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Jeff_F_F Need to update this thread 10/2/2008 4:06:41 PM

It is no longer the $700B bailout plan. According to AP it is now the $820B bailout+porkout plan.

ap.google.com/article/ALeqM5gjqOOcNbraMeLsp2gGVRDaSLJftQD93IH3VO1

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Softwar OINK! OINK! 10/2/2008 4:17:15 PM

Geeezzzzz!! This thing is packed with crazy pork.

Wooden arrows exemptions, Motor Sports track accellerated depreciation, Wool Research, special rules for determination of compensation for ACTORS??!!??

I thought this was some sort of a bill relating to the rescue of the economy ... Frankly, this thing can't be called a turkey ... its a monster of pork products.

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RockyMTNClimber Crack Heads... 10/2/2008 4:43:11 PM

It is as if we are giving 535 crack addicts, who have ruined our financial future, a football stadium full of crack cocaine and expecting them to achieve better results this time. We are enabling these idiots when we should be perp-walking them into the slammer!

Will somebody wake me up from this nightmare!

Check Six

Rocky

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RockyMTNClimber Oh, our hero.... 10/4/2008 3:03:21 PM

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swhitebull Barney Frank Plays the "Asshole" Card 10/29/2008 5:23:18 PM

Barney Frank Plays the 'Gay Ca...

So lemme get this straight: Rep. Barney Frank (D-MA) advocates an increase in federal spending coupled with an increase in taxes, and John McCain criticizes those statements on the presidential campaign trail.

This, according to Rep. Frank, therefore means that John McCain is appealing to prejudice, because spending- and tax-increase advocate Frank is gay.

It's all quite simple.

The Boston Globe's Sasha Issenberg reports...:

Frank yesterday dismissed McCain's words as "an appeal to prejudice" that he said reminded him of past Republican efforts to raise voter concerns about the prospect of congressmen Charles Rangel and John Conyers, who are black, becoming committee chairs.

"I'm flattered by this," said Frank, who is gay. "But I don't think I'm the single most important member of the House after Nancy Pelosi. There are also a lot of straight white men who are committee chairmen."

McCain's chief speechwriter, Mark Salter, shook his head when asked to respond. "We're bringing him up for his quotes," said Salter. "We're prejudiced against wasteful spenders and tax hikers."

Pathetic.

Barney Frank is an asshole.

There, I did it. I played the 'asshole card.'

swhitebull - from "The New Editor"

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RockyMTNClimber Two Trillion and counting.... 11/10/2008 4:35:07 PM

I know this thread is getting kind of old but I just had to post this piece I found on Bloomberg. Rhetorically, a little over a month ago I asked everyone here whether anybody wants to bet the actual cost of the bail-out would go over $1.5-2 Trillion (See my post of: 9/24/2008 3:12:18 PM). It turns out it didn't take 60 days. It didn't even last to the end of the Bush Administration. Oh, and don't forget, these numbers don't include the upcoming bailouts for the Auto industry.

In the interest of updating what should be an expired thread (meaning that those idiots W, Paulson, and Bernanke in Washington should have come to some realization of the damage they are doing to our economy), how long will it be before this program and its ocotopus arms reaches $5 Trillion, then $10 Trillion?

Check Six

Rocky

ht***tp://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide

Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

Fed Chairman Ben S. Bernanke... and Treasury Secretary Henry Paulson... said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.

``The collateral is not being adequately disclosed, and that's a big problem,'' said Dan Fuss..., vice chairman of Boston- based Loomis Sayles & Co., where he co-manages $17 billion in bonds. ``In a liquid market, this wouldn't matter, but we're not. The market is very nervous and very thin.''

Bloomberg News has requested details of the Fed lending under the U.S. Freedom of Information... Act and filed a federal lawsuit Nov. 7 seeking to force disclosure.

The Fed... made the loans under terms of 11 programs, eight of them... created in the past 15 months, in the midst of the biggest financial crisis since the Great Depression.

``It's your money; it's not the Fed's money,'' said billionaire Ted Forstmann..., senior partner of Forstmann Little & Co. in New York. ``Of course there should be transparency.''

Treasury, Fed, Obama

Federal Reserve spokeswoman Quote Reply

debugger Ron Paul Thanks 11/10/2008 6:13:30 PM

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Rocky

Thanks! I have little to add to you analysis, except the bailout with definitely be immoral and grotesque . And that Ron Paul was right all along. He was detailed, accurate and took on a unbelievable heap of abuse.

It is past time now to thank Ron Paul for his life work in warning people about the Federal Reserve and the dangers of Washingtons power and spending. Ronpaul.com might be the place to start.

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RockyMTNClimber Pigs lining up at the trough & retro-active Banks seek money for a business they were not in a week ago 11/13/2008 12:05:33 PM

This disaster will eventually be blamed for the monster recession (we don't say the D word in Congress...) we are all about to live through! What started as a "bailout" of the mortgage business has devolved into a swine feeding frenzy of biblical proportions.

First, two days ago I asked (rhetorically, again) how long it would be before the bill for this insanity reached $5 trillion. Oops, well it already has. Quoting from a Bloomberg article yesterday here is the bill as of today:

Washington's $5 Trillion Tab

Elizabeth Moyer..., 11.12.08, 05:15 PM EST

Fighting the financial crisis has put the U.S. on the hook for some $5 trillion a report says. So far.

For all the fury over Treasury Secretary Henry Paulson's $700 billion emergency economic relief fund, it seems downright puny when compared to the running total of the government's response to the credit crisis.

According to CreditSights, a research firm in New York and London, the U.S. government has put itself on the hook for some $5 trillion, so far, in an attempt to arrest a collapse of the financial system.

ht***tp://www.forbes.com/home/2008/11/12/paulson-bernanke-fed-biz-wall-cx_lm_1112bailout.html

The article breaks down how the author arrives at her analysis look for yourself. Even if she is ahead of the curve other analysis shows it is already at 2 Trillion so 5 is just weeks away. IMV.

Enter American Express. This poorly run organization has resisted being a bank over the last few decades because of the regulations they would have to live under were they to do so. Fine, it's their strategy and I sold that stock decades ago. But, now that they are loosing their ass in the stock market, OUR FEDERAL RESERVE grants them the authority to become a bank holding company so they can stick their greedy noses in the bail-out trough and suck up tax payer's money. Well isn't that special, our Congress didn't mention that they were going to become a retroactive insurance company! This is like never buying fire insurance on your house until it burns down. Then you are able to run out and buy a policy! ht***tp://dealbook.blogs.nytimes.com/2008/11/10/american-express-to-become-bank-holding-company/

I am not the only one who finds this a bit odd. Republican Congressman John Boehner, who as a Congressman has oversight responsibility, can't get a list of recipients of bail-out dollars. They have advised him it is none of his business who gets tax payers money on the way to our "recession". Boehner has filed a Freedom Of Information request that is being squashed by Bernanke, Paulson, and W. . How dare a Congressman hold somebody accountable?

ht***tp://www.bloomberg.com/apps/news?pid=20601087&sid=axpH4Qil0NT8&refer=worldwide

Who thinks the bail-out would have been passed if it was known up front that the recipients would be the entire Fracking Auto Industry? You know the auto industry that has been systematically wrecked by bad management, Government interference, and corrupt unions (who just happen to support the current Congressional leadership). $50 Billion to them to build cars that Obama wants and the consumers flat hate? This isn't the end either. Lobbyists are swarming into the breach begging for their share of the slop while the raping of the Taxpayer is still popular or even possible.

ht***tp://www.iht.com/articles/2008/11/12/business/12lobbying.php

Oh and the predictable results are here:

link
US May Lose Its 'AAA' Rating

The United States may be on course to lose its 'AAA' rating due to the large amount of debt it has accumulated, according to Martin Hennecke, senior manager of private clients at Tyche. "The U.S. might really have to look at a default on the bankruptcy reorganization of the present financial system" and the bankruptcy of the government is not out of the realm of possibility, Hennecke said. "In the United States there is already a funding crisis, and they will have to sell a lot more bonds next year to fund the bailou

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RockyMTNClimber Where is the Money? Nobody knows but Paulson..... 11/17/2008 10:41:46 AM

Secretary Paulson refuses to advise how the money is being spent. Time to reign in the little tyrant! I can't wait until Obama gets his unfettered hands unlimited tax payer dollars to do with what he wants.... without Congressional oversight. Perp walk Paulson and take the money back.

Check Six

Rocky

ht***tp://www.tulsaworld.com/news/article.aspx?articleID=20081116_16_A1_hHecri880405

He criticizes Henry Paulson for changing the $700 billion bailout plan.

WASHINGTON — U.S. Sen. Jim Inhofe said Saturday that Congress was not told the truth about the bailout of the nation's financial system and should take back what is left of the $700 billion "blank check'' it gave the Bush administration.

"It is just outrageous that the American people don't know that Congress doesn't know how much money he (Treasury Secretary Henry Paulson) has given away to anyone,'' the Oklahoma Republican told the Tulsa World.

"It could be to his friends. It could be to anybody else. We don't know. There is no way of knowing.''

Inhofe's comments, unusually pointed even for a senator known for being blunt, come on the heels of Paulson's shift in how he thinks the bailout funds should be spent.

Last week the Treasury secretary announced he was abandoning his plan to free up the nation's credit system by buying up toxic assets from troubled financial institutions. Instead, Paulson wants to take a more direct action on the consumer credit front.

"He was able to get this authority from Congress predicated on what he was going to do, and then he didn't do it,'' Inhofe said.
Inhofe recalled earlier comments opposing Paulson's plan because the administration's point man did not have answers for a number of questions. He also recalled questioning the rush to get the bailout passed.

"I have learned a long time ago. When they come up and say this has to be done and has to be done immediately, there is no other way of doing it, you have to sit back and take a deep breath and nine times out of 10 they are not telling the truth,'' he said.

"And this is one of those nine times.''

Inhofe has laid out his legislative plans for this week on the bailout package in a letter to his Senate colleagues.

He wants to freeze what is left of the initial $350 billion — reportedly $60 billion, but Inhofe concedes he does not know for sure.

Then he wants a provision requiring an affirmative vote by Congress before Paulson can get his hands on the second $350 billion of bailout money.

Current law lays out a scenario where President Bush submits a plan on the second half of the funding.

Lawmakers have 15 days to disapprove it, but Inhofe questions that wording.

"Congress abdicated its constitutional responsibility by signing a truly blank check over to the Treasury Secretary,'' he wrote.

"However, the lame duck session of Congress offers us a tremendous opportunity to change course. We should take it.''

In the interview, the senator said his plans can provide "redemption'' for those senators who supported Paulson.

Inhofe's plan appears to be a long shot at this point. Senators originally approved the bailout plan by a 74-25 vote.

He does not know how much support he has among his Republican colleagues, and he concedes Democratic leaders could block it.

Bush also could veto it if it were to make it out of Congress.

Neither Senate Majority Leader Harry Reid's office nor the Treasury Department commented.

Reid, D-Nev., wants to use the upcoming lame duck session to push economic issues such as extending unemployment benefits and aid to the nation's ailing auto industry.

Inhofe opposes both.

"You don't stimulate the economy by giving away more money,'' he said.

In response to concerns expressed by some that allowing even one of the big automakers to fail would be too much of an economic hit for the nation, Inhofe said reality must be accepted.

"If we keep on nursing a broken system, then we can't expect to have a different result come later on,'' he said.

"I just think we have to draw the line someplace, and the time is here.''

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