October 03, 2008

SPECIAL OPEN THREAD - The House gets ready to pass the Casey Serin Angelo Mozilo Banker Bailout Bill of 2008



[UPDATE - BANKER BAILOUT HAS PASSED. BANKERS REJOICING. HOMEDEBTORS STILL F*CKED]


As I said when it first got shot down, if you were against the bailout, don't get too excited, it's going through. The fix was in.

If you were for the bailout, don't get too excited, because it won't stop the carnage.

This is what they'd call a Lose/Lose I think.

Have at it.

125 comments:

Anonymous said...

What do you mean it won't stop the carnage?

It's guaranteed to make things worse.

Just think of all the damage the "smartest guys in the room" at Enron could have done with 700 Billion.

We're giving the Ken Lay's of Wall Street almost 1 Trillion dollars to play with.

What could possibly go wrong?

Anonymous said...

Too bad the email contact for the house website has been down for two days, I'm sure they all know we are for it now, NOT!

Yoski said...

The bailout will temporarily paper over some rough spots but it does nothing to address the underlying problems. An economic model build on consumption. A country that consumes more than it produces. A country that needs to borrow ever increasing amounts of money from foreigners to keep the gravy train under full steam. A misguided economic and fiscal policy.
We should save money, pay down debt instead of borrowing. We should produce as much or more than we consume. We should rebuilt this country instead of bombing foreign countries. We should get ready for the upcoming energy crunch which will be a disaster many times larger than this little financial hicup.
So we will bailout some fiancial types on Wall Street. We'll be back facing the same problems in the not too distant furture. We're trying to keep an economic model alive that is doomed to failure. Sooner or later we will have to pay the piper.

Anonymous said...

If I were Paulson I would just give all of the money to myself.

emmy said...

That look's like Detroit in the picture. I don't think there is stopping this trainwreck. If these guys,Congress the current Treasury/Wall Street employee, think of the waste, the abuse, the theft that is going to occur. If you don't do this, severe contraction with severe hardship will occur. Really, far better to be more targeted with aide that will need to happen.

Anonymous said...

I don't see in what way the amendment improves the bill. Tax cut for the middle class and raising FDIC insurance limit: way to bankrupt the federal government even faster.

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

The Bogus Bailout is getting worse.

The version passed by the Senate is still based on the $700
billion plan that gives government bureaucrats more control
over the economy than perhaps at any time in our history.

But now, the Senate has added billions of dollars of pork
(see below) and thinly-veiled tax bribes to the bailout in
hopes that the House will be forced to swallow hard and
accept it. Some examples of the pork:

-- millions of pork for Hollywood producers
-- millions more for stockcar race track owners
-- more than $192 million for Caribbean rum producers
-- over $200 million for Alaskan fisherman

Once again, Congress and the President are doing everything
in their power to IGNORE the will of the American people.

But they cannot ignore us if the faxes and phones are shut
down with angry citizens who not only object to the Bogus
Bailout but are offended that Congress has added pork and
political bribes just to get it passed!

If the "bail-out" passes, most of us we'll become alot poorer for it.

Anonymous said...

Could this appropriately be called the "Casey Serin / Angelo Mozilo Banker Bailout and Hyperinflation Bill of 2008?"

Anonymous said...

here you go Obama voters:

From politico.com

"Barack Obama called Maryland Rep. Elijah Cummings on Tuesday with a promise: As president, he would revisit bankruptcy laws to give judges more leeway to prevent foreclosures."

Obama will do that and much much more to help out all the Casey Serins out there. But you all go ahead and vote for him....and enjoy living in an apartment for the rest of your lives as all the FBs you've been mocking get your tax dollars.

Anonymous said...

This is the Wartime Broadcasting Service. This country has been attacked with nuclear weapons. The number of casualties and the extent of the damage are not yet known. Stay tuned to this wavelength, stay calm and stay in your own homes. Radioactive fallout is many times more dangerous if you are directly exposed to it in the open. Roofs and walls offer substantial protection. Make sure gas and other fuel supplies are turned off and all fires are extinguished. You should refill all your containers for drinking water after any fires have been put out, because the mains supply may not be available for long. Until you are told that lavatories may be used again, other toilet arrangements must be made. Water means life. Don't waste it. Ration your food supply, because it may have to last for 14 days or more. If you live in an area where a fallout warning has been given, stay in your fallout room. When the immediate danger has passed, sirens will sound a steady note. The "all clear" message will also be given on this wavelength. Do not go outside the house. Radioactive fallout can kill. We shall repeat this broadcast in two hours' time. Stay tuned to this wavelength, but switch your radios off now to save your batteries until we come on the air again.

Anonymous said...

Qweeferino,

The bailout will stop the carnage. $700B of government money can't simply be dismissed as having no impact. Will it solve every issue out there? No of course not. But it will have the desired effect of getting lenders to start lending again. And people will start buying homes again.

Whether your agree with it or not, denying its impact is silly.

keith said...

The bailout will save some banks but it will not stop the freefall in housing prices

That can only be accomplished by further government interference, such as

1) $10,000 tax credit for anyone who buys a home

2) Government offers 0% 5-year arm refi to any homedebtor

3) Government buys up every foreclosed or bank-owned home

I could go on. You just know they're actually thinking of stuff like this. When that kind of stuff passes, then we can start talking bottom.

Until then, watch out below. this is a viscous cycle. it cannot stop.

Anonymous said...

Experts say Congress should not Panic .

" We ask Congress not to rush ,to hold appriopriate hearings ,and to carefully consider the right course of action ."
_231 Professors of Economics ,including 3 Nobel Laurntes

Information on Congressman Brad Shermans (CA) Web Site

Still time to e-mail your Politicians to urge them to vote NO .

Michael said...

I am SOOOOOOOOOOOOOOOOOOOOOOOOOO ANGRY. I wish Ron Paul had an Iron Man suit so he stop the enemies of America and restore us!!!!

Anonymous said...

“...The bailout will stop the carnage. $700B of government money can't simply be dismissed as having no impact. Will it solve every issue out there? No of course not. But it will have the desired effect of getting lenders to start lending again. And people will start buying homes again....”

Oh goody, goody, goody! Thanks to my tax dollars, people are gonna get back to buying homes! But will they be homes with granite counter-tops, hardwood floors, and an acre of chemically treated, golf-course quality turf? Or will they just be homes like I have: a small house built in 1954, with a small yard, and a small mortgage payment. Oh God I hope not. I could not sleep at night if Generation Greed should have to suffer the unfair fate of having to live within their means.

Anonymous said...

Employers cut 159,000 jobs, most in more than 5 years; jobless rate holds steady

WASHINGTON (AP) -- Employers slashed payrolls by 159,000 in September, the most in more than five years, a worrisome sign that the economy is hurtling toward a deep recession.

wings said...

Kagunga!

Frank said...

Love how the free-market solved the problem of Wachovia this morning, with Wells Fargo buying them out. That kind of throws water on the fire of saying the gov't must bail out Wall Street!

IS anyone else watching cnn.com:

http://www.cnn.com/video/live/live.html?stream=stream1

The House of Representatives is voting on something right now, but I missed the explanation of what it is. The screen says, "on ordering the previous question", but I have no idea if this is THE vote or not (I suspect it isn't). Anyone know when they're voting on the bail-out?

Coloyan said...

Are they voting on the amendments now (HR 1525) and then will vote on the bailout bill (HR 1424). Is that what is going on?

Mammoth said...

Anono 11:45 AM said…
Too bad the email contact for the house website has been down for two days, I'm sure they all know we are for it now, NOT!
- - - - - - - - - - -
Got phone? Here is a link list of your House Rep’s phone numbers – just click on your state!:
http://www.visi.com/juan/congress/

You’re welcome,
-Mammoth

keith said...

Any predictions on vote count?

OR what happens to the market if it fails again?

I think it passes, by about 20 votes margin

Then the "no" members who switched to "yes" get to go back to their pissed voters and explain it to them

Anonymous said...

jim rogers says bailout is "welfare for the rich"

http://tinyurl.com/53pz8u

pulte homes up said...

159,000 Jobs lost. 159,000 less people who can buy homes.

PHM up.

bitterrenter said...

I'm going to start campaigning for Favorite HousingPanic poster!

Maybe I can get Sarah Palin to be my running mate!!! You betcha!

Thank you to all my fans. And to the brainstems I say,

"GO MCCAIN PALIN!!!!!!"

Coloyan said...

Prediction
Bailout Bill Defeated
Yays 215
Nays 218
NV 2

Coloyan said...

What a friggin retard, if Warren Buffet told you to jump off a bridge would you do that too? What a moron.

11:12 a.m. | Another convert: Representative Zach Wamp, a Republican from Tennessee, says he cast a “blue-collar vote for the American people” on Monday when he voted against the bill. Today, he says, he’s going to cast a “red-, white- and blue-collar vote for the American people.” He says he thinks the bill has improved since Monday — in particular, he calls out the F.D.I.C. insurance limit increase and the mark-to-market provisions — and says he’s particularly impressed by the fact that Warren Buffett “feels good about it.”

Representative Wamp says he thinks the bill is still “disgusting,” but “Congress has to act.” he urges his colleagues: “Hold your hand over your heart and vote yes.”

http://economix.blogs.nytimes.com/2008/10/03/live-blogging-the-houses-bailout-debate/?ref=business

Anonymous said...

Are you listening to this shit.

I can't count the number who think this bill is the worst thing to ever happen to America, but they're going to hold their noses and vote for it.

Lady Di said...

The most frightening article I have read so far is the one written by Roubini today.

Do yourself a favor, go to
www.rgemonitor.com and read:

Financial and Corporate System is in Cardiac Arrest: The Risk of the Mother of All Bank Runs.

It will make you cry for what may be in store.

Anonymous said...

Why are these idiots asking Barney Franks if the bailout will help them. He doesn't have a friggin clue. These people are like sheep.

Bill Iannelli said...

Fannie and Freddie was run by. Mudd and Syron both democrats. Hell Mudd's dad was reporter Roger Mudd from years ago.
Fannie has lost 88 percent of its market value since Mudd was elevated from his interim post as CEO in June 2005. The stock, which was near $60 a share at the time of his promotion, reached a closing high of $69.49 in June 2007 before beginning a freefall to $7.04 on Sept. 5 in New York.
Freddie followed a similar pattern, starting out near $60 at the time of Syron's hiring, peaking at $73.70 in 2004, then beginning a drop in 2007 to $5.10 three days ago. As of the end of last week, shareholders had lost about 91 percent during Syron's tenure.
Fannie has lost 88 percent of its market value since Mudd was elevated from his interim post as CEO in June 2005. The stock, which was near $60 a share at the time of his promotion, reached a closing high of $69.49 in June 2007 before beginning a freefall to $7.04 on Sept. 5 in New York.
Freddie followed a similar pattern, starting out near $60 at the time of Syron's hiring, peaking at $73.70 in 2004, then beginning a drop in 2007 to $5.10 three days ago. As of the end of last week, shareholders had lost about 91 percent during Syron's tenure.
Do you think they share some blame.
Bernanke: Appointed by Bush and has created huge problems. Chalk up bad choice to Republicans. Many on both sides of the ailes are unhappy with his performance, I would love to see him go.
Paulson: Appointed by Bush, strike two. Smart guy, way over his head with this mess, has not gone good job. Trying to cover his ass right now, making no sense when I see him on the tube.
Barney Frank: Good old Democrat Barney.
His fingerprints are all over this fiasco. Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of risk for our financial system unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.
Now that the bubble has burst and the risk is apparent to all, Frank declares: "The private sector got us into this mess. Wall Street and private lenders have plenty to answer for, but it was Washington and the political class that derailed this train. If Frank is looking for a culprit to blame,just look in the mirror every morning.


Kind Regards,
Bill

Bill Iannelli
Broker
Iannelli and Associates

brenda barns said...

yeah; I read a book on piano playing and the author suggests that education is more about teaching people moderation and mediocrity rather than embracing the occasional inspired performance.

his surmise was that people wouldn't pay for tickets unless they knew that "the quality" was predictable.

not who votes, but who counts the votes said...

Incumbent politicians have their ace in the hole. Diebold Voting Machines.

Jeff Salterelli said...

Bill Iannelli is my nominee for dumbest Realtor "professional" in Arizona.....

Anonymous said...

Oh will you windbags STFU and vote already.

Anonymous said...

BOOOOOO STFU AND VOTE BITCH

Anonymous said...

So we are now facing:

- a silent run on the huge mass of uninsured deposits of the banking system and even a run on some insured deposits are small depositors are scared;

- a run on most of the shadow banking system: over 300 non bank mortgage lenders are now bust; the SIVs and conduits are now all bust; the five major brokers dealers are now bust (Bear and Lehman) or still under severe stress even after they have been converted into banks (Merrill, Morgan, Goldman); a run on money market funds; a serious run on hedge funds; a looming refinancing crisis for private equity firms and LBOs);

- a run on the short term liabilities of the corporate sector as the commercial paper market has totally frozen (and experiencing a roll-off) while access to medium terms and long term financings for corporations is frozen at a time when hundreds of billions of dollars of maturing debts need to be rolled over;

- a total seizure of the interbank and money markets.

This is indeed a cardiac arrest for the shadow and non-shadow banking system and for the system of financing of the corporate sector. The shutdown of financing for the corporate system is particularly scary: solvent but illiquid corporations that cannot roll over their maturing debt may now face massive defaults due to this illiquidity. And if the financing of the corporate sectors shuts down and remains shut down the risk of an economic collapse similar to the Great Depression becomes highly likely.

So what needs to be done? Even several hundreds of billion dollars in emergency liquidity support to the financial system by the Fed and other central banks in the last week alone have not been enough to stop the seizure of liquidity in interbank markets and the shut down of financing for the corporate sector as counterparty risk is now extreme (no one trusts any more in this crisis of confidence even the most reputable and trustworthy financial and corporate counterparties).

http://www.rgemonitor.com/blog/roubini/253853/financial_and_corporate_system_is_in_cardiac_arrest_the_risk_of_the_mother_of_all_bank_runs

TinaFeyWillBeRichRichRich said...

Once again, Congress and the President are doing everything
in their power to IGNORE the will of the American people.


They are doing this because the "American People" are stupid and will re-elect them anyway. Congress is going to fuck us, ask us to vote for them, and we will return 90+%. We deserve this government and the ass kicking we get.

keith said...

I'm paraphrasing, but a congressman said just now "how can we have capitalism on the way up, and socialism on the way down? If we get rid of our ability to fail, we'll soon get rid of our ability to succeed."

This, folks, sums it up. Our government has laws in place because of their NAR and REIC sponsors that pushed home prices one direction - up. And now that they're naturally falling back to where they make economic sense, they bail out the bankers and speculators and soon will be trying to put a floor under home prices themselves, with taxpayer money.

And they'll just make it all so so so much worse.

Anonymous said...

Wall Street now knows that if they're going to screw up, it needs to be big for the Fed to bail them out.

Taking on risk just got a lot less riskier.

Anonymous said...

Hi there comrades, can you help me find a suitable headquarter for my Communist States of America?

Anonymous said...

``Nobody trusts anyone any more, and in banking trust is everything,''

Anonymous said...

And stock markets are going down. Go figure...

Anonymous said...

Kachingo, you're broke.

Anonymous said...

This blog is at the center of the universe today

keith said...

I still have the feeling of reading the real-time version of Manias, Panics and Crashes.

And we're still not at Panic or Crash stage.

Not yet.

i've had it said...

The yes vote by the house on this bill just proves that those members who are not thieves (the ones who voted "yes" originally) are simply whores whose votes can be bought.

There's no difference between common criminals and dirty sluts, and the members of congress who voted "yes" on the bailout.

RIP America

S.C. said...

Anyone care to guess when the next depression is going to start that makes the first one look like a 1920's Macy's parade?

Nick said...

Anonymous Yoski said...

The bailout will temporarily paper over some rough spots but it does nothing to address the underlying problems. An economic model build on consumption. A country that consumes more than it produces. A country that needs to borrow ever increasing amounts of money from foreigners to keep the gravy train under full steam. A misguided economic and fiscal policy.
We should save money, pay down debt instead of borrowing. We should produce as much or more than we consume. We should rebuilt this country instead of bombing foreign countries. We should get ready for the upcoming energy crunch which will be a disaster many times larger than this little financial hicup.
So we will bailout some fiancial types on Wall Street. We'll be back facing the same problems in the not too distant furture. We're trying to keep an economic model alive that is doomed to failure. Sooner or later we will have to pay the piper.

October 03, 2008 11:46 AM

What is wrong with consuming as long as someone else pays the bill? That is what has happened so I see nothing wrong with it. I can't help it that the Chinese, Japanese, Saudi's, etc... are STUPID for TRUSTING AMERICANS. Too fucking bad! They made their choice and now must deal with it.

Paul E. Math said...

And don't forget, this isn't just about housing. This latest version of the bill gives Paulson the ability to purchase not only securities backed by mortgages but those backed by consumer loans (ie: auto loans, refrigerator loans, etc) and, wait for it, those backed by credit cards!

The credit card industry sought the weakest borrowers with the least will-power, showered them with credit offers at 0% and massive max balances and now guess who is going to pay for their trips to vegas? Guess who is going to pay for their Hummers? Guess who is going to pay for their shots of Patron, their hookers, their blow?

That's right: the taxpayer. You and me.

... just got back from the bathroom where I sprayed the walls with puke.

Anonymous said...

Make no mistake that the passage of this Bill will insure that you cannot make any investments that
aren't subject to the whims of Wall Street when they decide they want to change the casino bets after the fact . It's now a rigged horse race
in which the losses are tallied and given to the taxpayer and the rich
get to win regardless .

This is the taking over of America without firing a shot . This is the taking over of capitalism without a revolt because they own the media ,they own the politicians ,and they now own you .

A seriously Flawed Bill has just been passed based on no greater logic than a justification that a failure to pass a bad Bill might be wrong . If you buy that than I got a over-priced 600k condo to sell you in Florida .

keith said...

Watching the guy who's acting as president right now - I think his name is Bush, who just came out of his cave to address the country he has wrecked

* thanking pelosi and boehner and stoyer and blunt and frank. you know, the crew who helped him wreck america

* "showed the world that the us will stabilize the financial markets." uh, dumbsh*t, we're the ones who DESTABILIZED THEM IN THE FIRST PLACE

* says taxpayer will be protected. uh, wanna bet?

* decisive action

* I feel like this speech should be broadcast in black and white with grainy film, and that he should be wearing a black tophat

* uh, where's this money come from now? Do we just print it? does the treasury put out $800 billion more in t-bills tomorrow?

* "once the market recovers".. isn't that like saying "once pets.com recovers"

Anonymous said...

In 2000, I mourned the loss of our democracy when I realized the people were prevented from directly electing their leader.

Today, after the Congress just passed the bailout bill, I mourn the loss of our economy.

They ignored the will of the people because they thought "they knew better". They ignored better plans because they are slaves to "special interests".

Ironically, they won't stop be able to stop the deflation, but they will trigger an inflation we have never seen before.

The scary part is that our "leaders" and "representatives" were brought together in a time of crisis and failed to address the core issues of the problem. They just tried to spend money we don't have to
temporarily address the issue. Disgusting.

Our consumption value system is going to be ripped from us
whether we like it or not and it can't die soon enough for me. I won't mourn that loss.

"In a democracy, the people get the government they deserve."

Anonymous said...

Boy George is on TV right now saying how imperative this was, and the 'cost to tax payers will be far less' than doing nothing.

Going to get sick.


Screw you, W.

Anonymous said...

"HOMEDEBTORS STILL F*CKED"

Good. They should be fucked.

Anonymous said...

No Banker Left Behind!

Anonymous said...

Someone say that Republics last until the people figure out they can vote themselves money from the public coffers....


I would suggest that we have reached that point with the housing bubble and No Banker Left Behind bailout.

Nick said...

Hey Fucked Savers, so how does it really feel to see us Fucked Borrowers get away with highway robbery? You just will have to accept the fact that under the new President (either Obama or McCain) there will be a massive set of programs passed at saving the homeowners. Now granted, they don't give a shit about helping out the average man/woman, but by bailing out homeowners they are indirectly helping out the lenders! So you HP'ers are SO FUCKED!!!!!

Anonymous said...

I think I am going to draw down on my HELOC. Wells fargo has left the limits untouched (150k baby) and put it into swiss francs.

Anonymous said...

Im trying to decide between learning French or Spanish.
I know I wont stay here and pay for this bailout.

Lost Cause said...

Don't get angry and disgusted any more. So, this is not the same country anymore, you should have known that when we started torturing people, and bombing Iraq. Do something good today. Do something that is a testament to your values. The stinking rotted corpse is exposed, but it has been there for a long while. You can't do much about that.

Anonymous said...

or maybe i will by a share of berkshire with the 150k heloc draw down. buffet seems to be getting pretty damn good terms on his investments lately.

i've had it said...

Ha, Ha, Ha, Ha, Ha...

Right after the House hands $800+ billion to Wall Street, Dow goes from a postive 250 points to a negative 53 points at 2:30pm.

Dear Congress: You are the biggest Whores, Thieves, and Imbeciles that America has ever seen.

Ha, Ha, Ha, Ha, Ha....

Anonymous said...

Today is mourning day for HPers. They are accepting their roles in America.

They will pay the mortgages of Americans with their savings and taxes.

It is a hard pill to swallow but when you go against the tie and you don't follow the sheep these are the end results! Remember the sheep have always had the Sheep watcher and protector.

HPers should had been sheep instead of wolves. Everyone knows the end result for the wolf!

Anonymous said...

Apparently they consider voices like on this site as the minority..

Anonymous said...

If you idiots think this is bad wait until Barry Hussein takes over next year. You'll be yearning for the good old days of $700 billion bailouts.

OldCambodianMan said...

I am so sorry, but You are all DEAD. You will wear an orange jump suit and you will be decapitated. Believe me, I have seen it happen the same way before. They will go door to door, and you might even go voluntarily. You will be photographed, processed, be given a case number, and then be exterminated.


Sincerely,

TheBigDickUpYourAss said...

CHECKMATE

Anonymous said...

NICK is a prick. But he is correct in everything he says.

I'm kinda 1/2 on his side, 1/2 on HP's side. I sold at the peak and walked away with a nice profit. I've been renting and waiting for home prices to drop. They haven't at all where I live. So I'm probably going to bite the bullet and buy something soon and get on the bailout wave.

Probably should have taken out a $250K heloc instead and stopped making payments. That would have been the better move, but what the hell, I'm not complaining.

It is funny to see the bitter renters here. I mean renters who rented all along, not current renters like me who sold out. Face it, you guys fucked up. Now get over it and get on with your lives.

Anonymous said...

Im trying to decide between learning French or Spanish.
I know I wont stay here and pay for this bailout.
-------------------------------

French? I hate to break it to you but No Banker Left Behind is coming to Europe too. They always copy what we do.

Anonymous said...

Keith,

Look at this picture,

http://msnbcmedia1.msn.com/j/msnbc/Components/Photo/_new/g-cvr-081003-bailout-1145a.grid-5x3.jpg

Sweet isn't it!

Anonymous said...

This is a fucking travesty.

I'd like to see a mob go down to Wall Street and start ripping bankers out of their cabs and shove dollar bills up their fat asses until they explode.

SOLD: The United States

Anonymous said...

Picture of the day:

http://tinyurl.com/49dc9a

That is a smile that says, look at the bill and pay my MORTGAGE!

Anonymous said...

Let it go folks, this is what the union parasites do to states and companies. They bankrupt them with their ultraliberal-union mafia:

(CNN) -- California may need a $7 billion emergency loan from the Federal government for day-to-day operations and to pay teachers' salaries, nursing homes, law enforcement and every other State-funded service this month, Gov. Arnold Schwarzenegger warned in a letter sent Thursday to the U.S. Treasury secretary.

These union parasites think that they deserve to earn six-figures while being a pathetic Marxist teacher, high school dropouts, nurses from third world countries and who can't even speak English. The corrupt unions are bankrupting everything, while Barney Frank is giving millions of taxpayer to La Raza.

SeattleMoose said...

Wonder if the bribes used to bring the holdovers over to the dark side are in addition to the $700B.

A dark day for America....

bitterrenter said...

What do you republican types think you're achieving by harping on the Fannie/Freddie "republicans tried to rescue them through regulation" thing?

The CDOs that brought down not just F&F but also the banks and investment firms was a creation of WALL STREET REPUBLICANS. The greed that led people to want to live the good life was promoted by REPUBLICANS. The last 30 years of deregulation of the financial markets was an imperative of the REPUBLICANS. Who controlled the White House for the last 8 years, Congress for 14 of the last 16 years? REPUBLICANS. Whose ideology of tax cuts for the wealthy, deregulation of everything and free rein capitalism took us here? REPUBLICANS.

Harp all you want on one single aspect that isn't even accurate. No one believes you. Republicans for generations will be tainted with the vrush of failure and economic devastation.

i've had it said...

i have to agree with Nick.
America has just paid for all the excesses of the home debtors amd they are now going to walk away free.

This bailout will put a price floor on housing since Paulson and his friends will determine their prices. The banks won't go after the home debters anymore since they now will get their money from the bailout. Same thing with the consumer loan companies.

HPers, we fought the fight but even we can't fight the thieves and whores who inhabitat Capitol Hill.

The only thing we can hope for is that we all have stable jobs and the economy tanks big time, screwing the Wall Streeters and the home debtor trash. That will be somewhat of a victory.

bitterrenter said...

The French aren't going to suffer nearly as much as us. They have a society whose debt load is around 47% compared to our 100%. They didn't encourage people to love beyond their means, even forbidding it through what most here would consider too restictive of policies. They also are a society that is more humane and empathetic to their fellow man caring enough to want to protect each other from harm, including financial harm.

We on the other hand are largely a band of filthy savages who live to f*ck over our fellow man, live to keep up with the Joneses and haven't got the ethical sense to give a shit about each other.

Well, at least the conservative half is a band of filthy, subhuman savages. In any case, enjoy!

Anonymous said...

The entire US economy is fake.

They gave the entire budget to the whims of a Goldman Sachs executive.

Do you feel more confident in the fake economy?

Black market is looking better and better .... oh, that a problem in socialist countries!

Reality said...

bitterrenter:

"The CDOs that brought down not just F&F but also the banks and investment firms was a creation of WALL STREET REPUBLICANS."

Frank Delano Raines (former Fannie CEO) was a Democrat, and Fannie was a creation of Frank Dlano Roosevelt, another Democrat Wall Street darling.

Check out this video:

http://www.youtube.com/watch?v=_MGT_cSi7Rs

emmy said...

Is Nouriel Roubini right???

Refuse to buy overpriced said...

Who are the Judas congressmen who changed their votes?

Name names.

Anonymous said...

SC:"Anyone care to guess when the next depression is going to start that makes the first one look like a 1920's Macy's parade?"



My guess SC GDII begins this month. Stock market is on a temp. high from bill passing today. The markets will sell on this high note before more bad news comes out the end of this month.

Anonymous said...

Drop DOW!! Let's see 8000 or lower; look out below!

Refuse to buy overpriced said...

You have been screwed.

Now use your vote for revenge.

If your Congressman or Senator voted for the bill, vote against them.

If they voted against the bill, vote for them.

And vote for your favorite anti-bailout 3rd party canidate for President.

Do not, under any circumstances, vote for McCain or Obama.

NONE OF THE ABOVE said...

I told you that both major parties are corrupt.

Even Obama, Biden, McCain all voted FOR this trash.

LibVet said...

"God caused the bank to ignore my credit score and blessed me with my first house."
CNN
http://tinyurl.com/3sank5

The difference between faith and reality is that reality can bite you in the ass.

Anonymous said...

Hey Bitterrenter, go date Barney Frank. Be his boy toy to get a job as an executive at Fannie Mae. If that doesn't work for you, you can go back to pottery.

Anonymous said...

I saw this crap coming and moved to Germany last year. I pay the same taxes either way, but I'd rather have my tax dollars given to the unemployed than to the rich and corrupt.

Anonymous said...

Bushco Cheneyburton New Depression starts NOW.

PUNISH THE GUILTY.

borkafatty aka the pig said...

Eventually you have to take that nicely skewered snapper turtle off the heat from the bed of white hot charcoal because after all the fat pops and there's no more juice left to ooze the meat turns black and dinner is ruined.

The government clearly doesn't understand this and the americano is quickly becoming burnt toast.

robert said...

Fellow HP’ers,

Who do we contact for our portion of the bailout?

Do we contact the FED directly or Fannie Freddie?

Flood the phone lines, get some answers.

Mammoth said...

O.k., o.k., so the Bailout finally passed.

So...What Happens Next???

redondo_beach_dude said...

Where's that list of congress and their voting records?

I'm voting the incumbents OUT!!!!

Anonymous said...

If they voted for this, VOTE THEM OUT!!!

Long time HP reader.

tangelo mozilo said...

"In 2000, I mourned the loss of our democracy when I realized the people were prevented from directly electing their leader."

Hey, Einstein, we never lost our "democracy" because we never had one. It's a Republic. Been one since 1791.

Also, the people have been "prevented from directly electing their leader" since day one. It's called the "electoral college." U.S. Constitution Article II, Section 1. Also, nothing new since 1791.

Where did you go to school?

Anonymous said...

Even with the passage of the bailout bill the TED Spread is still above 300 basis point, because Walls Street realize that even with a bailout if Main Street do not have jobs then no bailout will be able to hold back the next wave of foreclosure.

TED SPREAD currently at 3.86 basis points

http://www.bloomberg.com/
apps/quote?ticker=.TEDSP:IND

Economy sheds most jobs since 2003, more cuts seen.

http://biz.yahoo.com/ap/
081003/economy.html

Anonymous said...

NYT -- Several Democrats in the Congressional Black Caucus said they were persuaded to support the bill by Senator Barack Obama...

Change? Where?

Saul said...

If Bush comes on TV and starts to talk about "Bank Holidays" you know that they have completely lost control. If things don't improve over the next few days or perhaps week(s), I think this is likely. The panic then will be off the charts.

econ 101 said...

What happens when a government tries to inflate its way out of a deflation?
Is that Weimar Germany?

At least the greedy homedebtors are f*cked.

Anonymous said...

I read something similar on the Tishmangroup blog. He explained it a little more in depth: http://tishmangroup.com/

Anonymous said...

thanks for raising the fdic insurance limit to 250,000.......to bad it only buys what was the 25,000 dollar house thanks to the insanity you are continuing with, with this vote...........

Anonymous said...

Mammoth said...

O.k., o.k., so the Bailout finally passed.

So...What Happens Next???

Nothing. Just the slow decline to the bottom with more and more people out of work.

Take your 10% hit on the 401k and hide it or perhaps buy seeds. Your 401k is going to lose a lot more than 10% by the time this thing hits bottom.

got groceries? got housing? got guns? got a workable plan. Actually, the Russians made vodka at home and sold to the neighbors. Can make vodka out of old tennis shoes.

Post-Soviet Lessons for a Post-American Century
By
Dmitry Orlov

http://tinyurl.com/d28kf

JaneZ

Anonymous said...

750 trillion leveraged before the fact at 100 to one equals what number.a zillion? or then 100 buck hamburger?

yoski said...

"Barack Obama called Maryland Rep. Elijah Cummings on Tuesday with a promise: As president, he would revisit bankruptcy laws to give judges more leeway to prevent foreclosures."

That's actually a good thing, believe it or not. The unintended consequence will be that lending will constrict even more since contracts between lender and borrower are practically rendered worthless. Now banks will require 40% down and stellar credit. That means even less buyers which mwill lead to even lower prices.

Anonymous said...

change the mark to market provisions and pay money for paulsons crap.................yep..and i will put money in the banks to let them fractional reserve lend at 10 to one of my deposit till my one is worth 90 percent less....gotta do it or government will do it for me......

Anonymous said...

Picture of the day:

http://tinyurl.com/49dc9a

Look at her hand. Two in the pink, one in the stink. Very appropriate

yoski said...

"What is wrong with consuming as long as someone else pays the bill? That is what has happened so I see nothing wrong with it. I can't help it that the Chinese, Japanese, Saudi's, etc... are STUPID for TRUSTING AMERICANS. Too fucking bad! They made their choice and now must deal with it."

Of course they are suckers for loaning us all that money. I think they're starting to realize that now. Unless they're completely retarded they'll cut their losses and quit financing us.

Anonymous said...

buffet getting good deal to spew the government line...wheres my 12 percent dividends/interest and available capitasl appreciation with it????????????????????/ horsesheet tool.....................

Anonymous said...

gotta learn how to sell lip....................

bitterrenter said...

Reality idiot,

FANNIE & FREDDIE DIDN'T CREATE THE CDOs and mortgage backed securities.

Get a clue. This meltdown has REPUBLICAN written all over it.

Hey! Maybe we should scrap all government and all regulation like you always say!

If we followed your ignorant ideology we'd still be living in fucking caves.

Anonymous said...

was not the job of fannie to make housing affordable...how did 100,000,000 salaries help
?????????????

Anonymous said...

This is not going to benefit homedebtors. The money will go to the bankers. The government will purchase the properties, and sell at a loss in the foreclosures. The tax payers will foot the bill for the difference.

If you are behind on your mortgage, you will lose your home. No exceptions. A judge cannot adjust the payment, as that was not included in the package. They will post a "HUD property, NO TRESPASSING, KEEP OUT" sign on every door and window of the house after eviction. This is what happened when RTC took over the savings and loans.

We all lose. Everybody pays, from homedebtors losing everything they have in a foreclosure, to responsible savers who lose buying power due to inflation. All of this, because of a stupid monetary policy by an irresponsible FED.

Anonymous said...

I'd like to see a mob go down to Wall Street and start ripping bankers out of their cabs and shove dollar bills up their fat asses until they explode.


HahahahahaHAHAHA!!!

I agree. Seeing that would be worth $700 billion.

patrat said...

What has become blatantly obvious to me, is that Congress doesn't do anything "because it is the right thing to do". They only do it for a payoff.

Anonymous said...

Come on Keith. There was never any doubt that those rich Wall Street bankers would be bailed out. The Conservatives in Washington have opened wide the doors to the US Treasury.

Anonymous said...

Got Obama? Got McCain? ...

Nation of morons ... (Keith and me included)

B747

Anonymous said...

My Rep the Honorable Gus Bilirakis voted against the bailout both times. He also helped my wife and I with a retard over at USCIS who gave her a hard time when she took her citizenship test.

I guess we are lucky to have a Rep who actually does his job and looks out for our interests.

Now if we could only get another 434 just like him.

LibVet said...

“...The bailout will stop the carnage. $700B of government money can't simply be dismissed as having no impact. Will it solve every issue out there? No of course not. But it will have the desired effect of getting lenders to start lending again. And people will start buying homes again....”

Really? Not me, buddy. I am keeping my powder dry. Have you seen the news lately? The language being used to describe the current situation is of the strongest possible. There is nothing anyone could say to describe a worse possible situation. And you think folks are going to go out gambling now? Nope.

Anonymous said...

They (The French) also are a society that is more humane and empathetic to their fellow man caring enough to want to protect each other from harm, including financial harm.

bwahahaha...hey Bitterenter genius, go check on Wikipedia how many colonies the French has or had around the world, by applying brute force. For instance, who do you think was in Vietnam before the US arrived there? What about Algeria?

Bitterrenter sees France from TV commercials and movies and thinks the French are lovely. I lived in France, went to university there, and my grandparents are French. French people, their economy, and their pathetic socialism suck! Good for parasites, though.

Anonymous said...

I am so mad that I'll remember who to NOT vote for during election. I'm so pissed that I'm going to force my brother and mom, and anyone else I know to start voting.

Here explains who voted yes or no:

http://fedupusa.org/node/68

Lets kick em' out of office, and replace them with someone who really want to represent and serve the American people.

bitterrenter said...

You're looking backwards many years in judging the French. If we look back in our history not very far we'll be horrified.

The difference is in how differently the two countries developed. They continue to work together to create a more humane, egalitarian culture while we become a colony of fat, shallow, materialistic white trash.

Good that you left there. It's easier for a culture to progress when the white trash mentality leaves voluntarily. I wish ours would. Or simply commit mass suicide.

tater said...

Yeah, I have to agree; there was going to be a bailout bill one way or another. It's just another extension of the lies, fed to the sheeple on a daily basis.

We cannot avoid the upcoming recession, so the sheeple have been led to believe that this bailout bill will cause the banks to open up with more lending. This is a simple diversionary tactic. These banks and Wall Street now know the fed's weak spots, and they're coming back for more free cash. Mark my word on this.

patrat said...

I also had French grandparents and have lived in rural France for many months over the last 5years. They are pretty much appalled by America in general, it is true. But I have almost never had anyone treat me badly there. I am impressed that the native French people anyway, value their time, their families, their country, their beautiful language, their food, their art, nature, safety, respect for others and contemplation of life over greed and money. Not that they don't want money, of course they do and they work for it too - but they just have a different attitude towards life. I am sorry if others have had a bad experience there, but I think we could learn something from the French. Unfortunately they are having their own problems holding on to a way of life that they value. They are getting the big box stores, the junk from China, the plastic bags etc. Things are changing fast everywhere I guess.

patrat said...

I have talked about the French and my respect for them. One thing Europeans do have in common, they hate the influence of the American media and "entertainment" (one of our biggest exports) on their young people. There is graffiti all over and some cities are becoming very dangerous. I personally hate what the media in our country has done in the name of pure capitalism. Let us have no morals, as long as we can make a profit. I have said for years that we are becoming a nation of imbeciles. A lot of it has to do with pitching to kids. Kids don't have jobs and money, remember? But they will drive their parents crazy because of the media. And also, the media pomotes the rude attitude. Wow. And if you don't do it, you're not keeping up with the joneses. Your kid might be left out. God forbid. If that isn't an insidious strategy I don't know what is. Rude is cool. And as long as everyone is in intense competition with each other it works. And that is what we are taught to be. That is a good way to undermine the family and make money and who cares? I do have a question. When you make all this money what will you do with it? Live in a fortress?

bitterrenter said...

The French are under seige from the disgusting American hegemony. They also have to fight off the influence of the second most inhumane capitalist "culture", Great Britain.

The best thing for the world would be if America and Great Britain were destroyed. Not violently but economically. At least until I get out.