Gingrich Switches Bailout Stance

YOU CAN NOT REWARD BAD BEHAVIOR..THE FREE MARKET WON TODAY AND CAPITALISM PREVAILS..PERHAPS INDIVIDUALS WILL NOW LOOK BEFORE THE LEAP WHEN INVESTING THEIR FUTURE EARNINGS IN ANY INVESTMENT WEATHER IT BE REAL ESTATE, STOCKS, BONDS, TREASURY SEC ETC….AND OUR HIGH EARNING BANKERS WILL TAKE PAUSE BEFORE MAKING DECISIONS…TAKE RESPONSIBILITY BECAUSE THE RESPONSIBLE INVESTOR AND TAX PAYER IS FED-UP WITH PAYING FOR THE MISTAKES OF OTHERS…AND YES…I HAVE A SUBSTANTIAL INTEREST IN OUR MARKET HOWEVER I AM THINKING OF OUR FUTURE GENERATIONS AND NOT MYSELF THEREFORE I WILL NOT PANIC SELL…….

Newt its a hard pill to swollow, its political, and all these players should be retired.
No wording in the bill elimates future fraud by people who cannot qualify for a loan. they will clean this deck, ONLY TO GO RIGHT BACK AND DO IT AGAIN.
we have had enough, I just can’t support any of this,let it all fall.
lizzy

Steve Schmidt, Mccain campaign Advisor, on Meet The Press this past Sunday:
“Schmidt argued: “Earlier in the week, when Senator McCain came back to Washington, there had been no deal reached. … What Senator McCain was able to do was to help bring all the parties to the table, including the House Republicans.”
_________________________________________________
My 401k sees that……

Let it fail! As the markets fall,the banks fail in the U.S. and throughout the world throw open the books and investigate and realize the cause of this fiasco-the democrats! Two years ago they called regulators racists when they tried to jump in and regulate Fannie Mae and Freddie Mac-the video is on the internet.The lead mouth in this was B.Frank. The wrath of the world will fall on their shoulders. Ms Pelosi is a liar-she didnt have enough support for this when McCain showed up to help and she didnt have enough support for this today-NINETY SEVEN DEMOCRATS VOTED AGAINST THIS BILL! She cant even lead her own caucus and stands there and blames this on republicans. Wake up America-vote them out!

Read the $700 Billion Emergency Economic Stabilization Act of 2008 bill currently in Congress. Find it at:
http://www. obamaunveiled. com

With the bailout smoldering in ruin, let’s fix the real problem and repeal the Community Reinvestment Act. This piece of Socialist dogma forced banks to increase mortgages to lower income people who could not afford them, all in the name of Progressive Social policy. Bush and McCain tried to fix this mess in ’03 and ’05, and the Dems blocked it.
Now Barney Frank and Chris Dodd blame de-regulation for the disaster, when it was intrusive socialist interference in free credit markets that was the real culprit!

If the vote stand, this is a fine example of democracy at action – in the worst NIMBY kind of way.
I don’t think Main Street understands that they may have just lost out in a real way. It’s not all about exec compensation and stock values, it’s about money and credit.
“Wall Street” provides much of the money that keeps not just banks, but other institutions working. Except for small/midsize cash-only businesses, most companies rely on credit and loans for investment AND operational expenses — if there’s pressure on credit, companies eat into their cash at hand, as cash at hand dries (which it will for any companyoperating on net30, net60, net90 or more payment terms with customers), payroll can dry up, layoffs can happen, there’s no new growth, and the downward spiral continue.
Think hospitals keep cash on hand to pay for all the staff/medicine/etc? Bye bye.
Pension and 401(k) lose value – bye bye retirement.
Students can’t get loans to school – bye bye education (and kiss those scholarships away as foundations/schools need to tighten their belts and their asset values decline and they no longer have ).
This may still work out – there’s political posturing on both sides that still has to play out.
But, it would be worthwhile for more Main Streeters to consider where the money (actual cash) that pays the food ($$) that has to be shipped ($$) that has to be stocked ($$) in a store ($$), or the money that pays for the company to issue a paycheck ($$), or the money that pays for the doctors/nurses/medicines ($$) in hospitals, and on and on.

Here is a quick look into 3 former Fannie Mae executives who have brought down Wall Street.
Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae’s accounting activities.
Raines left with a “golden parachute valued at $240 Million in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear.
Tim Howard – Was the Chief Financial Officer of Fannie Mae. Howard “was a strong internal proponent of using accounting strategies that would ensure a “stable pattern of earnings” at Fannie. In everyday English – he was cooking the books. The Government Investigation determined that, “Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae.” Howard resigned under pressure in late 2004. Howard’s Golden Parachute was estimated at $20 Million!
Jim Johnson – A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO. Investigators found that Fannie Mae had hidden a substantial amount of Johnson’s 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million. Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae. Johnson’s Golden Parachute was estimated at $28 Million.
WHERE ARE THEY NOW?
FRANKLIN RAINES? Raines works for the Obama Campaign as Chief Economic Advisor.
TIM HOWARD? Howard is also a Chief Economic Advisor to Obama.
JIM JOHNSON? Johnson hired as a Senior Obama Finance Advisor and was selected to run Obama’s Vice Presidential Search Committee.
Change?
These people would steal the change from your pockets.
Anybody But Obama/Biden…

Pelosi had to make this bailout about the virtues of being a Democrat – She blew this for America. ………….
http://thefiresidepost.com/2008/09/29/pelosi-blew-this-deal/

Colorado, get your facts straight, THis is the work of the BUSH administration.
Paulson, and Bush put an plan out and claimed it needed to be passed within 48 hours.

KR – Funny, I blame the democrats, starting with Pelosi, Frank, etc. Rank & file Republicans said all along they didn’t like the bill – everyone knew it … all of the discussion was on getting at enough Republicans on board. The fact that 66 went along, while Pelosi lost 94 says more about the Dems than the Republicans.

Jayhawk, ctaylor:
http://www.nytimes.com/2008/07/14/opinion/14krugman.html
There’s thousands of articles that explain Freddie and Fannie.

I am glad theydidn’t pass it and I think they should shove this down Pelosi’s throat as well.
http://www.americanthinker.com/blog/2008/09/memory_lane_lynching_franklin.html

ok, folks, Fannie and Freddie are not part of this, they have already been bailed out. The issue here is the decision by the financial community to bundle mortgages and sell them like commodities, the people that took those mortgages had no say in that. This is the result of a decision by finance and investment companies to increase profit. The shot themselves in the foot by counting on a bubble not to pop. Now since we are a nation that survives on credit, it is necessary to keep that credit flowing.
Posted by: Danny | Sep 29, 2008 2:50:57 PM
That fannie and freddie had nothing to do with this is completly incorrect they are the ones selling these mortgages to banks after they get someone a mortgage they push it on a bank

KR i agree we need to vote ALL who supported regardless of party affiliation out of office in november.
yes bush proposed it but republicans were the ones that voted it down. to their credit their were 90+ democratic hold outs as well. i want the list.

zoilodel- This bill was a Republican Bill put forth by a Republican President and members of his Treasury. The Democrats compromised to help get the bill passed. Obama did not suspend his campaign in a political stunt to race back to the capitol to rally Republicans.
“What Senator McCain was able to do was to help bring all the parties to the table, including the House Republicans,” GOP strategist Steve Schmidt said on Meet the Press.

We the people have to take back/protect our rights. Wake up Americans, take back our country, put America 1st make it the land of the free that it was meant to be. Get rid of big goverment & CEO’s acting like they don’t have to answer/account to nobody. As for the bailout let the CEO’s/Lobbyist/Crooks bailout out the companies/people that that made them outragously rich. Thank you all who voted not to bailout on we the people.

Because of Pelosi and her mean spirit targeting the GOP and using her “puppet” Obama, America is now in a dark period. Obama will never be elected…he is too closely tied to Pelosi! McCain is the only one who can save us now!

Yes, the bill was first presented by the President and his Cabinet members.
In case you haven’t noticed, most Republicans don’t agree too much these days with the President, and try to distance themselves from him as much as possible.
The DEMOCRATS are the ones who grabbed the proposal and took it upon themselves to “fix” it.
Along the way, they added a bunch of liberal stipulations and a slush fund for liberal agency funding that created mistrust for the bill among the American people.
Most members of Congress have been receiving phone calls and emails from their constituents, of which about 90% were OPPOSED to the bill.
Election Day is only five weeks away.
Who would you listen to?
The lame duck President, or the people who put you where you are in the first place?

Janice …sweetie…McCain was the one who voted for de-regualtion before Obama even got into the Senate…He has lobbyists and CEO’sin his pocket…

off to work good discussion people.
fear not the powers that be cannot afford to let their disgustingly lavish lifestyles fail. their will be a solution, one with more review more transparency, and more protections for us in the long run.
no more mushroom cloud moments. we did learn. this is what democracy looks like. country before party-both parties defeated this bill. thank you.

Pelosi and Obama are “birds of a feather”. Its time for them to nest somewhere else other than the United States!
Obama/Pelosi = LOSERS!
Posted by: Will | Sep 29, 2008 3:09:36 PM
I TOTALLY AGREE! OBAMA “IDIOT” AND PELOSI “STUPID!”

This bill will not pass as long as Paulson still has his Treasury job, much less let him run the program. Bush should’ve canned him last week.
We need a Buy In (not bail out) package with careful oversight. You see, the MAC twins underwrote this stuff fueled by liberal agenda house ownership socialism ideas, so it’s only fair the US government stands willing to Buy at some price. The GOP insurance plan is a valuable addition enabling these debt holders to sell or insure and hold the asset. This will create true values of the paper. John McCain helped bring sanity to the process, despite Obama rhetoric to the contrary.
Now as they go back to the drawing board they need to find a true fiscal conservative to run the program so it’ll pass.

If the bailout does NOT repeal CRA, it should be killed outright.
Otherwise, CRA will ensure the bad loans KEEP BEING MADE.

STOP THIS BAILOUT, NONSENSE!! It’s time to take our medicine. We’ve run up the debt, and now it’s time to pay IT OFF.
This bailout is just another short term fix, delaying the inevitable reckoning.
Whoever the next president may be, he will have to have some COURAGE. We need to significantly cut the size of government, simplify the tax code (and in some cases, raise taxes), and reform our entitlement programs.
Everything else is just BS window dressing.

Neither party wanted this bill. The Democrats took their medicine and delivered 60% of the vote. Republican House Republicans are playing Russian Roulette with the American credit markets.
Note to DNC: do not pony up more than 60% of the vote!
The final bill, whatever form it takes MUST be bi-partisan.

This is a lot of crap. The dems did all of this; let the paper trail link those responsible and presecute the crooks.. All politicians who received anything from Freddie or Fannie should be compelled to refund all monies to the tax paying citizens, immdeidately, and, criminally prosecute all who refuse.
Follow the paper.
This is what computers do best.

To me, the bailout always resembled bad parenting. The punk kid who wrecked his car (Overreaching Corporate America) would have been “punished” by it’s parent (U.S. Goverment) by giving him the keys to a brand new car!
This country needs to learn responsibility in all of its endeavours. The rejection of this bailout is a sobering start.

Glad this boondoggle failed. Let the markets work there way through this.
Anything the government gets involved in
turns to crap. Better to bear the pain
now rather than losing freedom to a
socialist takeover of the financial
system.

The Republicans need to tell Nancy that they will back a bill AFTER she gets on national television and tells the pubic how her party screwed the American people. Then and only then does she get a bi-partisan vote.
700 BILLION was only the beginning. The bill didn’t pass and already there was talk of adding student loans, car loans, credit card loans…. ENOUGH!

It’s time for consequences. We the people put those idiots in Washington and we are responsible for everything they screw up. If it’s time for a recession, so be it. We’ve already saddled our grandchildren with enough debt that they can’t pay back. We made the mess and it’s our responsibility to clean it up starting with throwing the crooks out of Congress.
We have the government we deserve.

DEPRESSION……PLEEEZE This is take out the trash day when healthy banking financial institutions target unhealthy regional banks and clean up this mess of irresponsible lending institutions..Citigroup buys Wachovia….JP Morgan Chase buys WaMu…everytime this happens our markets get stronger…Free Market..government needs to stay out of it

TO ALL REPUBLICANS:
I say that you guys get us out of this mess, instead of critizing those who are trying to help.
IT IS ALL REPUBLICANS FAULT fot the mess we are in. I want my money back!!
And I should get it from all corrupt republicans, including those in this blog that speak like vipers and all they do is to infest people’s hearts with their hate and arrogance.
Go and work and give US our money back.
You brought this misery to our country.
Democrats did not.
Democrats should allow the country to fall on top of the republicans head.
All republicans should go to fight in the Itaq war.
All republicans should go and live in the Katrina left over homes.
All republicans should pay off this debt that this corrupt government they chose, did onto US.
This is Republicans’ fault and the fact that they continue avoiding the truth, tell us that they do not love this country.
Republicans sold their soul and their patriotism to the devil.
Democrats for government.

To find out the root cause of this mess go to “Burning Down The House: What Caused Our Economic Crisis at you tube. There are lots of these. They lay it out and give references so you can look for yourself. It is what the people in the real financial world have been talking about for months.

The Banks of the United States have reported 7 Trillion Dollars in bad mortgage debt. Let me ask all you geniuses out there what good is it going to do to have the tax payers buy 700 Billion Dollars of this 7 Trillion Dollar debt? Who knows how much more debt the banks and financial institutions have not been reported. Spending this 700 Billion Dollars on this debt is like throwing kerosene, dynamite and gasoline on a wild fire storm. It only makes the fire hotter and more dangerous and destroys those who fueled the fire just like giving the extremely rich this 700 billion dollars. The tax payers debt, the national debt will just go up and prolong the tax payers suffering, starving, and wreak havoc on their physical, mental and financial health.

Complain all you want but there will have to be something done.At least the democrats have been looking out for mainstreet not like the republicans looking out for number 1.Remember the protestors saying mainstreet first well maybe the republican house members better remember that

A glimmer of integrity for the U.S.A. by having this bailout version shot down!!! No wonder the U.S. Dollar gained RESPECT (value) today!!!! Lets take the high ground with two more doses of integrity and see how we feel in the morning!!!

you know I was against this too. But, I don’t work so don’t have to worry about a paycheck. Imagine how you will think when your company cannot borrow to pay you, or when you are layed off, or when you can’t get credit to buy a new water heater or washer dryer. All that is going to happen, and I believe the people that were against this will whine the most. Also, your 401k’s will go down in flames. So, let the banks fail….you won’t have a job or money, but you will be happy you got your way.

When the righteous thrive, the people rejoice; when the wicked rule, the people groan. Proverbs 29:2
By justice a king gives a country stability, but one who is greedy for bribes tears it down. Proverbs 29:4

Karin.. the sky is not falling. Banks are still lending, houses are still being bought, mortgages are still being written and unless your 401ks are 100% invested in the mortgage market and not spread around, you should not see any real reduction. And if your company is borrowing money to pay you, then you should already be considering a new job as the one you are in is on pretty shakey grounds regardless of this mess
AMEN!!!!!!

I think you’re right Mannstein, but the way this election is headed it just might be the hammas party.

“Complain all you want but there will have to be something done.At least the democrats have been looking out for mainstreet not like the republicans looking out for number 1.Remember the protestors saying mainstreet first well maybe the republican house members better remember that ”
mayjane
Another public welfare junkie and socialist sympathizer who cannot work or pay her bills without help from the government to pick it out of my pocket!
In my book, that’s stealing! Go get a job!

The author of this article has sadly misrepresented Newt Gingrich’s statements on Monday. Newt did not change his stance, he simply answered the question as if he were a member of the House.
Newt Gingrich followed this with several great ideas, that were economically sound, protect the free market, and punish those responsible. I am not surprised by the author’s misrepresentation. It is very hard to find persons dissenting from the bill on Capitol Hill, but only because reason is being suppressed by fear and socialist power grabbing.
I suppose no one remembers all the cries by politicians against fear mongering in the White House (WMD’s, etc). Yet, here we are following fear mongering at its worst.

There NOW will begin a great promo campaign for Newt. Take a good look at the biggest ego in pro politics. This guy raked it in for arms manufacturers in his home district in Georgia. For at least two years, Georgia hauled in more tax dollars than any other, most to build weapons to kill innocent people.

In the end, you will find out. It is all about Newt. Don’t be fooled. Newt and Hillary are a disease society can not afford.