Please God, We Need a Bailout From Nancy Pelosi
By dcmediagirl on September 30, 2008 at 9:05 AM in Nancy Pelosi
(bumped up by SusanUnPC with an additional note at the end from Andy, one of our sharpest readers)
Look, we can all quibble about the Bailout Bill that just tanked in Congress. I’m sure that we can comb through the provisions and find something we don’t like. Well, welcome to real life. Most bills passed by the gentlemen and gentleladies who represent “us” contain some lousy elements we could do without.
But we’re in a crisis, people. We can blame Bush. We can blame Freddie and Fannie. We can blame irresponsible Republican fiscal policy. We can blame craven Democrats who gobble up donations from investment banks, the aforementioned Fannie and Freddie and various and sundry Gordon Gekkos up and down the Street.
But now is not the time. People are suffering, but they ain’t seen nothing yet. It is now time for Congress to cut the bullshit and the parties to stop holding pointless press conferences.
So you don’t like the bill? How much did world markets drop as a result of Congress’s inability to act? In this country we lost TWICE THE AMOUNT proposed in the bailout bill. TWICE THE VALUE. Thanks a bunch Democrats. Thanks a bunch Republicans.
And it’s time for Nancy Pelosi to go.
With the exception of Newt Gingrich, I have never seen a worse Speaker of the House in my lifetime. We all know that the Democrats are notoriously undisciplined, but can you imagine Tip O’Neill allowing his party to slip through his fingers? Christ, this woman comes from a political family. She’s well aware of the meaning of “armtwisting” and “horsetrading”. OK Nancy, you’re pissed at Wall Street. So are we all. But while the markets are on a tripwire you probably shouldn’t deliver this speech:
PELOSI: When was the last time anyone ever asked you for $700 billion?
It’s a staggering figure and many questions have arisen from that request. And we have been hearing a very informed debate on all sides of this issue here today. I’m proud of the debate.
$700 billion. A staggering number, but only a part of the cost of the failed Bush economic policies to our country. Policies that were built on budget recklessness when Pres. Bush took office, he inherited Pres. Clinton’s surpluses – four years in a row budget surpluses on a trajectory of $5.6 trillion in surplus. And with his reckless economic policies, within two years, he had turned it around. And now 8 years later, the foundation of that fiscal irresponsibility, combined with an “anything goes” economic policy, has taken us to where we are today.
They claim to be free-market advocates, when it’s really an anything goes mentality. No regulation, no supervision, no discipline. And if you fail, you will have a golden parachute and the taxpayer will bail you out.
Those days are over. The party is over in that respect.
Democrats believe in a free market. We know that it can create jobs, it can create wealth, many good things in our economy. But in this case, in this unbridled form, as encouraged and supported by the Republicans — some Republicans, not all — it has created not jobs, not capital, it has created chaos. And it is that chaos that the Secretary of the Treasury and the Chairman of the Fed came to see us, just about a week and a half ago. It seems like an eternity, doesn’t it? So much has happened. The news was so bad. They described a very dismal situation.
Maybe Pelosi forgot that it was the Democrats who pushed the mortgage lenders to ease up on loan requirements to allow for peopel with insufficient income and low credit to qualify for loans they couldn’t pay to buy houses they couldn’t afford. Maybe Pelosi is not aware of the fact that if things continue on their present course credit could dry up. No student loans. No car loans. No mortgages. No payroll. No economy. The oil runs out and the gears locked.
And we’re all fucked at that point.
But then again, maybe she just doesn’t give a damn:
Rep. Nancy Pelosi (D-Calif.)
$18.71 millionThe Californian’s net worth rose nearly 16 percent in 2007, adding $2.5 million to her personal wealth.
Among her assets, Pelosi lists a Norden, Calif., town house valued at $1 million to $5 million and a real estate investment in Napa, Calif., worth at least $500,000.
In addition, her husband owns a commercial property in San Francisco valued at $5 million to $25 million. In 2006, the property was listed as worth $1 million to $5 million, so that property alone added $4 million to Pelosi’s net worth last year.
The couple also owns a vineyard in St. Helena, Calif., valued at $5 million to $25 million.
The Speaker’s husband also increased tenfold his holdings in Apple Computer Inc. stock to at least $5 million, up from a minimum of $500,000 in 2006.
Pelosi and her husband also owe mortgage debt on several of their properties, including the vineyard, totaling at least $8.75 million.
Other debts listed by Pelosi include lines of credit totaling at least $3.5 million.
UPDATE / FROM ANDY in an e-mail to SusanUnPC:
Talk about incompetence: 40% of Dems voted NO including many in her own CA delegation.
The vote failed b/c of 12 or 13 votes and Pelosi could not deliver them out of the 95 Dems that voted no??
What do we have a majority for if not for these times of crises when real things are on the line?
My take is the Dems were happy torpedoing the bill: this is “benefiting” BO big time and
also Dems politically in all aspects and the longer it stays like this the more advantage to BO.This is why although House Republicans contributed to the mess ( 2-1 against) Pelosi’s
handy work should not be buried or forgotten. It was not her speech it was her incompetence or political calculation. Either way she is an irresponsible, big time and people should start saying it aloud: Pelosi must resign now.
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I heartily agree…while Palin gets pummeled, we see what’s at the top of the D.C. stink pile…
And the local candidates…are they awake? I was taken aback when I met mine on Sunday….how little they know about what’s going on in the Democratic Party…and PUMA.
Local Candidates–Out There on Their Own, Unaware of PUMA Power
http://insightanalytical.wordpress.com/2008/09/30/local-candidates-out-there-on-their-own-unaware-of-puma-power/
I just heard Steve Dunleavy on Fox mention PUMA. I’m hoping that PUMA becomes a new lexicon after Nov 4.
The way to insure the entire country hears PUMA is to vote the scum OUT.
Call Pelosi, email your reps, demand Pelosi step down.
PUMA
PUMA’s need to respond to this:
Comment by ronaldosar
September 30th, 2008 at 10:45 am
In a Chicago place of business there is a naked picture of Sarah.
What word comes to mind for such actions? Pig doesn’t seem harsh enough.
What about THAT? Chicago is such a classy town…
You know, where the community organizer got his values…
How about a picture of Joe Biden or Obama with their crown jewels hanging out so we could throw darts at them.
http://www.chicagotribune.com/news/local/chi-talk-naked-sarahsep30,0,4944201.story
U.S. should immediately pull out of Chicago!
CHANGE CHICAGO STYLE
Body count. In the last six months 292 killed (murdered) in
Chicago , 221 killed in Iraq .
Sens. Barack Obama & Dick Durbin, Rep. Jesse Jackson
Jr., Gov. Rod Blagojevich, House leader Mike Madigan, Atty.
Gen. Lisa Madigan (daughter of Mike), Mayor Richard M. Daley
(son of Mayor Richard J. Daley)…..our leadership in
Illinois…..all Democrats.
Thank you for the combat zone in Chicago . Of course
they’re all blaming each other.
Can’t blame Republicans, they’re aren’t any!
State pension fund $44 Billion in debt, worst in country.
Cook County ( Chicago ) sales tax 10.25% highest in country.
(Look’em up if you want). Chicago school system one of
the worst in country. This is the political culture that
Obama comes from in Illinois . He’s gonna ‘fix’
Washington politics?
CHANGE WE CANNOT BELIEVE IN!
It seems that Chicago is following Detroit.
Brutal & Brilliant Tzada….thanks
This should be an RNC or 527 Ad.
Denise
You got it right! Let’s start a dart club aimed at hitting Osama and BinLaden where it hurts…
The CHicago North side Pub owner is a 68-year old pervert who exposed naked his own daughter …..and to paint her apparently….This incestuous Prince of Perverts hangs his own daughter’s body and insults Sen. Palin at the same time! While his enabler of a Stepford wife looks on!…
Hillary Clinton suffered for months on end the extreme misogyny of the media frat-boys with a great assist by the Obamabots Campaign and the camouflaged Misogynist Anorexic Piggie Barry. So, time is now to post a naked pic of both Osama and his BinLaden and start shooting the arrows in their anatomical deficiencies which they sickeningly parade around the media with Pride and Prejudice to spare. Let’s end their testes-misery and put them out to pasture.
I still remember shuddering witnessing Barry’s Spiritual Advisor Uncle jeremiah perform his sexual simulation act on the Pulpit of the Trinity Church of Horrors-while screaming “This is what Bill did to Monica and does to us…:” Meantime, Unfit Parent Barry Obama allowed his 2 young girls to witness the obscenities of the pulpit and to absorb the toxic hate….
I’ve been demanding resignations from Reid, Pelosi, Dean and Brazile for months. They are ruining the party, the country and are the most incompetent group I have ever seen. I send them nearly every day. I make it clear that overweighting black districts to have higher delegate representation, creating a candidate from nothing, mistreating the best candidate in a lifetime, rearranging votes at whim, the worst approval numbers in history, and the total lack of all of them to accomplish even the smallest goal they were sent to DC for are the reasons they should all be out of work.
How can Pelosi and her ilk stand there and blame the republicans that have called for oversite for literally years and claim the dems are not at fault.
They allowed Barney Frank to block every form of regulation or oversite since 1992 and yet it’s not their fault. This was happening before Clinton took office. The barriers to wide spread free-for-all spending and affirmative action lending practices were being created then. Frank has not allowed anyone near his cash cow in nearly 2 decades. How can Pelosi blame others when she does nothing but make every situation worse. Hillary gets bashed for months, Nancy says use feminine wiles to get ahead. Dems need republican votes and bi-partisan action, Nancy screams and blames the people she needs. Makes as much sense to me as telling unhappy dems to stick it and stay home if they don’t like it.
The dems never found a supporter they wouldn’t insult. They need small town voters so they spit in the faces of those voters. They need women voters so they told them to stay home. They need repubs to pass a bill so they scream at them and blame them for everything in the last 15 years.
I am just so glad I am no longer a dem……it is so tiring to be humiliated by these idiots all the time. I thank the goddess I saw the light. I divorced an abusive husband years ago, that was hard and scary. Walking away from an abusive and self-destructive party, was a piece of cake compared to that.
Pelosi is discrace to Democrativ Party and all Americans!!!
She is liar and out of touch. She must go, but now we must ask California voters to kisk Her behind and vote NO in next election.
I can not believe, that we have a such corrupted House Speaker and on top of this liar, who told US so many thing before 2006 ellection. She dont deserve to be a HOUSE SPEAKER. How She can question Sarah Palin for Her experience, and attacking Sarah, at the same time, She is a such ugly ugly liar!!!
Come on California get Her of House Speaker as soon as possible.
Question, can we call for Pelosi empeachment. She took of the table Bush impeachment, maybe nopw we should kisk Her OUT!!!! I can bet, Republicans and some Democrats will help US absolutely!!!
when Dennis Kucinich, Sheila jackson-Lee, Darrell Issa and Ron Paul vote against it you know they put PORK in the middle of it. They need to be honest and simply do the right thing for the mortgage holders.
One congressman that voted against it mentioned that Pualson was a former CEO of one of the failed companies and he too got a big parachute when he left. I agree with McCain, some of these people need to go and Barney Frank needs to be replaced. Barney can see if Bill Maher needs a side kick…he sure wasn’t funny.
Pelosi is a very very wealthy person and she chose her MAN OBAMA who isn’t even helping, but I still have miss givings about WHO inserted ACORN PORK in the first bill. By inserting PORK they lost the TRUSt OF THE PEOPLE and that is why this current bill is having problems.
When Dennis Kucinich, Sheila jackson-Lee, Darrell Issa and Ron Paul say they are voting for it I will call and say I support it!
Thank you, Dennis, for voting “Nay” and for giving this interview:
http://www.democracynow.org/2008/9/29/is_this_the_united_states_congress
Dennis Kucinich,Ron Paul are people who we need to run this country, but somehow, we dont recognise them, and dod not listen!!! It is our own foult that we did not give this guys chance, now we fighting with all crooks, we choose .Could be different???
Acorn/La Raza was out of the final bill. It was in the Democrats first version. Lou Dobbs report was completely incorrect, that was not in the final bill, although the report was correct about the previous version.
In the final version:
There was no real equity share for taxpayers. There was no real oversight on Paulson and there was not a slash in executive pay compensation. Most importantly there was nothing to stop Paulson from overpaying on those bad assets he wanted to buy. Foreign banks could get the money. There was no renegotiation or restructuring of mortgages about to be foreclosed on.
Pelosi/Frank stood up and claimed these said were in the bill. They were not in the bill, though a series of legal games and clauses, it was just wording, not enforceable and not effectual. Congress was banking on the public not being able to read legislation and understand what it said.
Fox Business News is literally pimping for the bail out and that’s just plain not objective.
If you want to see alternative plans, listen to people like Alan Blinder (who is very much an in the loop Hamilton Project economist but at least is credible with his analysis! or the other alternative bail out plans. Let these experts testify and let these people who are not in the corporate tank help craft real policy.
So many here are disenfranchised Hillary supporter and it was Hillary who has plans put together and she has some very good solutions.
Her proposals are the ones that are most endorsed by economists, especially a HOLC and she should be leading these negotiations.
Nancy Pelosi has one thing on her agenda and it’s not the American people or the country. She is by hook or “crook” going to get Obama elected. The repubs need to call her out. So far the Dems are being the agressive, clever ones and they are scoring points however unethical they may be. It needs to change asap or we will be in for a really bad time the next few years. Obama and Biden makes me puke.
Nancy is an expereinced pol. She knows how to arm twist. When she wants to. She did not want to. She and her friends wanted this bill to tank to help Obama. It is all a political game and we, the American people, are her pawns.
But people are so pissed now they will vote irratically. Only good that may come out of it is that she may lose to Cindy Sheehan now. I like Cindy and respect her loss. But I do not know how effective a Congressperson she would be. But she would not be Nancy and that would be a good thing.
How many Dem members of the Black Caucus and Frank’s banking committee voted this down? Very high numbers. Either they don’t know “how” to arm twist or they just didn’t. And now she/they come out and BLAME the Republicans. How convenient, right before the election
And it’s time for Nancy Pelosi to go.
That’s the truest line in the article. To spit in the Republicans face right before asking them to sign–either she’s an idiot or a liar because she wanted it to fail. Either way, she is using this national crisis to benefit her boy toy (Obama).
I think the black caucus did not vote for it because the Acorn earmarks were removed.
If they put back that language in the bill (which the republicans are against) it will fly. The only problem with that is they will probably have even less repubs voting for it.
Someone at NQ (thank you for the post) posted yesterday that Pelosi did not table the bill so they could revisit it and based on that I think the Dems didn’t want the bill to go through. They were hoping it would crash. They think this is helping Obama by blaming the republicans for it not passing. Just my opnion.
I hope that the way the democratic leadership is salivating over their own partisan tactics will backfire.
Knowing that both Democrats and Republicans share the responsibility of this mess, Pelosi’s behavior is appalling.
Americans may not know the inner workings of what created this mess, but they should not be fooled by these partisan hacks that put their own interests, their friends and their party politics above what is best for our country.
Yes, no one in the media is asking HOW MANY HOUSES SHE HAS! Maybe she can go out and campaign with Obama since she believes he is going to fix every thing. Oh, that won’t work he is almost telling people he isn’t from Washington (staying away from it)…a claim only Palin can make.
Thanks Bert. You and I are on the same page. It was just too coincidental that she “gave permission” to some of her friends and colleagues to vote no to save their elections. She wanted the bill to fail and the stocks to tank to help Obama and assure the continued success of the worthless Democratic Congress. With the Missouri “truth squad” and ACORN, et al, it is truly frightening to think what will happen should Obama be elected: With the Fairness Doctrine we will lose the 1st Amendment and with Obama’s stand on guns, we will lose the 2nd Amendment. We will not only be a socialistic country, we will also be living in a police state. When will people wake up from their Obama-induced comatose state? When will McCain quit trying to lose the election? When will the working bees in this colony catch a break from the drones?
I heard that she refused to have the bill passed mainly by Dems and that is why she would only deliver so many votes, although why more of the Black Caucus didn’t vote for it is strange. They should have split it up.
Dems realize that this bill is unpopular so they insisted on Republican support. That is not stupid, politically.
I just heard on NPR that some are saying that the Republicans voted this down so that McCain could then come in and save the day. I kind of doubt this, too, because it is entirely consistent that anti-government, drown-it-in-the-bathtub right wingers were bound to oppose this bill, especially when their constituents were up in arms.
I think the Repubs just knew the Dems were trying to manipulate them. The Dems don’t want to be the only ones voting with Bush! The Dems worst insult is always to compare someone to Bush. Now they’re pissed because the Repubs won’t vote with him. Funny isn’t it? If the Dems don’t want to pass a bill on their own, that tells me it’s certainly not something they are proud of.
They all need to drop the political blame game and the ass covering and just pass a well thought out bill that people can stomach.
If the dems said it you can bet it’s just exactly the opposite….it’s so ACORN and Obama can save it……when they blame John, t is for sure it is a dems fault. When they claim they didn’t do it, you know they did it.
I’m disgusted, they lie so much it is ridiculous.
The dems are playing political games when the country is on the line. The same way they play games when soldiers lives are on the line. The same way they only do something when they get their palms greased. They all support Obama because he is one of them, corrupt and buyable. I know he is corrupt because they support him.
The other thing I know is Hillary is not one of them and never was….evidenced by their lack of support for her.
Even with all this stuff, has even one dem mentioned Hillary’s plan to fix this mess, she announced it over a week ago and not one has even mentioned it.
hmmm, how can she be worse than pelosi. look we have had mavericks like cindy before and survived. but pelosi’s arse has to go.
hey Nancy… the Party’s over.
(wait. was she talking about the Democratic Party yesterday??)
I happen to believe that Nancy Pelosi is the worst Speaker in our history.
If she spent half as much time caring about this country as she does with her Botox treatments, we would get a lot more accomplished.
She’s a failure and does not represent the people or our House very well.
Time to take out the garbage and start anew!
Agree RC !!
Actually Pelositysauras’ eyes are still stuck in the “shock and awe” position. But, it seems that it is time to contact her “paleontologist” for some work on her lower face.
I think there is an assumption among many here that the failure of the bill will help Obama. I don’t believe that. In fact, I don’t think anyone knows what the political fallout will be and that is part of the reason there is so much confusion. There is also an assumption that this narrow issue will decide the election. I don’t buy that either. We are still over a month out, there is a lot left to happen. In a couple weeks at most this will be forgotten. There will still be the residual finger pointing but it will be resolved and it won’t be until way after the election until anyone can tell whether the resolution will work. In the end this election will still be a referendum on Obama and that’s why McCain is going to win.
Shiloh:
The bottom line for me is the American people.
The biggest reason this legislation failed is the American people.
The MSM and politicians can spin it to whatever slant they want, but the reality in my neighborhood is the belief that money was going to be spent bailing out irresponsible Wall Street companies.
Congress can gloss it over and explain it until they’re blue in the face, but when you’re having trouble putting gas in the tank—you’re not in the mood to see 700 billion dollars bailing out someone else.
Voter ignorance is a figleaf politicians use for not doing the right thing. I’ve had a house on the market for a year. At this point even if someone comes along and wants to buy it there’s no assurance that person will qualify for a loan. I’ve had enough. If the people don’t get it then politicians should explain that this is not a fatcat bailout. It’s THEIR pensions, THEIR paychecks, THEIR ability to qualify for loans that’s at stake. Again, members of Congress need to act like adults. But when that day comes I’ll need an umbrella to protect myself from the scattered droppings of all those flying pigs.
With all due respect, dcmediagirl, this means you have a vested interest in this bailout.
Your story, no matter how personal and painful, is a good illustration of why there should not be bailout. You feel ENTITLED to a certain price for your house, because you think that’s how much its value is.
Had you priced your house right, someone would have bought it within this year. Even now, I’m sure you’ll find a buyer if you are willing to take a bite.
The point is – the market has to shrink and consolidate, bailout or no bailout. I feel for your impending loss, but we all stand to lose in this game. Pumping more money into a Vegas casino is not exactly my ideal of an economic recovery program.
We ALL have a vested interest in this thing. We could really go through unbelievable financial pain for several years if we let this go.
The thing is to stop the bleeding by restoring confidence worldwide, then crack down on risky practices. The bill does do some of this.
And how is pouring $700 bn that we don’t have and have to borrow from communist China or Arab countries into the mess that has been going on for a while going to restore ‘confidence worldwide’, pray tell?
It restores confidence by assuring these lenders to the U.S. economy that the U.S. is still a safe and lucrative place to invest their money. If these foreign investors start to believe that their dollars are better (and more safely) invested elsewhere, then GAME OVER!
Dude why do you listen to people like Paulson who made their fortune($750 million) off this credit bubble and selling worthless securities to the unwitting. And as Secretary repeatedly lying to Congress about the state of financial industry up until 2 weeks ago.
And why listen to the people who listen to Paulson.
BTW Paulson just pumped $630 billion into the market yesterday and it didn’t do squat.
it all depends whose OX is being gored
I’m NOT for the bail out because I have nothing else to lose and can’t see helping those who may or may NOT have gotten greedy
well I have no reason to be for it
all the spin and pros and cons will only matter to whose actually immediately being hurt
jmo
but there is good news! Gas has gone down some and there is more of it at the stations
gee ya think THAT is connected? dee,dee,dee!
sigh :-/
Could go through financial pain.
Big difference from most Americans, who HAVE gone through finacial pain.
The nose to spite your face, and all that….
Even with a market price, if mortgage lenders are not approving loans (even for those with spotless credit, which is pretty much the case these days) then the houses won’t sell. You can run down “irresponsible” borrowers all day long, but even responsible borrowers can’t get loans or reasonable terms these days, and the U.S. economy runs on (requires, as a fuel) available credit, whether you like it or not and whether you use credit or not.
I don’t think it’s that simple. The credit market is drying out. Short term loans are getting harder to obtain (along with a whopping interest rates). It WILL affect main street when companies can’t get the money they need to do PAYROLL. When regular folks’ income checks are not coming, whatcha gonna do? Something does need to be done, and I’m of the mindset that Congress needs to prioritize the must do short term items vs. the acorn crap. The one positive that can come out of all of this is that those idiots in Congress must come to the table with something better.
MoodSwingER: Maybe your worldview would have made sense at the turn of the century – the last century – but think about how intertwined the markets are today. Point one. Point two: Not that it’s any of your business, but I have lowered the price on my house $80,000. If I can hold out, not foreclose and sell (presuming I can find a buyer who has a downpayment and can qualify for a mortgage), I will have sustained a loss of $50,000 in 2 years. This is a modestly priced house in a good neighborhood, not a McMansion. I did not buy more house than I could afford. And you’re damned right I have a vested interest in Congress’s actions. And you may not realize this, but if you have a 401K or get a paycheck from a private employer you do too.
And providing money for banks to extend credit to individuals and businesses is not “pumping money into a Vegas casino”. Please read up on the facts before you make these stupid, insensitive arguments on this blog.
I am so sorry DCmedia girl. I put my home on the market last month. I will not lose (hopefully), but whereas last year it had a value of 800K I now have it on the market for 450K to sell fast. I had an offer the first day that unfortunately fell through. I now have another at full price. Crossing my fingers they can get a loan or do not lose confidence in the market. Wishing for a sound offer for your home. The reason I will hopefully not lose is that I had my home for 20+ years. Those that have bought in the last few years are in a pressure cooker.
I think the dow will regain half of yesterday’s loss today and this notion that everything is at stake will come crashing down. Yes there will be a credit crunch for awhile. The market knows how to clean up messes like this better than politicians do. This got started by political pressure on markets to grant mortgages that the markets knew were unsound. When you mess with the market it is only a matter of time till it comes back and bites you and that’s what is happening now.
Yes.
x2
well I can’t see the market as a whole trying to help McCain as he’s the only one threatening to make them reform their greedy arses!
but as it’s not an individual entity
the same as the generic “democrat or republican” it IS fluid and individuals do matter
glad to see all of the truth surfacing
CNN was covering some pretty nasty stuff against Obama and Acorn yesterday (late night of course) so at least they are starting to feel the need to cover ALL the news otherwise look like some fake news org.
I think the market would regain yesterday’s loss if it were not for the high holy days. It is a quiet day for the market, though it is up some. Thursday will tell the tale.
China is on holiday this week as well. It will quiet down. THe momentum to push this through is subsiding…..this bailout is a BAD idea……..everyone that I know who is hurt by this situation is completely against this bailout….
the idea of an entity acquiring the bad loans is in itself not a bad idea if handled properly. unfortunatley the black caucus along with many dems want their time at the table to all our detriment with this acorn crap! i say can all their sorry arses and start over. let hillary and bill start their own party. send pelosi to her winery to drink wine and leave us alone.
Dollar is stronger:
This was a direct quote from Yahoo finance, and I didn’t fix the typos.
i concur 1000%. a free-market society only works if it’s a free market. when gov starts effing around in it you get what we’ve got right now. the market must be allowed to correct. i know, i know… it’s not as simple as that. ok. but if we allow the congress to give wall street $700 billion PLUS for gambling and losing, we will see perhaps one of the largest if not THE largest single event transfer of wealth in this nation. we must not allow that to happen. fire paulson. fire christopher what’s-his-face (i just woke up, sorry…), fire the house and the senate members complicit in this debacle, fire the failed ceos. correct the situation in a democratic way, free-market way.
ok, now where’s my coffee!!?!?!?!?!!!
Don’t know your financial position, but if feasible, maybe you could rent it? I am guessing that the rental market will be huge with no one being able to get a mortgage. My dad owns a some rental properties and put a rental sign out this morning. People were lined in the street.
He also does owner financing in certain cases..if they default he has their money and the house.
People are flooding Congressional offices with calls–up to 80% of the American people are against the bail out. Many of those representatives are listening to the people in their own districts. I read yesterday that Pelosi “gave cover” to 16 freshman Congressmen/women to vote NO. People do not trust the government at this point, and their lack of transparency in shoving through $700 billion only makes it worse. Putting Paulson, Berneke & Cox in charge of “oversight” is laughable. Let’s put the same guys who caused the mess in charge of fixing it. It’s a farce, and people know it.
See also,
ditto.
Rep. Chick:
I hope more American citizens can see the defeat of the Wall Street Rescue Bill as a win for the American people. Folks are saying “enough already” for all the reasons you listed.
Yes, we have an economic mess (which the average person did not create – but was being asked to pay for). Congress needs to get back to work and craft a Plan B Bill that cleans up this mess in a way that makes our country and it’s citizens stronger, not weaker, at the end of the day.
There ARE common sense solutions. Remember, the stock market reflects a lot of mood and emotion. The stock market is NOT the economy. The stock market will go up and down…it’s a volitle time. The REAL economy is the American people’s ability to think, work, create and build our country back up. That IS sound. Things will work out.
I agree!
win for the american people? no it isn’t. sure this version is not a win but something needs to be done and now. this free market crap was run around right before the big depression by the then repu president. wake up and smell the coffee. president roosevelt had to intervene because the repubs sat on their backsides.
Unfortunately, the common people *are* paying for it right now ;-(.
I don’t dare to look at my fairly modest 401K, or my small mutual funds. Based only on what has happened to my company stock, I’ve lost easily several thousand dollars. I think I heard yesterday that more than a TRILLION dollars was lost in the market.
That’s more than the cost of the bailout bill…
RC: I agree with dcmediagirl 100% on this one. There are ways and ways to do things right and if at this critical time in our country Congress cannot roll up its sleeves and write a damn good bill that
helps here while protecting the American taxpayer of further abuses then these that is a very painful shame and these people have no place in the US Congress.
Things are not black or white.
Andy:
I understand what both of you are saying, but I’m looking from this on a local level—my neighborhood.
Things are quite black and white for many Americans. It may not be right, but that’s the way people see this bailout: A bailout for Wall Street at the expense of the American taxpayer.
My portfolio, which I worked for all my life toward my retirement is in the crapper. yet I know instinctively that this socialistic plan is just plain WRONG on so many PLANNED levels.
Just plain WRONG.
And it’s only delaying the inevitable.
I do not like the way my portfolio looks either… I am willing to weather out this storm to protect Americans and to make sure that our government does what is right for our country, not Paulson and his Goldman Sachs friends. Paulson should NOT be involved in this bailout. ACORN and other pork must also be removed from any measure that is used to free up CREDIT.
Remember, our country does NOT have the money to pay for this (how much is our deficit?), we have to borrow $$ for this bailout. Where will we get it?
I am right there with you. This correction is long, long, long over due imho. I watched my Apple lose $40 per share and my AIG lost nearly its entire value … what good would it do to recover even part of this lost value if we are just going to do this all over again in three year’s time? Let’s correct it now. And a bailout is a BANDAID.
I hear ya sister…mine is caput and the college fund has almost lost half its value. To me, Pelosi and company has lost the TRUST of us voters.
Inserting ACORN and others PORK to me was the worst violation of trust they could ever have done. To me its like stealing the rings off a heart attack patient in the ambulance, all the while telling the family that you ARE TRYING TO SAVE THEIR FUTURE and you need to get there FAST!
cudos to you Uppity! That takes courage! I have nothing much to lose. You do. But you are correct.
we can’t delay inevitable
that is an oxymoron
we need to get the credit markets back on line and THEN KICK WALL STREET’S ARSE with some real monitoring and consequences. that sounds more like mccain to me. expect more shady deals with obama. WE NEED TO DO SOMETHING YA’LL. CHINA OWNS US AND WE REALLY DON’T WANT THEM TO PANIC.
do not forget the incompetence of the democrats in the failure of that bill. anger of the american people? hmm it is aimed at many things besides this bill. everyone gives pelosi too much credit in all things. she is an incompetence person with mental issues that includes extreme narcissism.
Hey Stog
have you ever met a politician that was NOT in love with themselves???
hehe! just saying
I guess the HEAD SPEAKER would have to be up there with the CIC or those trying for CIC (like Bambi) for Narcissist of the Year Award!
Still the award has to go to OBambi.
Did you all get a load of that clip Fox (I believe) showed of that pompous Mack Daddy strolling through the halls of Congress with his PACK of Chicago Wolves all around him. It was a SERIOUS NO WAY JOSE MOMENT FOR ME!
NOPE
NOBAMA
many repubs in texas think soros had something to do with this. just saying!
could be
>>>>it won’t be until way after the election until anyone can tell whether the resolution will work
Very true.
However as the dust settles and the people continue demanding accountability and investigations of these failed institutions, do you think Pres. Obama will bite the hand that ushered him into the White House?
Obama is the ONLY DEM to state Bush and Cheney HAVE NOT committed impeachable offenses – and he has difficulty maintaining a position on basic issues without flip flopping for political reasons.
So, I have little faith that Obama would ever hold anyone accountable for this financial mess!
otoh – McCain willingly cites his determination to hold people and agencies accountable.
I agree with you. i just don’t see how it helps Obama. Do people really want to turn over a country whose foundation is a little shaky to a newbie? You would not do that if you had a plumbing disaster, a whole in the roof, a major car repair, nothing like that and you most certainly would not hire an employee if your company was in trouble and the guy had no experience or record. I think as most times in history people will go with the known, rather than the unknown.
A friend of mine, undecided voter, watched the debate Friday. What she heard and pointed out to me is that McCain told you what he has done and tried to do. Obama told you what he will do and it wasn’t always the answer that went with the question. For example, when asked what programs will you cut because of the economic crisis, Obama kept saying programs he will add. He had 3 chances to say what he would cut and couldn’t do it!
Watch the debates critically and share them with others, especially undecided voters.
What do you think of this proposal?
Democratic presidential candidate Barack Obama released a statement Tuesday morning proposing raising the federal deposit insurance for bank accounts from $100,000 to $250,000.
In the statement, Obama says the $700 billion Wall Street bailout bill that failed in the House of Representatives yesterday was a marked improvement over the original plan proposed by Treasury Secretary Henry Paulson and warns continued inaction would be “catastrophic for our economy and our families.”
CONTINUED –
http://www.foxnews.com/story/0,2933,430434,00.html
Maybe, instead of talking to the media, Obama should talk to his fellow members of the Black Caucus — many of whom voted against the bill, because it didn’t contain enough pork — such as more money to ACORN — the same giveaways that got us into this mess in the first place.
jbean….
i agree.
ACORN is corrupt and will get no more money from the govt. it is a bi partisan democratic organization and the bobo is up to his ears in it’s shit.
republicans will never vote for a bill that includes any money for ACORN.
i believe that ACORN is being indicted for it’s corrupt accounting practices, and i can only hope we will see other corruption revealed as well.
FDIC does not have enough funds to back that up.
DL can print Obopoly money backed by the full faith and credit of bupkis.
FDIC coverage is insurance, and banks pay premiums for that insurance. Raise the coverage limits, and the insurance premiums must be raised as well to pay for the additional coverage. With banks failing at such a rate that we will soon have only Citibank, JP Morgan/Chase, and Bank of America to choose from, how many banking institutions will be able to pay for additional FDIC coverage limits ?
McCain already said the same thing regarding the $250,000 fdic money.
Is Obama using McCain’s words?
what else is new? Words, just words, so why not just repeat what others say to make himself look knowledgeable.
What is catastrophic is that he doesn’t understand small business nor what it takes to run one. Businesses need three months of operating capital and especially to cover payroll.
Can we have HILLARY BACK NOW…?
Comment by joseyj | 2008-09-30 08:20:26
Democratic
What do you think of this proposal?
Democratic presidential candidate Barack Obama released a statement Tuesday morning proposing raising the federal deposit insurance for bank accounts from $100,000 to $250,000.
In the statement, Obama says the $700 billion Wall Street bailout bill that failed in the House of Representatives yesterday was a marked improvement over the original plan proposed by Treasury Secretary Henry Paulson and warns continued inaction would be “catastrophic for our economy and our families.”
CONTINUED -
http://www.foxnews.com/story/0,2933,430434,00.html
THE FDIC HAS 99 YEARS TO PAY BACK ANY FUNDS LOST BY A BANK..OF COURSE, THEY’D OFFER US A HIGHER AMOUNT OF COVERAGE!!!
Hi All & Republicanchick….I’m off to a McCain event here. I’ll report back later.
This shows that Obambi has no clue about FDIC period. Put additional names on an account and your insured balance goes up. One account I have can go up to $500k with additional names added to the account. My basic accounts have more than the 100k as I have my daughter on all my accounts since my husband died. A lot of people are not aware of the additional coverage for joint accounts.
I just think Dem’s are underestimating Republicans a great deal, plain and simple.
I agree. Mac and the GOP won’t go down without a huge fight. And Mac is in this to win. Dear Leader thinks he will be carried over the finish line without working for the victory in a velvet-lined chariot. The workhorse Mac will be the pothole that stops him!
I hope you are right Shiloh, McCain doesn’t seem to be worried about the election. I guess some kind of fix is in.
Great article DCmediagirl…NQ ROCKS!
PELOSI IS CORRUPT & INCOMPETENT!
Throw The BUMS Out! Country First!
Sorry, but I need to rant for a minute.
Nancy Pelosi would burn us all to the ground herself and then point to the ashes in order to argue “See, I told you so, the Republicans are to blame.”
I am putting my faith that enough people out there are smart enough to separate whatever criticism they have of the Republicans and Bush from their observation and analysis of what is going on today with the economy and the bailout.
Pelosi, Frank, et al. do not have our interests at heart. The only game they are interested in is pinning the blame on the elephant. Obama is nowhere to be seen. As per his usual m.o. (i.e., voting present, avoiding tough decisions, being “nonpartisan” by not going to work) he is out doing million dollar fundraisers and pointing fingers. He forgets to mention that the Democratic representatives from Chicago also voted AGAINST the bailout.
I live in downtown Chicago. Wake up people! Chicagoans pay the highest taxes in the country. We get taxed on everything. We have a government that wants to spend taxpayer money to pay minority children thousands of dollars to go to school! We pay taxes for recycling that DOES NOT EXIST! Obama, the supposed environmentalist, from a city that doesn’t even have a recycling program in place because of all the corruption! Rezko was dragged back into court a little over a week ago for new counts of mortgage fraud! Pritker, Obama’s campaign finance chair, is to subprime mortgages what Malkin was to junk bonds. Obama wants her to be our Treasury secretary.
I quiver at the thought of an Obama presidency. Our country will be destroyed.
Sad isn’t it?
Well said, especially about Chicago Reps voing against. I can’t find any refs to whether Acorn $ stayed in the proposed bill, and that’s what the Dems insist on protecting. I too see the fine hand of Chicago thuggery and Obama in this.
And Pelosi can’t lead.
BTW, thanks above also for how her personal fortune increased.
PUMA
I have said before and I will say again, ACORN, the organization, is part of a movement, the same as other PACs, so is SEIU, and both were organized by the same man–who was a community organizer just like Obama.
SEIU corruption scandal spreads as Stern escalates attacks on opposition
http://www.workinglife.org/blogs/view_post.php?content_id=9196
Andy Stern’s Pensions
http://online.wsj.com/article/SB121616792365556301.html?mod=rss_opinion_main
…………………………..
Golden parachutes anyone! Good point, just found these and they aren’t taking care of the little guy, they are securing those golden parachutes.
SEIU endorsed Obama…
SEIU and ACORN work together at the local level.
I think you mean Michael Milken, but good points.
Why does Obama do so well in IL since he has accomplished so little there? What’s behind the supposed support?
He didn’t, he forced his opponent off the ballot, and had thousands of votes disqualified due to technicalities.
He is one dirty filthy player, betting against America.
Why does Obama do well any where?
Democrats are just voting for a Democrat because of Bush.
No one is informed on what the DC budget issues are. The voters just prefer to believe that it’s Bush and the Republicans.
The vote that brings Obama his seat is concentrated in Cook county. He has run unopposed nearly every time by getting opponents off the ballott. When he ran opposed he lost against Bobby Rush. Clinton backed Rush.
He gerrymandered his district to get his best voting blocks into it. Then he won handily.
SBwa…
i always tell the boboists that they should talk to chicago if they are interested at all in the truth.
the people on the ground in chicago under the Daley Regime don’t say too much, but i suspect that many will not be voting for barack obama in nov.
just a thought.
I don’t know what will happen here in Chicago. I work in the legal profession (corporate law), and there is broad support for Obama in the large corporate law firms. Many partners across the top firms are lobbyists and bundlers for him.
But, on the other hand, I talk to cab drivers a lot. And, they are telling me that in their informal polls of passengers, McCain is winning overwhelmingly.
I’ve heard a lot how being a McCain supporter is the “new gay.” Maybe it’s true, maybe there are a lot of people in the closet. But then again, even the dead vote in Chicago. I wouldn’t have any faith in the integrity of the voting here.
The reason for Obama’s massive support from the legal profession is probably found here –
http://vbonnaire.wordpress.com/2008/03/14/obama-corporate-america-and-labor-a-must-read-this-morning/
He’s a shocking liar.
Milken and Ken Laye were two of Ahnold’s biggest backers.
I found it odd that Pelosi was out there bashing the republicans and Bush before the vote. When the bill failed to pass the dems were pissed that the Bush Bill didn’t pass. Stupid on pile of stupid
And Rep. Holland (D) was on NPR boasting that Pelosi’s strategy was designed to blame it all on the Repubs.
Apparently, he was modeling Obama’a cockiness and arrogance.
Please share this video link with everyone you know -we must get the the truth out to the voters about the real reason for this economic crisis and stop the lies:
http://www.youtube.com/watch?v=NU6fuFrdCJY
This is an excellent view. Yes, keep sending it out and educate the voters to the truth behind the destruction of our economy by social engineering. And, to think that Obama may get into the White House on the ashes of our economy that he and his friends and Fannie & Freddie & ACORN created!
Jr took a page from W – security requires opposition be silenced
http://edgeoforever.wordpress.com/2008/09/30/jrjr-first-amendment-zones-are-baack/
Please DCMedia Girl: change your title to
“Please God, We Need a Bailout: Pelosi must resign now as Speaker fo the House.”
It is time for everyone saying it out loud:
Pelosi must resign now !
40% of Democrats including many in her CA Dem delegation voted NO (140 Dems for 95 Dems against).
Is this what we (Dems) have a majority in Congress for?
The vote failed b/c it was 12 or 13 people short of a majority and Pelosi could not deliver them out of the 95 people who opposed it? Really? That is called
INCOMPETENCE.
Pelosi must resign now !
I didn’t view Pelosi’s speech yesterday but its coming across as deliberately screwing things up, if not, then it shows that she isn’t qualified to be ‘Speaker of the whole House’ as she once proclaimed she would be.
Ninety-five Democrats voted against this bill. Dems out represent 233 members, Reps only 199. They needed only twelve members to pass this bill. I find it hard to beleive that a majority couldn’t pass this bill. In fact I read yesterday where Ralm Emmanuel told 16 members NOT to vote FOR the bill.
Its a sham vote, just as the Denver vote for Hillary.
I have lost ALL respect for Democrats this year and they will not regain that trust until ALL the leadership of the Democratic party is replaced.
The public will see through this. McCain needs to go after Obama like its the 8th inning of a ballgame and he’s behind. Not act as its only the 5th inning. Once he (McCain) starts then Obama will have to defend all the way ’til election day.
Hmmm…Polls show them lower in ranking than GWB…What does that say ?…
Matchbook warning:
Close cover before striking!
Pelosi deliberately shot off her mouth, and flamed the entire package!
Who really counts…us or her gift from God?
Politics, pure and simple, while the country goes down in flames!
Hmmm, let me take a look at Nancy’s assets one more time:
1. A lot of real-estate, the price of which is certainly not going up these days and which can’t be liquidated so quickly
2. A lot of Apple stock, down 50% year-to-date.
3. $9 million in real-estate debt
And we’re to trust this woman with our national economy?
The actions of Wall Street are foul, but many of us are invested, because of retirement accounts, provided through employers.
We never intended to be “players”, but that is the system available.
Americans who are eye-ball deep in debt, with no savings, can scream all they want, but the rest of us, who are funding their credit, deserve to be protected!
No, I don’t like the size of this bill, but someone had better start showing some LEADERSHIP instead of howling like a “banshee”!
I have to disagree. No-one deserves to have their investments protected. The whole nature of investment is risk. Take the risk out of markets and you have no market. Let the market fix itself. Your investments will come back and you won’t have sold your soul to a soulless government in exchange for protection they are unable to provide anyway.
Question : Was the Bailout Bill also going to Bail Out British Banks ? UK Media had reported something like that ?
European banks who lent the US banks a lot of money are beginning to resign themselves to the fact that they wont see their money. This has put European economies in a serious bind.
now is not the time to qubbile about you don’t like investments. now is the time to save things and then start putting it back in order. i trust mccain more than obama to do that.
shiloh…
you obviously have no vested interest at stake regarding this crisis.
hopefully you are not resenting those lifelong workers whose retirement accounts are being totally trashed by the failure of the ruling party to be smart enough to see that their actions were negligent, and in some cases boldly corrupt.
this will eventually affect everyone, particularly those who are the poorest of the poor.
i assume you fall economically somewhere in there between the poorest of the poor and those whose hard earned retirement is now going down the tubes.
or perhaps you are financially secure no matter what happens.
if so, you are one of the very few fortunate ones. in which case i might draw your attention to the fact that you may be called upon to share your good fortune with those less fortunate in the days ahead..
I am debt free. Most ALL of my retirement funds are tied to the stock market. This will affect me – it already has. Even cash on hand will be worth less. I AM NOT FOR THIS BAILOUT. It is not good for the country as a whole. I am prepared to lose everything to save my country. I have 3 children (not adults). This is not just about me…….
you need to rethink things. there needs to be some type of action period. then when we stablize things, remedial actions needs to be taken. prepared to lose everything to save your country? no, you are willing to lose all you have for an idea that has no logic in it.
This was another Pelosi poison pill. She lambasts the Republicans from the floor, gives a wink-wink to her friends to vote “Nay,” as well as the caucus chairpersons, the black caucas, the vulnerable freshman Dems, and then one of the Dems is on NPR telling the interviewer how the party is will stick the Republicans for voting “yay” on a rotten bill.
Pelosi is a disaster. She couldn’t lead herself out of a wet paper bag. And Obama? He’s doing the “present” performance, again–don’t take a firm stand that might bite you in the ass.
Cowards! All of them
They (various organizations?) are building new houses in NO, and letting people on wellfare move into them with no down payment, low monthly payments, and with no income other than welfare. So it isn’t simply the greedy Wall Street hogs, the Fanny Maes and the Freddy Macs, and others. The problem lies with orgs. that game the system for political purposes and even poor people who do not have, and have never had, two nickles to rub together. The problem also includes a lot of people who do have two nickles and more but not enough to pay $2,000 to $3,000 per monthly mortgage payments. It also includes the major oil producers and the war profiteers, and on and on. There is plenty of room for blame, but not many choices in what to do about it. I am glad I don’t have the burden of the welfare of a nation on my shoulders, but for those who do have that burden (their choice) they should at least try to do what is best for the US of A and stop thinking what is best for their damned careers. Pelosi is a clown.
I believe that this crisis has pointed out that Equal Opportunity is anything but Equal. It is socialistic, at least the way it has been implemented, at the least and is the cause of the current debacle we are in. CRA was presented as Equal Opportunity. What is equal about giving someone who has never worked or is in this country illegaly the same opportunity as a citizen who has worked to achieve the American Dream through their own hard work? Equal Opportunity is (or should be) seeing that people with the equal qualifications are not overlooked because of their sex or race. Equal Opportunity is not a “sweepstakes” for those who do not wish to bring themselves up by the bootstraps or those that are trying hard but need a little help up. Even then tying someone that is trying hard to a mortgage that they cannot forseeably afford is not Help but a detriment to them and their future. Those that do not wish to work to improve themselves should not feed at the trough of the taxpayers. There can be with much due diligence programs developed to help those with the potential to improve their lot but the key word is due diligence.
Can someone go to the Drudge Report and link the story by the Harvard Economist and Bankruptcy, NOT BAILOUT?
Thanks…
This guy explains it all and why these companies need to file Bankruptcy….Go to drudge and read it yourself…Makes a lot of since…
All this started with a radical left agenda to push home ownership down to the poor. Well that made about as much sense as a law saying everyone has to have an above average income. It will never work and the only way it can be done is with massive subsidies from somewhere and we all know that will be the government in the end. So the ruse began back in the nineties with the illusion that these new homeowners were getting mortgages just like the rest of us and that they could afford. Freddie and Fannie were just banks making the American dream possible.
And it is unrealistic to overlook the racial component of this although few want to address it. These bogus mortgages were very much subject to race based preference. So it became a top political cause for the black caucus and organizations like acorn. Many saw the writing on the wall and tried to force F&F to be responsible but they were attacked by the radical left and nothing was done.
Now we realize that all those mortgages are going to be eaten by us via the government. Surprise, surprise. Acorn and Obama are laughing their heads off. They succeeded in a covert strategy to steal from the economy and give the money in the form of mortgages to their constituency. Who is it that even now cries about putting families first which translated means not only are we eating the bad mortgages but we are going to eat some more by allowing these people to remain in these homes with our subsidy.
If I wanted to be just a little bit paranoid I would say there has been a far left socialist coup of sorts afoot for a decade and we are only now seeing its true face. If Obama wins, the coup has succeeded.
Ehemmmm….Shiloh The only folks that hate the Clintons MORE than the FAR RIGHT…Is The FAR LEFT….
In other words…You are not paranoid
YOu sell something to somebody who can’t pay for it and what exactly do you expect? Unless of course you expect the middle class to pay the bill. Also known as a Trillion dollar bailout.
Next, a new bill, padded with goodies and giveaways for votes.
I was just thinking: here that our useless congress wants the taxpayers whose jobs were sent overseas to pay to bail out the same corporations who stuck it in their necks. Many people lost their jobs only to find they are making far less money today, or that they have to work two jobs to keep up.
I was just wondering: How come nobody in congress has said to these companies looking for the money of American taxpayers they shafted: Bring your damned jobs back to the people who are saving your asses!
UPPITY…YOU ROCK!
Let India bail them out. Plenty of Americans lost their jobs in these same companies. They went to india. Let India bail them out. Screw em.
And the Fannie Freddie coverup artists need to all go to jail. I don’t care WHAT party they are in.
Bailout marks Karl Marx’s comeback
Hmmmm….imho….OBAMA et al…are FASCISTS…Why?
Among other things the standard manipulative tool for fanning the Class Warfare is RACISM
SOETEROBAMA IS A SYNTHETIC COMMIE/FASCIST
Any Bill must pass the Senate Uppity and requires a 60% support, that will never happen with Dem’s having Leiberman going GOP, Kennedy in hospital and Barry Obama never voting 14 GOP’s will never support it, especially if it is loaded with goodies again by Pelosi!
It is becoming more important then ever to stop Obama. It is very scary to think of Obama as President, Pelosi as Speaker of the House and Reid as the majority leader. Total control over the levers of government. This might have been OK in another day, but with these three and how they have no regards for Democracy (see Dem. Convention roll call), it will be a disasters for our nation. McCain has been slipping in the polls, but all of the battleground states are still within the margin of error and the RNC as well as the 527’s have not really kicked in yet. It will not be pretty when they do, because Obama has some really bad past. We are going to start hearing about all of that shortly.
As you should know we’ve been hearing about it on NQ for a long time.
Hmmm….INTOLERANCE & TOTALITARIANISM are never OK whether it comes from the RIGHT or the LEFT…Puritanism and Class Warfare/Racism are extremes in the manipulative political handbook…
This is simple vote Pelosi out of Office. She has done enough damage already.
I say let this house of cards fall! Yes, my family will suffer from the bailout, but I would rather have a struggling economy in a free country than a socialist takeover.
Americans are not stupid. There will not be an acceptable solution to the financial crises until four basic steps are taken:
1.) Honest, fair reflection on how we got into this mess. Not biased finger pointing. Put it all on the table. Everyone played a role- Fannie and Freddie,Wall Street, regulators, and consumers.
2.) Open dialog on all solutions. Let all the alternatives be heard.
3.) Strong reforms tied to the bailout.Throwing money at the problem won’t prevent a repeat. Reform housing and Wall Street.
4.) Get the dirty players out of negotiations. Lock Frank and Dodd in a coat closet. Shut Pelosi up. Keep Paulson and Bush in the West Wing. There are a handful of Senators and a few Representatives who are true leaders and put country first. Americans know who they are. They know who they are. Put aside politics. Come forward and be the true dedicated public servants you are meant to be.
Nancy ate the Socialism pill. All of this is timed just PERFECTLY isn’t it/
Meantime, let India bail these banks out. That’s where you connect when you call Customer Service. They took jobs away from the same Americans they want to pay to bail them out.
And the root cause here is CONGRESS and FANNIE AND FREDDIE and nobody is doing a THING about it.
This bailout will fix NOTHING. Getting rid of the thieves working with the programs that helped bring this country down will fix it……..along with getting rid of the thieves are are in the pockets of Wall Street to begin with.
Tea needs to be dumped! Americans PAY for NO representation.
Nancy tried to play politics with this bill. She tried to save her own by letting them vote “NO” on a bill very unpopular with the public, while making it very obvious on the floor that she was going to aggressively use it against any Repub who voted for it. Then she cried “foul” when the Repubs balked at cooperating with her scheme to hang this bill around their necks.
She has completely lost whatever credibility she had. She had no interest in whether it passed or it didn’t pass – only whether it would be politically beneficial to Obama and downticket dems. She maneuvered to make sure Dems could not take the blame, then screamed “Partisan politics! Selfish bastards!” when the Repubs saw what she was doing, and refused to take the blame either. Avoiding blame is fine for her pals, but it’s a mortal sin when the other party does it.
Hmmmm….Pelosi lost credibility a long time ago. When she used her Office to favor one democratic candidate over another in the primaries….Pelosi is corrupt….nuff said…
I heard on the radio this morning that there is speculation that Pelosi knew she wouldn’t get the needed votes and went ahead with it anyway, to keep voters in a panic, thus helping Obama. Ditto to the 95 Dems who voted against it–all to help Obama….
Pelosi, Frank, Reid, Obama, etc. have all been extremely partisan on this issue since last week.
soros just may have a heavy hand in this. i say send them all packing. however we need to stabalize the markets of course without bailing out the big wigs who helped create this mess.
I SAY DEPORT SOROS THE CRAZY MOFO
And we’re suppose to trust Nancy Pelosi?????? Are they kidding me!!! She doesn’t give a rip about the American people. Isn’t she the one that told members running for office to just tell their constituents what they wanted to hear about drilling for oil even if it was a lie? The woman needs to get her butt kicked out of office or voted out of office. I’m tired of snakes trying to run this bailout, including Chris Dodd, Barney Frank, and Henry Paulson.
Look everybody needs to calm down. This is not 1929 or 1987 where the stock market crashed. What is occurring is the bad fruits (homes to ACORN and others from the CRA) need to be removed from the market. Fannie Mae & Freddic Mac need to be removed completely and investigated for fraud. You are probably going to see a whole bunch of executives and congress people fall for this mess.
PUMA 2008!
I would like someone who believes panicked undecided voters are more likely to move toward Obama to explain why.
Hard to believe, but probably true. Economic downturns favor Democrats. Americans see this as a failure of the Bush Admn. So vote out the Repugs! Since, unfortunately, Obama is the Dem “nominee” he almost wins by default. They vote party over individual. Also, many think that he will have “Clinton people” around him so everything will be okay, even if he’s a know-nothing (which he is) he will have people around him who know what to do. Of course, that’s what they said about “W”.
naw, that was when there was a real democratic party. the makeup today is not the same so the argument doesn’t ring true.
All the ramble about McCain and him trying to gain political points when suspending his campain.
Then Pelosi self-destructs all dealings within the two parties only to make BO look good and goes on to offend many to accomplish that.
Ha Ha what a unifying party the Democrats have become!
It is the Dems who play the politics in the gutter.
Pelosi needs to be voted out the office ,effective yesterday .
I just saw an interview on Fox news a moment ago with a house Repub saying..Pelosi torpedoed this package on pupose because now the Dems can re-add her little extras, like the ACORN package and other things and get the DEMS to pass it on their side now that everyone believes it was the repubs fault…We need to watch this VERY carefully indeed!!!
Isn’t there some kind of emergency legislation that allows the president to push this through on his own or only with the approval of the senate? who needs those unknown lazy stupid idiots in the house anyways? Get rid of them and corruption in Washington is going to go away with them, too.
Actually, all spending bills must originate in the House.
-MS
Get rid of the house and you will have washed away corruption along with it.
I suppose you prefer a parliament? sheeeesh!
Pelosi and crew is playing to win, to get Obama elected and they will do whatever it takes to do so. If the McCain camp wants to sit around and play for goodwill and fair and balance nonsense they will lose this election.
Honestly I can’t blame the democrats for playing games if that is what they did with the bill because the object of this exercise is to get your candidate into office.
I saw McCain on FOX this morning and he said he will do whatever it takes to get this bill past, seems to me he is willing to lose this election just to get a bill passed, to him the bailout bill is more important than this election now.
So Mc Cain gets his bill pass, clap his self on the back for it and we get Obama for the next 8 years to put this country into the crapper.
you can’t blame the Democrats for playing games?? That’s absolutely insane. They are fucking w our economy!!
That may be so but if the Republicans are so dumb that they cant point out just what they are doing, if Mc Cain wants to keep talking about across the aisle nonsense and not say what is going on the democrats will do whatever it takes to get Obama into the WH.
I am just a voter I cant call them out on it, all I can do is write on here how many people read blogs, McCain has to speak out, he has to take the fight to them, he is not doing so all he is talking about is getting a bill passed, fine am all for that pass something but in the mean time let the dam public know that you are reading all the democrats nasty games.
Agree…Remember when Hunt in Texas tried to fuck with the economy by buying up silver? What happened to The Buck Stops Here….Huh?
I will personally suffer financially from a crash and I am still telling you, let the market correct itself. This bailout is being hyped up and sold to people as the alternative to the great depression. Bullhocky and the people know it.
We’ve known for years that the housing bubble was going to pop and it should, it needs to. We’ve overinflated housing prices for so long and what goes up must come back down and level off.
The same is true of the markets. What plunges down must slowly come back up and level off. And it will if the Gov stays out of it.
You are wrong. Yes, a correction needs to take place (and it will even with the rescue plan). But it’s all about the speed, stupid. Home prices are adapting in a slow manner. But if the correction in the stock market, banking sector etc. occurs rapidly (and around the world at the same time) it can have unimaginable effects. History shows that it’s no fairy tale and that it can and has happened.
If the foreign investors (the “real owners” of the U.S. economy) are not quickly reassured that the U.S. is a reliably safe and lucrative place to invest their dollars, they will take those dollars elsewhere, and the entire economy will collapse. Right now, whether we like it or not, we need their help and continued investment, and the failure of the U.S. political system to provide the required assurances to foreign investors is simply counter-productive, and will accellerate the downturn.
ytik, your thinking is very foolish and oh so 1929ish. we need to take action but in a smart hillary clinton type manner. bill dealt with a downturn in the stock market.
I am with Uppity…I emailed ALL of my peeps up here and let them know that I wanted No Pork, No bailout of foreign companies or real estate or non Americans…and no Golden Parachutes..
We need to separate these investments out and only help American people…if at all.
The vote was a joke..Pelosi did not even get all the D votes on her financial committee..
And the Black Caucus is so out of touch they voted against it because ACORN was not in it…nice Huh?
I think things are so crazy that Mac might get a bump because BO is so untested.
Bingo. When people are scared they go with the evil they know, rather than the evil they don’t know. Human nature. Screw’em. They could have had Bill and Hillary back. They deserve what they get. Meanwhile, I see this as an opportunity to make a fortune off of the greedy bastards. I don’t want them to be saved. There will be a vacuum and others will fill the void. I say, let this thing shake loose. And we who played by the rules and payed off our debts and didn’t borrow or speculate on what will be will benefit.
DITTO ON THE BINGO!
McCain has to posit this issue as a problem with reform and spending. He can win this issue, if public opinion falls out this way.
Obama and Pelosi want to position it as Bush’s failure and failed republican policies. Right now they hold all the cards.
The dems are overplaying their hand in a corny kind of way…I doubt that will hurt them much. The thing to watch is how the public sorts out this most recent and enormous bailout– Is it all Bush’s fault?
You know I find it interesting now that I listened to Obama’s speech he gave yesterday about how if he is sworn in, in January he would make sure he goes through the entire bill page by page to ensure that the American people would be taken care of.
In January.
Between that and a new ad playing here in NC on the economy they are trying to milk this for all its worth. The pieces are falling together. The Dems will never learn when it comes to Karma.
Hmmm…You’d think that BARKY as leader of the New Party for a New America….Chairman Of Dodd’sBanking Committee and CIC ( Critic in Chief of McCain ) ….
woulda read the Bailout Bill…chuckle…
Barky is a lazy messiah…nuff said…
I think the Obamabots are absent right now. They are hiding their face in all this. They are embarrassed. They either don’t have the intelligence to respond or they don’t have the nerve,
And they should be ashamed. What has the great Barack done about this? He is just standing there and trying to be not involved. Of course, he has learned to stay away all his political life but is that the leadership the American people want?
The spin back will of course be “repubs” and “McCain.” That’s all they got.
The Obamabots have hang overs after thinking that they have already won the election.
They don’t realize that half of the American people are angrier than heck and are willing to fight for what’s right
I don’t think Mac gets it…we are not convinced. BO is playing politics…and I think he will suffer too, and there is more and more attention to the ACORN corruption ..many articles popping up with strong scent of fraud.
The BO people have much to lose , if things get worse all of his inexperience will come back to haunt him.
You are right, few trolls, maybe it’s the Jewish New Year day off..and I want to say Happy New Year!
there’s a run on cheetos…
There’s a helluvalot to be repenting!!!!!
I think the Democrats themselves don’t know what they do. If they drag this out too long the economy could be in shambles for years to come. Not the environment for a president that wants to be reelected. And he won’t be able to blame it all on W. after the first year, or will he? (He will try, we all know that).
I think the McCain people know they have one of the biggest nights of their campaign coming up – the Palin debate. And no, sorry Joe, they wont all be turning in to see you.
My feeling is this event will command huge numbers of viewers and would be a good way for McCain/Palin to “re-energize” Americans.
I would like to think the McCain camp is prepping for that event and sitting quitely to pounce after they see how it goes. I just hope it goes well. I am usually pleasantly surprised by her when she is not overly edited and scripted.
It will be live so the evildoers in the MSM can’t edit her to look bad like has been reported. Of course they will spin the results and offer up fake polls as usual.
New article by Thomas Sowell:
Bailout Politics
By Thomas Sowell
September 30, 2008
Nothing could more painfully demonstrate what is wrong with Congress than the current financial crisis.
Among the Congressional “leaders” invited to the White House to devise a bailout “solution” are the very people who have for years created the risks that have now come home to roost.
Five years ago, Barney Frank vouched for the “soundness” of Fannie Mae and Freddie Mac, and said “I do not see” any “possibility of serious financial losses to the treasury.”
Moreover, he said that the federal government has “probably done too little rather than too much to push them to meet the goals of affordable housing.”
Earlier this year, Senator Christopher Dodd praised Fannie Mae and Freddie Mac for “riding to the rescue” when other financial institutions were cutting back on mortgage loans. He too said that they “need to do more” to help subprime borrowers get better loans.
In other words, Congressman Frank and Senator Dodd wanted the government to push financial institutions to lend to people they would not lend to otherwise, because of the risk of default.
The idea that politicians can assess risks better than people who have spent their whole careers assessing risks should have been so obviously absurd that no one would take it seriously.
But the magic words “affordable housing” and the ugly word “redlining” led to politicians directing where loans and investments should go, with such things as the Community Reinvestment Act and various other coercions and threats.
The roots of this problem go back many years, but since the crisis to which all this led happened on George W. Bush’s watch, that is enough for those who think in terms of talking points, without wanting to be confused by the facts.
In reality, President Bush tried unsuccessfully, years ago, to get Congress to create some regulatory agency to oversee Fannie Mae and Freddie Mac.
N. Gregory Mankiw, his Chairman of the Council of Economic Advisers, warned in February 2004 that expecting a government bailout if things go wrong “creates an incentive for a company to take on risk and enjoy the associated increase in return.”
Since risky investments usually pay more than safer investments, the incentive is for a government-supported enterprise to take bigger risks, since they get more profit if the risks pay off and the taxpayers get stuck with the losses if not.
The government does not guarantee Fannie Mae or Freddie Mac, but the widespread assumption has been that the government would step in with a bailout to prevent chaos in financial markets.
Alan Greenspan, then head of the Federal Reserve System, made the same point in testifying before Congress in February 2004. He said: “The Federal Reserve is concerned” that Fannie Mae and Freddie Mac were using this implicit reliance on a government bailout in a crisis to take more risks, in order to “multiply the profitability of subsidized debt.”
Chairman Greenspan added his voice to those urging Congress to create a “regulator with authority on a par with that of banking regulators” to reduce the riskiness of Fannie Mae and Freddie Mac, a riskiness ultimately borne by the taxpayers.
Fannie Mae and Freddie Mac do not deserve to be bailed out, but neither do workers, families and businesses deserve to be put through the economic wringer by a collapse of credit markets, such as occurred during the Great Depression of the 1930s.
Neither do the voters deserve to be deceived on the eve of an election by the notion that this is a failure of free markets that should be replaced by political micro-managing.
If Fannie Mae and Freddie Mac were free market institutions they could not have gotten away with their risky financial practices because no one would have bought their securities without the implicit assumption that the politicians would bail them out.
It would be better if no such government-supported enterprises had been created in the first place and mortgages were in fact left to the free market. This bailout creates the expectation of future bailouts.
Phasing out Fannie Mae and Freddie Mac would make much more sense than letting politicians play politics with them again, with the risk and expense being again loaded onto the taxpayers.
—
Thomas Sowell is a senior fellow at the Hoover Institution, Stanford University, Stanford, CA 94305. His Web site is http://www.tsowell.com.
Well if things get as worse as some are predicting with not getting a bill passed Obama can say all he wants but if he does win this election there is no way he can deliver all the goodies he is promising.
Obama is sure raising a lot of people’s expectations of his deliverance from Bush, when he cant deliver or has to raise taxes and use some harsh measures to get things on track what does he think the actions of the same people he hoodwink to win will be?
All I can see is total chaos coming the worse thing for any politician to do is to offer goodies because when your time comes to deliver you better have them for people are not going to stand around and wait they are going to want all that was promised for their vote and support, so Obama better make sure he has all that covered.
By the time this thing is through, Kim Jong-il will pity us.
Hey, why can’t I link back onto Easten McNeal’s post. Has it been scrubbed by the bots?
National Horror 101
By Eastan McNealcloseAuthor: Eastan McNeal Name: Easten McNeal
Email: susanunpc@gmail.com
Site:
About: See Authors Posts (18) on September 30, 2008 at 8:30 AM in Barack Obama, Current Affairs, Education, Education Debt
Take a look at these just to keep the perspective.
http://www.youtube.com/watch?v=_MGT_cSi7Rs
http://www.youtube.com/watch?v=N5KqzZn55WM
This is a problem with most of the human species. I’ve resigned myself to the fact the human species will be a failed experiment of nature like gazillions of other extinct species. I will say I’ve met a few clueful human beings during this incarnation some even on this blog. Lets face it though, the clueful are way outnumbered by the clueless masses. If McCain wins I will feel a little better yet still with a chunk of my spirit missing: that being the president Hillary we should of had.
Hillary was far from perfect just like every one of us. But Hillary would have been the champion of the middle class and fought tooth and nail on behalf of centrist heart of our nation. Please excuse my profound melancholy, a state I an sure many hear share.
Senator Clinton on the economy made me feel the same way. Because for the life of me I could not understand how they could not see that she had what it took to get the job done. Obama as president is something I cannot entertain so I will work my heart out for Mccain/Palin here in North Carolina. The thought of Obama as president scares me down to my soul. After reading about his civilian military he wants in his speech that would be equivalent to our current military fighting force I made my choice.
We cannot CANNOT have a civilian military equivalent to our Army, Air Force, Marines or Navy. This country already has law enforcement, what Obama is describing goes against everything this country stands for. Add his agreement and vote for FISA and having that kind of power, not knowing anything about him after almost 2 years. I will eat cans of soup until election day to save money to travel throughout my state to campaign for Mccain/Palin. I am willing to make sacrifices for this because I refuse to look back to this time and wish I would of done more.
McCain said that he would rather lose the election than the war. Well I would rather spend my own money and be broke for the next 30 some odd days
to put Mccain and Palin in office than to possibly have four years with a president that after 19 months no one still dont know.
You are one of the “some even on this blog” I mentioned. Thanks for your dedication to the struggle.
I stand with you and I shall do the same. I even have my kids wearing McCain/Plain apparal to start the discussion. It is causing a major issue at the school.
We must get this country straight. McCain in the WH and Clinton in the Senate we have a chance.
We need to open this can of worms and DEMAND the heads of
DODD
FRANK
KERRY
PELOSI
REID
WATERS
these crazy people would not do our bidding to keep our nation on a sound financial footing.
I would vote all the bums out if I had the option. It is fricken time for term limits to control the damage and the infulence of money game.
I am just sick.
We are supposed to be in a credit crunch.
My wife just got a car loan last week no trouble at all. The only credit she has is 6 months on a store charge card.
They still want to give credit.
All the MSM and politicians are doing is FEAR-MONGORING.
Ireceived 2 credit card offers in the mail in the past 2 weeks, with no interest for a year on both.
WHAT CREDIT CRUNCH?
I don’t think the 5 bucks you would spend would make any difference.
You are a mean spirited asshole. And a coward.
I’ll admit there is major fear mongering going on. FYI you are talking about consumer credit. There is also B2B credit. Also, last week was last week. I am not sure if your wife would get the car loan this week. Probably.
I read a couple days ago that in HK, a financial journalist got arrested for spreading panic and fear in his article about the state of the economy without 100% facts. I always felt that the media hyped this thing beyond what it was. yes, there is a problem and it’s serious…but the time line in which they played with (the bill had to be done by last Sunday) was BS. The market looked at it as such and all of a sudden, a deadline was made and had to be adhered to.
Why on earth is no one in the media asking why BHO didn’t influence any of the 92 Democrats that said no to vote for the bill? Is it because he has no influence at all or is it because he was too busy running for president so he couldn’t look after the country and the economy?
The way he is treating downticket democrats may have a lot to do with it. The problem with kicking people on the way up the ladder is when you wind up going down yourself.
All they want to do is get rid of all of the bad debt that was created by ACORN so the rich can get richer.
Pelosi went south on day one when she took impeachment off the table. After all that hard work to elect a Democratic majority, what did we get? A free pass to the Bush criminals– and she wants to give them cake, too. Way to go, Marie.
Yup, she lost me there as well. That’s why we worked so hard to get them in and they turned around and spit in our faces…and now they give us Barky? Bite me, Pelosi. Opposite side of the same damned coin.
We were duped by the Dem leadership. We gave them control of the legislature and they have delivered us Dear Leader and nothing else.
The republicans have been duped. The bill will pass this week with the Acorn provision and on democratic votes!
The Pelosi speech on the floor was just for good measure – to be sure the House republicans didn’t come through.
Now they add back in Acorn and they a have a bill that passes with mostly democrats.
I think it was a sucker punch planned all along.
ACORN was under the radar. I doubt they try to put it back in and have every person googling ACORN and connecting the dots. The only way ACORN stays aline (they are being investigated for voter fraud in a number of states) is if Obama gets elected.
I only half believe that because The expressions on the faces of the losing leadership, Pelosi and Franks, tells me they may have been undermined.
If this were part of a coup organized by Obama, with the assistance of thousands of “angry constituent” Astroturfers, to get Pelosi out of the way, then all bets are off…
I keep on hearing this ACORN being in the new provision. Do you honestly think they can do that without the Repubs screaming it out to the public? That doesn’t make any sense. How is that now the Dems leverage for making the new provision pass?
I’m against this bail out. Let’s see, if it didn’t pass on Monday there would be no Tuesday. I woke up this morning and it was Tuesday. The longer they go without passing a bill, the more the American people will have been proven correct in their oppostion to this pork barrel, Wall St. bailout. What a hoax. The economy will go down and then it will go up again. It will eventually work itself out..my congressman, who is a blue dog Democrat, voted against it. Hooray for him.
Stay in your mountain cave, girl…
Why would you trust the people who made this problem to fix it? What is the big rush to pass a bunch more bad legislation writted by sleezebags on the take?
Mountain Girl has a point, it gets harder and harder to sell the sky is falling as time goes by.
Yeah, but the correction will be much harsher without rescue plan – why not support a solution that will make this a smoother process and that could cost nothing in the end. It’s like chosing a harder punishment voluntarily.
“It’s like chosing a harder punishment voluntarily.”
No kidding, what do you prefer, to slowly pull the bandaid off over the next several years?
If we increase the national debt and try to slow down the inevitable, the value of our dollar will plunge even more, gas and food prices will rise, and people will be worse off them they were before. Not only that, taxes will have to increase and as Barky O’Bullsh&t said, we won’t have any money to implement any of his grand ideas.
The market will correct itself. Big banks will buy out collapsing ones, investors will buy while things are low.
A realistic scenario for the future:
- BHO gets elected in a landslide
- He inherits an economy in shambles and tries to salvage it by spending on infrastructure and education, things that won’t bear fruits for years and that fail to turn the economy around
- Rogue leaders around the world will use the crises of the US and the inexperience of the president to up the antes
- Israel will go it alone against Iran, Russia is widening its influence again and the tensions between the West and the Moslems keep rising
- All hell breaks lose while Obama tries to talk to anyone
Don’t forget to add China will offer to bail us out, Obama will accept and we will be owned.
I think China is overrated in that regard – at least at the moment. The financial might lies with the Arabs and they would have enough money to bail out every bank on the planet. But the aren’t going to do that until the states are in it themselves so their risk is smallest. The moment the Dubai or Emirates Investment fund is getting back into the market, is the time the crises is over.
You pulled that one outta GWB’s ass? What do you think the past eight years have been about?
Very doubtful. He could win but a landslide? This past week he could have shown some real leadership on the financial crisis. He has not.
The way the polls are going now it will be a landslide because McCain had to pull the rabbit out of the hat – and he didn’t deliver. Obama played it safe, didn’t get involved (as always) and got rave reviews for that. The only way for Obama not to win would be major gaffes at the remaining debates or a video proving that Obama was in attendance when Rev Wright delivered his speeches.
Major gaffes like Rezko singing and exposing Obama’s ties to the pay-to-play scheme – just for starters.
Mein Gott in Himmel let it be true! Do you think he will sing soon enough?
According to the local Chicago press, Rezko has been “singing” to Federal Investigators for the past few weeks, but it is not clear what tune he is singing (whether he is spilling the beans on Governor Blaojevich or on Obama, or both.)
Anonymous…polls don’t mean shit 1/2 the time.
Barky will not win…GOP hasn’t even warmed up yet…34 days to go and the blitz will begin in earnest in October.
Democrats are terrible on the defensive and all the GOP has to do is continue to paint themselves as Populist…chuckle…Currently they are outdemocrating the Democratic Party with the middle class…chuckle…strange but true…And the Great American Middle decides Elections in this country Not the Urban Cities.
I would find more solace in this fact if we knew the cheating could be kept under control. That’s my biggest fear.
If it makes you feel any better…Barky gamed the caucuses because the GOP helped himimho….
Soterobama’s support was always INFLATED BY THE MEDIA
IF I WAS TO PUT MONEY ON THE BARKY’S GAMERHACKERS VS. GOP BUBBA PROGRAMMERS…chuckle…It would be the Bubba’s…More Experience…nuff said…
We lost our money? Does Wall St. dish out taxpayer dividends?
If Wall St. loses money, we might have to close some sweat shops in Asia down.
Then who will stitch together your two hundred dollar NFL jersey, for pennies on the dollar wages?
If Congress passes a $700 Billion bailout….The ONLY thing that is going to happen is that the CORPORATE execs will BAILOUT of the market when the market rises, and when it rises, SUCKERS who buy in will be holding bad stocks that will DECLINE again…
Since all these market watchers on CNBC and MSNBC and fox Biz want the bailout because they were taking by surprise, and they want the bailout to recover their losses, and again all the suckers they get to buy into bad stocks will be left with bad stockpaper….
Noway, nohow, no Bailout, and NOBAMA
Let them file BANKRUPTCY….
Why is no one getting that this rescue plan could – in the end – get the taxpayer money instead of costing up to 700 billion? There is a difference between a bank that needs to refinance positions every 3-6 months to keep rolling and a government that can wait a lot longer if someone is able to repay, some day.
Think about it: If all those companies go bankrupt, the mortgages are up and the homes get auctioned off. A LOT OF people would lose their homes. Wall Street and Main Street aren’t two opposing factions. They are hand in hand together in this.
There is no way I will ever believe the government will efficiently run a huge lend lease program with an eye to fiscal resposibility. And to turn a profit that would somehow make it back to my wallet? Laughable. Really. Ridiculous.
Maintaining failed systems and propping them up with the money of hard working taxpayers is theft, pure and simple.
So WHAT? No one pays my mortgage, and if I cant pay it, it is my fault…Some person will buy the home at a less price, but the bank will get SOMETHING back, and the VA, FHA, USDA and any other goverment backed loan will make up the difference…Even conventional loans that default, will be sold at auction for some money…Pay me now, or oay me later, as Fram advertises….
Better to have people in rentals, or living with families, and give them time to recover…And the banks will write off the losses, and the corporate fatcats will feel the pain as well…
Bankruptcy makes more sense than a FAILOUT that will NOT work, and lead only to more bailouts down the line….
Paulson bailed out AIG because his former employer Goldman Sachs is on the limb for $20,000,000,000 if AIG sunk…
Paulson should be in jail for conflict of interest…
“Why is no one getting that this rescue plan could – in the end – get the taxpayer money instead of costing up to 700 billion?”
Uhh, maybe because we’ve all met used car salesmen before? Since when does the government “get taxpayers money back” and send us all a check?
Very funny…think about it the other way. If the bill is not signed and hundreds of thousands lose their job that would have kept it with the bill, will that be cheaper to the taxpayer? What if GM goes under? Let it go bankrupt and tell all those people to go home. Who is going to pay for that? People should think things through before saying stupid things about “price tags”, “bailout for Wall Street” etc. The crisis is about to spread and when it reaches other sectors of the economy no government in the world will be able to rescue anything. Then you better have those silver dollars ready under the pillow.
alot of people had no business having a home to begin with! They have crappy credit, no job and some are not even legally allowed to be in this country.
There are at least 4 major banks in the US who will not fail and I work at one of them. Why? Because we didn’t get involved in the fraud and corruptness of the subprime mortgages. I say let the chips fall where they may and come up w a different plan. One that will reward hard working Americans and ethical companies. A corporate tax rate reduction to start. I ABSOLUTELY DO NOT BELIEVE this $700 billion bailout is the only viable option. I work in Finance, there are many. If anyone believes the government will monitor the spending of this money, you’re smoking crack. They’ll guard it like a fox guarding a henhouse. And people who have a job, give them a big enough tax rebate that it will really stimulate the economy, not this $600 bullshit. Please. We get $600 for busting our ass and Wall Street gets $800 billion for cheating us and ripping apart our economy and those around the world? Fuck them.
No bank is safe anymore, because every financial institution runs on credits and loans basis. Better get that unemployment form ready – you may need it sooner rather than later.
Spot on.
Paulson, Wall Street and Congress want to panic us. They want to scare us into supporting the unlimited transfer of money into a financial system who business model is a disaster.
Instead of holding open hearings and allowing the public and non-Wall Street experts to chime in. Congress made sure Paulson and Helicopter Ben were the only ones who were allowed to voice a opinion.
This was wrong and unAmerican as hell.
Pelosi ought to be kicked to the gutter for that.
P.S. if people are smart they’ll turn on CNBC since its shill and panic mongering central.
http://edition.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html?iref=mpstoryview
Glenn Greenwald wrote this cynical take on the Bailout:
Bailout follows the 10 normal principles for how our government functions
http://www.salon.com/opinion/greenwald/2008/09/29/bailout/
Amazing how every major market is up today and a crisis is at hand, even oil is up again.
The only ones getting f*cked are the regular people and small businesses. All because a major bunch of thugs and Obama’s thug force ACORN has lost its major source of income!
I agree, and when you take the possibility that the democrats in the house wanted it to fail as a political issue, I ask why Senate hasn’t filled the Federal Reserve Board for these past few years? They have not approved/confirmed anyone in order to what?; maybe playing games there too?
$700 Billion is a “staggering” amount of money…
Okay, the real “staggering” thing about all of this is that $700 Billion is just a drop in the bucket to what we actually need to bail out our entire financial system. Credit Default Swaps will be the next big explosion. Along with the panic in the entire global financial system right now, which is causing banks to topple throughout the US, Europe, Britain, and elsewhere, we are looking at a run on banks.
Economist Marc Faber, US Banking institutions require a $5,000 billion taxpayer bailout of their balance sheets.
Sept. 26 (Bloomberg) — Marc Faber, managing director of Marc Faber Ltd. in Hong Kong, said the U.S. government’s rescue package for the financial system may require as much as $5 trillion, seven times the amount Treasury Secretary Henry Paulson has requested.
“The $700 billion is really nothing,” Faber said in a television interview. “The treasury is just giving out this figure when the end figure may be $5 trillion.”
“The decline in home prices of 20 percent is a relatively minor decline so far and it has created so many problems,” Faber added. “The US is in much worse shape” than Japan was when its stock market crash ushered in a decade-long slump in 1990.
http://www.bloomberg.com/apps/news?pid=20601103&sid=a9woTYK2OKWI&refer=us
The US and global financial crisis is becoming much more severe in spite of the Treasury rescue plan. The risk of a total systemic meltdown is now as high as ever
Nouriel Roubini | Sep 29, 2008
It is obvious that the current financial crisis is becoming more severe in spite of the Treasury rescue plan (or maybe because of it as this plan it totally flawed). The severe strains in financial markets (money markets, credit markets, stock markets, CDS and derivative markets) are becoming more severe rather than less severe in spite of the nuclear option (after the Fannie and Freddie $200 billion bazooka bailout failed to restore confidence) of a $700 billion package: interbank spreads are widening (TED spread, swap spreads, Libo-OIS spread) and are at level never seen before; credit spreads (such as junk bond yield spreads relative to Treasuries are widening to new peaks; short-term Treasury yields are going back to near zero levels as there is flight to safety; CDS spread for financial institutions are rising to extreme levels (Morgan Stanley ones at 1200 last week) as the ban on shorting of financial stock has moved the pressures on financial firms to the CDS market; and stock markets around the world have reacted very negatively to this rescue package (US market are down about 3% this morning at their opening).
Let me explain now in more detail why we are now back to the risk of a total systemic financial meltdown…
http://www.rgemonitor.com:80/roubini-monitor/253801/the_us_and_global_financial_crisis_is_becoming_much_more_severe_in_spite_of_the_treasury_rescue_plan_the_risk_of_a_total_systemic_meltdown_is_now_as_high_as_ever
“Rather than bailing out Wall Street, we propose that the government should buy up the actual mortgages in question and do nothing else. The government should not touch any derivatives; that is, claims that do not directly tie into the actual mortgages. If money becomes too tight, then the Fed can certainly increase its loans to financial institutions. ”
http://www.time.com/time/business/article/0,8599,1845209,00.html?cnn=yes
ACORN caused the majority of the problems by ramming through unqualified extremely high risked mortgages, so isn’t it time for the governement to go after ACORN to recoup all money they obtained by providing these lousy mortgages, that works in the normal wolrd, why not in this one and if it bankprupts ACORN so be it?
Bill Clinton on ABC: Democrats at Fault
Going very much against the media meme that the current financial crisis is all George W. Bush and the Republicans’ fault, Bill Clinton on Thursday told ABC’s Chris Cuomo that Democrats for years have been “resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.”
Whether he knew it or not, Clinton was going against virtually all press outlets that have been pointing fingers at Republicans since this crisis began.
CHRIS CUOMO, ABC NEWS: A little surprising for you to hear the Democrats saying, “This came out of nowhere, this is all about the Republicans. We had nothing to do with this.” Nancy Pelosi saying it. She signed the ‘99 Gramm Bill. She knew what was going on with the SEC. They’re all sophisticated people. Is that playing politics in this situation?
BILL CLINTON: Well, maybe everybody does that a little bit. I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.
Pelosi must resign.
Bill Clinton knew exactly what was going on that is one reason for his “Wellfare Reform” 1996. Hell, Bill Clinton was the governor of the state (Arkansas) where (not when) ARKANSAS COMMUNITY ORGANIZATIONS for REFORM NOW (AKORN) NOW CALLED ACORN WAS FOUNDED. And the liberals were pissed off to no end when Clinton was trying to put a stop to a bunch of their crap.
If you want to really help out with the elections and real change amongst our legislatora please join this group:
http://www.WAM08.org
Hey! Not to change the subject but what happened to the post “HORROR 101″? Maybe it was too spooky. LOL!
I think they bumped it…
I think this is just more of the same. Those who stil have money left will scoop up stock and other commondities at rock bottom pices and make their fortunes when things begin to improve. They have tons of money and can ride this huge wave out. They don’t give a damn about the rest of us.
Don’t forget that there are over four weeks left before election day . . .obama will be going down in flames. . . .count on it!!
McCain/Palin 2008
http://latimesblogs.latimes.com/washington/2008/09/electoral-map-2.html
“This week’s new hypothetical electoral map from Karl Rove & Co. shows Democrat Barack Obama’s current electoral lead widening over Republican Sen. John McCain to the largest margin since the GOP’s National Convention right after Labor Day.
Obama now leads, according to Rove’s calculations, 259 electoral votes to McCain’s 163 with 116 in the toss-up category. The freshman Illinois senator has picked up 48 electoral votes since last week from Michigan, Wisconsin and Pennsylania.
McCain, meanwhile, has lost Missouri and North Carolina’s 26 electoral votes from his column into the toss-up category.
Rove predicts, “With 36 days remaining before the election, each candidates has the time and ability to change the dynamic of the race -– and I am confident that will happen several times more.”
I like Rove’s confidence. Maybe he knows something we don’t – something that Larry told us about
I am not. I think now this is a culture war now and nothing less and a culture war is not subject to dynamics based on the second law of thermodynamics. I think we are looking at the maturity of postmodernism as affected by corruption of community organizing and network communications. We are looking at something quite perverse. It is the satisfaction of winning the day by any means and at the perverse fulfillment of injurious behavior. That was not envision by the creators of deconstruction and the rise of feminism. Both these social constructions rose on the base of honest and ethical dialogue. That in my opinion has now been lost under the corruption of winning at any cost.
I’m thinking this bailout ($700 billion in freebies) was more of a scare tactic to try and steal more money from the American taxpayer to line the pockets of Wall Street.
Robbing from Peter to pay Paul(son).
If anyone in McCain’s campaign is reading this blog, I urge you all to come up with your own plan, seperate and apart from that BS Bailout plan that thankfully got voted down, and roll it out with a major economic speech asap!
The majority of Americans do NOT want a Corporate Welfare Bailout Check to be given to Wall Street. They want to see leadership in a time of crisis, and they want to see someone provide a real plan that addresses their concerns and helps get the economy back on track.
I think it starts with American Energy Independence.
Right now, America imports over 70% of our oil. That is killing us.
Paulson said yesterday that they needed a new plan. I hope we see one soon, from McCain. God knows Obama is not going to come up with one. He is content to vote present on all of this for as long as he can.
There is a window now for McCain to seize the moment. But that window will not be open for very long. Time is of the essence.
Ironman – I always enjoy reading your comments.
agree…Just about everything comin outta the current incarnation of the Democratic Party stinks to high heaven…and has throughout this season.
I think Folks Are Tired of Being Bullied and Scared by the Far Left & the Far Right!
Here is a wild thought, since most companies scrimp and go into collection mode when in financial straights, then how about going after Obama’s Campaign Co-Chair Penny Pritzker for the $460 million fine she agreed to pay on her failed sub-prime failed Superior Bank that she hasn’t paid a dime of yet after 5 years?
This is far better than her family profiting off the problems with her family owning Trans Union Credit!
Mel these shameless assholes won’t lift a finger. Greed and avarice have a way of clouding judgment.
Mel for Atty. General
Two Americas.
I think that this election is now about two Americas. One America would be the changed America that liberals like Barack Obama want to rush in. An America changed from what it was and is into a socialist/communist America. The other an America that would continue as it was and has been, an America based on freedom and liberty. The second an would be an America as exemplified by McCain and Palin.
These two Americas would be illustrated in how the educational system works. The McCain/Palin America would develop with the notion of individualism and personal knowledge. That each individual learns by himself, fears by himself and pulls himself up by his own efforts. The other is the new America, where knowledge is a commonality of slush contained in a shared experience through shared learning.
In my biased way of seeing it, one is about excellence and the American exceptionalism, the other about mediocracy or the rule of the median, which translate into ruling the world by half, that is, peak performance.
I think personally that the new generations would like to experiment with the later. They do not see exeptionalism needed. Thus McCain and Palin look to them boring and passe. They prefer Obama and his rule of mediocrity or peak performance. It is so much more comforting. After all there is nothing like the feeling of comfort in mediocrity.
I don’t find him to be liberal at all. Authoritarian, yes. True liberals and true conservatives whom I deeply respect have nothing to do with the likes of Obama and Bush, who use the true libs/conservs as figleafs.
Obama is a liberal. But I would like you to understand it in the way I am describing him to you. Remember this is all my invention and I have not read this anywhere. My writing is original.
Obama is a man embedded in the mediocrity of liberalism (mediocrity here is not a put down) and rising as a peak performer. What is peak performance? Peak performance is the median.
In the 1960s it was known as going against the establishment. The hippies and flower children, free love and LSD along with the Bill Ayers and Dohrns, and SDSes of all varieties. They were all just “reintroduced” just about the same time Obama begin his run for the US Senate. They hate all authority.
How ironic they are backing an authoritarian.
The irony is illusion…
All PURITANS are TOTALITARIAN…The Left has it’s PURITANS just as the RIGHT. Different Ideology but the same mechanics of intolerance and resistance to criticism…imho…
It is ironic. Obama knew Ayers long before Obama became a senater. And if the truth were known Obama probabely knew somewhat of Ayers through Obama’s mentor ,Davis. But today mst of the young(er) followers of Obama are almost identical to those SDSes of the 60s era, anti-estabishment freaks.
http://www.youtube.com/watch?v=89P8Xl3mMLE
Just as a reminder
I’m opposed to the bailed out… Let the market take the hit…. If you can’t afford your home…RENT duh!
But you won’t be able to get a car loan! It’s hilarious how the msm and the politicians are trying to scare the shit out of the American people.
I have been watching McCain in the economic roundtable online at Fox ..he is good, seems to understand Americas problems..
share it my friend
You are right
It is over..I figured most new it was on on-line…It was a roundtable of business men and women asking him questions…he made a statement at the beginning that the president has the power right now to take care of this all he has to do is sign the piece of paper…
The bailout is just another way to con the American people. The fear card is being played again.
In Missouri, the local news at 10 pm covered the financial crisis and spent 15 to 20 seconds on Pelosi’s partisan speech. I don’t know how that plays out, but I imagine the Speaker’s priority to score partisan points could be exploited.
Several political ads played – one Obama (a fireside chat thing about doing the right thing on the financial crisis), one McCain (focusing on reform needed in DC and spending out of control, plus a swipe at Obama). Other ads were relevant within the state.
Do any of you ever watch the strategy room on-line at FOX sometimes it is really good…you can e-mail them at strategyroom@foxnews.com here is a link to Fox click on the Strategy Room link.
http://www.foxnews.com/
They were replaying the roundtable…check the menu I don’t know if they will play it again or not.
Here is an example of how Obama want to change America. Lets see if you like it. I this example you can observe the rule of mediocrity or peak performance. This is how America will mimic and emulate China or the Chinese culture. But by half.
http://www.youtube.com/watch?v=TW9b0xr06qA
Do you like it? Well if you don’t then get used to it.
that was creepy…eww.
Now think about it vinnie. Can you the MSM as a parallel but much more complicate similar culture than that one?
Lark, I heard this on Rush earlier today!!!!! How crazy! I’m posting it in a few minutes on my own blog. Obama and these Obots have got to be stopped.
“So you don’t like the bill? How much did world markets drop as a result of Congress’s inability to act? In this country we lost TWICE THE AMOUNT proposed in the bailout bill. TWICE THE VALUE. Thanks a bunch Democrats. Thanks a bunch Republicans.”
No WE didn’t. I don’t have billions of dollars at stake. I just have my one little home. And paying for the bailout of others CORRUPTION AND GREED AND STUPIDITY is sure to screw me. Paying for this crap will quite possibly mean the difference in being able to keep my home or not.
SO DON’T EXPECT ME TO CRY ANY TEARS FOR THE B@ST@RDS WHO MADE IT HAPPEN IF THEY GO DOWN TOO. GOOD F#CKING RIDDANCE.
The sooner the government quits monkeying with the market the sooner it will reach a new equilibrium: if that means slowing of growth, fine. Get used to lower services. I wasn’t enjoying paying for everyone’s stinking free lunch anyway.
NO BAILOUT.
It seems that people with 401k’s with $100,000. in them lost about 5% yesterday…since August they have lost about 25%…that is from a man who was in the roundtable with McCain who has a business that manages 401k’s.
plus the dollar is still gaining against the EURO
Euro Falls Most Against Dollar Amid European Banking Failures
I feel bad for them, but I don’t have any 401k.
Let them take it up with the banks. I am not a bank and I resent the h#ll out of being used as one.
http://rightchange.com/
Take a look at this site. I think that they are good folks.
Their new ad was playing in my state yesterday…I like there ads.
The bail out is not the cure all. Not by a long shot and on top of it, there are many experts who say it might make things worse.
Don’t drink the kool-aid and out of fear to just pass something!
The market was already down 300+ points whey they believed the bill would pass and the reason was Wachovia as well as the start of Europe imploding.
If you want a bail out, demand they create some sort of HOLC which has proved to work in the past. There are many examples in history of this sort of thing so do what worked. Sweden nationalized the banks plus stripped all of the executives as well as shareholders of any profits. Now the reality is investment in private enterprise is risk but that risk should not be absorbed by the taxpayer. Sweden has the least time and least impact on their overall economy by how they handed their own real estate and financial crisis. Learn from others and do not act out of fear.
Don’t just think something that has been analyzed to not work should be passed and start thinking about what will work….and pass that! Listen to the various economists who are not bought and paid for! Almost all say the bill that was tried to be passed yesterday is a bad solution and they also have agreement on what really should be done! Listen to this people and get behind what they are recommending.
Pelosi is a corporate nightmare. She should resign, so should corporate nightmare Harry Reid.
The Dems thought that they were going to hand over billions of dollars carte blanche to Paulsen, the millionaire from Goldman Sachs and Obama fundraiser. Sure BO was on the phone with him for 2 weeks, where do you think he got the money for the primaries? The Repubs wrote the book on this rescuing crap and said ‘no way’ we know where the money will end up and we’ll be screwed when our constiuents find out in a couple of weeks and we lose all our seats. This is Rove vs Axelrod–the Repub machine vs the Chicago machine. Alien vs Predator and the masses are losing their grip on reality. But the economic destruction of a country is NOTHING compared to the destruction of its democratic principle and the change to a Marxist form of government. Just ask the Germans in 1933 whose economy had collapsed and they voted in the agent of change. Better the economy goes sour than all of your basic freedoms and the government for the people, by the people. The crowd told Pilate “Give us Barabbas” the thief and the liar(New Testament) and now the crowd is saying “Give us Barack.” Scary stuff.
100 percent right. Below is from nakedcapitalism.com This is how the foxes in the hen house are not satisfied.
Treasury Conference Call on Bailout Bill to Analysts (Updated)
Various readers wrote us, and it was confirmed by a detailed report on the call at DealBreaker, that the Treasury Department held a conference call this evening for analysts on the bailout bill. A memo was evidently sent to SIFMA members; others may have been contacted by other means. But the report I got from one person who was on the call was the the questions came from financial services industry members. In other words, this was most assuredly not intended to be a call open to the public at large. If anyone from the media or other member of the great unwashed was listening in, it was by accident.
This is simply scandalous. To have a group of interested parties get a privileged briefing by government officials on a matter of keen public interest flies in the face of what a democracy is supposed to be about. The proper method would either be a published FAQ on the Treasury website or a briefing with the media included. But why should I be surprised? Favoritism has been a staple of the Bush Administration.
There is a live blogging recap at DealBreaker.
http://dealbreaker.com/2008/09/live-blogging-the-treasury-cal.php#more
Someone who was on the call is going over his notes and other recaps on the Web and sending me his version, which I hope will add some color. Check back for that update.
Update 12:30 AM: Have queued up recording of conference call but not yet listened to it. But reader and sometime contributor Lune provides a useful take. Hoisted from comments:
1) If even the Treasury is saying tranching is a formality, then it really is nothing. Not sure why Dems fought so hard for a fig leaf.
2) Waiting a couple of weeks because no one has any idea when or where the next bomb will blow up. In other words, all their doomsday scenarios about Black Monday were B.S. They screamed the check had to be written by Monday, but now they’re saying they actually have a few weeks before they need to cash it. Plus, this will allow them to “seek guidance” from GS, JPM, and other selfless public servants about where the money should be funneled.
3. The tap dancing is because they don’t want it to get out that they’ll be giving a sweetheart deal. The public won’t be following each individual transaction to see exactly what price is being paid. So ridiculously overpriced asset sales can be hidden in the details, and by the time some reporter (or blogger
combs through and analyzes the transactions, the deed will have been done. But if Paulson makes a statement that assets will be bought at par before the bailout’s even begun, that will be reported and might kill the deal.
4. In other words, we need to sweeten the pot to encourage banks to come “voluntarily”. Pardon my ignorance, but why the hell should we be begging banks to borrow from us? I thought a bailout should be the absolute last option for a bank. I.e., it should be so unpalatable, so unprofitable for a bank and its executives that they exhaust every private means of survival before coming for their public “reaming”. I wonder if foreclosed homeowners would rate their foreclosure process as “user friendly”.
5. Of course the exec comp provisions are a joke. Who do you think is going to be hiring all those banking cmte staffers and newly retired congresspeople next year during the inevitable post-election turnover? Do you really think they’re going to vote to limit their salaries? Remember that for lots of people on the Hill (including elected reps), govt work is merely time you spend accumulating credentials in preparation for your real life’s work in the vastly richer private world.
Taxpayer losses: “golly, let’s just pray to Jesus and hope he’ll make sure that in a few years our country won’t be bankrupt.”
Oversight: “let’s appoint a committee which will file toothless reports that no one will ever read”.
I’m glad to see that while much time was spent in Exec comp. and tranching kabuki theater, the real points of protection of taxpayer losses and implementation of new regulation seem to be afterthoughts.
The notes on the call per our helpful anonymous reader (and former investment banker, it turns out):
“Draft bill is very positive for both markets and our companies”
Much explanation of Executive Comp
Residential and commercial mortgages. But very importantly, it can be any asset.
Excited about ability to guarantee assets in exchange for a guarantee fee.
Sought as much authority and as much flexibility as possible.
Eligibility: as broad participation by institutions as possible. The
more participation, the more effective it will be. Want banks of all
sizes or any financial institution that has a meaningful presence in
the US to be interested and enthusiastic.
Purpose is to help private sector clean up their balance sheets.
Highest priority: make sure it works, will attract companies to
participate. Warrants and exec comp. were very highly negotiated.
still listening …
some1 | 09.28.08 – 9:14 pm | #
http://www.nakedcapitalism.com/2008/09/mussolini-style-corporatism-in-action.html
We don’t need to bail out Wall Street, not the people that wanted the bankruptcy bill that passed a couple of years ago. Wall Street gave money to people that they knew couldn’t pay because for every mortgage and credit card, they raked more dough from those who are responsible and pay their debts. NO.
Congress is sending mixed messages. According to them, we are in dire straits and yet congress took off. If the world as we know it is coming to an end, you wouldn’t put the bailout on hold for a holiday. Say no to the bailout.
Listen to Rush Limbaugh about BANKRUPTCY…Right On
the failed bill was unacceptable.
.
In that plan:
-Industry execs are allowed to steal millions in salaries and WE PAY
-homeowners in foreclosure are disregardeded
-my favorite-NOBODY KNOWS FOR SURE IF IT WILL WORK!
congress, you must do better.
do your jobs and cut the partisan crap!
No one seems to get that the MORTGAGES are not the biggest problem, really. Those could be worked out under Hill’s HOLC program, and eventually turn a profit, because real estate does have an intrinsic value in the long term. Yes, there would be a market correction, but we could survive that.
The thing that this bill is designed to bail out and protect is not the MORTGAGES. We already nationalized Fannie and Freddie, and that accounts for almost 80% of all mortgages now that are being backed by treasury funds.
It is the mortgage DERIVATIVES (all the side-betting and gambling on those mortgages that went on unchecked) that they are scrambling to protect. The paper based on nothing that is held in large part by the big hedge funds. They are trying to obfuscate and say this is all about bad mortgages, when really the mortgages themselves could be isolated and resolved over time. The thing they are afraid of is that the DERIVATIVE players and gamblers will be left out in the cold, and they by god won’t stand for that. They will not allow the markets to be stabilized unless they can make sure the hedge fund players get their piece of the pie. It could be done WITHOUT giving them their piece of pie, but they are throwing sand in the eyes of and blowing smoke over that reality as fast as they can.
They are trying their damnedest to make it a Hobson’s choice, and the people are rightly saying, “No, it isn’t. Just because those are the only two choices you are offering does not mean that those are the only two choices there ARE.”
great comment
but it should be about the mortgages!
Maybe the taxpayers would support a plan that helped citizens in danger of losing their homes.
A provision like that would be hard to vote against..
more choices, please!
Yup. My point is that the problem could be solved if you removed from the equation making sure all the Wall Street Boyz had their asses fully covered, and looked honestly and ONLY at what must be done to
a) avert a total crash and
b) minimize the effects on homeowners.
But the hedge fund and private equity firm boys will not allow any solution that does not give them their piece of the pie.
Where in the heck is MY Golden Parachute?
This FAILOUT only makes my dollar weaker and have less buying power…Remember the Mexican Bailout a few years ago….? Their currency was worth 40% LESS over night…That is what is going to happen to us a DEVALUED currency from all these companies getting bailed out…Socialism doesnt work, per example SWEDEN…
Our currency has been devalued for years…Those with the bucks make the bucks, and that is the fatcats on wall street…
Milk is $4 a gallon now, but after this bailout will drive it to $5…IMHO
Anytime the FED injects cash into the banking system, that makes the current money in the system LESS valuable…The FED injected $85 billion the other day, your money is less, prices go up…
STOP PRINTING MORE MONEY YOU FOOLS….
Let the fatcats go bankrupt and let someone buy a house for LESS money at auction….
Is God giving the USA a whipping? It sure hurts having the worst Republican president at least since Hoover, and the worst Democratic congressional leadership since… well, at least since before i was born. How did we end up with such rotten apples at the heads of both the judicial & executive branches?
Well, no, and I think the way you phrase this is indicative of the thinking that was part of the problem. You did not “lose” $50K, you are making 50K less than you thought you would. You’re not making “less than the house is worth,” because what a house (or any item) is worth is what people will pay for it–period.
Look, I have a 401K and I’m not happy, but I’m a long ways off from retirement so I’m not panicking. By the time I am ready to retire things will have swung back around. People who are getting ready to retire have to do some hard thinking about whether to pull their money out, but most economists and financial planners are saying not to.
DancingOpossum: Uh, no. If a miracle occurs and I sell today the price is so low I will have lost my entire downpayment. The selling price of the house is $50,000 less than I paid for it. Factor in agent commissions, closing cost sweeteners and other ancillary fees and yes, I will have lost money. I’ll be lucky to walk away with a couple of thousand, if that. I’m sorry if my phrasing is confusing to you, but when you walk away selling an item for less than you paid for it when the value of the item was supposed to appreciate, then you have in fact sustained a loss. By the way cascading foreclosures are proven to bring down property values neighborhood wide, so this is in fact a national problem. It may even be your problem if you own and your neighbors’ houses are being boarded up. So this phenomenon will depress YOUR property’s worth as well.
America considers it a bad bill. The American public has seen one horrid bill after another backed by the administration come out of Congress. They’re revolting and insisting Congress get it right for once. Congress doesn’t seem to have the faintest idea how to draft a competent bill. Instead they’ve fled town and have left it to someone else to figure out what to do.
Instead of urging his party to get back to town and find an alternative, Senator Obama is urging the American people to back a bill they believe isn’t going to work – that it will be another Iraq, Katrina, etc… The last thing Senator Obama wants is for this bill to linger while journalists stumble onto how much of his career has been based on the policy of granting mortgages and loans to people who under no reasonable standard would have qualified for the line of credit extended in the mortgage/loan.
The McCain campaign seems to be at even more of a loss of how to rehabilitate Senator McCain’s image after the vote failed. Instead they have Katie Couric interviewing both Governor Palin and Senator Mccain in an attempt to reverse the damage of last week’s Couric interviews.
The American People have spoken. They don’t want a bill drafted by the Bush administration and doctored up by Congress. It’s apparent they want an alternative, one led more by economists and businessmen with a proven track record than Washington politicians backed by lobbyists.
What is Washington doing? They’re out campaigning while pretending to observe a religious holiday. And we’re now set up to elect Bush 44, aka Senator Obama.
ALL OF YOU need to go to ibdeditorials.com and read a series of articles called THE AUDACITY OF SOCIALISM. I am voting for McCain, hoping he’s got the balls to remaining standing AFTER the whole damned country gobbles down the hell-of-a-life, socialistic CRAP that Bo’s preaching to the white, furry middle class SHEEP, whose very essence he hates, but whose vote he needs. That corpse, Nancy Pelosi, stands up and preaches to her supposed MIRRORED REFLECTION — that’s us, people, repeating, every repeating, evermore repeating her mantra: “I hate Republicans, lord, have mercy, I’m so smart, and I think of everything, and I’VE DECIDED that all intelligence emerges from Saynd Frayncisc-O.” It never crosses her mind that she’s deranged. Insanity never identifies itself, you know, by saying: “I’m crazy, and I’ve been crazy for years … cause Newt drove me there.” But, hey, this is the United States of Socialism, who cares!@!
Dow UP 440 points +4%
S&P UP 55 points +5%
Nasdaq UP 100 points +5%
NYSE closes for today in about 10 minutes.
We do need some action by government: better oversight and faster action BEFORE we get to a “crisis” (or something than can pump up into a “crisis”). We DO NOT need over-reaction and panic-mongering.
Capitalism (like democracy) is far from perfect, but its the best system there is. Let the market FIX ITSELF!
Let’s get this straight: THIS IS A BAILOUT FOR WALL STREET AND FOR THEIR FRAUDULENT 2nd and 3rd booked mortgages and their DERIVATIVE BETS.
The Dems caused this and the Dems need to fix it and if they don’t then the Repubs will. Get a life. This is a free country and you all need to fight for it by fixing the problem called Wall Street! Soon the thieves to jail! Send their US Representatives and Senators to the hills or the gallows!
I will never endorse this bailout and neither should you. Sink Wall Street and get your party back.
QED! Quite Easily Done!
AND NANCY PELOSI GAVE OVER$100,000 OF HER PAC MONEY TO HER HUSBAND’S REAL ESTATE FIRM!
http://www.youtube.com/watch?v=_MGT_cSi7Rs
This reveals that the present banking crisis could have been avoided if only those in charge of Fannie & Freddie would have listened, but their stubborn denial failed everyone, which has led to the need of the present $700Billion Government Bailout.
For all those who empower these representatives, they should now be fired from their fiduciary duties in the US Government due to their abysmal failure to listen to the warnings and advice to prevent the mortgage crisis by covering up and cooking their own books. Every American Voter needs to take the time to watch this 8 min vid and see who refused to do anything about it when the problem was clearly staring them right in the face in 2004. Sure there is much blame to go around on both sides, but these individuals were the ones in charge of these government programs and chose to do nothing about it even after they were warned of a coming crisis. Some went on to make obscene amounts of money in the process while cooking the books and therefore do not deserve to keep their jobs this November. If you’re not already angry about this whole debacle, you will be after watching this vid.