When it comes to this issue, Michelle Malkin and other normally reliable conservatives are teetering on the brink of mind-boggling insanity. The consequences of a major financial panic are truly too horrible to contemplate, yet Michelle and others want to fiddle while Rome may soon go up in smoke. Action must be taken right away, or we may see a genuine Armageddon within a week or two.
You must come to your senses and realize that we’re potentially facing a total meltdown of the world financial system — where almost everything you and Michelle and I have invested in the stock market, retirement pensions, insurance, corporate bonds and money market accounts could evaporate overnight. Moroever, those who own their homes debt-free could see most of their equity vanish almost as quickly. How would you and Michelle like that?
You’re saying that this plan, by the Hanktator, who 1: didn’t see this coming 2: Lied well over half a dozen times when he claimed his prior efforts would work 3: is claiming unprecedented plenary, non-recourse power that effectively overthrows the Constitution 4: Has no specific plan, only the desire for the biggest blank check in history and 5: Is unquestionably motivated by a career working for Goldman and is surely allied with his banker buddies at some level....is the ONLY WAY to extract ourselves. It is not. It is only one idea, and it is a poorly formed idea, a larval idea. He has made up his actions as he went along and he has been proven ineffective. I don’t believe he is trustworthy but apart form that, I don’t believe ANYONE is sufficicently trustworthy to throw over the Constitution.
The people who object this plan are not objecting to some kind of plan and some kind of action, but this one is no plan at all. It’s yet another money-toss that is sure to benefit his pals and is sure to generate a priveleged class of insider corpse-pickers, all at our expense, assuming we get partially through the abyss we’re looking at.
Here’s one guy whose idea are cogent, coherent, and well thought out. I happen to agree with his suggestions.
www.fedupusa.com
“When it comes to this issue, Michelle Malkin and other normally reliable conservatives are teetering on the brink of mind-boggling insanity. The consequences of a major financial panic are truly too horrible to contemplate, yet Michelle and others want to fiddle while Rome may soon go up in smoke. Action must be taken right away, or we may see a genuine Armageddon within a week or two. You must come to your senses and realize that we’re potentially facing a total meltdown of the world financial system — where almost everything you and Michelle and I have invested in the stock market, retirement pensions, insurance, corporate bonds and money market accounts could evaporate overnight. Moroever, those who own their homes debt-free could see most of their equity vanish almost as quickly. How would you and Michelle like that?”
Newt Gingrich and others offer concrete free-market proposals that would strenghten rather than weaken our economy in the short- and long-term. Slash the capital gains tax now, for starters.
No, we understand exactly what we’re talking about.
Better free and broke than a serf to our new socialist overlords.
Let it burn, I sez.
Let it burn. We will rebuild from scratch. But if this goes through, they will OWN us forever...and our grandchildren will hate us for selling themm out. They will be slaves and learn that it was our generation that gave America away to 3rd world aliens and Asian bankers.
The panic spreading socialist mantra du jour.
Bull. That’s just what the money-grabbers want you to think.
Who’s insolvent here ?
-People who bought too much house for their incomes - there’s no saving them. Add in folks who piled on with big car loans and lots of CC debt.
-the banks - who gleefully lent to all these people who couldn’t repay them, which the banks should have known if they’d done traditional 20% down, 36% dti ratio mortgages.
-the Fed - yes, the Fed - who has been busily trying to bail out all their banking buddies, Friends of Bennie and Hanky, at the expense of the taxpayers and the holders of treasuries, and everyone who consumes commodities like oil.
The banks encouraged a mountain of debt to be created, which they had to know was a problem because the payback of a loan requires income. You can’t get debt service if corporations are busy outsourcing well-paying jobs.
The Fed encourages it all with easy money, and the federal government stood back and enforced nothing.
This entire bailout is about recapitalizing the Fed, so they can choose which of their buddies gets to live to lend another day.
The big problem is that we the taxpayers are going to foot the bill, but we received none of the profits, and there are going to be no profits with the crap the banks will be loading onto the .govs balance sheet. This bailout will cost in the trillions of dollars.
You want to know the real deal ? You can forget ever retiring, and so can your kids and grandkids and their children, because there is no paying all this back.
Do the math, go look at the Fed’s current balance sheet, and understand that they are just looting the taxpayers.
What would happen if the markets seized up today ? Nothing much. If you are even a bit prepared with some cash at home, some food in the pantry and gas in the car, you could easily survive until the banks that are adequately capitalized would be left standing.
No matter if this bailout gets passed, there will be no trust and confidence in the markets, credit or equity, until 1) banks and corporations are truthful on their balance sheets and mark their assets to market and 2) the gov stops changing market rules in the middle of the night so that no one can trade with any confidence and 3) they stop printing oney and blowing up spreads and yields.