US $700B Bailout agreed in principle

[earth_as_one]

Oh they are sooo close. Maybe they need McCain and Obama to come back and help give the final push...

Lawmakers Reach Accord on Huge Financial Rescue

House Expected to Vote Today on $700 Billion Bailout

By Lori Montgomery and Paul Kane
Washington Post Staff Writers
Sunday, September 28, 2008; 1:33 AM

Congressional negotiators said they were close to agreement yesterday on a $700 billion plan aimed at shoring up the U.S. financial system, and were meeting late into the evening in hopes of striking an accord that could be ratified by the House as soon as today.

Democrats and Republicans from both chambers met with Treasury Secretary Henry M. Paulson Jr. through the afternoon in an effort to forge a compromise on a variety of outstanding issues, including how quickly the government should make money available for the program and whether participating firms should be required to limit executive pay.

Talks also focused on a new issue: how to cover the cost of the program so taxpayers don't get stuck with the bill.

Under the Bush administration's proposal, the government would buy assets that have lost much of their value from faltering financial institutions in hopes of restoring investor confidence. That, in turn, could ease the credit crunch that has seized global markets and made it much harder for businesses and ordinary people to borrow money.
Administration officials have stressed that the ultimate cost of the bailout would be much less than $700 billion because the government would eventually sell the assets it purchased and recover most, if not all, of what it spends....

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/28/AR2008092800064.html?hpid=topnews

Basically the plan is for US lawmakers to buy a bag of $hit with American tax dollars and hope it turns into fertilizer one day.

 

[darkbeaver]

It should be an interesting day in Washingmachine DC, Monday. The corrupt congress will help the thieves loot the treasury most likely, it's thier patriotic duty to the elect.

 

[tamarin]

If the US dollar doesn't completely tank over the next two months you'll know the fix is in. I'm surprised that in the initial proposal discussed in the press early last week that the bill intimated even bad car loans and credit card debt would be part of the deal. That's unprecedented hubris. America Land of the Brave is now the domain of the clueless.

 

[normbc9]

The Congressional negotiators are a big part of what allowed this situation to develop to begin with. Either by direct act or omission. My immediate reaction to this was "Why tax the people for this situation?" There is a big emphasis on the fact that the total economy may severely falter if this is allowed to develop. Stop and think about the plan proposed. It would allow the unscrupulous money lenders to run with the spoils in their pockets, unchecked and also ask someone else to pay for what I believe is a criminal act.
Then drop the burden for these acts squarely on the backs of the working persons.

 

[Walter]

The Congressional negotiators are a big part of what allowed this situation to develop to begin with. Either by direct act or omission. My immediate reaction to this was "Why tax the people for this situation?" There is a big emphasis on the fact that the total economy may severely falter if this is allowed to develop. Stop and think about the plan proposed. It would allow the unscrupulous money lenders to run with the spoils in their pockets, unchecked and also ask someone else to pay for what I believe is a criminal act.

It actually goes as far back as the Carter administration when the banks were told by the guvment they had to give NINJA (No Income No Job or Assets) mortgages to the poor and ethnic groups. It has snowballed since then.

 

[Kreskin]

The cost of this is equivalent to the cost of foreign oil to the US in one year.

 

[darkbeaver]

Never has the word principle been so misused.

 

[darkbeaver]

The cost of this is equivalent to the cost of foreign oil to the US in one year.

It's not any one year though, it's every year hereafter, for generations.

 

[Lester]

I read somewhere that 5 times as much may be needed over the next few years and that this 750 bill is only the first installment. They're going to have to pull out of the mideast while they still have gas money to get home.

 

[Ron in Regina]

I read somewhere that 5 times as much may be needed over the next few years and that this 750 bill is only the first installment. They're going to have to pull out of the mideast while they still have gas money to get home.

Now that's funny!

 

[darkbeaver]

The Congressional negotiators are a big part of what allowed this situation to develop to begin with. Either by direct act or omission. My immediate reaction to this was "Why tax the people for this situation?" There is a big emphasis on the fact that the total economy may severely falter if this is allowed to develop. Stop and think about the plan proposed. It would allow the unscrupulous money lenders to run with the spoils in their pockets, unchecked and also ask someone else to pay for what I believe is a criminal act.
Then drop the burden for these acts squarely on the backs of the working persons.

The only way to restore market confidence of any measure is to force the offending institutions into recievership and extract what is due from the corporate offices and owners, without that there is nothing but a rapidly expanding hole. The rest of the world sees the American people as helpless and hopeless. Washington and Wall Street should be on fire right this minute and the gallows already half built but the reality is a stupified citizenry held in shackles by the verminous priesthood of financial sector thieves and liars.

 

[Kreskin]

The problem is everything is interconnected. If you let everything collapse then you certainly fix the potential for future labor shortages because everyone will be working to age 95. And with surplus labor, companies can then pay peanuts. The country will be full of geriatric sweatshops.

 

[darkbeaver]

The problem is everything is interconnected. If you let everything collapse then you certainly fix the potential for future labor shortages because everyone will be working to age 95. And with surplus labor, companies can then pay peanuts. The country will be full of geriatric sweatshops.

The geriatric sweatshops are no joke. The interconnectivity is for real and very deep. The collapse already happened Kreskin that's why this bailout is judged to be a monstorous ripoff it cannot reverse the collapse or have any but the tinyest amielioration and even then not for the victims. You've seen the list of economists who a few days ago published an open letter and petition saying as much. It's not a fix it is a robbery. Originally it was, put the 750 billion in the bag and nobody gets hurt. These bankers are on record as having manipulated cash reserves in thier respective banks to precipitate the crisis and necessitate the bailout.

 

[darkbeaver]

Tragedy in the Making in Washington and on Wall Street:

The Canadian Solution

By Rodrigue Tremblay

"When troubles come, they come not single spies, but in battalions." - Shakespeare (1564-1616) "The liberty of a democracy is not safe if the people tolerate the growth of private power to the point where it becomes stronger than the democratic state itself. That in its essence is fascism — ownership of government by an individual, by a group or any controlling private power." Franklin D. Roosevelt (1882-1945), 32nd US president
"Our economy is facing a moment of great challenge. ... We're in the midst of a serious financial crisis.” - George W. Bush, September 24, 2008
28/09/08 "ICH" -- - - The Washington gridlock about finding a solution to the subprime financial crisis in the United States is turning into a tragedy, seemingly because of a fundamental lack of understanding and communication about the causes of this financial crisis and the most efficient way to solve it. The nature of the crisis, the economic consequences if it is not solved, and how it could be solved without costing the government and U.S. taxpayers a single penny has not been properly explained to Congress and to the U.S. population.


but,if,or,maybe

 

[Kreskin]

The geriatric sweatshops are no joke. The interconnectivity is for real and very deep. The collapse already happened Kreskin that's why this bailout is judged to be a monstorous ripoff it cannot reverse the collapse or have any but the tinyest amielioration and even then not for the victims. You've seen the list of economists who a few days ago published an open letter and petition saying as much. It's not a fix it is a robbery. Originally it was, put the 750 billion in the bag and nobody gets hurt. These bankers are on record as having manipulated cash reserves in thier respective banks to precipitate the crisis and necessitate the bailout.

An occasional economic downturn is a fact of life, even ones that are big. But it would be a helluva lot worse by doing nothing. Lets not forget that this crisis was the result of growth happening too fast. Everything pretty much reverts to the mean. The housing market grew way too far too fast because people could get their hands on easy and cheap financing. If this downturn goes too far down it will eventually revert back up to the mean. If countries like China allow their main customer to fall too far then they can consider themselves living in the good old days.

In the 70's I read a book called Cataclysm. It was about the immediate and impending economic collapse of the world. Well the 80's and 90's looked pretty good. It's easy pickens right now for people to predict catastrophe but in reality most people don't pay much attention to conspiracy blogs. Thirty years ago no one expected China to emerge like it has. Most people see the news of the day and think it's forever. Things go up. Things go down. And mostly everything comes back to the center. Predicting this stuff with any certainty is akin to herding cats. Anyone promoting certain destruction is blowing smoke out their behind.

 

[darkbeaver]

I'm not suggesting doing nothing and niether is anybody else. The matter is being framed in those terms by the architecs of the bailout, they insist that thier terms are the only remedy and that is patently false. The remedy is to let the market function as it was intended to, and the market does not and cannot be allowed to be seen rewarding failure and fraud, this more than anything else will erode confidence even further which is plainly the objective of the exercise. The dollar will slide, NAU will become reality and the Amero will buy you a fraction of what todays dollar will.
It is a shame that more people do not attend to the "conspiracy blogs" as you put it. Here we have thee financial conspiracy of all time, an unpreceedented event of unpreceedented criminality and still many refuse to read the wall. You have no doubt heard of the rumoured conspiracy of the main street media and it's employment by the defacto fascist state? Take heed citizen lest you fall from misinformation.

 

[Kreskin]

I'm not suggesting doing nothing and niether is anybody else. The matter is being framed in those terms by the architecs of the bailout, they insist that thier terms are the only remedy and that is patently false. The remedy is to let the market function as it was intended to, and the market does not and cannot be allowed to be seen rewarding failure and fraud, this more than anything else will erode confidence even further which is plainly the objective of the exercise. The dollar will slide, NAU will become reality and the Amero will buy you a fraction of what todays dollar will.
It is a shame that more people do not attend to the "conspiracy blogs" as you put it. Here we have thee financial conspiracy of all time, an unpreceedented event of unpreceedented criminality and still many refuse to read the wall. You have no doubt heard of the rumoured conspiracy of the main street media and it's employment by the defacto fascist state? Take heed citizen lest you fall from misinformation.

But you call it a financial conspiracy based on pure speculation. You can make a conspiracy out of anything Beave. I would suggest the conspiracy blogs are a conspiracy to draw in more website hits by playing on peoples fears. It's the news media on steroids. The mainstream and extreme news aren't reality. The news doesn't say 96,475 cars drove without an accident in Vancouver today. It says 14 were in accidents. If anyone reads/listens to the bad stuff 24 hours a day they are losing perspective on the real world.

 

[talloola]

The dems pushed and got an agreement within the agreement, to wait 5 years, after bailout and if wall
st, hasn't held up their side of the bargain, monies will have to be paid back, by them.

 

[darkbeaver]

But you call it a financial conspiracy based on pure speculation. You can make a conspiracy out of anything Beave. I would suggest the conspiracy blogs are a conspiracy to draw in more website hits by playing on peoples fears. It's the news media on steroids. The mainstream and extreme news aren't reality. The news doesn't say 96,475 cars drove without an accident in Vancouver today. It says 14 were in accidents. If anyone reads/listens to the bad stuff 24 hours a day they are losing perspective on the real world.

You seem to be suggesting that I am captive to bad stuff by way of disinformation from nefarious sources and have therefore no sound faculty with which to base any reliable judgement of contempory events or the days immeadiate economic crisis. Let me posit a much more likely scenario. It is you who have been captivated by the smoke and mirrors and are incapable of criticle discriminatory function and your illusion allows you the unearned luxury of certitude. Behold the ghost of christmas past, look to see me no more.:lol:

 

[Kreskin]

You seem to be suggesting that I am captive to bad stuff by way of disinformation from nefarious sources and have therefore no sound faculty with which to base any reliable judgement of contempory events or the days immeadiate economic crisis. Let me posit a much more likely scenario. It is you who have been captivated by the smoke and mirrors and are incapable of criticle discriminatory function and your illusion allows you the unearned luxury of certitude. Behold the ghost of christmas past, look to see me no more.:lol:

If I knew what certitude was it might be a luxury or my source for future contemporary faculty. I prefer to go through life completely naive and ignorant of nefarious sources or smoke and mirrors disinformation. I am completely incapable of critical discriminatory function.