Congress balks at financial bailout plan
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22 Comments
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0
some14some
Bypass congress, contact G-7 and share 10bn equally also may urge emerging markets for their contribution, however small, will play big role in this 'noble' cause.
0
sdmsec
It's interesting that they call this a "bailout" when it's nothing more than a "redistribution" of wealth.
How about my plan: Let people wallow in the mess they've made.
0
skipthesong
to find fault in one person/organization is stupid. This mess has been coming for a long time. It was not Bush who forced lenders to give out loans that they could not pay nor was it Bush or his admin that refused to put a four year cap the situation back in 2002. In order to start understanding this mess, we need to go back to 2002.
there are things that Bush could have done, but the same question now posed then, "what if it doesn't work?". This fall out was also, for the past three years and even before that as predictions from the dotcom bomb and the IT bubble, predicted around 2002. The information was available and you should have made your adjustments then.
I can agree that Bush is what all here claim he is but letting other politcians off the hook serves no good. Pelosi and many in congress are now, and only now, taking a look into this as like before right now it is going to be an election issue, which it shouldn't.
All agree that bail outs are not good, but at the moment, this moment, there are really no other alternatives. And with someone like Pelosi, they would have found a way to politicize either way. So if you are an avid investor, she should be one of the last people you should listen to. On the flip, Bill Clinton has had some good words on how this mess got started, how it affects us, and damn good predictions.
one side note, if you live in Japan and work at one of the gaishikei's, and should you be a contractor, you should try to get that changed to seishain.
0
Badsey
the do nothing congress:
We had fuel lines (for gasoline) in Atlanta, Nashville and the general SouthEast today and here John McCain is worried he can't get a good interest rate on his 8th house.
Change is obviously needed. Not sure if Obama still wants the job since the Fannie-Mac lobby money has dried up.
0
SezWho2
skipthesong,
It's difficult not to politicize the issue. It strikes me that this is a political issue. One of the more ludicrous charges that Bush has made over the last 7 and a half years is that the legislative branch is "playing politics".
The working assumption of the current administration has been that free markets are efficient and that more freedom is better than less freedom. The problem has been growing and it has been neglected. It is not as though there were no warnings.
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. However, the scorn that applies to highly paid executives who presided over bankruptcies should also apply to national executives who waged war instead of paying attention to the economy.
0
Badsey
it's one of the same -this economic turmoil has ended the Iraq war. The funding has dried up --> best way to end a war.
•••so in truth George Bush ended this War•••
Greed fought Greed and the American people paid (some with their lives) for it --nothing new here.
0
Sarge
Former House Speaker Newt Gingrich: You have a Goldman-Sachs chief of staff and a Goldman-Sachs treasury secretary, and they convinced the president that the American people should send $700 billion to Wall Street. I think what they're doing is just wrong."
0
Alinsky4prez
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.
0
Badsey
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.
0
SezWho2
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.
0
techall
Question:
Who made a 2000% profit in the beef futures market in 1978 by selling short?
0
adaydream
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. < :-)
0
CavemanLawyer
My thought exactly. But what set me on that track was this quote:
Dire warnings. Quickly approve. The same words were used in 2002 to get Congress to hand over the military to Bush.
--Cirroc
0
Nessie
I give up. Who?
0
Altria
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?
0
techall
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?
0
techall
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.
0
skipthesong
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.
0
SezWho2
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?
0
Badsey
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).
0
adaydream
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. < :-)
0
Sarge
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.
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