Microsoft has released a press statement urging Congress to reconsider its bailout decision, saying government action is "vitally important." Brad Smith, Senior Vice President and General Counsel released the following statement:
"Microsoft strongly urges members of the U.S. House of Representatives to reconsider and to support legislation that will re-instil confidence and stability in the financial markets. This legislation is vitally important to the health and preservation of jobs in all sectors of the economy of Washington State and the nation, and we urge Congress to act swiftly.”
Microsoft shares fell 8.72% on Monday as Apple plummeted 17.92% on fears of profit margins. The U.S. House of Representatives voted down a $700 billion bailout plan by a vote of 228 to 205. The bailout plan is believed to be required to secure the future and stability of Wall Street.
View: Microsoft PressPass
n00b pwn3d
http://www.businessweek.com/globalbiz/blog...ftware_tal.html
n00b pwn3d
http://www.businessweek.com/globalbiz/blog...ftware_tal.html
It's a highly contested issue, executives and human resources are going to tell you there is a shortage of workers. IT workers on the other hand, are going to say that compensation and incentives do not promote workers to stay with their company in the long term, nor do companies provide adequate compensation to assist with continued education in the IT study.
http://it.toolbox.com/blogs/managing-infos...bandwagon-13298
n00b pwn3d
http://www.businessweek.com/globalbiz/blog...ftware_tal.html
"So says Wipro Chairman Azim Premji, who repeated the warning during press interviews on a recent swing through the United States."
Hmm, the OPINION of the Chairman of a consulting company based in India - it must be true!
http://en.wikipedia.org/wiki/Wipro_Technologies
The house was stupid not to pass it. They will cause massive layoffs and global slowdown if it will not go through.
All these fat cats made all this profit for the past decade. Now they can eat the loss. That's Capitalism after all.
Seriously, if Bush is for it, and he's always lying and using to fear to convince Americans to give graft to his cronies, why would you believe him now?
It's just stock valuations. Which were massively overinflated to begin with. Those values weren't EVER real. Let them go back to what they are truly worth.
That's the point! There is NO confidence and stability in the financial markets! It's equivalent to vaporware!! Doctored books; padded bonuses to CEO's larger than the salary of the average american income; government mandating home loans be given with very LITTLE proof of income or identification. There is NO confidence and stability in the financial markets because Wall Street and Politicians are corrupt and greedy and have done NOTHING to instil Confidence OR Stability.
It makes sense Micro$$$$$$oft jumps on board with the bailout - they don't want to see their REVENUES decline. It's all about $$$$, NOT the american people - make no mistake.
That's the point! There is NO confidence and stability in the financial markets! It's equivalent to vaporware!! Doctored books; padded bonuses to CEO's larger than the salary of the average american income; government mandating home loans be given with very LITTLE proof of income or identification. There is NO confidence and stability in the financial markets because Wall Street and Politicians are corrupt and greedy and have done NOTHING to instil Confidence OR Stability.
It makes sense Micro$$$$$$oft jumps on board with the bailout - they don't want to see their REVENUES decline. It's all about $$$$, NOT the american people - make no mistake.
Since your bashing microsoft you do know that apple was hurt in all this too and that apples stock price dropped more then microsofts did. Atleast microsoft is doing something about this mess.
That's the point! There is NO confidence and stability in the financial markets! It's equivalent to vaporware!! Doctored books; padded bonuses to CEO's larger than the salary of the average american income; government mandating home loans be given with very LITTLE proof of income or identification. There is NO confidence and stability in the financial markets because Wall Street and Politicians are corrupt and greedy and have done NOTHING to instil Confidence OR Stability.
It makes sense Micro$$$$$$oft jumps on board with the bailout - they don't want to see their REVENUES decline. It's all about $$$$, NOT the american people - make no mistake.
Since your bashing microsoft you do know that apple was hurt in all this too and that apples stock price dropped more then microsofts did. Atleast microsoft is doing something about this mess.
Apple is nothing in an economic standpoint compared to Microsoft. Microsoft could probably buy Apple 10 times and still have enough cash to buy Google. Therefore, it is obvious Microsoft is impacted a lot more, just by seeing its massive scale. Microsoft definately lost ALOT more money than Apple. Also, the US Government will not listen to Apple as they will Microsoft. So don't go hating on Apple.
But in response to POWER2112... he has no idea what he's talking about. Microsoft has nearly 100K employees, and Apple maybe 25K, not to mention a large portion of Apple is Customer Service, while for Microsoft it is developing.
And also, in a business, it's always about the $, unless it's a non-profit organization, which usually doesn't occur until there is some base $ to start with. So his arguement is pointless.
Members of the House of Representatives will be demanded by their constituents to back the government investment after this drop in the market (and the resulting media frenzy). Hence, money is everything - and people will serve their self-interests when they realize the impact of inaction has on their wallets. Quit blaming corporations and politicians because people are irresponsible consumers (buying houses they can't afford). The market is correcting itself, as a good system does.
Spot on, good sir. Spot on.
Thank You.
Spot on, good sir. Spot on.
Keep in mind that not everyone who you are classifying as "irresponsible consumers" are that at all. Many people (myself included) took out mortgages on houses many years ago when gasoline cost less than half what it does now, and groceries were much cheaper than they are now. Salary increases simply have not kept up with rising costs of living, which has led many people to have to default on mortgages in order to survive. That is also a large part of the reason for the rising number of bankruptcies. If you really believe that everyone who bought houses 5 to 10 years ago and are now having financial problems are "irresponisble" then you are either ignorant or brainwashed by the media (or both). While I do admit that there are people who DID take out mortgages that they could never afford, I suspect that they are a much smaller percentage of the broader group of people for whom the cost of living has simply outrun income levels. The media loves to blame the consumer when it is really the fault of the greedy oil companies and other large corporations (including banks) who have been trying for the last few years to suck every last cent out of the average consumer.
Spot on, good sir. Spot on.
Keep in mind that not everyone who you are classifying as "irresponsible consumers" are that at all. Many people (myself included) took out mortgages on houses many years ago when gasoline cost less than half what it does now, and groceries were much cheaper than they are now. Salary increases simply have not kept up with rising costs of living, which has led many people to have to default on mortgages in order to survive. That is also a large part of the reason for the rising number of bankruptcies. If you really believe that everyone who bought houses 5 to 10 years ago and are now having financial problems are "irresponisble" then you are either ignorant or brainwashed by the media (or both). While I do admit that there are people who DID take out mortgages that they could never afford, I suspect that they are a much smaller percentage of the broader group of people for whom the cost of living has simply outrun income levels. The media loves to blame the consumer when it is really the fault of the greedy oil companies and other large corporations (including banks) who have been trying for the last few years to suck every last cent out of the average consumer.
Correct.. if the oil industry wasn't the no. 1 source of money in the world, we would have readily advanced in many areas of both economy and technology.
Ex. More companies on new tech > New types of cars/etc. > More $
Members of the House of Representatives will be demanded by their constituents to back the government investment after this drop in the market (and the resulting media frenzy). Hence, money is everything - and people will serve their self-interests when they realize the impact of inaction has on their wallets. Quit blaming corporations and politicians because people are irresponsible consumers (buying houses they can't afford). The market is correcting itself, as a good system does.
Yes this is a bailout, no one would want to invest in to that.
http://www.nypost.com/seven/09282008/news/..._buy_131120.htm
The banks knew exactly what they were doing when they issued the bad loans (predatory lending) and they knew exactly what they were doing when they leveraged those assets 30-1 on the open market. If you look it up you will see that banks are not typically supposed to leverage more than 10-1... so essentially the banks bet against themselves and now they expect us to clean up their mess.
I can't support this at all. The government should not be getting involved in the private sector anyway. I think a much better use for the 700 billion would be to give every person over 18 an equal share. Of course you would have to declare any debt up front and pay your taxes on the money plus pay off all debts.
At least with this approach we are not enabling the banks to go right back to their previous behavior and we will not be transferring wealth from the poor to the rich.
Check out votenobailout.org
Here is the letter I sent to my senators:
I do not believe We The People should be shouldered with the responsibility to take care of companies that knowingly engaged in risky investment decisions. They need to suffer the consequences of those decisions. Buying bad loans and leveraging them 30-1 was clearly bad practice.
Any normal person or business, when faced with a financial crisis is not automatically forgiven of all debt on a whim. A normal person would file bankruptcy, their assets would be liquidated to settle some or all of the debt, and that person or business would have to start over.
As a Citizen who is financially responsible I do not accept the proposal to create an additional $700,000,000,000 of national debt for our country.
Congress has no right to give the White House and its Secretary of the Treasury the power to transfer the people's money to the richest bankers in the country.
Vote No to the Bailout legislation. The Bailout legislation is being rammed through Congress in a matter of days. This is an illegal power grab by the White House and their richest friends on Wall Street. Take Section 8 of the proposed legislation: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
This sounds like an attempt to keep the public from finding out information pertaining to it's own funds that would be spent on this bailout. I cannot support these actions as it looks like an attempt to cover up fraud.
The Legislation allows the Treasury Department to appoint the same bankers who created the crisis to administer and dictate the use of billions of our tax dollars. It is also one of the biggest transfers of wealth, from working families to the ultra-rich, in the history of the United States.
Congress should help families stay in their homes. Wealthy executives should be forced to give up their obscene profits, fees and bonuses that made them ultra-rich while they ran the economy into the ground.
It's time to make a decision that will benefit the American People and not the Big Corporations.
When a situation like this can collapse the entire infrastrcuture of the United States, world.... I think it gives the government the right to get involved.
It's been ingored far too long... especially by the Bush Admin... we saw the warning signs... and did nothing.
Granted a 700 billion bail out might not be the answer were looking for... but they need to interviene now.... or we might not have a wallstreet to talk about...
When a situation like this can collapse the entire infrastrcuture of the United States, world.... I think it gives the government the right to get involved.
It's been ingored far too long... especially by the Bush Admin... we saw the warning signs... and did nothing.
Granted a 700 billion bail out might not be the answer were looking for... but they need to interviene now.... or we might not have a wallstreet to talk about...
Yeah, the bailout was always a bad idea. The economy needed to reconstruct itself, not add additional circulation. Of course, if people had been more aware of this rising problem, perhaps they wouldn't make such stupid decisions in relation to their houses etc.
Last edited by neufuse on 30 Sep 2008 - 01:05
I agree on all points. This was a stupid idea. It failed, so think of something less, er, bombastic? Yeah, bombastic...
Ha, they would just outsource Congress, lol
Totally agree. This is like your degenerate, gambler brother asking for $5000 this "one last time". He says it's the last time and like an idiot, you give it to him. A month later, he's back with another sob story.
Anyways, currently USA doesn't have such amount of money, so this bailout means several new taxes, just for save the rich people.
Sorry, just visiting from Slashdot. Gotta play the part!
I don't think the governments bailout of these greedy businesses is going to reinstill confidence in the financial markets. The entire system collapsed due to blatant greed and absolute zero concern for the overall effect of their actions.
Government action is vitally important.
Unbelievably, they took the correct action!
This time anyway!!
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