Obama Administration Will Unveil Bank Bailout Plan on Tuesday

Why do I feel as if I heard this all before and the end result will be the same nothing happening and we the people still waiting for the good times to roll in.

ANOTHER BAILOUT !!!!
SPEND, SPEND, SPEND

“… transparency, accountability, and consistency we haven’t seen so far”. He’s right, we haven’t seen it, and we never will.

ITS ALL THE ALL KNOWING ACCOUNTANTS OUT THERE.

I understand that most people have not read the bill. It’s a long tedious read. I have tried and I come away thinking, “how does this create jobs” and 90% of the time I come away not understanding how it would. Indirectly, perhaps, but some items clearly would have minimal impact IMHO.

Seems the Democrats have the same “Bank Bailout” fever the Republicans had.

George, Where has the objectivity gone? I once thought of you as a decent journalist, but as of late you have fallen in with the rest of your ilk on ABC. Your pushing of claims made by the Washington Post concerning the new RNC chairman’s sister was disgusting and shows your bias. Sorry, you’re off my favorites list. downinonc

What is this Tarp 4? Remember Pelosi, Bush, and Paulson talking about how all of this will be closely monitored and there will be accountability… well the reality is there is no accountability and grim prospects for any future accountablity- these banks and companies that cant make it should be broken up and sold off- yes, i am specifically talking about those that say the are ” too big to fail.” Those will bankrupt this country- we will have to keep bailing them out while our investments/401 K’s in these very companies have lost 70% of their value and while these companies charge us every penny they can. Stop the bailouts!!!!!!!

Hard for me to understand the complete non-objectivity of those deceived by Obama and his rubber stanps in Congress. Thank God we still have a minority party, otherwise Obama is going to be our first dictator… or will it be the emporer of the world! After all he is a citizen of the world is he not?
Keep spending and we’ll be all subject to some other group of nations… the dollar is becoming worthless through these worthless spend spend spend policies… we are gone as a leader nation! Done!

Herb Gray | Feb 8, 2009 9:43:02 AM…..All we have to do is replace 1/2 of the jobs held by illegal aliens and we replace ALL of the jobs lost in 2008. But what about the ‘quality of jobs? Does anyone have any illusions of what the ‘infrastructure jobs’ will be?

Please STOP interrupting. George you are the worst of all the sunday talking heads at interrupting your guests. Believe it or not, We want to hear what larry Summers has to say, not your drivel.

“the dollar is becoming worthless through these worthless spend spend spend policies”……….I don’t think enough of those supporting the stimulus package understand this or the long term negative impact of this bill.

This is because Obama wants to hide the fact that Geithner is working on another bailout plan for the banks. An additional 500 billion to 1 trillion is coming down the road.

Leaders generate confidence and courage. Obama is generating fear, discouragement and a sense of hopelessness. With the help of his mainstream media propaganda arm and his frantic, slobbering enablers in the congress, he may succeed in transforming this once great Republic into a third world Marxist/communist state. These are frightening and sad times for nation.

I will be voting out these Democrats that have ruined our state. See what happens when you spend you’ll end up like California.

A couple of things come to mind.
1. The enemy isn’t us – either Democrat or a Republican. The Enemy is most of these dishonest fakers in Washington DC and the Banking industry. We should stop allowing the players in DC to divide us by enticing us into fighting each other. It’s THEM we need to focus on.
2. We got here in this mess by reckless spending, mindless borrowing and social engineering with it’s unintended consequences. Who in their right mind thinks more of the same is going to help?
This is the action of a desperate Congress and President who have no idea how to fix this EXCEPT to either waste a lot of money and appear to do something OR let Banks and businesses fail and appear not to care.
We should stop wasting this money, cut to the end. The big banks ARE insolvent already. Let them burn and we’ll start over. We should NOT be putting this money into them or any of these other silly programs but directly to where the pain is and will be: Unemployment benefits.
As it is, these corrupt morons in DC are going to waste a $trillion or two more before we end up having to print more phony money to help the unemployed.
This isn’t hard, folks.

George…How about when Obama says he won the election and that shows the people want this stimulus bill. Wrong!!
He was voted in because he’s a good speaker and a “rock star”. A majority of the people that voted for him never voted before and don’t have a clue.

this mess was created when Clinton ordered HUD, Fannie, and Freddie to lend to deadbeats while Greenspan zero’d interest rates. The greedy banks just took opportunity presented to them by stupid, whiny, wailing liberals. And then stupid Bernanke cranked up interest rates blowing down the house of cards. It all started with stupid, whiny, wailing liberals and their stupid, whiny, wailing idiocies.

It is important for the American People that we are about to cross the Economic ‘Rubicon’ with this so-called economic ‘stimulus’ (a.k.a. spending plan). We will not be able to go back. This spending bill is going to cost you the taxpayer a significant pound of flesh unto the fifth generation. How many of you think that you are going to get any money from the ‘spending’ plan? Where do you think the money is coming from? Right….your wallet. The Washington Post is one of the worst news outlets for information on this bill. Yesterday the headline trumpeted the bi-partisan spirit behind this bill. Bi-Partisan…hah! 4 liberal Republicans (Democrats really for all intents and purposes) are thinking about siding with the President on this bill. That is what the post considers to be bi-partisanship. Even our carefully spoken Vice President has said that he sees a backlash coming from the voters on this. You bet that a backlash is coming. The headline, though, in today’s Post is really precious “Economists Agree: Speed Matters More than Size or Shape” Wow…that is quite a statement. Fear mongering anyone! So size and shape are not as important as speed ok then how about quality? Is it a good bill? It is our money. So where is the outrage America? So the post thinks we should just pass a bill because of the necessity for speed. I thought fear mongering went out with Darth Cheney? Isn’t that how the liberals tagged the Bush Administrations policies on Terrorism? If the Bush Administration was characterized as engaging in “the war on terror” perhaps we might say that the Obama Administration is engaging in a “War on free enterprise.” Gee….I seem to remember that when I would go to my Dad and say “Dad….I know it is only Thursday….but I have spent my entire allowance….can I have some more….” and what do you suppose he would say? Sure son here is another 5 bucks to carry you through. Ha ha ha. Senators please vote no!

Repost: Left out some words in first sentence…
It is important for the American People to know that we are about to cross the Economic ‘Rubicon’ with this so-called economic ‘stimulus’ (a.k.a. spending plan). We will not be able to go back. This spending bill is going to cost you the taxpayer a significant pound of flesh unto the fifth generation. How many of you think that you are going to get any money from the ‘spending’ plan? Where do you think the money is coming from? Right….your wallet. The Washington Post is one of the worst news outlets for information on this bill. Yesterday the headline trumpeted the bi-partisan spirit behind this bill. Bi-Partisan…hah! 4 liberal Republicans (Democrats really for all intents and purposes) are thinking about siding with the President on this bill. That is what the post considers to be bi-partisanship. Even our carefully spoken Vice President has said that he sees a backlash coming from the voters on this. You bet that a backlash is coming. The headline, though, in today’s Post is really precious “Economists Agree: Speed Matters More than Size or Shape” Wow…that is quite a statement. Fear mongering anyone! So size and shape are not as important as speed ok then how about quality? Is it a good bill? It is our money. So where is the outrage America? So the post thinks we should just pass a bill because of the necessity for speed. I thought fearmongering went out with Darth Cheney? Isn’t that how the liberals tagged the Bush Administrations policies on Terrorism? If the Bush Administration was characterized as engaging in “the war on terror” perhaps we might say that the Obama Administration is engaging in a “War on free enterprise.” Gee….I seem to remember that when I would go to my Dad and say “Dad….I know it is only Thursday….but I have spent my entire allowance….can I have some more….” and what do you suppose he would say? Sure son here is another 5 bucks to carry you through. Ha ha ha. Senators please vote no!

Sandy
you are right, we are not free. This country is in debt to China and not to mention other countries. Obama had part to do with it…but if memory serves me, Bush lied and got us in this Iraq war that is costing us daily in interest.
Until we get a handle on the immigration issue, invest in small businesses, revise disabily laws we are going to be screwed.

Rita:
That sounds like Obama…..for the Inauguration he was ‘African American’ now he is bi-racial….hmmmm interesting.

Dave:
Ask your man Mccain if at all he has been good in rejecting things, why didnt he do so when the former pres. was in power! And why are we in unthinkable mess now???

Very few people understand that nothing…I mean nothing…is going to change in the Federal Gov’t until the two party autocracy that runs it is put out of power and that power returned to the hands of the American people where it belongs. If you continue to check “Republican” or “Democrat’ on your ballot,you are contributing to the demise of the country. Voting out the current two political parties is the ONLY way to have a chance at significant change…Unless,of course, D.C. is finally stormed by outraged patriot citizens like the French stormed the Bastille.

A sign in an old motorcycle repair shop once said ..
FOR ALL REPAIRS
* Speed
* Quality
* Price
PICK TWO!
.. Those “we must hurry” legislators would do good to take heed of this
simple sage. If one picks speed, he must forget either quality or cost!

A sign in an old motorcycle repair shop once said ..
FOR ALL REPAIRS
* Speed
* Quality
* Price
PICK TWO!
.. Those “we must hurry” legislators would do good to take heed of this
simple sage. If one picks speed, he must forget either quality or cost!

Rita:
Sen McCain is no hero of mine…I disagreed with him on his Amnesty for Aliens vote and other important votes that he has made over the years. Who got us into this mess? The way I see it…the “estblishment” got us into this. These are the folks that really run things and that exist above the level of POTUS.

Tax cuts? How do tax cuts help the people who need it most — the people out of work, or about to be laid off, or in part-time jobs — ALL WHO PAY VERY LITTLE OR NO TAXES NOW!? How do tax cuts help people who don’t pay taxes!
These are the dumbest reps I can imagine. We needed to keep the billions for school and infrastructure and medical help because it would immediately FUND JOBS. Only jobs will help us now.
I have little faith in the Republican leaders for their backwards ideology (“Don’t Spend”) and almost the same lack of faith in the Democrats who want to use this stimulus bill for their pet projects. GUYS — it has one purpose: to pump up jobs and income and spending… “to spread the wealth around.” Just idiots in D.C. Just idiots.

Why can’t we simply CUT THE PAYROLL TAXES FOR SMALL BUSINESSES?????????????
I would hire 5 more people if I was not always paying PAYROLL TAXES!!!!!!!!!!!!
Do we need MORE TEACHERS??????
I think we have a Teacher for every car in the driveway!!!!!!!!!
CUT THE Payroll Taxes and hiring will start in a Month!!!!!!!!!!!!

Dave,
McCain was the ONLY candidate between the two that talked about spending. He said that we needed to curb the “pork”. And the people just wouldn’t listen to common sense. How can you go out to buy a flat screen t.v. when you have a $0 balance in your checkbook? You are either going to have to get another job or get a loan. The only way to stimulate the economy is to give the people more of their money to buy goods and services and to businesses to create jobs….The only logical answer to this is the FAIR TAX. You said it was the establishment, well, start with FDR, then Johnson, Carter and Clinton. From THEM, we have the social security ponzi scheme, then medicare, medicaid, Fannie and freddie, forcing banks to make loans that should have never been made as in the Community Reinvestment Act of 1977 and 1995. Then after the Bush Adm. wanted to have more oversight on Fannie and freddie, Dems like Barney Frank and Chris Dodd wouldn’t allow any. John McCain was one of 3 co-sponsors of the bill in 2005. This mess is the result of bits of socialism of the last 60 years put into our economy.

I am a small business owner and my company sells to other small business owners. Giving us tax cuts, incentives to buy equipment and so forth will not help us to create jobs, nor save them.
We need consumers buying products. period! The credit markets are keeping most small businesses from obtaining fincancing to buy any equipment. Cash flows, even with tax cuts, will not pay for more people. Even companies with good and stellar credit, cannot get financing, how can a start up obtain it? how can someone get financing to make big purchases (e.g. equipment)?
They cannot.
I think no one likes the idea of huge goverenment deficits, but who else in the short term, without functioning credit markets, can fill the spending void in the GDP?
Money has to flow to the consumers then to the retailers to stimulate business. Without paying customers, small businesses cannot and will not hire people or buy more equipment.
Any money I save from this, will pay down debt, not spend more on people or equipment. GOP leaders nee dto go to Main Street and talk to the business owner. They are as out of touch as always.

I’m really afraid it just won’t work. It’ll work for the politicians.

The “Americans for Dependency on Government Act of 2009″ is not stimulus folks. It’s a glut of spending to simply pay back Obama’s supporters. It’s also called socialism. I’ll give you stuff for supporting me and I’ll continue to give you even more stuff as long as you keep supporting me. The lard congested legislation buys a liberal majority for the next 30 years.

DEMOCRATS CARE ABOUT AVERAGE WORKERS!!! Now when you stop laughing and catch your breath, look at who they were bailing out in the stimulus and it sure was not average workers. They wanted to bail out Hollywood, spend fortunes for the Arts, handout condoms on every street corner(especially San Fransico) and so on. In other words, you the average worker who lost your retail or factory job or whatever, can go fly a kite and hope the democrats help you. Of course they will never help you. It works like this—the republicans bail out bankers and the democrats bailout Nancy Pelosi’s buddies which sure are not average workers. Nancy, of course,flys on a private jet provided by the government because she is the Queen Bee in waiting. You all have been had by the corruptness of Pelosi, Reid, Paulson, Bush and Geithner. Get use to it comrade for there is much more to come because you do not have the guts to stand up to the Bolsheviks.

“”WE WON!” So we will write the bill. Pelosi makes me sick. People bash Bush & this hag is 100 times worse.” And the worst is yet to come.
Read the list of beneficiaries to these funds ! Minimal number of jobs created.
NO VOTES TO SENATORS WHO VOTE FOR THIS “STIMULUS”
NAZISM IN AMERICA !!!!

Just make it 10 trillion, The US dollar is worthless anyway!!! Or soon to be…

Oh yeah…I meant…economists…

Well that was pretty weak on the part of Summers. He didn’t answer any questions (will banks be required to lend?).
Unless the Democrats explaining things to the public, it’ll be REAL easy for Republicans to spread all kinds of misinformation, and come out ahead on this.
It was like shooting fish in a barrel for the guy from the RNC.
Be bold – d#mnit! If the Republicans turn this into a big tax cut for the wealthy, we will all pay the price.

Geithner was head of the NY Fed while all the banks and securities traders were going overboard with the derivetive mortage market.
He didn’t do anything about it then.
Why would he know what to do about it now?

George, you’ve got to get rid of George, Cokie and Sam. Their time has passed. They are so out of touch that I cringe every time they speak. You especially don’t need them when Krugman is on because he makes them seem like empty-headed suits. It’s really bad, George.
Krugman would be a nice permanent addition. Our country’s problems are too severe to continue to give George, Cokie and Sam a platform when they spew their uninformed opinions as fact. I’m sure they’re nice people but their lack of knowledge about the issues facing our nation become more glaring each week.

President Barack Obama will be one of the greatest Presidents to ever govern this country once we, the people, get off our rumps and do what it takes to thoroughly destroy the Republican opposition. It’s apparent to the dullest that the Republicans want President Obama to fail and to heck with the country. It’s the Republicans who got us into this mess, when George W. Bush was allowed to increase the federal debt from 4.5 trillion Dollars to 10.5 trillion Dollars by passing massive tax cuts, while fighting two different wars. Of course, with a little help from those who called themselves Republicans at the time, we obviously could have stopped this war criminal from destroying our country. Now, we can only pray that President Obama will have the wherewithal to do this virtually impossible job. He’ll need plenty of support. But, what does he get from that sorry bunch of morons, i.e., the latest wave of Rush Limbaugh led Republicans — a public chorus wishing that President Obama fails in his effort to save our country from the destruction wrought in the Bush/Cheney years. There are 5 Republican Senators retiring in 2010, which gives us Democrats a golden opportunity to completely take over the Federal Government.

OINK OINK OINK rhis PORK bill plans giving away US taxpayer money to Illegal Aliens! It does not have E-Verify in it. It is a total fraud being perpetrated by a petulant new president. It needs to be defeated.

This bills needs to be pared down to (1) emergency aid to states to head off disaster and buy states some time to restructure and (2) ready-to-go infrastructure projects including shoring up the ailing electrical grids and existing new-energy pursuits (research, training, business incubation so that new energies can be commercialized and spawn new industries down the road).
Guiding principles should be: what will stop the bleeding immediately, and what will constitute investments in long-term new industries? Immediate crisis intervention in state shortfalls: will stop massive layoffs (which would mean more people losing their homes, loss of more tax revenue, and more economic fallout) while buying states a little time to restructure. Ready-to-go: No time to allocate money and then cook up make-work projects. Needed, ready-to-go projects only, with contracts going to local existing businesses and not adding to government payrolls.
Everything else on that bill is fluff and should be cut out.
We need to take a long hard look at what services are needed from government and gradually spin off everything else into the private sector (not suddenly, as sudden government employee layoffs could cause massive economic disaster and too much human suffering in the short run). New income-generating industries are the only way to increase revenues without tax increases. That, plus bringing government down from its bloated size by spinning off the nonessentials is needed to reduce the federal deficit. And maybe this will head off a devaluation of the dollar as well.
Fundamentally our economy needs to be rebuilt with new industries and new policies to keep business at home. What businesses have done to offshore production, a diplomat who did half that would be executed for high treason. Why can’t American businesses be held to the national interest?
The mess we’re in now is the result of too much off-shoring, too much deregulation (Glass-Stegall should not have been repealed in 1999), irresponsible lending & borrowing, foreclosures abruptly curtailing economic activity in other areas, oil speculation and high gas prices over the summer putting too much squeeze on budgets and hurting the economy. The cycle of contraction began and made itself felt in reduced state revenues and the mess spread across the country.
Now what? A huge spending bill with only few items that bring immediate relief to the economy is not the solution.
I say reduce this stimulus bill to one page (forget the endless documents where pork hides easily) and limit it to only the above-outlined basic immediate short-term economic stop-gap measures for states to stop the local bleeding. Pay for it by rescinding TARP. (and make it much smaller than TARP! Perhaps 100 billion max for state aid and let the infrastructure projects be managed by the states & contracted to local businesses) TARP has not stabilized financial and credit markets. No new spending bills.
The risk of currency destabilization and hyperinflation is real. Scaling down this bill to true stimulus-only may help the country preserve what’s left of our dollar’s value and stability.

Follow the money the Fed has already spent during 2008 and 9.
Who got it and how much?
Same guys + some legislators will get most of new money we are now printing.
Which side is the Justice Dept. on?
The answer or no answer to the first question will tell you the answer to the second one.

It’s apparent the people do NOT support this package why are they trying to cram it down our throats ?

This is how elections are bought, election is over so now its payoff time.

As far as school funding, I’m a HS custodian so I see things from the inside, The waste that goes on in our public schools is down right offensive.Many of the thing I toss out could be utilized elsewhere but it’s easier to get new stuff. After all it’s not their money and the tax payers don’t mind when you say ( It’s for our children ).

allen M…the glass steagall act was repealed during the Clinton Admin…so the banks don’t have to carry a very large amount in their reserves…. Maybe the banks are trying to loan money to individuals to purchases home but their credit is soooooo bad that the bank doesn’t want to take any more risk. I know of a couple that sold their house 2 years ago, pre foreclosure and tried to purchase another house 3 months ago …gosh they couldn’t find a bank that would loan them $300K for a new home…Their credit was soooo bad, they filed Chapter 13….What moroons…..but we still have the harley…..along with the new car in the driveway. But then again the banks need the bail out money for their retainage bonus money to give their top managers. There are a lot of qualified people that are unemployed that would love to just have a job and the heck with the bonus.

Caliguy!!!!
He listened….but did not relay any of it to Pelosi…Hence the Pelosi Pork Pie!!!
Why don’t you and your liberal buddies stop whining about Bush, and defend YOUR bill ????
All the crying about Education, and then the Dmocrats do this…..
From The WSJ….
“To understand the problem with the stimulus bill, it helps to focus on specific parts. Take the $142 billion for schools, which is nearly double the total outlays of the Department of Education in 2007. Now consider that much of this cash would go to public-school systems that don’t even need the money for its earmarked purposes.
The Milwaukee Public School system, for example, would receive $88.6 million over two years for new construction projects under the House version of the stimulus — even though the district currently has 15 vacant school buildings and declining enrollment. Between 1990 and 2008, inflation-adjusted MPS spending rose by 35%, per-pupil spending increased by 36% and state aid grew by 58%. Over the same period, enrollment fell by a percentage point and is projected to continue falling, leaving the system with enough excess capacity for some 22,000 students”
THIS THE WHY THERE MUST BE OPPOSITION & DEBATE! The incredible stupidity of this is why people do not trust Congress!
Obama HAD the opportunity to PROVE he was going to “change” the way Washington worked with this bill. He could have told Pelosi that if she did anything like this, he would call her on the carpet before the nation and put FULL resposibilty for the failure of the bill to get through the Senate on HER!
HE CHOKED ON IT!

Stimulating the economy isn’t rocket science. The best jump start is to put the greatest amount of spending money into the greatest number of Americans as quickly as possible. How? By giving a payroll/federal witholding tax holiday for 6-8 months to the largest segment of Americans most likely to go out and spend it.
This wouldn’t require 942 pages of babble, deal making, hiding assets, shady backroom wheeling and dealing by DC politicians. It would also give Main Street Americans a rest from the pontificating of empty, self-serving, ego-maniacal people filling the Congress.

herb grey–”Spending creates JOBS. Spending creates JOBS Spending creates JOBS.It’s all about JOBS !!” –your half right..it is all about jobs.. but spending (governmnet spending as opposed to consumer spending DOES NOT create jobs.. it creates debt.. which creates more inflation.. Lets say this idiotic bill actaully does create 3 million jobs ( it won’t but lets say it does).. in the process, inflation goes from 5% to 20% like it did under Carter. Look at your current paycheck.. Will having three million more jobs solve our problems if you have the same paycheck and milk is $12 dollars a gallon? Bread is $6 a loaf? Mortgage interests are available but at 14%?? I remember when old folks ate dog food int he 70s because its what they could afford when they went to the store.. Change we need???

caliguy-”Of course, no one could expect President Obama to give into the same old ideas, i.e., tax cuts are the panacea for everything, when George W. Bush’s massive tax cuts just about destroyed our great country. Keep it up you morons in the G.O.P., and the people will know who’s responsible for the destruction of our great country. It’ll be brutal when the people vote in 2010 to fill the seats of the 5 Republican Senators, who are retiring.– Bush’s tax cuts brought 6 million new jobs.. thats fact. For 6 years (post 9/11) they kept the economy stable and helf inflation in check.. Over the past year, the economy crumbled at the hands of DEMOCRATS who let the mortgage industry run out of control while a number of republicans blew the whistle and were told to SHUT UP.. Now we are going to instill the same policies that brought about 11% unemployment and 20% inflation and 14% mortgage rates in the 70s… Here my version of what you said.. this bill will pass.. probably with a couple of moron GOPers who are also going to vote on it… those two will be gone in the next election.. meanwhile, when this thing spirals inflation and everyone sees what the democratic philosopy of economics does.. The GOP can take heart.. starting in 2010 and 2012 we can look forward to 20 more years of the GOP after the dems destroy their own credibility like they did in the 70s….

Getting people spending again is the key. Yet,,,,with a “stimulus package,” my fear is that people will still be hunkering down because they’ll have the mindset that,,,,”we have a stimulus package, so I’m hunkering down!”
Obama has done a very, VERY poor job of leading this nation so far; his gross inexperience is showing.
“Nice speech though!!”

We are discussing this issue along with a whole slew of others over on my political blog. Recently we began tackling the issue of where the Republican party needs to go in order to rebound, the stimulus plan, Congress’s antics, and the Libertarian Platform. An exert from the blog:
So that is the move that the Democrats are going to pull! They are going to borrow this money from a creditor on good faith and take the money they borrow. Then later they are going to call Acme Debt Reduction and settle with that creditor for pennies on the dollar. It is a brilliant plan and we don’t have to worry about the government ever paying it back! The only person who gets short end of the stick here is the stupid creditor who loaned the money. They get pennies on the dollar. But they have it coming anyway. Creditors are tools who are constantly annoying us.
One problem America. The creditor is you.
So I am asking all of you to take a moment and jump over there and join in on the conversation. Be respectful and honest. Get there here:
http://standupforamerica.wordpress.com
Hope to see you there.