September 28, 2008

The world as you knew it changed tonight. America is not the country you thought it was. And this day will live in infamy.

Sunday, September 28, 2008.

In the 232nd year of its existence, on a cool September day, as the leaves changed, the American empire peaked.

The Great Housing Ponzi Scheme and Greatest Unwinding changed everything.

9/11 was childsplay.

The Iraq Debacle simply sped up the decline.

This, HP'ers, is the real deal. The effects and unintended consequences of today will last for generations. Today, and the past few grotesque years that led up to today, will be written about in history books for the rest of time.

The post-WWII American lifestyle, one of over-consumption and greed, fueled by credit cards, loans, debt and borrowing, and epitomized by a self-centered Clinton/Bush Baby Boom generation out of control, will be radically changed.

You, and your children, and their children, will remember today for the rest of your lives. Whether you understand that now or not.

Everything has changed.

America will never be the same.


Anonymous said...


Malcolm said...

I’m not as pessimistic about it.
Yes, it was a crappy deal to fix a crappy problem that wasn’t our (normal people’s) fault in the first place.
But… when the house if on fire you put the fire out first, then worry about the arson charges.
If there is any comfort, it is that people were saying the same thing about the new deal in 1933. The country survived that, and we’ll probably survive this too.
I’m optimistic for the long term future, no matter how f**ked the short term future is.

keith said...

If we were Brazil or Argentina there would be panic in the streets tonight

Because the US Dollar is the world's reserve currency, it gives us a bit of time.

A bit.

Anonymous said...

This is a mistake in the same way invading Iraq was a mistake. And once we started down the path of the Iraq mistake it was too late to change course. This is the same.

It wil be the first of a series of bailouts, all of which will fail. Along the way more and more people will have misgivings. But we will stay the course into the abyss because we can never admit we were wrong. Never.

I hope you are all happy that your grandchildren will be debt prostitutes for the Chinese.


keith said...

Coincidentally, I went to go see the Magna Carta today.

It came about as the people of 1215 petitioned King John for basic rights and freedoms, after he had rung up massive debts fighting france and came after the people to pay new taxes and fines to pay for it.

The people also won habeus corpus at this point.

Skip forward to today. We have an administration which illegally disbanded habeus corpus. We have an administration who blew over $1 trillion on a reckless and stupid war. And we have an administration who put the chairman of Goldman Sachs in charge of looting the US treasury.

We need a new Magna Carta.

We need a revolution.

This should not stand.

People, including fraudsters, businessmen and leaders on the left and right, should be heading to jail. Now. Today.

But regardless of what America does next, the damage has been done. This is a terrible, terrible blow.

And it's going to get worse.

Anonymous said...

Paulson has become the new grounds for a Boston Tea Party .

RJ said...

"...and epitomized by a self-centered Clinton/Bush Baby Boom generation out of control..."


Our economy is like a bus in which we all sit helplessly as it rockets down a mountain road, the brakes non-functional, a cliff looming up ahead while the Republocrats fight over the steering wheel and scream at each other over who was responsible for the brake maintenance. All we can do is find something to hold on to while "Toonces the driving cat" takes us airborne.

An example of our ill informed leadership:
Congresswomen Kaptur at a committee hearing in which Bernanke was testifying
a. didn't know that
Bernanke wasn't Paulson
b. didn't know that
Bernanke was a professor, not a CEO
c. Couldn't even name Paulson and responded to the confusion with "Oh, I thought you were the other one."

We're in a world of hurt.

Anonymous said...

Goldman Sachs and Haliburton sent their CEOs in to wreck America

Anonymous said...

Economic Depression for America.

Day 1.

America is Dead. Bury the Corpse.

patrat said...

France has been through this. And 2 world wars, which we haven't been through on our home soil. You might make fun of France but they know how to live and they try to
hang on to it. They know what is important. There are many forces that are threatening their values too. France is a beautiful bountiful country. I would urge anyone who wants to see what nice civilized life is like to go spend some time in France. We should take a lesson.

Anonymous said...

Well, it wasn't because of lack of warnings and efforts to regulate it. However, the Democrats always blocked any efforts, and here's the proof:

Anonymous said...



keith said...

And if this doesn't rally the stock market, I don't know what will

Meanwhile, this does absolutely nothing to stop the freefall in home prices.


At least they got that part of the trade right. High home prices were evil. And still are.

Anonymous said...

France is a beautiful bountiful country. I would urge anyone who wants to see what nice civilized life is like to go spend some time in France.

Don't waste your money in France, because they hate Americans and are rude to them all over. I lived in Paris, studied at Sorbonne, speak French, and I know what I'm talking about. Sure, it's a pretty place but the French people suck! Boycott everything the French produces, including wine. The French hate Americans and America.

Anonymous said...

Can you believe that these Politician clowns are patting themselves on the back and acting like they are saviors of the World with drafting the biggest transfer of wealth to the greedy leveraged gambling evil-doers that cause this crisis ,(better know as Wall Street and the Banks )They are praising themselves on how they
worked so well with each other on this screw job . Does anyone see something wrong with this picture?

bickerer said...

The big question is, did they BUY the crap paper or make loans. If they did (please no) buy the paper, on what terms. How many pennies on the dollar.

Good Lord don't tell me the bought it for full value. 50 cents on the dollar and maybe one day losses can be recouped, even though that's extravagant. Anything over 50 cents is just plain stealing.

Anonymous said...

Hear me oh hear me Politicians and my fellow Americans .
You better put a clause in that bill that you can change it upon reflection .Must have exit clauses. Must have clause that New President can veto or alter or call upon sanity .

tom12008 said...

It was reassuring to see Representative Dennis Kucinich speak out against the bailout initiative.
He's absolutely right in what he says, but I don't think enough of his colleagues will agree with him. At least he's willing to say what he thinks is right, even when it's not popular.

Check the link below:

patrat said...

Keith 9:59 PM,
You know, I agree, we do need a rev, but the problem with every rev is what replaces it? Sometimes it is worse than what you had before. There needs to be a plan if we are to do that. Can we come up with a plan? Maybe the Constitution can guide us.

Anonymous said...

Where the F*CK can I find the exact terms of this boondoggle, er, deal? Every single news outlet is intentionally vague and I'm dying to see what we're going to be paying for that wasn't mentioned upfront.

Does anyone know if this contains some provision for assistance for "distressed homeowners"? If so, what does it entail? If there is some provision that freezes interest rates, artificially depreciates the home value or gives new loans with ultra low rates, I would like to know what you homeowners who have been steadfast and honest are thinking?

Every single one of you should be up in arms. No, you all should be readying the Molotov cocktails and going Fing ballistic right now. The white trash/HUGE Latino/welfare family and every other mediocre human being in the country just got over on you. They are going to keep their homes and make out just fine while your savings are demolished. Oh well, just cosy up with a Miller Lite and enjoy the NFL. I would be curious to know if anyone has seen the bill though.

Paul E. Math said...

This is the day where we showed this country has no backbone whatsoever.

This is the day we showed that we are powerlessly hostage to wall street interests.

This is the day we showed that we still think fundamentals don't matter.

This is the day we showed a complete misunderstanding of economics.

This is the day we sold our children into slavery to avoid our own discomfort.

This is the day we proved ourselves unworthy recipients of what was once the greatest country in the world.

The empire has fallen. Weep, for your happy, comfortable, safe and stable future is no more.

patrat said...

When you got nothin, you got nothin to lose.
Janis Joplin, Chris Kristofferson
Me and Bobby Magee

Veronica Lodge said...

RE: "The world as you knew it changed tonight. America is not the country you thought it was. And this day will live in infamy."

I wish I were more politically informed so that I might have a better understanding of what's really going on.

It looks to me as though we will have the opportunity to choose between tyranny and fascism on November 4, 2008.

But that can't be right!

After all, this is AMERICA!


Anonymous said...

I thought Keith's messiah was supposed to stop things like this?

Anonymous said...

The Debate in a Nutshell

Posted by James Ostrowski at September 27, 2008 08:00 AM

McBama favors the Billionaire Bailout.

McBama won't say what programs have to be cut to pay for the Billionaire Bailout.

McBama thinks "we should never hesitate to use military force."

McBama wants to escalate the other unwinnable "land war in Asia" (Afghanistan).

McBama is not sure about whether to start a third unwinnable land war in Asia, against nuclear power Pakistan.

McBama would go to war against Iran for the sake of Israel if necessary. He is not sure if he wants to talk with the Iranians before bombing them.

McBama thinks that Russia is the villain in Georgia.

And the winner of the debate is: Ron Paul, who said recently that there’s not a dime’s worth of difference between the two parties.

patrat said...

Certain things should be socialized, other things should not. Why can't we think like that? We pay taxes for police, fire and emergency protection. Would we want to give that up? The problem lies in where do we draw the line.

Anonymous said...

keith said:

"And if this doesn't rally the stock market, I don't know what will"

The markets have already priced the bailout in. There might be a bit of a pop tomorrow which will be short-lived. Even after the Bush administration public announced the first proposal last week, the market didn't advance much above the level it was at the Friday before Lehman Bros. went Chapter 11.

Heaven forbid that this agreement breaks down on its way to the White House. We could see the 30% circuit breaker kick in, ending the trading day. After that they'll be a full-scale panic where the next day everyone will be trying to sell their equities trying to get a few pennies on the dollar rather than absolutely zero. Equities would revert to 1980s levels (Dow 3000 or lower) before Congress could even get another proposal drafted and cooler heads could prevail, and many Fortune 500 companies would be destroyed.

The lunacy would be short-lived but it would have permanent consequences. Some profitable companies would be destroyed and with the media fueling the fear riots could arise in various places across the country. The bailout sucks, but Congress' reaction (including McCain's public bluff about skipping the debate) and media coverage of it have made the bailout a necessity.

Anonymous said...

New Bail Out Draft is flawed because all protections of the taxpayers is at the option of the review board
which is made up of Paulson,Cox,BB ,
and the Head of F&F .

In other words ,lipstick on a pig ,Its the Paulson Plan . If your
Politicians in your State sign it they deserve to be fired .

Should have a clause that entire plan can be voided and re-written
at the discretion of ......anybody other than Paulson .
Big deal that Paulson has to take the money in two installments .
The clause that limits executive compensation also allows stock options to be given instead or other way of giving it to them ,while they just limit the salary No regulations included in bill .
Poor homeowner bail outs at the whim of Paulson,oh I mean the review board .
I am totally convinced that Paulson and the drafters of this bill must think the public is stupid ,but this bill just show me that they are all corrupt . Will be interested in who signs it or who doesn't .Its a sad day for America . Suffice to say ,lawyer double talk ,in fact if gave Paulson more power .

WTF1920 said...

I'm mad as hell! I've lived within my means, my first truck was $1,400 that I paid for with CASH!! I own NO credit cards, I rent, I have taken out NO loans, and this is the thanks I get!

Fuck all of the worthless American fat-asses who did this! They make me sick! They can't die soon enough if you ask me! They need to to Mcdonalds, buy a pack of cigarettes, and speed up the process-cause it's taking way too damn long!

Mr Lizard said...

BTW my friend from Charlotte reports that gas is a little scarce. Not related I know but what's a little forshawdowing between friends...

Oh and take that you snapping turtle!

Sorry had to make up for a lack of that guy.

Anonymous said...

"Let's hope we are wealthy and retired by the time this house of cards falls"

I watched 60 minutes and that was quoted.

I say let's get our guns, and make some of these people disappear.

Sorry Mr Bin Laden, you lost your title, you are not our public enemy nr. 1 anymore...

Anonymous said...


quit being so melodramatic, Sanchez.

Anonymous said...

Study the posted picture. What a group of scumbags.

Grassy Knoll?

Paul E. Math said...

Jealous of the bailouts in the US and England, continental europeans are joining in on the fun:

Oh yeah, our global economy is reeeeally sound.

Anonymous said...

I fine this absurd that the history of this country for 20 or more years has to be rashly decided in favor of getting it done before the Asian Markets open .

Congress and the Senate can give a 50 billion dollar injection tomorrow
of a loan if the market needs some cash t buy another day .

I rather think that the Politicians should stay in the debate for a month .Can't they just say that the injection will be 700 billion ,but they just haven't decided who is going to pay for it . Won't that calm the markets .

Anonymous said...

If Timothy McVeigh had parked his Ryder truck in front of ACORN, he might be a hero today.

Anonymous said...

If this passes we are propping up fake money with real money. Is that what we want to do with our money ?

Anonymous said...

The Magna Carta of 1215

"Significantly, this "Great Charter" began by confirming: "The English church shall be free." Its terms, which were written into British law, were achieved through a rebellion against exploitation and corruption by the Romanist Angevin Kings Henry II, Richard I and John. Concepts such as "trial by jury", the "due process of the law", "innocent until proven guilty" and "liberty and freedom of the subject" actually revert to the Magna Carta."

Anonymous said...

What I would like to know is this: When you have all the money in the world, and everything is ruined and ugly in your attempt to get it, where will you go? What will you buy?

Anonymous said...

"High home prices were evil. And still are."
After watching this nonsense build for almost the last decade here in New England, I also came to the same conclusion. Even if the people buying these homes were able to actually afford them (yeah, right!),the fact that so many who do hard, useful work still cannot have a home to call their own is simply immoral. I have considered the other side of the argument: free markets, supply and demand, etc., but the simple fact is this: The age of the 'bidding war" should have clearly signified that any idea of community or concern for your fellow citizens is dead. Can't afford despite your hard work? Sucks to be you. Unable to afford the same kind of home I bought 15 years ago, even though you work two jobs and make more money than I ever did? Ditto.
Of course, housing prices didn't have to go down, incomes could have gone up. But of course, that would never happen because some CEO or hedge fund manager would have to downsize the personal jet, or maybe having the landscaper come once a week rather than twice (I live around these folks, and yes, they really are that detached from reality.)
Sadly, today's decision just empowers those folks, rather than giving them some idea how tough things are for the rest of us. Truly a bad, bad decision.

Anonymous said...

Well, I thought the country would be in or near a depression when Bush was elected the first time. Looks like is will be.
I am probably wrong, but if Obama serves two terms, he will implement changes that will be good for the country, but we won't begin to feel the effect until his last two years in office and he will be hated and ridiculed by most the whole time. I think he will actually try and succeed in doing the right things tho. I think he is superior, just like Tiger Woods was superior, can't think of their names, but some black actors are supeior. Sometimes, black people, once they try something, just really out distance white people.
If McCains gets elected...I have no idea, but I don't think he will.
Things will be really hard for everybody for a while, but probably 'do-able' can get by if you are half-way creative.
Think of how our great-grandparents lived,had virtually nothing, and they were happy. There is happiness even in the worst of times.

Anonymous said...

My father died a month ago. I wrote about it another post. My mother wants to sell her two story, white brick, 5 bedroom house in a nice 'older' neighborhood (60's) for $255. Great yard, great shcools, great everything. Just told realtor to lower to $ hoping we don't have to take $180...wouldn't be surprised. Has a reverse mortgage on it of $90 that my father used since 2003. Can't believe it, ususally very conservative with money..but guess the Bush bullshit of 'spend money to help the economy' got to him. I really loved him, he was great, and am just glad he's not here to see what is going to happen. Wish my mother wouldn't didn't to go thru it either. Just left her crying her heart out. She says I am too negative. I say, these are the facts and we have to deal with it.

Anonymous said...

Actually, I mark the beginning of Americans "decline" in 2000 when we realized we don't live in a democracy and our direct votes for president don't determine the outcome. Rome (rise )625 BC - 476 A.D. America (rise) 1776 A.D.- 2000 A.D.

Anonymous said...

Just to set the record straight, if you are quoting FDR, the correct phrase is
"a DATE that will live in infamy."

Anonymous said...

You tar'm, I'll feather'm - Bring it on!

Anonymous said...


Protests took place on Wall St. to protest the bail out plan - and the mainstream news media didn't even mention it

Hundreds of protestors demonstrated agains the proposed $700 Billion bail out plan for the finance and banking industry, yet the national news media in America didn't even report it! Why not? It seems strange that this barely generated a gander from the big news outlets like ABC, CNN, CBS, NBC etc. all of whom have a presence in New York City. Despite having such a large protest event occurring in their backyard, the major news media chose not to tell the American people about it. I had to stumble upon this on the internet to find out about it. That's really indicative of the pathetic state of affairs in the U.S. media today.

Anyway, in case you haven't seen it, I have collected a bunch of video from the protests on Wall Street (Sept. 25) and posted them below. Have a look at what the news media DIDN'T show you! Warning: some of the protest videos contain profanity.

Anonymous said...

That bailout will be like a dose of chemo for the market! It will mask the symptoms of the dying economy for a while...

Anonymous said...

Wow, is Pelosi serious?

We Are Under Martial Law! As Declared By The Speaker Last Night! Rep Burgess


patrat said...

If you only knew the amount of money that gets sucked up into Washington, it would make you sick. There are so many little empires that never go away. They start with a small assignment and then they fight for money and get it to stay in existence. And the overlap is incredible. Just look at a booklet on the HUD organizations. Washington needs to be stripped down. Literally. I am not impressed by either candidate, but Sarah Palin actually IS good at this.

ICEMAN said...

They are all traitors, both the dems. and reps.

We are dead, they have killed us.

They set the bank reserves to 0% requirement which ensures a catastrophic crash.

Meybe they new the crash was inevitable so they needed bailout to reap as much wealth away as possible.

A recession would have been fine but this is going to be insane.

The great dollar collapse begins in a matter of time.


Anonymous said...

The Big Fraud is almost complete.

Section 132. Authority to Suspend Mark-to-Market Accounting.
Restates the Securities and Exchange Commission's authority to suspend the application of Statement Number 157 of the Financial Accounting Standards Board if the SEC determines that it is in the public interest and protects investors.


Anonymous said...

America's Zimbabwe moment.

Anonymous said...

I have NEVER said Revolution before. But, I agree with Keith. Revolution. Pull all money out of 401k's and the like. NOW! While you still have some money.

Anonymous said...

To say this was a crappy deal is the understatement of the year.

unemployed now said...

Keith, you speak "truth to power"... and you are right, but for a guy like me it leads to me being fired...which is what happened last week. And while I might be out of a job, most people still have work and won't budge to protest what's going on until they have nothing else to lose. Poetic justice seems rare these days. People seem afraid to protest and the fear mongering by Rep. Judd and company seems to have worked. The day that people wake up and realize our government is just a hollow shell is near.

f*cked taxpayer said...

It looks like wachovia shareholders will eat it now too. This bailout will be for a few of the largest corporations in the world.
Wachovia does have it coming, I remember them being mocked on HP for stupid decision making. I wonder how much the leadership got in bonuses for the buyout of golden west?

"The write-down raised worry that Wachovia might have to take much larger write-downs on a $122 billion portfolio of option adjustable-rate mortgages it largely inherited when it bought California lender Golden West Financial Corp in 2006."

ggm said...

Have you seen this, Keith?

Anonymous said...

I think we have two options:

1. Non-Violent Revolution - Everyone refuses to pay taxes like Cindy Sheehan suggests.

2. Violent Revolution - Others on HP are better

We should have gotten "HousingPanic Happens" t-shirts a long time ago.

Dave ...

Anonymous said...

Here is Marcy Kaptur again:

Keith, this guy seems to have a pretty good thing happening. Perhaps, he would be willing to help you with HP when you retire.

Did anyone notice that all of the third party candidates oppose the bail-out? Hmm...what are the odds that the two corporate owned candidates agree while people who are supposedly on opposite sides of the political spectrum agree?

It's simple, there is no longer RIGHT and LEFT. There is just CORRUPT and HONEST.

Anonymous said...

And if this doesn't rally the stock market, I don't know what will

Meanwhile, this does absolutely nothing to stop the freefall in home prices.


At least they got that part of the trade right. High home prices were evil. And still are.
Wrong, Credit will flow again, and house values will begin to rise. Sorry Keith, you got that one wrong.

Anonymous said...

Just one step closer to war...

Anonymous said...

In the 232nd year of its existence, on a cool September day, as the leaves changed, the American empire peaked.

America peaked on July 21, 1969 at
0256 GMT. It was marked by a boot print on the surface of the moon. Our industrial and scientific might was at it's peak. It's been a slow painful slide ever since.

k.w. - Southern Ca. said...

This video was taken a few weeks back, but it's to the point and right-on about what really happens when the government performs "bail-outs" which should never be done:

Real Estate Investor JJ said...

All of us in the industry saw his coming for the past few years. Hopefully this will be the 2x4 to the head of lenders who were guilty of over-extending borrowers who should have never qualified for a loan. USLandCo was right when they warned us about this in 2006. Hopefully this will mark a change in the lending industry.

Anonymous said...

Hanky Panky what are really you up to.

Did Bear Stearns melt down — or was it murdered?

Mr. Dimon then called the New York Federal Reserve and worked out a deal where the government would lend the money to JPMorgan, which would then lend it to Bear Stearns. Bear would live another day — but just a few more.

Bear executives thought they had 28 days to pay the money back.

The article recounts a conversation that Mr. Schwartz had with federal officials informing him that he had far less time than he thought:

Schwartz’s phone rang.

It was Tim Geithner of the Fed, with the Treasury secretary, Hank Paulson. Paulson came right to the point.

You’ll recall I told you when we cut this facility [that] your fate was no longer in your hands,’ he told Schwartz. ‘Well, we don’t plan on being here on Sunday night like we were last night.

You’ve got the weekend to do a deal with J.P.

Morgan or anyone else you can find. But if you’re not done by Monday, we’re pulling the plug.’

And, like that, Bear’s 28-day cushion evaporated.

The Fed’s credit line was good only till Sunday night.”

The news came as a shock to Bear executives.

When Bear’s chief financial officer, Sam Molinaro, heard the news from Mr. Schwartz he said, “You’ve got to be kidding me.” The firm was eventually forced to sell itself to JPMorgan to avoid a bankruptcy filing.

Gary Anderson said...

Agreed house prices are still too high. Look the Bush admin financed the Iraq Oil War with liar loans.

I have proof. Greenspan counselled Bush to secure the oil in Iraq prior to the war. Then Greenspan encouraged adjustable loans in early 2004, remember?

Bottom line, the fed's footprints are all over Bush's evil deeds, from start to finish.

And the neocons were the facilitators, from wanting a 9/11 type event in 2000, to wanting a pax americana with oil domination and the surrounding of Russia.

The fed and the neocons are on the same page and they are DANGEROUS to world peace.

Anonymous said...

How did Goldman Sach become so big after a fiasco like the Southland Deal.


Leveraged buyout companies are now facing pinched cash flows, reduced prices for assets, and a suddenly cautious junk bond buyer. Were their critics right after all?

The Southland saga is not over and the players are making urgent efforts to see that the show goes on.

But critics of LBOs and of the huge fees they generate for Wall Street are chortling to see Goldman and Salomon trapped in their $600 million bridge loan.

Caught with them are a few of their institutional customers on whom the two firms had laid off part of the risk.

Around Salomon, these folk are known as ''the bridge club.'' The hand they are holding now is none too good.

Southland's troubles and those of some other recent deals stem partly from the bull market that prevailed earlier this year.

Anonymous said...

Did the Zaibatsu save Goldman Sachs, if so what was in it for the Zaibatsu

Goldman Sachs: Investment Bank or Zaibatsu?

Anonymous said...

Who are the Zaibatsu

MalibuKen said...

I don't know what to say...I love America and I'm grateful for the opportunities I've had here, but Keith is right this really is a turning point in the direction of the U.S. It's incredibly frustrating to see this bill go through. Greed, materialism & selfishness got the best of our Wall Street Banker Boyz and a lot of citizens too. Lots of blame to go around.

Anonymous said...

Is the largest zaibatsu really waiting for an invitation.

Japanese banks come to Wall Street's rescue

SUMITOMO Mitsui Financial Group, the third of Japan's "megabank" operations, was last night awaiting an invitation from Goldman Sachs to invest up to $US2.8 billion ($3.3 billion) in the Wall Street bank's recapitalisation.

Mitsui Group is one of the largest corporate conglomerates (Keiretsu) in Japan and one of the largest publicly traded companies in the world.

Anonymous said...

To all the Trolls who frequent this blog, particulary the Flippers, Real Estate Agents, Brokers, etc:

Do you read the draft of the bill:

NO HELP for Struggling Homeowners!

This is just for the Big Dogs!

HA, HA, HA, HA, HA, HA, HA, HA, HA, HA, HA, HA, HA, HA, HA, HA, HA, HA, HA, HA, HA!!!!!!
Maybe you can go hire some HO with whatever little money you have left over from your FU%KING HELOC and cash out one last snort of Coke!

Anonymous said...

Doing Something?
By John Berlau
Published 9/29/2008 12:09:13 AM

"The government has to do something to keep markets from falling and the economy from getting worse." How many times have you heard that mantra this past week from President Bush, Treasury Secretary Hank Paulson, Democrat leaders, the news media, and even some ostensibly conservative periodicals?

But what if the bailout, as originally proposed and in its latest incarnation, would spend $700 billion of taxpayers' money and actually make the economy worse? Believe it or not, there is good evidence this may happen. The inflationary prospects of the bailout price tag may lead to spikes in oil and crop prices that could hit ordinary Americans in their cars and on their kitchen tables. And government purchases of financial assets could ironically further constrain credit through causing write-downs on even the balance sheets of financial firms not participating in the bailout by worsening the effects of mark-to-market accounting rules.

Anonymous said...

I hope the history books get it right.

Greenspan Bush and Benanke.

Anonymous said...

"We have an administration which illegally disbanded habeus corpus."

...for illegal foreign combatants who can slip into and out of the civilian population at will. The Magna Carta was intended to benefit the subjects of King John not, for example, the Sacacens of the crusades or for French partisans.

Despite the attempt to hang this financial crisis on GWB, I say the actions of the Clinton Administration deserve more scrutiny. According to Ann Coulter's most recent online column, it strongly encouraged banks to give mortgages to people who did not have a prayer of repaying the loans. The column did not mention that it also helped greatly in the bi-partisan action to overturn the Glass-Steagall Act.

Also in regards to Patrat, I recall the lyrics to Me & Bobby McGee as "Freedom's just another word for nothin' left to lose, And nothin' ain't worth nothin' but its free." You may be referring to Bob Dylan's Like A Rolling Stone "When you've got nothing, you've got nothing to lose."

Anonymous said...

In our house we won't be voting .There's no one we feel that supports our values.

Anonymous said...

Anonymous September 29, 2008 1:38 AM:

"Has a reverse mortgage on it of $90 that my father used since 2003. Can't believe it, ususally very conservative with money..but guess the Bush bullshit of 'spend money to help the economy' got to him."

'Bush bullshit' didn't get to anyone. Your parents are/were broke.

"Just left her crying her heart out. She says I am too negative. I say, these are the facts and we have to deal with it."

I think your mom called a spade a spade is all. People who get told they are too negative usually are. A guy I work with is the same 'n so says he is too negative now...blah blah...and the guy has an obvious chip on his shoulder and a huge maturity problem. Look in the mirror for a change - it isn't that nobody doesn't hear you, it's that nobody cares because they hear it from you all the time.

dudelero said...

wheres dopes now?
wow, now its spreading to europe....strap yourselves in, finally it all comes tumbling down.

gutless and lazy said...

If I've posted it once, I' ve posted it at least a dozen times on this board :


Bigger than OBL.
Bigger than all of Al-Qaeda.

U.S. Federal Gov't is EVIL. PURE EVIL.

And months ago you just thought that a was a "kook" idea.