This election is about one issue and one issue only:
The Great Housing Crash.
Just like we said it would be.
September 27, 2008
Here's Obama's and McCain's opening statements on the housing panic and bank bailout bill
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57 comments:
There is no opposition
I would like to know what comments HPers have about this video:
http://www.youtube.com/watch?v=H5tZc8oH--o
Au contraire anon.
The voice of the American people is being heard.
Last night
U.S. Sen. Elizabeth Dole, R-N.C., said Friday she could not vote for the $700 billion bailout plan for the financial industry that the Bush administration has put forward. "After a week of closely scrutinizing the Bush Administration's Wall Street rescue proposal," Dole said Friday afternoon, "I have concluded that it violates every principle of American capitalism and free enterprise that I have been taught, and that our country has always held.
http://www.salisburypost.com/Area/092708-dole-on-the-bailout
NC in the house!
LIARS! Both of them. The corrupt politicians could have stopped this! They still can, but they wont. Its all about the cash in their pockets the lobbists give them. We will be eating our babies while they go play golf in DC.
Like Reagan said, government is not the solution to the problem - government is the problem.
Neither of these guys has a solid grounding in economics and as such lack the ability to grasp the problem or the solution.
There will be a massive bailout. And when there is a run on the USD there will be nothing anyone can do about it.
Interesting how a bunch of people, who we pay and who don't represent us, elect themselves to spend our money as they see fit - soley to their own benefit.
Who will you be voting for?
BTW:
I didn't waste time listening to either of these two candidates, since it degenerated into back-and-forth mud-slinging.
Just wondering about the 700B figure. Here are some excerpts from a UK Telegraph article, 18 JULY 2008:
US faces global funding crisis, warns Merrill Lynch
The US Treasury is running out of time before foreign patience snaps, writes Ambrose Evans-Pritchard
Merrill Lynch has warned that the United States could face a foreign "financing crisis" within months as the full consequences of the Fannie Mae and Freddie Mac mortgage debacle spread through the world.
The country depends on Asian, Russian and Middle Eastern investors to fund much of its $700bn (£350bn) current account deficit, leaving it far more vulnerable to a collapse of confidence than Japan in the early 1990s after the Nikkei bubble burst. Britain and other Anglo-Saxon deficit states could face a similar retreat by foreign investors.
"Japan was able to cut its interest rates to zero," said Alex Patelis, Merrill's head of international economics.
"It would be very difficult for the US to do this. Foreigners will not be willing to supply the capital. Nobody knows where the limit lies."
Brian Bethune, chief financial economist at Global Insight, said the US Treasury had two or three days to put real money behind its rescue plan for Fannie and Freddie or face a dangerous crisis that could spiral out of control.
Roughly $1.5 trillion of Fannie and Freddie AAA-rated debt - as well as other US "government-sponsored enterprises" - is now in foreign hands. The great unknown is whether foreign patience will snap as losses mount and the dollar slides.
... But the lion's share is held by the central banks of China, Russia and petro-powers. These countries could all too easily precipitate a run on the dollar in the current climate and bring the United States to its knees, should they decide that it is in their strategic interest to do so.
Mr Patelis said it was unlikely that any would want to trigger a fire-sale by dumping their holdings on the market. Instead, they will probably accumulate US and Anglo-Saxon debt at a slower rate. That alone will be enough to leave deficit countries struggling to plug the capital gap. "I don't see how the current situation can continue beyond six months," he said.
Merrill Lynch said foreign governments had added $241bn of US agency debt over the past year alone as their foreign reserves exploded, accounting for a third of total financing for the US current account deficit. (They now own $985bn in all.) By most estimates, China holds around $400bn, Russia $150bn and Saudi Arabia and other Gulf states at least $200bn.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2793309/US-faces-global-funding-crisis%2C-warns-Merrill-Lynch.html
Obama (like McCain) exposes himself for being "just one of the crew up on capital hill".
As an educated man, he should have been reading the many warnings by top economists across the country just how devestating this "bail-out" would be if passed - there will be no recovery.
So, who will you be voting for?
What does our vote mean if both candidates suck like sour grapes?
Their aim is to wait till the last minute Sunday evening before the "bail-out" (regardless of it's conditions to protect us the tax-payers) is forced through.
In this way, they look like they were hard at work, struggling to make a decision - what bullox.
If this passes folks, we're all toast anyways and our next generation will be forever resentfull.
California Senators want even more housing money:
http://cbs5.com/local/
california.housing.aid.2.826649.html
A preview of what an Obama presidency will look like.
And isn;t this wonderful?
20% of the sale of assets by the government will go to ACORN. And what does ACORN do? Why they provide low income people with mortgages.
Not coincidentally, Obama worked for ACORN while in Chicago during his "community organizer" days.
The reason the Bailout was debated exclusive of World Affairs is because the lemming citizens of this Country are focused on the economy, their houses, their paultry savings, and will respond with their vote to the favor of the winning candidate.
To me it is irrelevant whether the Bailout Passes or not. The consumption years are over and whichever candidate is elected will face a country of citizens whose wallets are raped.
paul/dole 2008???
please
Watch bay400's video.
http://www.youtube.com/watch?v=H5tZc8oH--o
Also look at:
http://www.youtube.com/watch?v=cMnSp4qEXNM
I am blaming democrats 110% after watching Barney Frank.
The financial channels, CNBC, Fox Business etc, are pumping this bailout hard. Steady stream of so-called experts citing B.S facts as truths and fear mongering that you will lose your job etc.
Absolutely effing disgusting!
NOT ONE politician in Washington has the critical thinking skills to figure out how to fix this mess. If they did, they would have seen it coming over the last 15 years (piece by piece dismantling of safeguards and bad financial policy) and blown the whistle early in the game.
Now the Titanic has already hit the iceberg and they are saying "we hit an iceberg and need to act!!".....what vision....what wisdom. wow.
People who run for politics have several of these: big hair, big teeth, charisma, a good speaking voice, and attractive. Most of them are lawyers, celebrities, or businessmen.
There is a distinct lack of vision and wisdom in Washington. Its all about getting elected and then staying in, not about really fixing things or watching out for their constituents. But when BIG issues like Gays or Abortion are wheeled out (every election) then grandstanding and flowery oratory of the highest order blossom all over Washington like weeds growing in manure.
The fact that our elected officials are collectively the proof of evolution makes it even easier for the "behind the scene" sharks like the FED and their Wallstreet cronies (who are VERY sharp in their single-minded pursuit of wealth and power) to run circles around our elected monkeys. They have, and they wil.
Case in point, the "you gotta sign it now carte blanche financial dictator" legislation rushed out by Paulson trying to pull off another Patriot Act fiasco. The monkeys were ready to sign it when "we the people" jumped all over them NOT to sign it. So the monkeys feign concern in order to stay elected. That is all that has happened so far.
If anyone thinks Obama or McCain has a clue about how to fix this then I have some RE to sell you.
The only politician I have seen who understands the mess and how to fix it is Ron Paul. And he has zero chance of being elected or listened to. And even if he were elected, his plane would crash, he would suffer a "heart attack", or some other "natural" calamity would snuff him out.
We live in a country controlled by the elite for the elite and nothing is gonna change short of a revolution.
There is no accountability for anything and that is the root of all our problems....
there were some valid points raised by some HP bloggers like patrat, about our country that depends on countries in asia, middle east for investment (pre and post the $700 billion bailout).
using patrat's point, if obama wins, it's likely or more likely that america can then again restore the respect and confidence of foreign investors, thus flooding our financial system with investments. yes - restoring our image and doing away the 'bullying' and 'cowboy' attitude, will play a major role in attracting foreign investors.
Poor McCain.
The senile, out-of-touch, very old and tired party hack and his unqualified VP choice thae party will not even let deliver a rebuttal (come out come out wherever you are moseturd)
What do you expect from the GOP:
THE PARTY THAT WRECKED AMERICA
which gave you
George Bushco; The WORST PRESIDENT EVER.
4 more years? I don't think so Karl. Keep up the dirty tricks though. They are keeping the bed warm for you in Attica.
one good thing about this economic sh@t storm is the death of professional sports, golf especially. I'm tired of these over paid idiots chasing a ball around thinking they're some kind of a demigod. Makes you want to puke.
Mortgage help for bankrupt homeowners dropped
By JULIE HIRSCHFELD DAVIS and DAVID ESPO, Associated Press Writers Fri Sep 26, 7:54 PM ET
WASHINGTON - House Democrats say the idea of letting judges rewrite mortgages to help bankrupt homeowners avoid foreclosure won't be a part of the $700 billion financial industry bailout.
Speaker Nancy Pelosi, D-Calif., told Democrats at a closed-door meeting Friday evening the provision would be a deal-breaker for Republicans who she has said must deliver substantial votes for the rescue plan. That's according to several lawmakers who attended the session.
Democratic presidential nominee Barack Obama had said earlier that the measure didn't belong in the bailout.
http://tinyurl.com/3tc9tn
The concession came as staff aides to key Democrats and Republicans worked into the evening searching for compromise on the rescue bill.
Anonymous 4:54PM,
you make a good case. Thanks for that perspective.
.
A great majority of this Shit started with Clinton in 99 and deregulation
Chris Dodd (D) should be in jail
Barney Frank (D)
Who knows what Reed and Pelosi are up to?
Dems have been in control of everything for to years and it's still F'd up!
.
he following is a transcript of President Bush's weekly radio address:
THE PRESIDENT: Good morning. This is an extraordinary period for America's economy. Many Americans are anxious about their finances and their future. On Wednesday, I spoke to the Nation, and thanked Congress for working with my Administration to address the instability in our financial system. On Thursday, I hosted Senator McCain, Senator Obama, and congressional leaders from both parties at the White House to discuss the urgency of passing a bipartisan rescue package for our economy.
The problems in our economy are extremely complex, but at their core is uncertainty over "mortgage-backed securities." Many of these financial assets relate to home mortgages that have lost value during the housing decline. In turn, the banks holding these assets have restricted credit, and businesses and consumers have found it more difficult to obtain affordable loans. As a result, our entire economy is in danger. So I proposed that the Federal government reduce the risk posed by these troubled assets, and supply urgently needed money to help banks and other financial institutions avoid collapse and resume lending.
I know many of you listening this morning are frustrated with the situation. You make sacrifices every day to meet your mortgage payments and keep up with your bills. When the government asks you to pay for mistakes on Wall Street, it does not seem fair. And I understand that. And if it were possible to let every irresponsible firm on Wall Street fail without affecting you and your family, I would do it. But that is not possible. The failure of the financial system would mean financial hardship for many of you.
The failure of the financial system would cause banks to stop lending money to one another and to businesses and consumers. That would make it harder for you to take out a loan or borrow money to expand a business. The result would be less economic growth and more American jobs lost. And that would put our economy on the path toward a deep and painful recession.
The rescue effort we're negotiating is not aimed at Wall Street — it is aimed at your street. And there is now widespread agreement on the major principles. We must free up the flow of credit to consumers and businesses by reducing the risk posed by troubled assets. We must ensure that taxpayers are protected, that failed executives do not receive a windfall from your tax dollars, and that there is a bipartisan board to oversee these efforts.
Under the proposal my Administration sent to Congress, the government would spend up to $700 billion to buy troubled assets from banks and other financial institutions. I know many Americans understand the urgency of this action, but are concerned about such a high price tag. Well, let me address this directly:
The final cost of this plan will be far less than $700 billion. And here's why: As fear and uncertainty have gripped the market for mortgage-related assets, their price has dropped sharply. Yet many of these assets still have significant underlying value, because the vast majority of people will eventually pay off their mortgages. In other words, many of the assets the government would buy are likely to go up in price over time. This means that the government will be able to recoup much, if not all, of the original expenditure.
Members of Congress from both sides of the aisle have contributed constructive proposals that have improved this plan. I appreciate the efforts of House and Senate Democratic and Republican leaders to bring a spirit of bipartisan cooperation to these discussions. Our Nation's economic well-being is an issue that transcends partisanship. Republicans and Democrats must continue to address it together. And I am confident that we will pass a bill to protect the financial security of every American very soon.
Thank you for listening.
I think the failure of AIG exacerbated the situation. AIG insured a lot of the junk paper. It seems to me that right after that is when Paulson came on with the dire emergency stuff. Just a few days before, they were still claiming everything is fine. Like everybody else, I have been trying to figure out, why so much and why so fast. It seemed like there was/is a part that is missing, not being told. I do believe it is the international part.
Most people are so busy working and dealing with their daily life that they don't have the time or energy to spend on this stuff. All they know is what the news tells them and it's true, the media has a kind of insulated US centered perspective. They just keep talking about how bad it is going to be, but they don't delve into it and don't explain anything really. Not real news, but that's another subject.
I remember that Bill Clinton demonstrated fiscal commons sense, even raising taxes to straighten out the national balance sheet, at great political cost. The net result was that the US became a very attractive place to invest for the rest of the world. The boom that followed was good for everyone. I expect the same from the democrats this time.
It is trickle up after all, not trickle down. The current crisis demonstrates that. People no longer can rely upon annual raises, since many cannot even count on a job for multiple years. Obama mentioned that wages are falling -- nobody else has mentioned it. It is not denied by the fact-checkers.
So people cannot afford jacked-up house payments, and now look at what we have. The primary cause is NOT the foreclosure crisis, but FALLING WAGES. Why are wages falling? Wall Street paves the way for investment in China etc. NO BAILOUT!!!
I know this is a little off the subject but... when is the Federal Govt. going to revise the program commonly known as "Section 8 Housing"?, maybe under a different name in other states. The program helps with rent payments and is extremely beneficial to the elderly, sickly and disabled... HOWEVER!, it also pays the rent for the young and able bodied who simply do not want to work. The program as it is currently makes no demands to either work, get training to work or even go out and LOOK for work. I called a local office and got this information and was told this is a govt. program and pretty much that's just the way it was put together. My neighbor is a young woman who's been in and out of jail for drug use, keeps having children, sleeps all day, parties all night but doesn't have to worry about how she'll pay the rent, the Section 8 program pays it for her, all of it, because she doesn't work. So, our govt. has run out of money. When does the free ride stop for those who DON'T NEED IT? Now... that's not to say everyone who accepts Sect. 8 is abusing it... I'm just saying that if someone is able, physically and mentally, to work, then why isn't the Fed Govt. requiring them to do so?, when the hell do the free handouts stop? And when the hell do I have to stop paying for the freeloaders? Can someone from the Govt. please answer my question?
All those considering Obama (I'm looking at you, Keith) should watch this video.
In its entirety.
Over and over and over.
If you ignorant American goyim can find time around your TV schedule, you should read this...
http://www.conspiracypenpal.com/rants/pretend.htm
"Let's pretend. Pretend along with me for a few moments that it actually matters whether John McCain or Barack Obama assumes the American presidency in January. Gosh - just which of these fine fellows should we elect?
With McCain, we get a crashing economy and WWIII (sung to the tune of "Bomb, Bomb, Bomb, Bomb, Bomb Iran"). With Obama, we get a crashing economy and WWIII. My, oh my. How on earth will we ever decide?"
You wonder wonder if/why Congress didn't know about this gathering storm. One reason I think, is that a lot of these deals were "off books" - thus the references to "shadow banking". I don't really understand how things got to be that way, but it sure seems to have been a big factor in this whole mess. You wonder how much they understand about it now, too. Seems like they don't have much time to get up to speed on it.
While America continues its meltdown into global insignificance, China today continued its rise as a superpower by sending an astronaut to make his country's first space walk.
Spaceship made in China
Space suits made in China
"Neither of these guys has a solid grounding in economics and as such lack the ability to grasp the problem or the solution.
"
Economic education is overrated. Bernanke is highly educated in economics and look what that gets us. All you need to learn is in the Aesop's fable the Ant and the Grasshopper. Then go see the animated version from a few years ago where the Grasshoppers acted like a bike gang and forced the ants to give them food using force and intimidation. Between the two stories, you've learned a lot about ecomomics.
"I think the failure of AIG exacerbated the situation. AIG insured a lot of the junk paper."
And AIG did it using Credit Default Swaps. And CDSs aren't even addressed in the 700 billion handout, only mortgage backed securities. So there will continue to be companies going out because of CDSs, regardless of who Paulson decides to be kind to.
That's one of the really sad parts of this bailout - it won't fix the problem. The problem is that companies with money (and there are a bunch of them, check out Berkshire Hathaway for one) don't want to lend to companies that may go boom in the night and not pay back anything. AIG looked fine until the day before they went boom, so the problem is that companies can't tell who will go boom, so they don't lend to anyone, just in case. If we force the companies to come clean on their books - make all their MBS backed assets open so that we know they are only worth 0.20 instead of 100,000 or so, and put their CDS assets out onto a market so we know what they are really worth, then we would know the good companies to lend to from the bad. We want the good companies to get loans - they have shown themselves to be smart enough to not go bankrupt, so they will put the money to good use. We want the stupid,reckless, risk taking companies to just go bankrupt, go away, get out of our faces, and stop wasting money.
The bailout will help the stupid companies stay around and continue to lobby our government to do stupid things. The opposite of what we need right now.
Keith I am so tired hearing about Reagan. Let me tell you I lived when Reagan was president and he was horriable. The best economic times was Clinton for the poor and middleclass. Reagan was a member of Bohemian grove look it up folks. Reagan was shot and who took over? Bush Sr. Wow how that doesn't surprise me.
Look stop with the Reagan bullshit just stop. Reagan had scandles that tie with Franklin coverup, research it folks read the washington times archives.
I lived a long life seen a lot. Its funny the same people from nixon, Reagan, Bush years are running around washington.
Please younge republicans stop it with Reagan you have no idea what you are talking about.
Look I am not worried about section 8, yes some drug addicts who have many children abuse it. Well those children need a home.
I am worried about the billionaires who have raped America. Stop it with the poor. Just fucking stop it. It always comes back to welfare. Please just a drop in the bucket. We need a leader who use our taxes wisely. In sweden they pay a little more than we do, trust me a little more. What do they get in return? hmmmm Healthcare, childcare, college that is free with the exception of ivy league schools.... Stop it....It makes me sick to hear Americans buy the bullshit of Wealthy people the blame is on Welfare, Please don't be so ignorant.
Section 8 helps mothers who have small children raise their children and not out of a car.
The abuse is with the wealthy always has been but people like you are so ugly you have to knock down the little guy who has fucking nothing.
Interesting charts, honika.
Here's another scary website.
http://www.joelscoins.
com/exhibger2.htm
Does make you think about precious metals, but maybe more in the form of canned goods and ammunition.
McCain is slime:
I Just Got Push-Polled on Obama and Israel
My caller ID said "CENTRAL RESEARC 212-777-1645." Ugh, I figured. Another telemarketer. It was 6:43 pm and, under normal circumstances, I would have let it go to voice mail.
But it came on my home office line and I happened to be expecting a call from New York. So I answered.
It turned out to be a political poll. And not just any old poll.
It started off in the usual way. Am I registered to vote? Do I plan to vote on election day? How do I label myself politically?
A few seemingly innocuous questions about religion followed. What was my faith? What was my denomination? How often did I attend services? From there, the focus became more explicitly political--and, again, perfectly typical. Was I Democrat or Republican? Etc.
The caller ran through a list of politicians, to ask whether I viewed them favorably or unfavorably. All the people you'd expect were on the list: George W. Bush. Barack Obama. John McCain. Sarah Palin. Hillary Clinton. Joe Biden. Joe Lieberman.
But then there was an odd inclusion: Jimmy Carter.
I can't say I made much of it at the time. To be quite honest--and this won't surprise my regular readers--I was more worked up over the fact that, when asked about the broad issues that concerned me most, the poll categorized health care as a social concern rather than an economic one. (I asked if I could change the categories; the caller said I couldn't.)
But soon enough I understood why they were asking about Carter. After going over some more issues and confirming the fact that I was likely to vote for Obama, the caller made a series of rather pointed inquiries. Would it affect my vote, he said, if I knew that
Obama has had a decade long relationship with pro-Palestinian leaders in Chicago
the leader of Hamas, Ahmed Yousef, expressed support for Obama and his hope for Obama's victory
the church Barack Obama has attended is known for its anti-Israel and anti-American remarks
Jimmy Carter's anti-Israel national security advisor is one of Barack Obama's foreign policy advisors
Barack Obama was the member of a board (sic) that funded a pro-Palestinian chartiable organization
Barack Obama called for holding a summit of Muslim nations exlcuding Israel if elected president
My notes are pretty close to verbatim. (I started typing as soon as I realized I was getting polled.) When the caller was finished, I got a supervisor on the phone and asked if he would tell me who was sponsoring the survey. He said he couldn't reveal that information.
All he would tell me was that he was calling from Central Marketing Research Inc. in New York City. And that makes sense. It seems that the same organization has been involved in these sorts of efforts before.
Update: Ben Smith at Politico reports that other Jewish voters are getting these calls, too. Based on his reporting and a comment from TNR reader "amstern," it sounds like the calls are going out to Jews in Florida, New Jersey, Pennsylvania, and Michigan (which is where I live).
Also, I corrected the improper use of "exorcised" in my original item.
Update 2: Over at Talking Points Memo, David Kurtz suggests these calls are too long to be true push polls. Instead, he says, they are testing negative messages against Obama.
--Jonathan Cohn
w.c., WOW! Thank you!
W. C. -- It's all the democrat's fault. What a joke. Is your last name Fields?
From the LA Times:
"As Congress wrestles with a $700-billion plan to buy up bad mortgages, many on Wall Street say the situation in the banking system has become desperate.
Credit -- the lifeblood of the economy -- has simply stopped flowing in many parts of the financial system over the last two weeks."
Why do I read this so often: "credit is the lifeblood of the economy?" I know that interest and rent are important. And I think of debt as a negative, and credit as a positive. But certainly we are doomed by a system like this.
What do people with more economics training have to say about this? Is this canard an accurate statement, and what are the alternatives and implications?
Lost cause,
Neither party is clean. I don't like McCain, but that video is absolutely accurate on Obama and the Dems.
>California Senators want even more housing money.
Well for God sake man, give to them. They must really need it.
>> The financial channels, CNBC, Fox Business etc, are pumping this bailout hard. Steady stream of so-called experts citing B.S facts as truths and fear mongering that you will lose your job etc.
Amen about the so-called experts. It's these "experts" who have been in Washington and brought our nation to ruin. It's these "experts" on Wall Street who have bankrupted us. As far as I'm concerned, there are only 2 experts in this world: airline pilots and brain surgeons - truly skilled. Everyone else is just "practicing."
Did anyone else think it odd that Obama had both the flag pin on his lapel AND a bracelet from some GI's mother? Looks like Mr. "I'm not a cynical politician and don't need patriot props" has found some religion in the latest poll numbers.
IMO neither guy "won" the debate. Both relied on canned responses too often but we did get a glimpse of their personalities. Obama is like a humorless assistant professor who ticks off numbered points his students will need to remember for next week's test. McCain tells war stories about his past accomplishments but doesn't realize that people under 30 years old couldn't care less.
Neither one answered Lehrer's direct question about what programs they'd have to cut given the new financial realities. Obama's plans are all DOA because we haven't got a penny to pay for them.
>> I remember that Bill Clinton demonstrated fiscal commons sense, even raising taxes to straighten out the national balance sheet, at great political cost. The net result was that the US became a very attractive place to invest for the rest of the world. The boom that followed was good for everyone. I expect the same from the democrats this time.
Oh, didn't you get the memo last year? Clinton's so-called budget surplus was a lie - phony numbers on paper, that's all. Actually, just as phony as all the numbers we get from our government today ie. GDP, unemployment, inflation, etc.
Keith ain't gonna like this one bay444. McCaine ain't much better but he is at last half a step up--freeze Govt spending!!!
Scott McD
Lost Cause All Clinton did was to raid the ss trust fund-look it up ya dork!
Scott McD
Watch the Vidio Keith
http://www.youtube.com/watch?v=H5tZc8oH--o
Common boy what are you afraid of son?
The Bailout will crush the dollar. Nobody is talking about raising taxes. It will be in the form of bonds, which means printing money.
This is the ONLY person who KNOWS AND UNDERSTANDS THE WHOLE TRUTH-HE IS COMPLETELY UNBIASED. NONE OF THE MAINSTREAM MEDIA WILL GIVE HIM ANY PRESS, HE SHOULD BE OUR NEXT PRESIDENT:
http://market-ticker.denninger.net/
S&L happend during 12 years of repbulican rule, but no, it was the democrats fault. The late great housing bubble happend while replicans had control of both houses and the presidency, bo no it's the democrats fault.
By the sort of logic that's shown here, when the Democrats are in power, if anything goes wrong, we can blame the Republicans. Come on, try a bit harder people.
Ron Paul said that Congress should not debased the US Dollar for this 700 billion bailout.
Ron Paul said 700 billion most likely not enough.
http://www.youtube.com/watch?v=WbSRJRxV_WU
Then Ron Paul School Ben Bernanke on the Bailout Plan
http://www.youtube.com/watch?v=WbSRJRxV_WU
What a joke! "Neither party is clean" really muddies the waters. Look at the level of criminality going on right now. You have to be blind not to see it. Look at how Clinton was persued relentlessly, and they hardly found ANYTHING on him. I will take my chances with the dems.
I don't even want to waste my time talking to brain dead people like you. Lie after lie, from the republicans.
PS -- Right on, Mr. Denninger.
Let's Play "WALLSTREET BAILOUT" The Rules Are... Representative Marcy Kaptur
http://www.youtube.com
/watch?v=S27yitK32ds
Here is the real truth to the cause of the housing mess. It was after all the democrats cause they are so incredibly gullible, emotional and downright stupid.
Check this out it is all facts.
http://www.youtube.com/watch?v=H5tZc8oH--o
Yippi!
I hear that the first 20% of any recovered money goes to Acrorn and La Raza!!?
I've never seen so much uninimus opposition to this bail out. Open the paper and you read about the "representatives" making "progress" on the bailout.
What a joke. Vote no. Fillibuster. Stop this crap now.
Welfare is nothing?
We have some dumbasses in this thread. Entitlements make up one-third of the budget. How long can a country continue to write checks to people who contribute nothing to the bottom line? Social Security, Medicare / Medicaide, Prescription Drug Benefit. We spend more on these entitlements every year (and increasing) than the 700B for this bailout.
This bailout won't fix a damn thing because no one will change thier behavior. Everyone is still looking for a government tit to suckle on. The AARP is the most powerful lobby in the country. The are all about the old eating the young. Most retirees on the dole these days only paid in 2% of thier income into the fund until the rate was raised in the 80s. What is the rate these days? 6.4% plus employers matching. What happened to people before FDR had to buy his reelection in '36 with the bribe of Social Security in '35? People like every other organism on the planet worked until they died. You see any retirement homes for bears? Lions? Every organism on this planet must earn its way every day of its existance. Now every American has been brainwashed into thinking that they have the right to hold a gun to thier neighbors heads to pay for thier healthcare and retirement. Robbing thier own children and grandchildren to the tune of 12.4% of everything they make up to ~$100k. If you cannot afford to retire don't you selfish fucks.
I won't shed a tear for the idiots in this country standing in bread lines or having thier homes taken. Why did you buy more than you could afford? Did you think the country could continue with so few trying to provide for so many? Conservation of Energy.
http://www.housingbubblebust.com/
Nobody thought hearing day after day that home prices were rising but wages weren't keeping up that there was something fundamentally fucked up? When the markets in CA, AZ, and FL are so far above the line for inflation. How could it last?
Still in love with Obama's party? Open your eyes, sheeple, because these are the news that Olbermann and Chris Matthews don't want you to see:
NY Times, September 2003 - New Agency Proposed to Oversee Freddie Mac and Fannie Mae
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
And here's the answer, in the same article from 2003, from your hero Democrat Barney Frank, who's throwing hissy fits because the Republicans in the House didn't accept his bailout plan:
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
So you keep chanting to your Messiah, bunch of retards. Google the title to read the entire article from 2003.
"S&L happend during 12 years of repbulican rule, but no, it was the democrats fault. The late great housing bubble happend while replicans had control of both houses and the presidency, bo no it's the democrats fault.
By the sort of logic that's shown here, when the Democrats are in power, if anything goes wrong, we can blame the Republicans. Come on, try a bit harder people."
Jesus Christ! We have one of the worst financial breakdowns in over 80 years and all you can do is resort to partisan finger pointing. There are many people responsible on both sides of the politcal aisle (including your beloved saviour, Barak Obama) in case you have not noticed. Get lost, you twit!
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