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 ...
Like the Beatles said..
“Yes today, all my troubles seemed so far away”
- Barney Frank (September 2003)
>> 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.
Dear Ben Dover,
Whether we like it or not (and I’m assuming we will not) it’s gonna go through.
ugh.
Actually I believe its Yesterday.
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.
Your 10 reasons soud really good to democrats.
skeptical lawmakers to accept a bipartisan $700 billion financial bailout plan
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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
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.
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.
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.
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.
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!!
it will result in more inflation. now would be a good time to buy gold
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.
I think all the Republicans should vote Present.
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