All Hail President Paulson! Dodd has a new Plan
By John Amato Sunday Sep 21, 2008 2:00pm
Once again Bush shrinks into the background and lets someone else take the responsibility of a catastrophe during his administration. It shows in the polls.
Howie has statements from some of our Blue America candidates on the bail out....
So does Matt Stoller...
Congress cannot let President Paulson have a blank check. We can't be shocked (buy the “The Shock Doctrine”) into something once again...Although Dodd's bill seems to be better overall...
Banking Committee Chairman Christopher Dodd is taking much more aggressive approach to the Treasury bailout plan, demanding foreclosure assistance, limits on executive compensation and profit sharing for taxpayers if the Treasury begins to make money back on the bad debt it plans to purchase.
Dodd's legislation, obtained this morning by Politico, has just started to circulate among Senate legislative directors. His plan addresses many of the concerns raised by Democrats and Republicans who are concerned about handing over $700 billion blank check to Treasury Secretary Henry Paulson.
Part of me wants to let it burn.. Let the credit crisis hit and let Americans see really what it's like to live under Conservative/Milton Friedman rule...Then, being a Conservative would be poison for-evah. OK, that part is wishful thinking...
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700 billion?
All weekend I was hearing something about 2 trillion....apparently...I have missed something.
"The refusal of king George III to allow the colonies to operate an honest money system, which freed the ordinary man from the clutches of the money manipulators was probably the prime cause of the revolution." Benjamin Franklin, Founding Father.
"The real truth of the matter is that a financial element in the large centers has owned the government since the days of Andrew Jackson." Franklin D. Roosevelt, 1933
That's right, Andrew Jackson killed the Central BANK currently known as The Federal Reserve, but banking cartel came back when Woodrow Wilson took office. Look it up, maybe we can figure a way out of this freaking mess!
The central bank, or Federal Reserve, does not simply supply the governments money, it loans it at interest.
The central bank, or Federal Reserve, regulates the value of the currency being issued.
"I believe that banking institutions are more dangerous than standing armies ... if the American people ever allow private banks to control the issue of currency ... the banks and corporations that will grow up around them will deprive the people of their property until their children wake up homeless on the continent their fathers conquered." -- Thomas Jefferson
"If you want to remain slaves of the bankers and pay for the costs of your own slavery, let them continue to create money and control the nations credit." -- Sir Josiah Stamp, 1880-1941
Dominate Banking Families:
J.D. Rockefeller, J.P. Morgan, Paul Warburg, Baron Rothschild.
"The Morgan interests took advantage ... to precipitate the panic [of 1907] guiding it shrewdly as it progressed." -- Fredrik Allen, Life Magazine.
Congressional investigation, lead by Nelson Aldrich, who had intimate ties to the banking cartels and later became part of the Rockefeller family through marriage. The Commission, lead by Aldrich, recommended a central bank be implemented, so a panic like 1907 could never happen again.
The Federal Reserve ACT was written by bankers. Woodrow Wilson promised to sign it into law in return for campaign support. Later Woodrow Wilson wrote in regret, "[Our] Great Industrial Nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men ... who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No government by free opinion. No longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominate men."
Congress Louis McFadden expressed the truth after the passage of the bill, "A world banking system was being set up here ... a superstate controlled by international bankers ... acting together to enslave the world for their own pleasure. The Fed has usurped the government."
From 1914-1919, The Federal Reserve increased the money supply by nearly 100%, resulting in extensive loans to small banks and the public. Then, in 1920, the FED called in mass percentages of the outstanding money supply, thus requiring the supporting banks to call in huge numbers of loans and just like 1907, bank runs, bankruptcy and collapse occurred. 5400 Banks went down.
Congressman Charles Lindbergh stepped up and said in 1921, "Under the Federal Reserve Act, panics are scientifically created. The present of panic is the first scientifically created one, worked out as we figure a mathematical equation." That was just a warm-up.
From 1921-1929, the FED increased the money supply by 62%, resulting once again in extensive loans to the public and banks. The new type of loan was called a "margin loan" in the stock market. 10% down gets 100% control of the stock. The catch was at any time the loan could be called in. A 24 hour margin call could occur at any time.
A few months before October 1929, J.D. Rockefeller and other insiders quietly exited the market. Then on October 24th 1929, the New York financiers who furnished the margin loans started calling them in, in mass. Instantaneous massive sell off in market, everyone had to cover the margin loans. It then triggered mass bank runs for the same reason, callapsing 16 thousand banks, enabling conspiring international bankers to not only buy up rival banks at a discount, but to also buy up whole corporations at pennies on the dollar. It was the greatest robbery in American history. Rather than expanding the money supply to recover from this economic collapse, the FED actually contracted it, fueling one of the largest depressions in history.
Once again outraged, Congressman Louis McFadden, a long time opponent of banking cartels, began bringing impeachment proceedings against the Federal Reserve Board. Saying of the crash and depression, "It was a carefully contrived occurrance. International bankers sought to bring about a condition of despair, so that they might emerge the rulers of us all." Not surprisingly, after two assassination attempts, McFadden was poisoned at a banquet before he could push for impeachment.
The Federal Reserve has the power to regulate the money supply and it's value, which gives it the power to bring entire economies to it's knees.
"Give me control of a nation's money supply and I care not who makes it's laws." -- Mayer Amschel Rothschild, Found of Rothschild Banking Dynasty.
The Federal Reserve is a private corporation. It makes it's own policies and is under no regulation by the government. It is a private bank that loans all the currency, at interest, to the government.
Our country sought escape from this during the American Revolutionary war!
Nearly all the illegal income tax goes to the FED to pay interest on the fraudulently produced currency! "If you ... examined [the 16th Amendment] carefully, you would find that a sufficient number of states never ratified that amendment." -- U.S. District Court Judge James C. Fox 2003.
There is no law in existence that requires you to pay the federal income tax. period.
The next tool for profit and control is WAR! WWI, WWII, Vietnam, Iraq, and Afghanistan.
WWI: "The large banking interests were deeply interested in the world war, because of the wide opportunities for large profits." -- William Jennings Bryan, Secretary of State.
The most lucrative opportunity of the banking cartels is war, for it forces the country to borrow even more money from the Federal Reserve, at interest.
Woodrow Wilson's top advisor and mentor was Colonel Edward House, a man with intimate connections with international bankers, who wanted in the war.
In a documented conversation between Colonel House and Sir Edward Grey, foreign secretary of england, regarding how to get america in the war:
Sir Edward Grey, "What will Americans do if Germans sink an ocean liner with american passengers on board?"
Colonel House, " I believe that a flame of indignation would sweep the United States and that by itself would be sufficient to carry us into war."
I bet you can connect nearly all wars to the greedy bankers on Wall Street. They make double money because they loan money to both sides!
All the Federal Reserve and the Banking Cartel on Wall Street gives us is perpetual debt and wars!!!
How stupid are Republicans?
46% approve of the way George W. Bush is handling the economy.
Speechless.
"Once again Bush
shrinksslinks into the background."Fixed
If you oppose a government of, by and for the banks...
Vote "No" to the Bailout legislation!
http://www.votenobailout.org
p-p-p-p-p-paulson!
Why is Dumbya's response to this crisis a surprise? On the two most critical days of his Presidential life(9-11 and Katrina) the guy was MIA. He's never worked a day in his life.
liberalNmoderation Says: 700 billion?
All weekend I was hearing something about 2 trillion….apparently…I have missed something.
The $700 million is the initial package. The $1.5 to $2 trillion number you are hearing are estimates as to what the entire cost of the debacle might be. This includes additional financial service firm failures, interest expense and the usual "sundries'.
Goldman is already knocking on the door for help. Citibank will probably be next.
The REAL story and one that was literally over looked, and appeared on C&L is that the governent has now put the U.S. taxpayer on the hook to bail out FOREIGN firms.
In Exchange for Bailout, Government to Receive Free Toasters
http://satiricalpolitical.com/?p=3348
If you oppose a government of, by and for the banks...
Vote "No" to the Bailout legislation!
http://www.votenobailout.org
Demand that the Bailout Legislation Be Rejected
Left&Left Says: Why is Dumbya’s response to this crisis a surprise? On the two most critical days of his Presidential life(9-11 and Katrina) the guy was MIA. He’s never worked a day in his life.
But he's such a LEADER!
"Thank GOD, George W. Bush is our President!"
Proposal:
"DECISIONS BY THE SECRETARY... ARE NON-REVIEWABLE ... AND MAY NOT BE
REVIEWED BY ANY COURT OF LAW OR ANY ADMINISTRATIVE AGENCY"
Counter proposal:
Resign.
It will be trillions. Will we get the the news? No! 2:00pm central time, 09/22/08. The lead story on CNN Headline News, the O J Simpson trial?! America is going down the drain and the MSM will stay distracted. SNAFU Royal.
Ham at #2.. Thank You.
They could start by removing golden parachutes. A few million saved is a few million earned.
I seriously do not understand this concept of giving severance to irresponsible greed-filled corporate criminals who surely do not need a dime to survive their so-called "unemployment."
As a Canadian with investments in the U.S., I strongly urge this bailout. In fact, I suggest the cost to the U.S. taxpayer be doubled, or even tripled. It's all good, from where I sit.
Left&Left @ 7:
And takes more vacation time than most Presidents.
Go figure. O_o
Examine Ralph Nader's 10 proposals.
Compare and contrast with "conventional Wisdom."
Or Obama.
Which of Nader's proposals hurts the people?
None? then why cannot Dodd, or Obama, or Biden or anyfuukin body in the DIM party enunciate them?
Hint: Financial institutions have contributed over $300 MILLION to either party over the last three election cycles...
LET IT BURN. Why in the WORLD are we just prolonging this nightmare? We can't afford it. It's just going to happen again. There is no incentive to run businesses well because they know govt's will bail it out. You wanna change things in this country? STOP doing business as usual. This is INSANE. Hell, even my conservative friends think any bailout is assanine.
I'm beginning to think this unprecedented raid on the nation's Treasury was the whole point of the Arbusto "presidency."
Between Iraq war profiteering to the "housing boom," and willful bust, a select few people seem to have made out like bandits here (assuming the Paulson plan gets pushed through).
I am seriously starting to re-think everything I think I believe about all the other conspiracy theories.
oh really @ 3:
Which is representative of the nation as a whole.
I'd say a lot of the world does, karma is a bitch as they say.
As the people here cry "Oh but it's capitalism and it works perfectly, the only people who don't like it aren't trying hard enough, socialism and Europe are evil" ......... oh, how stupid the US sheelp are.
Liberal AND Proud @ 11:
As voted in twice, worshiped and thrust in peoples faces around the world by americans ........ any and all grief that can happen now is just payback for the stupidity of the people, so it's going to be a lot I'd think.
Orangutan. @ 14:
Let me second that. We all need a good history lesson of how we got into this mess. It was very eye-opening.
Furthermore, it also speaks in volumes when the Lady de Rothschild gave her money and her support to the McPOW and his minions.
Geraldo @ 16:
Shut up, eh!
Hoser.
Actually, the idea to let this 'burn' is a good one.
Markets are self-correcting, right? So let them self-correct.
This is a perfect chance to let the theory walk the walk. If the problem goes away (after this one massive burn) and never reappears, great. The pain of bank collapse every twenty years will have ended. If it doesn't, free market theory will have been tested, marked down as conceptually bankrupt, and bank regulation will reign free in the future. And again -- the pain of bank collapse every twenty years will have ended.
Either way, we win. So let this thing crash and burn, and let's see a new and sane Phoenix rise from the ashes.
Mr Grey @ 13:
I think "gone" is the world, it's just wake up time for a few thats all. As for the trillons, it dosen't matter as the US just invents the money anyway, then lies about it.
Geraldo @ 16:
Indeed, seeing as they created it then sold their debt around the world under the guise of a lie, let them pay, and hard.
It's undeniable that the proverbial shit has hit the fan economically speaking. George W. Bush is a failure (read the polls). Now close your eyes and imagine: President John McCain. (Shudder.) Now go one better and imagine President Sarah Palin! (Visible shaking!)
I'm sorry. I made myself sick. I have to go lie down.
Avenger @ 24:
It's been proved that it will collapse, many times and is right now. Though the powers with the vested interest will prop it up and call for faith on everything else, and if you don't believe, they you hate unchecked capitalism and you hate america, "go eat some freedumb fries" will be the shouts.
It will fall, just a case of when.
We need to get on our computers, snail mail, telephones and what ever else you may have to make contact with your elected officials, to inform them that we are not stupid.
It is a dam shame they continue to keep bailing out all these disgusting, lying cheating corporations, that are doing nothing but stealing from the people of this country.
No one has to explain how all these corporations are going under. All they have to do is mess up the books and create a situation of disarray, and incompetence and they are on their way to fortunes, they never dreamed they would come into.
Instead of prosecuting these worthless CEO's, they are actually being rewarded with trillion dollar severance packages, while the employee's are left unemployed and penny less. What the hell is going on?.
They are now attacking Obama because unlike McSain, he did not come out right away with a dame solution to a problem that is so disgustingly screwed up and in a state of massive disarray, no one could intelligently determine what the hell to do, other then those of us with sound mind and are calling for publicly open investigations on these cheap sleazy lying ass Corporate Managers and Bankers, responsible for running this country in the dame ground and taking this entire country under, for reasons of nothing but selfish disgusting greed.
They are doing the same dame thing as those lunatics in these oil Corporations and all these private Bush contractors. They are now piling up on the big bucks because they know that old disgusting foll McCain and that sleazy floozy, he calls his VP and her first so called Dude, will never set foot in the White House.
Come on folks Rupert Murdock owns the dame Stock Market and the Media. They allowed this old fat ass bastard to buy up this country. We want investigations that will lead to the prosecution of these cheap liars. Period.
To be Continued
liberalNmoderation @ 1:
Add the seven billion to the six billion already spent on Freddy and Fannie and the other institutions they have bailed out before this latest crisis arose and the total rises. Then add whatever is yet to come, like say the auto industry for example and we could be to two trillion in no time.
What's horrifying is that, despite zero percent (!?) of the population thinking the economy is doing okay, seventeen percent have still managed to convince themselves that Bush is doing a good job with the economy. Can any one of us even begin to imagine the truly heroic measure of self-delusion necessary to balance those two thoughts simultaneously in the same tortured brain? It's almost admirable, in a weird way.
These are the people who go through life saying, "I know I'm going to win the lottery. I just have to want it more than anyone else!"
McPale's Navy @ 15:
Probably because of the favors these ceo folks have done for the republicans in the past. Wouldn't want any of them getting pissed and telling the media what they know.
Geraldo@16
No actually you should be very worried.....neighbor. If the situtation necessiates these nasty, cut throat bastards might annex you fuckers.
Dow down 320 points. Wonder how low it will go.
P.D. Says: Dow down 320 points. Wonder how low it will go.
No one knows. THAT is the great unknown.
Welcome to the free market. Let freedom reign.
Speechless @ 3,
I got a couple of idiot brother-in-laws that still defend everything the chimp and repukes do. I really don't know if there is a limit to their guillibilty or stupidity.
Worse still, they have both been fucked over by corporate America's outsourcing of jobs, and Republican policies in general. But all they do is spew GOP talking points. Even when I prove to them the repukes are totally full of shit, after a little while, they are back on their talking points. Un-freaking-believable, but it is what it is.
StCyrlyMe2 @ 28:
Exactly. It's about time that Americans start to roast these fools. I'm sick of these crooks pocketing the money of the tax-payers and getting away with it. They even have the audacity to flaunt this simple fact in our faces!
That's why I call this entire point in political history a freak show at its finest.
We all need to be good capitalists.
Dump it all. Dump all your stocks. Take every penny out of the market while you can and put it into the foreign markets...the Bourse, the China exchanges...all into foreign firms.
Vote with the only power you have.
Send American companies a message.
so let me get this right phil gramm said americans
are 'whiners'.......wow. NOW the fiscally responsible
party is asking for a 'bailout' and quickly i might add.
i say slow this 'bailout' make sure we get it right or
the best we can. this wil be an issue for a couple decades.
NoGWBpolicyleftinplace Says: Speechless @ 3,
I got a couple of idiot brother-in-laws that still defend everything the chimp and repukes do. I really don’t know if there is a limit to their guillibilty or stupidity.
Worse still, they have both been fucked over by corporate America’s outsourcing of jobs, and Republican policies in general. But all they do is spew GOP talking points. Even when I prove to them the repukes are totally full of shit, after a little while, they are back on their talking points. Un-freaking-believable, but it is what it is.
Remember "The Invasion of the Body Snatchers"...it was movie basically about totalitarianism, created at the height of the cold war.
How appropriate is it now. How much do you feel like the main character in that movie...turning and seeing people that you thuoght you knew...but yet...no longer recognized them.
roseyv @ 30:
I actually know a guy like that. Ardent Limbaugh listener and everything. Tried to convince me that Obama was a muslim and everything...
He actually won 500$ in the state lottery, which he has played every day for the last few years. He then blew his money on... you guessed it... more lottery tickets.
People are entitled to their opinions, but doing something really stupid for no apparent reason because you *believe* it with no tangible reasoning or proof is a little crazy.
Should I take my savings and stuff it my mattress? Bush and Co. pretty much screwed up everything. It will be a bleak Christmas this year.
pop @ 31:
Ahhhhhh. Right. Duh on my part. Too bad we can't get someone else to bail them out instead in exchange for some confessions. Say, Oprah or Trump? Imagine the fallout.
P.D. @ 33:
No one does, as there are no checks and balances as the US got rid of all them so the evil and greedy could get rich, so unchartered lands with a bunch of power crazed lunatics at the helm and still the majority of americans thinking it's all fine and the US is the perfect utopia of a land, of milk and honey etc.
roseyv @ 30:
Welcome to the american "dream", as it is truly self delusional dreaming. The rest of the world has been trying to explain it to you lot for years, and the only response we got was "Oh your all so jealous of us and our obesity and greed, you alllllllllll want to be just like us"......
The irony is outstanding.
All that is happening now is a few tiny % are starting to wake up, though it is too few and FAR too late.
Paulson has admitted he doesn't know if it will work. Is that where you start when you are trying to convince someone to do something this big and this unusual? Is it any wonder that everyone is questioning this?
The argument being that by doing this they will open up banks to be confident to make loans. Maybe that's the problem, maybe too many people are living on loans. Next will come the problem of credit card debts not being paid and then what about car loans? How long do the bailouts continue and to whom?
This is not an economic crisis. This is the normal, expected end stage of the disease known as Republican economics.
Or:
w's proposal:
"DECISIONS BY THE SECRETARY... ARE NON-REVIEWABLE ... AND MAY NOT BE
REVIEWED BY ANY COURT OF LAW OR ANY ADMINISTRATIVE AGENCY"
Dems counter proposal:
Unacceptable power grab. Resign and we will try to fix your mess.
But what about the gays? Or will economic issues finally trump social diversions.
Why accept these people's numbers in the first place?
They are, by definition, self serving.
P.D. @ 41:
If you're not rich and laughing them .......... ummm ........ you hate america and didn't work hard enough, or some such nonsense will be the reply I'm guessing.
I'm thinking it will be quite a bleak decline into, at the best irrelevance, at worse some kind of social devolution for the US.
Though given the state it's in, stepping back, learning (if that is possiable in the US on any mass scale) then growing again, might be the best way.
if the bad mortgages are assumed by the gubmint, instead of giving it to the banks, does it make all the loans good and then does it clean up the CDS mess as well?
Don't wait until they ask you !
U.S. Capitol Switchboard
(202) 224-3121 locally or toll-free 1 (800) 828 - 0498 / 1 (877) 851 - 6437 -- the phones ARE ringing, from furious TAXPAYERS.
Call ALL your spineless Kongre$$$ 'things' -- tell them:
1. NO to Paulson 'CASH for TRASH" 'plan' and the fascist DICTATORIAL unlimited mandate he demands for himself/ his successor. Refer them/ask they submit to pol's personal ATTENTION Krugman's NYT article 'CASH for TRASH'
2. Any solution devised now can be only TEMPORARY, for up to 120 days to bridge into the NEXT ADMINISTRATION. Patch the thing up until after the election; THEN, do something right, reasonable and lasting.
Things done in haste VERY SELDOM TURN OUT RIGHT. Sen. Patrick Leahy said smthg to the effect - keep REPEATING U.S. and World financial system is at stake. Main Street HAS to be consulted - we'll be paying for this !!
3. ABOLISH FEDERAL RESERVE !!
UNCONSTITUTIONAL, anti-American, foreign cancer on the body of our nation, sucking out all we have.
Do you really believe that $700 billion is going buy our way out of this?
The language of the Paulson proposed plan reads there is NO such limit overall, or the number of times he could use the $700 billion.
Remember: there is NO GOLD U.S. reserve at Fort Knox - NO audit since Eisenhower administration ! We are the ONLY fodder.
Get on the PHONE- be BRIEF as above, ask they TAKE the record.
HAve the names of both your Reps and Senators handy - the lines ARE very busy, they cannot keep you on hold while you search.
Joseph Palmer @ 45:
True enough, it's been mapped and predicted since Regan.
Bush has bankrupt our military, our reputation around the world and now our economy. You gotta give him credit for one thing, he's thorough
Senator Leahy: "If We Learned Anything From 9/11, The Biggest Mistake Is To Pass Anything They Ask For Just Because It's An Emergency"
Orangutan. @ 54:
Kudos to Leahy to saying that. I was hoping that there was somebody on the Dem side who won't roll over and play dead to the demands of the GOP crooks.
you wish people to suffer for partisan reasons? really lame...
Orangutan. @ 54:
And to pass it without READING it. Remember how many Senators voted against the Patriot Act? Just one, Sen Russ Feingold. He said the reason he voted against it was because he read it and didn't like a lot of things it did.
@54,@55, Let's hope the Dems have balls to do the right thing. Bush wants a blank check. NO FRIGGIN WAY!
The Very Bitter Ceci Hussein @ 55:
They just did.
oh really @ 3:
That 46 % looks like mighty familiar. Looks like the same dumbasses that support Mccain. It's not 2% because they know McCain=Bush. So now they'll defend W.
This ain't a god damn fantasy football game people. It's our country.
Vote wisely:
Obama/Biden 08 - grown-ups for change.
Dow down 380. Will it hit 400? I hear investors weeping.
A radical approach:
1) Elect Barack Obama. (to begin to fix our national mess)
2) Destroy the Republican party. (so it never happens again)
Change, I personally, can believe in.
"WASHINGTON - A key Democrat negotiating a $700 billion financial bailout says the Bush administration has agreed to include mortgage aid and strong congressional oversight in the plan.
Rep. Barney Frank, the Financial Services Committee chairman, says a great deal of progress has been made in talks between lawmakers and President Bush's team on the rescue.
A government official with knowledge of the talks also said the administration has agreed to create a plan to help prevent foreclosures on mortgages it acquires as part of the bailout."
Vote early and fire the gop.
What is with "constitution voters" and facial hair???
Jerry @ 49:
Convert you 'money' to gold or high-value pharmaceuticals...
The Dems have been set up again. If they fight some of the provisions in this thing, they will be accused of not trying to help the American economy and the American people. They will say the Dems are playing politics with a most serious issue. And yes, they may even ask why Dems hate America. Watch and see.
pissed off patricia @ 66:
That's the guy really running the Dims in Congress: Ben Dova...
"part of me wants to let it burn" I sometimes feel the same way.
I don't know why I should be surprised that the guy with the keys to the U.S. Treasury had to sell 500 million dollars worth of of Goldman Sachs stock when he took the Treasury Job and is now repeating "it pains me" that the American public is being left holding the bag. If Paulson really cared about the American taxpayer he would not have waited until last Friday to scream "quickly quickly, this bailout needs to happen quickly" Paulson is so concerned (choke)about the American taxpayer that he wants to push this bailout through "quickly" with no protections for taxpayers and no accountability for the Wall Street Welfare kings and queens.
Talk about a case of the fox guarding the hen house. The American taxpayers are about to be plucked!
44 pissed off patricia Says:...
POP, my own opinion...this is money thrown down the shit hole. This isn't the S&L crisis, which at the end of the day...although the numbers were big...was very limited in reach and scope.
This present cancer is EVERYWHERE. The derivatives market has spread this cancer globally. Literally every financial institution on this planet is holding this garbage in their portfolios. Even the most conservative of firms is infected, it is simply a matter of degree.
No one wants to speak of the next landmine...but I will. Pension Funds. Every pension fund in ever major institution, every government agency is infected. Look to the State of NY as one example. If the pension snowball starts rolling down the hill...NO ONE will be able to stop it. The U.S. simply cannot print enough money. Period.
The Pension Guaranty Trust Fund doesn't have enough money to cover the institutions that the fund was set up to protect.
We're not at the end of this. We are at the very early part of this game.
Uppity Blue Lensman @ 64:
That Constitution voter with the parrot is always there. Most parrot owners I've known were always a little bit crazy.
woody, tokin librul @ 59:
Nothing has been passed yet. They're still in talks, aren't they?
ABOLISH The Federal Reserve... http://video.google.com/videoplay?docid=-1656880303867390173
TrePorcellini @ 51:
Yes...no blank check. hell how about no check
Left&Left @ 32:
We call that 'liberation', not 'annexation'.
Please get off Bushie's case. He's trying to finish "My Pet Goat" before his term is up. Sheesh!!!!!!
JudyLou @ 75:
He can take the book with him back to Crawford if he will just leave now and take his buddies with him.
Let the whole fucking mess FAIL.
Let's end the fallacy of laissez faire economic policy...once and for all.
Average people will survive. They know how to work...and when they get hungry...they can eat the rich.
Part of me also wants this to burn too, but there are serious ramifications to that:
1. Think of the 401k monies tied up in the market, of how much they've deteriorated already. I've never been a fan of the 401k; it was invented to take the focus off of pension plans and to allow them to die an unnoticed death. Let taxpayers fund their own pensions in the casino called the stock market. Pitiful.
2. Many seniors have their monies in what they considered to be secure money market accounts and money market funds. They were told that these financial instruments were basically risk-free. Well, their not. Many of them are not backed by the FDIC. The Reserve accounts are money market funds that have had a run on them last week. All funds are frozen. Frozen. The holders of those "risk-free" funds are also taking losses. Imagine taking a loss on your savings account. It is unheard of.
3. Pensions for Government workers have been seriously impacted. The taxpayers will pick up the tab, as these workers have true defined benefit pensions. That means if the Firefighter is guaranteed 80% of his/her salary when he retires, he still gets 80% of his/her salary. If the pension fund lost 50% of its value, then taxpayers will need to replenish this fund. Think additional sales taxes, bonds, etc.
4. The housing market is at a stand-still (as with most other things) until the economy and markets improve due to fear of the unknown or "how much more will I lose in my 401k" before this thing starts to revive.
5. We are part of a world economy. Enough said.
Everyone says the shareholders should take the fall, but WE ARE THE SHAREHOLDERS.
Think about this. There needs to be a thoughtful plan that does not reward the Wall Street risk-takers, but assists those that were scammed by the flim-flam men, which means most Americans.
(and no I am not a Republican)
Please, please, please remember that the Democrats will inherit all of the power that Paulson has when they take office in January. This is not a tug-of-war, it is a relay race. The endgame is the destruction of the middle class, and the implementation of over-arching world governance.
I'm sincerely glad that you progressive folks can see the evils of the Bush administration, but I beg you to keep the same skeptical view of the Obama administration! Please be vigilant!
Thanks!
The Very Bitter Ceci Hussein @ 71:
Follow the link. Reporting they've reached an agreement.
And Nancy Pelosi's in the foto looks like she swallowed...
JudyLou @ 75:
I though it was "Sacrifice my goat on the alter while wearing the black robes and laughing at the majority of the US people who didn't see though the election scams" ..........
There isn't a rung in hell low enough for George Walker Bush.
May be Dodd should investigate why $2.5bn bonus for Lehman's New York staff while the U.S. is burning?
http://www.independent.co.uk/news/business/news/fury-at-25bn-bonus-for-l...
77 Liberal AND Proud Says: Let the whole fucking mess FAIL.
Let’s end the fallacy of laissez faire economic policy…once and for all.
Average people will survive. They know how to work…and when they get hungry…they can eat the rich.
----------
Where will "average people" work when unemployment is in the double-digits? Do you think there will be anything left of social welfare benefits like unemployment, food stamps, medicare if this persists?
woody, tokin librul Says: And Nancy Pelosi’s in the foto looks like she swallowed…
Nancy...the rotisserie queen.
No compensation to senior executives should be acceptable. All senior management as a result of their failure should be offered either to be fired with no compensation or remain on the job with pay commensurate with their equivalent government pay rating.
After all, they companies are effectively gov't depts now.
CMINCA,
We'll create our own businessess. If you want to take this to the furthest degree...we can barter....we can barter services (for those with skills) or simply our back...by doing heavy labor again. We can grow our own foood, etc. etc.
You think the soft palmed trust fund babies are gonna be able to survive like that.
If you'd read any Milton Friedman, you'd know he would have been disgusted with the idea of a bailout. Contrary to what Naomi Klein has baselessly claimed, he was not a neo-con (the idea is as laughable as claiming that Obama is a Marxist), he did not support the Iraq war or no-bid contracts, or the Bush administration.
Friedman would have wanted these large financial institutions to fail so that the ones that made good decisions could thrive.
Even Paul Krugman, who disagreed with Friedman's overabundant faith in the market, called Friedman "a great economist and a great man." If you want to know what Friedman believed, so that you can disagree with him intelligently and with real information, read his work and avoid the Malkin-esqe distortions of Naomi Klein.
CMINCA @ 78:
This begs the question... in the cartoons, Wiley Coyote doesn't fall until his feet quit spinning. Clearly the answer then is not to stop.
If we hyperinflate to infinity, there is no reason why this can't continue for years.
Sure, when bread costs a thousand dollars a loaf, this will hurt people on fixed incomes, but it will keep the banks solvent.
I have two wheelbarrows, so I'm sitting pretty, come time to take my piles of hundred dollar bills to the supermarket to buy milk and canned soups.
CMINCA @ 78:
Not all of us are shareholders and we don't have 401Ks. Maybe some of those pensions should be cashed out like some of the others have. I empathasize but we shouldn't have to bail anyone out. Who's going to help us seniors with fixed income Social Security.
Bush did what no other country terrorist or natural dissaster could do, destroy the UNITED STATES OF AMERICA... We are near the end due to the republicans and the leadership of George Bush. America better wake up, get smart and educate themselves, because we are being robbed right before our eyes.
Casus Belli @ 79:
Give us the chance.
86 Filthy Harry Says: No compensation to senior executives should be acceptable. All senior management as a result of their failure should be offered either to be fired with no compensation or remain on the job with pay commensurate with their equivalent government pay rating.
After all, they companies are effectively gov’t depts now.
---------------------
These bonuses that are based on financial performance should be paid back to the company, since the financials of these companies were materially misstated.
If you restate the financials to reflect the losses that were realized, you'll see a very different picture, one where the corporate executives would not be earning any bonuses whatsoever.
Any plan congress proposes should include bonuses on the cash basis (when actually realized) rather than on the accrual basis (when transactions are recorded).
Since the big accounting firms report in their audit reports that "the financials are free of material error" and these financials are not free of material error and misstatement, shouldn't the big accounting firms be explaining themselves. Again.
Accounting is supposed to be conservative, but it is very obvious that aggressive accounting was used to paint a brighter picture of these companies and to reward corporate executives. Very disconcerting. Where is the AICPA on this.
Why. so. SERIOUS?
The Joker
The bailout request is only3 pages long:
P.1 "I have a gun."
P.2 "Cooperate and no gets hurt."
P.3 "Put all of your money in the bag."
The Very Bitter Ceci Hussein @ 71:
Paulson is the fox guarding the hen house. The American Taxpayer is about to be plucked.
Hopefully Leahy and others are out really trying to stop the plucking
Kathleen @ 95:
I just spoke to one of the foxes and he says that the dogs did it.
88 LJM,
Believe me...I know who Milton Friedman is. While he may say that these firms should die...the real issue is that his whole economic theory has been revealed for the farce that it was.
It was his ideals that led to this debacle. I am not so quick to honor him...nor absolve him of any guilt.
Weaseldog @ 96:
Neither fox nor hound, this is putting Col. Harlan Mutherfarking Sanders in charge...
You know for all their hooey about 'free market' economy, they sure don't practice it. Why not make the terms of the bail out so unpalatable that only companies that REALLY need it accept it, while most who think they may survive without it would forgo it?
Why is the default option: everyone gets it.
woody, tokin librul @ 98:
Everything you know is wrong.
http://www.youtube.com/watch?v=Cvht7vh1zVY
So when does the first pallet of $100 bills disappear?
My money is on it has already.
Casus Belli @ 79:
We are not fools nor ideologues. We are not committed to one MAN or woman.
Our committment is to our nation and our Constitution...and if "one of our own" were to do something in conflict with our sense of what is right...you'd best believe that we will speak up about it.
Case in point...Bill Clinton. The right wing trolls love to throw Bill Clinton in our faces and point to things that he did that we did not agree with...expecting us to react with the knee jerk reaction that they exhibit. A knee jerk reaction of those that see the world simply in black and white. Well, I can admire Bill Clinton and criticise him at the same time....and that is the whole point. That is what being a responsible citizen AND an adult is all about.
The Very Bitter Ceci Hussein @ 71:
.
"" Congressional aides said the House could act on a bailout bill as early as Wednesday."
.
THAT'S WHY GET on the PHONES !!!
TrePorcellini @ 51:
Liberal AND Proud @ 97:
How did his ideals lead to this debacle? Please show me where he ever wrote that bad business decisions and dishonest practices would not have dire consequences or that dishonest practices should not be made illegal? Or that investors should be free to risk without worry of failure? He didn't. Risky businesses face greater chances of failure. The more who risk, the bigger the failure can be.
What was his "whole economic theory," anyway? He really had several, but the basics were that people should be free to trade with each other without arbitrary restrictions. That's really about it. He believed that fraud (which is what many lenders were guilty of) should be punished and bad business should disappear. I don't agree with him on every issue, but he is considered by many economists of every political stripe, even the ones who disagreed with him, to be one of the greatest ever.
woody, tokin librul @ 80:
Wow. Like another poster said, this is Colonel Sanders guarding the chicken coop.
That's why the old guard of the Democratic party has to go. Hillary too. No exceptions.
Liberal AND Proud @ 102:
So, is it okay for people to admire and criticize Milton Friedman at the same time?
LJM, knock your socks off.
I won't be.
They are still fooling around, and not too keen to face furious TAXPAERS in weeks/ months to come:
"" Congressional aides said the House could act on a bailout bill as early as Wednesday."
That's WHY GET on the PHONES !! NOW.
TrePorcellini @ 51:
LaP (hope the abbreviation is okay),
That's how I feel about Clinton. And it's not because he was a liberal, but mostly because he wasn't.
"Part of me wants to let it burn.. Let the credit crisis hit and let Americans see really what it’s like to live under Conservative/Milton Friedman rule…Then, being a Conservative would be poison for-evah. OK, that part is wishful thinking…"
Sure, let it burn. When people all across the political spectrum observe that government employees are suffering the least, then they will finally see the whole "liberal vs. conservative" thing for the distraction it's always been.
Ack, that was unclear. I meant that I feel about Clinton the way you feel about Friedman.
Let's call this for what it is: Ocean's 14. The biggest heist in the history of the world.
LJM, I got what you meant. ; 0 )
You're entitled to your opinion. I have no quarrel with that.
TrePorcellini: Thank you for catching that. I'm afraid I missed that key piece of information that still goes with my contention that nothing has been set in stone and that they are still in talks.
I'm calling my Congress-critter right now.
It's probably going to burn anyway. And those who hedged for it burning will make out like bandits.
Paulson and pals, maybe? :)
"a few tiny % are starting to wake up, though it is too few and FAR too late."
If by “tiny % starting to wake up” you mean the roughly 49% that have felt this way all along, you may be on to something there.
I say BULLSHIT to this bailout!
Democrats MUST FORCE some accountability onto the White House and President Bush... and all the rest of them.
I say let all those OVER-PAID executives CRASSH AND BURN... along with their GOLDEN PARACHUTES...
AND THEIR POLITICAL DONATIONS TO REPUBLICANS.
What an incredible clusterfuck.
Amazing...truly amazing.
We have all the reasons to believe now that Congress is a puppet of the Islamic Money Market world. They control the big oil and other business contracts.
See who is setting up the stage for the coming l-world currency.
[Deleted link-Sitemonitor]
Excuse me, but isn't Paulson responsible for this mess? And he wants how much money with no oversight from the American Taxpayer?? Are you kidding me?
TrePorcellini @ 107:
Thanks
Barrett D @ 56:
People have been suffering for Republican partisan reasons for a long time now, but no, I do not...I understand that something must happen. I wish Obama had adopted a more partisan approach. Let's reform Washington is not enough., It should be let's throw conservatism in the garbage....
Oil is now at $120.92 a barrel.
Any idea what this is going to mean at the pump?
someguy @ 122:
Prices are going up after the election. It's tradition.
His name is Robert Paulson
"122 someguy Says: Oil is now at $120.92 a barrel.
Any idea what this is going to mean at the pump?"
It means your fucked.
George "Texas Oil Baron" W. Bush and the Bush clan thank you for your support.
So far it appears that congress didn't fold like a cheap suit and actually stood its ground against that obscene proposal from Paulson...
http://news.yahoo.com/s/ap/20080922/ap_on_bi_ge/financial_meltdown
I'm a bit more optimistic about this, but very guardedly so... I don't like this bail out of foreign banks, at least not with out some participation by their central banks.
I still want to know how they will determine the value of these "trash" mortgages so that they are not over-valued to stuff cash into organizations and executives pockets,
I want to know how much power the Congressional representative will have versus the White House/Treasury representatives in the over sight committee...
So while I happy to see that the original deal didn't fly in congress... the devil is always in the details and I won't breath easy until I see them!
This fucking shit makes my head hurt to even read thru this thread... So lets see if I have this straight... The big brains on Wall St. fucked shit up.... They got all the deregulation their high priced lobbyists could squeeze out of D.C. put into place over the course of ohh, say 20 to 30 years and then it all went to hell anyway...Apparently Gordon Gecko wasn't right...(It was a fucking movie dammit, not a blueprint fer Christ sake!!) Greed apparently 'for lack of a better word', isn't 'good' after all... Wall streeters short sighted greed driven policies have now destabilized the entire economy and, because all the world economies are intertwined due to free trade deals like NAFTA and such, we're actually talking about a large swath of the whole worlds economies now at risk of going down the tubes over this shit.. So, as result, 'we', meaning bottom line, you and me and all the rest of the little people who actually pay taxes have to bail their asses out to the tune of 700 million up front with no strings attached and what amounts to a promise that it ain't over and probably won't be until we've shelled out about 1.5 to 2 trillion duckets over all this... Oh yea, and foreign own companies gets to catch a free ride on this bailout too.. IF you are a non-U.S. owned company that's got to be seriously saa-weet... Total win win, as long as you ain't no U.S tax payer... Is that pretty much the cliff notes version without all the bodies on display???? Oh yes, and if I complain too much, I'm an anti-American ingrate?? Is that the DEAL???
Besides wondering what this actually means to me and my wallet besides a freaking buttload of debt I didn't ask for and a mind numbing financial headache for me, my children and my grandchildren and probably their kids too... What other pleasant surprises do they have planted in this bailout 'bill' being 'rushed' thru congress in a firesale panic??... Cause I think I have reason to believe the same pols who were herded and punked before and the same group of pols who thought and probably were on the inside of the scam are getting to make the big decisions again... and none of em got no business being allowed to decide anything... They done fucked their credibility as far as I'm concerned.... But aside from that, here's a really dumb but basic question... What the hell are the big brains pining for all this cash planning to do with it... I mean since they want cate blanche an all, no strings attached, no oversite..no nada but a gimme gimme pitch or else the sky falls... Since they can't seem to function at all if anyone asks them any kind of oversite type question... Just what do the big boys plan to do with all this freaking money to fix this mess???.... Since it's in some part, 'my' money footin the bill on all this I kinda think I got a right to know at least that much... (or does that fall under the ingrate American clause..) Cause the truth of the matter is, without oversite, and this is borne out in the historical record... The big financial brains and all the politicians wanting this bailout on my dimes track record sucks!!! BIG TIME!!! Failing spatacularly upward with a golden parachute at the end of the day SHOULD NOT be a viable business plan....
The not ha ha funny part is... IF I was in some kind of financial fix like this where I totally screwed up and got in over my head, it would be all about the magic hand of the free market forces kicking my ass with a vengence and let that be a lesson to ya mister for living beyond your means.... But Wall St.??, Biggest cheerleader for unregulated markets ever.. Actually can't take their own medicine... They just haaavvee to have a federal bailout cause gee, they're too big to be allowed to fail... Why is that again? And why do we call it the unfettered free market??? Yea, funny, but not ha ha funny..... I guess if I end up on the street, a homeless person over all this somehow, I can always take up a life of crime... Seems to work for republican politicans, lobbyists and Wall St. execs...... So, all personal plans for dealing with it aside, have I missed anything in this particular clusterfuck?? I really want to know folks cause it is our money on the line here apparently... John Amato, tyree, Nicole, Obi won, anyone??? Am I out in left field on all this... I'm feeling like we're all being set up for one big final sand bagging, and then it's soup kitchen line time for us all................JD
This fucking shit makes my head hurt to even read thru this thread... So lets see if I have this straight... The big brains on Wall St. fucked shit up.... They got all the deregulation their high priced lobbyists could squeeze out of D.C. put into place over the course of ohh, say 20 to 30 years and then it all went to hell anyway...Apparently Gordon Gecko wasn't right...(It was a fucking movie dammit, not a blueprint fer Christ sake!!) Greed apparently 'for lack of a better word', isn't 'good' after all... Wall streeters short sighted greed driven policies have now destabilized the entire economy and, because all the world economies are intertwined due to free trade deals like NAFTA and such, we're actually talking about a large swath of the whole worlds economies now at risk of going down the tubes over this shit.. So, as result, 'we', meaning bottom line, you and me and all the rest of the little people who actually pay taxes have to bail their asses out to the tune of 700 million up front with no strings attached and what amounts to a promise that it ain't over and probably won't be until we've shelled out about 1.5 to 2 trillion duckets over all this... Oh yea, and foreign own companies gets to catch a free ride on this bailout too.. IF you are a non-U.S. owned company that's got to be seriously saa-weet... Total win win, as long as you ain't no U.S tax payer... Is that pretty much the cliff notes version without all the bodies on display???? Oh yes, and if I complain too much, I'm an anti-American ingrate?? Is that the DEAL???
Besides wondering what this actually means to me and my wallet besides a freaking buttload of debt I didn't ask for and a mind numbing financial headache for me, my children and my grandchildren and probably their kids too... What other pleasant surprises do they have planted in this bailout 'bill' being 'rushed' thru congress in a firesale panic??... Cause I think I have reason to believe the same pols who were herded and punked before and the same group of pols who thought and probably were on the inside of the scam are getting to make the big decisions again... and none of em got no business being allowed to decide anything... They done fucked their credibility as far as I'm concerned.... But aside from that, here's a really dumb but basic question... What the hell are the big brains pining for all this cash planning to do with it... I mean since they want cate blanche an all, no strings attached, no oversite..no nada but a gimme gimme pitch or else the sky falls... Since they can't seem to function at all if anyone asks them any kind of oversite type question... Just what do the big boys plan to do with all this freaking money to fix this mess???.... Since it's in some part, 'my' money footin the bill on all this I kinda think I got a right to know at least that much... (or does that fall under the ingrate American clause..) Cause the truth of the matter is, without oversite, and this is borne out in the historical record... The big financial brains and all the politicians wanting this bailout on my dimes track record sucks!!! BIG TIME!!! Failing spatacularly upward with a golden parachute at the end of the day SHOULD NOT be a viable business plan....
The not ha ha funny part is... IF I was in some kind of financial fix like this where I totally screwed up and got in over my head, it would be all about the magic hand of the free market forces kicking my ass with a vengence and let that be a lesson to ya mister for living beyond your means.... But Wall St.??, Biggest cheerleader for unregulated markets ever.. Actually can't take their own medicine... They just haaavvee to have a federal bailout cause gee, they're too big to be allowed to fail... Why is that again? And why do we call it the unfettered free market??? Yea, funny, but not ha ha funny..... I guess if I end up on the street, a homeless person over all this somehow, I can always take up a life of crime... Seems to work for republican politicans, lobbyists and Wall St. execs...... So, all personal plans for dealing with it aside, have I missed anything in this particular clusterfuck?? I really want to know folks cause it is our money on the line here apparently... John Amato, tyree, Nicole, Obi won, anyone??? Am I out in left field on all this... I'm feeling like we're all being set up for one big final sand bagging, and then it's soup kitchen line time for us all................JD
i don't think the gov't should ever bail out companies. I'm a liberal. The "conservative" republicans are all for bailing out their friends with other people's money. What jerkoffs.
Lets let companies that are run into the ground die. They don't deserve to live and their investors and managers need to feel some pain. It's not even been 20 years since the S&L debacle, and we're back at another clusterfuck.
Stop bailing out american banks and companies. Make them survive or die. That's how markets work you fucking losers.
Even The Bloody in his editorial today said that sometimes you have to throw away your free market principles for expediency (although he remains against the bailout). First time in my life I agree with that asswipe. But he's right.
Rich people running companies into the ground and walking away with golden parachutes makes me sick. ME PAYING FOR IT even makes me sicker. Is it time to start up militias or what?!
Well that was crazy... don' know why I double posted... my bad, apologies to the long suffering readers... .JD
John Amato @ 121:
No, people have been suffering because all politicians inside the Beltway are looking out for #1 first. Keep in mind that Obama needs the support of moderate conservatives to win. It's more like, "Let's throw extremism in the garbage." High time to revise your mantra. ;)
So true, I sometimes wish it burned so the people can see past the spin put on the atrocious policies of the whole me first, deregulate, private profits public losses crowd. However, that would be too much like Ralph Nader who said that the reason he didn't care if Bush won when GOP policies were so far away from the Greens, was that it needed to get way worse before it got better. Well Ralph Nader is no Patriot with that kind of thinking. No we need reforms but frankly if it is not painful for people then will they learn? They start buying into the hey Dems were in control of congress when this happened spin zone. If people are not sure about what deregulation does, ask them if they would drive on a deregulated highway with their kids in the back and no traffic lights, no traffic lanes, and no traffic laws. Sounds like things would go smoothly huh?
I have been thinking, for the last few years, that this needs to happen.
This machine needs to break. It needs to fail. Only then will the masses awaken to the true nature of their enslavement to it.
Let it burn indeed.
Eric in Ottawa @ 133:
Ok, maybe the word "enslavement" is a little strong. Anyway, I do think the pain needs to be felt for the lesson to be learned.
They want us to bail out the ones that shipped our jobs and created this mess.
Hell no.
Paulson, GFY.
Rasputin @ 127:
Shorter Dodd: "We'll let you borrow from our children's future to bail out worthless hedge fund bets ...long as you throw a bone to the little guys and let us be in on the divying up. Oh and don't mention that I voted for the CFMA deregulation boondoggle and that I have received 11.5 million from Wall Street just this year.
Evil upon evil.
getalife @ 136:
Don't forget Obama's main man...Robert "What Meltdown?" Rubin. The pusher of NAFTA and cheerleader of Phill Gramm's banking deregulation scams.
"The very model of a modern corporate liberal, he moved with ease from the top of Goldman Sachs to become President Bill Clinton's chief economic adviser and then secretary of the Treasury. Clinton had run as a populist on an economic platform created principally by Robert Reich, who became his labor secretary. But Rubin's Wall Street "realism" quickly trumped Reich's academic populism, and Clinton made the North American Free Trade Agreement his top priority over universal health care. He also eliminated the budget deficit left to him by the first Bush rather than rebuilding the nation's already crumbling infrastructure, and went along with the economic deregulation that Phil Gramm was pushing in the Republican-led Congress." -Truthout
Go Bobby go.
reverse shock... no deal without national health insurance.
yes jack d thier is a santa clause, the rich assholes who sell the american people out with thier sending our jobs to red china mexico or where have you, decided were worth one more screwing before they shut all the factory doors in our face and todays our last turn in the barrel, no bailouts no nothing for the rich let them die out let the asshole kids they breed die out , thier all the same when its us that need a break they tell you stop whinning the government dont owe you anything , well fuck the government and the rich we dont need to be feeding them either, viva the next revolution! usa usa usa
there is nothing about republicans that surprised me, but how ready the dems are to play softball without a wink, to me seems more careless and dillusional than repugs who are laughing to the bank.
Paulson to dems: "you can say you are for the economy if you give me 700 billion"
you can not bail out a sinking ship, they are buying time to get as much of their stuff in a lifeboat beforet the ship goes down.
MAKE THEM WALK THE PLANK!!!!
get the treasury, print lot's of money for the poor and kill the reserve and leave the banker MoFos broke
How 'bout we taxpayers get the last laugh on all these morons and everyone just not pay taxes for the next two years. That oughta get their attention.
Avenger @ 24:
Yeah, but the only problem is that nobody wants to live on the scorched earth that your burn would leave behind. The business failures due to lack of credit would be of epic proportions (big, medium and small businesses)... It would take decades, maybe even fifty years to recover.
The fact is that we need to bail the morons out, but it needs to happen on our terms, not theirs. The govt. needs to take a stake in all those companies they bail out so that they can sell that stake at a later date and get some of the investment back.
"Part of me wants to let it burn.. Let the credit crisis hit and let Americans see really what it’s like to live under Conservative/Milton Friedman rule…Then, being a Conservative would be poison for-evah. OK, that part is wishful thinking… "
That would be constructive. Everybody should lose their money and livelihood in order to prove an ideology that you think is common sense... So that's what we've been missing over the last eight years... Problem solved.
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