The Bailout

[wiegie]

 

certain individuals in congress listened to the dire warnings of people like alan greenspan

Are you talking about the same Alan Greenspan who was telling homeowners in 2004 that they were stupid to not switch out of 30 year fixed rate mortgages into 1-year ARMS?

[Azazello1313]

Are you talking about the same Alan Greenspan who was telling homeowners in 2004 that they were stupid to not switch out of 30 year fixed rate mortgages into 1-year ARMS?

 

probably the same guy. he may have been wrong about that, but he appears to have been right about the risk of fannie and freddie, doesn't he?

[whomper]

I dont know what any of this means

[tonorator]

I dont know what any of this means

 

buy gold.

[whomper]

buy gold.

 

 

I am gonna go out and OG

[dmarc117]

buy gold.

 

 

wrong.....buy guns and bullets

[Ursa Majoris]

Looks like they'll take another shot.

 

WASHINGTON - House leaders say they're reconvening Thursday instead of adjourning for the year as planned, after dealing a $700 billion financial market bailout a stunning defeat.

 

The fate of the rescue package remained in doubt as Democrats and Republicans both said they wanted to resurrect it. They were locked in a brutal round of partisan finger-pointing over why it failed.

 

The Senate had planned a Wednesday vote on the measure. President Bush and his economic advisers, as well as congressional leaders in both parties say it's vital to insulate ordinary Americans from the effects of Wall Street's bad bets.

[CaP'N GRuNGe]

Are you talking about the same Alan Greenspan who was telling homeowners in 2004 that they were stupid to not switch out of 30 year fixed rate mortgages into 1-year ARMS?

 

Yeah, wasn't Greenspan known as Mr. Free and Easy Credit?

[borge007]

Oh is that what Nancy's speech was all about.

 

She on the tube now. sounding like a bumbling idiot.

 

Hello pot.

[H8tank]

So, were you curious where the magic number of $700B came from?

 

They just made it up.

 

Alabama Sen. Richard Shelby, says he's concerned about its cost and whether it will even work.

 

In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.

 

"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."

 

 

Vote this crap bill DOWN. Save us House Republicans!

[moneymakers]

Does this mean there will be more Wiis available this Christmas?

 

 

 

 

 

 

 

Bill will be passed later this week that has better check and balances and accountability for abuse of the system.

 

And Nancy will keep her mouth shut and barney will please just go away.

Edited September 29, 2008 by moneymakers

[Jimmy Neutron]

I don't see it that way at all. The House has now taken on the massive responsibility for what comes next. I think now they've got a lot more to be scared about then just losing votes.

I think the House saying no is fantastic. This "rescue plan" needs to be thought about and debated at length. It's already got all kinds of partisan crap tacked on to it - you guys all comfortable with ACORN getting a 20% return on your money (if we actually make money)?

 

What are you talking about? 2/3 of the House republicans opposed the bill. This isn't a republican versus democrat thing.

 

I think that's cool too - 40% of Dems voted against it too.

 

I think it's a sign that not many of these clowns know if this is going to solve the problem or not. They don't want to vote for an expensive measure the people are against only to have Paulson coming back for more money in a few weeks/months. The $700 billion is far from a sure cure and at least some of them are wising up to that.

Edited September 29, 2008 by Jimmy Neutron

[CaP'N GRuNGe]

So, were you curious where the magic number of $700B came from?

 

They just made it up.

 

 

 

 

Vote this crap bill DOWN. Save us House Republicans!

 

Yes, thank you House Republicans for dropping my 401K another 8% today. I REALLY appreciate it. And thank you all Arizona House members, all eight of you, 4 Republican and 4 Democrat for destroying my savings.

Edited September 29, 2008 by CaP'N GRuNGe

[Jimmy Neutron]

fanned partisan flames:

 

http://www.breitbart.tv/html/184803.html

 

I agree with a lot of what she said, but she conveniently left out the the fierce democrat opposition of regulation at Fannie and Freddie. The dems own a part of this fiasco and its shameful of Pelosi and the rest to pretend anything else.

 

JC Watts was on the radio today playing more of the dems touting "Raines is a genius - all is well with Frannie and Freddie." - including that camera whore Barney Frank. One of them said, "How dare you attack these fine institutions that provide 100% loans to people that can't afford traditional mortgages?" They were profoundly wrong about this situation and deserve to be called to the mat along with the irresponsible Bush and past GOP congress. They all own this and they should all pay for it.

[Jimmy Neutron]

Yes, thank you House Republicans for dropping my 401K another 8% today. I REALLY appreciate it. And thank you all Arizona House members, all eight of you, 4 Republican and 4 Democrat for destroying my savings.

 

I would like to thank them too.

[Azazello1313]

I'd like to know what legislation nancy pelousi or barnry frank proposed that would have prevented any of this.

[CaP'N GRuNGe]

From somebody in the treasury department of the company I work for:

 

We are paying 9.25% on tax exempt AA- rated bonds, a month ago it was under 2%.

[muck]

Has anyone heard if they're going to trot out the exact same bill for a re-vote, or if they'll tweak it any?

[Jimmy Neutron]

Has anyone heard if they're going to trot out the exact same bill for a re-vote, or if they'll tweak it any?

 

I heard a Rep. say "back to the drawing board." It was unclear what he meant by it. Hopefully they'll strip it of the partisan crap and introduce the cash in phases as needed and include transparency, independent oversight and minimize risk to the taxpayers.

 

If it were up to me I'd probably roll the dice and see where we end up without intervention. I think we're propping up bad debt and delaying the inevitable as it stands now. Why not let the market self-correct and see where we're at? 'Cause it's too scary? Compared to throwing tons of cash at the problem when we don't know if it will work or not?

 

Credit may be drying up, but I think that's a necessary part of the correction. A lot of the credit that has been issued in the past should not have been issued period. It wouldn't be a bad thing (but yes, it would be painful) for that kind of lending to go away at this point.

 

Is somebody trying to argue that if existing institutions won't lend, nobody ever will again? Horsepoopy. There will always me a market for responsible lending and credit. The players may change, but the business will always be there. We may have to pay more for it, but I think that's just desserts for a society that's by and large taken advantage of the ridiculous lending schemes of recent years.

[SuperCharger]

I've been opposed to this rape of the tax payer from the beginning. I'm glad it got shot down and I don't care who did. Government needs to get their hands out of the market and let it correct itself. The banks that are falling where being propped up by financial apparitions. The market is cleansing itself and the long term looks brighter today.

[Ursa Majoris]

Yes, thank you House Republicans for dropping my 401K another 8% today. I REALLY appreciate it. And thank you all Arizona House members, all eight of you, 4 Republican and 4 Democrat for destroying my savings.

Ha. I did better than you - I only managed to lose 7.3%.

[Jackass]

I've been opposed to this rape of the tax payer from the beginning. I'm glad it got shot down and I don't care who did. Government needs to get their hands out of the market and let it correct itself. The banks that are falling where being propped up by financial apparitions. The market is cleansing itself and the long term looks brighter today.

 

Government having their hands out of the market is part of the cause of the problems that are going on today. This is not just saving wall street banks. There's a financial crises that will impact all of us, whether you work for a corporation or run a small business or have money in your 401k plan. The long term looks brighter today? why? because people have lost a crapload of money?

[H8tank]

Yes, thank you House Republicans for dropping my 401K another 8% today.

 

Not my problem.

 

There was bi-partisan support to kill this turd of a bill, GOOD.

[Pope Flick]

Government having their hands out of the market is part of the cause of the problems that are going on today. This is not just saving wall street banks. There's a financial crises that will impact all of us, whether you work for a corporation or run a small business or have money in your 401k plan. The long term looks brighter today? why? because people have lost a crapload of money?

 

 

I'd say the issue a lot of us have is that the ones who have been sticking their hadn in the cookie jar have suddnely 'got religion' and are now going to lock up the cookie jar.

 

From my (admittedly limited understanding) the bill was still going to allow CEOs to walk away with millions. For that single reason alone, that should have been enough to stall it. It's time to stop rewarding the thieves.

[Jimmy Neutron]

Government having their hands out of the market is part of the cause of the problems that are going on today. This is not just saving wall street banks. There's a financial crises that will impact all of us, whether you work for a corporation or run a small business or have money in your 401k plan. The long term looks brighter today? why? because people have lost a crapload of money?

 

The problem is, that's only partially true. While government did not exercise the oversight they should have in some cases, in others - the government screwed things up every bit as badly as corrupt Wall St. execs did. Fannie and Freddie were used and abused for government programs and kickbacks and they sold bad debt to banks. Government caused a large part of this mess. Now we're supposed to trust the same people who got us into this mess to fix it? Pardon my cynicism.