Comments on: Hensarling: “If we lose our ability to fail, we will soon lose our ability to succeed.”

By: TexasEngineer

TexasEngineer — Tue, 30 Sep 2008 02:10:56 +0000

Jeb is my representative. I saw that our former representative for this district…who moved to a newly created district…Pete Sessions, voted for this boondoggle.
I’m happy to say that I’ve supported Jeb and will continue to do so.
Jeb…thanks from the 5th District of Texas.

By: Truth, Lies and In Between

Truth, Lies and In Between — Mon, 29 Sep 2008 23:48:51 +0000

[...] Hensarling: “If we lose our ability to fail, we will soon lose our ability to succeed. [...]

By: "If we lose our ability to fail, we will soon lose our ability to succeed." - XDTalk Forums - Your HS2000/SA-XD Information Source!

Mon, 29 Sep 2008 19:32:08 +0000

[...] Hensarling: �If we lose our ability to fail, we will soon lose our ability to succeed.� By Michelle Malkin � September 29, 2008 09:46 AM Thank you, GOP Rep. Jeb Hensarling, for defending core conservative principles:Congressman Jeb Hensarling (R-TX), Chairman of the House Republican Study Committee, today issued the following statement on the agreement reached by House and Senate negotiators on the Paulson plan, and his intentions on the final bill: �My top responsibility as an elected official is to protect the families and people who trusted me to represent their interests in Washington. I do not take lightly the critical nature of the credit crisis that our capital markets face today and the grave situation that every American will face should our credit markets freeze and remain frozen. Inaction has never been an option, but the Paulson plan should have never been the only option. �In my heart and in my mind, I believe that this plan is fraught with unintended consequences, would force generations of taxpayers to pick up the tab for Wall Street losses, and could permanently and fundamentally change the role of government in the American free enterprise system. Once the government socializes losses, it will soon socialize profits. If we lose our ability to fail, we will soon lose our ability to succeed. If we bail out risky behavior, we will soon see even riskier behavior. �I also believe that this Congress, in a rushed effort to provide stability to a troubled credit market, did not adequately discuss or investigate potential alternatives that would have constituted a work out and not a bail out. Even at this moment, it still remains more important for Congress to do it right than to do it fast. I stand ready, as do many of my colleagues, to stay here for as many days as it takes to do this right. �For the last week, House conservatives have fought to protect innocent taxpayers from an unprecedented government raid on their wallets to bail out Wall Street from their bad decisions and financial losses. Principled Republicans like Paul Ryan and Eric Cantor helped improve the legislation before us by adding increased taxpayer protections and additional Wall Street accountability. But mere improvement is not the test for support. The test is whether, after weighing both the good and the bad, you believe that the plan ultimately leads America in the right direction. Using that test, I cannot in good conscious support this legislation.� Where�s your congressional rep? 202-224-3121. __________________ There is a principle which is a bar against all information, which is proof against all arguments and which cannot fail to keep a man in everlasting ignorance� that principle is contempt prior to investigation. – Herbert Spencer ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ "The inherent vice of Capitalism is the unequal distribution of blessings, the inherent vice of Socialism is the equal distribution of misery." – Sir Winston Churchill [...]

By: rambler

rambler — Mon, 29 Sep 2008 18:39:08 +0000

I knew this was a house of cards just waiting for a breeze to knock it down. So why didn’t congress know? Too busy with their whinny-we-lost-the-election-to-Bush-impeach-him-now agenda. Pushing loans to unqualified people, doing nothing about illegals, whining about the war, etc… NinnyNan has embarassed all women with her pathetic leadership. She wanted to be top political female first and her country got skewered.

By: travlinman

travlinman — Mon, 29 Sep 2008 17:58:27 +0000

I am proud to be a fellow Hoosier with Mike Pence. I just wish he was representing my district.

After the smoke (stench?) clears from this mess, let’s not forget who stood by us, and who sold us out.

By: The Good, The Bad and The Ugly… | Jeffrey A. Setaro

The Good, The Bad and The Ugly… | Jeffrey A. Setaro — Mon, 29 Sep 2008 16:58:45 +0000

[...] Good (H/T: MM): Congressman Jeb Hensarling (R-TX), Chairman of the House Republican Study Committee, today issued [...]

By: bear1909

bear1909 — Mon, 29 Sep 2008 16:41:32 +0000

Check Out this article over at Power Line (right side bar of this page today)

» From little ACORN grows

I repeat: “…and hell followed with him.”

By: Klaatu

Klaatu — Mon, 29 Sep 2008 16:40:23 +0000

FUD -fear, uncertainty and doubt. Not only is that a Microsoft marketing strategy, it is a driving force on Wall Street. There is an interesting article in the Wall Street Journal that says letting Lehman fail caused the FUD that brings us to the problem today.

As they watched Lehman struggle to raise capital, policy makers — including Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and New York Fed President Timothy Geithner — mulled the question of whether they could let Lehman fail. On the one hand, they didn’t want to come to the rescue because they were concerned about moral hazard, the idea that bailouts encourage irresponsible risk-taking, according to people familiar with the planning. They doubted Lehman had viable buyers and they thought the market and the Fed had had time to prepare to handle the fallout if a big institution collapsed. Still, some Fed officials were leery of sending signals that the Fed was done working with Wall Street to stop the spreading crisis. Mr. Geithner, for one, had been telling others that the markets were still in for serious trouble.

“If you don’t do something, the outcome is going to be bad,” Mr. Geithner told executives as they gathered to bargain over Lehman’s fate at the New York Fed’s downtown headquarters on Friday night, Sept. 12, according to a person in the meeting.

At one point, officials raised with Wall Street bankers the possibility of a private-sector rescue fund, but the bankers either balked at the idea of bailing out a competitor or didn’t have the extra funds needed, people familiar with the situation said.
…
The Fed had also seen with the collapse of Bear Stearns how the repo market was prone to severe disruptions when lenders got skittish, a problem that threatened to cut off crucial funding to Wall Street banks. Because repo loans are made for periods of as little as a day, the funding can disappear suddenly

And so can loans that keep small businesses functioning.

By: bear1909

bear1909 — Mon, 29 Sep 2008 16:31:03 +0000

I am not so sure Palin has to present her personal political views on illegal immigration. She will have to present the McCain view and demonstrate her willingness to be a team player on a McCain administration.

The real killer question would be: Governor Palin, how are you preparing to function as President of the US Senate? What do you see as your biggest challenges in that position?

By: MBuck

MBuck — Mon, 29 Sep 2008 16:16:41 +0000

I’ll say only this:

Jeb is MY Congressman, and Jeb, I’m proud of you!

By: JDinTX

JDinTX — Mon, 29 Sep 2008 16:09:21 +0000

Hensarling was my Rep before I moved and I am so glad he stioll represents the people.

By: Klaatu

Klaatu — Mon, 29 Sep 2008 15:57:09 +0000

On September 29th, 2008 at 11:40 am, right4life said:

The only reasonable alternative to the current plan is to have the government insure the bad loans.

they should eliminate CRA and Sox, eliminate capital gains tax, and business tax.

simple plan. it would do wonders for our economy, but it’ll never happen.

This is all true. It will just take too long to work out. What is really pixxing me off is that we are going to punish the average Joe (and Jane) without punishing the creeps in congress that gave us the CRA. We even have to listen to them blame the institutions they wrecked.

By: RabbidSquirrel

RabbidSquirrel — Mon, 29 Sep 2008 15:56:23 +0000

On September 29th, 2008 at 11:48 am, Paul Revere said:

I hope Sarah Palin drives this point home Thursday…assuming McCain lets her.

In the next debate, all Biden or Schieffer (the moderator) has to do is to ask her ONE question:

“So, Mrs Palin please explain in detail YOUR position on undocumented workers (e.g illegal immigration).”

At that point, she is dead in the water no matter what her answer might be.

By: right4life

right4life — Mon, 29 Sep 2008 15:53:34 +0000

and who is going to want to invest in wall street in the future? with or without this plan??

By: bear1909

bear1909 — Mon, 29 Sep 2008 15:51:17 +0000

Wall Street runs on hope and fear. Right now, fear is winning.

Actually, there is a more precise wisdom which holds that Wall Street is driven by Greed and Fear.

Check into James Dines “Mass Psychology” for a full explanation of his famed “DIGFOI” paradigm upon which many a winning long term position in the market has been taken. DIGFOI stands for Dines Greed Fear Oscillation Index.

Great Stuff!

Good luck everybody.

Bear1909 out.

PS: I agree. This is not a Great Depression occurence. It is the beginning of a severe recession. The cards are being reshuffled and there will be fewer players at the table. As for consumers? Well, it depends if we have been piggies over the last 15 years or not in our borrowing and consumption habits…..piggies get slaughtered.

If we been good, well, in a storm, even turkies can fly.

The stock market will serve as a mass encephalogram for our Nation’s psychological profile, as it always has. The party has ended…but in true market fashion, it can reignite at a moment’s notice.

And the party isnt just on Wall Street.