Breaking: Congress and the WH Agree on Bailout Terms

Not holding my breath (0.00 / 0)

This crisis is too pervasive throughout the financial markets to be solved in a day or two. The proposal STILL gives practically a blank check to Wall Street looters, with taxpayers holding the bag. NOT ACCEPTABLE.

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by: KnowVox @ Mon Sep 22, 2008 at 17:22:02 PM CDT

Yeah I've Been Reading Lambert's Stuff On This (0.00 / 0)

Section 8 or whatever scares the bejeebers outta me.  $700 billion and the exec. branch gets to dole it out as they see fit without ANY oversight from the courts etc?

Not good.

Invest in Women - Change the World
http://twitter.com/alegrescorner

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by: Alegre @ Mon Sep 22, 2008 at 20:17:53 PM CDT

[ Parent ]

Barney Frank is a proven liar (0.00 / 0)

Frank also repeatedly denied EIR News Service's documentation, in March 2007, that the Dodd/Frank bill was designed by Wall Street banks, to bail out their mortgage securities. "The legislation we just passed ... is unusual in the sense that it was written here," Frank claimed, more than once in his opener. "It was written by the staff of this Committee..., and it was written by the staff of the Ways and Means Committee.... I am very proud of that." In fact, on June 29 a Washington Post article confirmed what EIR had earlier reported: that the legislation was primarily designed by Credit Suisse bank.

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by: Gary McGowan @ Mon Sep 22, 2008 at 18:28:49 PM CDT

I'm leery (0.00 / 0)

Call me suspicious inherently of any deal reached this quickly.

Fast bi-partisan actions tend to bite the American people in the butt years later.

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by: mwb @ Mon Sep 22, 2008 at 19:15:30 PM CDT

seems to me (0.00 / 0)

at least on the surface that it covers the problems Paul Krugman thought needed to be addressed.  Unless I've missed something, this sounds like a sound arrangement, the homeowners aren't left out that the companies saved by the bailout don't get to walk, the public will have a share of the stuff we paid for, and really, it had to happen, it was this or worse or nothing. If there was every a time to strike while the iron's hot, it would be this time, except it was actually last January when HIllary's plan would have been a lot cheaper and would have kept home values and not ruined communities.  

Hillary - alternative energy

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by: anna shane @ Mon Sep 22, 2008 at 19:57:37 PM CDT

seems to me (0.00 / 0)

at least on the surface that it covers the problems Paul Krugman thought needed to be addressed.  Unless I've missed something, this sounds like a sound arrangement, the homeowners aren't left out that the companies saved by the bailout don't get to walk, the public will have a share of the stuff we paid for, and really, it had to happen, it was this or worse or nothing. If there was every a time to strike while the iron's hot, it would be this time, except it was actually last January when HIllary's plan would have been a lot cheaper and would have kept home values and not ruined communities.  

Hillary - alternative energy

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by: anna shane @ Mon Sep 22, 2008 at 19:57:38 PM CDT

I think this plan sucks. I think the Titans should drown. (0.00 / 0)

Save Main Street, drop the Titans.  And, I'm sorry, even Bill Clinton said this is a bipartisan screw up.  I think he's right.  No HOLC?  Will not work with out that.  Why don't they bail us out.  Right off our debt.  We are the ones paying for this anyway.  

Medicare for All is Civil Rights

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by: masslib @ Mon Sep 22, 2008 at 20:07:04 PM CDT

We've Been Asking for Help for Main Street For Years (0.00 / 0)

Nothin'.

Suddenly wall street is in trouble and they work things out within a week?

I guess we know now who gives more to campaigns and elections right?

Invest in Women - Change the World
http://twitter.com/alegrescorner

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by: Alegre @ Mon Sep 22, 2008 at 20:19:41 PM CDT

[ Parent ]

Do you want them to bail out all of the people who took out (0.00 / 0)

risky mortgages even when they knew  they couldn't afford it.  It is the other than usual mortgages that caused much of this problem.  People got the mortgages who had extremely poor credit because they weren't paying the bills they had through the mortgage companies who are going under now, and for many other reasons. Other people who took out those mortgages weren't the regular "main street" people either, and knew full well they were going to default. They weren't necessarily middle class either, but gaming the system.  There are other people at fault beside the banks and lending organizations who  worked on greed and tried to manipulate borrowers.  When do people have the responsibilty to be smart and to accept their financial limits and not buy a house at any cost?  I don't necessarily feel any more comfortable bailing out "main street" than I do bailing out wall street, except for the people who were smart and didn't take risks and act recklessly with their own lives, but are paying for the whole mess anyway by losing their pension plans and having to delay retirement for 10 or 15 years longer.  How about giving them some relief instead.  

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by: Hopscotch @ Mon Sep 22, 2008 at 22:46:04 PM CDT

[ Parent ]

Actually, about half the recipients of subprime mortgages (0.00 / 0)

were qualified for prime mortgages and the brokers sold them junk products.  Yeah, let them restructure their loans.  I would sure as hell rather them restructure their loans than pay the Titans of Wall Street 700 billion.  There is a public concern with this many people ending up homeless.  It would have the net effect of making poor communities disastrous. Further, no one is talking about saying here take this home for free.  We are talking about people staying in their homes with normal payment plans, rather than the loan shark payments they are dealing with now, which eventually will lower interest rates for better qualified loan holders.

Medicare for All is Civil Rights

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by: masslib @ Mon Sep 22, 2008 at 23:49:06 PM CDT

[ Parent ]

This is shameful (0.00 / 0)

These people have raked in billions with predatory lending and when it suddenly collapses, they beg for help from their prey without giving up any of the money they've made.

Will there be bailouts for families who have overextended themselves?

Will there be bailouts for individuals with student loans?

Will there at least be a return to sensible bankruptcy protections for individuals?

No?

Then screw them.

Oh, have I mentioned I can't stand Obama?

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by: PumpkinLove @ Mon Sep 22, 2008 at 20:43:24 PM CDT

They have a break coming up and their own elections on the line. (0.00 / 0)

They can't afford to take the time to figure this thing out, besides the fact that none of them understand what the hell is going on. They're not economists, they're politicians. Funny how stealth this was that noone saw it sneak up on them. Where has the dem congress been in the last year and a half?  We all know where the pugs have been. They have been doing their best to bring down every aspect of the country, but the Democrats could have at least given a weak objection.  

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by: Hopscotch @ Mon Sep 22, 2008 at 21:33:23 PM CDT

The Dem's are not innocent in this one. (0.00 / 0)

This is a bipartisan f*ck-up.  

Medicare for All is Civil Rights

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by: masslib @ Mon Sep 22, 2008 at 21:38:56 PM CDT

[ Parent ]

I think that is what I was saying. (0.00 / 0)

They didn't object to what was going on or do anything about it, but the whole republican philosophy for years of favoring the wealthy and deregulation has come home to roost for everyone.

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by: Hopscotch @ Mon Sep 22, 2008 at 21:49:00 PM CDT

[ Parent ]

They were not just sitting in the back seat doing nothing on this one, Hop. (0.00 / 0)

They were right up there sharing the steering wheel.

Medicare for All is Civil Rights

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by: masslib @ Mon Sep 22, 2008 at 21:53:48 PM CDT

[ Parent ]

They should remember one thing.. (0.00 / 0)

the people on Main Street are the ones who are going to be deciding if they keep their jobs, not the bankers. In America, we have one vote each. I am not a census expert or anything, but I would bet dollars to donuts that there are more pissed off people on Main Street who vote than there are bankers who need saving. That is what Congress should remember, not who gives them money but who voted them in to begin with and can vote them out when they are disgusted with their piss-poor performance.  

Live your life in such a way that when your feet
hit the floor in the morning, Satan shudders & says
'Oh $#!%'...she's awake!!

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by: FlaDemFem @ Mon Sep 22, 2008 at 22:07:04 PM CDT

[ Parent ]

This is all intertwined. (0.00 / 0)

If more huge companies fail, then it will affect people on "main street".  So something needs to be done other than nothing.  It maybe won't affect people in time for the election if nothing is done, but it will shortly after.  It is too complicated for ordinary people to understand.  And I don't understand it all.  One thing I do know is that wall street, and main street aren't two seperate entities, and what happens to one, happens to the other at this point in time. If those companies go down so do we.

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by: Hopscotch @ Mon Sep 22, 2008 at 22:30:20 PM CDT

[ Parent ]

Yes, but the failure of the banks is due to lack (0.00 / 0)

of regulation and oversight and that is squarely on the shoulders of Congress. And saving the companies is one thing, letting the people who caused this mess profit from it is something else entirely. That is what I am objecting to. The people who caused this should end up having no job and having to live on their savings. They should not be paid millions of dollars for totally failing at their jobs. And they should contribute their salaries for the last year to the clean-up..no golden parachutes.  

Live your life in such a way that when your feet
hit the floor in the morning, Satan shudders & says
'Oh $#!%'...she's awake!!

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by: FlaDemFem @ Tue Sep 23, 2008 at 00:15:33 AM CDT

[ Parent ]

Agreed. (0.00 / 0)

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by: Hopscotch @ Tue Sep 23, 2008 at 17:16:57 PM CDT

[ Parent ]

I disagree that Poor people with Poor credit were given loans to purchase (0.00 / 0)

a home.

This has been going on for 10 years.  They have targeted POORER people with a GOOD CREDIT STANDING/

People who built their credit up to the THOUSANDS./

Now they get a mortgage based on their good credit, but AREN'T financially prepared to withstand a financial hit, like losing a job, sickness, divorce.

When things go wrong they use their CREDIT CARDS--to help.

In the longrun, they're paying TWO mortgages, or in a sense, getting in debt in TWO places to keep one up.

Buying your FIRST HOME, is when you make all the mistakes.

Your not in tune with all the additional risk involved.

THE TAXES, the MAINTENANCE, the PROTECTION that's not their because you lost a job, or a spouse.

The first seven years of mortgage from a BANK is INTEREST.

NOW, you use your credit cards to help alleviate the payments-----but the problem remains.  NOW YOUR paying INTEREST on TWO BANKS, the mortgage and the Credit cards.

THESE BANKERS MADE MILLIONS and MILLIONS doing this:  Paying interest and and then more interest. (mortgage and credit cards)-----  The economy goes to HELL in a handbasket, 30 million americans out of work, can't afford insurance, jobs shipped over seas, one mother nature disaster after another.

The signs were ALL THERE, they weren't being regulated, but EVERYONE was MAKING money--and our Government (CoNGRESS, SENATE-IGNORED the warnings, from McCain, and from Hillary))))-----------the bottom falls out, because the banks continued to ride so prosperously for so long, without regulation, they got GREEDY and ARROGANT.

They wake up a decade later, and their BROKE, because  people can no longer make their payments, and they WON'T GET HELP, unless the gov. does interevene, by producing a payment these households could LIVE with.

NoW the Ceiling FALLS IN:

I believe the TITANS should pay, and not the American people.  Right now, the bail-out is the only option, but with STRICT RESPONSIBILTY to their actions and spending.

Four years from now, with the RIGHT PRESIDENT and CONGRESS and SENATE, we could and WILL RECOVER.

WE'll see in NOVEMBER, I'll get a better feel about that RECOVER SENTENCE.

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by: kenny @ Mon Sep 22, 2008 at 23:33:20 PM CDT