Now if only they stick to their guns..
I think what we should be doing is instead of praising conservatives for acting like conservatives, we should be calling out the ones who are supporting this bill.
If this is so all-fired freaking important, then why isn't it being televised on all the networks?
You'd think that if they could televise such important hearings, like those about baseball players taking steroids, they could televise something that's supposedly going to destroy the world economy, and cause us all to be out of work and starving to death come 8:00 Monday morning.
Why is it that Bush called his home-boy Obama to come to Washington and help close the deal - WHEN THE DEMOCRATS WERE ALL SUPPORTING IT??
Why is it the Democrats that caused this whole mess are in charge? Why are the Democrats siding with Bush, and the Republicans objecting? This whole Bush-Obama-Dodd bailout scam smells worse than a two week old dead fish wrapped in the NY Times.
I call BULLSHIT on this whole thing. Call your Senators offices and tell them that you don't want to buy 700 Billion worth of MBs that have 500 TRILLION dollars worth of CDs risk attached to them.
World "economic advisors" are saying this will sink the entire world economically and turn the US into a bananna republic, Well, if this will collapse the whole freaking world economy - then SO BE IT. We can rebuild our economy in two years - screw the rest of the world. I'm tired of carrying them on my taxpaying back....
JB
you don't think I've been hollering at my congressman already??
here's the response I got.
Dear Mr. *********
Thank you for your correspondence concerning legislation that would allow the Treasury Department to purchase up to $700 billion of bad mortgage assets from the financial services sector.
Like you, I have some serious reservations about the proposal in terns of the costs and the lack of oversight and accountability. I agree that the Congress should not hastily act to bailout sectors of this industry that have acted in an irresponsible fashion. Honest tax paying, bill paying citizens should not be forced to bear the costs of providing a government backed assistance package for those who have simply made poor business decisions. We should not support any proposal that would socialize another key component of the economy.
I appreciate having your views on this matter, and I do not plan on voting for any proposal that recklessly exposes current and future generations of taxpayers without providing financial assurances that their money will be returned. Certainly we are at risk of a financial crisis, but we must have a proposal that stabilizes the market without a blank check bailout of those who have directly created this issue in the first place. As this issue develops in the upcoming days, I will certainly keep you thoughts in mind.
According to Gingrich and Dick Morris on Hannity and Colmes, McCain has killed the Paulsen bailout and will present his own version, which will require the government to lend, not give the money, and regulations will be reformed and taxes will be loosened to help them pay us back.
Both Gingrich and Morris were giddy. They both said McCain has shown that he will stand up to anyone--including the president--to fight for the country, and he's changed the argument: Now, the Dems support giving a trillion dollars to the Wall Street "fat cats," as they called them over and over, but McCain has refused, in the name of the taxpayer.
Both Gingrich and Morris said that McCain had utterly and totally pwned the Dems, who will be forced to support McCain's plan.
McCain will then go to the public and explain that Obama supported the bailout, but McCain crafted an alternative, despite immense pressure from the president and the Department of the Treasury.
As a bonus, McCain stood up for the conservative wing of the party, not the moderates, as everyone expected him to do. Both Gingrich and Morris said McCain has totally won the argument.
Let's hope it all pans out this way.
Morris said that he's never seen anything like this: McCain, the man of principle, united with the most effective campaigners in the history of American politics.
He was as excited and happy as I've ever seen him.
I called earlier and let my voice be heard.
BTW, just heard L Graham on FNC just say that in the proposal was monies for ACORN. WTF?
First Dingy Harry trys to slip in a proposal for a ban on shale oil drilling now they tried to slip in monies for that friggin corrupt ACORN.
Son of a bitchen assholes anyway
Tom,
that is GREAT NEWS. I'm feeling better than I have in weeks. This is going to get good!
W, 
Both Sen. Shelby and Sen. Sessions have stated they oppose the bailout in its current form. Sessions was a call in guest this morning on WVNN and stated he was opposed to giving away 700 billion dollars.
Ditto that Tom! If it's true, it would help McCain in redefining himself as being a conservative (although I was disappointed in some of his statements to 60 Minutes - like praising Adrew Cuomo). If McCain can push a plan that actually does lend and not give away the money, more power to him. It's disgusting to me that Dodd and Frank have gotten so much air time pontificating about what should be done when they bear much responsibility for the problem.
This is over at Michelle Malkin's website...
http://tiny.cc/hM5Oq
Unfreakingbelieveable...
Before I was elected to Congress we used to hear that when faced with a crisis, members of Congress would invariably soil themselves, throw money at the problem and hope that it went away.
Unfortunately, in these dysfunctional economic times, we find that this process has continued.
As Americans face a potential meltdown of the financial sector, we have seen what I believe to be an inappropriate response starting with this Administration.
From the time we were informed that a potential financial meltdown was going to occur, this separate equal branch of government which is the U.S. Congress was told that we had but one alternative and that if we did not pass it quickly — in the time specified *by* the executive branch — that our economy would be severely damaged.
It has been my opinion that we were elected, by the sovereign people of the United States, to make important decisions on their behalf, to do it with the due diligence and devotion that is due and to come up with a positive solution to their situation.
Last night, I was struck by the fact that again we were told [by the President] that again if we did not give unlimited amounts of money and unlimited powers to the Executive Branch that *we* were failing in our due diligence and responsibilities to the American people.
I heard the President of the United States say that we do not understand the need to act.
That statement is false. We understand the need to act.
We heard from the President of the United States that we did not care about American families.
That statement is false. We care very much about American families.
What we did not hear was a recognition that a three-page document that gives to the Treasury Secretary and the Chairman of the Federal Reserve powers — the likes of which Stalin and Mao killed people for — was not an acceptable response to give to this separate, equal branch of government.
Today, we are told that House Republicans are standing in the way of a $700 billion use of your tax dollars to bail out the very people who caused this problem!
Guilty as charged!
House Republicans believe there is an alternative.
The Administration tells us that their first, last, only resort is to go to the taxpayers and bail out Wall Street. We fundamentally disagree with this!
Wall Street should bail out Wall Street.
House Republicans believe that the toxic assets clogging up our economy should first attempt to be recapitalized by the very people sitting on the sidelines with their money waiting for you the taxpayer to be fleeced and put it in so they are “confident that the market will work”.
We can not re-inflate the bubble.
The people who on Main Street invested and saved and had good credit their entire lives should not be asked to go back in to help cowboy capitalists who shot themselves in the foot.
I have supported the President when he has been correct.
But he is in err now.
House Republicans stood and supported
damn politicians. cant they work on something without trying to slip something else into the problem.
This is almost restoring my faith in government to the point that I may become Republican! Quick! Give me my pipe and bowl! Let me think this thing through! I am so happy we have some Paul Reveres and Thomas Jeffersons in there fighting for us taxpayers!
" they no longer believe the Bush administration "
Read it and weep guys and girls! And don't say I didn't tell you so!
Is there a person alive - excluding the Kos and HufPo crowds, the Dem majority, and certain RINO's - who didn't expect the scumbags to try and slip a few goodies for friends into this package?
A goody for the eco-terrorist crowd, a goody for the "community activist" crowd, and who else?
I agree with a previous poster - if the world economy crashes, so be it. The US can get back on track if we kick the socialist the hell out, and the rest of the world can kiss our asses. No more "foreign aid" to our enemies!
I was reviewing John McCain's 2006 May speech predicting this whole mess and calling for reform and supporting the reform bill . . . and I began to wonder . .
Has anyone dug up Obama's votes on the attempts to reform Fannie & Freddie?
There is a long, long list of attempts to bring up reform. Or did it never get to a vote?
Is there any record for Obama on Fannie & Freddie legislation at all? Besides "present" I mean . . .
But, but , but if our economy collapses how will we continue sending Millions to Iraq? What about Afghanistan? And Sudan? And Columbia? and Egypt? And Ethiopia? The Congo? Pakistan? Nigeria? and Jordan? Bwahahahahahahahahahahahahahahahahahahahahgahahaha
hahahahahahahahahahaha!
Heh, Larry. No kidding. If we suspend foreign aid for a few years we could catch up on our bills.
In like 3 days.
Perhaps this is part of the reason the package has been scuttled??
What? ACORN Given 20% of Bailout Money under Original Bailout Proposal???????
http://insightanalytical.wordpre...ilout-proposal/
Lindsay Graham on Greta let the cat out of the bag...all that taxpayer money to Obama's buddies at ACORN??
Clean both houses and kick the fuckers out, this shit has gone on long enough.
Kill this bailout and then hang Clinton, Raines, Johnson, Gorlick and all the other Wall Streeters.
Don't forget Paulson and Bush either. The GOP representatives are men who deserve to be honored. The Democrats remain the socialist scum they have always been.
Thomas Jackson, while I realize you are joking in your own unduplicatable way, there are more appropriate subjects to joke about than hanging current and ex presidents and others, aren't there?
"I was reviewing John McCain's 2006 May speech predicting this whole mess and calling for reform and supporting the reform bill . . . and I began to wonder."Keep on wondering, Buckwheat. I think you're on the right track!
— Ace
Thomas Jackson | 09.26.08 - 5:26 am
the best jokes have a nugget of truth to them...
in this case the nugget might be as big as a mountain..
" Thomas Jackson, while I realize you are joking in your own unduplicatable way, there are more appropriate subjects to joke about than hanging current and ex presidents and others, aren't there?
Christoph | 09.26.08 - 7:09 am | # "
Rewind about 200 years. This would be no joke!
For anyone still wondering about the nature of the disaster, Cpt Ed finds a good video explanation. Make sure to read his comments. It is important to remember that there were some Reps as well who helped to bring this nightmare to life.
http://hotair.com/archives/2008/...inutes-or-less/
The bailout as I understand would accomplish the following:
1) inject liquidity into the market.
2) "take" the bad securities off the market.
3) allow for lots of pork and political fighting
Issues with the those three
1) there are other ways to maintain liquidity apart from throwing 70B at the market.
2) The taxpayer will be the proud owner of those junk mortgages. Surely they are worth something, but good luck collecting it. Also as you see from the video, the housing was overvalued, and now that it has adjusted, the real value is a fraction of what it was hyped to be. There is an inherent loss. I don't know if the Fed's "bargain shopping" will be at the actual price or stil overpriced.
The real kicker here is that #2 is probably unnecessary. Look at what happened with JPMorgan purchase of WaMu. JPMorgan took it on the chest for 30some B., but no taxpayer funds were needed. As long as companies like JPM have cash to spend and do not bite more than they can chew, market can take care of this.
3) well I hope I don't need to go into negatives of this one.
sorry, posted as Anonymous...
I am the Mongol and I approve this message.
Why should my money go to ACORN Ace?
It shouldn't
Burning Down The House:What Caused the Current Crisis?
Must see vid, WATCH IT ALL.
Roots Planted 12 Years Ago
http://despair.com/government.html
Government: If you think the problems we make are bad, wait until you see the solutions
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