Congress, Bush team agree on bailout terms (Rep. Barney Frank says great deal of progress made)

AP on Yahoo ^ | 9/22/08 | Julie Hirschfeld Davis - ap

[HeartlandOfAmerica]

lol. call back = can fall back

[politicket]

If they see their 401K or the money they borrowed from their equity line of credit going south, watch the stampede.

It will happen if the market liquidity freezes up again. Think of it as the circulatory system of a patient. The patient is currently on life-support and not expected to make it unless a miracle takes place.

[kempo]

OK, I'll ask the big question. Should I go to the bank tomorrow and draw all of my money out and bury it in the back yard?

[mysterio]

It's strange that those who ran on a "conservative" platform are running as far from conservatism as possible and have been for some time.

Are we to gather from this that conservatism doesn't work? I certainly don't believe this. Does President Bush?

[HeartlandOfAmerica]

Should I go to the bank tomorrow and draw all of my money out and bury it in the back yard?

Paulson is correct in that nobody's (yet) lost a penny from an FDIC insured account.

However, with the level of fear out there, it might be prudent to have a larger than normal amount of cash on hand to meet your normal needs. Your money may be safe in the bank, but the bank could be closed for some days or weeks if people start running them and accessing the cash might be more problematic than normal.

I'm not saying to develop a Y2K level of paranoia, but money can always be replaced in the account pretty quick and easy with little harm done.

[HeartlandOfAmerica]

"Decisions by the Secretary (Henry Paulson) pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

Is it just me, or is this truly, truly scary?

Conservatism, constitutionalism, republicanism, America, all out the window with one convoluted sentence.

[kempo]

This is the first time I am truly afraid for this country. I don't see a good or easy way out and what's really amazing most people don't even know what's fixing to happen. They're all going about their business as if everything is just fine.

[mysterio]

Is it just me, or is this truly, truly scary?

It's worse than that. It's unAmerican and unConstitutional.

[supercat]

Everyone is focused on the mortgage industry, and it is just the fuse that set off the dynamite. The dynamite is the derivatives market.

Any new money added to the system must be kept out of the derivatives market. There should be a rule passed ASAP providing that no derivatives purchased after 2008-09-22 may be given any positive weight whatsoever in assigning credit ratings. Declaring existing derivatives worthless could crash the market, but eliminating them by attrition would seem to be necessary and prudent.

[pierrem15]

He caves to whatever the Dems want.

Here's a better suggestion-- aren't the Dem's baying for arrests? So (i) have the AG indict Chris Dodd for bribery, FD Raines & J Gorelick for securities fraud (it's clear they cooked the books for bonuses at Fannie Mae), and (ii) charge Ayers and Dohrn with civil rights violations (just like they resurrect old charges to go after octogenarian white racists).

Doing so would a) be just and b) be about the only way the stories of Dem corruption and Obama's association with communist terrorists would make it past the media blackout.

No b---s.