Sep 26, 2008 1:27pm
Stephanopoulos: Sources Say Vote “Unlikely” Before Wednesday
ABC News’ George Stephanopoulos reports: Senate sources say a Senate vote on a bailout bill is "unlikely" before Wednesday.
Senate Majority Leader Harry Reid said the Senate will stay in session as long as necessary to get the bailout package passed.
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First they take my money to buy stock and get a commission . The stock drops I lose money and now they want my tax dollars to bail them out, There is something wrong with this picture. If wall street gets a bailing so should main street, and the fat cats that get the millions in bonuses better be penalized and fined.
Posted by: Rose Szymanski | September 26, 2008, 1:46 pm 1:46 pm
The market’s going to be lovely on Monday and Tuesday. Thank John McCain for trading the economy of this country for a photo-op.
Posted by: TRBoston | September 26, 2008, 1:50 pm 1:50 pm
He came out of nowhere and blow the bailout plan wide open. If he is really interested in solving it, lets see if he will “suspend” his campaign until Wednesday. Country first afterall ha?
Posted by: Dave | September 26, 2008, 2:04 pm 2:04 pm
Palin power, love it!
Buh bye, McCain.
Posted by: palin | September 26, 2008, 2:09 pm 2:09 pm
There wasn’t a deal. Your democratic leaders lied to you.
Posted by: Sue | September 26, 2008, 2:09 pm 2:09 pm
Why on earth is there money allocated (earmarked) by Democrats for ACORN in bill???
ACORN is a crooked organization.
Is it because Obama was a lawyer for this organization???
Posted by: susie | September 26, 2008, 2:10 pm 2:10 pm
Pelosi can pass this anytime she wants, the Democrat votes are there, she’s not doing it because she’s scared to take responsibility for the bill. Once again, Pelosi and the Democrats show that they’re not capable of handling the majority position ion congress.
Posted by: Steve | September 26, 2008, 2:11 pm 2:11 pm
It would surprise me if they even know ACORN is included in the democrats version of the bailout.
Posted by: Sue | September 26, 2008, 2:11 pm 2:11 pm
This is what political correctness and government regulation gives you. Forced lending to people who don’t deserve it.
Thanks, Government.
Posted by: Chris | September 26, 2008, 2:13 pm 2:13 pm
It was Obama who broke the deal by criticizing an alternate proposal without reading it.
But maybe we should thank him. The alternative proposed by House Republicans would cost less, offer insurance against defaults, and not give taxpayer money to ACORN. No wonder Obama opposed it–the CO in ACORN means “community organizers” whose goal is voter fraud.
Posted by: Steve Z | September 26, 2008, 2:14 pm 2:14 pm
Dave & TRBoston….get a clue. Twerps.
Photo-Op? Where are the photos of McCain glad-handing? Oh wait – there’s photos of his cancer surgery on MSNBC – another smear job.
People haven’t been sold on the bailout plan. It’s complicated, and anyone that thinks otherwise is a damn fool.
I think there is time to think about this and make it better. You don’t just go sign legislation of this magnitude in a rush. Mr. Market did not melt down today (though I expected it to).
How about let’s see how this plays out before assigning blame.
Posted by: john | September 26, 2008, 2:16 pm 2:16 pm
Thank the Dem leadership for thwarting any effort to expose Fannie/Freddie’s Enron style accounting.
Thank the Bush Admin for not leading.
Obambi blew it not McCain. Even Reid has said that McCain was quiet during the discussion lead by Obambi with a package put in his lap.
Posted by: Citizen K | September 26, 2008, 2:17 pm 2:17 pm
Thank goodness John McCain stopped this train wreck and was able to get GOP input.
Posted by: Timetester | September 26, 2008, 2:21 pm 2:21 pm
Barney Frank (3 years ago when McCain tried to introduce a bill for more oversisght on Fannie and Freddie)
“No need, everything is just fine”.
Fast forward to this week — after bailing out Fannie and Freddie, the Democrats (per their leader Obama) are trying earmark money for ACORN in the Bail Out Bill. This is crooked “community” organization tied to voter fraud. And yes, Obama used to be their lawyer.
Posted by: Andie | September 26, 2008, 2:24 pm 2:24 pm
Rose Szymanski | Sep 26, 2008 5:46:31 PM
Good idea! And lets start with Obama’s friend’s Raines, Johnson and Gorelick.
Posted by: Linda | September 26, 2008, 2:25 pm 2:25 pm
The bill contained a provision that 20% of any future profits from the bailout would go to ACORN, a partisan polital group that Obama worked for.
That sounds unconstitutional to me. Taxpayer money transfered to a leftist political group of community organizers.
Posted by: RJ | September 26, 2008, 2:28 pm 2:28 pm
Nancy Pelosi and Harry Reid are liars and will say anything to save their as*ses. There was no deal with republicans and if she wanted it passed, they’d have passed it already. She just doesn’t want only democrat fingerprints on it when it blows up in OUR faces (which is why Obama didn’t want to be anywhere near Washington DC this week).
Posted by: ctmom | September 26, 2008, 2:28 pm 2:28 pm
ACORN “Accomplishments” Ignored By Mainstream Media
California: http://www.americanchronicle.com/articles/74775
Florida: http://www.wesh.com/news/17541353/detail.html
North Carolina: http://www.marketwatch.com/news/story/elections-chief-asks-voter-fraud/story.aspx?guid=%7BC13C6A8D-FFA9-431E-BC61-9F38CF81A367%7D&dist=hppr
Ohio: http://blog.cleveland.com/metro/2008/08/cuyahoga_board_probes_voter_re.html
Posted by: LightSeeker | September 26, 2008, 2:30 pm 2:30 pm
Pelosi knows that if the Dems pass it without Republican support they will lose the seats that are being hotly contested right now in this election year. The Dems needto be able to blame the Republicans if this turns out to be a failure. Harry Reid has been lying all along that this was McCain’s fault for not getting passed. The bailout as it stood was a farce. Why should the American people want corrupt groups like Acorn to benefit from this? The Dems are in control, they can pass it if they want to.
Posted by: J.S. | September 26, 2008, 2:36 pm 2:36 pm
Wait, I thought they had a deal yesterday? Now they can’t even pass it on their own? So I guess there was no deal then huh you lying Dem Rats!
Posted by: Wunderlust | September 26, 2008, 2:36 pm 2:36 pm
Why haven’t the Democrats called for investigations? They have used every excuse on the planet to launch witch trials and yet, not one call to investigate the largest financial disaster in history? Gee, I wonder why that is? Could it be becuase they know it leads right to them?
Most ethical Congress evah!
Posted by: Where's the Beef? | September 26, 2008, 2:40 pm 2:40 pm
So McCain thinks this is “significant progress”? Maybe getting a bill out by the end of next week?
http://www.political-buzz.com/
Posted by: matt | September 26, 2008, 2:43 pm 2:43 pm
The only think to Really worry about debating, is, can those surronded by corrupt money, is turned Clinton from Deocrates. And seems to buy fixed records. What if Clinton, and Rick Davis, knew they could buy anybody they wanted. It Fixed McCains Record in the past. And Do not, forget how it bought, Nixons election. I am sure, that special interest groups, who have paid lobbiests, could fix any paperwork. Clinton, had bought de-regulatios, paperwork fixers, and now McCain will have to distance himself, from Rick Davis and Clinton scandels. After all, what if they try to buy Joe Biden. They made Obamas paperwork disappear before. After all, the FBI has been bought before. Those special interest groups, are still on Wall Street, and in other postistion in HIGH Government. McCain should not Debate Obama. McCain is still best friends with Clinton, and has covered up Rick Davis’ Paperwork as best as he could. The ‘Secret Government’, is still in place. We WILL remember McCain has been in Government, a LONG TIME. Imagine that McCain has MORE POWER to fix the POLLS, and FIX PAPERWORK. How Will AMERICANS, Be able to trust a MYTHICAL SECRET ILLUMINATI. The Debates should NOT go on. Fox news was Bought, by special interest groups. Watch CNN and MSNBC. How many in the Senate are still corrupt. The Republican Cocus, has been caught in Lies TOO.
So the question becomes, what happened to paperwork?
Well United America. You already Know, you can not, get into collage without a Birth Certificate, Which the Collage had on Record. Yes, I would ask WHY, it Disappeared.
WHO DE-REGULATED, the OVER-SIGHT, of PAPERWORK RECORDS? The current government, has made people disappear BEFORE. WHY? Corruption? Buy offs? Well Bill Clinton and Rick Davis, STILL has not been Questioned, in FRONT of the WORLD. Notice how FOX NEWS does NOT, show ALL the STORY. WHY?
CNN and MSNBC, has shown MORE about BOTH Canidadates. Both SHOW mistakes made, by Obama, McCain, Palin, and Biden. FOX DOES NOT. Interesting…
Are we headed, for another Flip-Flopping, Senate?
The Out of Touch, Has been Caught Lying, and Would agree, then not agree.
WHY? Why has McCain, Not Givin’ his View on the Bill? The Out of Touch Senate, DOES NOT have the answer either. CNN and MSNBC ask ALL Senate Members. None can give an answer.
Call your Senate Office, and ask Why.
Watch on CNN and MSNBC as ALL the Senators, give the ANSWERS.
Be an INDEPENDATE VOTER. NO DEMOCRAT or REPUBLICAN VOTES, VOTE UNITED. INDEPENDANT, and FAIR. Who has access to fixing Paperwork. De-Reagulaters. ‘Free Market’ means NO PAPER WORK IS WANTED. Is Wall Street Crooks Gone Yet? NO. Is Paperwork Still Being Changed? YES. What will Corrupt Wall Street do? Hide the Money for Rick Davis? Another Clinton and Davis Fannie Mae? Has Goldman Sachs been De-Regulated? NO. So WHO CONTRIBUTED MONEY? :) WE SEE THEIR PICTURES. Thanks Guys…..You Just showed the world WHY the REPUBLICAN SENATE Can NOT AGREE…. :) Thank You
Posted by: historyforgotten | September 26, 2008, 2:43 pm 2:43 pm
PS Democrats and Independence are BOTH asking for an investigation, Watch CNN and MSNBC.
Posted by: historyforgotten | September 26, 2008, 2:44 pm 2:44 pm
The only think to Really worry about debating, is, can those surronded by corrupt money, is turned Clinton from Deocrates. And seems to buy fixed records. What if Clinton, and Rick Davis, knew they could buy anybody they wanted. It Fixed McCains Record in the past. And Do not, forget how it bought, Nixons election. I am sure, that special interest groups, who have paid lobbiests, could fix any paperwork. Clinton, had bought de-regulatios, paperwork fixers, and now McCain will have to distance himself, from Rick Davis and Clinton scandels. After all, what if they try to buy Joe Biden. They made Obamas paperwork disappear before. After all, the FBI has been bought before. Those special interest groups, are still on Wall Street, and in other postistion in HIGH Government. McCain should not Debate Obama. McCain is still best friends with Clinton, and has covered up Rick Davis’ Paperwork as best as he could. The ‘Secret Government’, is still in place. We WILL remember McCain has been in Government, a LONG TIME. Imagine that McCain has MORE POWER to fix the POLLS, and FIX PAPERWORK. How Will AMERICANS, Be able to trust a MYTHICAL SECRET ILLUMINATI. The Debates should NOT go on. Fox news was Bought, by special interest groups. Watch CNN and MSNBC. How many in the Senate are still corrupt. The Republican Cocus, has been caught in Lies TOO.
So the question becomes, what happened to paperwork?
Well United America. You already Know, you can not, get into collage without a Birth Certificate, Which the Collage had on Record. Yes, I would ask WHY, it Disappeared.
WHO DE-REGULATED, the OVER-SIGHT, of PAPERWORK RECORDS? The current government, has made people disappear BEFORE. WHY? Corruption? Buy offs? Well Bill Clinton and Rick Davis, STILL has not been Questioned, in FRONT of the WORLD. Notice how FOX NEWS does NOT, show ALL the STORY. WHY?
CNN and MSNBC, has shown MORE about BOTH Canidadates. Both SHOW mistakes made, by Obama, McCain, Palin, and Biden. FOX DOES NOT. Interesting…
Are we headed, for another Flip-Flopping, Senate?
The Out of Touch, Has been Caught Lying, and Would agree, then not agree.
WHY? Why has McCain, Not Givin’ his View on the Bill? The Out of Touch Senate, DOES NOT have the answer either. CNN and MSNBC ask ALL Senate Members. None can give an answer.
Call your Senate Office, and ask Why.
Watch on CNN and MSNBC as ALL the Senators, give the ANSWERS.
Be an INDEPENDATE VOTER. NO DEMOCRAT or REPUBLICAN VOTES, VOTE UNITED. INDEPENDANT, and FAIR. Who has access to fixing Paperwork. De-Reagulaters. ‘Free Market’ means NO PAPER WORK IS WANTED. Is Wall Street Crooks Gone Yet? NO. Is Paperwork Still Being Changed? YES. What will Corrupt Wall Street do? Hide the Money for Rick Davis? Another Clinton and Davis Fannie Mae? Has Goldman Sachs been De-Regulated? NO. So WHO CONTRIBUTED MONEY? :) WE SEE THEIR PICTURES. Thanks Guys…..You Just showed the world WHY the REPUBLICAN SENATE Can NOT AGREE…. :) BOTH DEMOCRATS and INDEPENDENCE ARE ASKING FOR INVESTIGATIONS. CNN and MSNBC.
Posted by: historyforgotten | September 26, 2008, 2:46 pm 2:46 pm
I’m disgusted by the actions of Pelosi and Reid.
Just days ago, Reid got out there and exclaimed, “Nobody knows what to do”.
Paulson calls Lindsey Graham and begs for republican intervention.
Graham calls McCain asking for intervention as the current leader of the Republican party.
McCain suspends operations and flies to Washington to help seal the deal.
Once he gets there, he’s demonized by the media as pulling a ‘stunt’.
Obama has to be dragged from the resort in Clearwater, kicking and screaming into Washington to be a part of the most important debate of OUR lives. He felt it fine to “be available by phone if needed”.
The bill was packed with pork, the bulk of which would be delivered to ACORN, the very organization that Obama represented.
This dem is leaving the party, will register as Independent and will now vote for McCain. This attempt at totally putting the screws to the American people and the money in the pockets of special interests who are in Obama’s pockets is enough.
Enough. We need a leader. Not a corrupt community organizer who will take my hard earned money and give it back to a corrupt ‘community organizer’ organization.
/spit!
Posted by: Florida Dem | September 26, 2008, 2:52 pm 2:52 pm
Bullying You Can Believe In: AIP Responds to Obama’s Attack on the First Amendment
Washington, DC – September 26, 2008 – Barack Obama is now using local law enforcement officials to carry out his campaign of legal intimidation by assembling a group of high-ranking Missouri police officials and prosecutors – including St. Louis County Prosecutor Bob McCullough and City of St. Louis Circuit Attorney Jennifer Joyce – to identify and target anyone the campaign determines is producing “misleading” political advertisements.
“This is an outrageous and shocking attempt by the Obama campaign to again employ Stalinist, police state tactics against those who dare to disagree with Barack Obama,” said Ed Martin, American Issues Projects president. “I am frankly stunned to see public officials like McCullough and Joyce abusing their official prosecutorial positions to serve as attack dogs for a national political campaign. I am quite certain Missourians elected these individuals to enforce the laws and arrest criminals, not to throw people in jail for daring to practicing free speech.
“The Obama campaign continues to provide a chilling preview of what would happen to political freedom in an Obama administration.”
This new effort is only the most recent attempt by the Obama campaign to crack down on free speech. Obama’s lawyers twice demanded the Department of Justice investigate and prosecute the American Issues Project, its officers, board of directors, and donors. The campaign also threatened stations running American Issues Project’s ad in an unsuccessful attempt to compel them to pull the spot, and ran its own ad in response.
Notably, this ad failed to dispute a single fact the American Issues Project has put forth.
http://www.kmov.com/video/index.html?nvid=285793&shu=1
Posted by: LightSeeker | September 26, 2008, 3:01 pm 3:01 pm
Dow up 196 yesterday, 121 today. WaMu fails but is quickly bought out by JPM. How much of this so-called credit “crisis” is actually real, and how much is political posturing. Sort of reminds me of the WMD panic as reason for invading Iraq. Just how much mileage do the Republicans expect to extract out of fear-mongering?
Posted by: samurai | September 26, 2008, 3:04 pm 3:04 pm
REPUBLICANS = FEAR = VOTES
Posted by: samurai | September 26, 2008, 3:08 pm 3:08 pm
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…..
Comments
Posted by: James | September 26, 2008, 3:20 pm 3:20 pm
NYT Revealed True Cause of Fannie Mae Crisis — In 1999!
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
“Fannie Mae has expanded home ownership for millions of families in the 1990′s by reducing down payment requirements,” said Franklin D. Raines, Fannie Mae’s chairman and chief executive officer. “Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.”
- New York Times, September 30, 1999
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1
Posted by: LightSeeker | September 26, 2008, 3:35 pm 3:35 pm
Top Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
Name Office Party/State Total
1. Dodd, Christopher J S D-CT $133,900
2. Kerry, John S D-MA $111,000
3. Obama, Barack S D-IL $105,849
4. Clinton, Hillary S D-NY $75,550
5. Kanjorski, Paul E H D-PA $65,500
http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
Posted by: LightSeeker | September 26, 2008, 3:39 pm 3:39 pm
Why did this happen?
Search You Tube: Burning Down The House: What Caused Our Economic Crisis?
PS – Check out Naked Emperor News
Posted by: MikeW | September 26, 2008, 3:43 pm 3:43 pm
Whoa! We’re going to have to wait an additional three business days before we finalize a huge decision that could impact the global economy?
That’s no way to run America. We like immediate gratification.
Either we’re doomed, or it would be better in the long run to take a reasoned look at the different plans before we commit to one.
I’m just not sure.
Posted by: The Haimster | September 26, 2008, 3:54 pm 3:54 pm
McCain Leads, Obama Follows
The neat thing about a presidential race between two Senators is that voters can make direct comparisons between the candidates that otherwise are not possible. This year, the comparisons work in John McCain’s favor.
McCain pushed for the “surge” in Iraq. Obama opposed it, saying it wouldn’t work. When it worked, Obama said he knew it would work, but defended his vote anyway.
Two years ago, McCain warned that Fannie Mae and Freddy Mac were in serious need of reform and he so-sponsored legislation to reform it. Obama did not support this legislation, which the Democrats blocked. Obama was near the top of the list of recipients of contributions from Fannie Mae and Freddy Mac, and two executives from these outfits were among his campaign advisors.
McCain also had the right line on the Russian invasion of Georgia (though this was not a legislative issue). As Rudy Giuliani recounted at the Republican Convention, Obama waffled for a while and eventually adopted McCain’s view. McCain led; Obama followed
Most recently, McCain figured out that he needed to get back to Washington to engage, and if possible provide leadership in, the momentous issue of the financial sector bailout. While McCain opted to help make something happen, Obama said he could be reached by phone if anything did happen.
Obama’s position was untenable, so he eventually followed McCain back to Washington.
Hoping to cover for their “follower” of a presidential candidate, Democrats are claiming that McCain has done more harm than good in the legislative debate. Although this is always a possibility with McCain (and, indeed, just about anyone who is willing to lead), the Democrats’ case is absurd.
Their argument is that Congress was on the verge of a deal until McCain entered the picture and caused Republican House members to block it. The problems with this script are several. First, there is no evidence that House Republicans were ever on board with any deal. Second, the support of House Republicans is not needed to pass bailout legislation. The Democrats control the House.
The Democrats counter the second point by saying that a majority of House Dems won’t support a deal unless House Republicans provide “cover.” But this argument raises more problems than it addresses. First, it is a serious condemnation of House Dems (too gutless to do what they think is right, even in the face of a potential economic meltdown). Second it is a serious condemnation of Nancy Pelosi (too ineffective to whip her troops into line even in the face of a potential economic meltdown). Third, it casts serious doubt on the wisdom of the deal that McCain is falsely accused of scuttling. If the deal made sense, House Dems wouldn’t believe they need “cover” from House Republicans.
Fourth, the “cover” argument shows what a non-factor Obama is in all of this. The Dems complain (preposterously) that McCain has riled up House Republicans or failed to bring them around. Meanwhile, no one seems to be asking why Obama hasn’t helped the House leadership obtain sufficient support from House Dems.
There’s a reason why this question isn’t being asked. Obama is lightweight from whom leadership is not, and should not, be expected.
http://www.powerlineblog.com/archives2/2008/09/021613.php
Posted by: LightSeeker | September 26, 2008, 3:58 pm 3:58 pm
Obama Law Firm Got Millions for ACORN from Predatory Lender, Famous Dope, Inc. Bank
August 26, 2008 (LPAC)–ACORN, which conduits hundreds of millions of dollars for George Soros-directed political operations and the Obama campaign, got a huge boost in 2002 through a deal worked out by Barack Obama’s law firm.
Obama was then an Illinois state senator and since 1993 had practiced law with Miner, Barnhill & Galland.
The Obama firm represented ACORN in a class-action suit brought in 2002 against Household Finance Company, a notoriously predatory sub-prime lender that was in the process of being taken over by Hong Kong and Shanghai Bank (HSBC), historically a central financing agency for British Far East opium trafficking. Obama’s partner Sarah Siskind, lead counsel in ACORN et al. v. Household International, Inc., 2002 WL 1563805 (Superior Court of California 2002), reached a settlement with HSBC.
The deal, worth hundreds of millions of dollars in payments, stipulated that HSBC would pay undisclosed amounts of the settlement to ACORN, which was supposed to counsel borrowers on how to cope with their victimizaton.
The British bank explained the arrangement with ACORN in a 2003 press release:
“Household International, Inc., a wholly owned subsidiary of HSBC Holdings plc (NYSE: HBC), the Association of Community Organizations for Reform Now (ACORN), and a series of borrowers from across the United States, announced today they have reached a proposed settlement of nationwide class action litigation relating to the mortgage lending practices of Household’s two U.S. branch-based businesses, Household Finance Corporation and Beneficial Corporation…. In connection with the proposed settlement, Household has agreed to provide funding over a three-year period for ACORN-sponsored financial counseling and literacy programs.”
In 2004, the year after the settlement, members of the Obama firm contributed about $26,000 to Obama’s initial campaign for the U.S. Senate — alongside George Soros, who met with Obama and raised $60,000 for the campaign. ACORN counsel Sarah Siskind gave Obama $1,000 and gave $500 to the other Soros project, MoveOn.org.
In 2001, the year before his firm represented ACORN, Obama had been a director of the Wood Fund of Chicago, when the fund awarded a $75,000 grant to “Chicago ACORN (fiscal agent is American Institute for Social Justice Inc).” The grants from Woods Fund to Acorn continued for several years, totalling over $300,000. That year, 2001, the chairman of the Woods Fund board on which Obama served was Howard J. Stanback, who ran New Kenwood LLC, a company founded by now-convicted fraudster Tony Rezko and Rezko’s commercial partner Allison Davis. Mr. Davis was Barack Obama’s former boss at the law firm, then called Davis Miner Barnhill & Galland. Another member of the Woods Fund board that started funding ACORN was William C. Ayers, former Weather Underground terrorist.
In the 2003 press release put out by HSBC, an ACORN spokesman is quoted praising the British bank:
“Household’s performance on implementing the Foreclosure Avoidance Program has been exceptional, and we are hopeful that our future work together will deliver enormous benefits to subprime borrowers.”
In fact, HSBC plunged ahead with sub-prime lending, not very well covered with the ACORN oak-leaf. In 2007 alone, HSBC had to write off the $11.7 billion in predatory loans to their American victims.
http://www.larouchepac.com/news/2008/08/26/obama-law-firm-got-millions-acorn-predatory-lender-famous-do.html
Posted by: LightSeeker | September 26, 2008, 4:07 pm 4:07 pm
A+ for Steve
Posted by: Traffic Cop Timmy | September 26, 2008, 4:32 pm 4:32 pm
How beautiful is the irony of the events over the last few days.
For 8 years the Liberal/Democrats have been bashing the Presidents economic policies. Now they are screaming because the Republicans won’t go along with Bush’s plan for the bailout.
The once ‘champions’ of lowering the national debt, are now pushing for the single largest increase in our history.
And. . . in typical short sighted Liberal fashion, they are pushing a plan that will make it impossible for Obama to get ANY of his domestic policies enacted should he be so lucky to get elected. What a useless presidency that will turn out to be.
Once again, proof positive, that the Liberals don’t have an organized, consistent, and rational thought in their heads.
Posted by: Navy Vet | September 26, 2008, 4:52 pm 4:52 pm
“Why on earth is there money allocated (earmarked) by Democrats for ACORN in bill???”
There isn’t.
“It would surprise me if they even know ACORN is included in the democrats version of the bailout.”
It would surprise me too, because it isn’t.
“the Democrats (per their leader Obama) are trying earmark money for ACORN in the Bail Out Bill”
They’re not.
Seriously, do you all believe everything you read on blogs, etc., without investigating it yourself?
What’s included is a provision for what happens to the profits resulting from the bailout bill, if they actually are any. That’s not a earmark, that’s an inherent, necessary, part of the bill. The provision is that 20% of them will go to – no, not ACORN – the National Housing Trust Fund. This is a trust set up to provide affordable housing for low-income Americans.
The only link to ACORN is that they are one of many organizations that have applied for and received grants from the fund in the past. In order for them to receive money from this bill, there would first have to be profits, and ACORN would then have to successfully apply for a grant from the trust fund. Note that there are limits on how much any one institution can receive, and numerous conditions attached to grants, including prohibitions on what they can be used for. Google ‘national trust housing fund’ and check their website for more details.
Posted by: Aengil | September 26, 2008, 5:03 pm 5:03 pm
Obama looks like an desperately angry, gay, Halloween monster in tonights debate.
Posted by: . | September 26, 2008, 5:28 pm 5:28 pm
Better bail out me too
Posted by: Rose Szymanski | September 26, 2008, 6:58 pm 6:58 pm
I read this comments and I am saddened. Since it takes an enlightened and well reasoning citizenry for democracy to work, I am worried about the future of my country. It is clear that neither party has a monopoly on the answers. The problems are commplicated and involve tradeoffs that include pieces that will be distasteful. Most, not all of these comments, sound like what you would hear in a playground when it is time to elect the 3rd grade class president. The reason we are getting the
Posted by: Luke | September 26, 2008, 7:37 pm 7:37 pm
I SENT THIS LETTER TO MY REPRESENTATIVES IN CONGRESS:
We demand that Congress stops adding earmarks and pork within the contents of the “Bail Out Bill”. In addition we do not want a payout to ACORN — or any organization like ACORN.
We feel this is an egregious abuse of House and the Senate positions in Congress. Enough is enough.
We will no longer continue to vote or support any Representative or Senator who votes for bills with earmarks and pork or allots money to ACORN.
I BELIEVE THE PEOPLE WHO WALKED AWAY WITH TONS OF MONEY SHOULD BE RESPONSIBLE FOR THE BAIL OUT.
If the government agrees to pay off mortgages for people who bought homes they could not afford — then the government needs to pay off ALL mortgages for ALL legal American citizens.
I don’t want my tax payments used to pay off somebody else’s home!
I PERSONALLY AM AGAINST A WALL STREET BAILOUT BUT AT LEAST FORKING OVER A THIRD OF THE MONEY — WITH THE REST CONTINGENT ON EFFECTIVENESS — MAKES SENSE.
I AM TOTALLY AGAINST GIVING 10% TO ORGANIZATIONS LIKE “ACORN”. PEOPLE SHOULD NOT BUY HOMES THEY CAN’T AFFORD. DO NOT BAIL THEM OUT.
NORTH CAROLINA TAXPAYER
Posted by: HONORABLE JOHN McCAIN IN 2008 | September 26, 2008, 8:55 pm 8:55 pm
susi’s comment is the only relevant information on this subject.
“Pelosi can pass this anytime she wants, the Democrat votes are there, she’s not doing it because she’s scared to take responsibility for the bill. Once again, Pelosi and the Democrats show that they’re not capable of handling the majority position in congress.”
She won’t allow it to be voted on until Republicans come on board, so it can’t be used against Democrats later. She’s said so publicly. Leadership and decisiveness are inextricably linked. This is especially crucial when it comes to the economy. Our economy is based on faith and belief in its viability. Democrat waffling and weakness will lead to disaster.
Posted by: Christopher McElree | September 27, 2008, 12:42 am 12:42 am
Watching John McCain this evening, I felt increasing ALARM that 4 years under him would make the Bush debacles look like a Sunday school picnic.
His responses are “shoot from the hip”….example, his “freeze all spending except on defense” just rolled off his tongue and falls Alarmingly short of the considered response one demands of our President. His fixation on the “surge” shows a lack of understanding of the far more relevant matter of his reckless bad judgment in sending our troops into harms way in the first place. He is obsessed with putting a band aid on a broken leg, and offers no solution to the fundamental issue which is that the Iraqi economy is still hobbling around on crutches, while draining us of $100 billion per year. He is so out of touch that does not even embrace Iraqi’s own leaders loud support of a timetable for disengagement.
Each point he made was childishly simplistic. He treated each issue in isolation of its knock-on impact on other issues. I don’t think he ever heard of Root Cause Analysis! I heard an ALARMING amount about quick fixes to symptoms, and he showed no capability to put his finger on the underlying cause and fix it. Did he address Lack of Regulation…..no. Oh, but fire the head of the SEC….yes. Use Diplomacy to engage problematic states….no. Isolate us from our enemies and our friends alike…..yes.
I always tell my teenagers there is no place for sloppy thinking and slap stick solutions to complex issues. John McCain is no teenager but he clearly needs this advice, for on his current path, as a President he would represent an Alarming Danger to the American People.
Posted by: IkeTexas | September 27, 2008, 1:04 am 1:04 am
Gawd, you socialists just don’t understand markets do you? Just throw money at it, thatll fix it!
I don’t for a second believe McCain came to try and derail this ridiclous bailout but if he did come t give house rethugs cover, then I applaud him! House rethugs seem to be the only sensible corrupt politicians in DC currently. How many leading economists you think support this disastrous bailout proposal? There are many free market, private solutions available and NO the free market was NOT the culprit in this fiasco you ignorant socialists, greed was…lack of oversight was, irresponsible monetary policy was and NO, contrary to what you socialists or communists (take your choice) believe, we DON’T have a free market!
Any of you ever heard of getting an actual education rather than getting brainwashed by your Marxist professors?
I understand in a “structured mind” similarly to the “structured economy” you’d prefer, that critical thinking skills are in short supply.
Good luck.
Posted by: ClassicalLiberal | September 27, 2008, 4:21 am 4:21 am
Let’s be clear, there is blame to be spread around all sorts of members frm both of the oligop parties for this mess. It was right last night for Obama to ask how we got here. But the answer is hardly às he presents: no regulations, republican free market policies, etc.
Has he never read this article? Or does he choose to ignore it?
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&partner=permalink&exprod=permalink
Much more could be stemmed all the way back to the LBJ administration.
Why no talk of the Federal Reserve manipulating interest rates? None. Why no supporters of èither Obama and McCain talk about what possible role the Fed has played and what should be done about it? Why? Why the silence?
Posted by: ClassicalLiberal | September 27, 2008, 5:12 am 5:12 am
Vote no on the bailout. We don’t need to pay for this.
Posted by: midwestlady | September 27, 2008, 5:22 am 5:22 am
ClassicLiberal,
No one wants to admit that they are responsible for it. Clinton came close to admitting his role in it yesterday, which was huge.
The problem is that mortgages are foreclosing–mortgages which never should have been written in the first place–to poeple who never had any hope of paying the money back.
Vote no on the bailout.
Posted by: midwestlady | September 27, 2008, 5:24 am 5:24 am
This is just another welfare scheme. Vote no on the bailout.
Posted by: midwestlady | September 27, 2008, 5:25 am 5:25 am
I agree midwestlady. There are alternative solutions out there. Simply putting a 2 year moratorium on m2m accounting rules in regards to banks would free up more time to find a private solution and let the market liquidate this toxic debt.
More info on Fannie/Freddie:
http://www.newyorker.com/talk/financial/2008/07/28/080728ta_talk_surowiecki
Posted by: ClassicalLiberal | September 27, 2008, 5:28 am 5:28 am
The bottom line is that any floor for housing prices should be created by the most powerful tools in economics, supply and demand. Prices need to still come down, probably another 15-20% across the board. Suspend m2m and that will but time. If banks need to recapitalize and are having difficulty doing so in the private sector then the most govt should do, imo, (and id prefer nothing but get out of the way), then offer loans at high interest rates with the collateral being that the govt receives senior preferred stakes in the case of default.
Posted by: ClassicalLiberal | September 27, 2008, 5:51 am 5:51 am
Thank God the all the idiots didn’t sign on to the original pork filled plan (ACORN gets 20% etc) This may take a little longer, but hopefully better for the tax payers. People. You need to chill out. McCain didnt kill anything. He only wishes he had that much influence. Dems can pass whatever they want right now. They just dont have the balls to go it alone, because many are up for re-election and this bailout, FACTUALLY, is not popular with the public. Getting something passed is all about politics, retining a majority, and spreading the blame. Its about presidential AND congressional politics alike. AMercians, you need to take your partisan blinders off. There was no DEAL, it was a setup. That has been exposed. IT was a pressure tactic from the left to get the right to vote for a bill that was BAD for taxpayers and spread the blame. But more importantly, it was a chance for some dems who are running for re election to vote NO as a safety net for their re election bids, while dems know they could pass it without one republican vote. THey need the republican vote to untie the hands of the dems running for re election, as an offset, and to share any blame if the bailout fails. The Right saw this, McCain took the bait Reid offered, and Reid then said never mind, we dont need you. Of course, the “cancel my campaign” thingy, while maybe appearing to be noble at the time, was obviously a stupid thing to do. We have bigger problems people. Our government is not funtioning properly on our behalf. Both presidential candidates tax plans will add “TRILLIONS” to the national debt. The US government has outgrown the people, its not ours anymore. We have been brainwashed into taking a side, sometimes splitting families right down the middle. Last time that happened un such a grand scale we had a civil war. Government is too big, its that simple. They spend to much, and waste too much in the process, sometimes we get less than $0.50 on every dollar they collect. The minute they take it, half of it is gone. We may have to bail out, or LOAN some money to get liquidity to the market, but we should not just give them 700B. Oh, and If you lost money in the market because you trusted somebody else with it, your a damned fool. Dont blame ANYBODY but yourself. Its called gambling, and sometimes, no, most of the time, you will lose.
Posted by: WakeUpPeople | September 27, 2008, 7:05 am 7:05 am
So, it’s going to take until Wednesday for Nancy and Harry to post the “Acorn & LA Raza Underhanded, Sleazy & Scandalous Enabling Act — aka, as the “A LA RUSSE Act” — for a vote?
They hold the majority in BOTH houses, but they can’t get it up? Even to fund their little band of criminal dirty tricksters with a taxpayer-guaranteed source of money?
How pathetic is THAT?
Posted by: Trochilus | September 27, 2008, 8:06 am 8:06 am
“Posted by: Aengil | Sep 26, 2008 9:03:45 PM”
You are officially in denial! ACORN has no business getting anything from the taxpayers — not dime one! They have engaged in criminal voter fraud in multiple jurisdictions.
Posted by: Trochilus | September 27, 2008, 8:21 am 8:21 am
WakeupPeople,
Bravo!!
I thought (and still do) believe the vast majority of this country are a bunch of ignorant, blinded, partisan fools but reading a post like yours makes me realize that their are at least some critical thinking, rational, reasonable, and logical citizens among us.
Thank you!
CL
Posted by: ClassicalLiberal | September 27, 2008, 8:56 am 8:56 am
Roflmao!!!!
I agree with you on one thing… Don’t vote for either McCain or Obama.
But all I really saw was your cheerleading for CNN, MSNBC, and CBS.
Roflmao!
Blah, blah, blah..rah rah CNN…blah, blah, blah… Rah, rah MSNBC…blah blah blah… Rah rah CBS.
What a joke!
Good luck!
CL
Posted by: ClassicalLiberal | September 27, 2008, 11:16 am 11:16 am
Birk Recovery plan
> Hi Pals,
>
> I’m against the $85,000,000,000.00 bailout of AIG.
>
> Instead, I’m in favor of giving $85,000,000,000 to America in a We
> Deserve It Dividend.
>
> To make the math simple, let’s assume there are 200,000,000 bonafide
> U.S. Citizens 18+.
>
> Our population is about 301,000,000 +/- counting every man, woman and
> child. So 200,000,000 might be a fair stab at adults 18 and up.
>
> So divide 200 million adults 18+ into $85 billion that equals
> $425,000.00.
>
> My plan is to give $425,000 to every person 18+ as a We Deserve It
> Dividend.
>
> Of course, it would NOT be tax free.
>
> So let’s assume a tax rate of 30%.
>
> Every individual 18+ has to pay $127,500.00 in taxes.
>
> That sends $25,500,000,000 right back to Uncle Sam.
>
> But it means that every adult 18+ has $297,500.00 in their pocket.
>
> A husband and wife has $595,000.00.
>
> Wh at would you do with $297,500.00 to $595,000.00 in your family?
>
> Pay off your mortgage – housing crisis solved.
>
> Repay college loans – what a great boost to new grads
>
> Put away money for college – it’ll be there
>
> Save in a bank – create money to loan to entrepreneurs.
>
> Buy a new car – create jobs
>
> Invest in the market – capital drives growth
>
> Pay for your parent’s medical insurance – health care improves
>
> Enable Deadbeat Dads to come clean – or else
>
> Remember this is for every adult U S Citizen 18+ including the folks who
> lost
> their jobs at Lehman Brothers and every other company that is cutting
> back.
> And of course, for those serving in our Armed Forces.
>
> If we’re going to re-distribute wealth let’s really do it…instead of
> trickling out a puny $1000.00 economic incentive.
>
> If we’re going to do an $85 billion bailout, let’s bail out every adult
> U S Citizen 18+!
>
> As for AIG – liquidate it.
>
> Sell off its parts.
>
> Let American General go back to being American General.
>
> Sell off the real estate.
>
> Let the private sector bargain hunters cut it up and clean it up.
>
> Here’s my rationale. We deserve it and AIG doesn’t.
>
> Sure it’s a crazy idea that can ‘never work.’
>
> But can you imagine the Coast-To-Coast Block Party!
>
> How do you spell Economic Boom?
>
> I trust my fellow adult Americans to know how to use the $85 Billion
>
>
> We Deserve It Dividend more than I do the geniuses at AIG or in
> Washington DC
>
> And remember, The Birk plan only really costs $59.5 Billion because
> $25.5 Billion is returned instantly in taxes to Uncle Sam.
>
> Ahhh…I feel so much better getting that off my chest. Kindest personal
> regards, Birk
>
> T. J. Birkenmeier, A Creative Guy & Citizen of the Republic
> PS: Feel free to pass this along to your pals as it’s either good for a
> laugh or a tear or a very sobering thought on how to best use $85 Billion!!
Posted by: Roy | September 27, 2008, 4:42 pm 4:42 pm