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Ear to the Ground

Bailout Negotiations Inch Forward

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Posted on Sep 22, 2008
Frank and reporters
AP photo / Charles Dharapak

Negotiation station: House Financial Services Committee Chairman Barney Frank, right, speaks to reporters on Capitol Hill in Washington on Monday.

It seems that some key officials involved in the negotiations with the Bush administration over the terms of Treasury Secretary Henry Paulson’s $700-billion bailout proposal for Wall Street aren’t about to make a deal unless it includes specific plans for congressional oversight and help for homeowners on the brink of foreclosure. Luckily, it also looks like Team Bush might be willing to give an inch or two, on those points at least.


AP via Google News:

Judges could rewrite mortgages to lower bankrupt homeowners’ monthly payments as part of congressional Democrats’ proposal for a $700 billion financial system bailout.

Also, companies that unloaded their bad assets on the government in the massive rescue would have to limit their executives’ pay packages and agree to revoke any bonuses awarded based on bogus claims, according to a draft of the plan obtained Monday by The Associated Press.

The proposal by Sen. Chris Dodd, D-Conn., the Banking Committee chairman, gives the government broad power to buy up virtually any kind of bad asset — including credit card debt or car loans — from any financial institution in the U.S. or abroad in order to stabilize markets.

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By yacovm, September 24, 2008 at 11:29 pm Link to this comment

WE MUST PROTEST THIS BAILOUT
THAT’S WHY THEY WANT TO PUSH IT SO FAST

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By yacovm, September 24, 2008 at 11:03 pm Link to this comment

I would like to know what will happen to my ARM mortgage that expires in a few months then Fannie Mae is supposed to add another 2-3% to my mortgage interest?

This plan only helps the wealthy. I understand by giving them money the banks in return will be able to keep those loans. How about the other way around? Give the people the money to pay these loans and homes? Or, chop i.e. the price of a $450,000 house to its original value before the bubble to somewhere about $200,000 only if it is his or hers sole residence and only if the income can suffice that loan. We need to address the root of this and that is housing. This problem was created by the banks and the Feds on interest and the whole loaning industry. I realize it will be like ripping off a band aide fast and the wound will still bleed, Wall Street will take a dive, big banks and their executives would skater, but these are the ones this bailout is intended. No matter if we do this proposed bailout or we don’t someone will suffer. So lets bailout the people not the banks. Cut the home prices, let the people move in and this will cause a massive decline in home prices many people who depend on their equity to get them through, and will cause millions refuting second mortgaging and the business that need loans to start or continue production. Each and every one of these loans through transparently and scrutiny, allow to be funded with this bailout money.
“We have to jump start the economy” “We need to give (bailout) the financial institutions so we can have business as usual” “You need to pass this 700 billion dollar plan and pass it now” lets OK a plan but not the one you propose Mr. Paulson, the one we propose “let them eat cake” free the oppressed from this crisis caused by greedy investors. If you want to displace taxpayers’ money, money that they don’t even have, Its money that you intend to barrow from foreign countries with interest Mr. Paulson, then displace it from the bottom up.
All the rest of houses left that were foreclosed that were owned by investors will take a hit also. The idea here is to take an organic approach not a synthetic one

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By lewb, September 24, 2008 at 8:51 am Link to this comment

Everybody’s fed up with politicians that are bought and paid for. I say take back the country from these bums. The choice is yours. Keep voting for these pols and watch the country sink into God knows what. If you want change,vote for change. Ralph Nader is the obvious choice for those with the courage to vote for change.

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By Loree Byers, September 24, 2008 at 8:49 am Link to this comment
(Unregistered commenter)

I agree with so many others, contact your senators and congressdrones.  Repeatedly.  Political parties have nothing to do with this crap, so both democrats and republicans can be solidly together on this issue! Think about this—will that unimaginable sum of money make enough of a difference in a “global economy,” or will they come right back, hat in hand, the next time the market dips? This mess is far from over, and don’t think for a minute that they’ll only ask for money once.
CALL, WRITE, E-MAIL your elected officials, and TELL them that we flat refuse to pay for some greedy banker’s mansion in Dubai.
They can beg all they want, WE, THE PEOPLE, ARE NOT REQUIRED BY LAW TO PAY.
SHOUT OUT AMERICA, LET OUR VOICES BE HEARD!!
LoreeB

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By Nick, September 23, 2008 at 4:55 pm Link to this comment
(Unregistered commenter)

I see in India the people bludgeoned to death a CEO.
The CEO;s,government king pins,politicians….take note, we are a tolerent people, BUT .We rushed congress for the Iraq war,again with the Patriot Act and now congress is being asked to rush this through quickly. 1- Get oversight 2-help main street 3-NO golden parachute for CEO’s.

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By thebeerdoctor, September 23, 2008 at 3:42 pm Link to this comment

Everybody who has any semblance of a brain that works needs to contact everyone possible, to stop this lying theft that has been endorsed by Bush, McCain and Obama.
Just the other day, each of their talking points were lined up like ducks in a row. In went something like: “I support Secretary Paulson and Chairman Bernanke in their actions to stabilize the markets.” Yes, that is right, all three of them.
For those who do not jump on board this highly questionable, very likely reckless move, maybe you should ask, and especially the presidential candidates: Does that mean you approve of Section 8 of this proposed legislative rescue?
You might ask, what is Section 8? Well this concerns the power of the Treasury Secretary to enact this, which is:
“Decisions by the Secretary pursuant to the authority of this Act are non-reversible and committed to agency discretion, and may not be reversed by any court of law or any administrative agency.”
This brutal authoritarian clause is inserted there, with hardly even a whimper from our sniveling news media. A news media that has accepted as gospel that this economic nuclear option, is absolutely necessary and that the former CEO of Goldman Sachs must be made czar, in order to implement it.
Contact your Representative and Senator. Supporters of the presidential candidates should let their candidates know, that this must not be allowed.
As for Ben Bernanke, the Chairman of the Federal Reserve, I am reminded of what investor Jim Rodgers said back in February of this year:
“Bernanke is printing huge amounts of money. He’s out of control and the Fed is out of control. We are probably going to have one of the worst recessions since the second World War. It’s not a good scene.”
Not surprising, investor Jim Rodgers has moved his money and person outside of the United States.

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By lichen, September 23, 2008 at 3:08 pm Link to this comment

I don’t care if the stock market closes FOREVER; nationalize Exxon-Mobil, slash the military budget and give the american people non-imperial economic justice!

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By yacovm, September 23, 2008 at 2:04 pm Link to this comment

They keep saying “if we don’t bail out we will have a crisis” what crisis?
The stock market crashing, will every rich Wall Street suit lose all their money?
Where will that money go to? Isn’t it true where someone lost someone gained?
If the banks will be reluctant to loan money because there is a slowdown in housing is that demise to all real-estate? It comes down to the basics “supply and demand.” If the supply of houses is high then the demand is low. Let these banks sell these foreclosed homes to Americans at a low affordable price and a loan exactly to income. If there are homes owned by banks at inflated prices then they simply have to take a lose. NOT THE TAXPAYERS.

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By Hemi*, September 23, 2008 at 1:54 pm Link to this comment

First things first, Dodd and Frank should be the last voices heard on this bailout. They promoted mortgages for those that didn’t qualify all along.

Secondly, we are giving bailouts to the greedy crooks and unqualified? What the f*ck? How does that make any f*cking sense? Why aren’t we thinning the f*cking herd? Why reward bad behavior? If we’re gonna do that let me screw up my finances first and bail me the f*ck out too!

The f*cking “American Dream” is just that, a dream. It was never the “American Certainty”. This country should give you nothing but the opportunity to work toward your own personal goals on an equal playing field. It should have been named the “American Opportunity”.

Here’s the best f*cking part, today the pride of Harvard and MIT and Chairman of the Federal Reserve, Ben Bernanke warned congress of a possible recession. Imagine that! No sh*t!?! What f*cking planet has he been living on? (Mort Zuckerman, among others, has been saying we’re in a recession for months.) And this morning Treasury Secretary Henry Paulson was coming off like he saw this coming for years and that now we should all bend over and take our medicine while ignoring those greedy CEOs heading for parts unknown on our dime. How do we wind up with these corrupt douche bags? Don’t bother answering that.

Excuse me for now, I’ve got some credit card bills to run up. I’ll race you all to the bottom! Last one with any credit loses!

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By jobart, September 23, 2008 at 1:40 pm Link to this comment
(Unregistered commenter)

Although I have an, albeitsomewhat dubious, opinion of the “soutern vote” and the “sheeple” involved in it, I still have an unwavering belief that thay “care” as much about America’s welfare as any other region/area of our country. What is “most” distressing is the support that KY. has to “keep” a absolute “pawn” of the destructive “obliarchy” in power. How can you, Kentuckian’s, allow this partisan a-hole, to “speak for you”? Please explain, without viotrol, or nastiness. This “guy” doesn’t deserve to be a dog catcher, no less a representative! But, you Americans” in KY. just “keep” him in the national spotlight. Why?? Can someone from your illustrious state please “educate” me? How is such a “total” A.K. able to stay in office, representing your state? I really want to know because, as people like Mr. McConnell maintain their position(s) of seniority in the Gov’t., it totally fucks the country. Do us all a favor, please. Show that you “really” care about America and “help” get rid of the “bought&sold;” maggots that have infected our democracy.

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By yacovm, September 23, 2008 at 1:20 pm Link to this comment

Crisis


Here is one way to tackle it. First let’s look at the numbers. I am just a laymen who is not in the position to obtain these numbers, especially real numbers. I would like to start right before the housing bubble around December, 1999 when there was a created rumor that the would will end New Years Day. Who created and why has to do with the beginning of a real-estate thrust. Year 2000 houses were still cheap. I’m from NYC and happen to come to visit Sarasota Florida where my brother Joe owned a nice house that he paid $50,000 in 1999. At that time there were these homes through HUD and these veteran homes and loans. The internet is a key here; (keep that 2000 meltdown on the back burner for now) this is a easy way to sell houses. Handyman specials were the craze. A baby-boomer like me coming from New York seized on a veteran loan even though I wasn’t a vet. One didn’t actually have to be a vet, but you were you got a little better rate. So a girlfriend and I purchased a house out in Holiday Florida for $35,000 and $500 down, a handyman with parts of the roof missing. She cosigned because I had no credit. I fixed it up with my money and we soon broke up two months later. Since she was on the deed and I had no credit the banks were giving me a hard time to stand on my own two feet. I didn’t have a job to top it off (still don’t but that’s beside the point). Through battling back and fourth, they finally gave me what they called a none-conventional with a 10.5% rate.
  The baby boomer era has a part in this because in places like Tampa there were millions of houses that were built in the early 70’s when codes were slacked. Fixer uppers were being swooped up especially by investment companies that owned huge amounts and renting them out. I was a student at USF through 1998-2005 and during around 2002 vertical everyday prices were going up and my house was worth about 65-70 k. 2004 I sold that house and took the profit and put 20% down which allowed me to obtain $90,000 nice house with what they called a no-doc loan with a decent rate of 6%. During 04-05 prices went up at one point my house was worth 140,000. I was just about to sell it again but I backed out just in time thinking I would only get another expensive house.
Here is were I would like to know these numbers. By rule of thumb if a person bought a house for $100,000 at a rate of 6% he still needed 10%, $1,000/mo with taxes/insurance. My particular problem is not so bad, although here is where the failure accrued. At the peek of the high priced homes using my same neighborhood, someone would buy my house at $150,000 with a monthly payment of $1,500, who probably purchased their house with the equity from their previous house. Which meant, with all their expenses phone, cell, cable, utilities, car, insurance, and food, their income would have to be at least $3,500/mo. Someone who took a second mortgage at that time when the prices began to drop helped fuel the crisis. The brave who lived in places like California who did this same scenario in a 350-450 k house got humbled quick.
We can sit here and say the banks and the buyers are to blame and somewhere there’s a greedy con-artist hiding in condo, but it’s not the solution to our problem.
Out of all the foreclosures out there, how many of them are the buyers only home? Out of those numbers, how many are out in the street? The next number is how many are living with relatives? The next number is how many are renting now? Now the biggest number and in my view is the most important of all is, out of the number of foreclosures how many are priced over the head of the actual incomes.
Here is my suggestion; let these people humble themselves and get in homes adjacent to their actual income. Second, the homes that are left after all the musical chairs of houses are left then these should be simply put up for auction.
If we did this we wouldn’t have to use 700 billion of taxpayers’ money.

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By jobart, September 23, 2008 at 12:59 pm Link to this comment
(Unregistered commenter)

Bernacke and Paulson are, obviously getting nervous and are now in the “bum’s rush” mode to get this thing passed as the Corp.‘s want, without preconditions or “outside” thier control. You know…no strings,no penalties, no “pain”.
Sorry guys, the “fear” thing worked pretty well for 9/11 and the succeeding disasters/wars you imposed on the American citizenry. Our BAD! But, as someone told me when I was very young, “if you have the money and they want it, make “em earn it”! Well, you guys want it, we (in theory at least) have it and “you’ve” got to earn it. WE NEED concessions in order to lay out our taxes for “your” bailout. You’re desperation is showing itself to be embarassingly transparent. In other words, as is said for the negotiation process…(you all know the saying)..YOU BLINKED FIRST.  Therefore, you lose and we win.  You want, you give in. There needs to be penalties imposed for bad, and destructive, behaviour. No more “golden parachutes” for bad business decisions. You gamble,and lose, then you lose.  It’s that simple. 
I expect our representtatives to"understand” their position, which by electing them to their positions in government is really “our” position (and that they (the corp.‘s) NEED our money.) WE must hold them accountable to as much blame, regulation, financial repercussions and ” material loss” as we can. C’mon you politicians, do you job!!! For once, we need strength in our representation, not the “status quo”.

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By Blackspeare, September 23, 2008 at 12:45 pm Link to this comment

Looks like the fox was put in charge of the chicken coop and now that all the chickens are gone the fox wants to help get more chickens.  Also, the “bailout” price tag at 700 billion dollars sounds very high——I think it should be stated as 0.7 trillion dollars——sounds much more manageable.

And like the Good Book says, “this too shall pass.”  The US survived WW I, the Great Depression, WW II, Korea, Vietnam, Nixon and Kissinger, the S&L;collapse, the Dotcom bust, Enron, Iraq, Bush and Cheney, and the US will certainly survive the latest housing and financial failures.  Remember its only money and even in the worst of times there are people who are doing quite well.  The only thing to really worry about is currency devaluation and hyper-inflation——but not for a while.

Oh, by the way, the simple way to solve the mortgage crisis is to extend the terms to 40 years, but that’s too easy——we need a much more complicated solution.  As for those people that that have already been foreclosed——as we say back home, “tough titty”.

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By Outraged, September 23, 2008 at 11:11 am Link to this comment

Chris Dodd is in charge of this bailout fiasco.  How will that play out?  According to the article in “The Nation”,

“Dodd offered a plan to give Paulson extraordinary—and, frankly, excessive—powers. But the senator also moved to place tighter time limits on the period in which the treasury secretary would be able to exercise those powers, to establish an special inspector general to monitor the program and to set up an emergency board with two congressional appointees to provide oversight.”

Dodd’s contributors for his bid for President.
http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00000581

Dodd’s senatorial race contributors.
http://www.opensecrets.org/politicians/summary.php?cid=N00000581&cycle=2008

Can we trust this…?  And if Paulsen and his crooked pals grab up the money and the power, will there be any “time limit”, let alone, “tighter ones”.

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By Outraged, September 23, 2008 at 10:44 am Link to this comment

The price tag for this little endeavor is staggering, according to Bloomberg:

“The plan would raise the ceiling on the national debt and spend as much as the combined annual budgets of the Departments of Defense, Education, and Health and Human Services. Paulson was asking for the power to hire asset managers and award contracts to private companies. Most provisions would expire after two years from the date of enactment.

http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=awekS4PaIZrw

>> Anyone want to place bets that if this is approved, the 2 year expiration date would never arrive…?  In addition, apparently there’s a little “clause” in this package.  From “The Nation”:

“Under Paulson’s draft plan, Congress and the courts would have been barred from reviewing or challenging his moves to stabilize financial markets—effectively making him the nation’s economic czar.

That’s not just a dangerous power grab for economic and politic reasons. It’s unconstitutional.

Paulson’s power grab was specifically spelled out by the treasury secretary in Section 8 of his proposal, which read: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

It continues:

“Section 8 of the Paulson proposal must be stripped in its entirety.

There can be no vagueness, no gray area.

Otherwise, the treasury secretary would become a more powerful—and unaccountable—figure even than our powerful and unaccountable president. And, as such, he would be operating in direct conflict with the Constitution.

The nation’s essential document makes it clear that every member of the executive branch is subject to legislative and judicial review.

Congress cannot delegate its oversight authority to a cabinet member, even in a time of turmoil. The opening section of the Constitution gives all—emphasis on all—legislative authority to the House and Senate.”

http://www.thenation.com/blogs/thebeat/363351/is_paulson_s_bailout_proposal_constitutional_no

>>  Hell, two weeks ago everything was “fundamentally sound”.  I don’t even want to go back and look at the BS they were spewing. Crooks and Liars. Sickening.

Someone said Paulsen even looks like a nazi, I agree.  But that’s really not surprising is it.

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By psickmind fraud, September 23, 2008 at 10:22 am Link to this comment

Since Paulson has been in charge, shouldn’t he be the first to go?  Why are our legislators listening to his proposals?  Well, okay, because their owners are telling them to. But he needs to be kicked to the curb. 

Anyway, lose Paulson and Bernanke, and if you’re gonna bail a company out, their execs and directors are immediately dismissed without pay or parachutes and are not allowed in the industry again.  A small price to pay for the taxpayers money. 

Just a couple weeks ago what used to be our gummint named an overseer for Freddie Mac.  He came from the Carlyle Group.  The Carlyle Group’s subsidiary Carlyle Capital failed in March.  Seems like the perfect guy to put in charge, don’t you think? 

The weasels are truly in charge of the henhouse and they’re getting weaselier by the day.

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By GW=MCHammered, September 23, 2008 at 10:04 am Link to this comment
(Unregistered commenter)

Headlines I’d like to see:
50 MILLION DEDUCT $50K FROM ‘08 INCOME FOR GOVERNMENT FRAUD

RUN ON 401-Ks FORCE WALL STREET INTO INVESTOR INCENTIVES

10 MORE CORPORATIONS TARGETED FOR POPULAR MONTH-LONG BOYCOTT

BUSH-CHENEY-OTHERS JAILED IN DUBAI FOR CRIMES AGAINST HUMANITY

Headlines I’ll likely read:
BUSH FAST-TRACKS 15-STATE GOVERNMENT BAILOUTS

PRESIDENT PALIN ADMITS SHE’S POWERLESS AGAINST “FORCES DRIVING AMERICA INTO POVERTY”

BILDERBERG BARONS SECURE CHOKEHOLD ON GLOBAL CAPITAL

WORLD WAR EXPANDS TO NORTH AMERICA

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By Hammo, September 23, 2008 at 9:06 am Link to this comment

This offer is available for a limited time only! For just seven easy payments of $1 billion each, you can take advantage of this opportunity. To find out more, see the article:


Wall Street’s special offer – but you must act now!

Sept. 23, 2008
AmericanChronicle.com

http://americanchronicle.com/articles/75216

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By RdV, September 23, 2008 at 8:56 am Link to this comment

Because Dave in Big Pine,the problem is structural Deregulation made it that they weren’t responsible.

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By Dave in Big Pine, September 23, 2008 at 8:20 am Link to this comment

please, someone explain to me how any negotiations of the bailout could begin, any money paid out, without first firing all the CEO’s, board members, and high ranking managers of these firms? how on earth could these people be left in place?

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By Alan, September 23, 2008 at 8:19 am Link to this comment
(Unregistered commenter)

John Hussman (founder/director of Hussman Funds)
in this week’s commentary (an open letter to the FED)
analyzes the bailout and concludes that its terms
are ill-formed to serve as a solution to the problem:

http://hussmanfunds.com/wmc/wmc080922.htm

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By Fahrenheit 451, September 23, 2008 at 7:55 am Link to this comment

Sorry;
This is a must see from “The Real News”

http://therealnews.com/t/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=2386&updaterx=2008-09-23+09:59:40

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By Hannah, September 23, 2008 at 7:55 am Link to this comment
(Unregistered commenter)

I see the bush administration in another attempt to sell WMD’s, mushroom cloud, we must act now or the markets will collapse. Well let them collapse. How is this helping the people who are paying for it. Another 700 bil her, 500 bil there and soon the government will be gone and that is what they want to happen. No social programs, health care, SS, medicare, education for the people, only bailouts and no bid contracts for wars benefiting the wealthy.

If you look at what the bush administration has been doing over the last 8 years, gutting government agencies, rendering them useless, no oversight, FDA, FEMA, EPA, none of them working, no money. This was the plan. get rid of all government except the pentagon and war agencies and privatize all other agencies. Can you imagine an America where many people wouldn’t be able to afford to go to the library, the National Park, drive on our roads.

If we don’t get these neocons, republicans, out of office this is the America we will have.

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By Bryan, September 23, 2008 at 7:41 am Link to this comment
(Unregistered commenter)

Doesn’t anyone else have a problem with Dodd’s proposal that the government receive ownership shares in the companies it buys assets from? From a business standpoint, it makes sense and is commonplace. In this case however, because this is the Federal government, there is a SERIOUS conflict of interest here. Why is no one discussing this?

We already know that our government will do whatever it must to serves itself, but we are approaching a monumental level of theft and manipulation of taxpayers: Gov controlling and profiting from privatized entities that taxpaying consumers absolutly rely on for income, wealth and retirement.

Chris Dodd: You suck! Back to the drawing board pal!

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By prolefeed, September 23, 2008 at 7:31 am Link to this comment
(Unregistered commenter)

This bailout should be called “The Money Shot”, because in this obscene, pornographic abuse of power that has taken place over the last eight years, this grand finale truly will be the money shot. And it’s going to hit each and every one of us right between the eyes.

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By Fahrenheit 451, September 23, 2008 at 7:19 am Link to this comment

@ Big B;

May I suggest there is no longer a “we” in the all inclusive sense?  Bush/Cheney/neo-cons have effectively, divisively, thoroughly, split the population of this country into us/them and other!  The dehumanization/differentiation process is pretty much complete.  Racism fits beautifully into this because we can so easily tell differences by sight alone.  This along with the total dumbing down of the majority has ensured the right will always be the force to overcome; they have the momentum they established during the Reagan era.  This momentum will always be ours to overcome.

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By Big B, September 23, 2008 at 6:59 am Link to this comment

troublesum hit the nail hard! Just like the great depression, we need to reset and restart our economy. We hit rock bottom in 1932. But through some social engineering and government oversite(and a huge fucking war) our economy came back stonger than ever. However, we must keep in mind that in 1932 there was no middle class! Most working class people at that moment in time worked 12-16 hour days in awful conditions, and they were indeed poor. This generation of americans will have it perseptivley worse because they have more to lose. But the band-aid must be ripped off or we will be wollowing in this awful economy for decades instead of years.

The New Deal created the american middle class and the unpresidented economic boom of the late 40’s to late 60’s. Only through extensive government spending and oversite was american captitalism allowed to flourish. Big business has proven that every time it is given unregulated stewardship of the american economy it has flow the plane into a mountain of greed and avarice. The economy of the US is too important to be left exclusivly to free market robber barons. Unlike in the 1930’s, a piss poor economy no longer effects only 100 million americans, but OVER 300 million americans and countless other people in our new world economy. We need a new “NEW DEAL”.

We need to ask ourselves, do we think that either presidential candidate, or our existing government are capable of the kind of selfless leadership that will guide the US to a “New World” economy? Will they have the guts let us hit bottom, to cleanse ourselves of the sins of the few, so that we can move forward in a responsible manner that will ultimatley lead to prosperity for us all.

Instead of spending nearly a trillion dollars to prop up the current failed banking system, lets spend it on starting a whole new publicly funded and managed system. We the people have let the free market run the US economy into the ground numerous times in our history. You cannot say that we did not give it a fair chance. We did. It failed EVERY TIME!

We the people need to take control of our nation. We need to run it for the benefit of the many, not the few. But we need to ask ourselves will the kind of radical institutional change that is needed occur without a new american revolution?

I doubt it.

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By troublesum, September 23, 2008 at 6:27 am Link to this comment

Now we know why Greenspan pursued the kind of monatary policy he did for 15 years and why republican were so dead set against single payer health care - so money would always be there for bailouts like this.  Keep screaming about small government, budget deficits, and inflation.  Starve the beast so that it will be able to eat Wall Streets garbage when time comes.

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By RdV, September 23, 2008 at 6:22 am Link to this comment

You mean Keating5 McCain, with his Reagan reality that lobbied to deregulate the S&Ls;and wants to privitize social security while expanding the war on terror has a plan to pave the way to a brighter tomorrow?

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By RdV, September 23, 2008 at 5:51 am Link to this comment

Why should we continue to subsidize another manufactured mushroom cloud scenario?
Deregulation under the guise of the rallying cry of “git big gubbermint offa our backs” is nothing more than a deliberate ploy to loot without oversight. There is no accountability because there is no law violated. Now they are lining up to be rewarded for their criminal wheeling & dealing with the expectation that we are expected to pony up to their demands and the best the Democrats can offer is a paltry bone thrown to keep the pack quiet.
  Congressional ratings are dismal NOT because of lack of partisanship (translated as capitulation to the Right)or because it is led by the triangulating DLC Democrats, but because of the failure to challenge the NeoCon Right or hold them accountable anywhere along the line for their continued success at running the county into a ditch, with the ineffectual girl, Pelosi, claiming she would pursue impeachment if anyone could demonstrate evidence of a crime…No wonder the empty vessel Palin looks so much better by comparison—she portrays herself as assured, while Pelosi is spinning and bowing. 
So much for the people’s house, so much for a government of the people, for the people and by the people in the interest of the common good.
The Republicans are criminal and the Democrats are compromised by their complicity. Why save any of them at our expense?

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By Fahrenheit 451, September 23, 2008 at 4:50 am Link to this comment

Only a fool will believe $700 billion will be enough.  Only a fool will buy Paulsons bullshit; only a fool will give this administration a chance to push through one more lie.  Look at the history for gods sake; 20 billion for the Iraq war.  We are about to see what the democrats are really made of here.  And how much Vaseline we need to buy.

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By troublesum, September 23, 2008 at 1:41 am Link to this comment

Ron Paul on cnn yesterday said there shouldn’t be a bailout; that the bubble needs to be deflated rather than patched up.  According to him they are exaggerating both the benefits of the bailout and the consequences of not doing a bailout.  If we don’t do a bailout there will be losses for sure but that the pain will be felt for a year.  If we do a bailout we will have a decade of grim economic realities.  He also believes that $700 billion will not be enough to do what they have in mind and they will have to keep asking for more.  They don’t want to go through the pain of having the market right itself so they have to keep patching things up.

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By Vote them out, September 23, 2008 at 1:32 am Link to this comment
(Unregistered commenter)

Anyone who couldn`t see this coming must have been in a coma ...blind or plain stupid.
If this latest fiasco has not finally opened the eyes
of every citizen by now that “the Republicans must be clearly identified as the party that wrecked America”,
then they are definitely beyond any help whatsoever!!!

What we see is the greatest financial swindle ever….
And John McCain cheered them on.
Another Republican “up yours” on their way out !

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By Alan, September 22, 2008 at 9:44 pm Link to this comment
(Unregistered commenter)

A Silver lining?:

I recommend the following NY Times article:
http://www.nytimes.com/2008/09/23/business/23wealth.html?ref=business

It notes that the Paulson Plan will establish
something like the largest “sovereign fund”
in the world.  Maybe it is a good idea then,
if the people can get and keep control of how
its assets are directed (it will of course also
entail not limiting the life of it to 2 years)
Certainly there are many green projects it could invest in after the
bailout of the financials.

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