Stephanopoulos: Paulson Fears Deal May Collapse

Do you know where John McCain was born?

Let the banks fail.
Let the crash come fast and hard – that will keep it short.
Let the guilty bear their rewards and leave us free to rebuild.

I do believe that the Democrats planned to play chicken with this all along…..the last-minute “stimulus” (handout) bill, the “lets let judges rewrite mortages”, etc. etc.
They think this is a game, akin to the annual who-gets-the-blame-for-failing-to-pass-a-budget game.
Despite the Media’s obvious attempts to help the Democrats, over time (as it usually does happen) we’ll see the true motivations revealed.
Obama is going to look like an also-ran in this. Too bad its not a game.

And if school records are so important how can you vote for a candidate who was 5th from the bottom of his class in college, who picked a running mate who had to transfer 5 times to get a communications degree?
Do you find comfort in knowing the candidate you support isn’t very smart as opposed to having some uncertainty about it?

John McCain was born in the Panama Canal zone. His father was a naval officer stationed there.

Great post/find LightSeeker. For all of those saying this is the market failing and the downfall of free market capitalism gone wild, all I can say is read a book.
Affirmative action applied to the housing market, the liberals loved it then! And now….well, obviously this crisis is due to greedy bankers and the excesses of an unregulated free market! LOL! what foolishness

In regard to the post by “Democrat All My Life” titled “Proud of McCain”…
You don’t want the debate? Huge minority there buddy. Take a look at the surveys… 68-72% of the people have responded they think the debate should go on as planned.
I’ve been a registered republican for 22 years, but I’ve finally opened my eyes and realized what the reps are doing. Obama 08 Baby!

I absolutely agree. Curb the Socialism, let the markets fall. NO BAILOUT!!! NO BAILOUT!!! Let the natural forces of free market purge us of federal involvement and set itself right again!

It will be the best thing for the country if the bailout blows up…why line the pockets of Goldman/Buffett/BofA, etc. at the expense of Main Street?

House Republicans are not torpedoing the deal.
Pelosi is because she is demanding a certain no. of Republican votes for cover.
She can pass the bill, but doesn’t want the public to realize her party is as much for rich bankers than the Republicans.

Congress is quite right to be wary of this bailout deal. $700 billion? To buy bad debts? With a silly war in Iraq? Are you kidding? Where will money for bridge repair come from? This money will evaporate and we’ll all be standing here wondering what kind of scam Bush pulled off. I hope Congress is very very careful here. This looks like a slightly early October surprise. I’m not buying this whole episode entirely. Something is rotten here. Keep digging. Someone’s full of crap. Pause. Think. See what the markets do over the next week.
Think. Desperate Republicans. Lying Bush with a war to fund. Something’s up folks. Major sneak attack. Careful.

I remember when the GOP was the party of responsibility. What a joke. For 6 of the last 8 years they held the White House (along with every federal department) and both houses of Congress. And still this colossal mistake is not their fault.
So either it is their fault or they are completely ineffective. Not sure which is better.

House Republicans are not torpedoing the deal.
Pelosi is because she is demanding a certain no. of Republican votes for cover.
She can pass the bill, but doesn’t want the public to realize her party is as much for rich bankers than the Republicans.

Claim: McCain claims that he championed legislation that would have prevented the current financal meltdown;
Fact: False/Misleading
In his September 19th speach in Arlington, VA., Sen. McCain states:
“Two years ago, I called for reform of this corruption at Fannie Mae
and Freddie Mac. Congress did nothing. Senator Obama did nothing, and
actually profited from this system of abuse and scandal”
What he is referring to is a Senate bill (S.109[109th] Federal Housing Enterprise Regulatory Reform Act of 2005) which was originally authored by Sen. Charles Hagel and co-sponsored by Sen. Sununu and Sen. Dole. It was not until after a 2006 Office of Federal Housing Enterprise Oversight Report to Congress outlining problems with the two organizations that Sen. McCain decided to add his name to the bill as a co-sponsor. The bill never made it out of committee (Senate Committee on Banking, Housing and Urban Affairs), which was at the time controlled by a Republican majority and chaired by Republican Senator Richard Shelby. The statement about Congress and Sen. Obama doing nothing is true, but misleading, since there was nothing that they could have done until the bill came to the floor of the Senate, which it never did.
Sources:
http://www.govtrack.us/congress/bill.xpd?bill=s109-190
http://www.ofheo.gov/AnnualReports.aspx
http://www.sourcewatch.org/index.php?title=Senate_Committee_on_Banking%2C_Housing%2C_and_Urban_Affairs#109th_Congress_.282005-2006.29

This is exactly why the Senate and House asked John McCain to stay away: if McCain had not come to Washington, there would not have been a meeting at the White House, and if there had not been a meeting at the White House, the deal would not have blown up. Thanks, McCain! WElcome to the Depression!

Alessandro, if you don’t believe Bush, then listen to Warren Buffet–an Obama supporter by the way. He says we are going to go over the precipise if this is not done. When I think, which do I want, a bailout or a serious recession or depression, its a no brainer.

PJR
saying let hte banks fail shows you do not understand teh scope of what is happening…
this isnt just a simple, oh they screwed up let them pay for it
if we LET them pay for it… if we let things just unload…
its a GLOBAL problem.. the GLOBAL economy tanks
the banks that ARE OK, stop lending money
then what happens is a ripple effect… and you can claim you dont care, but heres what happens
banks stop lending to small businesses and otehr people… those businesses go under
unemployment sky rockets
suddenly bigger and bigger companies start to fail because there are less and less people working, and who have money to spend
then what happens is those middle and lower class people lose their jobs and houses, and then people start to get sick and now we have a medical crisis on our hands
the money trickles down
and the pain trickles up
unless you are rich, and have your assets and money liquid
the ripple effect from this could cause a massive massive disaster that you obviously dont understand…
this will effect YOU
if this doesnt go through, IF we DONT put up the money NOW
we are all doomed…
the good news is that, the bail out can make the tax payers money, if the government sells back the morgages at a profit
a lot of the loans are good loans

Paulson is afraid he won’t be able to keep his promises of an open ended bailout to his wall street buddies.
McCain has done nothing on this issue, he is on no relevant committee, has no relevant experience, and possesses no relevant knowledge, they were actually closer to a deal being done until he made his stunt.
I personally need a president that can work on more than one problem at a time.
Obama also is not on any of the relevant committes, he’s consluted with experts made his proposals and is letting the process happen. That IS doing his job.
I say again, all McCain has done is try to hijack this process so he can claim some personal victory, it is grandstanding on a delusional scale.

It’s time for the people to retake Washington. The politicians are irrelevant, or worse. The Democrats are the most loathesome of the bunch. (Remember which party wants to eliminate the Second Amendment? This is why!)
The gutless wonder Dem second string are warning of a “race war” if their boy doesn’t get elected and they get their way.
The Press has lost its entitlements under the First Amendment through partisanship and attempts at rigging the election.
So, when the politicians are run out, the print and electronic media ought to be flushed out, and start from anew.
Soon, they’ll have us facing bayonets. Better them than me.

Marty,
Just f up with your Obam abith certifcate crap.
We are tired of these distractions when there is 3/4 of a trillion at stake.
Just go to hell Bozo.
McCain is a citizen of Panama so stop disturbing.

If we can hold off on the proposed taxpayer bailout and try a free market approach instead, that would be better for everyone. We shouldn’t rush to finish something in time for a debate tomorrow. The present and future health of the American economy is more important than either Obama or McCain.

When you let junk like Democrat for Life to be posted there is no incentive to read your blogs –ie paid disinformation is hardly part of a blog

A lot of nutty Republicans on this site. McCain is trying to scuttle or delay the deal just so that he doesn’t have to face Obama to debate him. McCain is chicken.

I am so tired of rich Americans being motivated by greed and blaming minorities and low income consumers!! It is pure GREED (the mighty dollar) that motivated mortgage companies, etc to milk this cash cow until it blew up in our collective faces. It was not because there was some motive of ensuring that minorities and/or low income consumers could participate in the American dream. I am so mad I could spit!!!! Look at the banks! Look at the bonuses of the salesmen!! Look at who benefited from this crisis!!!!

Let the banks fail
why do we need to save these scumbags
if the debt credit lenders are destroyed
that means no debt
we can start anew
we will be justified in doing away witht hese career politicians
the integrity of america is being smothered by this move to save the people who will tax you and go after you if you are so unfortunate to be struggling with mortgage payments.

john vestri,
f off Bozo.
Post what is relevant to the discussion.
You Repugs and your distractions will fail.

I’m afraid this isn’t looking good for the DemWits, mainly, Obama and Pelosi. I agree, I think Obama was playing chicken, and after today’s meeting, he will be “chicken soup” in this election! Way to go, President McCain! Stand up for America! We are proud of YOU!
McCain/Palin 08!
“COUNTRY FIRST!”

last look 76TO 80%% of americans DO NOT WANT THIS DEAL,ITS iNSANE TO WRITE UP A CHECK FOR CLOSE TO A TRILLION DOLLAR AND MORE , WHERE DOES THIS STOP.
MccAIN HEADING DOWN THERE HOPING FOR THIS DEAL OR I SAY A BANDAID TO HELP HIS SINKING CAMPAIGN.
HE KNOW IN THE DEBATE IT WOULD BE HARD TO DEFEND HIS VOTING AND HIS PARTY ECONOMIC POLICIES THAT LEAD US HERE IN THE FIRST PLACE .
THE DEMOCRATS WOULD BE DUMB TO THROW HIM A LIFELINE; LET THE TAX PAYERS/ CITIZENS SEE HOW THE REPUBLICANS FAIL POLICIES THAT MCCAIN WANTS TO CONTINUE.
BUSH AND MCCAIN CAREFULLY PLAN THIS HOPING THE DEMOCRATS WOULD CAVE TO PASS THIS PACKAGE AND HAVE MCCAIN TRICK THE AMREICAN PEOPLE THAT HE WENT TO CONGRESS TO GET SOMETHING DONE .AT LEAST IN THEIR MIND THATS HOW WRAP THESE PEOPLE ARE.
DON’T DO IT DEMOCRATS .GIVE OBAMA A CHANCE TO WIN AND THEN LET HIM APPLY AND CHANGE THE POLICIES AND WASHINGTON.

Do we really believe anything these people say? We are about to give 700 billon to the same people who f****** it up in the first place.

John McCain and his Republican rats are at it again, politicizing everything and blaming this whole mess on the Democrats. Enough!

To steveO:
I would like to ask you how do you think we got here in the first place. The federal reserve sets interest rates.
When the interest rates are artificially low it causes mal investment. This is because we have to PRINT the money to pay for things. When that money trickles down to the American people and filter through the system it drives the prices to a point where it is unbelievable.
Why do you think your grandapa said, “i used to buy a candy bar worth 0.10c back in my day”.
That is because we have printed 6.7 trillion dollars since then.
Printing $700 billion dollars will collapse the system to a point where no one in America can afford ANYTHING. Every single savings that anyone has will be gone, all 401(k) will disappear and everyone will not have a house. I am not trying to use fear as people do, but systems like these have been proven in history to NOT work.
The stuff the media feeds you is an attempt to control your thought process and have you come to a conclusion that what they are saying is factual.
yes we will have bad times and yes people will lose jobs. It has to happen because we have allowed the Federal Reserve to print money freely.
BTW the federal reserve is a private company, it is not the government.

This is what comes from decades of kicking the can down the road. It isn’t just about banking practices, it’s about free markets, greed, avarice, and the manipulation by politicians who got rich off the very system they now want to fix. How many congressmen and women are involved in the market, bought real estate at a “sweetheart deal”, were ‘in bed’ with one of the banking industries now defunct, etc? These questions ought to be answered BEFORE any money gets spent. Let the politicians answer for THEIR misbehavior, and I mean in November at the ballot booth!

tell Paulson and Bush and McCain to all go to hell!

God knows I love John McCain for what he’s done for the country in the past, but he has lost it. He’s chasing his own tail on the financial crisis. One day he thinks everything’s ok, next day his hair is on fire because there’s going to be a depression. There’s something wrong with him. Watch his left eye. No way I’m voting for a 72 year old who’s probably having a stroke or has Alzheimers, especially with that empty skirt Palin a heartbeat away.

Welcome President John McCain, your election has ensured the destruction of America. Long live Venezuela and his glorious leader Chavez; At least he can raise his hands over his head.

John McCain has lost any shred of integrity he may or or may not have had. His ego is as out of control as this financial crisis.

Posted by: Bhrandon | Sep 25, 2008 6:27:02 PM
Your post has so been debunked, your pitiful. Check your facts.

david from texas- I will welcome president McCain. He doesn’t hide like Obama when tough issue arises. “call me if you need me” “it’s above his pay grade”
Christopher-loved your post it’s exactly right.

I too lived and worked in Indonesia but I never faced Mecca when I prayed nor did I ever forget when life beings, at conception.

I have been appraising for 20 years and although we saw it push in the 90′s for AmeriDream programs, they fizzled due to strict underwriting. It has been only in the last 3-5 years that underwriting has been lax as lenders were making big profits without the risk. The paper was flipped over and over with big profits made all along the way. I am not for a bailout either and feel we need to get back to tried and true method of lending with risk held by the lender for accountability. For those trying to blame the Carter/Clinton years, I would refer you to the White House website quoted below and the president’s first speech on the matter. This is not a political issue. It is a greed issue. The large percentage of loans going south are not from the 90′s, they are from 2005-2007.
And from the White House Website (still up there for now and written in 2004)…
Expanding Homeownership. The President believes that homeownership is the cornerstone of America’s vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America’s Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities.
The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago. President Bush’s initiative to dismantle the barriers to homeownership includes:
American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;
Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;
Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program; and
Simplifying Homebuying and Increasing Education. The President and HUD want to empower homebuyers by simplifying the home buying process so consumers can better understand and benefit from cost savings. The President also wants to expand financial education efforts so that families can understand what they need to do to become homeowners.

david from texas,
You must be kidding.
When the voters get to understand that this deal failed because Repugs do not want to add safeguards for the struggling homeowners who are the voters the Repugs are cooked.
In addtion their rich buddies on Wall Street will be angry with them.
The economy will tank and then the whole country will be mad at Repugs.
Boy I love this.
McOldman is chiken soup.

Nancy Pelosi, American traitor.
Barack Obama, an audacious liberal

McCain is a fool who doesnt know where to stand on any issue at any time. He acts like the good old days are still here where what you say only the local yokals will have heard. The fool will say that he is muslim too if he thinks that he will get votes form it. I dont know how or why a man like this was ever ” voted” for. Who hear really wants to vote Mcain – bet you all wish Romney was here now….I DO ….let the banks fall dont give in to the dems and the pork they want to make this a socialist nation.

Please nationalize err, bailout Wallstreet. And please make sure the American “people” (i.e. government) has an equity stake. This is communism without the bloody revolution. I love it.

Let the banks fail and the system work like it should. Are we a Government State now? The government should NOT insert themselves in this. I dont want to bail out a bunch of thieves with my hard earned tax dollars, that is why I am a Republican.

YOu people are nuts with hate! Wow I didn’t know that som many republicans trolled the web to spread their “heavenly” message of hate.
Obama is the righteous one here. He is qualified to handle the Job. McCain is a dumbass! Anyone who flips on ideologies as much as he does is a wolf in sheeps clothes!
I’m happy I switched parties many years ago.

The philosophy is simply that the last money in should dilute the existing shareholder base, be the first money out, and profit from bank resurgence if and when that happens. This is what the American taxpayer needs as a plan from Congress.

Isn’t Paulson one of the formerly-corporate boneheads that got us into this mess in the 1st place? Now way in Hell is anybody gonna approve the megalomaniacal 3 page plan he’s now petulantly begging remain intact.

Food-stamp-backed mortgage crisis brought to you courtesty of a bunch of politically-correct democrats.
Obama and his ACORN buddies are center stage, and they know it.

Prince John had a saying “Rob the poor to feed the rich.”
Congress should call the Sargent at Arms and have Bernanke and Paulson (and Barney) arrested for treason. Then Congress should make one last collective decision and RESIGN.
Madness!!!!

– Who is Obama Hussien? –
Got me.. who?

Kyle: I want political achievements like a law or a legislation.

“He is qualified to handle the Job”
Community Organizer?

Shell-Shock I think you missed the point.

Michelle: are you a lesbian?

With McCain at the helm we can all face East, lay prostrate and chant in Chinese…well I say I am neither white, nor rich.

Bush and McCain, two peas in a pod, greedy and worried about the money they can pocket. Let the bill fail and the cards fall where they may, McBush is a fraud and always has been. He know all about bank scandals, just call Charles Keating for advice. Obama 08

LightSeeker | Sep 25, 2008 6:10:55 PM
Be FREAKING SERIOUS!
And go get a decent
education abroad! lol
In this way you might be able to have the kind of intelligence that makes you able to FOLLOW THE MONEY!
The ‘minority homeownership’/default IS NOT to the tune of 700 BILLION DOLLARS!
Wanting decent homes FOR ALL Americans should not lead to this kind of meltdown.
ONLY GREED CAN!
Such a humongous sum can be ONLY be found in the deep pockets of the RICH AND GREEDY!
FOLLOW THE MONEY!
IT IS IN THE DEEP POCKETS OF THE GREEDY, who can’t resist gaming the system!

Since history doesn’t seem to be a huge factor with Republican voters, I would like to remind them that the Keating Five included John McCain (and his wife’s confict-of-interest dealings with Charles Keating).
Keep buying the BS, buy-bull bangers.

Since history doesn’t seem to be a huge factor with Republican voters, I would like to remind them that the Keating Five included John McCain (and his wife’s confict-of-interest dealings with Charles Keating).
Keep buying the BS, buy-bull bangers.

The other four of the “Keating Five” were Democrats. three resigned in disgrace while only Sen. John glenn survived. His home state of Ohio is supporting Sen. John McCain…hmmm, maybe they get that wisdom comes with age and “experience”

It’s quite obvious anyone who wants the bailout plan to work is in serious financial trouble, and like “Wall Street” you should be allowed to lose everything you risked. (possibly losing everything.)
For people like me….I have saved tens of thousands of dollars, on top of paying off my home. I live economically/reasonably and make logical smart decisions based on whats best for myself and I still am currently saving almost 3000.00 per month.
I dont need your bailout and anyone who didnt plan ahead should get what they have coming. Essentially politicians have stolen my future away and from every young American. If these entities are not allowed to fail…it will spell the end of every future generation of Americans. Only ignorant/stupid Americans think that this problem can be fixed with an election.
Now as for my future…I’m taking my dog and pony show abroad.(Europe) I feel sorry for all you broke jokes who will have to take it in the rear like a prison inmate…Let me know how it feels…did the Fed govt. lube up first?
Isn’t sodomy illegal in the states?
Well it isn’t going to be me getting screwed. Have fun supporting illegals, Wall street, Iraq, Banks, etc…..you might actually have a few dollars left to buy some lube.

Obama’s birth certificate? Are you kidding? It’s all over the web. Here it is published in the LA Times:
http://latimesblogs.latimes.com/washington/2008/06/obama-birth.html
Unlike Obama, who is an American-Born citizen, McCain was born in the Panama Canal. He is a citizen only by a technicality.

Don’t bail Wall Street out, just get the system running again before all of these liberals can’t watch Oprah becuase the power goes out due to my tax dollars not paying for their wellfare

Clifton: His father was serving our Country while on military assignment. You are an idiot. What do you do for a living, wellfare recipient?

cirizen Z,
Don’t be a fool.
Stay on the topic unde discussion or post under another blog you retard.
Get my point.

Please do not insult Michelle. Her request was thought out and reasonable. I support McCain and here are my reasons:
1. Graduated at bottom of Naval Academy class. – Helped Americans by demonstrating that retards can memorize and parrot. Ergo, no educational plan needed.
2. As a naval aviator, got shot down 6-times. – Helped Americans by demonstrating retards can survive a violent episode. Ergo, no health care plan needed.
3. Spent 5 years as a POW and cannot raise his arms. – Helped Americans by demonstrating that retards can take a punch. Ergo, McCain is qualified to be President.
McCain for President.

Another cowboy in the making, eh? I thought this is the same guy who said, that any economic issue is not exactly his forte. Pandering at the highest level. Meanwhile, lowly people like me will suffer the consequences of Wall Street gluttony with the blessing of deregulation supported by of course McCain and Gramm.

Congress needs to hire a CEO to handle this mess.

What is it with you folks? You all sound like a bunch of second graders pissed-off because you didn’t get to eat all your ice-cream at recess. Face facts. The blame for this mess spreads from the investment banks all the down to the people who borrowed more than they could pay back by gambling on low interest credit. As a debtor nation, we are ALL to blame. Unless of course you are debt free. It’s a big crap sandwich and everyone has to take a bite. No one person or party is to solely blame. The blame spreads in so many directions it is invisible.
Nationalizing these debt instruments is the best way to inject liquidity back into the credit markets. That will bolster the banks, restore some confidence, and free up credit to both the business and consumer sector. This will over time help people start buying homes again and that will begin to lift the housing market back out of the slump.
Do you people REALLY want to see a depression just so you can stick it to Wall Street? Hey I got news for you, Wall Street investment made billions in the Great Depression while the regular Joe suffered. In a severe recession/depression the only people who lose is people like you and me. And you really want to see that happen? I sure as hell don’t.
You may not like a deal like this. I don’t either. But unless you have nothing to lose(job, car, house, 401K), you best get on board with it.

I think you were right Kyle; she is a lesbian.

Anyone that thinks the government or McCain or Obama can get us out of this mess is sadly mistaken.

A lot of ignorance here. Almost as clueless as the politicians pandering to their clueless constituents.
McCain=’Country First” I actually think he means it.

Dear Friends:
The financial meltdown the economists of the Austrian School predicted has arrived.
We are in this crisis because of an excess of artificially created credit at the hands of the Federal Reserve System. The solution being proposed? More artificial credit by the Federal Reserve. No liquidation of bad debt and malinvestment is to be allowed. By doing more of the same, we will only continue and intensify the distortions in our economy – all the capital misallocation, all the malinvestment – and prevent the market’s attempt to re-establish rational pricing of houses and other assets.
Last night the president addressed the nation about the financial crisis. There is no point in going through his remarks line by line, since I’d only be repeating what I’ve been saying over and over – not just for the past several days, but for years and even decades.
Still, at least a few observations are necessary.
The president assures us that his administration “is working with Congress to address the root cause behind much of the instability in our markets.” Care to take a guess at whether the Federal Reserve and its money creation spree were even mentioned?
We are told that “low interest rates” led to excessive borrowing, but we are not told how these low interest rates came about. They were a deliberate policy of the Federal Reserve. As always, artificially low interest rates distort the market. Entrepreneurs engage in malinvestments – investments that do not make sense in light of current resource availability, that occur in more temporally remote stages of the capital structure than the pattern of consumer demand can support, and that would not have been made at all if the interest rate had been permitted to tell the truth instead of being toyed with by the Fed.
Not a word about any of that, of course, because Americans might then discover how the great wise men in Washington caused this great debacle. Better to keep scapegoating the mortgage industry or “wildcat capitalism” (as if we actually have a pure free market!).
Speaking about Fannie Mae and Freddie Mac, the president said: “Because these companies were chartered by Congress, many believed they were guaranteed by the federal government. This allowed them to borrow enormous sums of money, fuel the market for questionable investments, and put our financial system at risk.”
Doesn’t that prove the foolishness of chartering Fannie and Freddie in the first place? Doesn’t that suggest that maybe, just maybe, government may have contributed to this mess? And of course, by bailing out Fannie and Freddie, hasn’t the federal government shown that the “many” who “believed they were guaranteed by the federal government” were in fact correct?
Then come the scare tactics. If we don’t give dictatorial powers to the Treasury Secretary “the stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet.” Left unsaid, naturally, is that with the bailout and all the money and credit that must be produced out of thin air to fund it, the value of your retirement account will drop anyway, because the value of the dollar will suffer a precipitous decline. As for home prices, they are obviously much too high, and supply and demand cannot equilibrate if government insists on propping them up.
It’s the same destructive strategy that government tried during the Great Depression: prop up prices at all costs. The Depression went on for over a decade. On the other hand, when liquidation was allowed to occur in the equally devastating downturn of 1921, the economy recovered within less than a year.
The president also tells us that Senators McCain and Obama will join him at the White House today in order to figure out how to get the bipartisan bailout passed. The two senators would do their country much more good if they stayed on the campaign trail debating who the bigger celebrity is, or whatever it is that occupies their attention these days.
F.A. Hayek won the Nobel Prize for showing how central banks’ manipulation of interest rates creates the boom-bust cycle with which we are sadly familiar. In 1932, in the depths of the Great Depression, he described the foolish policies being pursued in his day – and which are being proposed, just as destructively, in our own:
Instead of furthering the inevitable liquidation of the maladjustments brought about by the boom during the last three years, all conceivable means have been used to prevent that readjustment from taking place; and one of these means, which has been repeatedly tried though without success, from the earliest to the most recent stages of depression, has been this deliberate policy of credit expansion.
To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection of production, we want to create further misdirection – a procedure that can only lead to a much more severe crisis as soon as the credit expansion comes to an end… It is probably to this experiment, together with the attempts to prevent liquidation once the crisis had come, that we owe the exceptional severity and duration of the depression.
The only thing we learn from history, I am afraid, is that we do not learn from history.
The very people who have spent the past several years assuring us that the economy is fundamentally sound, and who themselves foolishly cheered the extension of all these novel kinds of mortgages, are the ones who now claim to be the experts who will restore prosperity! Just how spectacularly wrong, how utterly without a clue, does someone have to be before his expert status is called into question?
Oh, and did you notice that the bailout is now being called a “rescue plan”? I guess “bailout” wasn’t sitting too well with the American people.
The very people who with somber faces tell us of their deep concern for the spread of democracy around the world are the ones most insistent on forcing a bill through Congress that the American people overwhelmingly oppose. The very fact that some of you seem to think you’re supposed to have a voice in all this actually seems to annoy them.
I continue to urge you to contact your representatives and give them a piece of your mind. I myself am doing everything I can to promote the correct point of view on the crisis. Be sure also to educate yourselves on these subjects – the Campaign for Liberty blog is an excellent place to start. Read the posts, ask questions in the comment section, and learn.
H.G. Wells once said that civilization was in a race between education and catastrophe. Let us learn the truth and spread it as far and wide as our circumstances allow. For the truth is the greatest weapon we have.
In liberty,
Ron Paul

Still have yet to read some true POLITICAL accomplishments that have helped American people from either side.

OBAMA”S BIRTH CERTIFICATE!!
http://www.newsweek.com/id/154599
ENOUGH ALREADY! … HERE IS THE LINK PROVING THAT THE BIRTH CERTIFICATE IS REAL AND THAT OBAMA IS AN AMERICAN CITIZEN! IF I HAVE TO POST THIS EVERYDAY UNTIL THE ELECTION, I WILL … YOU HAVE FULLED AS TWICE ALREADY WITH YOUR SCARE TACTICS! NOT THIS TIME!!!!!

Michelle: This isn’t the place for truth! This is the place for smears & lies!

This crisis has been under way for a little over a year and unemployment is just over 6%, lower even than in the wake of the last, mild recession. More than 4% of mortgages are now seriously delinquent but the figure topped 40% in 1934. We don’t need this bail out.

Paulson needs to talk to the Republicans NOT the Democrats.

Mary: Then try to add some truth and good to the discussion. Try to add a comment so that people on this site (like me) who do care actually have something to read. Maybe if its enough, the rest of the misbehaving adults that are worse than two year olds throwing a temper tantrum will listen and actually add something constructive.

Insolvency cannot be cured with more loans, no matter how easy the terms. It requires more capital, which in deep crises only the government can provide. Mr Bernanke’s groundbreaking paper on the Depression, published in 1983, noted that recovery began in 1933 with large infusions of federal cash into institutions, through the Reconstruction Finance Corporation, and households, through the Home Owners’ Loan Corporation. They were, he wrote, “the only major New Deal programme which successfully promoted economic recovery.” OK, do it with upstream protections, Warrants, payable to the taxpayers!

Hmmm….ahhh, yeah….
Quote/
there’s close to 300 billion people in the US
Quote/
Let me guess, Republican???

Mistakes are confined to one party, D.S. People make mistakes on both sides.

The Dems have the majority. Why are they saying the Republicans are blowing this up? Could it be because the bail out is a bad idea and too many of the Dems know that?

Wow we got screwed as a Nation Today. I’ll never vote for an incumbent again. My recommendations are dump your dollars and American stock. Take long positions in the Euro and ADR Receipts and forget about American investments for a while. Also start taking deductions on your Income Taxes. I always used to overpay, figuring, “aww let Uncle Sam have the extra cash”.
Never again will I do that as its not Uncle Sam that gets the Money, its the Banks,Wall Street and Congress that take your tax dollars for their own use. We Need a Third National Party!The WTF Blog

Let the free people rebuild it. Let us rebuild. But don’t ask us to bail out anyone. Never. Never again. That is the message we are sending and the republicans are the only ones that will listen. LISTEN PELOSI! WE DO NOT WANT YOU TO INTERFERE WITH OUR FREEDOM! LET US BE FREE. WE WILL REBUILD. THE TRUE AMERICANS THAT HAVE THE SPIRIT AND ABILITY TO SWEAT. THE OTHERS WILL FALL! NO BAILOUT.

McCain playing the hero is a complete joke. He has been one of 100 senators in the past 26 years and he’s GOING to Washinton to fix it? Republicans have been crying deregulation for decades and in the past eight years what they couldn’t deregulate, they ignored. Bush doesn’t have a clue. MBA from Harvard? I say let the Conservatives and Republicans swallow what they have been pushing and putting in place for years. Let them wave a banner with the words, “The Contract with America,” and have former speaker Gennrich wave it in a big parade with Bush on a float with the banner, “We’ve given the government back to the people.” How perfect of Bush coming out with a simple solution of throwing money at the problem without much thought, just faith and probably a prayer. Bush and his gang being voted in TWICE is sad, but what is the sadest thing about it is that there are enough ignorant and naive Americans who made it happen.

Wow I see the FREEPERs are active here!
They make a nice chorus to the Greek tragedy W has put together for McSame.
Enjoy your generation of poverty paying for this, Horatio Alger Suckers…

For those of you republicans who still think you have the right to claim the moral high-ground based upon “pro-life” (which – by the way, is selective) views – maybe you ought to read what the Bible has to say about how to spend your money (more verses are dedicated to handling money than any other topic). This country has been built on credit, hence, the collapse. The republicans have been at the helm FOREVER and have destroyed the surplus that was left over from the Clinton Administration.
Please – go sit yourselves in time-out, and think about what you’ve done!!!

How do you tell a liberal on a blog? When faced with a set of facts, their only response is hate speech and name calling. I love it! Is “David” another Axelrod Astroturf specialist? Good plant, pal, but noone’s buying it. STick to facts. Are you even American? If you’re not, we don’t really care what you think (and if you’re liberal, you’re not thinking yet)

A lot may not like Obama, but he does go to the heart of a lot of issues. Such as S.J.RES.23, sponsored by Obama, which is “A joint resolution clarifying that the use of force against Iran is not authorized by the Authorization for the Use of Military Force Against Iraq, any resolution previously adopted, or any other provision of law.”. Currently in the Senate Foreign Relations Committee.
http://thomas.loc.gov/cgi-bin/bdquery/D?d110:11:./temp/~bdRtPS::|/bss/d110query.html|
S.115, another bill sponsored by Obama to “suspend royalty relief, to repeal certain provisions of the Energy Policy Act of 2005, and to amend the Internal Revenue Code of 1986 to repeal certain tax incentives for the oil and gas industry”. Currently in the Senate Finance Committee..
http://thomas.loc.gov/cgi-bin/bdquery/D?d110:13:./temp/~bdRtPS::|/bss/d110query.html|
S.117, sponsored by Obama, which is to “amend titles 10 and 38, United States Code, to improve benefits and services for members of the Armed Forces, veterans of the Global War on Terrorism, and other veterans, to require reports on the effects of the Global War on Terrorism, and for other purposes”. Currently sitting in McCains Senate Committee on Veterans Affairs.
http://thomas.loc.gov/cgi-bin/bdquery/D?d110:15:./temp/~bdR1QM::|/bss/d110query.html|
S.133, sponsored by Obama, to “promote the national security and stability of the economy of the United States by reducing the dependence of the United States on oil through the use of alternative fuels and new technology, and for other purposes”. Currently sitting in the Senate Committee on Finance.
http://thomas.loc.gov/cgi-bin/bdquery/D?d110:16:./temp/~bdR1QM::|/bss/d110query.html|
There are plenty more if you just go look.. the list would be way too long to post here.

jay | Sep 25, 2008 7:29:41 PM – You are so right. I live in a suburban afluent neighborhood of McMansions. One out of ten of them is abandoned. The guy across the street had a high end electronics store until last month when his credit dried up and closed his doors. 80 people are now unemployed and defaulting on their sensible mortgages, and he’s probably hurting too. Repubs never think of more than the next move.

It’s disgusting how McCain, Bush, and the House Republicans are playing politics with this situation. We are lucky to have Paulson in there.

“The same underlying phenomenon that we saw in housing we’re seeing in auto loans, in credit-card loans and student loans,” ….pay your bills…all of you Democrats and Republicans…..we are all in this boat and it is sinking

The absolute gall of Frank! He, along with Dodd in the Senate, are the main ones who pressured banks to write these worthless loans!
These people have no souls, no morals, no conscious, and no credibility. Frank and Dodd should be handcuffed and frog marched to jail!

Some of these comments are nuts!
This crisis is rooted in several things:
- Too low interest rates that led to abuses, while lack of oversight let them fester. We don’t need more regulations, we need just a few good ones and good enforcement.
- Mismanagement and greed. Making loans to people who can’t afford them. Loan to capital ratios of up 50 to 1 and higher, with low or no down payments on loans. a recipe for guaranteed disaster.
- Greedy and stupid homeowners, mortgage brokers, real estate agents and appraisers.
- Sky high taxes, mega-deficits and fleeing jobs, that have left us mainly with only “paper wealth” of financial tricksters.
- Energy prices gone wild, thanks to demand here, Europe, Asia and in developing countries.
So, now we have a mess. Focus on solutions, not blame and slogans. If we buy mortgages, we’d better get them at a bargain. If we subsidize homeowners, we’d better make sure they can pay us back, or send them to the rental market instead. If we provide capital to banks, we should first make sure that they will be capable of paying it back and/or we should demand a healthy equity share and cut out “golden parachutes” for incompetent lying thieves.

Do you really want McCain’s finger on the nuclear button. He does things on a whim!
I was the cause of many deaths on an aircraft carrier when he was a pilot.
He jazzed his engine to shoot a flame which set many bombs on fire and killed hundreds of sailors. you didn’t see that in the news. How come?

Culpeperson: you are a propogandist Commi…Watch the History channel without bong hits and maybe then you will get the facts straight

I smell another Rovian ploy. Suddenly McCain must go to Washington to be part of the bailout negotiations – Why? Because it is a ploy by his handlers to make mischief through the Republican contingent. A deal had been hammered out until McCain came. It was bi partisan and included much of what was wanted by the negotiators.
Then, the Republicans came in with their former proposal which was rejected earlier and pressed again for that plan.
The strategy is somehow to make McCain look good since his is slipping in the polls. Coincidentily, last night this McCain “moment” came when the results of the polls were announced.
McCain as usual,Campaign before Country. It is dispicable – the Repubs have no honor.

ConcernsAboutTheTruth | Sep 25, 2008 7:38:28 – What a pile of BS. Your whole argument falls apart if Bush and the repubs had not been asleep at the switch and let wholesale corruption go on. Everyone in banking and real estate knew what was going on! They both are big time repub supporters. All that needed to be done is to pass a bill that says an originator cannot lay off mortgages into CDOs. DUH. And this is much shorter and more truthful than your Rush regurgitation. Stop the Ditto and think!

Best and most appropriate movie quote – “We’ve got to protect our phony baloney jobs, gentlemen. We must do something about this, immediately, immediately, immediately!”

How many stupid republicans can blog on one site? Jesus. God. As Sen. Corker (R-Tenn.) noted, it’s the House Republicans who are trying to scuttle the framework of a deal. You moron Kool-Aid drinkers need to get your heads out of your butts and live in the real world. Where is John McCain’s leadership? If hwe were a maverick, he’d stand up to Boehner and other House obstructionists and tell them to put country — and not re-election — first.

How many stupid republicans can blog on one site? Jesus. God. As Sen. Corker (R-Tenn.) noted, it’s the House Republicans who are trying to scuttle the framework of a deal. You moron Kool-Aid drinkers need to get your heads out of your butts and live in the real world. Where is John McCain’s leadership? If hwe were a maverick, he’d stand up to Boehner and other House obstructionists and tell them to put country — and not re-election — first.

– Student at Columbia right now and I can tell you there are plenty of idiots here –
I believe most would point to his graduating Harvard Law School magna cum laude with a Juris Doctorate degree, being President of the Harvard Law Review, and 12 years teaching and lecturing at the University of Chicago Law School.. Not his post-graduate work at Columbia.. But I could be wrong :)

Kyle Forsyth | Sep 25, 2008 7:49:00 PM – Bet on the Northern liberals. We did it to the South once, we’ll do it again.

Calm down folks. There won’t be a depression, the economy won’t fail, it’s Y2K all over again. There is no man made climate change, the sky isn’t falling, we aren’t running out of oil, or gas. There is no need for a deadline, it’s all hyperbole designed for the government to take control of the financial markets and control the engine of production. Bush is stupid, Pelosi and Reid are morons, Obama is an agent provocateur. Instead of McCain suspending his campaign, we should declare martial law and suspend Congress until this thing can be investigated and everyone responsible jailed – too bad they will be mostly Democrats.

Surviving crewmen and those who investigated the Forrestal fire case reported that McCain deliberately ‘wet-started’ his A-4E Skyhawk to shake up the guy in the F-4 Phantom behind his plane.
In McCain’s case, the ‘wet-start’ ‘cooked off’ and launched the M34 Zuni rocket from the rear F-4 that punctured the Skyhawk’s fueltank, knocked the M-65 1000 lb bomb off it’s 500 lb rated mount, and touched off the explosions and massive fire.
When the carrier Oriskany came along side, and McCain was put in a chopper and whisked away. McCain was the only Forrestal crewman to be immediately transferred
McCain’s various stories never added up. Somehow, he was at the center of the USS Forrestal fire. His father covered up the biggest war crime in American naval history, the USS Liberty attack, and saved Israel.
Search USS Liberty attack

As a Republican (quoting cleareyed), I am also fed up with Congress. Yes, please let them grow a pair and let this monstrosity fail…and yes, that is what is best for the country!
Those on the side of this bailout will be on the wrong side of history!
See, opinions vary…

Kyle Forsyth | Sep 25, 2008 7:50:54 PM – Ragheads? You $hithead.

John McCain is ready and able to lead our nation. Hussein Obamma is not.

For the record, media has missed a large chunk of this story. It’s my belief a number of those “illiquids” are fraudulent. I’ve written about this and pointed to millions in fraud–found in the public records of the FBI. What no one is mentioning now: fraud.
You can also read the news releases at Fannie Mae and Freddie Mac (does mainstream media ever take advantage of all those transparency laws we fought so hard for?)
The news releases at the GSEs show mortgages tailored to Sharia law, aimed at helping Muslims purchase homes (I have no idea how the interest works on those but there are fees associated with Sharia and how the hell do you mix federal money program and religion in mortgages?), programs for others where “bad credit” was not an issue and where you could get into a house for $500. Federal assistance money was also counted as income, a holdover from the 90s.
The American public is not being told the full story. The fever exhibited not only by Bush but also by Harry Reid tells me there’s a rat in the flour barrel.
Oh for the days we had true investigative journalists (if you take out the early 60s when all mainstream media was in the pocket of the Kennedys).
We should not push this bailout. McCain did right to question it and so have the house dems and Repubs who have not been comfortable with the way this thing is going down.
best, Kay B. Day

LET THESE WALL STREET CRIMINALS FAIL. NO BAIL OUT! It is NOT the end of the world. The world will go on, just without the CRIMINALS in charge.

Political Correctness is stupid…terrorists do not care…they love this…pay your taxes, pay your bills and stop smoking Mexican weed

I think McCain is going to rally the Repubs to vote AGAINST this pig. This is too much money to hand over to the people who screwed this up in the first place. If McCain votes against this He has my vote.

I have sworn to defend the Constitution and shall do so. Have you taken an oath as God as your witness? I doubt it. You must pray to Allah.

That’s ok. Barack Obama is standing by the telephone if you need him. Leadership!

Signing off…It is morning in Australia…good luck America..We left years ago after the Clinton’s set America up.

If McCain causes the deal to collapse, I, for one, will take off my hat to him, thankful that someone in DC has the backbone to stand up to Bush. I predict there will be a Presidential candidate in 2012 who, in a defensive posture, will explain, “Yes, I voted for the bailout, before I voted for it.”
Sterling Greenwood
Aspen Free Press

If McCain causes the deal to collapse, I, for one, will take off my hat to him, thankful that someone in DC has the backbone to stand up to Bush. I predict there will be a Presidential candidate in 2012 who, in a defensive posture, will explain, “Yes, I voted for the bailout, before I voted against it.”
Sterling Greenwood
Aspen Free Press

We are calling for the heads of the CEO’s that are wanting to lay 700 billion in bad debt they took the risk on and now want the tax payers to pay. Why do we never hear a call for the heads of the Fed Government our personal CEO’s of the whole country when they spend 500 billion a year beyond what they take in and have done so for the past 20 years, not just one time here and there 20 years.
Also if 700 billion is so critical to our economy what does the 500 billion the feds spend on top of the 3 trillion they have do to our economy? Both sides are to blame and if your on either side and can’t see that your Fing blind.
I say if we who pay our mortgages and credit on time get the bill to cover all those who do not and give the fat cats that created this even more money we should all STOP sending in our monthly mortgage. If they think they have problems with the % of foreclosures now they will shat themselves when hardly any money comes in one month, then another. Send your mortgage lender a note telling them that Paulson will be sending them a check to cover you, you heard it on the news. What will they do then foreclose and repo the 90% of the homes from the only people that actually paid on time all along? I think this would send a clear message and might be one way we can bring Congress to its knees and stop its crazy spending or at least force the spending to be done equally across the board.

HOTTTT!!!!!!!!!!!!
BARACK just announced he will be voting “PRESENT” on the Financial Economic Bailout…….

Barack Obama on leadership: call me if you need me. Meantime I’m cramming soundbites and empty platitudes for Friday night.

Posted by: Chipper
McCain and the Forrestal Fire: McCain killed 132 seamen in 1967.
—————–
Try opening a history book and reading it, you moron. Sheep like you who repeat what you see on the internet should not have the right to vote. I sincerely believe that there should be a basic intelligence test before you are allowed to cast your vote. Depending on your score, you should have no vote, or a vote counted at 25%, 50%, 75%, or 100%. This country would then shape up very quickly if we rule out and/or discount the idiot vote.

sarah | Sep 25, 2008 8:03:06 PM – I’m John Mc…John Mc…er ugh, and…well…ugh…umm…and I…what?

HOW DEMOCRATS CAUSED THIS MESS:
In 2003 Bush proposed a new agency to regulate Fanny/Freddie. Guess what? DEMS SHOT IT DOWN:
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=1
In 2005, John McCain co-sponsored a bill to regulate Fannie/Freddie. Guess what? Dems shot that down too:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0

All you “non-racists” who blame the housing mess on low income people minorities should look into history and discover what redlining in real estate is. If you believe that redlining would have occurred in a society where all citizens are suppose to be equal, then you think Klansmen wear hoods for comic effect. It constantly amazes me how our dominant ethnic group can know next to nothing about the history of the most abused ethnic group in American history. Sure you like the food, sports and songs, but think nothing of castigating the people to a role slightly above useless dung. I pity you all because the Christ you so fervently believe in has a special message for you on the day of Return. Good luck. p.s. Ask you paster, priest, or reverend what I’m speaking of.

VIDEO: Video: Bill Clinton admits DEMS resisted GOP fannie regulation
http://blogs.abcnews.com/politicalradar/2008/09/bill-clinton-do.html

David123456 | Sep 25, 2008 8:06:47 PM – there was a call and he has been there as long as McCain. But he can multitask. Yes Presidents should be able to do more than one thing at a time.

Hey, David, you liar, you’ve never been a republican – most of you demoRATS are like obama lama ding dong…liars, racists, goddamnamerica, followers… like lemmings running over the cliff… let the fat cats eat it…obama supporters from wall street far outnumber the mccain supporters…the working people of this nation would be glad to see the wall street gang go down…But if you REALLY want to bring the stock market and investing back up – repeal the capital gains tax and watch it grow…but the congress and senate have too much invested in wall street and too many fat-cat-ass friends who made them millions…as well, they’ve allowed 20 million mexican illegals to feed off the tax payers of this nation

Oh, and by the way, even if McCain could have done more to prevent the crisis, can ANY DEMOCRAT out there please identify one comment by Obama in his life that suggested prudence in lending to those who can never repay? In fact, as a “community organizer” didn’t he likely direct people into these ridculous programs for cheap mortgages?

LaRinDa: That’s great. Just what the country needs right now: the worst and most flagrant racism you can conjure to further divide our nation at what may be its most precarious point since the Great Depression. Or perhaps the Civil War? Then again… realizing how many people like you there are out there for the first time in my life, I’m wondering if we’re about to revisit both simultaneously.
And by the way: if you want to know how most blacks really speak, why don’t you read some of my posts…and very likely many others’. Because on these sites, we’re all in black in white, no more, no less.
Or you can go to the boards at Brietbart or Politico and find your pro-McCain redneck brethren practically speaking in tongues butchering up the English language in their subliterate posts.

Fact: During Clinton’s tenure, empty Commissioner seats were unfilled by Clinton affecting management and accountability.
Fact: GAP adversely affected by FASB rulings during Clinton’s tenure (FASB rulings of the 90’s (i.e. 115, 121, 142, & 144)).
Fact: Get out of Jail Card in 1934 Security Exchange Act (Section 32 Paragraph a towards the bottom)
Fact: SEC Financial Statements no longer numerically footnoted so readers can tie comments to lines
Fact: Pelosi and fellow democrats forewarned of stock market issues in 2003.
http://comments.breitbart.com/08092021491915gjnubj/?commentspage=5 comment #100.
or http://www.breitbart.tv/?p=178653&comments=1#comments comment #24
Finally, why, when they knew as well, did the Main Stream Media not tell the American People the truth? Why do they hide it still?

LA Times: Praise For Those Who Caused This Disaster (May 31, 1999)
It’s one of the hidden success stories of the Clinton era. In the great housing boom of the 1990s, black and Latino homeownership has surged to the highest level ever recorded. The number of African Americans owning their own home is now increasing nearly three times as fast as the number of whites; the number of Latino homeowners is growing nearly five times as fast as that of whites.
These numbers are dramatic enough to deserve more detail. When President Clinton took office in 1993, 42% of African Americans and 39% of Latinos owned their own home. By this spring, those figures had jumped to 46.9% of blacks and 46.2% of Latinos.
Under Clinton, bank regulators have breathed the first real life into enforcement of the Community Reinvestment Act, a 20-year-old statute meant to combat “redlining” by requiring banks to serve their low-income communities. The administration also has sent a clear message by stiffening enforcement of the fair housing and fair lending laws. The bottom line: Between 1993 and 1997, home loans grew by 72% to blacks and by 45% to Latinos, far faster than the total growth rate.
Lenders also have opened the door wider to minorities because of new initiatives at Fannie Mae and Freddie Mac–the giant federally chartered corporations that play critical, if obscure, roles in the home finance system. Fannie Mae and Freddie Mac buy mortgages from lenders and bundle them into securities; that provides lenders the funds to lend more.
In 1992, Congress mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains. It has aimed extensive advertising campaigns at minorities that explain how to buy a home and opened three dozen local offices to encourage lenders to serve these markets. Most importantly, Fannie Mae has agreed to buy more loans with very low down payments–or with mortgage payments that represent an unusually high percentage of a buyer’s income. That’s made banks willing to lend to lower-income families they once might have rejected.
http://articles.latimes.com/1999/may/31/news/mn-42807

This is what happens when symbolism tries to mix with substance.

For the first time in my life, I am embarrassed and disgraced as hell to be an American.
People like LaRinDa and David123456… just make me wish I could leave this country as fast as I could leave this board. One would think after all we’ve learned — I mean, we’re literally LIVING lessons from history — and we’re repeating them. Never seen/heard so much racism in my life.

There are a lot of people here posting their opinions, or beliefs, as though they are absolute truths.
There is no such thing as an objectively written history book, or a biography. They all depend on the agendas of their authors.

McCain claims that he championed legislation that would have prevented the current financal meltdown;
Fact: False/Misleading
In his September 19th speach in Arlington, VA., Sen. McCain states:
“Two years ago, I called for reform of this corruption at Fannie Mae and Freddie Mac. Congress did nothing. Senator Obama did nothing, and actually profited from this system of abuse and scandal”
What he is referring to is a Senate bill (S.109[109th] Federal Housing Enterprise Regulatory Reform Act of 2005) which was originally authored by Sen. Charles Hagel and co-sponsored by Sen. Sununu and Sen. Dole. It was not until after a 2006 Office of Federal Housing Enterprise Oversight Report to Congress outlining problems with the two organizations that Sen. McCain decided to add his name to the bill as a co-sponsor. The bill never made it out of committee (Senate Committee on Banking, Housing and Urban Affairs), which was at the time controlled by a Republican majority and chaired by Republican Senator Richard Shelby. The statement about Congress and Sen. Obama doing nothing is true, but misleading, since there was nothing that they could have done until the bill came to the floor of the Senate, which it never did.
Sources:
http://www.govtrack.us/congress/bill.xpd?bill=s109-190
http://www.ofheo.gov/AnnualReports.aspx

Another case of liberal think, “GO ALONG WITH US OR YOU ARE NOT WORKING IN GOOD FAITH.” In other words…… he started it when he hit me back……

Dear Comrade Stephanopoulos -
I want my dividend check from AIG since we the people bought it. Do you know when I shall receive it? Also, dear Comrade, I hope that Amerika takes more losing private companies from stinking rich businessmen because our government will send me money so I then can “buy” a bigger home, which I suspect some stinking rich seller will sell me that should be underwritten by the government when I can’t or do not want to pay.
Thank you for the “objective” news, Comrade. We, together, will continue the march until everyone enjoys what the government can do & take from everyone.
Joe

Democrats and White House seem to be the only ones that had a deal. If let Bush and Democrats decide, it was a $700 billion check?

DEMOCRATS- Fannie/Freddie doing just fine, no need to regulate:
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
NYTimes, 2003

Exactly what is McCain doing? I mean, what is he bringing to the table in these negotiations when he admits he knows very little about the economy? He is grandstanding . . . nothing else.
I am not that political, but here is something to consider. Got to a retirement village in your home town. Gather ten 72 year old men together and talk with them for an hour. See if you want ANY of them to be president. Then, get ten 76 year old men and do the same, as that will be McCain’s age at the end of his first time. When you are done with all of that, really listen to what Palin brings to the table. If you aren’t afraid yet . . . well . . . our country is in more trouble than I thought. And that is saying something.

Anton:
As a licensed real estate broker, I know full well what redlining is. I also know full well that offering loans to illegal aliens, who by definition have NO LEGAL RIGHTS, and other citizens of ALL RACES who cannot pay their monthly house payment has nothing to do with redlining WHATSOEVER!
You need to take ECON101 at your local community college and learn something about fiscal policy, dude (or dudess)
As a likely illegal yourself, don’t worry. Your tuition will probably be waived, along with your free parking pass, and meal ticket in the commisary.
Let me know if you pass the course.

Paulson’s comment “let’s don’t blow this up” was out of place for sure, but on behalf of us Americans the dems had a responsibility to keep their cool. No wonder Americans are so unhappy with congress. Barney Frank weirdo and Pelosi but the repubs. are screwed up too. They all need to remember Rodney King’s famous line.

I sure hope that $700 BILLION give-a-way goes through.
If it does’nt, the sun which resides at the center of our solarm system will burn out.
Thats right, unless they get that $700 BILLION, there will never be another sunrise again.
DO WHATEVER THEY SAY, & GIVE THEM WHATEVER THEY WANT!!!

Here’s a quote from John McCain’s article, ‘Better Health Care at Lower Cost for Every American’, in the Sept./Oct. 2008 issue of Contingencies, the magazine of the American Academy of Actuaries: “Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.”
That was THIS MONTHS issue folks..

I am so sick of politics/politicians. We need to fire all of these MF’ers. Even in the midst of crisis, we get more damn politics. Our country is no longer one that will rise up together and do great things. We are now destined to become second rate. Sorry for the negativity, but this is pissing me off. These a$$holes continue to pull this crap and too many citizens are so disconnected from the destruction they are causing.

TOP 5 FANNIE $$$ RECIPIENTS ARE DEMS:
http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
THE TOP 2 DEM RECIPIENTS (FRANK AND DODD) BLOCKED GOP EFFORTS TO REGULATE.
OBAMA 3RD HIGHEST $$$ RECIPIENT.

hey scott,
take a look at this interview and tell me about Palin’s understanding of the economy
http://www.cbsnews.com/stories/2008/09/24/eveningnews/main4476173.shtml
thanks

Claim: Fannie Mae and Freddie Mac gave Obama large campaign contributions, second only to Senator Dodd.
Fact: Partially true but misleading
Reality:
It is true that, according to the Center for Responsive Politics, the second highest recipient of Fannie Mae/Freddie Mac contributions is Obama. However, these are from individuals who work for these companies, not the companies themselves (which would be illegal). Top spot is Sen. Chris Dodd with $165,400, with Obama being number two with $126,349. McCain has received $21,500.
http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
Interestingly, if you look at contributions from Fannie and Freddies boards of directors and lobbyists, who are technically not employees, McCain has received a total of $169,000 and Obama has received $16,000. Combined,
McCain has actually received more funding ($190,550) than Obama ($142,349) from these financial giants.
http://www.nytimes.com/2008/09/10/us/politics/10fannie.html
In any event, these figures represent significantly less than 1% of each candidates total campaign contributions, and are therfore unlikely to make much of a difference in their positions one way or another.
For additional information, see:
http://www.politifact.com/truth-o-meter/statements/727/

John McCain was born in Panama. he wasn’t born in America. He was born in a country we had to invade.

All you people are nuts! I can’t believe the drivel people have written here. Do you think anyone (other than me of course) reads this rubbish. Get a life.

Let them fail! Don’t bail them out without making it very, very favorable to the home folks.
This is the bed they made, they need to lie in it. There are people out here who are already hurting, already lost homes, already out of jobs….and it is because the Banks did not do their due diligence.
Let them fail!
Barney and Dodd and Schumer need to see what happens to people at home when they get in bed with Banks and disregard the warnings that Greenspan, Bush, and McCain ALL TOLD THEM several times! Let them fail!
Then, let’s lower that corporate tax….let’s bring the investment back to THIS country, from our own guys….let’s lower that capital gains tax and let’s get American business moving again!

To Kara:
John McCain was born on a US military base in Panama to parents who were both US Citizens, one of whom was on active duty in the Navy, stationed on official orders to the base in Panama. Under well established US law, he qualifies as a natural born US citizen. The democrats know they have a serious problem by not having vetted Obama more fully — standby for the October surprise!

Yep..I trust Barney Frank and Chris Dodd. One ran had gay call ring at his house and gave loans to everyone that wanted one and Dodd got a free loan from Fannie May who started this whole thing and $150,000 plus….kind of like having Mike Vick watch your dogs.

Is it true that Barack is Bi?

Is it true that Barack is Bi?

David,
I know you have a double-digit IQ, but try and understand economic issue at hand deals with more things than issuing minorities loans. Falsely-backed derivatives, the housing bubble, among other factors all played significant roles in this.
In any case, your spam showing us that some policy proposals never got acted on when the republicans controlled congress aren’t too convincing.

DAVID123456: I am so sorry!!! Both your recent posts were near just above someone called “gc” who was spewing the most vile hate and I accidently misread the attribution. I am very sorry for accusing you of being racist. (I did think it was odd that you would leave an articulate post and then come back with bold caps about “monkey niggers.” So I have to send “gc” a piece of my mind. In the meantime, I am really sorry. I can see why you thought I was race-baiting. I have to make sure I’m writing to the right person from now on!!! Sorry again.

>>>In any case, your spam showing us that some policy proposals never got acted on when the republicans controlled congress aren’t too convincing.
Sorry, but the “Republican controlled congress” excuse doesn’t cut it.
If one of the parties (in this case the Dems) dig their heels in on an issue, it’s not going to pass. Witness how Bush failed in his efforts to reform Social Security despite “controlling” congress. Witness how the Dems failed in their Iraq efforts despite “controlling” congress.
Bush and the GOP tried to rein in Fannie/Freddie. FACT. The ranking Dems on the committe blocked them. FACT.
Now go LIE THROUGH YOUR TEETH to everybody you know about how the GOP owns this mess, you partisan hack.

jay,
the commenter “gc” spewing the vile racism is a Democrat moby.

Your concern is duly noted.
And is it true that Obama is promising to pay American’s credit cards? And that we don’t have to pay our mortgages? What a swell guy that Obamer is.

Pelosi and clan did NOT warn of the coming crisis back in 2003. Congressional record proves this. They referred to Bush and the Republicans’ fears that were brought up on the Senate Floor as “exagerations”. Pelosi and co. was warned in 2003, they didn’t “forwarn” anybody.

Scott and David – Glad to see some folks with the facts out there… just wish the leftylemmings could see through their shroud of vitriol and blind faith in empty suit to see the truth.
What a mess, what better time for terrorist to attack. Partisan fighting and blind political correctness will be the downfall of this great nation.
http://www.homelandsecurityus.com/

gc- it’s more like bend over and you’ll get what you deserve with Obama

DAVID123456: I guess I got myself so upset I quite literally couldn’t see straight. And now here comes another one whose screenname is “Obama is a N****r.” This is ridiculous. (Ironically, I had to retype this because of all posts, MINE just got filtered and I couldn’t send it with guy’s screenname typed in. Go figure.)
Sorry I spent all that energy going off on you. Just had a cigarette and decided to let it go.
Again, my bad.

Niiiiiice, paid Obama trolls posing supposed ‘scary pubbie racists’. Not buying it. Obama and his chump surrogates constantly throw the race card. They hate small town middle America.

Obama and the dems are being schooled by Mccain and the repubs. Here is what’s going to happen – Obama leaves for MS tomorrow afternoon when no deal is done. Deal gets done at 7pm, McCain shows up 15 minutes late to debate and announces the deal…. Schooled…

Look David,
let me make this slow for you:
The fraud committed by the bankers (selling subprime loans as “safe” investments) played THE MOST significant role in this current crisis. The guys at Bear Sterns, Lehman, AIG, Morgan Stanley, and Goldman Sachs WERE not Liberal Democrats. Sorry.
As for Fannie Mae regulations, you can claim that the democrats managed to shoot something down when the GOP controlled the executive, congressional, and judicial branch and call me a hack but I think a discerning person might see the flaws in your reasoning

Eric – amen to that. I don’t look at my 401k anymore. It’s too depressing. So much for my comfortable retirement. I probably end up as a greeter at wal-mart serving my Chinese overlords. :-)

OBAMA: MANCHURIAN CANDIDATE
MCCAIN: PUPPET FOR BUFFET
THE BANKERS ARE KILLING YOU.

No racist will be guilt-tripped into voting for Obama — I don’t think! I mean, if that’s the case then white racism is WAY more layered and complicated than I ever thought! (I just assumed the racist Dems went to McCain or will sit home.)
As for gc and the chimpout dude… this is just something I have to accept, being a black American in the 21st century. I just never thought I’d read or hear these things in my lifetime unless I was listening to my grandfather recount some of his experiences in pre-Civ Rights era Alabama. Then again, he got rejected at a grocery market while still wearing his WWII uniform trying to get some food for his wife and their babies, one of them my mom. And I got insulted on an online comment board because some people don’t like the black man running for president. Certainly puts my anguish in perspective…

Paulsen and the folks at Treasury are just a nation of whiners…no I meant a department of whiners.
Why can’t Paulsen be honest and say that WaMu is ready to collapse and will take the FDIC with it?

LightSeeker, Thanks for the link to the NYT article. The only thing I fault Bush for is not cleaning up more of the good intentioned but miss-guided Clinton policies. Looks like more than just the Oval Office needed a good scrubbing!

>>>As for Fannie Mae regulations, you can claim that the democrats managed to shoot something down when the GOP controlled the executive, congressional, and judicial branch and call me a hack but I think a discerning person might see the flaws in your reasoning.
Why don’t you READ something for a change, you racist scumbag. People infinity more intelligent than your skinny racist ass say you’re wrong:
In 2003 Bush proposed a new agency to regulate Fanny/Freddie. DEMS SHOT IT DOWN:
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=1
In 2005, John McCain co-sponsored a bill to regulate Fannie/Freddie. Guess what? Dems shot that down too:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0

I’m with you on this one Morrie. The only way to send a message is to vote them out of office.
I’d also like to make lobbying and PACs illegal – a federal jail time crime. Good luck with that one eh?
Hey, is anyone old enough to remember when political parties and “platforms” that were composed of policy “planks”. Remember when we voted for the platform of the party and not the politician? When did we become such a personality cult? We moan about the candidates but know nothing about the official party policies any more. Do party platforms even matter anymore in a country obsessed with the maternal status of Angelina Jolie and the sexual orientation of Lindsay Lohan?

>>>No racist will be guilt-tripped into voting for Obama
jay,
Of course not. But the Democrat strategy is to convince people that Obama isn’t leading in the polls by 20 points because America is so raaaaaaacist. They want to convince otherwise undecided and ignorant voters that a vote for Obama is a vote against racism. So you get Obamanuts like gc and the other dude trying to show how raaaaaaaaaaacist America is by polluting public threads like this one with that vile crap.

Brandon:
I’m sure you are sincere, but crashes have been going on as long as there have been humans trading. They are an inevitable result of human stupidity and short-sightedness, which, as I’m sure you’d discovered, still exists.
We’ll survive this one just fine too.
The world will not end. People will still buy clothing and refrigerators, etc.
This is how a market cleanses itself. We’ll survive.
To fight it is to build a tyranny, whether we intent to or not.
Let the guilty bear their pain, let the system be cleansed. No sane adult believes that life can be pain-free.

Democrat all my life:
Who are you trying to fool?
You’re typing away in the basement of the Karl Rove building!
With the Rolling Stones “Winning Ugly”
blasting in the background.
Sick puppies

NO BAILOUT!
We need to get back to first principles. Privatizing gains and socializing losses cannot work.
Besides, most economists are not convinced the Paulson plan is the right approach. Read the ft.com.

THE REPUBLICANS HAVE F**KED AMERICA UP TO THE POINT OF NO RETURN. EVERY TIME REPUBLICANS STEAL ELECTIONS OR THEY ARE JUST LUCKY ENOUGH TO WIN ELECTIONS FROM TIME TO TIME, THEY ALWAYS F**K UP THE ECONOMY WHERE PEOPLE EITHER CAN’T FIND WORK AND EVERYONE LOSING JOBS BY THE THOUSANDS. AT LEAST WHEN CLINTON A (DEMOCRAT) WAS IN FOR 8 WONDERFUL YEARS THIS COUNTRY HAD IT NICE COMPARED TO EVERY TIME A F**KING NO GOOD REPUBLICAN SCREWS IT UP. THANK GOD I WAS BORN DEMOCRAT THE TRUE AMERICAN WAY.

WOW Laurie. Did you forget your bipolar meds today?

Amazing that the biggest proponents of “creative destruction” when it comes to engineering takeovers at other companies (which generate large fees for themselves) “for the good of the economy” are now seeking handouts from the government when it’s their turn to face corporate Darwinism.

>>>fundamentals of our economy
If you mean low unemployment and low inflation, yes, the fundamentals are still strong. In other words MAINSTREET is still doing ok. The problem here is WALL STREET might spill over onto Mainstreet.

Ok lets all see where we end up at the end of this situation. Personally I look forward to America going back to its roots. Lets let the hard working citizens of this great nation thrive off their own blood sweat and tears, while the people with their hands out finally get crumbs instead of diamonds. Those of us who know our limits, know how to be responsible and not live above our means, well, hopefully we will finally get rewarded for our efforts. We have gotten so far from the ideals of our Founding Fathers. We are back to an era when the hard working citizens of this country are being strapped with unbelievable taxes, but where is our representation? I would like to see anyone of the people in Government come and try to live my life, on what my family income is. I bet that gas would go down to 50 cents a gallon and they would cut taxes by 2/3. Just so they can have their months off each year, their travel time, cars, jewels, mistresses and kickbacks.
Personally I can’t wait to see all the new horse and buggie dealerships springing up!

It is a shame McCain had to come back and “get involved”. We need to get this passed and it is not a time for political posturing. It goes to show McCain does not put our country first.

What Pelosi and Frank and Dodd need to do is say all deals are off the table. Due to Republicans squabbling among themselves and McCain’s meddling they’ve destroyed a deal that worked in a bipartisan fashion to achieve. When you have worked out a proposal amongst yourselves come back to us. And then see what happens in the world markets. I can’t wait to see what all the right wing nut cases and lame brains posting here do then.

What a lot of energy in those posts. too bad we couldn’t harness it to reduce the $700bn yearly energy payout. The only thing that made total sense is the quote from Ron Paul.
Isn’t it time to amend the XXII Amendment to read: “… president”, representative, and senator “more than twice….”
These crooks need to have term limits. 2 each is more than enough.

Socially-engineered market once again a product of the Democrats to buy elections. The chickens are coming home to roost.
Laissez-faire!!!

VIDEO: Bill Clinton admits DEMS resisted GOP fannie regulation:
http://blogs.abcnews.com/politicalradar/2008/09/bill-clinton-do.html
Courtesy of the McCain lobbyists.

:)
http://money.cnn.com/2005/05/19/news/economy/greenspan_fannie/
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0

Hmmm, expand term limits to include congresspeople, make lobbying illegal, eliminate PACs…. We may be on to something here!
First things first. Throw out all incumbents in November.

If you really want to see the effect that Lobbyists have; pay attention to the the “it’s the gov’t fault for wanting to lend to minorities” argument..It’s a diabolically shrewd political stunt that’s being picked up by EVERY Pro-GOP pundit, talk show host, etc…It’s a too-simple answer to a too-complex problem that hit’s voters right in the gut. It’s racial politics at its worse and it may work….Please understand the facts. As a laid-off Lehman Brothers employee, I can assure you that the Firms problems were not based in trying to get more minorities get homes…Lehman, Merrill Lynch, Morgan Stanley, BearSterns and Goldman Sachs were the largest Investment Banks on Wall St…Lehman wanted as many closed loan as possible. They SET THE UNDERWRITING STANDARDS that dictated how Banks should close loans…They kept loosening standards to secure more mortgages. These mortgages were rolled into securities and sold to investors….To associate Lehman or other Wall St firms with Fannie/Freddie is a complete farce…Wall St firms did not take the lead of Washington or Washington based mortgage investors…Instead Lehman PURCHASED Mortgage Companies to close subprime and Alt A loans and feed these to Lehman which intiated the process…They controlled it from beginning to end…So did Merrill, BearSterns, GS and Morgan…It’s easy to “blame the minorities”…It appeals to the worse of us…Surely Fannie/Freddie ARE under influence of Congress and their directives and laws…But PLEASE don’t be fooled into thinking that this has ANYTHING to do with the Crisis on Wall Street..Wall St did not follow Fannie Mae’s lead. In fact, it was the opposite…The term “subprime loan” originally defined loans that could NOT BE APPROVED VIA FANNIE MAE AND FREDDIE MAC GUIDELINES. We’ll need all hands working together. We don’t need to blame each other…If you choose to blame this on a “minority outreach”, you are doing so out of banking lobby spin…The notion that Wall St listen’s to what happens with Fannie Mae?…No…The sad part is that Wall st went unchecked and listened to no one..They were making too much money on this stuff.

You trust these so called “experts” to bail us out? If they were experts how come they didn’t predict this?? BS! What is they’re plan B if plan A fails? They have none, and they have no plan. They are in reactive mode which is always doomed to failure. F**K them all!!!.

The Rethugs are blowing this up and thanks to McBush for this. The bargain was struck, McBush met with Mr Vain I am so tan from Ohio and then the rank and file Rethugs revolted.
Proud of yourself, Johnny Boy?
“John McCain does not speak for the John McCain campaign” Tucker Bounds

>>>How did the dems shoot these bills down in 2003 and 2005, with a minority presence?
Let me ask you the same thing. How did the Dems shoot down Bush’s efforts to reform Social Security despite Dems being in the minority?
Or how did the GOP thwart Dem efforts in Iraq despite the GOP being in the minority?
Answer: if one party digs it’s heels in, nothing happens. That’s why bipartisanship is required to get anything done. There was no bipartisanship on Fannie. Dems were in Fannie’s pocket.

Hey Nick! Plan B is to borrow more money from the Chinese and the Russians! It’s the global equivalent of paying off one credit card with another one. Problem is that it catches up with you eventually. After this latest infusion of Chinese cash we will have charged $11.4 TRILLION on our credit cards. And rest assured, they will be back asking for more. Do you feel more secure? I sure do! HAHAHAHAHAHAHAHAHAHA. We’re screwed.

B R E A K I NG N E W S
Obama to debate Biden in Mississippi Friday night.
Sources close to Senator Joe Lieberman say that the senator received a phone call from Senator Borak Obama while on the campaign trail late Thursday after noon. The source, who did not want to be identified because of fear he was closely followed a black sedan with Illinois license plates, told me that Senator Borak Obama had bad feeling that the Minority Leaders in the Senate and the House of Representatives will be Proposing a Buy Out Plan to congress that 55 to 65 percent of America is asking for. But based on the time table Senator John McCain, the Republican Presidential Candidate would be working late into Friday night to help save America from one of the biggest economic disasters of the new century. Senator Obama was afraid that standing on the stage debating his lectern might look a little like the embarrassing moment he had earlier in the week. Senator Biden was also informed that he and his running mate had several things to debate that may be more important to the American people than the emergency situation of the US Economy. Senator Obama did say he would leave his Cell Number with Senator Harry Reid in case he was needed.

For those no bailout people…
If it does not pass SOON, credit will tighten so hard, so fast, that Good companies will not be able to use their normal credit lines, your credit card max will be reduced to your current amount, your ATM card will not work well or all due to “network failures:.. we go into a hard recession, unemployment will reach 8%, oh and 4 major banks will fail and we will have to bail out them/the FDIC anyway… it will be ugly,
The banks need time to unwind their excess leverage… the bailout only buys us time. The economy is going to stink anyway. Unfortuneately I know and am drinking often….

I am not voting for Obama because he is black, I am not voting for Obama because he is a liberal socialist, democrat. He will be Nancy and Harry’s lapdog for 4 years, then they will vote all of the creeps out because they won’t have Bush to blame for screwing up the country, healthcare and everything else they socialize.

Here are some FACTS for everyone to process, and for those in the group with tripe-digit IQ’s to know that Democrats, attempting, and succeeding at INFLUENCING the free market with their social-engineering is what caused this mess….
In 2005, the Senate Banking Committee, then under Republican control, adopted a strong reform bill, introduced by Republican Sens. Elizabeth Dole, John Sununu and Chuck Hagel, and supported by then chairman Richard Shelby. The bill prohibited the GSEs from holding portfolios, and gave their regulator prudential authority (such as setting capital requirements) roughly equivalent to a bank regulator. In light of the current financial crisis, this bill was probably the most important piece of financial regulation before Congress in 2005 and 2006. All the Republicans on the Committee supported the bill, and all the Democrats voted against it. Mr. McCain endorsed the legislation in a speech on the Senate floor. Mr. Obama, like all other Democrats, remained silent.
Now the Democrats are blaming the financial crisis on “deregulation.” This is a canard. There has indeed been deregulation in our economy — in long-distance telephone rates, airline fares, securities brokerage and trucking, to name just a few — and this has produced much innovation and lower consumer prices. But the primary “deregulation” in the financial world in the last 30 years permitted banks to diversify their risks geographically and across different products, which is one of the things that has kept banks relatively stable in this storm.
As a result, U.S. commercial banks have been able to attract more than $100 billion of new capital in the past year to replace most of their subprime-related write-downs. Deregulation of branching restrictions and limitations on bank product offerings also made possible bank acquisition of Bear Stearns and Merrill Lynch, saving billions in likely resolution costs for taxpayers.0
If the Democrats had let the 2005 legislation come to a vote, the huge growth in the subprime and Alt-A loan portfolios of Fannie and Freddie could not have occurred, and the scale of the financial meltdown would have been substantially less. The same politicians who today decry the lack of intervention to stop excess risk taking in 2005-2006 were the ones who blocked the only legislative effort that could have stopped it.
The clear gravity of the situation pushed the legislation forward. Some might say the current mess couldn’t be foreseen, yet in 2005 Alan Greenspan told Congress how urgent it was for it to act in the clearest possible terms: If Fannie and Freddie “continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road,” he said. “We are placing the total financial system of the future at a substantial risk.”
What happened next was extraordinary. For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets.
Different World
If that bill had become law, then the world today would be different. In 2005, 2006 and 2007, a blizzard of terrible mortgage paper fluttered out of the Fannie and Freddie clouds, burying many of our oldest and most venerable institutions. Without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed.
But the bill didn’t become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn’t even get the Senate to vote on the matter.

Can you immediately fire a congressman. We ought to can Barney Frank’s ass. In 2003 he stated that worries were exagerated, and, if there were a problem, Fannie and Freddie would not have to be bailed out by the Feds. This incompetent idiot had a big hand in making this mess, why the hell is he involved in fixing it. So that he can demonstrate his incompetence further?

NM GUY has it right. Anyone ever see the movie “Blue Collar”? “Everything they do, they do to keep you down”. Or how about “Rollerball”. They’re playing us like the fools we are.

McCain with that sh*t-eating grin.

“Let me ask you the same thing. How did the Dems shoot down Bush’s efforts to reform Social Security despite Dems being in the minority?
Exactly! I was telling my parents just last night how much better off they’d be if their Social Security had been invested in the stock market.
Look folks – I’m yanking your legs. Truth is, I was told long ago by a college professor that, “your local football team all wear the same uniforms. Offense wears the same uniform as defense…but, the offense has a different agenda than the defense…and all this right/left rhetoric is to keep you and I at each others throats, while they BOTH steal from us equally.”
I honestly pray for all of us, but I equally pray that the criminals who are behind this die…slowly…in jail, and all of us return to what we ONCE were…a very GREAT country.
######################
To NM GUY: Nicely said. Unfortunately, reason is not the practice here. :(

Here’s another factual timeline for all of you ignorant Bush-haters who see all things through your Bush-hating prism…
Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone… Dems Ignored Warnings
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president’s warnings:
** 2001
April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”
** 2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
** 2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.
September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error.
November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
** 2004
February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)
February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)
June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
** 2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)
** 2007
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.
September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)
** 2008
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)
“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

The Do Nothing Congress continues to live up to it’s name.

>>>I mentioned my parents.
Whatevs! You got me.

ps., one more thing on Bush’s SS reform. Only a PERCENTAGE would have been privatized. Less than half I believe.

Just – Social Security is the largest intergenerational transfer of weatlh ever conceived. It’s a tax. The problem with the privatization idea is that by diverting part of the tax stream into private investments the feds would not be able to meet it’s SS payments to the exploding base of boomer recipients without continuing to borrow huge sums of money in the form of T-bill sales. Of course, that hasn’t stopped our govenment so far. You’ll never hear that on a conservative blog…. :-)

Let me get this straight. For years democrats strong arm financial institutions into approving home mortgage loans to people who cannot afford to pay the loans back. This has been a democrat platform for years. Now the companies that gave out these loans, due to democrat pressure, are losing money because their customers are defaulting (big surprise). Yet democrats now have the audacity to blame republicans and the free market for all of this.
If they had allowed this to be a free market in the first place (i.e., not pressuring banks to give loans to people who couldn’t pay them back) none of this would have happened since these bad loans NEVER would have been given.
Democrats make me sick beyond belief.

Total collapse tomorrow appears unavoidable. If you haven’t already moved your retirement funds into CD’s, you can kiss everything else goodbye. Don’t walk close to any tall buildings on Friday.

“WILL THE TERRORISTS LET MCCAIN TAKE A TIME OUT TO HANDLE ANOTHER PROBLEM?”

McCain Lobbyist – you made me laugh.
Isn’t it interesting how that happens?
Shame that the level of discourse you and I share is not held higher up?
At the end of the day, we’re both humans, who have the same wishes and desires. We want an opportunity to express ourselves, and we HAVE it.
Daily – I work with people around the world who might love or hate Americans.
But, at the end of the day, do you know what I truly want?
A candidate who makes me proud to be an AAmerican.
I want for us to stop hating each other.
I want for us to come together.
And I truly believe we are at the moment when this might happen. We’re looking at a bailout that is historic.
We agree something needs to be done, but we’re pointing fingers at each other. We need to get over that, and go back to being people who demonstrate – without effort – how to be the very best people on the planet.
McCain or Obama? I don’t know. I just want to be PROUD again.

Now it revealed:
The dems wanted 20% of the profit to go to Accorn the terrorist of Fraud.

Look to Freddie, Fannie and the Community Reinvestment Act for the primer for this sick financial market. Let’s face it, the liberals have their finger prints all over this. Affordable housing for all, while noble, is unrealistic. Frankly it is irresponsible for them to force banks to make bad loans. Our government better get its head out and come up with a market based solution that will encourage liquidity into this country or all lot of things are going to change for the worst. My business has already seen the affects of the instability and lack of a direction from Washington. God help us all if they fumble the ball and let politics get in the way of doing their job.

Obama was born in a manger and dress in swaddling clothes… in Kenya. Hawaii has no birth certificate on record. Deport this bstd; we’ll see him off at the ariport.

OMG! The bailout is about to collapse! The sky is falling!
GOOD!
No bailout for anyone!

You folks who are against the bailout, Republicans and Democrats, do not get it. The idea that you will be punishing “them” is laughable. No bailout and the Dow is 10-20 percent lower, market crash, and your precious “jobs” will be gone as we start laying people off next Monday if there is still no deal. Your retirements are hosed, your quality of life will be in the toilet. No auto loans, US loses as credibility so investment and debt dries up–who finances are defecits then? So…Democrats…we wont be able pay for social programs, so No Oabama Agenda, cuts in programs–no flat screen TV’s for all. Republicans,… China kicks our ass and its your fault. You all deserve what you get if you do not support the bailout–a depression, and it makes me sick that my own countrymen would be so blind, but I guess thats how bad its gotten in the ol USA.

“Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions
deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial
reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer,
OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report
of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the
company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal
Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that
they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or
GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these
concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE
regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie
Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation”
~ Sen. John McCain, May 25, 2006
A review of Federal Election Commission records back to 1989 reveals Obama in his three complete years in the Senate is the second largest recipient of
Freddie Mac and Fannie Mae campaign contributions, behind only Sen. Christopher Dodd, D-Conn., the powerful chairman of the Senate banking
committee. Dodd was first elected to the Senate in 1980.
Osama financial advisers Franklin Raines and James Johnson, former CEOs of Fannie Mae, are up to their eyeballs in this crisis and are, along with
others, under investigation by the FBI.

McCain sucked as a pilot or he would have never been shot down. Now he is hiding from debates because he can’t deal with two issues at the same time. Bravo. Just another reason he’ll never be president.

For all you “life long Democrat/Republicans”, let me join in the lying. I’ve been a Republican since Lincoln was elected and I’m voting for the Democrat! Or, er, was it I’ve been a Democrat since Jackson was President and I’m voting for the Republican… what an absolute crock. Save that crap. If you think one person… just one actually believes that, you are truly a moron.
CC

WA MU GOES OUT..
We the taxpayer will bail them out. The FDIC does not really have any money, as their premiums collected over the years went to the general Treasury fund.
FUND the BAILOUT before it spreads too far

Hey Jim,
McCain has been asking for debates since June, Obama the coward refused because he is nothing but an empty suit. McCain is showing real leadership and Obama is showing his true colors – Yellow

Its amazing how many people believe this capitalism is good crap. No, Democracy is good, capitalism sucks and gives you this crap every 20 years or so(usually under republicans) Bush, Reagan, Nixon, Hoover. History speaks for itself

Ok someone help me out here. If the Great Depression was largely caused by money supply contraction from people’s savings being wiped out by failed uninsured banks (who failed incidentally due to overextension of credit to unworthy borrowers), then how can a market dive and freeze up in the credit markets create another such situation, since depositors are today backed by the Federal Government via FDIC?
Also, and possibly most importantly: why are we taking advice from people who were apparently totally oblivious to a huge crisis coming???

At least Obama didn’t abandon the debate. He said he will be there whether McCain shows up or not. What a trooper Obama is. McCain is a drama king!

Barney & Nancy… Get out of my country NOW! Times up! Socialist pigs you are and it’s time to go! Kiss Chavez on the butt when you get there. Tell Putin to boil the water and slip his favorite long pork in. We are coming for you guys. Here is your choice… Orange jumpsuits or an avocado farm. Choose quick.

>>>It’s too bad when people (McCain) exploit a bad situation in a failed attempt to make themselves look good. He just lost my vote. Sickening!
McCain just saved this country. Live with it, Obamaton.

I know something about how humans make decisions and this Bailout Process is a typical panicked, chaotic, federal government Cluster F***. The politicians are intensely anxious about how they will look when the real crisis hits so they are saying The sky is Falling! There is no time to think! Don’t just sit there do something! Annihilation for all of us is just around the corner if you try to stop and think! There’s no time for that! Just give us your money, your liberty, and your future and we’ll save you! The same tactics are employed by salesman all over the world trying to get your money. When you succumb to this you are getting screwed. I don’t trust trust any of these Federal Govt ninnies in suits with the possible exception of those who refuse to be stampeded.

Ben,
Uncle Sam only makes good 100K, the other capital is lost to the economy and to the “capital creators.” A double negative multiplier affect. Also companies will not be able to get the credit they need to operate at capacity, will scale back or possibly be frozen out business.
You can kill the companies in the bail out, we want to protect their “economically good” clients

“I had learned not to care. I blew a few smoke rings, remembering those years. Pot had helped, and booze; maybe a little blow when you could afford it. Not smack, though.”
~ Barack Hussein Osama
Osama speaks…

KARAH- Must Translate into Liberal-WITH a MENTAL DISORDER-WHO CANT BE CONFUSED WITH FACTS!!WHO RUNS MOUTH JUST LIKE OBAMA- THE Non Citizen! P.S. John McCain was born to a “Married” American Family HIS Father was Proudly Serving His Country!KARAH=Hateful Liberal Moron! KARAH take a Hint from Sarah- GET SOME BRAINS AND CLASS!!

Follow the Money, People! All the Congressional Dem Leaders were big recipients of big $ contributions from Fannie and Freddie, the true source of this crisis. Dodd has received the most, Obama the next most. Barney Frank’s old boyfriend was employed there. The Dem leadership and their Democrat sponsors looted we taxpayers. THIS IS A DEMOCRAT/GOVERNMENT CREATED PROBLEM, NOT A WALL STREET PROBLEM. Now, we should trust these clowns to forge a “bipartisan” way out? Please!!! Just like they got the off-shore drilling ban lifted, the House Republicans are the only ones speaking up for us…not the Dems, not the Washington establishment and not the big money people. As any sales person knows, the most powerful word in any negotiation is “no”. Republicans…just say no to any deal that gives the Dem-controlled government more money, does not abolish Fannie and Freddie, and does not hold hearings, then prosecutes those in and out of elected government who frauded all of us through these sham fronts. We’re watching, then voting very soon!

I too saw billions of loans be approved by large banks that should not have been. Let them fall, let them learn their lesson. We will be fine.
- Tyler Durden

http://www.democratandchronicle.com/article/20080925/NEWS01/80925009/1002/NEWS
Pollster says election could end in landslide
Quantcast
The presidential election might be a tight race now, but one of the country’s top pollsters thinks the race will end in an electoral landslide.
John Zogby, president of Zogby International, told a group of businesspeople today that it’s up to Democratic Sen. Barack Obama to convince voters to go with him. If he’s not successful, the country will likely vote for “a comfortable old shoe”, that being Republican Sen. John McCain.

Originally Posted by Henry Ford :
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

Originally Posted by Henry Ford :
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

I know about an immigrant, a very nice lady, but one who only made $10 per hour as a house cleaner. She was approved for a $150k home loan.
Anybody know about the Community Redevelopment Act (CRA)? It was created by Democrats to prevent “redlining.” Do you know what “redlining” means?
In a Democrat’s lexicon, redlining means the denial of homeowner loans by evil capitalist lenders who want to see poor people suffer.
In a lender’s lexicon, redlining means not loaning money to people who are considered extremely bad risks.
Do the math.

“You are a den of vipers and thieves. I intend to rout you out, and by
the Eternal God, I will rout you out… If people only understood the
rank injustice of the money and banking system, there would be a
revolution by morning.”
Andrew Jackson
Why wait til morning?

whiskey,
you can snap out of it now and act like a man, ya little puss.
Now that McCain killed the fatcat giveaway and rescued the American taxpayer, he actually has something to talk about at the debates.
He can say he 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.
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.
McCain had utterly and totally POWNED the Dems, who will be forced to support McCain’s plan.
McCain will then BYPASS THE MSM and go to the debates and explain that Obama supported the bailout, but McCain crafted an alternative, despite immense pressure from the president and the Department of the Treasury.
Let’s hope it all pans out this way.

i vote for “hostile knowledge” “mcsame lobbiest” and “nicole” to form a sub committee to figure this all out., then get back to us all with your recs- before the debate that may or may not happen friday night.
(do people really think tomorrow is financial meltdown day?- i have some dough in WAMU, and i was kind of shocked to read that 16Billion had been withdrawn from WAMU already, ‘fore morgan stanley stepped in)
i think we need to have the MINIMUM amount of money in the proposal to keep our financial system afloat- with many strings attached(executive pay CUT- profits going back to taxpayers first)- though not lots of other extraneous riders the liberal republicans are trying to add on.

IMPERSONATION TIME……
“Senator Obama , You are wanted on the Floor” …
“ ,,,,,ah ah ah I TOLD YOU ,,, aha h a ah ONLY CALL ME IF IT WAS IMPORTANT!. . ahah ah ah “IM STUDING FOR MY DEBATE …ah…ah..ah. AT OLD MISS IN….ah..ah…..aha…. IN MISSISSIPPI……ah ah aah ah WITH MY TELEPROMPTER….. ahnh ah ah ,,,,,.ah..”

I thought McCain was supposed to come to Washington to promote a bipartisan agreement, and he’s ended up torpedoing it. And all of this is due to politics, not principle. McCain saw that this economic crisis issue was going to kill his campaign (and pretty much the rest of the Republican Party too) so he’s gone ahead with another one of his “game-changing” political moves. Now I don’t want the bailout at all, but the government has to come up with some coherent response to the crisis are we’re all in deep trouble. But McCain will promote partisan conflict for his own ends, prevent any coherent action from being taken, and make this crisis much worse than it would have otherwise been.

ABC should get the story straight…in response to Pelosi’s efforts to blame House Republicans, Paulson did not say “I know, I know.” What he said was “I know, I know. It’s both sides.” That is a huge difference in tone and presentation. Sorry ABC, your journalistic integrity is questionable…you’ve had all day to correct the story and be objective.

Funny.
Oblamma thought that it was a much better idea to run to Chicago to hide from hurricane Ike than debate McCain the first time.
This time when there is a measure which requires serious oversight Oblamma tries to make political points with his “Well I’ll be there”, line of BS.
Maybe McCain should send Palin to debate lil Blamma, since she’s more qualified than Oblamma OR McCain to be president, which is why Oblamma’s disgusting cancer ad isn’t buying him any votes, and is probably costing him big among families of cancer victims.
No oblamma nohow.

Except for a few, a very few, who saw this “affordable housing” meltdown as inevitable, both parties and the President are responsible for this trainwreck. Any form of bailout is a slap in the face of millions of us Americans who lived within our means, took responsibility for our financial decisions, and played by the rules. Now, we are being asked to ante up for those who played the system and made billions with worthless paper. I, for one, am tired of coughing up MY money to compensate for the screw-ups of others……especially others who flush their companies down the toilet, screw thousands of employees and stock holders, and walk into the sunset with a 25 million separation package ! ! ! Mr. Bush……….wake up. Less than a month ago you said the foundations of our economy are strong. Now, if we don’t act within a day or two, the entire economy of this United States is at risk ? ? ? You either lied to us a month ago or you’re lying to us today. The economy of the United States simply can’t collapse in a couple weeks. Who’s responsible? Who’s accountable? Who’s going to jail? Somebody should. I fully support an indepth investigation of Fannie and Freddie and AIG and Lehman, et.al. to find out WHO must be held accountable and responsible and will serve hard time for this corruption and wholesale greed.

You guys who blame “Dems” are hilarious. As if either party is blameless or different for that matter.
Don’t believe a word Dubya says from now on. He’s a dolt (and I voted for him).

It is amazing what a bunch or morons you people are. I wish there was a way to punish the idiots that are against the bailout more than them losing their jobs in the coming recession. Lets see…”Hey you *ussies, Democrat and Republican, since you dont think it matters, please please please please buy some shorts on the Dow–Go buy a boat, spend some money. Since we aren’t going to have any problems if there is no bailout, you dont need to worry!”
Democrats–since you dont think Wall St and Main street are connected and its that mean booogeyman capitalist that’s trying to screw you, you dont have to worry–just Wall St will suffer–it will be contained in a giant plastic dome with some biodiesel in it and some Prius’s, and cutting off the credit, loans, deposits, and other markets wont affect you at all, because you went to the Al Gore school or Economics. Washington Mutual, the largest lender and 4 times larger than the second largest bank to fail in US history, didnt really fail today–its just pretend, like the fantasy world you live in.
To all you Republicans, on Election day, you are going to be wondering why your *ss feels like it has been passed around a prison ward or bathroon stall in Montana, and its because you missed the chance to stop a recession/depression, and lo and behold, your party was in power. So when folks look around, they said, throw the bums out–so look in the mirror. I especially like the guy who thinks everyone who said they never voted for a Democrat until now is lying–thats really a good one. He will be the jody for the whole prison yard come election Day.

i am just so sick of this gov of the rick for the rich and gains just for the RICH. i relly do not hink there is any of them “well we might have tow or three” that give a @!”! about the people of this GREAT country . we did not want to let the ailens in ” we want to send them back to were they came from”letting the IRANS pres. into this GREAT COUNTRY. and let him get away with anything ! and now they want us to let them write a check aBLANK CHECK!!!!and finish making us acountry like well i be nice when we we wake up and stand united and kick these people OUT OF OFFICE and TAKE THIS COUNTRY BACK FROM THE PEOPLE THAT WOULD SELL THERIOWN MOTHER TO MAKE A ONTHER BUCK.I JUST do notthink there doing what is best for us and this country .. SO I PLEAD with all of you .please put down the KOOL-AID , JUMP OFF THE WAGON AND MAKE THEM DO THE WORK FOR THE PEOPLE AND THIS GREAT COUNTRY!!!

History Forgotten is History Remebered

Hey History Forgotten — your whinning is causing a water leak coming from my computer. Sounds like you need to call Obama. He’s waiting for your call, if you can wake him up. In 40 days, the two of you can cry together. Most of America is going to enjoy watching you and the news media do a crash and burn.

Let me Give you a chance, Kid=Man

Let Bush, and McCain speak, for themselves.

If a bank can lend money for a mortgage and earn 6% and make a profit why is it necessary for a Fannie or Freddie to buy up that mortgage at 3% – 4%? Answer: so that the bank can make another loan at 6%. At that point a bank has earned 3% – 4% without liability/risk. Fannie and Freddie now bundle the loans, sells to China or the middle-east at 4% and everyone is clean and the problem settled. Whoops, house is over-valued and mortagee defaults. House of Cards! Hoover – a chicken in every pot and with every Demo Prez and Congress since then — everyone should own their own home even if they cannot pay for it. Food stamps. Universal health care. Medicare. Medicaid. Alinsky-Obama. Obama’s award of $100 million to build a garden that wasn’t. Obama’s current pledge – everything is going to be free. Another bridge to nowhere.

The basic problem here is that Obama has an excellent opportunity to show his leadership skills by taking a major roll in the buyout/bailout, but prefers to sit on his butt and discuss whether we should have a debate or not. If he doesn’t see the need to lead now, then when will he see the need.

It is a scary thing to see Schuemer, Frank, and Dodd up there talking about a bailout when they are the ones that created this mess with the law that everyone has the right to own a house, regardless of thier ability to pay for it. In addition, Dems are not saying how they have padded this with union proxy and other funding. They are trying to pull a fast one on the American people and if not stopped, our economy is really doomed. Bush needs to have the same determination with the Dems as he had with the war on terror, because the American people are being terrorized by their own elected officials.

Republicans ARE torpedoing the bill, Democrats only added certain provisions as oversights and CEO’s not getting a hefty bonus. The repubican (george’s bill) only wants the money without oversight and without no clear conviction if it will work.
ENOUGH! Democrats are doing what the consstitution requires. It is unconstitutional to pass a bill where the legislators can’t oversight the executive.
Republicans want to STICK IT ONCE AGAIN TO THE AMERICAN PEOPLE!! TO ASK FOR MONEY FOR THEIR FRIENDS AND FOR US TO NOT ASK QUESTIONS.
THEY ARE A BUNCH OF BASTARDS!!
McCain was in DC yesterday and didn’t even bother to look at a 3 page bill.
and this morning I read
McCain “country first” didn’t like the bill because he wants for deregulation and more TAX CUTS!!
What a creep!!

The Plethora of Democrats Low-Income Minority Homeownership Programs is Devistatingly Overwhelming and has become very Clear now with this BAILOUT.
The Democrats, Waters, Pelosi, Frank, Dodd all have ton’s upon ton’s upon ton’s of Down Payment Assistance and extremely Low 3% Interest Rates on Mortgages all set-up for Low-Income Minorities. The GOAL by Democrats is to—–>> Migrate Low-Income Minorities from ‘Inner Cities’ to Migrate them and plant them in homes and into homeownership in Upper Middle Class Surburbs, Cities, Towns and RURAL Areas too! If your Rural Area is a ‘Target Area’ which is 70% of Families in that Rural Area are below the Median Statewide Income, they will Virtually get their Homes WITH A MANDITORY OF Not less than 5 Acres with a home, get their home almost FREE/Gratis. It’s happening all over the US now. And will escelate Big Time starting in October 08′, so watch, and you will see.
The Excessive Section 8 Voucher Funding Act of 2007 has Migrated thousands upon thousands of Inner City Low-Income Minorities on SSI-Supplemental Security Income that pays ZERO TAXES and Welfare Mothers who’s boyfriends MOVE IN illegally as soon as they get into their Homes, and the Middle Class that makes OVER a certain amound WILL HAVE TO PAY THESE LOW-Income Minorities to SIT, SIT, SIT, Watching Soap Operas or Getting Methanphetamined Up, or Morgidly Obese all day long. WE the Middle Class that makes ‘Just a Little Too Much’ for ANY kind of Aid whatsoever will have to “WATCH” low-income minorities, ‘Take-Over’ their cities, towns, and rural communities, doing absolutely NOTHING to benefit that community only ‘Bleeding’ them dry, and getting fatter and fatter, sueing and sueing the White-Middle-Class worker and driving Cadallic Esclades with spinner rims or Cadallics with the proceeds of their Fraud Lawsuite against lifelong city residents that are Un-aware of these peoples Swindles, and just work and pay. The Middle Class Worker WILL get sick and tired of working to pay for BUMS to live in lovely homes, and Early Out Retire, leaving the SSI-Supplemental Security Income after the illegals are legalized getting onto SSI for the first time, high and dry, and this will happen all over again. Because if Middle Class Workers stop working, there will be NO MORE GRATIS/FREE for these low-incomes to Suck the Life out of Us, and All Will Loose, but we will have our Modest homes, nowhere as extravigent as low-incomes homes they will get paid for by the Middle Class Workers, and Watch The Show!