Congress balks at financial bailout plan

Wednesday 24th September, 06:00 AM JST

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Latest 15 of 22 Total Comments Show All

Alinsky4prez at 11:28 AM JST - 24th September

Congress would do well to heed the sage, historically indisputable words of wisdom that Barack's VP Joe 'Sock Em' Biden told Katie Couric yesterday:

"When the stock market crashed, Franklin Roosevelt got on the television and didn't just talk about the princes of greed.He said, 'Look, here's what happened.'"

Unlike palin this is someone who inspires confidence.
Badsey at 11:38 AM JST - 24th September

ever wonder how those Check-Into-Cash places got into every corner in America (took the place of the pawn shop) and charge those 20-30% up front interest loans and 300+% yearly short-term loans and how credit card companies can charge damn near what they want?

Give a big thank-you to Joe Biden.

Compare the land mass of Delaware to Alaska. There is a reason DE is so small and that's what I think of Biden. At least Palin runs a real State.
SezWho2 at 11:50 AM JST - 24th September

I think Delaware was the first state. None of our states would be real without a first one.

I don't think Biden is responsible for the financial crisis.
techall at 11:52 AM JST - 24th September

Question:

Who made a 2000% profit in the beef futures market in 1978 by selling short?
adaydream at 01:17 PM JST - 24th September

Congress can take a few more days if they want as long as they get it right. Not what big business.

I understand that the republicans are balking at helping Main Street at all.

Paulson and Bernanke sketched out a dire scenario for senators at a contentious daylong hearing: Neither businesses nor consumers would be able to borrow money, and the world’s largest economy would grind to a virtual halt.

Take time. Remember the last time the admistration screamed dire warnings? Before going into Iraq. WMD!!!!!!!!!!!!!!!!! Lies it was.

Do this right. < :-)
CavemanLawyer at 02:01 PM JST - 24th September

Take time. Remember the last time the admistration screamed dire warnings? Before going into Iraq. WMD!!!!!!!!!!!!!!!!! Lies it was.

Do this right. < :-)

My thought exactly. But what set me on that track was this quote:

Senators dug in their heels Tuesday, pushing back against dire warnings **from the government’s top economic officials of recession, layoffs and lost homes **if Congress doesn’t quickly approve the Bush administration’s emergency $700 billion financial bailout plan.

Dire warnings. Quickly approve. The same words were used in 2002 to get Congress to hand over the military to Bush.

--Cirroc
Nessie at 04:06 PM JST - 24th September

Who made a 2000% profit in the beef futures market in 1978 by selling short?

I give up. Who?
Altria at 04:17 PM JST - 24th September

Who made a 2000% profit in the beef futures market in 1978 by selling short?

Ah, I think I heard about that guy - he borrowed a herd of cattle, bred them, and then gave the original cows back to the owner - right?
techall at 04:35 PM JST - 24th September

Then answer is Hillary Rodham Clinton. She bought beef furures and sold short for $100,000.00. The point being that selling short has been an investment tool for decades and no administration can be blamed for the practice. The collapse of the housing market and NINJA loans (No Income, No Job, no Asstes) forced all these trading houses into a liquidation corner. If handled right, the "bail out" could end up making money for the government......wouldn't it be nice if they used that to prop up Social Security?
techall at 04:52 PM JST - 24th September

Alinsky4prez:

Herbert Hoover was president when the stock market crashed in 1929 and the Commercial TV broadcasting in the U.S. began in 1941 so that was a tricky move by FDR. I think Biden should study he U.S. history a little more.
skipthesong at 05:15 PM JST - 24th September

sez: I notice that you single out Democrats as those who should have taken a lead. However Republicans had majorities for the first 6 years and they fairly well controlled what passed through committees. Yes, Congress--all of Congress--shares responsibility." No, I am not pointing a finger at dems, but right now Dems and their supporters are pointing fingers, and that is where a line must be drawn.

For the longest time, when these problems were popping up, was it an issue? No! When the dems were taking over, was it an issue? No. No because people were not listening. When spoken of by Repubs, dems shot it down, when spoke by dems, repubs shot it down. We have all known this was going to come, with the exception of the oil crises. The reason you didn't hear was probably because most of the politicians up there don't even know a damn thing about finance. Does anyone remember Barbra Boxer's, Diane Fienstein's famous check bouncing scandals? And they were Dems. Again, I am not pointing and no one should. Everyone with basic investing skills, high school econ seen this coming.

I am with techall, no administration can be blamed and in many cases neither can the high income earners on Wall Street. We make investment and savings vehicles for one reason: To Find a way to make more money! Some vehicles have worked, some haven't (1990's S&L????/Junk Bonds)and we will never be free of that.
SezWho2 at 05:33 PM JST - 24th September

skipthesong,

You seem to want to blame both houses of Congress and yet you still only mention Democrats by name. Your comments there would be more convincing to me if you could find it in your heart to castigate some of the Republicans who controlled Congress from 1994 to 2006. There must have been some, eh?

As for insisting that the executive take some of the blame, I think that is quite appropriate. I cannot think of any president in my lifetime--back to Truman--who has more emphasized his role as a leader than Bush has done. And yet, "when these problems were popping up", where was his leadership?
Badsey at 06:34 PM JST - 24th September

if you read "Hillary Clinton futures trades detailed" you can see she didn't make 100,000 or short sell. -it's really more of a rumor, but she was leveraged past the limits (her money didn't cover even the margin) = somebody was doing her a favor and dumping profits into her account (at first).
adaydream at 06:25 AM JST - 25th September

John McCain is trying to suspend the Friday night debate.

John McCain's caught in a real bad spot. He has advocated deregulation over and over. This one is going to bite him in the butt.

Stand in front of the people Friday night and don't try to hide in Washington. McCain and Obama can't do anygood in Washington. It's not that they will say anything that hasn't been said already or that would be earth shattering.

McCain's running like a mustang, not fighting like a maverick. < :-)
Sarge at 07:28 AM JST - 25th September

adaydream - You forgot to mention that McCain is suspending his campaign until there's an agreement on the financial bailout. That is pretty important, isn't it?

"John McCain... has advocated deregulation over and over"

Yeah, he's one of those who believe the private sector can do things better than the government.