Hi.
I'm George W. Bush.
I f*cked up.
I, and my party, wrecked America.
Sorry.
My bad.
But a big thank you to the Democrats, and the voters, for allowing me to get away with it.
Good night. And good luck.
Bush to address nation tonight on economy woes
WASHINGTON - President Bush readied a prime time speech to the nation and Treasury Secretary Henry Paulson accepted a major change in legislation for a $700 billion bailout of the financial industry on Wednesday as the administration scrambled to prevent further deterioration in the economy.
Republican officials said that Paulson had bowed to demands from critics in both parties to limit the pay packages of executives whose companies benefit from the proposed bailout. They spoke on condition of anonymity because Paulson's decision had not been formally announced.
White House officials said Bush's speech would dwell on the financial crisis.
September 24, 2008
FLASH: George Bush, The Worst President in the History of the US, to crawl out of his cave to tell people housing has crashed and he screwed the pooch
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49 comments:
I doubt he'll take any responsibility. His narcassism blinds him.
Total failure.
CNN just announced McCain is going to stop campaigning to work on the economic crisis. He wants to postpone the debate with Obama.
So. This is the coup the Republicans were planning all along.
When Paulson saw people weren't rolling over quickly to get f@cked in the a$$, they've moved to Plan B.
Plan B-f@ck the pretense of democracy. Let's just take power. End of story.
IMHO, foreigners want to cash in their bonds. This is just a guess, but what would cause such a panic? To even put the election process on hold? This was talked about some but no one really thought it would happen. It's the only explanation that makes sense to me. I think that the housing crisis created doubt that we would pay. So why would they want to hold them for 30 years. And if we can't pay up, we are pretty much owned - maybe something like the fall of the Soviet Union would happen. Thus the urgency.
Also, I read that 700 billion is all they could legally get right now. That is why the phrase "at this time".
"Liars, and the Lying Lies They Are Telling You"
http://yourmortgageoryourlife.wordpress.com/2008/09/23/liars-and-the-lying-lies-they-are-telling-you/
"Privatizing Profits and Socializing Losses: How the Rich are Staying Rich"
http://yourmortgageoryourlife.wordpress.com/2008/09/19/privatizing-profits-and-socializing-losses-how-the-rich-are-staying-rich/
"Conspiracies and Headlines - What’s the Difference?"
http://yourmortgageoryourlife.wordpress.com/2008/09/22/conspiracies-and-headlines-whats-the-difference/
MORGAN STANLY "BANK" TO BUY DEPOSITS???? DID THEY EVER THINK TO OFFER A DECENT RATE OR PERCENTAGE SHARE IN/ OF THE LEVERAGE PROFITS RATHER THAN LOSS OF PURCHACE POWER BY CURRENCY/ DEPOSITS WHEN THEY PRINTED UP 100 DEBT DOLLARS INDISTINGUISHABLE FROM THE DEPOSITED DOLLAR TO COMPETE IN BIDDINGS AT AUCTIONS FOR REAL ESTATE SALES AND GOODS AND SERVICES...........HAHAHAHAHA I NEED LONG TERM 300 PERCENT INTEREST RATES JUST TO BREAK EVEN ON PURCHACE POWER LOST WHILE PRICE STABILITY WAS THE FED/TREASURYS JOB..............
He didn't f*ck up at all. He is a proud third generation member of the Skull and Bones aka The Brotherhood of Death. Learn a little about the Bush family history dumbasses.
You think he gives a sh*t if Joe Q Public will be panhandling from now on?
This is how the Bushes operate. They gain political power and use it to loot the public. They are the ultimate in elite opportunistic leeches.
Especially with CDS (AIG)defaults sucking everything into the vortex. That's what really set it off I think.
Well, I can't say I'm in favor of the bailout, especially since I've always hated Wall Street and its basic premise of "getting something for nothing", but, just for the sake of argument, let's think about something here:
The rich have been robbed via taxes for decades. The top 1% of America's wealthy pay 40% of all Federal income taxes. The top 10% pay a whopping 70% of all of America's taxes.
The bottom 50% of income earners pay NOTHING - they get a free ride.
If the rich refuse to play along and pay nearly all of America's taxes, they go to jail.
Then, suddenly, someone proposes $700B to the rich, nothing compared to the TENS OF TRILLIONS that are legally extorted from them every year, and all hell breaks loose.
Yet when the lazy and indifferent demand more free handouts - the ones who already pay little or no taxes - and their candidate promises more, he's seen as a "reformer" and "The One."
Again, I don't favor the bailout. I'm just warning against allowing this site to turn into a bastion of "soak the rich" populist propaganda, though I fear it's too late and that this site and it's counterpart have long been discredited.
PS: My numbers were taken directly from the Congressional Budget Office, before some whiner accuses me of getting them from "Faux News"
i.e. this is not a "housing downturn" problem. This is a "pay up or we'll break your legs" problem.
Gotta go - need some gin.
Quit being such a partisan hack.
Both parties have gone socialist. Take from the rich, give to the government, make the poor subservient to the government.
What exactly would Al Gore or John Kerry have done to stop this?
OR maybe the foreigners just said they would stop buying our bonds, as did PIMCO, without gov't backing. (PIMCO got the FRED/FAN takeover as a guarantee). A lot of our cash flow has depended on them buying our mortgage bonds.
History will tell ...
This is boiling down to the American tax payer wants to let the FREE market play out. If it wipes out $5,000,000,000 of Buffet's riches...who gives a shit? If Paulsons buddies at Goldman Suchs don't get $24 million bonuses WGAS?
The rich muckity mucks want US to guarantee them future profits. They want US to gaurantee they get to stay rich (at our expense).
They can try all they want to convince us that the sky will fall, its not going to scare the American wage slave. Let the cards fall were they may. Live by the sword, die by the sword you greedy bastards. We wage slaves don't need million dollar loans to get by day to day. If your den of thieves (Wall Street) collapses we will feel justice is done!
If every wage slave family in America gets stuck with a $10k tax liability bailing out these evil chumps I'm gonna invest in some torches!
GT Charlie
The best thing Bushco can do is resign. Admit to the nation he is an ignorant dishonest failure and place himself under arrest.
WORST PRESIDENT EVER
The Party that Wrecked America
He had sone help Keith
Chris Dodd
Barney Frank
Harry Reid
Nancy Pelosi
Charlie Rangle
All asleep at the switch.
Dooooh!!!
http://tinyurl.com/5w38tk
duArte said...
Both parties have gone socialist. Take from the rich, give to the government, make the poor subservient to the government.
It is called facism.
JaneZ
Wait till he declares a "emergency" and postpones the election, I say between now and Oct 10th. Then Will you believe me.
I always just love it when criminals ,like the Wall Street type, say thinks like it doesn't matter who's fault it was . it courts of laws it matters who's fault it is because that will be the liable party that will pay .
GWB_will Stay said...
Wait till he declares a "emergency" and postpones the election, I say between now and Oct 10th. Then Will you believe me."
Yes, I believe you. US Military is currently mobilizing trained troops for US street patrols begining Oct 1. Economy to crater and crash. Depression is here, My Friends (are you sick of My Friends yet?). Civil unrest is anticipated.
Be Ready. You are warned.
Tin Foil Hats, huh...
Consultant said: "Plan B-f@ck the pretense of democracy. Let's just take power. End of story."
-----------
Absolutely! When I posted yesterday that Bush's plan is to mount a coup to stay in power, some HPers dismissed it.
TODAY IN THE NEWS: "McCain wants to suspend campaign and postpone one debate."
NEXT MOVE: McCain will stop the campaign unlaterally and ask for the elections to be postponed until America gets over this economic catastrophe (which might take years)!! The GOP's scam is being unveiled folks!!
That explains all the scare tactics of Bush and his cronies. They want to scare Congress and the American people into giving Bush and Cheney an extension. The pieces of the puzzle are falling into place!!! This is akin to post 9/11 scare tactics. Bush is convinced that if it worked for him after 9/11, it should work again if he can come up with a new gigantic shock: the threat of a total financial collapse, thus the $700B bailout scam, Paulson's blatant warnings to congress,Bernanke's unusual stand behind Paulson, and the subsequent jitters in Wall Street.
It's Bush and his thugs who are creating all this Wall Street mess. They have a much larger scheme: hold on to power for an indefinite period of time. And why not? They will soon have $700B to spend without oversight, the US military is under control as Bush politicized the high command, the Supreme court and the US constitution have become irrelevant under Bush, the MSM's editorial line is now dictated by big corporations (Bush's friends), and the scenario is now complete for a take over before election day!!!
Folks! Kiss democracy good bye and hail King G.W. Bush!! I am serious.
Yeah, what did GWB ever do...
http://tiny.cc/ZqS8q
Notice it's dated 2002, my favorite is the part on page 11 where he talks about "Aggressively developing new mortgage products."
Face it peeps, The Worst President Ever.
Crammers spin and attempt to scare the public on Sept 24,2008 is ,Crammer claims
Depression II will take place without bail-out .
People will not get car loans without bail outs .
People will lose jobs without bail-out ,and Bank lines will
form .
My response is
The public can not afford to waste money on toxic waste loan bail outs .
The lenders are lending to qualified buyers and just because the volume is low ,that can't be changed unless you crank up faulty easy money lending again .
The Bail out plan does not address that the banks will not take the money and than lend it out to Americans who are already up to their eyeballs in debt .
700 billion can be directly injected into the system for loans by the feds ,especially since they
have F&F ,and that would directly get to main street .I would interject that the lending must be prudent or the taxpayers will lose again .
The Treasury or Feds have the emergency power to inject FDIC funds ,so no fear of not being paid off on
regular saving and checking accounts if some crap bank fails or is bought out by a stronger bank .Money markets are also now insured .So what is the panic .
The Politicians have the power to use the money more wisely as in creating jobs directly to stimulated the economy ,opposed to bailing out loser debt that is worthless almost .Same with borrowers that really can't afford their home that they bought on a gamble .
As long as Paulson can't prove that a mania has ever been revived causing prices to go up again in short term ,than the bail-out is absurd .
We have Japan to see that a real estate mania can not be revived for 17 years at least .
We have the cash of 1926 in Florida to prove that the mania
values can not be revived for decades .
If BB studied the great Depression ,he would know how long it take to come back from a mania .
Best bet would be to put money into direct stimulation of jobs .
And as the history books shows that was in fact what took us out of the Great Depression ,along with War .Jobs stimulate the economy ,not buying bad debt .
I want to know why this Crammer with all the other cheerleaders on CNBC are being allowed to scare
the public and not give the public balanced reporting . You guys are only proving you are shills for Wall Street .
Who knew Newt Gingrich guy would come out and say the emperor has no clothes?
"Secretary Paulson has been consistently wrong for a year-and-a-half. He told us for a year-and-a-half this wasn't a dire crisis; this wasn't going to happen. So the very people who told us for a long time not to worry about it are — I know they're panicked. Whether that means that we should be panicked, I'm not sure." - Newt Gingrich, reversing his Iraq War logic.
"They know that if they don't rush it through, it has no hope, because as the American people learn the details, they're just going to scream at their House and Senate members." - Newt Gingrich, explaining the GOP game plan used to pass the Patriot Act
From NPR:
http://tinyurl.com/52295q
The tax burden for basic government services should be equally attributed to each resident. And, I am talking flat fees, not this percentage bullsh*t. And, no deductions for anything!
Everything else is user fees. Your kids need to go to school, you f*cking pay the yearly tuition for the little varmints.
You want to use the roads to drive a car or ride a bicycle, you f*cking pay.
You want a f*cking motorized chair because you're too lazy to push your fat ass around, you f*cking pay.
Then and only then will people appreciate the true cost of all the "free" shit everyone else is paying for.
"People will not get car loans without bail outs."
So, are the banks saying that they will not loan out money? If that is the case, they will go out of business, which is fine because new banks will come along, which do not have all the crap on their balance sheets, and they will provide the needed loans.
Frank, as usual, expects that the privilege he enjoys comes at no cost to anybody else. He thinks that it is available to everybody – that all they have to do is work hard. He thinks that it is unfair that he should have to pay for it in the form of taxes.
Frank – people digging ditches work very hard, yet they don’t seem to be getting very far. Most decent people who are blessed with wealth realize their good fortune and don’t complain a lot. They are kind to ditch diggers, who pay a larger share of their income in taxes than Frank does.
Nuts to the billionaire bailout. Pull the plug - at least we can take 'em down with us.
I'm with you there Anonymous! ... but I hope none of us have to resort to torches to see real justice done at last to the very people who have been sucking this system dry for far too long.
Anonymous said...
This is boiling down to the American tax payer wants to let the FREE market play out. If it wipes out $5,000,000,000 of Buffet's riches...who gives a shit? If Paulsons buddies at Goldman Suchs don't get $24 million bonuses WGAS?
The rich muckity mucks want US to guarantee them future profits. They want US to gaurantee they get to stay rich (at our expense).
They can try all they want to convince us that the sky will fall, its not going to scare the American wage slave. Let the cards fall were they may. Live by the sword, die by the sword you greedy bastards. We wage slaves don't need million dollar loans to get by day to day. If your den of thieves (Wall Street) collapses we will feel justice is done!
If every wage slave family in America gets stuck with a $10k tax liability bailing out these evil chumps I'm gonna invest in some torches!
GT Charlie
Excellent points, and yes, Cramer and the rest of the talking heads are definitely shills. They are only interested in saving themselves from financial losses.
Also, anyone throwing billions at wall-street is also a shill, hoping that the tax-payers (sheep in their mind) will be dumb enough to support what they are doing.
Have you tried getting your information out there to a broader audience? People need to be informed that there are solutions to this problem that don't require the tax-payer to be repeatedly raped.
Anonymous said...
Crammers spin and attempt to scare the public on Sept 24,2008 is ,Crammer claims
Depression II will take place without bail-out .
People will not get car loans without bail outs .
People will lose jobs without bail-out ,and Bank lines will
form .
My response is
The public can not afford to waste money on toxic waste loan bail outs .
The lenders are lending to qualified buyers and just because the volume is low ,that can't be changed unless you crank up faulty easy money lending again .
The Bail out plan does not address that the banks will not take the money and than lend it out to Americans who are already up to their eyeballs in debt .
700 billion can be directly injected into the system for loans by the feds ,especially since they
have F&F ,and that would directly get to main street .I would interject that the lending must be prudent or the taxpayers will lose again .
The Treasury or Feds have the emergency power to inject FDIC funds ,so no fear of not being paid off on
regular saving and checking accounts if some crap bank fails or is bought out by a stronger bank .Money markets are also now insured .So what is the panic .
The Politicians have the power to use the money more wisely as in creating jobs directly to stimulated the economy ,opposed to bailing out loser debt that is worthless almost .Same with borrowers that really can't afford their home that they bought on a gamble .
As long as Paulson can't prove that a mania has ever been revived causing prices to go up again in short term ,than the bail-out is absurd .
We have Japan to see that a real estate mania can not be revived for 17 years at least .
We have the cash of 1926 in Florida to prove that the mania
values can not be revived for decades .
If BB studied the great Depression ,he would know how long it take to come back from a mania .
Best bet would be to put money into direct stimulation of jobs .
And as the history books shows that was in fact what took us out of the Great Depression ,along with War .Jobs stimulate the economy ,not buying bad debt .
I want to know why this Crammer with all the other cheerleaders on CNBC are being allowed to scare
the public and not give the public balanced reporting . You guys are only proving you are shills for Wall Street .
Does Representative Marcy Kaptur see something other don't
THEY WANT MAMA TO MAKE IT ALL BETTER!
http://tw.youtube.com/
watch?v=mbD62gNi9WE
Where were those Weapons of Mass Destruction (WMD).
I have an idea.For the next three months, we see what George Bush and any one on his staff thinks and then do the opposite. History says that would probably be a great strategy.
Frank of Scottsdale notoriety is the biggest POS on this blog posting partial facts and using them as absolute truths while conveniently ignoring the entire story.
A loser who couldn't even make it in Scottsdale, land of easy money in twat, he crawled away to the liberal bastion of California spewing his right wing wacko absurdities, while pretending he' a major player.
A discredited Rethuglican hypocrite of the first order.
If this BILL passes , I am going back to Europe and I won't let the door hit me on the way out. Paulson wants this passed without ANY oversight , just give me the money and SHUT UP !
This is FASCISM.
If it goes through , welcome to the UNITED FASCIST STATES OF AMERICA.
Our lord and master china won't permit runs on their banks. That speech was not aimed at americans but rather foreign banks and governments. He didn't smirk once. It must be bad.
He'll blame it on a dark axis country,not his own greedy bunch of backers.
OMG - we watched the "address" from the president tonight. First shot on NBC, my husband asked if this was SNL because I swear you could see the strings on the puppet GDW. Then we hear him blame all of this on "easy credit" that was granted during the last few years (and then some). Accordng to Bush, we've all defaulted on everything, our mortgages, credit cards, auto loans and student loans, hence this financial disaster. So, let's just issue a blank check in King Henry's hands and all will be well. We need this bailout so credit can be obtained again. I ask you...who are they lending to????? Banks only lend to those who don't need it. Hey, so glad to hear that no $$$$ was available for health care, infrastructure, education ( so my property taxes wouldn't double every year) dang, too bad so sad. This is such a joke and then some.
Tell ya what, let's just wipe EVERYONE's debt out and let's all start over. If we all had 800 credit scores, we could borrow to our hearts content....let's just do that instead of bailing out the banks and hoping in trickles down to the rest of us. Well dang, that's not feasible either.
I'm sick of hearing that this bailout HAS to be done this week, we can't wait...where were these people a year ago? Oh yeah, telling us that the subprime mess was contained and wouldn't spill out onto the rest of the economy
My kid consistently scores above average for our school in the district and is in the gifted program....I propose that i pay LESS taxes to the school as she is propping up test scores, which tie directly to state funding for schools. Let those who can't keep up pay more----the ultimate "pay for play" scheme
Frank - it's an interesting point you make - but the people that pay 40% in taxes - do make a lot of money with a lot leftover even after taxes. There is a huge portion of this country that works 40-60 hours per week but only make minimum wage - which generally isn't even enough to eat and pay for shelter. These are not people getting handouts - these are people working very hard and often paying taxes. I pay 30% of my taxes - but true - it doesn't add up to that much of the tax base because I don't make an outrageous amount of money. I don't have a fancy car - and I rent and have very little leftover at the end of the month. My sister makes over $250K/year - pays taxes, has 3 houses, 5 cars and goes on $25K vacations twice a year. I'm not saying she doesn't deserve it - maybe she does - but she can certainly afford to pay what she's paying now and still have plenty leftover (sorry she's already married). And by the way - she's a democrat. Still - I pay my share while the manager of a hedge fund pays a mere 15% for mostly risking other people's money.
Oh please.
Folks, your BDS is showing...:
http://www.glennbeck.com/content/articles/article/198/15484/
This morning I dropped my toast on the floor and it's George Bush's fault it landed butter-side down.
*sniff*
Welcome to Part Two:
"What exactly went wrong with the original plan"
http://www.whitehouse.gov/news/
releases/2002/10/20021015-7.html
I set an ambitious goal. It's one that I believe we can achieve. It's a clear goal, that by the end of this decade we'll increase the number of minority homeowners by at least 5.5 million families.
All of us here in America should believe, and I think we do, that we should be, as I mentioned, a nation of owners. Owning something is freedom, as far as I'm concerned. It's part of a free society. And ownership of a home helps bring stability to neighborhoods.
Homeownership is also an important part of our economic vitality. If -- when we meet this project, this goal, according to our Secretary of Housing and Urban Development, we will have added an additional $256 billion to the economy by encouraging 5.5 million new home owners in America; the activity -- the economic activity stimulated with the additional purchasers, the additional buyers, the additional demand will be upwards of $256 billion.
Low interest rates, low inflation are very important foundations for economic growth. The idea of encouraging new homeownership and the money that will be circulated as a result of people purchasing homes will mean people are more likely to find a job in America. This project not only is good for the soul of the country, it's good for the pocketbook of the country, as well.
One thing about the tax burden...who receives the most amount of services from the government? Well, I have seen it said that poor receive more from the government. I'd argue against that. What does the poor man have to lose. He doesn't really care who the boss is. The rich guy, he has something to lose. His wealth is protected. He stands to lose the most without the protection of the government. If North Korea invades us tommorrow, who is worse off? The poor guy is still poor. Nothing to lose. The rich guy is now poor. Whose protection keeps the rich guy rich?
That's why they should pay more. They benefit more. Those government social programs that you all bitch about? They keep the poor from revolution. The only reason we haven't moved to a socialist society is because of the those social programs. What happened in France when the poor majority got hungry enough? Off with their heads! You think rich people didn't take notice of that?
"...I always just love it when criminals ,like the Wall Street type, say things like it doesn't matter who's fault it was..."
Amen, brother.
You left out the close-relative "they are all crooked."
"...the top ten pay 70% of the tax, however they receive 90% of the income..."
You misunderstand the logic. They are only 10%, so they should only pay 10%, right?
That IS the argument you were making, right Frank?
Even if this bailout pass, if foreign Nations do not believe in the US financial market CREDIT WORTHINESS the problem will only get worst and the US DOLLAR will free fall.
http://www.reuters.com/article/
marketsNews/idUSPEK16693720080925
China banks told to halt lending to US banks
Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.
The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.
Is the Credit Derivatives Market unwinding
The last time this happen, was during the same year as the busting of the tech bubble.
http://www.bloomberg.com/apps/
news?pid=20601103&sid=aYdE4_qKZF94
It was the first decline since ISDA started surveying traders in 2001.
Outstanding contracts had grown 100-fold over the past seven years as insurance companies, hedge funds and investors used them to speculate on corporate creditworthiness.
Traders last year rushed to unwind trades or hedge against losses as credit markets locked up amid the worst U.S. housing slump since the Great Depression.
The volume of outstanding trades fell to $54.6 trillion from $62 trillion in the first half, the International Swaps and Derivatives Association said in a statement yesterday.
"...He didn't smirk once. It must be bad..."
;^D
I don’t understand how people can blame Bush for this housing crisis happing in the states. The over leveraged American and government policies and incentives in prior administrations are responsible. ( Zero dowm mortgage, come on! who's bright idea was that?)
I also may add if this bail out works, George Bush will be remembered for a great president.
I guess time will judge
Anonymouse said:
"China banks told to halt lending to US banks
Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday."
Yep.
I absolutely love the way Paulson "accepts" changes to the bill. As if taxpayers should have no say on how the bailout money is used.
I am watching TV with the election hype on and a financial advisor on and some wierd news on and of course the usual hacks, and it just seems a little surreal. The financial advice seems so outdated already. Like not really related to the future. The ads in particular seem ridiculous.
My sisters work at Albertson's grocery store. They say that people are buying tons of stuff whenever it is on sale. Like bread - 30 loaves at a time. They can't quite understand it. Where do they put them?
They had the usual charity drive last week, where all the employees are supposed to give, even a little bit. No one gave anything! Not even 25 cents a week. Never happened before.
I believe people are really scared. Is their money worth anything... will they have a job? I plan to take money out of my credit union this week and actually put it under my mattress. I am not kidding. I may not be able to get it next week.
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