Americans. Ah, but he's only been in the Senate two years. Give him another term and he may start quoting Phil Gramm with approval.
NYT

Subject: RE: BS: The Bailout
From: Amos
Date: 25 Sep 08 - 10:57 PM

An analysis of the real problems behind the "sucker punch", by a Motley Fool analyst.


A

Subject: RE: BS: The Bailout
From: GUEST,Guest from Sanity
Date: 25 Sep 08 - 10:43 PM

Hey Amos, ..Clinton is now supporting McCain...imagine that!
Stupid circus of con men and fools, crooks, and liars.....

Subject: RE: BS: The Bailout
From: Riginslinger
Date: 25 Sep 08 - 07:42 PM

"...cause they cant make any money off them."


                  They don't "make" money anyway; they steal money!

Subject: RE: BS: The Bailout
From: GUEST,petr
Date: 25 Sep 08 - 07:41 PM

maindog,, the credit card companies have a name for people who pay of their debt before the end of the month..
deadbeats..

cause they cant make any money off them.

Subject: RE: BS: The Bailout
From: Amos
Date: 25 Sep 08 - 06:59 PM

Barack Obama held a press conference about our current financial crisis and the principles we need to uphold as Congress works to resolve it.

Meanwhile, John McCain has suspended his campaign and wants to postpone Friday's debate on national security.

Watch the video of Barack's remarks:

http://my.barackobama.com/latestremarks

Subject: RE: BS: The Bailout
From: dick greenhaus
Date: 25 Sep 08 - 06:49 PM

A radical thought...how about privatizing the private sector?

Subject: RE: BS: The Bailout
From: Bill D
Date: 25 Sep 08 - 06:44 PM

MD...never fear. Your sins will not go unpunished. Now that we realize you probably are pretty comfortable in your hoarded millions, we will be over for supper. ☺

Subject: RE: BS: The Bailout
From: MaineDog
Date: 25 Sep 08 - 06:17 PM

I am sorry, I apologize. I can see clearly that I, and others like me, are entirely responsible for the present economic woes. This is because we have selfishly refused to participate in much of the economy, so that we could avoid wasting money on non-essentials.
I admit, and confesse, to, the following sins, as well as others I can't think of right now....

1) I have never taken out a car loan. However, since I have owned about
10 of them during my lifetime, I have probably cheated the now defunct banks out of about $150,000 IN INTEREST PAYMENTS. am sorry, but now that I am old, and you are eating away at my 401k, I can't afford to pay it back.

2) I own 3 houses, and none of them is mortgaged. I realize that this situation will cheat the poor bankers out of about $1.0 MILLION IN UNPAID INTEREST, but once again, I must beg off due to current economick conditions, for which I realize I am largely responsible.

3) I regularly cheat the credit card companies out of HUNDREDS OF DOLLARS each month by paying my bills mostly on time, and so not paying late fees or interest.

I keep in investments (?) the monies I have failed to pay out, so, now, of course, they are machinating to take it away from me. But I guess that's what you get if you are stupid enough to follow the rules.

Think !

MD