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Paulson Plan Dead on Arrival - 9/24/2008 12:51:24 PM

SilverMark

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Rep. Joe Barton R. Texas, on CNN this afternoon says there are not near enough votes in the house to pass Secretary Paulson's Bailout plan.....

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RE: Paulson Plan Dead on Arrival - 9/24/2008 12:58:24 PM

slvemike4u

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Thank God...or whatever higher power you choose.

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RE: Paulson Plan Dead on Arrival - 9/24/2008 1:07:21 PM

bipolarber

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I agree... (I printed out section 8, and currently have it on my office dartboard, replacing my copy of PATRIOT II)... now, perhaps they can hash something useful out of the next iteration.

I'm guessing an under $20 billion advanced for keeping the other institutions in danger of collapsing liquid.
While setting terms for future short term loans for future needs.
Establishment of an RTC
And the much demanded oversight.

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RE: Paulson Plan Dead on Arrival - 9/24/2008 1:54:10 PM

pahunkboy

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a fool and his money are soon parted.

neither a borrower or a lender be

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RE: Paulson Plan Dead on Arrival - 9/24/2008 8:18:17 PM

DarkSteven

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Good. And to the Republican posters on CM - I appreciate your party's guys for standing up to this insanity. Giving $700 bil with no oversight to some yahoo who keeps promising that this will be the LAST bailout - REALLY - why would anyone even listen to that crap?

< Message edited by DarkSteven -- 9/24/2008 8:44:51 PM >

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RE: Paulson Plan Dead on Arrival - 9/24/2008 9:54:41 PM

Vendaval

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Most of the taxpayers are really angry about the bailout and flooding the Congressional Reps with e-mails, letters, faxes and phone calls.

(spelling edit)

< Message edited by Vendaval -- 9/24/2008 10:00:06 PM >

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RE: Paulson Plan Dead on Arrival - 9/25/2008 12:33:29 AM

corysub

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I wonder if all those people faxing or emailing Congess against the "bailout" plan understand that it is "they" who are being "bailed out". We can post pro or con on the $750 Billion adminstration proposal which, obviously, needs strengthening with oversight and something for taxpayers. However, this is not an "expenditure" of money like a hike in the defense budget, bridges to nowhere, medicare, or Congressional salaries. This money will be used to purchase pools of mortgages at depressed prices in order to bring a frozen market with no bidders other than vultures back to some stability. The actual cost to taxpayers should be a small percentage of the total pool of capital created by this plan. Most mortgages are not in default in the $30 trillion mortgage market. Once we start to see these pools of mortgages trade closer to their real intrinsic values, the government could sell off these MBS's and probably could make a great deal of money for the taxpayes...certainly not cost them the trillion dollars some fearmongers are spread stories about in these very uncertain times.

The option is, of course, to assume the embryo position and do nothing... as some here have said. Yep..we can do nothing and a week from today every one here with any assets of any classification from property,stock investments, coins collections, baseball card collections, art collections, gummi bear collections...whatever, will be poorer. If your homeless....not to worry. You will have plenty of company..soon.

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RE: Paulson Plan Dead on Arrival - 9/25/2008 12:44:08 AM

meatcleaver

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From what I understand, taxpayers are going to have to pay one way or another, its a case of pay now to keep the financial system afloat or pay later with jobs and homes.

The more I listen, the more I hear that taxpayers are between the devil and the deep blue sea. Captain Bush has sailed the ship of state onto the rocks.

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RE: Paulson Plan Dead on Arrival - 9/25/2008 2:47:55 AM

SilverMark

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I think for the most part cory, it isn't the bailout as much as the particulars. The explanation of it and the convincing of the people will take more time than the administration thinks is needed. As written originally it will not pass, they will re-write and negotiate and hopefully protect us(that sounds so bad) from the alternatives. I can't blame the public for not buying into it when it is so abstract to most. The public doesn't trust the congress, the President, Wall Street or the bankers, why should they? This situation is an epic fuck up of all time! I hate to think, someone has to protect my tax money and that it is to be used to bailout a bunch of "fat cats" but if the credit market fails WE LOSE!

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RE: Paulson Plan Dead on Arrival - 9/25/2008 4:22:26 AM

corysub

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quote:

ORIGINAL: SilverMark

I think for the most part cory, it isn't the bailout as much as the particulars. The explanation of it and the convincing of the people will take more time than the administration thinks is needed. As written originally it will not pass, they will re-write and negotiate and hopefully protect us(that sounds so bad) from the alternatives. I can't blame the public for not buying into it when it is so abstract to most. The public doesn't trust the congress, the President, Wall Street or the bankers, why should they? This situation is an epic fuck up of all time! I hate to think, someone has to protect my tax money and that it is to be used to bailout a bunch of "fat cats" but if the credit market fails WE LOSE!

The Bill presented by the administration rightfully should be reviewed and improved with controls over executive pay in companies that receive government help, as well as provisions for over-sight. Over -sight by Congress is not the answer and hopefully they will appoint an oversight commission that is not beholding to lobbiests, special interests pro or con business, and anyone else whose business is influence peddling. Congress has oversight on the entire budget, on every department in the executive brance, on every Commission and GSE from the FCC to FannieMae and FreddieMac. Congress failed as it so often does because most of the issues they pontificate and than legislate about is way over "their paygrade". It's the Congressional staff, special interest groups et al that write most of the legislation while people in Congress go to breakfast, luncheons and cut ribbons at the new bank in town to raise money for their next election.

With respect to Bush, Bush Bush that the nice people on the left here keep hammering and blaming for every problem facing the world. No question Bush has not done the job in the eyes of the population as witnessed by the his low poll ratings. No question Congress has not done the job as witness by even lower poll ratings.
There is, unfortunately, a dysfunctional government in our country, and all of us are the losers.

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RE: Paulson Plan Dead on Arrival - 9/25/2008 6:40:04 AM

DarkSteven

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cory, why do you think the bailout will "work"?

The underlying assumption is that credit is too tight because the fiance firms are cutting back, and that if the taxpayers buy the overvalued crap from them, they'll loosen up again.

The mess arose because credit was too loose, and because fraud was committed to repackage the worthless stuff.

There is NO proof that the bailout will cause the desired effect. I think that alternatives, such as encouraging new companies to come into existence who can offer credit and who will act responsibly, or perhaps setting up a government agency to replace the lendees, should be looked at. I WANT the greedy SOBs to fail. Under capitalism, there can be no other outcome for taking huge risks and making irresponsible decisions.

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The small-breasted ones want larger breasts. The large-breasted ones want smaller ones. The straight-haired ones curl their hair, and the curly-haired ones straighten theirs...

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