Bush asks Congress for $700 billion for bailout

NEW -> Contingent Buyer Assistance Program
I'm not an economics guru, but how is this not nationalization of private industry? And how is this not going to raise taxes out the wazoo? The government couldn't figure out how to wage a war, pay their obligations, and cover it's obligation to medicare and social security, yet we can now heap on a few trillion in debt from this mess? Will there be any reforms or regulations enacted to prevent this from happening again?
 
I am so pissed at Paulson.



He want's power to save wall street but he hasn't explained what the Fed will do with all the toxic paper or bad loans.



In the past when banks failed we nationalized them, kicked out management, screwed the stockholders, bondholders took a haircut, chopped down to the good parts and sold them back to the private sector.



That's what he needs to do, not give banks unlimited money and take all their bad "assets" off their books with the taxpayers holding the bag.
 
We have been provided an opportunity to see how both men respond to crisis this week. Just look at Rachel's assessment of McCain this week. Is there any rational person that still thinks that McCain can handle the demands of the Presidency? He is completely clueless and as if that weren't bad enough, he acts and responds impulsively and with his ignorance and arrogance in full display. Obama has shown thoughtfulness and the ability to assess a situation honestly, he's not perfect, but he is a far cry from the competition. The stupidity of so many Americans who buy into McCain's tactics is unbelievable.
 
Sorry Nowowway and tmare, you gotta pick somebody besides Rachel Maddow. She's one of the reasons I stopped watching TV. (Hannity, Wexler, O'Reilly were the others.)



As for where this money is going to come from. Yeah, we'll have to reduce medicare and social security. We can move wholesale out of our military commitments (Iraq), and we can reduce military spending by half. But, since that will throw us deeper down the hole if we do it now, you can expect that to come to pass in about 10 years or so (We should be out of Iraq by that time anyway, so more likely it'll be Boeing et al that falls under the knife). Or, we can avoid all pain by the bankers coming up with their usual magical ploys. That would probably involve inflation. Who cares about 500 billion in debt when the average american income is 150K a year? And Milk costs $30 a gallon. 500 billion will be chump change! As long as you believe in the value of magical colored paper, someone can print some more of it, and debt.... is meaningless! Wheeeeee!
 
[quote author="NoWowway" date=1221982432]Rachel Maddow piece on how Bush and Obama view the crises.



This is important because each candidate got a chance to face a "real crisis" and how they deal with these kinds of nasty suprises. worth the watch:



http://www.msnbc.msn.com/id/21134540/vp/26798324#26798324</blockquote>


I didn't realize that Bush was running in November...
 
[quote author="WINEX" date=1221995895][quote author="NoWowway" date=1221982432]Rachel Maddow piece on how Bush and Obama view the crises.



This is important because each candidate got a chance to face a "real crisis" and how they deal with these kinds of nasty suprises. worth the watch:



http://www.msnbc.msn.com/id/21134540/vp/26798324#26798324</blockquote>


I didn't realize that Bush was running in November...</blockquote>


An easy mistake to make, one will all be making if he's elected. They call him "McSame" for a reason.
 
<span style="font-size: 14px;"><a href="http://tinyurl.com/3jth58">I Pledge Allegiance to the Debt, of the United States of America...</a></span>
 
9/21/2008 Ron Paul on the Late Edition with Wolf Blitzer

<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
Was reading the latest over at <a href="http://globaleconomicanalysis.blogspot.com/2008/09/open-letter-to-congress-on-700-billion.html">Mish's blog</a> and couldn't help but laugh at his comment:



"If printing money was the solution to all problems, Zimbabwe would be the most prosperous country in the world." :lol:
 
If anyone deserves a contribution to their campaign, it is this D-Ohio Rep.



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>

{Hat tip London Banker}
 
Back
Top