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Frank sees bailout agreement by Sunday
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Step Up Bush | 8:19 a.m. Sept. 26, 2008
When making these kind of statements lets hear you order all congessman and
Senators to stay in DC. and session until an agreement is reached. Also lets
have the debate tonight. I want to hear both sides tell us where they stand on
this issue. After the fact politics just don't cut it anymore. I'm
tired of hearing the blame game and I'm a hero.
Anonymous | 8:17 a.m. Sept. 26, 2008
It is critical citizens get involved. Read the proposed bill, then compare it
to the Constitution. Call your representatives. Don't rely on liberal or
conservative spin on this issue. Make the voices of people educated on the issue
be heard.
Dude | 8:17 a.m. Sept. 26, 2008
So the **dire** need to attack Iraq somehow resulted in multi-billion dollar
no-bid contracts for the VP's former company, and now Paulson, the CEO of a
Goldmn-Sachs a mere two years ago, is now holding the U.S. hostage under
**dire** threat of ruin unless hundreds of billions of dollars are rewarded by
taxpayers to the company he was recently running? :::cough cough::: The smoke is
getting pretty thick in here.
Comments continue below
"his own party" | 8:27 a.m. Sept. 26, 2008
We Republicans don't claim George Bush as one of our own anymore. The man
has personally destroyed the Republican brand name of "limited
Government" He's way more comfortable with the Democrats.
Here's a request George: Please let us know one area of the Federal Government where we can cut spending to offset this new, massive rescue. Just one... can you do it?
Here's a request George: Please let us know one area of the Federal Government where we can cut spending to offset this new, massive rescue. Just one... can you do it?
JB | 8:36 a.m. Sept. 26, 2008
A sure sign of the times. . .judges and lawyers (polititians) are corrupting our
government and economy and the electorate is sitting on the sidelines just happy
to be given free kool-aid. WAKE up Amerca and stop being so selfish, self
serving and lazy. It take hard work and a high level of morality to enjoy the
blessings of a constitutional republic. Socialism is taking over and no one is
to blame except ourselves.
uncannygunman | 8:46 a.m. Sept. 26, 2008
Sorry "his own party," but Bush IS the modern Republican party. You
broke it, you own it!
AZ_guy_4 change | 8:56 a.m. Sept. 26, 2008
Hurrah for house republicans who take a stand for their platform!
Utah friends, time for a divorce from the repubublican party. Look to libertarians or the constitution party.
Watch the cnn interview of Ron Paul to get a different perspective: Live within our means.
Lets find out how to lower our debt not increase it.
Utah friends, time for a divorce from the repubublican party. Look to libertarians or the constitution party.
Watch the cnn interview of Ron Paul to get a different perspective: Live within our means.
Lets find out how to lower our debt not increase it.
Lew Jeppson | 8:56 a.m. Sept. 26, 2008
The proposed bailout will solve for a time the extreme illiquidity problems of
the financial system. But considering that we have gone through 12 bailouts
since 1982, the monetary system domestically and internationally is and will
remain unstable. More important is the fundamental change in our economic
system which this measure will herald. We sill cease to be free market in much
of any sense. The late John Kenneth Galbraith predicted the east would become
more like the west, and that the west would become more like the east. Clearly
this is happening. We will have adopted a kind of socialism whose
characteristics remain to be seen.
SG | 8:58 a.m. Sept. 26, 2008
I am a lifetime Republican, but if the Republicans in congress end up letting
the economy collapse because they are concerned about too much intervention of
government in the market place, and if that results in recession as all economic
experts seem to think it will, then we can kiss the Republican party goodby. We
will be held responsbile for the collapse (rightly or wrongfully), and I would
doubt that we will win any elections for years to come. This whole thing came
about because there were no controls or regulations on Wall Street, which I
believe was primarily due to the government keep out position of my own party.
Republicans in charge? | 9:02 a.m. Sept. 26, 2008
I thought the Democrats controlled both Houses of Congress. They could pass
this monstrosity without a single Republican vote.
They don't want to, though, because it could cause problems for their conservative members (like Matheson). They want enough Republicans to go along so when things inevitably go wrong they have someone to blame it on.
They don't want to, though, because it could cause problems for their conservative members (like Matheson). They want enough Republicans to go along so when things inevitably go wrong they have someone to blame it on.
Just say no | 9:05 a.m. Sept. 26, 2008
Call your representatives NOW and tell them the only way they'll ever get
another vote out of you is if they kill this raid on the Treasury.
If Wall Street wants a bailout, they can endure an open, thorough investigation into the policies and practices that got them into this mess.
We should not allow ourselves to be railroaded into a hasty decision with no accountability to taxpayers.
If Wall Street wants a bailout, they can endure an open, thorough investigation into the policies and practices that got them into this mess.
We should not allow ourselves to be railroaded into a hasty decision with no accountability to taxpayers.
They Better Hurry | 9:06 a.m. Sept. 26, 2008
Everyone keeps talking about not rushing this decision to pass the bailout plan;
however, Washington already burned all their time. It is like a college student
having a term paper due in a month and waiting for the last night to get it
done. Sure they would want more time, but they just don't have it.
EVERYONE in Washington D.C. on both sides had a chance to see this problem
coming, and they did NOTHING about it. Major economic advisors and writers have
been warning of this economic disaster for months and years! Yet, Washington
and the do-nothings there didn't act. They only furthered the problem with
more terrible legislation that gave mortgage companies more loop-holes, and
pushed under qualified people into homes they couldn't afford. Now the
credit market is on the verge of collapse. That is just a fact. The overnight
market has ground to a halt, and the banking system could all go under. The
bailout is needed to get that bad paper out of the market, or else not only will
people not trust VISA, AMEX, and other lenders. People won't trust our
currency. We aren't on gold anymore, our money is credit based!
Stand Up | 9:09 a.m. Sept. 26, 2008
The bail out plan will not succeed if the representatives in the House and
Senate do not vote for it. To pass it will take both Republicans and Democrats,
thus contact them and tell them to stand up AGAINST this bail out. For with no
bail out we are talking a year or so of recession. With the bail out we are
talking a decade or longer. Which do you prefer?
Kenneth | 9:11 a.m. Sept. 26, 2008
It is clear that Utahn's need an economic lesson. Blaming Washington, Bush
and the regulators. My dear Utah friends; the blame is greed, manipulation and
outright fraud. The the dust settles you will find scores of CEOs and other
behind bars.
David O | 9:21 a.m. Sept. 26, 2008
Don;t worry folks, this temporary stone walling of Bush is nothing more than an
attempt to make McCain look like he will make it all work. Watch for the
McCain white knight effect today right before the debate, it will be miraculous
and he will brag all about it.
deadface | 9:23 a.m. Sept. 26, 2008
This is a JACKPOT to any investment bank and others who have gotten themselves
into this situation in the first place. Do you really think that these
companies are going to stop paying their CEO's top dollar?
Scott | 9:49 a.m. Sept. 26, 2008
This is a very expensive Duct Tape job, that won't hold water. Instead of
fixing the problem, we are prolonging the inevitable. No great answer either
way.
Mike in Texas | 10:06 a.m. Sept. 26, 2008
Lets see, do I have this right? The Republicans pass legislation to keep
"government off of the backs of the people" -- read deregulation.
Deregulation permits transactional excesses that eventually destablize financial
centers and the market creating a credit panic. The deregulators (read Bush
Administration) realize that there is a serious problem that will adversely
affect the fat cats on Wall Street and try to ramrod a Big Goverment bailout at
taxpayer expense. Congress looks at the Bush proposal and cooks up a quick and
expensive taxpayer funded deal to bail out Wall Street with some bread crumbs to
Main Street. McCain tries to make it look like he is a key player. Right wing
fiscal conservatives object to the deal, proposing instead that the real
solution must be more deregulation cuz we all know that goverment is "the
problem".
Alice through the looking glass folks. Alice through the looking glass.
Alice through the looking glass folks. Alice through the looking glass.
5-Whys | 10:25 a.m. Sept. 26, 2008
5-Whys
Major Banks are in a Financial Crisis.
1.Why? They made risky loans and purchased risky paper from other lending institutions most notably Fannie Mae and Freddie Mac.
2.Why? The banks were greedy, focused on bigger bonuses, and believed paper from the quasi-government lending institutions were relatively �safe,� but were not.
3. Why weren�t the loans safe? Fannie Mae and Freddie Mac as a matter of policy made billions of dollars in questionable loans to people without down payments and who otherwise could not afford them.
4.Why? Barney Frank (D) insisted that Freddie and Fannie make �politically correct� loans to people regardless of their ability to pay and the democrats resisted any efforts to get Freddie and Fannie under control.
5.Why? You probably can figure that one out.
Major Banks are in a Financial Crisis.
1.Why? They made risky loans and purchased risky paper from other lending institutions most notably Fannie Mae and Freddie Mac.
2.Why? The banks were greedy, focused on bigger bonuses, and believed paper from the quasi-government lending institutions were relatively �safe,� but were not.
3. Why weren�t the loans safe? Fannie Mae and Freddie Mac as a matter of policy made billions of dollars in questionable loans to people without down payments and who otherwise could not afford them.
4.Why? Barney Frank (D) insisted that Freddie and Fannie make �politically correct� loans to people regardless of their ability to pay and the democrats resisted any efforts to get Freddie and Fannie under control.
5.Why? You probably can figure that one out.
Measure Twice, Cut Once | 10:37 a.m. Sept. 26, 2008
President Bush says we have to act now or the sky will fall. He said the same
thing before we went in to attack Iraq. Every slick salesman I have met says I
have to act now.
Congress should take the time to understand this fully, to consider alternative plans which may be better than the one being offered.
Congress should hold those people who got us into this mess accountable.
Congress should take the time to understand this fully, to consider alternative plans which may be better than the one being offered.
Congress should hold those people who got us into this mess accountable.
BP | 11:20 a.m. Sept. 26, 2008
I love how the ship is going down, and people are still blaming one another for
putting the hole in the boat in the first place. I'm still trying to figure
out the twisted logic that makes the Democrats responsible for this mess. This
one smacks of a special breed of Republicans that returned to a 1920s style of
mixing business with government.
As ineffective as it is, I choose a little government regulation over privatization because it is more transparent than business, and because I know that the main goal of business is profit (usually at my expense), whereas I'm not yet convinced that that is the goal of our blend of government. If you think things are bad here, go to Texas. They've had to deal with Bush politics for twice as long as the rest of us (and it shows). And no...Bush could never be described as a Democrat. That is ridiculous. I do agree that he is unlike most Republicans as well (and that's showing right now).
As ineffective as it is, I choose a little government regulation over privatization because it is more transparent than business, and because I know that the main goal of business is profit (usually at my expense), whereas I'm not yet convinced that that is the goal of our blend of government. If you think things are bad here, go to Texas. They've had to deal with Bush politics for twice as long as the rest of us (and it shows). And no...Bush could never be described as a Democrat. That is ridiculous. I do agree that he is unlike most Republicans as well (and that's showing right now).
It's called extortion, folks | 11:24 a.m. Sept. 26, 2008
If some guy (with a history of arson) walked into your house while you and your
family are in the middle of dinner and yelled, "Give me all your money,
RIGHT NOW, or your house is going to burn down!", what would you think of
that guy?
If there were house fires reported down the street, then you'd probably say, "First, calm down and stop threatening me. Second, let's go outside and together we'll survey the situation, and _IF_ there's a real danger of my house burning then, and only then, will I listen to you explain why _you_ need _all_ of my money and exactly _how_ you plan to spend it to guarantee that no harm comes to my home."
If there were house fires reported down the street, then you'd probably say, "First, calm down and stop threatening me. Second, let's go outside and together we'll survey the situation, and _IF_ there's a real danger of my house burning then, and only then, will I listen to you explain why _you_ need _all_ of my money and exactly _how_ you plan to spend it to guarantee that no harm comes to my home."
To BP | 11:47 a.m. Sept. 26, 2008
BP, perhaps you need to read the 5 Whys recorded at 10:25 and get your facts
straight, or just do a little research of the Congressional Record. Thomas
Jefferson taught that an ill-informed citizenry would be the greatest threat to
democracy.
Lane Meyer | 11:54 a.m. Sept. 26, 2008
When you have a country that has no accountability for it's monetary
policies, as is the case with the current fiat system here in the US, you get
cyclic behavior which causes damage and instability to the system, as we are
seeing. If you place shock absorbers aka regulations into the system it only
masks the real issue and convoltues the situation more resulting in the higer
probability of demise due to lack of visibility. The system itself needs to be
allowed to fail and get it replaced with something more stable and transparent.
No Bailout !!! | 12:23 p.m. Sept. 26, 2008
There's absolutely nothing the government has ever done right! These
"private" institutions got themselves into this mess - I say, let them
fall. We may have a few lean years, but that's what's needed.
Do away with the Federal Reserve and let the economy manage itself. It doesn't need the Feds and their manipulations. Left alone, the laws of basic economics will do fine. As I've said many times here, the Federal Reserve has no reserves and has no backing for the dollars it throws into the economic system. It only takes away the symptoms for a while, drives up inflation and devalues the dollar further. Because of the Feds involvement, they've only masked an already bankrupt country, and it will eventually fail, in spite of what they do.
The most disturbing thing in all this, is that our elected officials in DC, couldn't care less about you and I. If they did, they wouldn't even consider this plan.
Do away with the Federal Reserve and let the economy manage itself. It doesn't need the Feds and their manipulations. Left alone, the laws of basic economics will do fine. As I've said many times here, the Federal Reserve has no reserves and has no backing for the dollars it throws into the economic system. It only takes away the symptoms for a while, drives up inflation and devalues the dollar further. Because of the Feds involvement, they've only masked an already bankrupt country, and it will eventually fail, in spite of what they do.
The most disturbing thing in all this, is that our elected officials in DC, couldn't care less about you and I. If they did, they wouldn't even consider this plan.
Jon W | 12:24 p.m. Sept. 26, 2008
Here is a 6th "Why?" Why aren't the media talking about Why #4?
That's really at the heart of the problem.
To Jon W | 12:55 p.m. Sept. 26, 2008
You are right on!!!
Duct Taping the House of Cards | 1:07 p.m. Sept. 26, 2008
The US, and world, economies runs on confidence. Confidence is shaky right now,
and so is our economy. If the bailout is passed confidence will be improved, and
so will our economy. . . at least for a while.
The problem is that our prosperity is based on an illusion. As individuals, society, and the government, we are living well beyond our means. And we are financing this through credit. The longer we play this game of racking up more debt, the more often and more serious these confidence crises will be. If you had money to invest, wouldn't you worry about lending money to a people, to a system, that is already so far in debt, and only going deeper?
The bail out is duct tape. It may avoid this crisis, it may bring short term prosperity, but that will only encourage us to saddle ourselves with more debt as we push our "standard of living" even farther.
The best solution is to face up to the music now. Don't bail out the system. Let the bad times roll before they get worse. Return to a standard of living that is financially sustainable.
Am I mistaken?
The problem is that our prosperity is based on an illusion. As individuals, society, and the government, we are living well beyond our means. And we are financing this through credit. The longer we play this game of racking up more debt, the more often and more serious these confidence crises will be. If you had money to invest, wouldn't you worry about lending money to a people, to a system, that is already so far in debt, and only going deeper?
The bail out is duct tape. It may avoid this crisis, it may bring short term prosperity, but that will only encourage us to saddle ourselves with more debt as we push our "standard of living" even farther.
The best solution is to face up to the music now. Don't bail out the system. Let the bad times roll before they get worse. Return to a standard of living that is financially sustainable.
Am I mistaken?
Loodie | 2:26 p.m. Sept. 26, 2008
If ALL of you in the comments up to now have the reasons and the answers, why
aren't you in Washington fixing the problem? Hmmmmm!!!
Zadruga Guy | 2:40 p.m. Sept. 26, 2008
To 9:02 a.m. -- you are wrong in saying that Democrats could, if they wanted to,
pass the bailout measure without any Republican support. In the Senate, you
need at least a sixty-forty majority in order to be able to do that, because it
takes 60 votes to be able to end debate. The Democrats have, I recall, only a
51-49 majority there, so without at least some Republican support, no bills can
get passed there.
Liars in Politics and the Media | 2:54 p.m. Sept. 26, 2008
Politicians lie lie lie... they are pigs with or without lipstick!
Call your Representatives in Congress and the Senate and tell them NO NO NO.
The urgency that this so called crisis is getting is just politics and a rouse to get money quickly without due diligence. We, the taxpayers, are getting hijacked by Washington and Wall Street.
I REPEAT -> Call your Representatives in Congress and the Senate and tell them NO NO NO.
Call your Representatives in Congress and the Senate and tell them NO NO NO.
The urgency that this so called crisis is getting is just politics and a rouse to get money quickly without due diligence. We, the taxpayers, are getting hijacked by Washington and Wall Street.
I REPEAT -> Call your Representatives in Congress and the Senate and tell them NO NO NO.
wrz | 3:06 p.m. Sept. 26, 2008
uncannygunman | 8:46 a.m. Sept. 26, 2008
>>>Sorry "his own party," but Bush IS the modern Republican party. You broke it, you own it!<<<
The Democrats broke the economy. Bill Clinton and his boys. Now Chris Dodd, Barney Frank, and friends are in the process of walking away with all the loot.
How these guys can get voted in and stay in is a total mystery.
>>>Sorry "his own party," but Bush IS the modern Republican party. You broke it, you own it!<<<
The Democrats broke the economy. Bill Clinton and his boys. Now Chris Dodd, Barney Frank, and friends are in the process of walking away with all the loot.
How these guys can get voted in and stay in is a total mystery.
PJ | 3:22 p.m. Sept. 26, 2008
BP | 11:20 a.m.: "I'm still trying to figure out the twisted logic
that makes the Democrats responsible for this mess."
You can find the answer at 5-whys @10:25 a.m., numbers 3 & 4.
You can find the answer at 5-whys @10:25 a.m., numbers 3 & 4.
wrz | 3:25 p.m. Sept. 26, 2008
Measure Twice, Cut Once | 10:37 a.m.:
"Congress should hold those people who got us into this mess accountable."
The people who got us into this mess are in control of the US Congress. Do you think they want an investigation?
Burnie | 3:27 p.m. Sept. 26, 2008
It is about time we paid to improve our economy. We helped Japanese and German
economys which have virtually destroyed our auto industry and our own economy.
Charity starts at home and we are way past due.
PJ | 3:30 p.m. Sept. 26, 2008
Jon W | 12:24 p.m.:
"Here is a 6th "Why?" Why aren't the media talking about Why #4? That's really at the heart of the problem.
Why would they (the media) want to talk about it? The media and those who cause the problem are allies.
"Here is a 6th "Why?" Why aren't the media talking about Why #4? That's really at the heart of the problem.
Why would they (the media) want to talk about it? The media and those who cause the problem are allies.
How about this? | 3:43 p.m. Sept. 26, 2008
Washington should be spending time readying criminal charges against the
Executives involved in the criminal behavior that lead to this crisis. Sec.
Paulson should be the first one investigated since he is and should be
considered a Wall Street insider. He should be removed ASAP.
I wonder who President Bush will pardon before his Presidency ends... that will be interesting...
I wonder who President Bush will pardon before his Presidency ends... that will be interesting...
Food for Thought | 4:34 p.m. Sept. 26, 2008
Since a lot of folks want to blame the Bush Administration and a lot of
Republicans for the mess because of "de-regulation," here is some food
for thought: Senate Bill 190 (Jan 26, 2005) introduced to the Senate would have
provided the needed regulations, including adherence to minimum/critical capital
levels for both Freddie Mac & Fannie May, which likely would have prevented
the crises we are now having. It was sponsored Republican Senator Charles Hagel
and cosponsored by Republican Senators Elizabeth Dole, John Sununu, and guess
who � John McCain. S.190 was sent to the Banking Committee,
where on Jul 28, 2005, it was "Ordered to be reported with an amendment in
the nature of a substitute favorably." That's fancy language that says
it was essentially shelved. Two other bills introduced by Republicans, H.R.1461
(Apr 5, 2005), passed (Oct 26,2005), and S.1100 (Apr 12, 2007) suffered the same
fate in the same Committee. Bottom Line: Don't blame the Republican bill
submitters, or the many House Republicans & Democrats who supported
H.R.1461, for non-action. The real blame for this mess rests squarely with
entire Senate Banking Committee, Republicans, and Democrats.
rightascension | 5:31 p.m. Sept. 26, 2008
Are we out of our minds? The Bush administration tells us we have to hurry up
and protect ourselves after 9-11. Result -- we have less constitutional
protections in the Patriot Act. Security is an illusion of the mind: We lost
protections in the name of a fake security. Next the Bush Administration told
us we had to hurry and stop Hussein's weapons of mass destruction.
Result: the USA killed thousands of Iraqis who had nothing to do with either
9-11 or weapons of mass destruction. Now the Bush administration tells us we
have to hurry up and give the secretary of treasury unlimited power to control
American business. We should know better by now. Another classic example that
no bad act goes unrewarded in this administration.
"his own party" | 8:54 p.m. Sept. 26, 2008
belated response to uncannygunman" "you broke it you own it" What
does that even mean? I didn't break anything. Was I supposed to vote for Al
Gore or John Kerry because W didn't meet my standards? Fat chance. As bad
as George Bush has been he's still 1000x better than what the alternatives
would have been
Roman politics | 11:59 p.m. Sept. 26, 2008
So the current administration wants imperial powers? I say lets go back to the
fine tradition of the Romans and prosecute leaders who destroy the Republic
during their ill-informed administrations: public prosecution and
incarceration. Do you think Bush and Cheney will be cell mates?
Andy taylor | 12:16 a.m. Sept. 27, 2008
Banks make money by lending money, that is the only way they make money, let
this go on another couple of weeks and you'll find that they will start
doing their job.
No lending = no banks.
The truth is by their own hand they have killed the golden goose, they want to continue to loan more money to people who can't pay it back, and have the taxpayer foot the bill.
It's obvious the one party system of government is morally bankrupt for even considering this to be a valid issue.
The media is in bed with both of the above. The only job in the whole damn nation that is protected by the constitution and they use that power to look the other way while ruling elite plunder the surfs.
Citizens wake up.
No lending = no banks.
The truth is by their own hand they have killed the golden goose, they want to continue to loan more money to people who can't pay it back, and have the taxpayer foot the bill.
It's obvious the one party system of government is morally bankrupt for even considering this to be a valid issue.
The media is in bed with both of the above. The only job in the whole damn nation that is protected by the constitution and they use that power to look the other way while ruling elite plunder the surfs.
Citizens wake up.
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