How can our government legally take over private companies? - Cricket Diane C Phillips

Under what set of laws is our government choosing to bail out these businesses? Whose decision uses our system as a public underwriter of bad business choices and practices? What gives the US government the power to fund these corporations in a few cases of massive amounts and allows other businesses to fail? What right do they have to do that?

There comes a time in which the fundamentals that have been in place throughout our corporate systems must change. If our government now owns Freddie Mac, Fannie Mae, AIG, and no telling what other huge corporations, then there is no capitalism in any real sense. When profits weren’t used to backstop their companies against debts, these corporations were in default from that moment forward. They do know better. What right does our government have to take over these companies in order to keep them from failing? Do we live in a capitalist society or a communist one or a monarchy? What is it actually?

It looks like in practice, our government has become something else besides the America we were taught that it is. Our businesses have been based upon unsound principles of accounting and extraordinary lies of profitability. The economic foundation of the United States is now gone, whether the government runs in and takes over these companies or not. The economies of the world are being decimated by the actions our government have allowed during their watch and now, by the actions they are taking to “correct the damage.”

There are vast resources, tools and methods that could be chosen. Why aren’t they using these? How dare the US government take over companies who profited, lined their own pockets and refused to put profits back into the realistic shoring up of their continued success? Who are these people deciding to rescue the companies in a socialist structure of method and practice? Apparently, the United States of America is no longer a free market, capitalist society. The government just proved it.

Anybody that keeps believing it will all be okay - is delusional and not working with the facts.

Written by Cricket Diane C “Sparky” Phillips, 09-17-08

The housing problems and the accompanying credit
crisis began in the Clinton administration when Bill strongly
advocated making it possible for every family to own a home.
Pressure was applied to the large firms, who seemed to have an
endless supply of money, to bend and be flexible and to take a chance
so that everyone could buy a home. Clinton's people pushed through a bill and bouyed by the upward economy almost everyone voted for it, including McCain. That was in 1998. Remember? Oh yeah, you say! Today, we are now seeing the tragic results of such unwise policies and practices. Of course it's easy to blame Bush and forget about what Clinton did. The masses are always so short sighted and quick to kill the first person they can lay hands upon. Then, In 2005 Senator John McCain, much to his credit, recognized their were problems and presented a bill in the Senate which stated that there were massive housing irregularities, particularly within Fannie May and Freddic
Mac, and that these financial irregularities were not right and needed to be confronted and stopped or ithey would drastically affect our entire economy in a negative way. When McCain's bill went before the Senate, it was quickly killed by the Democrats!! Barney Frank and Chris Dodds led in the opposition to McCains bill.

With Morgan Stanley and Goldman sending jitters down the financial markets and looking for some financial backing, wouldn't banks like Credit Suisse and UBS be affected?

Does it seem likely that Credit Suisse viability has so far been propped up by its lucrative private banking business?

On Monday, John McCain was saying at rallies that the American economy is "strong." Yesterday he started saying the opposite! John, John..maybe you need to ask Sarah..!