about this blog
- Cody Willard is an anchor on the FOX Business Network. Willard is also the principal of an investment management company.
He was a long-time featured columnist for the Financial Times and TheStreet.com as well as a regular featured economist and stock picker on CNBC's ''Kudlow & Company."
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Rachelle
I agree with you. Get these guys out of the positions they are in and no longer making tons of money. On top of that I am not voting McCain or Obama. I am voting Ron Paul for standing against this. I can not beleive anyone would consider voting for those two jokes. Neither one of them has a clue about whats best for the Economy and how to get us out of this mess.
Gerald Wesselmann
Follow the money, which politicians were recipients of large sums of money from these corporations? Since when is buying a favor NOT a bribe? We need to file criminal charges for both the executives of the corporations, and the politicians who accepted their so called contributions. Corruption still stinks no matter how much it is covered up! Christopher Dodd, Barach Obama, Chuck Schumer, Barney Frank, Bill & Hillary Clinton, Franklin Raines, James Garelick, Delvyn Watt, and Jessie Jackson.
Jeff
I'll go one further: vote out EVERY incumbent in the House and Senate, start from scratch, and they need to then make their first 2 priorities to set term limits of 6 years for both Houses, and enact Line Item Veto.
Herbie G
My Georgia Senators who voted for this mess just sent me their Xeroxed BS reply to my complaint. Well, the Senators didn't really send it--just one of the $9.95 per hour office grunts who are busy sending the same reply all over the State assuming we are all ignorant lemmings just thrilled at receiving a "personal" email from such important and economically educated elected officials. offal-cials would be more like it. I say gibbet everyone of them from the top eschelons to the State level for voting against the vast majority wishes.
12packBambi
Wake me up scotty ! I must be dreaming. seemed fitting words for some reason, or lack of reason.
12packBambi
As Palin might call it - your average liquor and smokes consuming hillbilly, whether it's 6 packs a day or A six pack a day - MIGHT be asking today...about their 401k... How is it Paulson is given a virtually private bank account with 700 billion in it to give out to the companies in need who through negligence - REGARDLESS of cause - made these bad investment decisions. JUST to turn to blame focus for 10 seconds... Who would purchase any bundle of loan products, opaque and or any insurance pork tagging along with the product ? at such high leverage and risk considering they NOW find out - oh that ? I guess we bought garbage. Don't worry - Paulson has 700 billion to write checks from -we'll make it. Meanwhile - the OTHER end here, those whose money was USED - that is, pension funds, all retirement related investments have been hit at 20%, nearly 2 trillion USD (and remember, the Dollar under Fiat is always bloating like a pork belly pig on prednisone)... Why ? Because of the Lehman's - gone poof - 650 billion where'd it all go ? Who knows. And the crazy side that Paulson now has 700 billion to give right back to the people responsible for negligently purchasing these loan products. I say now that some corporations have been umbrella'd - it's time for some class action on some of them for negligence. Enron - if you recall had a shredder. Paulson is laundering in public. Besides, it doesn't matter. Let's say - 2 trillion of US citizen retirement money gone ? And Paulson gets 700 billion SIGNED IN - creating the world largest private wealth management fund ? Sheesh ? US Citizen's ZERO Wall Street gets offers to join the 700 Club. Wow. Nice laundering operation though. I want to see round one actually STOP at which party brought more negligence so that a settlement window can be discerned before proceeding. Then we can watch hearing after hearing from CW to BAC- what a name eh ? Country Wide and they sure were. The final exit act would be nice if it broke fiat. Then ? short of 'got scrap gold ? we want your dental fillings !' venues to collect gold ? Nothing anyone can do but look back and say - wow - lot of money just was taken out moved over to gold and WOW - like Sarah Palin says, Ya know there just isn't time for any finger pointing any more, we're past that ! ? ? ? ? ? ? ?
Pat
Fire them all - Dems and Reps. Lots of people are debating "which is the lesser of two evils" for the third or fourth election in a row. Enough! The lesser - is still evil. I voted for one of the major party candidates in '04, no way am I making that mistake again. Dems have shown themselves to be thieving liars, Reps are incompetent liars. I am voting for Bob Barr and other Libertarian candidates, they alone understand the fiscal and monetary roots of this mess - and how to fix it (responsibility for your actions! and less money to gov't out of our paychecks) - and while I don't agree with everything they say, I am tired of wasting my vote on Tweedledee/Tweedledum/more of the same and you gotta hand it to the perennially idealist Libertarians, they do not blow with the wind of the latest polls. So - waste your vote for McOld or Obummer, get much more of the same - or dare to be a little different. If not now, when?
Hillbilly #9413456
Wow just checked the kids education fund. Lost $500 yesterday. As of Today ? $30k growth from 20k in 3 years ago ? Gee - American Funds ? ROCK SOLID ? It's down to $19,500 it's BELOW what was invested three years ago. To that I say - if "I" see 3 years progress just wiped clean ? and NOW ? Actual REAL LOSS from money put in ? from stable American Education funds (btw, note that Vanguard is squirming a bit lately) ? a LOSS Just amazing. Something very bad is happening. That's just $30k to $20k in a month. Imagine someone retiring - 300k to 200k JUST like that - I've not heard one mention of the people who will be hit the hardest. Those that counted on their retirement funds being there. Gee, if we can't protect the dollar, we can't do jack. BUT - what good is it to promote the dollar if we let people sell off well ? Come to think of it ? You know who needs to be here ? the FTC. FTC handles consumer fraud. These investment banks took peoples lifetime investments, their nest eggs and spent them on phony loan products... .And no one seems to find that criminal or negligent. Consumers can sue if there isn't criminal prosecution, I'd hope. Yes, let's see a class action against Lehman - Bear Stearns - the entire lot of em. BAC was worried about CW's legal headaches - heh - let's let the lawyers get involved and really screw things up folks. Something is terribly wrong though. Today marks the FIRST day we actually are LOSING real money deposited into the education fund. If it's happening to me ? It's happening to everyone else. We are now in reverse, we're not even treading water, we're going under. $500 today. $10k losses over months I can't imagine what people watching their retirement nest egg go down the tube are thinking today. IF they even looked. Leave it ride and risk it ? or risk taking it out and missing a rebound, if there is one. I have no choice but to leave the money in there, the fees to take it out would incur certain loss on top of real loss already. It's interesting when an education fund, golden integrity - loses money. I think that says something about the future of the US. That we can't even maintain positive growth financially for children ? my god. BEST part ? Paulson and Bush reward those that took part in laundering these intentionally created BAD loan products and leave those with IRA's - and other retirement investments out to dry. 700 billion package was more like a back alley hold up. "Come on man, no, we gotta do it now" "why ?" "Cause, I don't know, I can't explain it, just give me the 700 billion NOW or you'll pay dearly" Now we have influenced our economy by this fear mongering mindset. Great. Real smart. Will any of that 700 billion by Paulson's hand make it to help one citizen who's IRA was ruined by the company Paulson WILL be helping ? news at 11.
Bill RUTH
I have been hearing "Revolution", "voter revolt", "heads should roll", and many variations of such. If a revolution is warranted I am sure, with enough money, Bill Ayers could be bought to educate the warriors. If he's not available, I'm sure any number of his aging friends could be bought. America was made by revolution. Voter revolt, wasn't that the 2006 election issue? The voter revolt didn't get anything done, except to hand over the the House and Senate to the Left Wingers, who have polled worse than President Bush. Heads should roll, where do we start, Washington D.C., Wall Street, or big money people who have creatated 527's and ACORN type groups? How about the MSM who have spread the panic and fear over this needed bail-out bill that appears not to be bailing - out the credit problem, but does appear to be smothering the American taxpayer? Vote, stay educated, and be prepared.
George
Sorry, got off the subject at hand....vote all the b*&^%$&* out of office. It is beyond the time to clean house. Both D's and R's
Matt T
Great Article! I agree with Lynn H....I send letters and e-mails, but our Leadership doens't respond...and they certainly no longer care about the American people...they only care about Wall Street and the United Corporations of America! So, I want to recommend we all start sending our bills that we can now no longer afford to pay to our Senators and Representatives with big letters across the front that says 'Please Pay'! Hey, if they are going to use my money to pay Wall Street bills, they can start paying mine right now!
michael defrancesco
I am one of those who would relish the setting of the three gasbags Barney Frank, Christopher Dodd, and Charles Scummier sitting under the klieg lights pummeled with questions that they launch at CEO's all the time. It is maddening to listen to them blame everyone else, and have not the least bit of integrity to step forward and admit and accept their blame. This whole financial experience was triggered by another "feel good" program gone amok, and we're on the verge of seeing more of the same programs on an exponential level. And, with a Democratic takeover of Congress and the White House, there will be no questions asked.
Mike
Government is stealing our productivity. They do it by their action to devalue the dollar. Our retirement accounts, and home values are being destroyed by the action of both parties. If you want a detailed timeline of how this will probably end if we dont vote to limit governments involvement, read Ayn Rand's Atlas Shrugged. The private sector should not be required to compete with government entities in the market. The big corporations are looking for handouts from their friends in Washington. I like the idea of avoiding the market until government is out. Do not feed this market money to prop up this farce.
MARY NAGLER
CODY - WE MISS YOU THE LAST FEW DAYS ON HAPPY HOUR
Debbie
Don't just fire them all, prosecute them and get all those exit bonuses, $400,000.00 junkets and golden parachute monies back....then put them in jail where they belong for this hideous mess that's been made at the taxpayers expense. Enough is enough!!!!!!!
Tom in AZ
I agree with several others in this discussion. Fire them? I want to see some people really PAY for this disaster. I want to see some people go to PRISON. LOT'S of people.
Robbin Perry
Finally, someone else that echo's my feelings. Here's an idea. Make ALL the CEO's who stole the money , repay what they stole. And just to be fair we the people , (b/c now we own their companies), will only charge them the current interest rate. Funny we bailed them all out, but who is going to bail me out. Oh that's right myself. I took a third job. Imagine that working to pay your bills. They all need to go to Dave Ramsey FPU. Then they will realize they dont need credit!
Lynn H
Great article. Do any of you have any idea how difficult it is to correspond with your elected officials? I've sent emails to my 2 senators, my representative, and John McCain asking them not to vote for the bailout. No one replies. Of course they voted for it but I will not vote for my representative who is up for re-election this year. What do I do about voting for a president? We have two democrats running this year. McCain who wears a republican name tag and Obama who is a liberal democrat. Wait, after last nights debate perhaps McCain is a liberal democrat as well. With either of them we're lost. How about a grassroots movement to elect Bob Barr? It's probably too late for that this time around, but we need to be in position for the next election.
Carolyn S.
Get rid of 'em all! I don't plan on voting for anybody who helped pass this bailout.
Rob
How about making campaign contributions from corporations illegal. It's clearly a conflict of interest.
Don 'A Joseppi
You all need to get with the program! E-mail everyone you know, and have them e-mail everyone they know. Make your motto RE-ELECT NO ONE!!!!!!! VIVA THE REVOLUTION!!!!!! Like others I will not say who to vote for even for president, but since both McCain and Barack Hussein Obama voted for this train wreck and then bent us over lubed us up with a halopeno pepper and shafted us they will not get our vote. Smile and have a nice day. Dom 'A Joseppie
Mike
Cody, Great start, how do "we the people" get this movement going forward? Every single one of them needs to be shown the exit door, regardless of party. The fact that they were able to load more crap under an "emergency" bailout bill only underscores that the legislative members have neither sense nor shame when it comes to their job. We can do no worse. Maybe the next group will understand who hired them.
Eric
It's very frustrating overall, because even though this stuff got shoved through without regard to the vast majority of the voting public, those lemmings will STILL re-elect the same bastards ("I'm a Democrat/Republican, so I ALWAYS vote Democrat/Republican.) It all comes down to apathy. We get the government that we elect. I guess what we want now is some form of socialism, because the free market system just got retired. The governement knows what is best for us, and will do what it wants regardless of our approval or disapproval. I'm curious to see what happens in a few years when the social security ponzi scheme starts to dry up...do we just print more money? Simple! Hey, this is easy! btw, nice song tie-in
mike
Dear BHoy-Bullseye! Well said!
Monty
Cody, I have become a fan of yours basically since this whole fiasco reared it's ugly head. I applaud your choice to shine a light on the Illuminati. I am stunned that someone in the mainstream media had the courage to expose this little secret. I believe that America was once and can be again the greatest country on earth. We the people need to wake up and take our country back. I, like many of your other posters here don't quite know how we can go about doing this. I believe you have established the groundwork for where we can begin. The people in charge of our country do not have our best interests at heart. It's time for a change. Since you started this blog with a song I would like to end my response with one as well. This is a couple of verses of a tune I wrote in the early nineties. Good luck to you Cody....Keep up the great work. There's a man on TV with nothing left to say he's through with talking and now he's waiting on judgement day. Looking for signs of the times you know that he can tell you should have been listening and you would know as well. Mr. peace man of the sixties can you tell me where you've gone now instead of carrying signs, crossing lines and standing behind your vow your holding hands with the big man and doing all he say it seems all good but I'm here to tell you you're gonna pay someday What's happened to America can anyone tell me divided we stand....united we fall we need to come together now....one and all