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Leaders plead for a yes today
The Boston Globe ^ | September 29, 2008 | Susan Milligan

Posted on 09/29/2008 2:01:05 AM PDT by arista

WASHINGTON - House and Senate leaders yesterday anxiously pleaded with skeptical lawmakers to accept a bipartisan $700 billion financial bailout plan, saying the package was crucial to calm the markets and stave off what they warned could be the worst economic crisis since the Great Depression.

Failure to approve the package, which bleary-eyed House and Senate negotiators agreed to early yesterday morning, would cause "an event which we don't want to conceive" of, said Senator Judd Gregg, Republican of New Hampshire and a lead negotiator of the package.

The House is set to vote on the bill today, and the Senate is expected to consider it later in the week.

Representative Barney Frank, a Newton Democrat and the chairman of the House Financial Services Committee, would not predict whether leaders had the support to pass the package. But he stressed that "serious harm will come" if the measure is not approved.

(Excerpt) Read more at boston.com ...


TOPICS: Breaking News; Business/Economy; Government
KEYWORDS: 110th; acorn; bailout; barneyfrank; bush; congress; cornhole; corruption; federalreserve; finance; gop; juddgregg; rats; socialism; tammanyhall; teapotdome

1 posted on 09/29/2008 2:01:05 AM PDT by arista
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To: arista

Like the Beatles said..

“Yes today, all my troubles seemed so far away”


2 posted on 09/29/2008 2:09:45 AM PDT by Anima Mundi
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To: arista
"The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn't bail them out."

- Barney Frank (September 2003)

3 posted on 09/29/2008 2:09:57 AM PDT by BookmanTheJanitor
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To: arista

>> Representative Barney Frank... stressed that “serious harm will come” if the measure is not approved.

Serious harm is what needs to happen to these vermin’s careers if they pass this turkey.


4 posted on 09/29/2008 2:12:20 AM PDT by Nervous Tick (I've left Cynical City... bound for Jaded.)
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To: Nervous Tick

Dear Ben Dover,

Whether we like it or not (and I’m assuming we will not) it’s gonna go through.

ugh.


5 posted on 09/29/2008 2:17:40 AM PDT by LiveFreeOrDie2001 (It's not Obama, it's O-bey-me !!!)
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To: Anima Mundi

Actually I believe its Yesterday.


6 posted on 09/29/2008 2:20:28 AM PDT by Gator_that_eats_Dems
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To: arista
Kill the bailout: The crap in the “crap sandwich;” 10 reasons to oppose the bailout; debt limit increased to $11.315 trillion

by michelle malkin

http://michellemalkin.com/2008/09/28/kill-the-bailout-the-crap-in-the-crap-sandwich/

Ten Reasons to Oppose the Wall Street Bailout

1. NO REFORM: The plan attempts to mask, rather than reform, imbalances in credit markets and in U.S. economic public policy. The plan props up reckless and failed banks by buying “troubled assets” instead of focusing on real reforms that go after government sponsored culprits Fannie Mae and Freddie Mac, and sustainable policies that will increase the availability of private capital and expanded economic growth.

2. TREASURY POWER GRAB: The plan raises Constitutional concerns by dramatically expanding the power of the current and future Treasury Secretaries, giving the government agency power to directly purchase assets from for-profit financial and non-financial firms.

3. STUNNING PRICE TAG: The $700 billion bailout figure is as much money as the combined annual budgets of the Departments of Defense, Education and Health and Human Services. It amounts to $2,300 for every man, woman, and child in America.

4. INCREASES NATIONAL DEBT: Instead of cutting spending elsewhere, Congress will borrow all $700 billion on global capital markets, and the bill raises the national debt ceiling to a staggering $11.3 trillion.

5. GLOBAL BAILOUT: The plan includes taxpayer purchases of distressed assets from foreign banks.

6. HURTS RESPONSIBLE AMERICAN BANKS: The plan punishes responsible U.S. banks by keeping reckless, insolvent investment banks in business. As BB&T CEO John Allison wrote in a letter to Congress on Sept. 23rd, “….this is primarily a bailout of poorly run financial institutions…. Corrections are not all bad. The market correction process eliminates irrational competitors.”

7. FLAWED PROCESS: Members of Congress and the public will have less than 24 hours and no hearings to discuss and understand the impact of this sweeping plan. This rush to pass a wildly unpopular plan without benefit of significant public debate and input will also undermine its legitimacy and effectiveness.

8. BY WALL STREET, FOR WALL STREET: Treasury Secretary Paulson, the architect of the plan, was formerly the head of Goldman Sachs, one of the firms responsible for the mess and a direct beneficiary of the bailout. Further, the advisers managing the bailout auctions and assets will be Wall Street firms and will likely receive billions of tax dollars in fees.

9. OTHER OPTIONS NOT EXHAUSTED: The idea that taxpayers will make money on the bailout is not credible. There are ready buyers for these “troubled assets” — Merrill Lynch sold its entire portfolio of mortgage backed securities in July– provided the price is low enough. If a profit was possible, private speculators would readily buy these troubled assets.

10. MORALLY OFFENSIVE: The plan violates basic principles of American capitalism and honest governance by creating a system of “private profits, socialized losses” that transfers money from taxpayers directly to Wall Street investment banks. Free market capitalism only functions if individuals and firms are held accountable and are allowed to both succeed and profit, and also to sustain losses and even fail.

7 posted on 09/29/2008 2:21:07 AM PDT by kingattax (99 % of liberals give the rest a bad name)
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To: kingattax

Your 10 reasons soud really good to democrats.


8 posted on 09/29/2008 2:26:02 AM PDT by screaminsunshine
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To: arista

YES!


9 posted on 09/29/2008 2:28:11 AM PDT by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: kingattax

skeptical lawmakers to accept a bipartisan $700 billion financial bailout plan

.
unacceptable, if it’s dung, it’s dung. There’s no guarantees in the market. Just look at another Government Guarantee, Social Security: BROKE, no assets


10 posted on 09/29/2008 2:34:11 AM PDT by Son House (Palin, Has The Left Press Wailing! [MSNBC, ABC, CBS, CNN, New York Times,...])
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To: kingattax

Absolutely right. This could be resolved by cutting the Capital Gains tax to zero, reducing or eliminating the corporate tax rate, repealing Sarbanes Oxley, and getting serious about energy production— (building nuke plants isn’t a small endeavor, jobs jobs jobs).

This BS legislation is the most obvious power grab by the control freaks to come along in years.


11 posted on 09/29/2008 2:35:36 AM PDT by ovrtaxt ( One useless man is a shame, two is a law firm, and three or more is a Congress. --John Adams)
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To: arista

"It votes yes on the bailout, or it gets the hose again."

12 posted on 09/29/2008 2:46:26 AM PDT by sf4dubya (I rebelled against my parents by becoming a conservative)
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To: arista
accept a bipartisan $700 billion financial bailout plan

Let's do the numbers:

$700B in the bailout.
100 M households in the USA.
$7,000 per household in this package.

If the people who are going to control the $700B really didn't notice a "crisis" of this size until they had only days to respond, then why would we trust them to spend our money responsibly to solve the problem now that they noticed it's an emergency? If the lenders involved made bad loans without properly checking that the borrowers were credit-worthy, then why is it my job to bail them out? If the borrowers knowingly purchased their dream homes without basing that decision on the reality of their ability to pay for those homes, then why should my money be taken by the government and used to keep them in homes they cannot afford?

I'm not even sorry if that sounds harsh. It is more cruel to protect people from their own mistakes and set them up for the bigger errors that are inevitable if they don't learn than it is to let them default on loans they can't afford or let the note holders suffer the losses that come with making bad loans. I'll just sit here, bitterly clinging to God and guns, as I watch what is happening to what used to be my money and my country.

As for the "credit emergency" that no one will be able to borrow if we don't cover for those who shouldn't have been able to borrow, I'm more than a little skeptical. So long as there is capital (and I worry how long that will be), people will want to lend their assets. It's just that without this bailout, lenders will be careful. I don't see that as a bad thing.

13 posted on 09/29/2008 2:47:08 AM PDT by MathDoc
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First chart is FTSE 100, second is Nikkei 225.


14 posted on 09/29/2008 2:48:01 AM PDT by sf4dubya (I rebelled against my parents by becoming a conservative)
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To: MathDoc
As for the "credit emergency" that no one will be able to borrow if we don't cover for those who shouldn't have been able to borrow, I'm more than a little skeptical. So long as there is capital (and I worry how long that will be), people will want to lend their assets.

That's exactly right, the market ALWAYS corrects. Lending money is profitable, therefore a certain number of entrepreneurial people will start new lending institutions to take advantage of the need in the market. Not to mention private lending deals that happen all the time anyway behind the scenes.

15 posted on 09/29/2008 2:50:55 AM PDT by ovrtaxt ( One useless man is a shame, two is a law firm, and three or more is a Congress. --John Adams)
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To: MathDoc

What Capital? The next emergency will be credit cards. The banks will start to close them out. Then there will be a CASH shortage. Watch what they do then. The democrats will start screaming about people HOARDING cash.


16 posted on 09/29/2008 2:58:57 AM PDT by screaminsunshine
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To: kingattax

We (the tax payers) are getting hosed once again. Where is the accountability? Where are the conservatives in the Republican party? This crap sandwich stinks to high heaven, and my party is rolling over and talking about how great this bipartisan deal is, how professional Nancy, Barney, and Dusty Harry have been, etc... Disgusting. We had a chance to lay this sh!t sandwich at the feet of the Rats, and we get this??? I am so very angry!!


17 posted on 09/29/2008 3:15:37 AM PDT by Just_an_average_Joe
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To: kingattax

it will result in more inflation. now would be a good time to buy gold


18 posted on 09/29/2008 3:16:49 AM PDT by ari-freedom (Just let Sarah be Sarah!)
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To: arista
***stave off what they warned could be the worst economic crisis since the Great Depression***

I'm so sick and tired of hearing this crapola. The Great Depression didn't have a GDP grow at 3.3% in one quarter.

19 posted on 09/29/2008 3:31:23 AM PDT by tobyhill (fraud -noun;(1)deceit, trickery, sharp practice, or breach of confidence, (2) Obama)
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To: kingattax

I think all the Republicans should vote Present.


20 posted on 09/29/2008 3:48:38 AM PDT by blf1776 (Compassionate Conservatism Is Dead - It is time to fight, fight, FIGHT!!!!)
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To: Caipirabob

YES!

YES!

"

YES!

YES!

YES!




Barack Obama and the Strategy of Manufactured Crisis

"Conspicuous in their absence are any connections at all with any other group, moderate, or even mildly leftist. They are all radicals, firmly bedded in the anti-American, communist, socialist, radical leftist mesh."


21 posted on 09/29/2008 3:48:58 AM PDT by unspun (Tell the truth about Obama to all you know.)
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To: Anima Mundi
The frighteningly dishonest Used Car Salesmen of D.C. told us last week that the world as we know it would come to an end if they didn't get their $700 billion. Here it is Monday morning, and we're all still vertical, and sucking air.

TYRANTS!



Jam their switchboards! Jam their e-mail systems! Run their fax machines out of paper! Tell them

NO BAILOUT!


22 posted on 09/29/2008 3:59:33 AM PDT by hiredhand (Understand the CRA and why we're facing economic collapse - see my about page.)
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To: MathDoc; arista
If the people who are going to control the $700B really didn't notice a "crisis" of this size until they had only days to respond, then why would we trust them to spend our money responsibly to solve the problem now that they noticed it's an emergency?

Very well said, except Paulson DID know about this pending crisis. He testified last week he's been working on this bill for A YEAR!! They could have changed the accounting rules, ended mark to market, and repealed Sarbanes Oxley a long time ago. Clearly, everyone knew it wasn't working. And don't forget the illegals. They are now literally walking away from their homes and going back to Mexico, leaving entire neighborhoods empty. The so-called housing crisis already got $300 billion three months ago and it got worse! Jonathon Hoenig just told Fox and Friends this bill will turn a one year recession into a 10 year depression. Dear Lord, give the House Republicans the courage to vote no today, in Jesus' Name! This nation still is a force for Good. We're not going down now!

23 posted on 09/29/2008 4:01:12 AM PDT by athelass (Proud Mom of a Sailor & 2 Marines! Obama can debate while McCain decides and acts)
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To: arista

For $700B dollars I’d want the criminal enterprise known as the democrat party shut down, its leaders in prison including Frank and Schumer and all the rest of them. Anything less than that doesn’t work.


24 posted on 09/29/2008 4:51:48 AM PDT by wendy1946
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To: arista
Leaders >Corrupt politicians, CEOs and bankers< plead for a yes today


25 posted on 09/29/2008 4:57:25 AM PDT by XR7
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To: arista
Representative Barney Frank...stressed that "serious harm will come" if the measure is not approved.

That ought to be reason enough for every decent Republican to oppose this.

26 posted on 09/29/2008 5:02:31 AM PDT by XR7
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To: kingattax

This bill is poison for republicans. The Senate republicans look like a bunch of whores who are bailing their buddies out. Bush seems to be trying to save his dead legacy at the expense of congress (he needs McCain to win though.)

It gives Pelosi/Reid ammunition for more government power and to slaughter republicans on election day. Only house republicans took a principled stand, and no one will ever know if they cave now (I don’t blame the republican house leadership who got beat up all weekend.)


27 posted on 09/29/2008 5:11:14 AM PDT by sickoflibs (Biden :"Patriotic=you taxed MORE to fund our promises of more handouts for votes.." ,)
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To: arista

I’m not sure what date I will pick as the date of death of the Republic. It will either be today when this piece of crap passes, or the day Barack 0bama is sworn in as President. But make no mistake: if both events take place, the Republic is dead.

You can put the Constitution in a museum next to the Code of Hammurabi.

Long live the United Socialist People’s States of America!


28 posted on 09/29/2008 6:16:43 AM PDT by henkster (There's nothing wrong with the economy that an expensive bailout can't prolong.)
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To: henkster

I would go with the date Obama is sworn in.


29 posted on 09/29/2008 6:27:16 AM PDT by sport
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To: Anima Mundi

I can’t figure out why the democrats are wanting this so bad and why the republicans are so dead set against it. It’s Bush bill so it should be just the opposite. It’s Bizarro World.


30 posted on 09/29/2008 6:50:59 AM PDT by Terry Mross
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To: unspun
LOL! That covers the congressional delegation from California...
31 posted on 09/29/2008 7:10:46 AM PDT by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: Nervous Tick
Representative Barney Frank... stressed that “serious harm will come” if the measure is not approved.

Then the Dems should pass it already. They have the votes on their side, and Bush will sign it.

32 posted on 09/29/2008 7:21:14 AM PDT by Carling (I'm a Typical White Person)
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To: arista

You folks out there should watch to see who voted Yes and who voted No.

Payback at the voting machine!!!! Let them know how you really feel!


33 posted on 09/29/2008 2:25:53 PM PDT by 57Chevy (Freedom is not Free!)
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