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Stocks bounced back Tuesday amid widespread expectations that the Bush administration's $700 Billion Wall Street bailout proposal will garner enough support to pass as early as Wednesday.

The U.S. Senate has agreed to vote on the financial bailout package Wednesday night that will include an increase in the amount of bank deposits insured by the FDIC to $250,000 from $100,000, a Senate aide said Tuesday.
Senate leaders decided to attach the rescue measure to a package of tax breaks for energy and businesses that had previously been approved by the Senate.
Source: http://www.financialpost.com/most_popular/story.html?id=851213 

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"We haven't convinced people that this is a rescue effort not just for Wall Street but for Main Street,'' McCain said in an appearance on CNN's American Morning. "All over America, people are going to lose credit... .We didn't do a good enough job.''
Source: http://www.swamppolitics.com/news/politics/blog/2008/09/mccain_bailout_rescue_not_bail.html

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Lastly, I would like to comment on your perspective. Your perspective is, "I have not made any mistakes. I have been prudent. If everyone where like me, we would not have this problem."

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Right now the question is, what's best for the US as a whole? The question is not, why help a bunch of fuck-ups.

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It just continues to boggle my mind that the SEC and FED under BUSH never did anything pro-actively here to help head off the crisis. To me, its a classic case of dogmatism and ideological rigidity on our leadership's part, in other words their "belief" in government non-intervention trumped any facts calling for it.

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Your position has an incorrect foundation. The government INTERVENTION initiated the problem. It was Fanny Mae & her bastard step brother Freddie who decided that everyone should be a home owner. Contributory was the lack of oversight or foresight to see how the financial institutions would take advantage of that mandate.

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ORIGINAL: Musicmystery

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Your position has an incorrect foundation. The government INTERVENTION initiated the problem. It was Fanny Mae & her bastard step brother Freddie who decided that everyone should be a home owner. Contributory was the lack of oversight or foresight to see how the financial institutions would take advantage of that mandate.

So does yours. Financing mortgages is not a set up for financial woes. Investing in unregulated securitized sub-prime mortgage derivatives with little to no disclosure is.

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ORIGINAL: cloudboy
There is the chance, then, that with a turnaround and savvy management, the assets could afford taxpayers a return in the end.

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"I have not made any mistakes. I have been prudent. If everyone where like me, we would not have this problem."

Although this may be true, it misses the point.

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It is important to note that pennies aren't made of copper anymore, and haven't been for some time. Copper pennies I believe are currently worth 3 cents.

Also important to note that printing a bill in any denomination costs 2.7 cents.

What does it all mean?

Uncle Nasty

(in reply to OneMoreWaste)

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When you reward people for failing at the cost of people who succeed, you turn natural selection on its head. While this seems to be the sole purpose of government these days, it is not a sustainable process over the long term. Sooner or later all the people who are smart enough to succeed realize that they'd actually be better off if they failed, and you run out of suckers to pay for it all.

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ORIGINAL: cloudboy


(1) The trouble with this financial failure is our inability to judge the consequences of inaction. Some say a depression would result, others say it would be a deeper recession, and some say we'd survive without a calamity.

(2) Next, this is not a bailout, per say. The motivation is to protect the economy, investor confidence, and public access to credit. The motivation is not to "save" people who made poor decisions.

(3) Finally, this is not a "bailout" because the treasury would be acting as a receiver and owner of these failed key word here! business assets. There is the chance more key words!, then, that with a turnaround and savvy management  are you saying that the politicians in washington are savvy?, the assets could? afford taxpayers a return in the end. The ideal scenario is to achieve the goals in stated in (1) while not costing taxpayers a fortune 700 billion is a fortune! to do it.

Lastly, I would like to comment on your perspective. Your perspective is, "I have not made any mistakes. I have been prudent. If everyone where like me, we would not have this problem."

Although this may be true, it misses the point. Everyone is not like you, everyone else has not behaved like you, and the necessity of government is to deal with problems created by the actual people living in the US, not the ideal ones we have in our head.

So, in this case, you can either be a problem solver or a moralizer. In my view, however, moralizing doesn't contribute an answer to the situation. Right now the question is, what's best for the US as a whole? The question is not, why help a bunch of fuck-ups.

It just continues to boggle my mind that the SEC and FED under BUSH never did anything pro-actively here to help head off the crisis. To me, its a classic case of dogmatism and ideological rigidity on our leadership's part, in other words their "belief" in government non-intervention trumped any facts calling for it. In the end, facts trump beliefs. Going forward, we need a leadership who has a better grip on the facts.

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As revised by the Senate, the package would extend several tax breaks popular with businesses. It would keep the alternative minimum tax from hitting 20 million middle-income Americans, and provide $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana.

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And there were plenty of obscure tax breaks to go around, like one for certain wooden arrows used by children, and another benefiting litigants in the 1989 Exxon Valdez oil spill.

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When are we, going to stop passing the proverbial buck all the damned time? Constantly running back to mommy, daddy, or whomever has their hand out, when we fuck up!

I've always felt that sometimes failure is a good thing. This whole thing reminds me of a parent that constantly bails their kids out of trouble, regardless of age. "Ohhh, baby you spent all your college book money on beer? Now, don't you do that again....here's a credit card. Promise daddy that you will be more responsible, okay?" 5 years later "Ohhh, baby....you cannot pay your rent? Where ARE you spending your salary on? Oh, did you really neeeed a brand new Benz and flat screen tv? Okay, here is a couple grand to get your rent caught up. Now you be more careful, okay?"

I am sorry, but there comes a time when you gotta let people fall on their face. Otherwise they never learn a damned thing from it. And yes, this is going to be one hell of a splat, but if we don't it will just be business as usual.

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ORIGINAL: Mercnbeth

Dan Quayle was run out of Washington for using the British spelling of potato;