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It looks like the government is moving closer to passing the $700 billion bailout plan: Senator Chris Dodd (D-Conn) said, "We are very confident that we can act expeditiously." And Senator Bob Bennett (R-Utah) said, "I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president." The NY Times reports, with Thai food in the Senate and pizza for House members, that lawmakers were working on a draft of the bill. This morning, Governor David Paterson said that the bailout will probably cost more like $1 trillion, but at least it'll restore consumer confidence. (Or increase public outrage!) Congressional leaders will be meeting with President Bush and Senators John McCain and Barack Obama.
Lawmakers Reach "Agreement in Principle" for Bailout Plan
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At least our taxpayer money is going towards something good like Thai Food. But you know the house, all 435 members of them probably demanded the pizza be sent from Rangel's district... dicks.
watch McCain try to take all the credit. First the blackberry not this. He probably spent 2 hours speaking to people saying "how do we do this? what?" while the finance guys were like "get this geezer out of my face. he's impeding my job". Now McCain's gonna say he fixed the economy. He'll probably say at 6 am tomorrow the sun will come up.
As part of the plan we all get to walk down to Wall Street and but champange for the investment banker of our choice. In exchange we all get mortgage backed securities and credit default swaps that we can wipe our asses with!
"Senator Chris Dodd (D-Conn) said, "We are very confident that we can act expeditiously."
One of the archictects of the disaster: I'm sure the foxes will continue to make sure everything is fine in the chicken coop from now on.
There are no good options, people. If you still want to be able to get a loan in the next couple of years it's time to start supporting this bill. The investment banks in case you haven't realized have all been crushed by this thing - they're either bankrupt like Lehman or have been turned into a commercial bank like Goldman. No one is popping any champagne on Wall Street because of this.
Try; "Lawmakers Reach 'UNSRCUPULOUS Agreement' for Bailout Plan"
...because in order to reach an 'agreement in principle' you need to have principles.
There are better options for sure. Mortgaging the future of this country for this is ludicrous. I am not an economist, but common sense is lacking with this plan. Throwing money into a furnace is not going to make things magically better. Maybe those who need loans won't get them for some time. People need to readjust their approach to money and credit. This is an enormous wake up call. Is everyone awake now? I hope so.
Congress rolled over? I'm shocked!
The Ibanks deserve to go down the tubes for this.
If they get this money, a govt. regulator should personally be up each Ibank CEO's ass until it is paid back, with interest.
#7, it's not a furnace - the money pays for an asset we can resell later, and will for a profit. This isn't like the war in Iraq where all that money just vanishes into thin air. We're not spending the money, we're investing it. And just saying, "well, people will have to go without loans for awhile", do you have any idea what that effect would be?
So students just won't get loans for awhile, people who want to buy a house will just have to wait, small business will just have to tell their employees to wait for them to collect on some bills before they can pay them? It would be catastrophic. Like it or not, this situation isn't going to get better by itself.
Oh no, nobody on Wall Street's popping champagne for this. The government's going to spend a trillion dollars buying up securities for which there currently is no market and nobody is happy at all. They're sad in fact that worthless pieces of paper will now become worth something.
...the money pays for an asset we can resell later, and will for a profit.
Yeah, right. Maybe a tiny portion of the paper will later be sold for a profit. Unless you want to believe that nobody on Wall Street would right now buy profitable paper and only the government is smart enough to recognize this fabulous investment opportunity. In the long run this will cost taxpayers hundreds of hundreds of billions.
Look, we have to DO something or we're going to have a very serious depression.
If you read what this plan is actually going to accomplish and how it's going to work I think you'll change your mind.
The plan is going to help people stay in their homes, help regular people make sure they can get a loan. The banks have already lost their shirt on this situation - if anyone is popping the champagne it's because they aren't going to be annihilated when the market opens on Monday and see their company go bankrupt.
Or would you rather have all these companies go belly up and have to cover all the deposits through the FDIC instead? Either way your tax dollars are going to get spent to fix this, that's already been decided. We can do it the long and hard way, sit and do nothing or we pull the trigger and cut our losses.
I say go through this the long hard way. But that is just my opinion and I have read enough to know that this is like sprinkling fairy dust on a raging forest fire. I hope I am wrong-I hope sidenote you are correct. I don't want the incompetence of others to wreck everyone's future...
"the money pays for an asset we can resell later, and will for a profit."
And the Bush administration, along with Congress, smile knowing that at least some of the people are buying their fairy tale.
Which is really what this money is buying: a little calm among the people who don't really understand what's going on, but want Big Brother to say "everything's going to be all right."
Once again: Mission Accomplished!
#10 - hell no, they aint gonna sell shit for a profit. At this very minute, those finance guys are trying to find ways to unload shitty assets to the government and hiding the prime shit for themselves. Why do I know? my friends work in the ibanking industry and that's what they are doing. They are gonna have to print money and devalue the dollar even more. we should let this economy slide into a depression. You know why? cause it'll hurt the republican's redneck constituency the most. I hope they can feed their kids with gay hate juice cause they ain't gonna get a loan. Only the strong survive.
There are lots of people who deserve to lose their shirts who now won't because of my tax dollars. I have almost zero debt. I didn't take out any loans, I didn't lie on a mortgage application, I didn't get in over my head, I'm not a loan officer who was complicit in bank fraud, I didn't package thousands of risky mortgages and sell them as AAA rated bonds and I didn't get a multi-million dollar bonus last year. I'd rather give my tax dollars directly to depositors than to the financial wizards whose greed and recklessness got us in this situation, because they'll find a way to walk away with a large part of it. Somehow I just doubt that the people who got us in this situation (Henry Paulson's buddies) will be held to account.
Yeah, we're going to wind up paying in the end, but who really trusts this quickie plan that the Bushies insist has to be done immediately? And even if you think it's for the best, please don't try to tell me that the treasury's going to make a profit in the end.
Did you watch the President's address last night? "...I appreciate the work of leaders from both parties in both houses of Congress to address this problem and to make improvements to the proposal my administration sent to them." Does that sound like Bush as usual to you? "Make improvements to the proposal my administration sent to them," is a phrase never before uttered from the White House in the past 8 years and should tell you how serious the matter is. I agree with you that Bush is a lousy president, but this plan wasn't his idea, and he's clearly pretty concerned if he's encouraging it like this. Big Brother isn't saying "everything is going to be alright" they're saying "abandon ship - everyone into the lifeboats!" and most of America is bitching about how cold it is outside while they just stand on the deck of the sinking boat.
That is the one thing that's been comforting about this whole thing -- that our leaders in a crisis actually have the ability to work together. I just hope they put a lot of accountability into the plan when they come up with the final details. Doing it the long hard way would bring about systemic changes. We deserve systemic change.
I'm betting the GOP renegs so Sen. McCain can come in and "Save The Day"...
"Country First" My Ass!
socialism for the rich capitalism for the poor. nice.
No agreement reached. McCain slips away from the White House without comment. Fellow losers applaud his stunt.