I'm not all that nervous about this to be honest.

 

- First my simple obeservation is that I haven't eaten a meal less, because of this yet. (You shouldn't start screaming before you feel

  any pain in my opinion)

- Second, this would happen sooner or later anyway. You can look at it negatively and say if it happened sooner it would only take a

  350 billion bailout to fix this. However if this would have gone on for another few years it might have taken a 1400 billion bailout to

  fix this. So better to have this now than 3 years later.

- Third China's economy also looks like a bubble. It may be better for the better to get this crap dealt with and in the past,

  compared to having this happen when China's economy starts showing serious problems.

- Fourth You could see this as Capitalism's creative destruction and thus it is the natural thing to happen. Stupid ideas and practices

  are being purged from the market. (with the US govt. ensuring the purge doesn't fatally hurt innocents)

 

If I understand this correctly as long as people don't start blindingly panicing and somewhat change their spending behavior and start saving a bit paying off some loans then things should turn out ok.

 

So basically don't panic and start acting sensible like your parents taught you, which you should have done in the 1st place anyway. Does that look like the end of the world to you? In life you can be forced to have to deal with much greater misfortune than this, so why all the whining?

 

Oh well, at least nobody is whining about how the high oil prices are going to do us in anymore. 

 

 

 

So basically don't panic and start acting sensible like your parents taught you, which you should have done in the 1st place anyway. Does that look like the end of the world to you? In life you can be forced to have to deal with much greater misfortune than this, so why all the whining?

I suppose that is one way to look at this. That it is no big deal. No skin off of anybody's back. Blatant corruption is the way things are so stop whining, gov't siezures of whole sections of the economy are to be expected now and again, debt can always be run down by inflating the currency, don't worry about your valueless savings since you will always have welfare, leadership isn't really needed as much as sound bites and bail outs.

 

Yeah.

 

Check Six

 

Rocky

The sad fact is that the GOP congress has become as pork-glutted as the Democrats ever were. The problem isn't party, it is government. Power corrupts. The power of big government corrupts those who wield it and whatever party controls that power will become the party of big government. The only solution is to remove that power. The problem that we face is that government power is not the only corrupting power that we need to fear, and the power of corporations is proving to be just as destructive.

But it does bring everyone back to the age old question, Do you vote for someone advocating bigger government, or someone advocating smaller government?

It just baffles me how investment banks could be brought down and not have been intimitely aware of the toxic stuff they were selling investors. Okay....I can see how an airline company may get blindsided with skyrocketing fuel costs. Out of their control and affects bottom line. But an investment bank to have gotten caught up in investments not worth the paper they are written on is just unbelievable. That is their core business and they did have control. They could have refused to buy crap loan products that were given to people under bad terms. They could have separated risky ones from the bad ones, but not only did they choose to bundle, there was incentive to bundle because the regulators were alseep or regulation was dismantled or regulation and control was non existent.

It really shows a lot of weaknesses in this economy. One it shows the extent that growth has not been organic but primarily through the buying and selling of paper on existing assets. It shows how average wages for workers have remained stagnant while housing costs rose. It showed how much people chose to supplement their static wages with credit from equity loans on rising housing prices.

 

Now the government is in the quandry and it looks like they are willing to risk the value and standing of the dollar to for this bailout. 

 

Peer Steinbrück, German finance minister, said today the US will lose its status as the superpower of the world financial system with the emergence of stronger, better-capitalised centres in Asia and Europe.

 

It's sad at what the believers of the laisser faire religion have done to this nation.

 

 

 

Have you been reading the same threads I have?  It certainly doesn't seem like you've read the informative posts by Softwar and Rocky.  By *definition* it's not laissez faire when it comes about due to government interference in the market, whether by regulation, executive order, or whatever other influence over the markets.

 

House Republicans hold the line on accountability against the legislation proposed and quoted in it's entirety at the top of this thread. Bully for them! Now perhaps more reasoned voices and concerns can creep into the panic filled debate. Barney Frank, Pelosi, Reid, and Barry Hussein are refusing to bring the bill to a vote today because they know they would loose the election in a landslide if they are seen as bailing out corrupt fat cats with taxpayer money(hey, they have the party votes as they are the majority! They don't need those Republicans anyway!).

 

Democrats are demanding more pork for their ACORN project and they want the taxpayers to guarantee an unspecified number of property owners who are or will be loosing their properties without government welfare (having their neighbors who demonstrated prudent financial practices and remain solvent pay for their home ownership expenses after flushing it through the sieve of a new gov't agency).

 

For an article covering last night's "meetings":  ht***tp://www.politico.com/news/stories/0908/13918.html

 

Today the taxpayers have a reprieve.

 

Check Six

 

Rocky

 

 

The Honorable Nancy Pelosi

Speaker of the House

H-232, U.S. Capitol

Washington, D.C. 20515

Madame Speaker:

As our discussion ended last night, we agreed to continue talking about how to best solve this economic crisis. Like you, House Republicans and I believe we must address this crisis quickly and in a way that protects the interests of families, seniors, small businesses, and all taxpayers. As you know, this process is not about faceless executives on Wall Street, but about keeping families in their homes, safeguarding their retirement security, college savings, and bank accounts, and protecting their jobs.

Over the last week, we have frequently discussed Secretary Paulson?s proposal, and I have repeatedly expressed the need for improvements on behalf of myself and my Republican colleagues. Our staffs have also been in regular contact. To that end, Financial Services Committee Ranking Member Spencer Bachus (R-AL) was tasked by House Republicans to engage in discussions with Chairman Barney Frank (D-MA) and Chairman Chris Dodd (D-CT) and report back to our Conference on the progress of those negotiations before a final deal could be made. Yet Chairman Frank and Chairman Dodd, on several occasions over the last several days, announced that a bipartisan deal was at hand even though the reservations about the underlying proposal I had expressed to you had not been addressed. Each time such announcements were made, or even rumored, I or my staff made it clear to media and to your staff that any such deal did not include House Republicans.

As we demonstrated at the beginning of this year when we crafted a timely agreement on the economic stimulus package, a bipartisan response to our nation?s priorities is never out of reach. And I believe the same holds true at this hour. House Republicans are prepared to stay in Washington to forge an agreement on a proposal that reflects the core free-market, pro-taxpayer principles of our Party.

With that in mind, earlier this week, with your knowledge, I directed our Chief Deputy Whip Eric Cantor (R-VA) to lead a working group of House Republicans to develop a package of ideas to move this process forward. His working group represented a broad cross-section of House Republicans ? including both moderate and conservative members ? and their goal was to develop ideas worthy of support on both sides of the aisle. We have discussed some of these ideas, and I would like to reiterate that I believe they should be given the consideration they deserve as our economic rescue discussions continue. A brief overview of the working group?s blueprint is included with this letter.

Madam Speaker, we owe it to all those with a stake in this process to continue our discussions until we arrive at an agreement that is acceptable on both sides of the aisle ? and more importantly, one that serves the interests of American taxpayers. That is why I ask you and your Democratic colleagues to give the House Republican working group?s proposals serious consideration as this process moves forward. If such consideration is not given, a large majority of Republicans cannot ? and will not ? support Sec. Paulson?s plan. In the interest of the men and women we represent in Congress, I hope it does not come to that conclusion. I look forward to your timely response and to continuing our work together on an economic rescue package worthy of all of our support.

Sincerely,

John Boehner

Republican Leader

 

 

 

McCain acted as a heat shield providing House Republicans with the cover they needed to stall the original Bail-Out. The original language would have surrendered control of the financial markets (private property) to the US Treasury until said gov't agency decided it should relent (read: never). McCain's announcement of the suspense of the debate and his insistence that both he and Barry Hussein attend the negotiations gave House Minority Leader John Boehner and company the time they needed to solidify their rebellion and open the door for futher discussion.

 

The Democrats screamed bloody murder and decried this move as a stunt. Barney Frank likened McCain to "Mighty Mouse". What remains clear though, is that the Dems didn't need the GOP's participation. They had the Democrat votes in both houses and could easily passed legislation with Bush's signature. If they truly believed this bail-out was needed. The reason they did not attempt this was political. They know it is bad legislation. They know they would loose in November because of it.

 

Whatever else you say about John McCain. He seems to be doing the right things for the right reasons. Maybe Sarah has had a effect on the old dog.

 

Check Six

 

Rocky

 

Source: ht***tp://www.politico.com/news/stories/0908/14015_Page2.html

Democrats have dreamed up a new tax. One aimed at gaining access not just to their share of the profits generated by Wall Street but aimed at the ability to take a piece of every transaction Wall Street makes. Taxing transactions as they take place. Pelosi, Reid, Barney Frank, Schumer, Barry Hussein and others feel this is justified by their seizure of the US financial markets (the one they call the bail-out). Itself caused by Liberal Democrat interference in the market place! The cure being justified by the liberal disease. How very convenient!

 

What effect will this have on the market? Simple. It will drive company ownership out of the US into other markets in places like Dubai, London, Hong Kong, Taipei, Tokyo, and anyplace else smart enough to allow some level of entreprenurialism to flourish. New York would become a ghost town and the mfg, retail, insurance, banking, even fast food, industries would be more and more controlled by multi national groups offshore and out of reach of Pelosi and her side kick Barry Hussein.

 

What a brave new world our liberal friends seek to create.....

 

Check Six

 

Rocky

 

It's sickening to see Pelosi, Reid, Dodd, Frank & Paulson all over this morning's news, smiling ear to ear, with their arms around each other. The congress that will forever be referred to as the do-nothing congress is finally statring to stretch it's legs...

 

$700 billion and nobody goes to prison, nobody gets fired?

 

 

So, if we include a law that limits CEO severance, that takes us from $700B to.....let's see...carry the one....$700B!

 

 

It is good to see Pelosi out there preaching the virtues of trickle down economics to every news outlet that will listen.