Look again. It was the majority of Republicans who failed to support the bill, not Democrats, who voted 60% in favor.
If anything, this is an indictment of John McCain's lack of leadership ability, not to mention another gold star for the legacy of the worst President at least since Hoover, if not of all time.
And now it looks like House Republicans picked up their toys and went home because of Pelosi's speech. Jesus Christ.
Psst...Bush's economic policies are disastrous. He did inherit a surplus and drive us into deficit. That's what's known as a fact.
Isnt the reason you want a majority in the House or Senate to be able to dictate the outcomes of these things? Only 4 Republicans supported this bill last week, the Democrats managed to get that number up to close to 70. I know Bush sucks , so does everyone else, thats why not many Republicans supported this to start with. Why couldnt the majority (Democrats) vote together?
Nancy Pelosi is in charge of a democrat run house...she doesn’t need a single republican vote to get a bill approved but since she and all other dems in congress are cowards she asks for help......she gets the OK from some republicans then goes out and blasts the republicans and the president.......its like asking for $5 then kicking the person in balls before they give it to you….I think Nancy P needs to grow the hell up.
....And so what blast the Republicans and take some blame for herself too. She didn't make up anything she said, anyway i liked what Dennis Kucinich said this morning before they voted give it a listen...
"Is this the United States Congress or the Board of Directors of Goldman
Sachs?" Rep. Dennis Kucinich Rejects $700 Billion Bailout *
The House is set to vote today on a $700 billion emergency bailout plan for the
financial industry. The proposed legislation was forged during a marathon
negotiating session over the weekend between lawmakers from both parties and
Treasury Secretary Henry Paulson. The 110-page bill would authorize Paulson to
initiate what is likely to become the biggest government bailout in US history,
allowing him to spend up to $700 billion to relieve faltering banks and other
firms of bad assets backed by home mortgages, which are falling into foreclosure
at record rates.
*We CAN bomb the World to pieces, but we CAN'T bomb it into PEACE*...Michael Franti
*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti
*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)
I don't know much about this stuff but IMO it would be wise to start from the bottom and work their way up first.
Help the families who are in trouble and then slowly move up to the financial companies.
I think the families are the ones with the greater risk. Again IMO, what the hell do I know.
Get em a Body Bag Yeeeeeaaaaa!
Sweep the Leg Johnny.
Ron Paul: Bailout Will Destroy Dollar, World Economy
Monday, September 29, 2008
As a vote nears on the $700 billion dollar plus bailout bill, Congressman Ron Paul took to the House floor this morning to warn that the passage of the legislation will destroy the dollar and the world economy.
Stating that the passage of the bailout bill would only make the problem worse, the Congressman from Texas said, “This has nothing to do with free market capitalism, this has to do with a managed economy, an inflationary system, corporatism, a special interest system, and this has nothing to do with the failure of our free markets and capitalism.”
Paul blamed the current crisis on a Federal Reserve power monopoly over the money and credit system, the ceaseless borrowing and printing of money, and dismissed the bill as nothing but more of the same.
“Long term this is disastrous,” continued the Congressman, “we’ve already pumped in $700 billion dollars, here’s another $700 billion dollars - this is going to destroy the dollar - that’s what you should be concerned about - if you destroy the dollar you’re going to destroy a worldwide economy and that’s what we’re on the verge of doing.”
Paul said that the long term implications of the bailout would be a lot more serious than the problems currently being experienced by Wall Street.
The Congressman called for more oversight and warned, “What we’re doing today is going to make things much worse.”
Paul expressed his frustration that free market economists who predicted the crisis were being ignored while the people who created the problem were being given the responsibility to offer a solution.
The Congressman was not afforded the time to read his full prepared remarks, but they were entered into the Congressional record and can be read at Paul’s [3] Campaign For Liberty website.
Paul’s comments[4] follow those of Congresswoman Marcy Kaptur, who slammed the bailout bill this past weekend as the work of criminal insiders who have shut down the normal legislative process to commit “high financial crimes” and defraud the American people, while Rep. Michael Burgess warned that “martial law” had been declared by Nancy Pelosi in order to ram the bill through.
I just spoke with the president of our local Bank of America and he says they'll still be in the lending business... He even gave me a refinance quote that's pretty sweet...
People, the reason this bailout didn't happen is because it's only going to make matters worse.
Forget about the fears being sold and use this opportunity to grab some stuff cheaply. It's possible that you could make your retirement right now by placing a few large in the market this week.
Nancy Pelosi is in charge of a democrat run house...she doesn’t need a single republican vote to get a bill approved but since she and all other dems in congress are cowards she asks for help......she gets the OK from some republicans then goes out and blasts the republicans and the president.......its like asking for $5 then kicking the person in balls before they give it to you….I think Nancy P needs to grow the hell up.
I feel like Pelosi didn't want this thing to be hung around the neck of Democrats and I really think it would have if it had passed with 100% Democrat support and ZERO (or minimal) Republican support. Republicans would have been running around the country saying "see, we care about Main Street and the Democrats bailed out Wall Street". That would have really gone over HUGE with the under-informed electorate in an election year. I really think it was a smart move for her to want bipartisan support in order to have it pass.
I just spoke with the president of our local Bank of America and he says they'll still be in the lending business... He even gave me a refinance quote that's pretty sweet...
People, the reason this bailout didn't happen is because it's only going to make matters worse.
Forget about the fears being sold and use this opportunity to grab some stuff cheaply. It's possible that you could make your retirement right now by placing a few large in the market this week.
well, I would not be doubling down on the market right now, but I would agree, good time to renegotiate loans and credit card bills ... banks are going to need money, and if they can get your money quicker, they are probably willing to negotiate.
"You're one of the few Red Sox fans I don't mind." - Newch91
"I don't believe in damn curses. Wake up the damn Bambino and have me face him. Maybe I'll drill him in the ass." --- Pedro Martinez
the piper was already paid, we had a chance to stabalize the markets, it wasnt giving 700 billion to wall st. , it was about trying to allow people access to borrow money, just wait and see what happens.
i understand it was about allowing people to borrow money....but my take is that "everything is out of balance" if you need to borrow money for all of the minor facets of life.
i really can only speak for my situation though and do not try to speak for the people who will be directly impacted.
i will stand by my assumption that not everyone should own a home or go to college.....it dilutes the value.
live and let live...unless it violates the pearligious doctrine.
0
g under p
Surfing The far side of THE Sombrero Galaxy Posts: 18,200
I just spoke with the president of our local Bank of America and he says they'll still be in the lending business... He even gave me a refinance quote that's pretty sweet...
People, the reason this bailout didn't happen is because it's only going to make matters worse.
This something of the effect of what Dennis Kucinich was saying this morning.
Peace
*We CAN bomb the World to pieces, but we CAN'T bomb it into PEACE*...Michael Franti
*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti
*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)
I just spoke with the president of our local Bank of America and he says they'll still be in the lending business... He even gave me a refinance quote that's pretty sweet...
People, the reason this bailout didn't happen is because it's only going to make matters worse.
Forget about the fears being sold and use this opportunity to grab some stuff cheaply. It's possible that you could make your retirement right now by placing a few large in the market this week.
a representative of the McCain campaign is now saying that the bill was sabotaged so McCain wouldn't look like he delivered on his promise to get the bill passed.
It was Douglas "McCain was responsible for the invention of the the blackberry" Holtz Eakin
"You're one of the few Red Sox fans I don't mind." - Newch91
"I don't believe in damn curses. Wake up the damn Bambino and have me face him. Maybe I'll drill him in the ass." --- Pedro Martinez
a representative of the McCain campaign is now saying that the bill was sabotaged so McCain wouldn't look like he delivered on his promise to get the bill passed.
I saw that too... unbelievable... McCain's camp once again playing the victim.
My whole life
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
McCain better be careful he's looking more like a Democrat with all this.
I guess that's being a Maverick but if he's supporting Bush then what does that make him? If I hear bipartisan one more time I'll hurl my lunch all over this keyboard.
McCain better be careful he's looking more like a Democrat with all this.
I guess that's being a Maverick but if he's supporting Bush then what does that make him? If I hear bipartisan one more time I'll hurl my lunch all over this keyboard.
Shortly after the bailout vote, a statement from the campaign of Sen. John McCain (R-Ariz.) blamed the loss on "the Democratic leadership: Senators [Barack] Obama and [Harry] Reid, Speaker [Nancy] Pelosi and others.
"Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families," said the statement, released in the name of senior policy adviser Douglas Holtz-Eakin.
Here is the text of the statement:
“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.
“Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.
“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.
“This bill failed because Barack Obama and the Democrats put politics ahead of country.” — McCain-Palin senior policy adviser Doug Holtz-Eakin
Before McCain Came To Washington, Senate Democrats Called On McCain For Leadership In Economic Crisis
Nice, in a partisan statement he calls out Obama and the Dems for acting partisan... I guess the Straight Talk Express doesn't have any mirrors on it.
My whole life
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
Shortly after the bailout vote, a statement from the campaign of Sen. John McCain (R-Ariz.) blamed the loss on "the Democratic leadership: Senators [Barack] Obama and [Harry] Reid, Speaker [Nancy] Pelosi and others.
"Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families," said the statement, released in the name of senior policy adviser Douglas Holtz-Eakin.
Here is the text of the statement:
“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.
“Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.
“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.
“This bill failed because Barack Obama and the Democrats put politics ahead of country.” — McCain-Palin senior policy adviser Doug Holtz-Eakin
Before McCain Came To Washington, Senate Democrats Called On McCain For Leadership In Economic Crisis
Again, my biggest issue with the bill was how it was originally borught to the public, Paulsen's 3 page, no accountability plan ... the public was NEVER going to go for this after that.
But McCain saying it was Obama's fault? laughable. Furthermore, John McCain said he could go to Washington and get the House votes to pass this bill ... and he failed. He made an ass of himself by making this huge grandstanding move by suspending his campaign, by McCain putting politics first, and he flopped.
I *don't* blame McCain for this bill failing, I don't think he ever had any influence on these House republicans ... but, I think it's ridiuclous to blame Obama, and more rediculous looking like an ass of a leader.
"You're one of the few Red Sox fans I don't mind." - Newch91
"I don't believe in damn curses. Wake up the damn Bambino and have me face him. Maybe I'll drill him in the ass." --- Pedro Martinez
The talking heads on CNBC are incensed.
i have mixed feelings.
Like Ron Paul, on principle i am ecstatic.
As to what this portends for the real economy, i unfortunately have some grave concerns.
indeed, they may need to concede more to the house repubs and then reintroduce.
in the mean time ... we'll see if businesses, even small businesses start feeling a huge crunch to get credit, and of so ... will businesses start failing .... or ... is the sky not really falling?
Do you want me to tell you it is going to be very real or do you want to see a 7 hour old headline (read: BEFORE the bailout failed) that is a good predictor?
again, I'll be honest ... I'm still not convinced, either way, if this was good or bad.
Depends on your criterion.
In the long run, if no bail out passes, it COULD be phenomenal for the country. In the short term it could be absolutely devastating.
But just remember, even if ALL bailout fails, you still have the Federal Government which itself can just do some combination of martial law and industrial\financial nationalization.
And even if NONE of that happens, the assholes CAN still probably find a way back to dominance.
I'm all for letting the markets inflict their cruelest wrath upon guilty and innocent, but just know that the guilty -- if not sentenced in a court of law -- still stand to come out on top, with the added irony that the innocent got ultimately fucked.
My main problem with all of this is that in 2 years 2010 we'll right back where we are now.
We'll be FAR worse, and with ZERO respect to the current "crisis"
In 2011 Social Security goes NEGATIVE.
The government spends every penny it makes on SS taxes.
How much shit you think we are in when we not only no longer have that tax revenue to pad the coffers, but we actually OWE more than we recieve, with the imbalance escalating each year?
I have a feeling that the bailout will eventually pass. The rich will get richer and the rest of us will pay for them to do so.
Some bailout bill will all but certainly pass.
If it gets REAL hairy, Bush will just enact NSPD-51, and do whatever needs done to keep the Fat Cats secure in their "birthright". "They" are already starting domestic insurgency preparations. Don't think they won't just commandeer the economy if need be to in order to protect everything they've worked so hard for.
Pelosi was just asked if her speech caused the bill to fail ...
Frank stepped in ... he said (paraphrasing) "wait ... so, the republicans had the 12 votes to pass this bill, but, then, a little speech hurt their feelings? So, their feelings mean more than the welfare of the country? 'Someone hurt my feelings, so, I want to punish the country' .... I'll make an offer ... give me the 12 names and I'll go talk uncharacteristicly nicely to them ... and tell them what wonderful people they are, and could they NOW think about the people of this country?"
Yeah. I don't know about Frank as a representative (he is definately fairly far up the establishment ass) but he is unintentionaly hillarious as a "media" personality (and he is the most prominent congressional correspondent on CNBC, the only news i really watch).
the piper was already paid, we had a chance to stabalize the markets, it wasnt giving 700 billion to wall st. , it was about trying to allow people access to borrow money, just wait and see what happens.
You mean, it WAS about giving 700 billion to Wall St. so it would not hold Main Street ransom by virtue of its own flawed central banking mechanism.
I would just caution that the averages are NOT substantially lower than any near term lows, and that while you may be finding some good individual stocks out there in the next few days, you are risking another 10-20% downside in the markets in general right now.
IMHO, ANY risk you don't NEED to take right now, you should not.
If you can afford and are willing to stomach MORE short term losses, go for it ... but this is no kiddies market, and this CERTAINLY is not a bottom. (famous last words? )
OTHER THOUGHTS:
Steve Liesman (senior analyst for CNBC, and on someones payroll) just said in reference to the voice of the American people by way of their Congressional representatives: "This reminds me of an old phrase -- Chump Don't Want No Help, Chump Don't Get No Help! -- if the American people don't trust their leaders enough to know whats good for them, well then they are going to get what is coming to them." ...
ooh. The Man is PISSED.
On the bright side, Rick Santelli (my boy, Mr. Brutally Honest, down in the bond pits) just RAILED AGAINST THIS BILL, and was literally screaming furiously that "they never tried setting up help for the small banks, of Main St! HOW MANY OF THOSE TYPE OF DEALS HAVE THEY CONSIDERED? NONE! NOTHING! It has never even crossed their minds!"
I mean he went as ape shit as I've ever seen him get.
God bless the man.
If I was to smile and I held out my hand
If I opened it now would you not understand?
Thanks Drifting... Your post just gave me a petite mal seizure.
that's hilarious.
indeed, my questions are answered .. the sky is falling, along with the moon, the stars, the sun ... we need those French & Swiss scientists to get that atom smasher going and create some black holes to put us out of our misery.
"You're one of the few Red Sox fans I don't mind." - Newch91
"I don't believe in damn curses. Wake up the damn Bambino and have me face him. Maybe I'll drill him in the ass." --- Pedro Martinez
indeed, my questions are answered .. the sky is falling, along with the moon, the stars, the sun ... we need those French & Swiss scientists to get that atom smasher going and create some black holes to put us out of our misery.
This all just leads me to say... We need a new PJ album to listen to while we lose our homes and get real skinny.
I do have to say the new TV on the Radio is melting my mind right now though.
I can get thru a lot of bad shit with some good music....
Shortly after the bailout vote, a statement from the campaign of Sen. John McCain (R-Ariz.) blamed the loss on "the Democratic leadership: Senators [Barack] Obama and [Harry] Reid, Speaker [Nancy] Pelosi and others.
"Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families," said the statement, released in the name of senior policy adviser Douglas Holtz-Eakin.
Here is the text of the statement:
“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.
“Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.
“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.
“This bill failed because Barack Obama and the Democrats put politics ahead of country.” — McCain-Palin senior policy adviser Doug Holtz-Eakin
Before McCain Came To Washington, Senate Democrats Called On McCain For Leadership In Economic Crisis
While Obama is out there trying to reassure the public that things will get done. That the process in Congress is not always smooth and clear, McCain is pointing fingers. Who is acting like the leaders now. The candidate who is trying to reassure the nation or the one trying to point finger so his ailling campaign can get a boost.
"When one gets in bed with government, one must expect the diseases it spreads." - Ron Paul
Funny thing. I lost more money in my 401k today than I would have paid in taxes to pay for this bailout. I have a feeling we're all going to pay a lot more in the months to come, whether you own stocks or not.
San Diego 10/25/00, Mountain View 6/1/03, Santa Barbara 10/28/03, Northwest School 3/18/05, San Diego 7/7/06, Los Angeles 7/9/06, 7/10/06, Honolulu (U2) 12/9/06, Santa Barbara (EV) 4/10/08, Los Angeles (EV) 4/12/08, Hartford 6/27/08, Mansfield 6/28/08, VH1 Rock Honors The Who 7/12/08, Seattle 9/21/09, Universal City 9/30/09, 10/1/09, 10/6/09, 10/7/09, San Diego 10/9/09, Los Angeles (EV) 7/8/11, Santa Barbara (EV) 7/9/11, Chicago 7/19/13, San Diego 11/21/13, Los Angeles 11/23/13, 11/24/13, Oakland 11/26/13, Chicago 8/22/16, Missoula 8/13/18, Boston 9/2/18, Los Angeles 2/25/22 (EV), San Diego 5/3/22, Los Angeles 5/6/22, 5/7/22, Imola 6/25/22, Los Angeles 5/21/24, [London 6/29/24], [Boston 9/15/24]
These people are all going back to get re-elected. They've got to put the blame on anyone but themselves.
Sidetrack: But yeah, I'll vote my guy out if you vote your's out!
We're all sitting here knowing our politicians are messed up, but it reminds me of the baseball strike. So pissed at baseball, vowed to never go back to the park and watch games. But then, 1/2 a year into the next season, well ok, baseball in general sucks, but these guys playing here, MY TEAM, i've known them for awhile, they're really ok guys, so maybe it's ok to see them play every now and then. Now I'm a freakin season ticket holder!
Politicians suck, but gee, my guy kinda brings it home for us every now and then. RESIST -- VOTE THEM ALL OUT! VOTE ANTI-ENCUMBANT!
Sidetrack: But yeah, I'll vote my guy out if you vote your's out!
We're all sitting here knowing our politicians are messed up, but it reminds me of the baseball strike. So pissed at baseball, vowed to never go back to the park and watch games. But then, 1/2 a year into the next season, well ok, baseball in general sucks, but these guys playing here, MY TEAM, i've known them for awhile, they're really ok guys, so maybe it's ok to see them play every now and then. Now I'm a freakin season ticket holder!
Politicians suck, but gee, my guy kinda brings it home for us every now and then. RESIST -- VOTE THEM ALL OUT! VOTE ANTI-ENCUMBANT!
Don't tell me you're a Giants fan.
San Diego 10/25/00, Mountain View 6/1/03, Santa Barbara 10/28/03, Northwest School 3/18/05, San Diego 7/7/06, Los Angeles 7/9/06, 7/10/06, Honolulu (U2) 12/9/06, Santa Barbara (EV) 4/10/08, Los Angeles (EV) 4/12/08, Hartford 6/27/08, Mansfield 6/28/08, VH1 Rock Honors The Who 7/12/08, Seattle 9/21/09, Universal City 9/30/09, 10/1/09, 10/6/09, 10/7/09, San Diego 10/9/09, Los Angeles (EV) 7/8/11, Santa Barbara (EV) 7/9/11, Chicago 7/19/13, San Diego 11/21/13, Los Angeles 11/23/13, 11/24/13, Oakland 11/26/13, Chicago 8/22/16, Missoula 8/13/18, Boston 9/2/18, Los Angeles 2/25/22 (EV), San Diego 5/3/22, Los Angeles 5/6/22, 5/7/22, Imola 6/25/22, Los Angeles 5/21/24, [London 6/29/24], [Boston 9/15/24]
Comments
Are we in the greater Big Apple area? if so, absolutely! I just checked and they did put locks on the windows of my office building.
....And so what blast the Republicans and take some blame for herself too. She didn't make up anything she said, anyway i liked what Dennis Kucinich said this morning before they voted give it a listen...
"Is this the United States Congress or the Board of Directors of Goldman
Sachs?" Rep. Dennis Kucinich Rejects $700 Billion Bailout *
The House is set to vote today on a $700 billion emergency bailout plan for the
financial industry. The proposed legislation was forged during a marathon
negotiating session over the weekend between lawmakers from both parties and
Treasury Secretary Henry Paulson. The 110-page bill would authorize Paulson to
initiate what is likely to become the biggest government bailout in US history,
allowing him to spend up to $700 billion to relieve faltering banks and other
firms of bad assets backed by home mortgages, which are falling into foreclosure
at record rates.
Listen/Watch/Read
http://www.democracynow.org/2008/9/29/is_this_the_united_states_congress
Peace
*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti
*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)
yes very close to the city and will check the windows here
Help the families who are in trouble and then slowly move up to the financial companies.
I think the families are the ones with the greater risk. Again IMO, what the hell do I know.
Sweep the Leg Johnny.
Monday, September 29, 2008
As a vote nears on the $700 billion dollar plus bailout bill, Congressman Ron Paul took to the House floor this morning to warn that the passage of the legislation will destroy the dollar and the world economy.
Stating that the passage of the bailout bill would only make the problem worse, the Congressman from Texas said, “This has nothing to do with free market capitalism, this has to do with a managed economy, an inflationary system, corporatism, a special interest system, and this has nothing to do with the failure of our free markets and capitalism.”
Paul blamed the current crisis on a Federal Reserve power monopoly over the money and credit system, the ceaseless borrowing and printing of money, and dismissed the bill as nothing but more of the same.
“Long term this is disastrous,” continued the Congressman, “we’ve already pumped in $700 billion dollars, here’s another $700 billion dollars - this is going to destroy the dollar - that’s what you should be concerned about - if you destroy the dollar you’re going to destroy a worldwide economy and that’s what we’re on the verge of doing.”
Paul said that the long term implications of the bailout would be a lot more serious than the problems currently being experienced by Wall Street.
The Congressman called for more oversight and warned, “What we’re doing today is going to make things much worse.”
Paul expressed his frustration that free market economists who predicted the crisis were being ignored while the people who created the problem were being given the responsibility to offer a solution.
The Congressman was not afforded the time to read his full prepared remarks, but they were entered into the Congressional record and can be read at Paul’s [3] Campaign For Liberty website.
Paul’s comments[4] follow those of Congresswoman Marcy Kaptur, who slammed the bailout bill this past weekend as the work of criminal insiders who have shut down the normal legislative process to commit “high financial crimes” and defraud the American people, while Rep. Michael Burgess warned that “martial law” had been declared by Nancy Pelosi in order to ram the bill through.
nevermind, got it.
People, the reason this bailout didn't happen is because it's only going to make matters worse.
Forget about the fears being sold and use this opportunity to grab some stuff cheaply. It's possible that you could make your retirement right now by placing a few large in the market this week.
I feel like Pelosi didn't want this thing to be hung around the neck of Democrats and I really think it would have if it had passed with 100% Democrat support and ZERO (or minimal) Republican support. Republicans would have been running around the country saying "see, we care about Main Street and the Democrats bailed out Wall Street". That would have really gone over HUGE with the under-informed electorate in an election year. I really think it was a smart move for her to want bipartisan support in order to have it pass.
well, I would not be doubling down on the market right now, but I would agree, good time to renegotiate loans and credit card bills ... banks are going to need money, and if they can get your money quicker, they are probably willing to negotiate.
"I don't believe in damn curses. Wake up the damn Bambino and have me face him. Maybe I'll drill him in the ass." --- Pedro Martinez
i really can only speak for my situation though and do not try to speak for the people who will be directly impacted.
i will stand by my assumption that not everyone should own a home or go to college.....it dilutes the value.
This something of the effect of what Dennis Kucinich was saying this morning.
Peace
*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti
*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)
I agree, lots of good bargains right now!!!
a representative of the McCain campaign is now saying that the bill was sabotaged so McCain wouldn't look like he delivered on his promise to get the bill passed.
It was Douglas "McCain was responsible for the invention of the the blackberry" Holtz Eakin
"I don't believe in damn curses. Wake up the damn Bambino and have me face him. Maybe I'll drill him in the ass." --- Pedro Martinez
I saw that too... unbelievable... McCain's camp once again playing the victim.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
I guess that's being a Maverick but if he's supporting Bush then what does that make him? If I hear bipartisan one more time I'll hurl my lunch all over this keyboard.
bipartisan....!!!!
Nice, in a partisan statement he calls out Obama and the Dems for acting partisan... I guess the Straight Talk Express doesn't have any mirrors on it.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
Again, my biggest issue with the bill was how it was originally borught to the public, Paulsen's 3 page, no accountability plan ... the public was NEVER going to go for this after that.
But McCain saying it was Obama's fault? laughable. Furthermore, John McCain said he could go to Washington and get the House votes to pass this bill ... and he failed. He made an ass of himself by making this huge grandstanding move by suspending his campaign, by McCain putting politics first, and he flopped.
I *don't* blame McCain for this bill failing, I don't think he ever had any influence on these House republicans ... but, I think it's ridiuclous to blame Obama, and more rediculous looking like an ass of a leader.
"I don't believe in damn curses. Wake up the damn Bambino and have me face him. Maybe I'll drill him in the ass." --- Pedro Martinez
with a marshmallow...
The talking heads on CNBC are incensed.
i have mixed feelings.
Like Ron Paul, on principle i am ecstatic.
As to what this portends for the real economy, i unfortunately have some grave concerns.
Do you want me to tell you it is going to be very real or do you want to see a 7 hour old headline (read: BEFORE the bailout failed) that is a good predictor?
Headline: Libor/OIS spreads blow out;crisis in Europe deepens
For the innocently clueless: LIBOR.
Depends on your criterion.
In the long run, if no bail out passes, it COULD be phenomenal for the country. In the short term it could be absolutely devastating.
But just remember, even if ALL bailout fails, you still have the Federal Government which itself can just do some combination of martial law and industrial\financial nationalization.
And even if NONE of that happens, the assholes CAN still probably find a way back to dominance.
I'm all for letting the markets inflict their cruelest wrath upon guilty and innocent, but just know that the guilty -- if not sentenced in a court of law -- still stand to come out on top, with the added irony that the innocent got ultimately fucked.
It makes a tough choice for sure.
We'll be FAR worse, and with ZERO respect to the current "crisis"
In 2011 Social Security goes NEGATIVE.
The government spends every penny it makes on SS taxes.
How much shit you think we are in when we not only no longer have that tax revenue to pad the coffers, but we actually OWE more than we recieve, with the imbalance escalating each year?
The US has big big problems all across the board.
Some bailout bill will all but certainly pass.
If it gets REAL hairy, Bush will just enact NSPD-51, and do whatever needs done to keep the Fat Cats secure in their "birthright". "They" are already starting domestic insurgency preparations. Don't think they won't just commandeer the economy if need be to in order to protect everything they've worked so hard for.
Yeah. I don't know about Frank as a representative (he is definately fairly far up the establishment ass) but he is unintentionaly hillarious as a "media" personality (and he is the most prominent congressional correspondent on CNBC, the only news i really watch).
You mean, it WAS about giving 700 billion to Wall St. so it would not hold Main Street ransom by virtue of its own flawed central banking mechanism.
I would just caution that the averages are NOT substantially lower than any near term lows, and that while you may be finding some good individual stocks out there in the next few days, you are risking another 10-20% downside in the markets in general right now.
IMHO, ANY risk you don't NEED to take right now, you should not.
If you can afford and are willing to stomach MORE short term losses, go for it ... but this is no kiddies market, and this CERTAINLY is not a bottom. (famous last words?
OTHER THOUGHTS:
Steve Liesman (senior analyst for CNBC, and on someones payroll) just said in reference to the voice of the American people by way of their Congressional representatives: "This reminds me of an old phrase -- Chump Don't Want No Help, Chump Don't Get No Help! -- if the American people don't trust their leaders enough to know whats good for them, well then they are going to get what is coming to them." ...
ooh. The Man is PISSED.
On the bright side, Rick Santelli (my boy, Mr. Brutally Honest, down in the bond pits) just RAILED AGAINST THIS BILL, and was literally screaming furiously that "they never tried setting up help for the small banks, of Main St! HOW MANY OF THOSE TYPE OF DEALS HAVE THEY CONSIDERED? NONE! NOTHING! It has never even crossed their minds!"
I mean he went as ape shit as I've ever seen him get.
God bless the man.
If I opened it now would you not understand?
that's hilarious.
indeed, my questions are answered .. the sky is falling, along with the moon, the stars, the sun ... we need those French & Swiss scientists to get that atom smasher going and create some black holes to put us out of our misery.
"I don't believe in damn curses. Wake up the damn Bambino and have me face him. Maybe I'll drill him in the ass." --- Pedro Martinez
This all just leads me to say... We need a new PJ album to listen to while we lose our homes and get real skinny.
I do have to say the new TV on the Radio is melting my mind right now though.
I can get thru a lot of bad shit with some good music....
While Obama is out there trying to reassure the public that things will get done. That the process in Congress is not always smooth and clear, McCain is pointing fingers. Who is acting like the leaders now. The candidate who is trying to reassure the nation or the one trying to point finger so his ailling campaign can get a boost.
Sidetrack: But yeah, I'll vote my guy out if you vote your's out!
We're all sitting here knowing our politicians are messed up, but it reminds me of the baseball strike. So pissed at baseball, vowed to never go back to the park and watch games. But then, 1/2 a year into the next season, well ok, baseball in general sucks, but these guys playing here, MY TEAM, i've known them for awhile, they're really ok guys, so maybe it's ok to see them play every now and then. Now I'm a freakin season ticket holder!
Politicians suck, but gee, my guy kinda brings it home for us every now and then. RESIST -- VOTE THEM ALL OUT! VOTE ANTI-ENCUMBANT!
Don't tell me you're a Giants fan.