Posted on 09/24/2008 1:57:04 PM PDT by counterpunch
Those are good suggestions, except that instead of giving Paulson any money, they could just outlaw Credit Default Swaps retroactively and end the credit crisis immediately.
“But that is only a p.r. pitch. Schumer, Dodd, and Barney Bank are the leaders of the Democrat Wall Street financier party. The Democrats have been the party of Wall Street Finance since the 1980’s. The white liberal news media, however, plays up the Democrats as not being the party of fat cats but people. To keep this facade Schumer, Dodd, and Bank pretended they wanted extra protections for poor people, “Main street”, but that’s a ruse, those are really bailouts of banks and there already this year was a $300 billion such deal signed by Bush.”
I think you are correct.
What is really galling about the media reporting is the LACK of reporting on how up-to-their-necks in this muck Dodd, Frank, and Dems like Obama are. THEY ARE THE ENABLERS OF THIS!
Dems in Congress -> supported unshackled Fannie Mae -> underwrote Sub-prime mortgages -> fed the bubble with bad loans -> caused the housing crash
Only a few interpid commentators (and McCain campaign) even mention this:
http://travismonitor.blogspot.com/2008/09/blame-fannie-mae-and-congress-for.html
“Who ever controls the volume of money in our country is absolute master of all industry and commerce. And when you realize that the entire system is easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.”
James A. Garfield,
assassinated president of the united states
Three of those names are (Senators). One of them is [no longer a Senator].
It isn't realistic and it isn't primarily because of the powers in Washington over decades that have eroded the free market slowly.
It was thorough however.
If Frank, Dodd and anyone else so obviously on the take with this mess walk away with no penalty I will never believe in Republicans again and might forever have faith in our system of governance.
Chris Dodd gets an interest free loan and this isn’t a bribe?
Why should I believe in justice?
I had two Mechanics Illustrated magazines.
One from the mid nineteen twenties and one from
the mid nineteen thirties.
The one from the twenties cost twenty five cents,
it had many articles on making money on the
stock market.
The one from the thirties cost fifteen cents,
it was about half as thick and their was no
mention of the stock market.
I don’t know who the four are, but I’m certain that if Boehner were one of the four there would be more than four.
McCain is making a mistake.
The best idea I’ve seen is for him to play the MAVERICK card, refuse the bailout, and identify it as the BUSH-NOBAMA plan of business as usual with the taxpayers picking up the tab.
McCain’s actions thus far on this topic may cost him the election.
But revolting against this bailout monstrosity is fine by me!
I listened to Dave Ramsey discuss this yesterday.......
http://en.wikipedia.org/wiki/Mark_to_market
Said it was best solution. I seek opinions if ya have em regarding the Mark to Market solution.
Stay safe Ya’ll !
Well it’s working smoothly right now!! Hope it keeps up.
Peter King.
Can it do it in 4 weeks? If not, we need something else.
This bailout is necessary as an emergency option.
My bet is that it’s “necessary” for a few powerful people, or if you purchased a house during the bubble and now you’re caught holding the bag.
I guess for all those who didn’t put their pennies into overvalued real estate are going to have to pay the bill through more inflation and artificially lower interest rates (if you’re in cash collecting mode).
NO BAILOUT!
The problem is, we have some govt. institutions in effect here.
So, they aren’t quite going against the statement.
I would be in favor of dropping a bailout for AIG and just allow one for Fannie Mae etc.
Instead of a bailout, we need a new plan that outlaws all standing Credit Default Swaps retroactively, rescinds Sarbanes-Oxley, and trust-busts some of these huge companies like AIG that have become “too big to fail.”
This would fix the credit crisis without spending a cent of taxpayer money.
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