Get Long Torches & Pitchforks: Bailouts "Absolutely Asinine," Ritholtz Says

We already are screwed!! The horse has left the barn, and now they want to close the gate?! The counterparties have been made whole by TRILLIONS of taxpayer dollars. So, yeah, go ahead and send in the FDIC to finally do what they should have done from day one, the damage to the US and the public has already been done.

OMFG Im sick of hearing these two every day on the same old crap about nationalization.

Thank you Barry Ritholtz. I've been saying this for MONTHS: screw the bondholders and the counterparties. Let them eat FDIC cake. F*&! them all. If they have to take a basic-training-style scalping, WHO CARES? At some point, losses have to be recognized and booked -- all Bernanke and crew are doing now is playing a shell game in which my kids will ultimately have to pay. Pitchforks and torches, indeed. Heads on Sticks! This is the clearest case of us (taxpayers) against them (superwealthy and government) that I have seen in my lifetime.

The need for bailout is there. Salarylist.com Incometaxlist.com showed American income salary is dropping, house average income below $40K now. No bank failure will only make things worse

Market is ahead of Barry on this one. Rerence a chart of SWHC, dire implications indeed!

I wish my state would secede from the union. This is intolerable and I am not putting up with it anymore.

If it was bad debt that got us here, why would more debt by the government solve the problem? It's wasted money we don't have.

Two weeks ago Citi was whining and begging for another $30 billion or so in government bailout funds. Now he is bragging to his employees in an internal letter that the company will make $8.3 billion in the first quarter of 2009. What gives? Which one is he lying to? The taxpayers or his employees and stockholders?

GOVERNENT HAS PANDERED TO "IRRESPONSIBILITY"FOR SO LONG,, IT BARLEY KNOWS WHATS "THE RIGHT THING TO DO... THAT NOW THEIR IR RESPONSIBILITY. HAS RUBBED OFF ON WALL STREET, MAIN STREET, AND EASY STREET. ALL THE " GOVERNMENT TOXICITY CREATED"...HAS COME BACK TO HAUNGHT THEM,,"ASININE GVT, HAS BEEN AROUND FOR DECADES"""..NEXT WEEK MORE BANKRUPCY...

Bailout = Payback for all that nice help in the campaign.. Thanks guys for saving our greedy selves..

This housing graph decribes it all - what was wrong with the US was the crazy investing in 401k funds that started in 1982 !!! Look at the housing GDP bump up after 1982. If the party lasted for 28 years how long will the hangover be ?????? http://housingbubblebust.com/Fed/GDPvsHSG.html

"Why do you and I as taxpayers have to make good some bet that Goldman or Deutsche Bank [or Pimco] made?," Barry asks. "When you lend money to an insolvent institution, you're not supposed to be made whole." ------- AMEN ------- Going forward we MUST define "FREE MARKET" where it internalizes ALL costs of production. To date that has never been the case, and the current economic collapse brought on by these "crying 10-year old school girls" proves that point ------- BTW, today's rally is a great opportunity to SELL--just take a look at recent insider trading - Best Buy is a Best Sell today - LOL

IF these banks go into receivership can the taxpayers be first in line to get their money back? AIG and the banks still have tremendous assets,and if we can be first in line to collect them, well FINE with me. BUT, all those who think this might be great better get ready to see their pension funds and their IRA's take a hit. Don't be so damn smug, as the bell may well toll for you. And when it happens the Repubs who are calling for this will call Obama a dirty commie.

Of course the average annual household income is dropping with unemployment as high as it is now it's bound to decrease households income. These Tech Tickers keep getting suckier and suckier.

Fact is whether you bailout or not, taxpayer is going to loose money due in part to bad decisions made by banks managements in last 5 years or so and not to forget regulatory failures etc. If we let govt take ownership and then try to do it, it will be even worse. Government can play all it wants with AIG/FNM/FRE and show how much good they can do. I am willing to bet appropriately regulated private enterprise can do it better. There are good chances that all the bailout(loaned money to banks not free money) money will be returned and trickle has already started. Maybe there should be some haircut bond holders should take but that would cause another setback to 401ks etc of shareholders. I see a ray of hope in continuing with the current policies based on bofas comments about profits earlier and Citis memo. Give another couple of quarters?

Loser, get a real job.

this graph really describes it all !! what was wrong was the 401k programs being launched in 1982 and housing was up up and away since then as people's "perception" of wealth changed completely !!! IF THE PARTY LASTED 28 YEARS HOW LONG WILL THE HANGOVER LAST ????? http://housingbubblebust.com/Fed/GDPvsHSG.html

The votin majority is of the opinion that everyone should bend over and grab their ankles. Unfortunately, they have not realized that means they are not exempt and are going to get the same treatment. That is why the vote went the way it did in November. For most of them, it is smoke and mirrors, and they can believe in the outrageous promises from a snake oil salesman. BTW, it is not just execs to blame for this, although I think they are more to blame than anyone else. ACORN and their ilk are *always* pressuring for bad policy decisions (with big sticks such as getting banks that don't play by their agenda of lending subprime loans to people who should never have gotten them loosing their FDIC rating and thus their depositors, who would *seem* foolish to keep their money there) *and* wanting their constituency (which I am sorry folks, are just as greedy as the big boys) to be sheltered from *their* bad decissions and be unjustly enriched at the expense of people klike me, who still had enough creditworthiness to refinance their home when the rates went down and get some small benefit because we did the *right* thing all along and did *not* extend ourselves as far as others. For the record, I think I am still over extended on credit, but I am really pushing to eliminate that vulnerablity completely. With the campagn contributions being so incredible from Fannie and Freddie and how *they* are benefiting, I don't think there is any transparency in the whitehouse, just movie star level of spin doctoring. Thruth needs to start being said. That was the biggest promise broken...;'{P

I loe postingabout how much i hate tech ticker. It is the main reason i use google finance now

Obama is no big time socialist -- Chavez, now that's a socialist. Obama is just another old boy's club, NWO, world bank, central bank puppet. A socialist would have nationalized the financial industry and stripped execs and boards of all compensation from the last 5 years. If Obama wants to borrow and spend to jumpstart the consumer economy, bring back GWB's $300 "taxpayer rebate" scheme.