Bottomless bailout: Now, they tell us it’s not enough
They put a gun to our heads. They ate Crap Sandwich 2.0. Washington’s pork-stuffed panic mob forked over $700billion/$850billion/$1 trillion-plus of our money over to the Chicken Littles, who handed it over to Foxy Loxy at the Treasury Department.
And now?
And now, they tell us it’s not enough.
It’s never enough.
A Senate staffer compiled these headlines. Read ‘em and weep:
Rescue Package May Not Fully Thaw Credit Markets
“Therefore, any rally from Fed actions will be short lived.”
Buffett: $700B Bailout may not be big enough
Experts say government’s approach comes up short
Bailout plan could be a disaster
See what others have said
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Trackbacks
- How much A-lube can U buy w/ $850 billion??
- Kick the Anthill » I don’t want to live
- Christmas in October | Faith and Facts
- The Learning Curve by Muckdog
- Bailout Passes The House 263-171…Now, they tell us it’s not enough… | Right Voices
- Oh, Goody, Nancy Pelosi Is On The Case : Stop The ACLU
- Well, We’re All Bailed Out Now…. « Beltway Snark
- Barney Frank & Christopher Dodd “Men With Sphincters Of Steel” | BigMouthFrog
- Bear Creek Ledger » Pigs at the trough. Now ‘they’ say $700B isn’t enough
- Why Is OJ In Court? | Democrat=Socialist
- Lipstick On A Pig…Nevermind, It’s Just Barney Frank! « The Chronicles Of A Rogue Jew
- Get ready for more bailouts « The Daley Gator
- Welcome to the USSA, Comrade « Mark Epstein
- Musings From a Catholic Bookstore
- CONGRESS: "Working Americans, grab your ankles... we're coming in AGAIN" | The TIW Blog
- Michelle Malkin » Wasn’t the bailout supposed to calm the financial markets?
- Bailout Not Gonna Work « Federal Way Conservative
- Michelle Malkin » Choking on Crap Sandwich 2.0: Bush says “We don’t want to rush” (!!!!)
- Jesus is Lord, A Worshipping Christian’s Blog » Blog Archive » “Bottomless Bailout: Now, They Tell Us It’s Not Enough” by Michelle Malkin
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Can we all scream a collective “I told you so.”
Of course it isn’t enough. We are a socialist, welfare nation now, a la the UK. All we’re missing is failed nationalized health care.
Imagine the level of surprise I have for this. If you guessed anything above a big fat zero, you were wrong.
So I have my mortgage payment sitting here and I am thinking, gee perhaps I should stock up on food instead. After all, the feds have my back right?
We need to thin out the herd. Put a little fear in the fecies….
of course! ain’t that a kicker! we new that was coming. especially, when they just grabbed the original number out of mid air. hank paulson, has provided his buddies at Goldman Sachs a parachute so that they do not eat the loss. yet, the bill still did not provide a real solution: pevention from this occuring again by prosecuting those responsible and providing safeguards within fannie and freddie so this cannot happen again. alas, i am tired of bending over and being shafted.
With the operative word here being “collective”.
can’tcurestupid, please i have had enough revulsion for one day, don’t remind me that is coming.. i am not surprised it wasn’t thrown in this craptastic sandwich..
if elected chairman Mao-bama will usher it in within the first month he is in office
give an inch to spoiled children and they will take a mile. we have just opened the floodgates to bailout everything and everybody. colleges, states, and every overspending local government are already on the line to get into the trough for some of that gubmint cheese.
What the HELL just fire up the printing presses!!!
Still waiting for a reason to pay my mortgage…. Why should I when the fed will pay it for me if I go into default right? Anything to save the house right?
FIRE.. THEM… ALL…
As Wells Fargo just offered to buy Wachovia, with NO federal help!!
It is now time for civil disobedience. I am not talking violence. I am not talking threats. But I am talking visible, vocal, in-your-face resistance. Any congress person who voted for this bill, regardless or party, needs to understand the error of their ways.
Our Lords and Masters do not care or understand anything else.
i seem to remember a similar GOOD DEED piece of legislation to give amnesty and citizenship to 3 millon illegal immigrants, and this last year we have somewhere around 15 million illegals screaming for amnesty. folks, in case you are weak on math, that is nearly 5% of the population of the u.s. so when you hear about 6% unemployment, even lgm should be able to do that math.
I can’t believe Beggar Bush, pleading for this bill. My guts tell me there’s a much larger, looming, undisclosed issue on our horizon. As one other poster stated, my stomach hurts and I feel as I did after 911. The passage of this bill is a serious error and this is one time I wish I wasn’t right. Hold on for the next big surprise announcement that requires an immediate action. I think all is lost.
Can these politicians still all go live underneath the Greenbriar?
wow.. this made up number is not enough..
we need another made up number to accommodate the amount we plan to spend..
then we will fill that bill up with pork and need MORE money
I think it is going to take an actual uprising… which won’t happen.
One small step for recession, One leap for socialism.
Be leary of what you think when you look at a childs future in america.
Vote Obama for the final measure.
Goldman Sachs must hire pinheads to run their company. Paulson is a disaster and let’s not forget another former chariman Gov. Corazine of NJ. I live in NJ and if this guy ran Sachs like he runs the state, quite frankly I’m suprised they didn’t fold years ago.
Damn, I really miss the ‘Do-Nothing’ Congress. Don’t you?
Am I correctly understanding that the federal government now has the power to set home prices and mortgage terms? Is the equity I have in my house, along with its value, now circling the bowl?
Please tell me I’ve misunderstood this.
You will be assimilated…
stubby, you are right. my feelings exactly, there is something else really looming over the bailout horizon. crisis, crisis, crisis must fix now. and it ain’t gonna be pretty, but we must hold the line on the next one and make it known in no uncertain terms “NO” more bailouts. just let it ride!
Do not be afraid…or whatever they were saying to Edward G Robinson as he went to the suicide center…
And Now, from my State Senator Dan Patrick (a TRUE CONSERVATIVE) I bring you this ode:
Ladies and Gents,
We are, as Ace over at AoSHQ would say, getting dorked in the squeakhole. This is just the beginning of this crap from the Donkeycrats, and if the Barry and Joe Show get elected, it won’t end for the foreseeable future…
Need to flush the toilet that it known as DC…and get rid of the turds in Congress
OOPS
http://lonestartimes.com/2008/10/03/dan-patricks-american-bailout-pie/
Let me try that again:
An positive alternative action you could take, if your congress person voted against this bill, is to call their office, send a note, or however it is done, and thank them. Really lay it on thick. I just called my Democrat congressman and spoke to the nice lady at this office, telling her to thank Mr. Inslee for his vote against the bill (he voted against it originally as well). I have no idea why he voted against it, but I am sincerely grateful he did.
It’s just like when you sit on a park bench with a bag of popcorn, you attract pigeons.
The pigeons won’t do anything but wait for popcorn. You hand it out, and hand it out, and yet the pigeons go nowhere.They just wait for more popcorn.
Pretty soon you attract even more pigeons. Pigeons from all over.
They won’t go away to go about their normal business until you put the popcorn away and leave.
DC! Put the bag down, get away from the bench.
Oh forget it!
http://lonestartimes.com/2008/10/03/dan-patricks-american-bailout-pie
This is nothing. There’s a $53 Trillion problem looming in the form of social security and medicare promises the government has made, within a decade. This bailout is mere peanuts next to that.
Why won’t the blasted linky thing work?
1. Secure the border.
2. Amend the Constitution so that being born on American soil does not automatically confer citizenship.
3. Make English the official language.
4. Deport non-citizen law breakers.
5. Make social services, mortgages, driver’s licenses and resident status for college available only for citizens and resident aliens.
6. Require photo ID for voter registration and at the polling locations.
Then the flood of illegals leaving the country should free up enough jobs for those poor felons.
The steps are: demoralization, destabilization, crisis, then normalization. Soviet tactics used by the Socialist Left to gain cotrol. It’s happening right here, right now. We’re in a Democrat-created crisis. If America fails, to which country shall we flee? This is it, kids. The last bastion of freedom in the world. We just can’t let Communist Obama and his minions destroy America.
Please take 16 minutes to watch this video of a Soviet defector. I wish I could credit whoever originally posted it. Whoever you are, thank you.
http://www.dailymotion.com/video/k6KUDv1wzraWhwlBt1
Has President Bush signed this yet?
The more I read about this, the more I’m sure that the only people who are going to make out from this mess are the trial lawyers from all the shareholder lawsuits.
#34… Oops! Wrong thread.
Just when I thought there was no way our lousy gov’t could be any worse after the schamensty debacle, they prove me wrong. Turn out the lights. I give this country 30 years before we are bankrupt, our constitutional rights suspended, and under martial law by our new commissar. We will spend ourselves into an unpayable debt on entitlements and bailouts. Grant amnesty to 40M illegals (of course under the guise they will help us pay off this debt). Throw open the borders to 10M’s more 3rd world illiterate peasants to join the pigs at the trough in hopes a population boom helps us “grow our way out of it”.
That’s it for me folks. It’s obvious America as I knew and loved is gone. I will not provide loyalty anymore. I will get to the trough, suck up what I can with my family then get the h*ll out in a few years. They can have this PC, diversity festering sore. Rob, at least you will know every other American will experience the smae crap you are living in SoCal now. Sickening.
Nowhere. When we go down, the world goes with us. No holes to hide in.
From The Declaration of Independence (emphasis mine, of course):
Do we as Americans have the stomach to take back what is ours?
Here is the text of the e-mail I just sent to my Congressional Representative, who today voted for the bailout after first voting against it:
DOW was up 310points before the bill passed, now it’s down 150points. I would not have expected that at all, but there it is.. not a good sign. Maybe just the downtick from the big gains yesterday.. maybe. It’s not because the short selling ban was lifted – that’s been extended, although the SEC said if the bill passes, the ban will be removed 3 days later.. expect more drops after that.
It’s not enough? Somehow that just figures. They knew that before they voted, I’m just certain. I thought I was going to have to go to bed for the weekend when Paul Newman died; this just might top that.
In the endless quest for something positive and inspiration during these dark days, allow me to offer An American Carol. It’s the tale of “A cynical, Anti-American “Hollywood” filmmaker sets out on a crusade to abolish the 4th of July holiday. He is visited by 3 ghosts who take him on a hilarious journey in an attempt to show him the true meaning of America.”
I’m hoping that Michelle and others will see the film this weekend so that it can be the focus of a discussion at some point. I have high hopes for this film.
I wrote this in the bailout post:
I submit that comment, come out of that post, and see how it’s happening even quicker than I expected.
Was the ink even dry on President Bush’s signature?
My husband said the same exact thing after we heard about the sandwich being swallowed!!
Dow down 160 for day, 460 after the bill was passed.
Now explain that PRES. Create the FEAR and try to turn it off. We have elected idiots.
New IRS Tax Form:
1. How much did you make? ________
2. Send it in.
What rally?
That didn’t take long! The line will continue to grow. Thanks Congress.
NO WAY…it won’t take nearly THAT long…give it 5, 10 at the outside…
YOu don’t seem to get it! The immagration problem pales in comparison to this socialist move. S O C I A L I S M! and your worried about immagration? How as the Socialist State of America do we have any right to suggest daddy gov does anything????
The slave party of old is now the slave party of socialism. Full circle.
Elect Obama for the final lock-in to the new SSA.
I give it one year. I saw a statement on the Von Mises site that said we are just where the USSR was 1 year before the went bancrupt.
-132. Great. Foxtrot Uniform Charlie Kilo yankee oscar uniform charlie oscar november gulf romeo echo serria serria.
And I mean that from the bottom of my heart.
some above have suggested letting or helping obama win because it would blow up the socialist ponzi scheme faster. i agree, but i don’t want my grandchild to go through another great depression. but there isn’t enough money in the world to cover the socialist state.
Wow…the DJIA is down 143, the S&P is down 13, Nasdaq is down 25.
Not for long….
And just which law do you plan to use to prosecute people? C’mon, name one? What law did investors break? What law did borrowers break? What law did the mortgage companies break?
What they did was stupid in that they kept buying over-leveraged mortgage-based securities when they KNEW there would, at some point, be a drop in the value of real estate. Everyone who attends a business school for any length of time, let alone gets a degree in business, has had exposure to the principle of “market-based adjustments”! Hell, it’s what Capitalism is based on in its entirety! Demand up, prices up. Demand down, prices down. In an economic slow-down period, people don’t buy as much real estate, so prices drop.
In the interest of investment profits, the banks bought, and bought, and bought leveraged assets, and when the value of those assets dropped, using mark-to-market rules, their portfolios became worthless nearly overnight. No portfolio assets, no continuation loans from other banks. But that’s not ILLEGAL… it’s merely STUPID!
On the other hand, as I’ve said repeatedly, you can’t allow the major banks to fail. You CAN save their asses now, then declare them a monopoly later and order them to sell off parts of their operations, but at this moment, you cannot allow a Citigroup, a Wells Fargo, or even a WaMu or Wachovia to fail. There’s not enough money in the FDIC system for ALL OF YOU to pull out your money at once. Not even close. Not even a fraction.
Do you want to wake up and find you have no savings? That your “debit card” is now a worthless piece of plastic. That your next paycheck will have to be cashed if you’re lucky enough to get one. That your employer will have to lay you off for an undisclosed number of weeks because he/she/they cannot obtain the normal short-term loans that businesses use to provide stable cash-flow for day-to-day operations?
Those of you with a “let it burn” mentality must have cash under your mattresses. Imagine working as a teacher, and yet having to tell your mortgage company that, “Sorry, the State didn’t pay us this month.” Bet that will work well, won’t it? My wife was told last month, if CA didn’t pass its budget, she would receive a “pay voucher” from the school district. We were looking at not having the money necessary to buy FOOD, let alone pay our very reasonable mortgage! So if this bank-liquidity crisis isn’t solved, CA WILL NOT be able to borrow their regular, everyday, operational loan from a commercial bank. That is a VERY REAL consequence for hundreds of thousands of people to face here in CA. So sure, let it burn, right? No harm to Mainstreet America, right? Crash California’s economy by withholding state funds for just one month, and the entire house of cards here will collapse.
If you cannot see how a bank-liquidity crisis affects all of us then you shouldn’t be commenting. Do I like Big Government? No. Do I believe that the Fed is the only place which can hold onto distressed mortgage assets long enough for them to mature? Yes I do. Will this plan remove all of these distressed assets, no, but it’ll remove enough of them to establish a set value in the rest, and that will square the balance sheets of a number of banks world wide.
In case you haven’t noticed, the only BANKS which are capable of doing any business right now are the largest national banks holding YOUR MONEY. It is the buying power of our deposits only which have prevented this from being an even bigger crisis, but that money is drying up. How many times can Citigroup or Wells Fargo afford to buy a Wachovia-sized bank before it fails? The losses these companies are writing off while merging are staggering, and it’s coming from the interest they’re earning investing YOUR DEPOSITS. If something big should happen to shake the faith of Main Street America in these big banks, to the point where people stampede to withdrawal their money, you’ll find out first hand what a real Depression looks like!
Folks, this is a by-God difficult problem… Perhaps more regulation would have helped, but only if the regulating agencies had done their job. In this case they didn’t. Should over-leveraging be discouraged? Definitely! Will that happen overnight? No. It’s damn sure it won’t happen at all if we allow the banks to fail.
And yes, I do consider the firesale of Lehman Brothers, WaMu, and Wachovia to be “bank failures”. When you have to sell off the control of your entire company for pennies on the dollar, as a business, you’ve failed.
I thought about that. But I do believe it will take at least another 2 decades. We are still the economic powerhouse of the world and if we go down too quickly, the other nation’s economies will go down too. SO they will help prop us up for a while, especially China who is postitioning to take over that role by buying all of our debt. But in the end, it will be a losing proposition. Our gov’t is so out of control there is no way the country survives. I do so hate bush and the rest of those pigs in DC. I see little to be optimistic about these days.
To quote Jack Elam in the movie Rio Bravo:
Phillips: [amazed] Well, I’ll be a suck-egg mule-!
On October 3rd, 2008 at 3:43 pm, SpeakEasy said:
Has President Bush signed this yet?
just now…
Wouldn’t it just be cheaper to buy us each a house? Maybe one of those FEMA trailers. It would be better than a refrigerator box. It will be getting cold soon.
Lets have a vote.
Who here thinks this crisis happened because people made mistakes?
Just wondering.
Stopping by the gun shop on the way home to see if Bill has anymore 440 round metal “battlepacks” of 7.62×54R ammunition for my Mosin-Nagant M38. They can ride on the footboard of my motorscooter.
ECS
Just wait until the next Treasury Secretary gets in there. I predict 3 TRILIION in more bailout spending.
rotarymunkey, there was illegal activity within fannie mae and freddie mac that makes Enron, remember them, look like kindergarten games. I remember there were some from Enron and Arthur Anderson doing the perp walk.
Fannie Mae and Freddie Mac were the cause of the dominoes falling. so yeah, there is a really big issue of falsifying accounting records to show a profit in order to make your bonuses. that is what happened at these two Freddie and Fannie.
didn’t have time to read the rest of your rant.. but had to chime in on this part.
If they bought each of us a house then it would be for the people…obviously it is NOT! This is for the elitist creeps who caused this mess…………..next watch for the Amero and then the North American Union to form……
wishful thinking. this plan does not address the problems that gave us this mess, does nothing about fanny/freddie, and will not fix the problem.
this is what Jon Markman the financial guru at moneycentral says:
Can the bailout work? Fat chance
Some commenter here has said this is a “by God awful problem.” And he is right. Plus it is far more complicated than just the sub-prime mortgage market. We need to be looking into off book derivative/CDO markets, etc. But I have a prediction to make. The Dems are going to start hearings and they will first subpoena the guys that lobbied for FMAYFMAC that are now with the McCain campaign and ignore the Dem. list working for OBAMA. The media will jump on and in no time this will be a problem totally caused by the Republicans for the last 8 years and that is a real “crap” sandwich. But there is so much CYA going on in D.C. that P&G can’t even make enuff Toilet paper to clean that one up.
Yeah mistakes were made..and those who made them are going to investigate and get to the bottom of it……
.the Hot Bottom!!
Does anyone else feel like we’re in a nightmarish episode of the Twilight Zone? This “bailout”, Obama could likely be our next president, we can’t get the border protected, give all of the illegals citizenships… it seems hopeless. I hope I’m wrong.
I predict more social engineering, countless trillions in bailouts to pay for it, and an eventual crash that will make the Great Depression seem like a picnic.
They also teach you that the market will correct itself. Demand/Supply. Prices have been heated up for a while due to all this free credit and should be allowed to fall back to reasonable prices due to drops in demand.
Poppycock. The best run and most liquid banks right now are the community banks who did not make loans to high credit risk people. S&L’s especially.
Ah. You have a direct vested interest in seeeing this pass. So that makes us dimwits that your survival directly depends on having the trough open up for you.
Ummm. That is exactly what the FDIC is there for. To prevent such runs.
And that is what should happen to idiot companies who make ridiculous bets in the hopes of getting rich. That is the free market at work. They should be sold for pennies on the $’s and the shareholders hsould lose their investment. Afterall, they were the owners who sat by while bad business decisions were being made. And this has absolutely none, NO impact to the depositors as these buyouts are overseen by the Fed to ensure it is a doable deal.
Look, most here beleived seom intervention is required. But too many non partisan economists and other experts said this bill was not the answer. So rather than heading straight over the cliff in a stampede, slow down,, look at all the alternatives then act. This was too fast and too much big gov’t intervention for most people.
Oops sent in too soon.
This is the change in IRS Tax Form under Obummer’s Sdministration:
DearComrade Taxpayer:1. Your wages will be sent directly to us. If self employed, send in your income monthly.
2. After redistribution, a sum we believe to be sufficient for your needs will be returned to you, provided there is anything left.
(Up) Yours,
Internal Redistribution System
How about this try:
http://lonestartimes.com/2008/10/03/dan-patricks-american-bailout-pie/
Consulting fee: $150. Where do I send the bill?
Hey – I’m only trying to spur the economy!
The thieving liars who caused this disaster are wrecking the country trying to fix it. They’re either too stupid to see that they’re wrecking us, too above it all and too apart from us and too indifferent to care, or they actually want to wreck us. They have all got to go. And it may be too late for us all.
And when it does fall apart who will the mobs go after? Not the Bros and Hoes, not by a long shot. Not armed yet? Don’t wait too long good people.
—
America First
America Alone
America Come Home
MARs: Middle American Radical
This has my stomach churning, and the fact that the media is covering up BHO’s ties to Freddie/Fannie in order to get him elected has me wanting to just stay in bed. The triumverate of BHO-Pelosi-Reid?!
While I am personally all for the 2nd amendment, I have never felt the need to actually own a firearm. My husband keeps trying to talk me into it, but a house with firearms and small children makes me nervous. But I actually turned to him last night and told him I think he better go buy a couple (along with a safe).
This will go down as the biggest Clusterf___ of all time.
D.O.N.T.P.A.Y.Y.O.U.R.T.A.X.E.S.
By the way, Southpaw, Jack Elam was not in RIO BRAVO. Are you thinking of RIO LOBO?
Sorry, everybody. Way off topic.
My error, nice catch.
Don’t forget plenty of ammo and to get it done before January.
Hidden carbon tax, huh? I guess we know what McCarbonTax’s goodie was! Hey, McBots! The Love-of-your-life just sold you down the river!
I actually think about 4-6yrs. When the things sliding start to pick up speed, it’ll go really look at how much the tempo has increased these last few months, (I’m talking world-wide).
Tell me, guys, with the confiscation during Katrina, what do you make of this?
http://www.armytimes.com/news/2008/09/army_homeland_090708w/
Sorry, can’t get the link button to work…
I never consider Jack Elam off topic.
Just wrote my congresswoman (strange that the House e-mail is back up, eh?) and told her not to count on my vote this year or any other year. Disgusting.
Weary citizen – I hear ya. However, there is no where else to go. Yes, it looks awful right now, and
maywill get much worse. But America is worth fighting for. The collectivists have the momentum at the moment. We have a long road ahead of us, but no one should give up!No it isn’t strange, the Dems run the show and were tired of all of the “NO” e-mails coming in so they stopped them. If Obama gets elected, get used to that type of oversite in everything you do in life.
Yes, the Dems have to protect us from the fascists, don’t ya know.
O/T Thoughts and Prayers with Rep. Sanchez sisters
Well Duh.
80% of the ignorant public knew that!!
I hope you are right, but I just can’t see it. I will be heading off to my wife’s home country in central Europe if we can mange to save enough to retire on. Her parents have a house in a small village (not very nice though thanks to the commies) that is quiet with good people who roll with the punches. They have not been infected with the PC diversity plague sweeping the Western world so the population is homogenous and realtively safe.
Congress has just demonstrated in spades that they have absolutely and undeniably NO INTEREST AT ALL in what the citizens of America want or think. They are TOTALLY out of control. The lines describing the Roman Emperor Caligula from the movie THE ROBE are appropriate to describe congress today especially Caesar Pelosi herself: “vicious, treacherous, drunk with power, an evil, insane monster”. Goodby my beloved America.
I hear you loud and clear, tyrfing. And that was a great Elam quote, Southpaw. And on-topic.
Exactly – Pelosi turned off the lights, then the email.
Weary Citizen – Best of luck to you, but I don’t have that option. There are multiple times a day I want to give up, but then I look at my young kids and get angry at the collectivists who have stolen our freedom and our heritage.