Dow Jones plummets

[FrodeMk3]

I do agree that part of the pay a CEO gets should not be shares of stock - unless they are deferred until his retirement.  I understand why companies gave stock to CEO's so that they will have a vested interest in doing good for the company.  Unions screwed the pooch when they stood behind PATCO's illegal strike in the early 80's... then they got smacked by Reagan's mighty Banstick!  

Reagan sort of set them up for it, though.

That morning Terry eagerly awaited news from the FAA regarding the strike. Little did he know, President Reagan was about to reveal one of many surprises he had for the controllers. The first came shortly after the announcement of the strike. Terry and his wife were watching the news when it was announced that all controllers had 48 hours to return to work or be terminated. How could a President do this to a union that supported him during his campaign? In a letter dated October 20th, 1980 President Reagan addresses Robert Poli (PATCO President) stating:

I have been briefed by members of my staff as to the deplorable state of our nation’s air traffic control system. They have told me that too few people working unreasonable hours with obsolete equipment has placed the nation’s air travelers in unwarranted danger. In an area so clearly related to public safety the Carter administration has failed to act responsibly. You can rest assured that if I am elected President, I will take whatever steps are necessary to provide our air traffic controllers with the most modern equipment available and to adjust staff levels and work days so that they are commensurate with achieving a maximum degree of public safety. I pledge to you that my administration will work very closely with you to bring about a spirit of cooperation between the President and the air traffic controllers (Manning, 2000).

“He is criticizing President Carter for not acting responsibly in addressing our concerns and he wants to fire us all”

http://www.stuckmic.com/patco-news-issues/523-professional-air-traffic-controllers-organization-strike-similarities-today-pg1.html

What Reagan did, was lie to his supporters, essentially-He set them up for a fall.

But inasmuch as the situation we have today is concerned, There's just not enough Union jobs' to have that much of a total impact on the economy. A few CEO's can have one, based on the influence of their stock holdings, as I stated earlier; A corporate Chairman of the board influences many more lives and monies than any one assembly line worker can.

[Vudak]

I'm sure you'll see a marked increase in petty theft/burglary, and i'm sure violent crime will be on the rise, But the American people have gotten too fat, complacent, and have grown too far away from the kind of stuff the founding fathers' of this nation were made, to take to the streets' en masse to overthrow their gov't.

I'm not really worried about the average citizens...  But one of these days our Republic will fall the same way Rome's did, and the worse things get, and the less faith people have in the current government, the more likely it'll happen.

[sluggish]

There are more CEOs that make over 100 million.  Lets not forget the more 100 million dollars ofstocks, retirment, ect.  How much money do you really need?

<<troll>  Howmuch do you need, comrade?

From each according to his abilities, to each according to his needs.


                                                                                          <troll>>>
It is no one's business how much anyone earns; with COEs it is between them and their shareholders.  If you don't like the payscale at your company get a different job (or organize).  If you don't like the payscale at another company, don't buy their products.

[Ripsnort]

My post was to incite prosthetic panic. I really don't think there is any comparison to 1929 or 1939 yet.  These things take time before they actually hit your pocket book. An example is the Treasury bill, that's where you give the Government your money for, say, 90 days, and they return your money plus interest. Those T-Bills are only returning .29 of a percent currently. Just an example of a scary stat out there.

I think we'll head into a recession, but not a depression. It will take time before it hits everyone so you do have time to pay off your debt and get your numbers balanced.

[sluggish]

Today, society is alot more aggressive than it was almost 100 years ago.

I strongly disagree, once it funnels down to the average person you will see the effect.

More passive than anything.  We have progressively become more and more meek over the last two-hundred years, to the point where a large minority of our population would actually give up their one sure-fire way to protect themselves.  The founders started a revolution over a heck of a lot less than the crap we put up with today. 

We have become domesticated.

[Ripsnort]

More passive than anything.  We have progressively become more and more meek over the last two-hundred years, to the point where a large minority of our population would actually give up their one sure-fire way to protect themselves.  The founders started a revolution over a heck of a lot less than the crap we put up with today. 

We have become domesticated.

Think of the Metrosexuals living in urban jungles trying to start a revolution that didn't involve hair gel....

[john9001]

market has been open for a hour, dow is up 264.

CEO's pay/benefits are not set by stockholders, they are set by the board of directors, who is on the board of directors you ask?  CEO's of other companies are on the board of directors, it is a "i give you a big benefit package and you give me one" deal. Some people sit on the boards of many companies so the whole thing interconnected.

[WilldCrd]

well I just looked at my 401k  lost 1k  overnight 

[FrodeMk3]

<<troll>  Howmuch do you need, comrade?

From each according to his abilities, to each according to his needs.


                                                                                          <troll>>>
It is no one's business how much anyone earns; with COEs it is between them and their shareholders.  If you don't like the payscale at your company get a different job (or organize).  If you don't like the payscale at another company, don't buy their products.

If they wish to use MY taxdollars to bail these corporation's out, Sluggish...Then yes, I damn well want to know EXACTLY what's going on. Those multi-million dollar CEO's let this happen, then I want their head in exchange for MY money.

[Nwbie]

well I just looked at my 401k  lost 1k  overnight 

hopefully it will adjust overtime - the market -should readjust- hopefully the fund manager is grabbing stocks that are at an alltime low, that -should- rebound, and your loss could be a gain by the end of the month
Hopefully,
Last thursday - just reading this bbs, i came to the decision of selling off everything in my accounts, and had it put in the cash reserve fund, put it all back in this morning.  This bbs is a great barometer of the narrow minded thinking permeating this country.

[crockett]

The unfortunate thing is, it may be what is required to teach the idiots a lesson. It appears extremely harsh consequences are the only thing that will cure stupidity and arrogance.

Thinking this will teach "them" a lesson, is like letting a murder walk free and putting the victim's parents in jail. That's the problem with you guys that think voting no on the rescue plan will teach them a lesson. The ones whom caused this mess might lose their job but they are more than secure because they will have enough money one way or another. This is going to end up teaching the middle class a lesson, the less will be you just screwed up by saying no to the bail out.

700 billion dollar bail out that in reality might not have even been 700 billion, it might have been 300 to 500. Yet yesterday $1.2 trillion was lost on the stock market, that money is people's retirement funds 401k's ect..ect. Wait till your car & home insurance rates start going up, that will be just one area that this will affect you directly.

[sluggish]

If they wish to use MY taxdollars to bail these corporation's out, Sluggish...Then yes, I damn well want to know EXACTLY what's going on. Those multi-million dollar CEO's let this happen, then I want their head in exchange for MY money.

Which is why I'm against a bail-out.

[Waffle]

I don't want my tax money going towards it. I say follow the money path and then let heads roll. There's a lot of folks to blame in this - from both parties.


err I should clarify - I dont want my money going towards a bailout...now if they want to force me to "loan" them some money - then repay that that loan plus some...I guess I would have no choice then but to accept it. I wonder if they would consider auctioning off all the "bad-paper" to individuals. Let individuals invest based on what they can afford. Then if the "bad paper" turns good in the future - the people who bought it would make a profit.

[Toad]

That's the problem with you guys that think voting no on the rescue plan will teach them a lesson.

Try not to be a chowderhead.

I haven't seen ANYONE here saying there should be no "rescue plan" whatsoever. <EDIT: Well, OK.. except Waffle and Sluggish >

What most of us in oppostion have been saying is that THIS particular "rescue plan" (to use the new "sell the sheep" politically correct term for the old "bailout") stunk. It was a crock of poop. It was an attempt to railroad through a big payoff to the Richie Rich guys before anyone had time to analyse the problem. It was a money grab.

Now, after our hard working <cough> Representatives come back from their brief holiday, they can settle down, examine the problem and put forth a solution that DOES indeed include proper oversight, includes a way to get a return of the money eventually and some precautions to try and prevent the next Wall Street excess.

There will be a bail... er, rescue plan in less than two weeks. Hell, they may come back and pass this original one with a few minor changes on Thursday feeling their token resistance is sufficient cover to allow the rape of the American taxpayer to go forward.

But again, I haven't seen anyone say there should be no bail.... er, rescue plan at all.

[Xargos]

The money lost doesn't really exist, it's a figment of the banks imagination.  It has no foundation.  The Federal Reserve Bank is an illegal entity. 

P.S.  The government encouraging people to live beyond their means was the main problem.