All aboard the bailout bandwagon? Hell, no! Link to bill added
Scroll for updates…Thanks to N.Z.Bear/Porkbusters for a link to the 108-page draft bill…updated version here…
It’s full steam ahead for the trillion-dollar-plus bailout boondoggle. Washington is euphoric.
If you didn’t already have a sick feeling in your stomach all week, the photos of the late-night press conference announcing that a tentative deal had been struck should make your innards churn:
As I’ve said throughout this past year of stimulus-palooza giveaways: God save us from bipartisanship.
Nothing is on paper yet. The ACORN funding provisions have reportedly been stripped. But God knows what Pelosi/Reid’s draft bill writers will slip into this behemoth before the day is over.
I’d refer you to a copy of the bill, but…there is none.
And there won’t be one for taxpayers to read and analyze for themselves before the bailout mob rushes to pass this unprecedented “rescue” of private industry on Monday. The Examiner has a side-by-side comparison of the broad terms of Paulson/Frank-Dodd/”Final Bill” plans.
Here’s what the WSJ reports:
Those present said the bailout plan still needs to be drafted in its final form, a process staff members were expected to continue throughout the night in what one aide called a “marathon drafting session” in Speaker Pelosi’s office just off the rotunda in the Capitol building. A formal announcement is scheduled for some time Sunday, though an exact time and location was not immediately available.
A summary of the tentative agreement released by Sen. Pelosi’s office said the plan “gives taxpayers an ownership stake and profit-making opportunities with participating companies; puts taxpayers first in line to recover assets if a participating company fails; (and) guarantees taxpayers are repaid in full — if other protections have not actually produced a profit.”
The $700 billion would be available in phases. The first $250 billion will be “immediately available” to the Treasury Secretary, and $100 billion available “upon report to Congress,” and $350 billion “available only upon Congressional action,” according to a summary from the office of House Minority Whip Roy Blunt (R., Mo.), the No. 2 House Republican who was at negotiations.
A summary from Sen. Pelosi’s office said the final deal included “cutting in half the administration’s initial request for $700 billion and requiring Congressional review for any future commitment of taxpayers’ funds.”
Translation: Kabuki theater will occur before the next rubber stamping. Bottom line: No matter how you slice it, Paulson gets his $700 billion and more.
Reminder that the bailout allows foreign banks to partake of American taxpayer funding — and that the bailout plan includes buying student loans, car loans, credit card debt and any other “troubled” assets held by banks.
Thanks to Pelosi, the bailout has expanded even further:
The Pelosi summary also said the legislation will expand the range of firms that can sell troubled assets to the government to include pension plans, local governments and community banks serving “low- and middle-income families.”
More goodies pushed by the Dems:
Other foreclosure-prevention measures include an extension of the tax holiday for homeowners who face foreclosure, as well as a tax break for community banks that held shares of Fannie Mae and Freddie Mac. The rescue plan will allow affected banks to take an immediate tax deduction on losses from investments in the two firms, which were taken over by the federal government earlier this month.
Quoted in the NYTimes:
A senior administration official who participated in the talks said the deal was effectively done. “I know of no unresolved open issues for principals,” the official said.
“Principals” don’t include the people who will be paying for this beast.
How about this for an “unresolved open issue:”
Among the last sticking points was an unexpected and bitter fight over how to pay for any losses that taxpayers may experience after distressed debt has been purchased and resold.
Democrats had pushed for a fee on securities transactions, essentially a tax on financial firms, saying it was fitting that they contribute to the cost.
In the end, lawmakers and the administration opted to leave the decision to the next president, who must present a proposal to Congress to pay for any losses.
Translation: Kick the can.
Conservative stalwart Sen. Richard Shelby isn’t playing:
Some lawmakers have made clear that they will not vote for the bailout plan under virtually any terms. “I didn’t want to be in the negotiations because I object to the basic principles of this,” said Sen. Richard Shelby of Alabama, the senior Republican on the banking committee who would normally be his party’s point man.
Pressed about his role, Shelby replied, “My position is ‘No.’ “
For your wallet’s sake, and your children’s wallets’ sake, pray that Shelby is not alone.
***
Question: Who’s up for a filibuster?
***
Ed Morrissey publishes a “Myths vs. Facts” sheet from a House GOP source.
I’m waiting for the bill.
***
Tom Blumer at BizzyBlog smells blackmail.
Update 4:01pm Eastern…The 108-page draft bill is now available here thanks to N.Z. Bear and Porkbusters…reading now…
Update: The “fast-track” devil in the details.
Update: Most recent version of the bill here.
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Look at the photos from the announcement, and remember Frank’s blathering from Friday that “Speaker Pelosi will not pass a partisan bill.”
Oops. Never mind…
Frank is happy. God help us all. If we pass this and Obama gets in office we are looking at a full court press for Democrat (Communist) control of the country and a swift move towards Socialism.
At this point I doubt there is any doubt left but that the bill is going to pass. Will it work………likely only if you consider the taxpayers once again enriching the elite, “working.”
Wonderful!
These inept jackasses damn near break the country with their stupid policies and behavior then expect us to reward them for their idiocy. I must be missing something here.
ACORN needs to be out of this bill…I also feel that if we are gonna finance this deal, then we, the American taxpayer, needs to be paid back first…private “hand out ” entities like ACORN don’t need to get a dime of this money..
If ACORN is in there, then Ladies and Gents, we are gonna get, as Ace over at AOSHQ would say, dorked in the squeakhole….
As I understand it, acorn is out of this bill. But, you can bet it will be added to some other bill coming up. The d’s would not go along with this if they didn’t think they could get this curd back in soon.
L
ACORN is out of this bailout bill, but I wouldn’t bet monies on that.
I still don’t see the need of spending One TRILLION to bail out the democrat give-away plan, but dare I be accusatory when I have no better alternative? I shouldn’t be, thus here are my thoughts on one possible alternative.
)
and obama is taking full credit for the “improvements” to this monstrosity and that mccain deserves no credit at all. my head is about to pop this morning i’m so angry.
I saw this late last night, er, early this morning and it was a little sickening. I have one question, not to get too personal, but, what the heck is wrong with Barney Frank’s mouth?
Unfortunately, it will pass and we’ll pay.
If it fails it will be blamed on the Republicans and there’s not enough of them with the cojones to protest this.
One of the ridiculous things I heard and don’t know if it’s in the final giveaway was the voluntary insurance provision.
It was voluntary instead of mandatory because of the high cost of premiums. So, it’s available if anyone wants it.
Who would buy it if there’s a poor taxpayer that is going to back your bad decisions up?
Arrrgggghhhh!
Senator Shelby is probably right. Both Senators from Alabama are doing what they can for Conservative interests, which very much includes the issues that most affect “We the People”.
-
ACORN is a front group for the Communist Party USA (CPUSA). Read everything you can over at their site: http://www.cpusa.org
Search for ACORN and see how many times it comes up…ACORN is the “Community Organizing” that Obama knows. Fraud is their specialty. They’ll do ANYTHING they have to at ALL costs to get Obama elected. He is their leader, their savior, and they are thirsty to take over this country.
ACORN will NOT go away if we close our eyes. This very, very Un-American organization is hell-bent on destroying our great Nation and turning it into their idea of a Socialist Utopia.
Make sure your Congressmen and Representative know everything they can about this despicable group. ACORN is a real threat to our liberties and the safety and security of our country.
Senator Shelby – for the love of God, please do a Mr. Smith and give us an old-time filibuster!
this is another huge step for socialism, which bush, that fool, will sign. I’m sorry I voted for this idiot. talk about the manchurian candidate! the country I loved while growing up, is gone….president obama will be the final nail in the coffin.
we’ll have to learn the hard way that socialism does not work.
Not much one can say other than that the whole thing makes me ill for so many reasons. How’s that for inciteful, helpful commentary?
For one thing the timing couldn’t be worse. For another, the handling of this couldn’t be worse. For yet another, the implications couldn’t be worse.
This my friends is Bush’s legacy at its most naked and seeing that he always wanted to please the Democrats above all else, it appears his dream has been realized at last. As Reagan said in another context — wipe the glee off your faces, people.
Can’t we at least get some resignations out of this!?
Barring a miracle, and even that is a sickening turn of phrase, the election is lost, though it may still be possible for Republicans to hold on to their dignity with respectable showings in the House/Senate races. But that is it. The country is self-destructing and there is almost nothing any of us can do about it.
I’m with you, an-artist. I repeat: Graham is a disaster as McCain campaign spokesman. He stays on topic, but lets the Obama campaign go off topic, grab credit for everything short of the sun rising in the east, and then sits there with that da*n smirk on his face. He is ill-equipped to go toe-to-toe with these lying sack of poo lawyers Obama is putting out there! Oh. And that includes the smelliest poo-sack of them all: Obama, himself.
Should the great citizens of this country, excluding Congress, be allowed to SEE/READ this bill????
We should demand that each and every one that was negligent be fired, forced to resign, or do some heavy prison time on their dime.
This just makes me sick. I am contemplating what WE can do next?
No taxes for one.
Forgot to state that the thieves and crooks involved are STILL involved.
Now that makes NO sense, does it?
Once again, for the umpteenth time; we are SO SCREWED in 08!!!!!!
Not only that gayle, they’re putting themselves in charge and getting ready for the next “bailout crisis”.
B-cat, what can we do????
Who can help us?
Seriously, folks. WE NEED HELP!
Next in the line-up:
Socializing
illegals, cicerokid.
It’s not attached to a brain.
P.S.: I’m up for the fillibuster!
….but this isn’t a movie, and nothing happens…
And the real joke, this is just a bandaid.
It does NOT fix the underlieing problems of the economy, even the ones created by Congress itself.
This actualy makes the taxpayer MORE on the line if there is a further downturn in the economy, as they will now OWN those assets.
It throws contract law, and equal protection, right out the window, and creates a virtual government monopoly on Mortgage debt (70% is already federalized by the seizure of Freddie and Fannie, this gets the rest).
The next few days will be interesting. What everyone should realize is that even if this smooths over the markets, it is only a band-aid on a sliced artery. It solves NOTHING. My fear is that Obama rides the media’s frenzy into the White House. Then, yes, all bets are off.
The world is watching. Our enemies are watching. Our weakness is showing. The piranhas smell blood in the water. It won’t be long before they close in and strike.
We have seriously emotionally disturbed people running this show.
Newt says that Paulson (sp?) should have resigned immediately!
I think we can count on the fingers of one hand the number of office holders of both parties in DC who actually care about the American tax payer. The rest only care about reelection. They are stuck in a “pork buys votes” and an “avoid bad press” world.
I had been very discouraged about this election year until McCain selected Governor Palin as his VP candidate. For a while after that I was enthused and proud to be a Republican again. Now not so much.
I recently read an old book titled “Seizing Defeat from the Jaws of Victory”. It seems that the national Republican party is using this as a handbook for their election strategy this year.
It still has to pass the vote, and with elections coming up and the amount of people ringing their local reps and saying they wont vote for them if they support this action, I can imagine many will vote against this bill, purely to save their own skins, which to me is pretty reprehensible anyway if the future of this country is supposedly at stake.
The current plan is a 250bil action immediately, which is not enough to effect change if the experts behind this action are to be believed, so it’s a moot point; the economy is going down in flames in the very near future, and you and I are going down with it, like it or not.
If this ‘bailout’ doesn’t go through, I’m going to the bank tomorrow morning and withdrawing everything in cash, then going to the supermarket and stocking up in canned goods and water, because whether anyone here cares to admit it, the consequences will not be pretty, and there’s nothing you can do to stop it.
I saw this live last night and I did get sick.
Pelosi, Dodd, Frank, PUKE!
They’re the damn cause of this!
I just started reading here today and already making ‘runs’to the toilet…
“…gives taxpayers an ownership stake and profit-making opportunities with participating companies; puts taxpayers first in line to recover assets if a participating company fails; (and) guarantees taxpayers are repaid in full — if other protections have not actually produced a profit.”
Oh MY.
Pray people, they’re gonna pay off houses from all those illegals and ‘poor’ people that dont even have jobs, or pay down the mortgage to ‘affordable’ amounts.
Like what? $150.00 a month for a $350,000.00 house?
nyc123me – Just got back from a trip to the ATM for cash and Costco for a SUV-load of supplies.
Wise move Rohan – better safe now than sorry later.
Chris Wallace asked Lindsey Graham what made this bill better than the one originally proposed. He said what makes this bill better is that it is bipartisan. GAG.
Leadership matters. I hope we have learned a lesson. Too many of us stayed home in 2006 and handed the leadership over to the party that blocked attempt after attempt to reform Fannie and Freddie. Now crooks like Dodd and Frank are “fixing” the problem with Obambi’s guidence. McCain has a lot of pimples but, an Obambi presidency with the House and Senate we have, we haven’t seen anything yet.
withdrawing everything in cash,
If this goes bad, our cash will be worthless, nyc123me. Better stock up on food, ammo, and silver.
Nods cicerokid – the cash is to make purchases before out-of-control inflation takes hold, or, as you said, convert it into durables which will hold value better. If I leave it in the bank, chances are they’ll freeze everything anyway.
All these slaps in the face I’ve been getting lately are making me dizzy. No way to turn the other cheek. Apparently, being a reasonably honorable human being has become a negative in this country. I hope someday to make sense of all this destructive idiocy.
Don’t forget GOLD.
Is there any jurisdiction under which private citizens can file suit to stop this nonsense?
Seems like we can file suit for damn near just about anything else these days, how about to stop Congress from killing America?
Does anybody remember the quote that has become a catchy observation in troubled economic times like this:
I have a bad feeling about this.(Star Wars- A New Hope)
I can honestly say that we’re beyond even this sentiment now. A majority of Americans thinks this plan stinks and that we need to reexamine why the freaking government is fearmongering this situation which will lead to an eventual market/customer panic if they don’t stop it and stop pulling our collective leg.
These sheisters (Nancy Botox Feloozi and her gang) are more interested in preserving their ready donor base and special interest section of the Dem party than the little guy. Neither of these political parties have clean hands in this. It’s time for some responsibility and resignations, don’t you think, Nancy?
Yeah, I know….. I’ll be waiting for that flying pig outside my window.
Withdrew most of our cash last week and converted a large portion to gold & silver. Stocked up on ammo and freezers are stocked with fish (thank God hubby is an avid fisherman) and veggies from the garden. Canning tomatoes and figs today. Hang on everybody it’s going to get ugly.
Do you really believe we should stockpile and cash out investments?
National Review, the Weekly Standard, and the Wall Street Journal all published editorials calling for a bailout to be passed. That puts pressure on the GOP Congress to get in line.
By all accounts there were 40-ish GOP Senators on board with this from day one, so a filibuster seems impossible.
When do we see Barney Franks and Chris Dodd frog marched in cuffs to slide in the back of cop cars?
When do we see subpoenas and indictments?
When does the media expose the incredible malfeasance that created this debacle that will more likely than not, touch the lives not in a positive way, every single American for years to come?
FYI: Roy Blunt’s office has released a side by side comparison of the new bill versus the Paulson Plan and the Frank-Dodd bill.
The new bill does look more palatable but the devil’s in the details… I what to see the final bill and the conference report before I say yea or nay.
They may get the House vote in the early morning hours.
Great. While most people are asleep.
No, Republicans turned out in 2006, it was the defecting independents who handed Congress to the Dems.
And it’s not like the MSM will ever point out his flaws. He could suspend the Bill of Rights and they’d have an orgasm.
Gayle,
I am not selling any of my investments. But it is always a good idea to have a decent amount of cash on hand. And, living in the hurricane belt, it is only prudent to have a least a week’s worth of food/water/etc. on hand. The fact that it helps in a financial panic is icing on the cake.
My investments, such as they are, will take a hit, maybe a big one. But I have long-term confidence in the USA. We will pull out of this. I am not going anywhere else so my investments in America stay where they are.
In future years this year may be remembered as the year that the First Republic fell. I believe that the likelihood of revolution in America during my lifetime will increase exponentially if this “bailout” as proposed by Bush, which is nothing less than the socialization of financial markets, takes place.
If Congress and the Executive Branch collude against the people in this fashion I don’t see how the people can ever restore our right to govern ourselves short of revolution. The system will be proven utterly corrupt at this point. “The Government” can intentionally create any problem and then demand, and get, any amount of power to “fix” the problems they created.
This is the first step of America’s “Enabling Act.” Should Obama win, the next step will be silencing critics and opponents and restricting free speech. Obama will do this with the full complicity of the Main Stream Media. Of course, their turn will eventually come but it will be too late for them by the time they realize what has happened.
Frankly, I think the “American Experiment” launched in 1776 is ending. The time to save it is nearly over.
This is brutal! Democrats created this mess and now they take the credit for “fixing it”. Notice the one guy NOT smiling in the picture above? Paulson. He doesn’t seem too happy! I’m disappointed for being a Republican right now. Even though the House repubs did get something in the bill I feel not one repub has the gonads to go on camera and rip the Democrats. At first I thought they would lay low until something got moving and then they would pounce. From the looks of it, except for Newt Gingrich, I feel the Repubs have caved and will get no credit and we’re doomed. I’m so disappointed.. Just think if this had happened during the Primaries, Ron Paul could be the nominee. At least he has the gonads to speak the truth. What a mess… Here in the South we have no gas, and the largest Southern bank (Wachovia) is about to go under. I’m watching football… Are there any Republicans out there that can make the sun shine again? I’m afraid I might know that answer and it scares the Obamessiah out of me…
Are the Dems going to pull their usual threat-riots in the street is they don’t get their way?
As to Barney Frank, yes there’s a little something in his mouth-disgusting.
If Pelosi’s smiling then you know we are about to get screwed. And Schumer behind her, smiling like Satan.
This is our leadership????
There’s something else to keep in mind here as well. Is this bailout bill even constitutional? Andrew Napolitano, a former judge (who I rarely agree with) made a good point that the federal government doesn’t have the constitutional authority to even attempt this bailout.
Any legal experts out there? How can the average American taxpayer be fairly represented?
Sad, but true. That’s why the bailout needed to fail. The market would have tanked, but it would be less painful in the end than the socialism that we will live in going forward.
My former bloggers are on to something. If the doom and gloom, perennially unhappy Democrats are smiling about the terms of this deal, you know that they believe they have pulled something over on the Republicans.
To see the Trilogy of Terror, Reid, Pelosi, and Franks smiling about the proposed deal makes me very suspicious…and it should make everyone pay closer attention.
First illegal immigration, now this. Our country is being ripped away from us.
They allowed our sovereignty to disintegrate. They’ve allowed people who don’t even belong in this country to steal our jobs and the social services we pay for.
Now they are stealing our money to give it to those who have destroyed our financial system. Now they are stealing our futures and the futures of our children.
All of this was done with massive opposition by the “regular” people of this country. The ones most affected by this malfeasance. The people have used the means laid out by our political system to no avail. Our system no longer works. It no longer protects the citizens of this country.
What we have now is a system that allows the elites to feed off the common man. The common man has no political recourse. None what so ever.
If there was ever a time for a revolt, non violent or even violent, now is the time. The alternative is to just let the elites, business, political and media, to take what is rightfully ours. I sincerely hope there is enough outrage to motivate the masses to action. Without it, we have lost our country, perhaps forever.
Last one to leave the country……..Turn OUT The LIGHTS!
More than that, I’ll bet Obama will start telling everyone who will listen that HE is the one who pulled both sides together. He’s already saying that the proposal has everything in it that he was proposing two weeks ago.
And…HE’S been working HARD on it, non-stop…via phone calls several times a day to Paulson!! Yep, doing what he knows best…talking. No detail, but, talking. I can no longer bear to hear his voice. I know that 99 percent of what exits his
pie-holearugula-hole is falsehoods or exaggerations.Like most of you I think that it might be wise to stock up on durables. As I’m on a fixed income at the moment, I’ll do that as soon as the next check comes. Enough money will be left in the account to cover automatic deductions but that’s all.
When the inevitable runs on the banks occur (and the latecomers don’t get their money) accounts will be frozen. The resulting civil unrest will likely result in some sort of government response.
I find it troubling that the northern command is going to be assigned an army unit after Oct. 1st. Could this be a flag indicating that martial law is an option for the government? I don’t want to sound like a member of the tinfoil hat brigade but I am alarmed.
Anyway, this is already in play and it looks like our only option is to hunker down and try to get through it.
Pelosi, Frank et al, starring in The Grinch who stole Christmas (and our Country).
May God forgive them for destroying our Republic.
Toilet paper, coffee and female hygiene thingies…. I can live without food and water.
Just to be flippant – maybe we need a good bombing mission or terriorist event to distract us from what Washington is doing to us.
Anyone listening to Obama’s speech?
Yeah, the “DEM”wits get all the credit for not following the Bush plan, but theirs. Of course the clueless audience, mostly those that need a bailout, are clapping loudly.
WarEagle82: #51
I agree 100% with almost everything in your post. I disagree with your point that the MSM. I think the MSM would revel in their new role as the Official State Media.
Other than that I think you are spot on.
Don’t forget cigs and beer.
Scumbags!
Well, in a pinch I can make my own beer. And there are plenty of hippies around here, so if I need to, I can discover the health benefits of the organic peace pipe.
So is becoming a tree-hugger considered nature or nurture?
Why are Frank and Dodd even part of this fiasco?
In fact, when are the Democrats going to choke to death on their hypocrisy?
These people make me sick. UnAmerican bastards.
this is pathetic, we do not need this bailout. funny, yesterday i went to the mall, it was packed people had 5 or more bags in each hand. i thought, wait a minute, don’t they know that our economy is in a crisis? so everytime i purchased something i said to the clerk, hey this mall is more crowded than usual, i thought there was some kind of economic crisis? i guess there is more to our economy than wall street. everyone just looked at me and smiled in agreement.
the only idiots are in DC, and it is a shame they keep getting elected. we keep sending them back, although, i personally have only voted for the conservative side, and my congressman was not buying this bailout crap. but alas, the senators dumb (feinstein) and dumber (boxer) that represent my state are for it, and alas i have never voted for them. i personally would like to meet every voter that has and slap them!
I don’t trust any of those windbags from either side of the aisle. Post the final document online so I can read it for myself, and so not a tit or jottle can be altered, then give voters time to read it and let their reps know what they think before Congress votes. The very fact that none of them want to do so tells me this fish is rotten from head to tail. If we had smellevision, we’d already know that, except we’d be wondering if it was the bailout or just the same ol’ stench from rotten politicians.
On September 28th, 2008 at 2:27 pm, zorro said:
Pelosi, Frank et al, starring in The Grinch who stole Christmas (and our Country).
May God forgive them for destroying our Republic.
Screw that! get a rope.
Paulson should resign. Frank, Dodd, Schumer, Waters, Meeks are enemies of the State and should be tried.
As a U.S. citizen, I say, “No. No, you cannot just use our money to do with as you wish, without our review and approval.”
There HAS to be a way for citizens to prevent Congress from spending our money without our approval.
What happened to our power?
Oh, and did anyone catch the picture of Pelosi on Drudge? The harridan is “praying.” Gads. Hasn’t she been excommunicated, yet?
This is nothing but an elect democrats in November plan.
I just read that Barney Frank had an affair with or dated a former Fannie or Freddie Executive. I guess he was too busy on his knees to notice that these ORGANizations were going under. he kept saying he didn’t see it coming.. Pardon the freakin puns but when it comes to this guy there is not a word one can use without it being a pun. Hey Massachusetts wake the heck up and vote this guy out of office.. PLEASE! He could start another business out of his basement.
RogerCfromSD said:
Oh, and did anyone catch the picture of Pelosi on Drudge? The harridan is “praying.” Gads. Hasn’t she been excommunicated, yet?
Praying to whom?
I wonder how many prairie dog pelts will buy a can of beans in the future?
It appears this is bush’s ‘new tone’, give, give, give to the state till it hurts. His legacy, i voted for this socialist twice as many on here did. Look back and see who he ran against, and that tells you where this great country has gone.
It’s no better this year. We have a choice between a liberal, crotchety old war hero that can’t decide which side of the aisle he belongs on or a minority(underprivileged, my butt) Marxist that is set on “running” the country into the ground.
I’ve said it before on here, it smells like a revolt is in the air.
Gold and silver prices have already started to move back up in price, hang on folks it’s going to be quite a ride. Best you buy a wheelbarrow while you can, you’ll need it to carry your money to the store.
From Day 1 it has sounded to me like “Give me $700 billion now, or I’ll blow the place up…”
I just received an email response from Ms. feinstein. I had emailed several days ago voicing my complete opposition to any form of bailout. In her response, she states that the “great bulk” of the numerous calls, emails and letters, clearly oppose any Federal funds being used to address this crisis.
She then simply goes on to state the provisions that she feels are necessary in the bill.
She arrogantly, as they all do, dismisses the will of the people and pushes forward in the salvation of criminals.
Let the failures fail. I’ve eaten beans all my life and I can sure eat them for a few years more if it means these scheming CEOs and pandering politicians will get their just dessert.
Let’s vote all of them who support this blatant disregard for justice and what is right, out of office.
Dianne Feinsein epitomizes a self-serving, arrogant, elitist politician.
The Dems have already let be known that once Obambi is elected and they retain leadership and control in Congress the Offshore Oil ban will be put back in place. Imagine what they will do with this piece of bail out garbage.
On September 28th, 2008 at 2:41 pm, RogerCfromSD said:
Why are Frank and Dodd even part of this fiasco?
Is that a trick question? Frank and Dodd are a fiasco!
What other choice is there? If any of you pay taxes, you have a pension plan. That plan owns all the stocks that will benefit. If you don’t pay taxes in the order of 25% or better, shut-up.
Look at them, they are absolutly giddy over this mess! The hard working men an women who played by the rules are out a trillion dollars and these a$$holes are laughing. The time has come to take back our nation, either by votes if possible, or by armed revolt if necessary. We are no longer a government of the people, by the people, for the people.
This may help those comming late to the discussion …
Comparison of original Paulson bailout to compromise proposal
POSTED September 28, 2008 | 10:15 AM
I still like my plan better.
P
I tell people that complain at the gas station. Don’t cry about prices if you voted for a Democrat.
Last time I checked, even poor people were supposed to have a direct voice in how their money was invested.
What other choice is there? How about simply letting it all crash now instead of later?
Because in case you haven’t noticed, there’s not one person out there claiming this will absolutely work. They’re just looting our wallets on the way out of town.
Is the bailout constitutional? It is time to Throw the Old Bas$tards Out (TOBO). Start with a repeal of th 17th Amendment where Senators are elected rather than appointed by their states.The only thing more useless than a bailout is them passing gas.
davidcaskey..
Your attitude is the same as the Washington insiders and the CEOs who sponsor this ridiculous bailout. “Look out for yourself and to hell with the rest”.
If all our pension plans go down with the failure of these idiots, it levels the playing field. I can survive a lot longer than those dependent on the bailout money and so can the average American.
I smell a war comming on…
If the Pelosi and the dems are in favor of it, it is very good for them and very bad for us.
How much money does this give to Pelosi and Obama.
If you have a copy of the Constitution you can answer you own question.
Yes it is unconstitutional unless they were to amend the constitution and have each and every state vote on it.
Of course our current crop of crooks that occupy Congress never follow our founding document anymore.
About 90% of the legislation passed by Congress is unconstitutional.
This what the founding fathers called Tyranny!
Boy you said it!
I hope nobody thinks that Barney Frank will be voted out of office. He’s running unopposed.
I just wrote this. Use as you want.
___________________________________________
The Road to Hell was paved with Good Intentions:
When government assumes the power of charity, politics is bound to follow – and the today’s road to financial hell is strewn with good political intentions and subsequent bad implementation.
Jimmy Carter as President understood that the inner cities were dilapidated, and that the inner city crime rates were related to the conditions under which the poor lived. In an attempt to correct what he saw as a serious national problem, Carter and his allies in the Democrat controlled Congress were able to pass the Community Reinvestment Act. Its purpose was to encourage investment in the inner cities and in businesses that would employ the working poor. While this may not have been the first well intended brick in the road to hell, it was certainly a key one.
During the Reagan and Bush years, the Community Reinvestment Act produced some positive result. Then in the late 1980s, Democrats decided that something needed to be done because some ethnic groups got mortgages at lower rates than others. To correct the problem, Congress changed the Home Mortgage Disclosure Act, and forced banks to collect racial data on mortgage applicants. By 1991, lenders were being painted as racist regardless of their prudent risk management practices. Thus was laid another brick on the road to hell – a potential borrowers assets and credit history became less important than their minority status.
Then came Bill Clinton. The Clinton Presidency, aided in its first two years by a Democrat Congress, changed the Community Reinvestment Act from one of encouragement to one where the banks were required to invest in the inner cities regardless of whether that investment could ever return a dime. Community organizers and activists such as Barrack Obama quickly realized that banks could be sued for inadequate investment. Such suits were like “shooting fish in a barrel” because inner city juries, almost always dominated by minorities, were easily convinced that banks were nothing but surrogates for the American power structure. The next few bricks in the road to hell were now in place, and they were no longer ones of good intentions but ones of political coercion and legal extortion.
In the early 2000s, current President Bush and his key financial advisers warned of the problems with the Community Reinvestment Act and the sub-prime mortgages. Bush proposed to revamp the financial system which contained the Community Reinvestment Act, but the Democrats in Congress made it well known that any attempts to change the Act would result in very nasty politics – the Republicans would be accused of trying to hurt the poor and abuse minorities. Because of political correctness and a lack of political will, the sub-prime mess began to unfold. The next few bricks in the road to hell were built in the kiln of welfare state socialism.
The term “NINJA loans” is applied to “zero down” mortgages given to people who had no income, no job and no assets. NINJA loans were given to the American poor – and also to illegal immigrants who had no identification papers. Some investors saw the advantages in such “zero down” loans and obtained large houses and mortgages under the assumption that the price of housing would always go up. The term “flip that house” became commonplace because the rapid buying and selling of houses was seen as an easy road to wealth. Lending institutions assumed that there was no real problem because housing prices were continually rising even though such rises were wildly out of line with t the cost of living. Further, such institutions could protect themselves from financial risk by relying on the government or selling bundles of “toxic” mortgages to unsuspecting consumers. The next few bricks in the road to hell were now built in a kiln of greed, and hell was in sight.
The entire brick road began to disintegrate under the pressure of rising energy prices and probably some financial complexities that no one but a “wall streeter” or banking genius can understand. Focusing on energy, it takes gasoline to get to work. It takes coal, oil, nuclear, wind, or solar power to produce food and to heat houses. Energy underpins everything we consume, and that even includes the air we breath and water we drink. When confronted by an expensive mortgage and rising energy costs, the American poor, illegal immigrants, and, for that matter, over committed people whose wealth was vested in illiquid and rapidly depreciating assets were in trouble. In many instances, the choice was to dump the property and let the banks take control of a rapidly deflating asset through foreclosure. Hell was no longer in sight, it was at hand.
Hell had some interesting twists to confound the American people. Since many of the sub-prime “toxic” mortgages could not be valued, lending institutions couldn’t decide which person or business was credit worthy. They couldn’t even decide among themselves if they were credit worthy. Lending institutions began crashing into bankruptcy, taking with them the real and imagined assets of “main streeters”. Essentially, what is the worth of nothing in a world of something?. Cash became king – but even the value of cash became questionable with the worldwide revaluation of currencies. Gold, an historic basis for valuation, surged.
This brings us to today. The very people who created the mess through legislation are now the ones vested with the job of solving it. The Democrats in Congress want to socialize everything under the assumption that more of the socialistic ideas that created the mess will somehow work. (As someone once said, one definition of insanity is doing the same thing over and over and expecting a different result.) Republicans in the minority in the Congress can slow action and demand some changes, but they are fighting an uphill political battle against a determined Democrat majority and a sitting Republican President.
When asked about the importance of the financial bailout, Presidential candidate John McCain said about the financial crisis that we are at the end of the beginning not the beginning of the end. Barrack Obama, on the other hand, said that more regulation and more government is needed. And you can bet that under the pressure of the media and political spotlight, more regulation and more government will be the primary solution. As a taxpayer and hard working American, I don’t really care what approach is used as long as the money comes back to me directly in the form of a tax cut.
He should be hung for treason!
I hope it passes and quickly. I am plain tired of all the uncertainty and the bickering and everyone suddenly deciding that they are some kind of financial expert. If they were, they’d be down in DC instead of posting somewhere. Since it’s all a gamble, I’m gambling on the bill doing what it’s supposed to.
I and many of the citizens of our little military town to include the active duty folks that didn’t deploy to the war zone this month (our Wing’s turn in the barrel again) are extremely unhappy about this sellout of the American taxpayer. Many are talking about this being the end of the Republic we have all vowed to defend. The wife and I have absolutely no faith in the same people that caused this problem to provide a workable solution without turning the American taxpayer into indentured servants (violates the 13th Amendment) to pay for the greed and corruption of the lying crapweasels in Congress and bankers (foreign and domestic) to pay for this socialization of the lending industry.
I dropped by the local gun store yesterday on my way home from work and it was swamped with women looking for self defense hand guns and men walking out with rifles and shot guns (mostly for home defense), but hunting season is about to begin in Idaho. I will be dropping by tomorrow night after I get off work to order another AR-15 to add to the family arsenal.
I am really having a rough time forcing myself to go to work and suffer through the extended hours required to close-out our Wing’s budget. Finally got some time at home to express my outrage too instead of trying to hold it all in! I am really getting tired of writing to and calling my two Congressmen and Senators, but they will hear from me a lot tomorrow to stop this pork laden screw job.
I agree with brooklyn red if this POS bill passes into law war will be coming……
Might be a bit late by then. They supposedly want this passed before the overseas markets open, or it may be too late to make a difference (apparently). The New Zealand market opens in half an hour, although it is relatively isolated. The Sydney (Australia) market opens in about 4 hours.. less actually. That’s a major market. They’ll have something through by then I imagine, or the dominoes may well start falling, and once they start..
Expect something very soon is my guess.
Right, we should all relax and let the “financial experts” Frank and Rangel and Pelosi take care of things down there in DC.