October 01, 2008

The Senate puts lipstick on the Casey Serin Angelo Mozilo Housing Gambler Failed Bank Bailout Act of 2008 pig, votes today, and then back to the House


This bailout, in some form, will go through. The fix is in. The only hope is Bunning mounting a filibuster. Failing that, it's just a matter of time. Now they're just figuring out what crap they can stick on it to make a few more House members vote for it.

So the Senate adds some AMT junk to the original bill, and then back to the House. And if that doesn't work, maybe they'll add in some teen pregnancy prevention, maybe a pinch of flag-burning-banning.

It's all a game. No congressman could vote against a bill with stuff like this thrown in, because then his opponent could run ads that he was FOR FLAG BURNING. Or IN FAVOR OF TEENS GETTING PREGNANT.

See how it works? Your Congress in action? Should absolutely make you sick. And you should vote every one of 'em - each and every one of 'em - out of office this November. America needs an enema.

Senate to force House's hand on bailout

WASHINGTON - In a bold bid to revive President Bush's multibillion-dollar financial rescue plan, Senate leaders scheduled a vote for Wednesday night on a version of the bill that adds substantial tax cuts meant to appeal to Republicans when it reaches the House.

The goal is to net at least 12 more House votes than the rescue proposal received Monday, when lawmakers rocked the political and financial worlds by rejecting it.

The gambit is certain to anger some conservative House Democrats, who object to tax cuts that are not offset with spending cuts. But Senate strategists assume it will gain more House votes than it will lose.

25 comments:

patrat said...

Bailout explained. Check it out HP'ers. Pretty interesting.

http://www.youtube.com/watch?v=Et1N26fFapg

SeattleMoose said...

This is a war between the credit junkies on WallStreet who want inflation vs the deflation that would occur if true capitalism were allowed to play out without government intervention (i.e. bailout).

Paulson, the CEO of Goldman Sachs is gonna protect his golfing buddies, country club hob nobbers, fellow caviar party coke snorters. SHALOM!!!

Their man Hank is gonna save their big fat white maggot asses.

We get fvcked and they ride off into the sunset driving jaguars after destroying the country and leaving us with the debts that they racked up.

In the meantime you and I will just have to spread em wider as the rape of the taxpayer looks inevitable.

Ironic that the Chimp just recently was off blasting some country for not embracing "free markets" and "deregulation". I hope the rest of the world sees how "free" our markets are and how "uninvolved" our government is in the financial markets....

What blatant hypocrisy!!!!

ICEMAN said...

Foreign banks to be first in bailout handouts!!!

These crooks are insane, the bailout must be stopped.The ponzi money laundering scheme ends now.

NO BAILOUT



ICEMAN

patrat said...

They shouldn't be able to mix and attach unrelated stuff in a bill, IMHO. How do we change that? I guess write our congressmen? heh heh.

Anonymous said...

700 Bill. for Foreign Banks
on KudBlow tonight. Link below


http://www.middletoninv.com/fedup/093008_Kudlow_Foreign_Banker_Bailout.wmv

Anonymous said...

Call your Senators because its a horrible Bill and everybody knows
it . They think that they can put lipstick on the same pig over and over again .The emergency con job that Wall Street has been selling ,along with the lobbyist and cheerleaders and liars is appalling .

One Senator was saying that the BILL
gives Paulson the right to bail out foreign toxic junk as well as
any lender that King Paulson wants to ,with only after the fact review .

The rules are already in place for how to solve this problem of de-leveraging that the banks have . The rules are in place already that a dumb borrower who bought a overpriced asset will have minus equity .

The rules were the following

(1) The stock market is not a insured account
(2) FDIC insurance was only good up to 100 thousand ,and some accounts to 250 k .
(3)The rules were that banks only
paid in enough to protect themselves on FDIC ,so why are we protecting Wall Street firms with
FDIC which is a regulated bank
insurance ? You have to ask yourself why Wall Street unregulated investment firms suddenly merged with FDIC insured banks .Get it .
(4) The rules require mark to market on toxic assets because they are non-performing . Because they are non-performing (vacant forclosed on house have no income
and must be sold ,in fact they are a liability ).You can't hold a vacant house for 5 years waiting for the market to return . Banks do not rent out houses ,they unload them because they are not in the landlord business . This is why these toxic loans or vacant houses are a liability and they have no or low value. So mark to market is the correct accounting
and requirement .
The reason for mark to market is that the regulators must add up
true asset of a bank to determine if they have to have the reserves raised in order to lend . If the banks don't have enough assets ,than they are at risk of being insolvent and lending to much for what their true value is . The rules require that a bank either sells asset or sell out something to increase their value or they can't lend .Some way they must increase their capital reserves . The banks don't want to do that and they are weak and they should not be lending .
Wall street firms were lending 30 to one on their net worth ,with less regulation than regulation banks ,so they have no right to
get saved by taxpayers .Paulson of course wants to save unregulated banks . We should only put money toward banks that were part of FDIC before the crisis happened .(5) The rules before the meltdown were that only insured accounts were protected . People who bought CDO's that were not insured ,could lose money if the asset went into default . These assets were put into trenches whereby different risk levels were paid accordingly . Same thing ,can't change it after the fact .
(6) The rules were that rich people who make bad bets have to take loss ,not the taxpayers

Analysis : Trying to change rules after the fact the benefit rich people or gamblers that didn't like the Casino bet they made .

Analysis: unregulated banks that didn't have insurance and leveraged 30 to one eat it . The Rich would have major loss and the Wall Street investment firms would eat it . Paulson is trying to save his buddies ( unregulated banks ) and the rich and the gamblers . The same people that put this same 30 to one leverage scheme on the masses WALL STREET unregulated investment firms ,like a Goldman a Lehman , hedge funds ,you name it .
Do you get how evil Paulson is

Anonymous said...

Let me try to explain it . Wall Street investment firms were unregulated banks who did not have FDIC insurance on this CDO's they leveraged 30 to one to make more profit . It blew up in their face and now they want the government to rescue them when they should eat it .

I don't mind regular FDIC insured banks getting some assistance ,
but Wall Street unregulated banks
can go to hell.

Paulson has no right to buy toxic loans from any unregulated bank
ok ,because they were not under the same rules as the more regulated banks OK . Let the unregulated Gambling Casino crash and burn .

Anonymous said...

Nope, no bailout.

Anonymous said...

Continuing on my series, open your eyes Hussein's sheeple:

NYP -- ACORN chapters across the country, led by folks like Chicago's Madeline Talbott, staged in-your-face protests in bank lobbies and filed complaints meant to hold up mergers sought by targeted banking firms.

Unless the banks agreed to ACORN's terms - which many (understandably) did.

Talbott & Co. generally wanted them to ease down-payment requirements and ignore weak credit histories. And their intimidating tactics often necessitated police action, as at a '97 protest at Pulaski Bank & Trust in Arkansas, where activists blocked drive-through lanes.

The movement's biggest victory, of course, came when Fannie Mae and Freddie Mac began buying up the riskier loans - providing fresh incentive for banks to make even more of them.

No need to recount where all that led.

Meanwhile, Obama was right there by ACORN's side all along.

"I've been fighting alongside ACORN on issues you care about my entire career," he told the group last November.

Indeed, in the early '90s, Obama was recruited by Talbott herself to run training sessions for ACORN activists.

ACORN also got funding from two charities, the Woods Fund and the Joyce Foundation, when Obama served on their boards, and from the Chicago Annenberg Challenge - the radical "education reform" outfit Obama ran from '95 to '99.

Ironically, the group stood to be a key beneficiary of the goodies Democrats were loading into Treasury Secretary Hank Paulson's rescue plan - including one demand that 20 percent of any profits the feds make from reselling mortgage securities go to fund groups like ACORN.


http://tinyurl.com/54awtp

Oh, and the other group that would benefit from the 20% of any profit, as demanded by Democrats on the bailout, was the Hispanic La Raza.

Anonymous said...

Is it too late to add DOPES to the fav. HPer?

Anonymous said...

So let's introduce Hussein's sheeple to the radical Hispanic group La Raza:

An extremist Mexican “La Raza” group that annually gets millions of U.S. federal grant dollars will receive even more taxpayer money in the next few years thanks to a Massachusetts congressman’s multi million-dollar earmark to counsel Hispanics about housing.

The National Council of La Raza already got $1.3 million from the Department of Housing and Urban Development this year to conduct “comprehensive housing counseling’’ for Hispanics, whether they are in the country legally or not. Now the radical group that advocates the return of the American Southwest to Mexico, will get an additional $15 million thanks to an earmark inserted by Massachusetts Democrat Barney Frank in a housing bill.

Frank, the House Financial Services Chairman, is giving the National Council of La Raza $5 million this year and $10 million in each of the next two years. The new law (FHA Housing Stabilization and Homeownership Retention Act of 2008) includes $100 million for mortgage counseling to be administered by non-profit groups like the National Council of La Raza, which has raked in millions of taxpayer dollars over the year. In fiscal 2006 alone, the group got $15.2 million in federal grants.

Americans should be outraged that their tax dollars are going to a group that, not only advocates open borders but organized many of the country’s disruptive pro illegal immigration marches a year ago. Although the National Council of La Raza describes itself as the largest Latino civil rights and advocacy organization in the United States, it actually caters to the radical Chicano movement that says California, Arizona, Nevada, New Mexico and parts of Colorado and Texas belong to Aztlan, Mexico.


http://tinyurl.com/3fdbql

Yep, these are the news you won't hear from Olbermann, Chris Matthews, Anderson Cooper, etc. They're already rich! Meanwhile, your hard earned tax money is going to groups like Acorn and La Raza, which helped to create this financial mess by demanding weaker mortgage underwriting to minorities who had no business buying homes they couldn't afford, or who just took advantage of it to commit housing fraud. And who's behind all this again? You got it, Barney Frank and your Messiah, the "community organizer". And now they're blaming the Republicans and trying to push a bailout. Seriously, I hope you start seeing the light.

Anonymous said...

Keith .

I don't think people realize what the probable hidden agendas King Paulson has .

First if Paulson doesn't bail out investors from Goldmans (which he probably already has ) that invested
in CDO's ,it could come back to haunt him in a lawsuit ,which could take his personal wealth . Paulson headed up investment bank
division of Goldmans during boom housing years . No body could make
1/2 billion like Paulson did in that short of time unless he was selling the CDO toxic highly leveraged investments .

This is the only thing that can explain why Paulson has to have the BILL exactly the way he wants it because he has to be able to control who gets bailed out .We have a fox in the hen house who is proposing law or trying to cram down law by screaming emergency so people won't look at how much authority it gives him to call the shots .

They were talking last night on the news about how a person from Goldmans was at the AIG bail out loan deal and apparently Goldman would of lost 20 billion , had that deal not come down .

We got these foxes in the hen house demanding power ,and I would like to know why we are standing for this . Kick Paulson out and see how easy it will be to draft a Bill . Paulson is the one standing in the way of a fair bill .

Dodds is another one that is a total fake and is in bed with people who could be liable .

The tan man ( Mozillo ) is another party that is trying to pull strings to bail out his crimes so he escapes with his wealth as well as his freedom from prison .

Why do you think that Paulson doesn't want any meaningful investigations into wrong doing ,until after the bail=outs . Hes always saying we should take care of this and that later. Its like quick quick look at the fire so the fire-starter can escape and not be discovered .

I don't know if Bush knows that he has a fox in the hen house or not ,but it's likely he does not

To the degree that Paulsons selling of this Bill does not make sense is to the degree that there is a hidden agenda and evil motives .

This is really evil Keith it's really evil .

Anonymous said...

Repatriating the fraudulent excesses of the high rollers at Goldman Sachs to prevent off-shore lawsuits and some very revealing investigations into its putrid financial dealings.

What a bunch of thoroughly corrupt MFers!

There's a special place in HELL for these scumbags!

Frank@Scottsdale-Sucks.com said...

They would've had their vote the first time if Pelosi didn't start shooting her mouth off right before.

satan said...

hat we are experiencing is a major power shift of the kind not seen in over 200 years. Any objective person could have seen it coming in the last decade.

1] World War I was the definitive beginning of the end of western military supremacy, this economic cascade is the definitive beginning of the end of western economic dominance.

The reality is that the west can no longer lecture or threaten other countries to do things, unlike the 'good old days'. I however do not think that the west will accept this new position easily, and will try to push on a string with disastrous consequences.

2] This also marks the beginning of the end of a certain pattern of thinking and behavior that had dominated the west for the last 2-3 decades. This pattern of thinking involved feminised behavior, vanity, NIMBYnes, pseudo-environmentalist consciousness and other ideas that have no relationship with observable facts and reality.

Ideas like land zoning, super safe, no-risk, treating every 'hyper' boy for ADHD will now hopefully be consigned to the dustbin of history.

3] For the past 30 years, many in the west also believed that they knew 'everything' there was to know. That is why mathematical models of reality from climate models to economic models were so persuasive. Well.. reality does not care about models.

Hopefully, now that this hubristic mindset has reached it's logical endpoint, people will realize that our understanding of the universe and reality is incomplete and try to discover more. This belief set has hurt the growth of science in the last 3 decades. It is not a coincidence that few original (and revolutionary) ideas originated in the last 3 decades, especially the last 15 years.

Hopefully, now people will see the light (though I am not going to hold my breath on this one)

4] In the last 30 years we have also allowed many professions that contribute little to human progress like corporate lawyers, hedgefundies, investment bankers etc keep on increasing their renumerations. Even professions like doctors, managers have received pay raises that are disproportionate to their impact on society. Now we will have to make some harsh decisions and measure peoples compensations by quantifying their true impact on society.

I can only hope that people see that hubris (we know everything), false superiority complexes (only whites are innovative), religious type beliefs (environmentalism) and other chicanery only makes their lives worser. I also know that people often try to hang on and adapt within their belief system.

Either way we live in interesting times.. hopefully rationality wins..

PS- China has bought into the western system too..

Anonymous said...

Keith ,

The fact that Paulson would be allowed to give relief to Foreign Bank assets (in the form they can transfer their toxic waste to United States Banks that get relief),should really piss off the public .According to a Senator who was opposed to the Bill ,Paulson refused to take that part out of the BILL .

When are the people going to start demanding that Paulson needs to go now .

Anonymous said...

The Federal Deposit Insurance Corp. needs to increase its guarantee limit right now, Cramer said during Monday’s Stop Trading!, to stop a collapse in banking.
================================


Cramer is WRONG!!!

He assumes that people still believe that the FDIC will protect them. Big problem is that with all the bank failures so far the FDIC reserves are running out... and there is no guarantee that Congress will be able to cope with the magnitude of the problem. Just how big are we talking? It's quite possible that $4 Trillion to $5 Trillion in bank deposits are at risk of being destroyed as the banking system melts down.

If you have all your cash in a bank when it goes bust, don't be suprised when the FDIC sends you a letter saying, "WE REGRET TO INFORM YOU THAT although your deposits are fully insured, at this time the FDIC has run out of funds to re-imburse you in full for your loss. Congress has passed emergency rules which allow the U.S. Treasury to send you $100 per month against your pending loss claim. To begin receiving your monthy checks, please complete and sign the enclosed claim form and mail it to the IRS at the correct address for your State. In the event that you chose not to file a claim within 90 days, it is possible that you may never be re-imbursed in either whole or in part for your loss."

SORRY, BOYS AND GIRLS, but there is no guarantee that as this banking implosion continues that your insured bank deposits will be taken over by another bank and ready for you on the next banking day!!!! It might be prudent to have a small stash of cash in hand to buy food and gas during this WORST BANKING CRISIS SINCE THE GREAT DEPRESSION.

les said...

This is utterly depressing.

The senate is circumventing the constitution to get this bailout passed.

There is no rule of law in the USA. The constitution is irrelevant.

Washington is so corrupt that I don't feel any allegiance to it. We may have to burn Washington down in order to save Americans from the ultra-rich bastards.

No one in Washington is innocent.

No one in Wall St is innocent.

Kill 'em All

Anonymous said...

Any suspension of mark-to-market is a sham - and proof that they are just trying to reinflate the bubble!

Anonymous said...

How's your Made in China "Crap Sandwiches, folks?"

-W-

Anonymous said...

I tend to generally agree with Les.

Anonymous said...

To the poster at: October 01, 2008 12:33 PM

You have every right to be angry with the powers that be.

BUT be very careful about advocating anything which could be conscrewed to advocate the overthrow of the Gov't. WHY? Because such an action is a HIGH CRIME and would give them every legal right to snatch you off the street and hold you in a federal prison for as long as they like by labeling you an "enemy combatant".

Furthermore, the way the internet was designed; the powers that be can track all communications to their source. So there is really no such thing as an 100% Anonymous post.

Coloyan said...

Can't wait to make another list of Senators who will lose their next election. To be updated this evening with the names of fraudster accomplices who need to be voted out of office:

http://www.coloyan.com/politics/rollcall-bailout-senate.html

corvinus said...

Keith, why didn't you use this picture again?

http://homepage.mac.com/rlmorel/.Public/lipstickpig.jpg

Anonymous said...

Yeah, vote DEMOCRAT!!! They are the leaders!!!
You morons got what you deserved :-)