Posted on 09/24/2008 10:34:43 AM PDT by HAL9000
Breaking News - Republican officials say the Bush administration will accept executive-pay curbs as part of the bailout. President Bush plans to address the nation Wednesday at 9:01 p.m. EDT on the financial crisis.
Found it over at the Washington Post blog as the archives here are down and I had trouble getting into Lucianne to do a search. Idiots at the Washington Post didn’t even do paragraphs so I am going to paragraph to make it easier to read. From: http://voices.washingtonpost.com/the-trail/2008/09/23/mccain_lays_out_bailout_princi.html
America today faces an historic national crisis. The global economy is directly threatened by the potential collapse of our financial system. Two years ago, I warned the American people about the lack of oversight, transparency, backroom dealings and financial recklessness at Freddie Mac and Fannie Mae. Those warnings went unheeded, and more than anything directly contributed to the subprime mortgage crisis which has created the perfect economic storm.
Further inaction is simply not an option. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. But let us be perfectly clear: a great burden is upon the American people. Seven hundred billion dollars is a staggering and unprecedented figure, and it is important that I speak plainly to the American people about the dimensions of this proposal. In essence, what this plan requires is a ten thousand dollar contribution per household. Seven hundred billion dollars, for example, could rebuild the crumbling infrastructure in every town, county, and state in this country. Because what is being asked of the American people is unprecedented, great care must be taken to ensure their protection.
With the taxpayer in mind, I am seeking 5 basic improvements to this legislation:
First, there must be greater accountability included in the bill. I have suggested a bipartisan board to provide oversight for the rescue. We will not solve a problem caused by poor oversight with a plan that has no oversight. Never before in the history of our nation has so much power and money been concentrated in the hands of one person, and there must be protections and oversight in place.
Second, as a part of that oversight, there must be a path for taxpayers to recover the money that is put into this fund. One trillion dollars is an unprecedented sum. We are talking about ten thousand dollars per household, and that money cannot simply go into a black hole of bad debt with no means of recovering any of the funds.
Third, there must be complete transparency in the review of this legislation and in the implementation of any legislation. This cannot be cobbled together behind closed doors. The American people have the right to know which businesses will be helped, what that selection will be based on and how much that help will cost. All the details should all be made available online and elsewhere for open public scrutiny.
Fourth, no Wall Street executives should profit from taxpayer dollars. It is wrong to ask teachers and farmers and small business owners to fill the gas tanks of the helicopters of Wall Street tycoons. The senior leaders of any firm that is bailed out should not be making more than the highest paid government official.
Fifth and finally, it is completely unacceptable for any kind of earmarks to be included in this bill. It would be outrageous for legislators and lobbyists to pack this rescue plan with taxpayer money for favored companies. This simply cannot happen.
Let me restate that inaction is not an option. The American people are watching. History will be our judge, and it will judge us harshly if we do not put our country first in this crisis.
There is no connection. RESPONSIBLE people ARE NOT paying for DEADBEATS!
LOL. You are correct; Welch put it squarely to Colmes - Dems at fault.
What are you watching?
He said the Democrats OWN THIS ONE.
Turn off the SAP and listen in English
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.Did Bush really place blame on the dems?
Guys, you can’t trust any of these politicians or anyone else in government...they are not thinking about what is best for the country in the long term...if that was the case they would have built a fence already...these guys just don’t want to get booted out of office, so they are going to bail people out if they think it will look good
I have my money with Fred’s Bank, he keeps my money in his white suit pocket.
“I’m so sick of these scare tactics...I am a commercial lender at a big bank, and believe me, we are not going to stop lending money to creditworthy businesses. the only businesses who will not get loans now are one’s that should not.”
Amen. The same goes for individuals. If you’re a good credit risk and asking for a reasonable amount, you can get a loan. If you’re trying to buy a $500K house on a $30K salary, you’re going to be turned down. And that is as it should be.
Democracy is flawed...all roads lead to socialism...absolute monarchy is the most efficient and best form of government. A. Hamilton’s inclinations were correct...
Those are things that people don’t think about. When you stop to think about there are a lot of things that business’ use credit/loans for including keeping stores stocked.
After leaving the bank today, it dawned on me when you cannot close a loan because there is no money to loan you affect the seller/buyer/real estate/bank/inspection companies and the list goes on of people that won’t get their money.
My reply was to the person that said Jack Welch didn’t put the blame where it belongs.
Bush did not hammer the Dems. Welch did.
No. Not tonight.
We need to normalize relation with the immigrants who are already here, and then we'll secure the border.
You obviously either don't realize the seriousness of the current crisis and/or you don't give a flip (SOCIOPATHS) about anyone that doesn't have a huge stash of cash available to survive the coming disaster.
This country will not survive another thirty years without a major deflation. Deflation is inevitable. The only questions are when it will occur, and how controlled the descent will be. A controlled deflation now would hurt a lot of people, but the only classes of people for whom it would not be better than the alternative are those who (1) profit from market shenanigans, or (2) are going to die in the next few years.
If I had any confidence that as the government injected capital it would start bursting the bubbles of credit default swaps and prosecuting some of the participants, I would favor the bailout. I don't, so I don't.
We're in an helicopter over the ocean. There's not enough fuel to reach land. Would it be better to try for a semi-controlled landing, or better to try to maintain altitude?
There is a connection. Period.
Go and try to get a car loan tomorrow and let me know if you were successful.
FWIW, I’m one of those people who save and save.
I believe we are at the point where you can’t put the shit back into the horse. Something needs to be done - BUT, the government is full of greedy weenies. Having the government bail out using our money and manage the process makes me jumpy. They can’t even build a road correctly, run an unnecessary entitlement program, or spend money wisely. Maybe the credit system needs to fall on its face. Debt begets debt. The only beneficiary is the banking system. They scam us in fees, charge us astronomical rates, and then bitch when they hand out loans that aren’t worth the paper they are printed on. I don’t think this is a crisis. Bad - yes, but if no one is held to account, I refuse to support this plan.
Some days I re-consider depositing in the Bank of Mayo, out of fire fears, but my topsoil is only about an inch deep :(
Under the “bailout”...some of those uninsured things would be insured, IIRC.
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