HURRAY! HURRAY! HURRAY! .... "We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome," ... The Dems push back!!!!!!!!!!!!!!!!!

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    Sep 22, 2008 2:07 AM GMT
    Democrats push back

    House Speaker says lawmakers will demand taxpayer protection - Paulson calls for swift action.

    NEW YORK (CNNMoney.com) -- Democratic leaders on Capitol Hill said on Sunday that the Bush administration's $700 billion proposal to bail out the financial system lacked necessary safeguards for taxpayers and homeowners.

    Democrats want the measure to include independent oversight, homeowner protections and limits on executive compensation, House Speaker Nancy Pelosi, D-Calif., said in a statement early Sunday evening.

    "We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome," she said.

    http://money.cnn.com/2008/09/21/news/economy/bailout_proposal_Sunday/index.htm

  • HndsmKansan

    Posts: 16311

    Sep 22, 2008 2:12 AM GMT
    Sounds like a prudent approach... we haven't had enough oversite (except with regard to compliance with reps, I deal with that every day)....
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    Sep 22, 2008 2:14 AM GMT
    "...And the idea that the deficit would force tax increases even made it across party lines.

    "When we add an additional trillion dollars to the debt, the burden of the taxpayer, sooner or later there's got to be a reckoning," Sen. Richard Shelby, R-Ala., ranking member on the Senate Banking Committee, told "Face the Nation." "This is the mother of all bailouts." "

    ....and an AH HA! .. Finally a Republican saying that a tax increase is going to have to come!

    The Republican idea that you can have everything and not pay of it is going to begin to crumble!

    When people have to start paying taxes for what they are getting....instead of Congress sneaking around and borrowing the money....then there will be a cut in spending and gov't size....the taxpayers will demand it.

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    Sep 22, 2008 2:52 AM GMT
    "Congressional Democrats considering the Bush administration's emergency plan to shore up the U.S. financial system yesterday countered with their own demands, presenting draft legislation giving the government power to cut salaries of chief executives at firms that participate in the bailout and slash severance packages for their top management. "

    HAHAHAHAHAHAHAHAHAHAHAHAHAHA.....now see how Wall Street will howl at how unfair the Dems are.....

    go ahead......right before an election! ... icon_lol.gif

    Throw the bums out....dont even let them walk with their Blackberries.....OMG! ...no Brickbreaker!!! ... icon_lol.gif

    http://www.washingtonpost.com/wp-dyn/content/article/2008/09/21/AR2008092102060.html?hpid=topnews

  • GQjock

    Posts: 11649

    Sep 22, 2008 9:55 AM GMT
    They Need to place stipulations that are showy and that will have lasting effects that people will remember when they walk into the ballot booth

    Cutting golden parachutes will be the PERFECT solution
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    Sep 22, 2008 10:24 AM GMT
    Prediction: The Democrats will cave, just as they always do. They caved on Iraq, caved on W's tax cuts, caved on Supreme Court nominations, caved on illegal wiretapping, and on and on.
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    Sep 22, 2008 10:56 AM GMT
    OutdoorMutt saidPrediction: The Democrats will cave, just as they always do. They caved on Iraq, caved on W's tax cuts, caved on Supreme Court nominations, caved on illegal wiretapping, and on and on.

    I dont think so.....this is practically politically perfect for the Dems. They've got 'em by the short hairs. This is the irresponsible Republican policies coming home to roost. The ground has totally dropped out from under the Repubs and "Big Business." They cant possibly come out with their standard bullshit of how gov't has to get out of the way of business and let it generate the wealth that will rain down on everybody. That old canard is dead. They wont be able to use that line for a long, long time.

    And people are without sympathy for any of them.

    See:

    Mad as hell - taxpayers lash out..... We asked you what you had to say about the bailout, and we heard you loud and clear: 'No way!'

    http://www.realjock.com/gayforums/?sort=4&filter=4
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    Sep 22, 2008 11:00 AM GMT
    Krugman has an interesting article criticizing the bailout's proposed structure. I hope the Dems read it.
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    Sep 22, 2008 11:12 AM GMT
    Satyricon331 saidKrugman has an interesting article criticizing the bailout's proposed structure. I hope the Dems read it.


    Indeed! Thanks for posting the link.

    "the financial system needs more capital. And if the government is going to provide capital to financial firms, it should get what people who provide capital are entitled to — a share in ownership, so that all the gains if the rescue plan works don’t go to the people who made the mess in the first place. I think we have discussed this on RJ, too.

    That’s what happened in the savings and loan crisis: the feds took over ownership of the bad banks, not just their bad assets. It’s also what happened with Fannie and Freddie. (And by the way, that rescue has done what it was supposed to. Mortgage interest rates have come down sharply since the federal takeover.)

    But Mr. Paulson insists that he wants a “clean” plan. “Clean,” in this context, means a taxpayer-financed bailout with no strings attached — no quid pro quo on the part of those being bailed out. Why is that a good thing? Add to this the fact that Mr. Paulson is also demanding dictatorial authority, plus immunity from review “by any court of law or any administrative agency,” and this adds up to an unacceptable proposal." Ah, those crafty Republicans....just give us the money and power and dont ask any questions...a financial "Iraq"
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    Sep 22, 2008 11:33 AM GMT
    ah, the people arent missing this ....so the politicians wont either... icon_biggrin.gif

    "This may be a Main Street bailout backlash in the making. "

    http://www.washingtonpost.com/wp-dyn/content/article/2008/09/21/AR2008092102534.html?hpid=topnews&sid=ST2008092200091&s_pos=
  • coolarmydude

    Posts: 9190

    Sep 22, 2008 11:50 AM GMT
    Yep..this is akin to the rush to war in Iraq in 2002/2003. HURRY!!! Or it's gonna be too late!!!! HURRY!!!!!!


    Not this time, BUCKO!
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    Sep 22, 2008 12:09 PM GMT
    The Democrats are in trouble here, especially Chris Dodd, Barney Frank, Barrack Obama, and John Kerry. They need a deal so they're trying to hold the economy hostage to get it. It isn't for us they're being obstinant, they have a personal stake here.

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    Sep 22, 2008 12:11 PM GMT
    Here's my prediction for GWB's rationalization for this obscenity:

    If we don't bail out these poor financial institutions, the homos will marry and traditional marriage will be destroyed.
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    Sep 22, 2008 12:37 PM GMT
    OutdoorMutt saidPrediction: The Democrats will cave, just as they always do. They caved on Iraq, caved on W's tax cuts, caved on Supreme Court nominations, caved on illegal wiretapping, and on and on.

    Yep...If Nancy Pelosi said, "“We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome,” you can be sure they will.
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    Sep 22, 2008 1:02 PM GMT
    I just emailed all my Congressional representative (Mean Jean Schmidt, barf) and my US Senators, asking all three to not support the bailout. The rewarding of bad behavior will ultimately destroy us.

    (Extra funny how they're in a hurry to pass this before Bush leaves office....)
  • coolarmydude

    Posts: 9190

    Sep 22, 2008 1:08 PM GMT
    John43620 said, "The Democrats are in trouble here, especially Chris Dodd, Barney Frank, Barrack Obama, and John Kerry. They need a deal so they're trying to hold the economy hostage to get it. It isn't for us they're being obstinant, they have a personal stake here."



    Same old rhetoric....If we didn't go into Iraq, we would have been bombed by Saddam as we were in imminent danger.

    Asking for equity for the taxpayers, which includes you, is not holding anything hostage...it's releasing the hostages, the taxpayers.
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    Sep 22, 2008 2:06 PM GMT
    "What should we do about hedge fund zillionaires who profit off our misery?
    "
    Make them live with gay repugnicans.
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    Sep 22, 2008 2:48 PM GMT
    Well for my own edification I went to the US Office of The Budget, to look at the US Government's books. Boy that is one UGLY BABY! One thing I noticed right away was the estimated budget deficit for the 2007-2008 fiscal year. It was estimated at $410 billion. It is coming in at $489 billion. Oops, missed the target by nearly 20%!icon_eek.gif

    I personally do not think the US Government has much choice right now in terms of taking over the bad debt of these companies. The alternative is potentially far more damaging. The bad choices have already been made by a whole slew of players. This is the end result. Hopefully useful lessons will be learned PERMANENTLY going forward (one being that the so-called free market needs at least some regulation and it should keep abreast of changes).
  • CuriousJockAZ

    Posts: 19138

    Sep 22, 2008 2:56 PM GMT
    John43620 saidThe Democrats are in trouble here, especially Chris Dodd, Barney Frank, Barrack Obama, and John Kerry. They need a deal so they're trying to hold the economy hostage to get it. It isn't for us they're being obstinant, they have a personal stake here.




    Truer words were never spoken. Obama may take some heat for being the recipient of the 2nd most donations from Fannie/Freddie after just 3 years in the senate, but Chris Dodd (the #1 recipient) and Barney Frank will definitely, as they should, have their feet put to the fire. Not blaming them, as I've said, plenty of blame to go around and some of it rests with the American people themselves living beyond their means, but they definitely were complacent.
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    Sep 22, 2008 2:56 PM GMT
    Honestly, the heads of these companies should have to sell their own personal assets to cover their losses. You know, just what would happen with any small business that goes under and can't cover it's losses with a liquidation.

    I don't want to see the CEO's from ANY of these places getting even so much as a penny when this is all said and done.
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    Sep 22, 2008 3:14 PM GMT
    CuriousJockAZ said
    John43620 saidThe Democrats are in trouble here, especially Chris Dodd, Barney Frank, Barrack Obama, and John Kerry. They need a deal so they're trying to hold the economy hostage to get it. It isn't for us they're being obstinant, they have a personal stake here.

    Truer words were never spoken. Obama may take some heat for being the recipient of the 2nd most donations from Fannie/Freddie after just 3 years in the senate, but Chris Dodd (the #1 recipient) and Barney Frank will definitely, as they should, have their feet put to the fire. Not blaming them, as I've said, plenty of blame to go around and some of it rests with the American people themselves living beyond their means, but they definitely were complacent.

    LOL. Smokescreens and distractions seem to be the way for the republicans these days. It has nothing to do with truer words. Give it a rest guys, everyone knows that campaign donations did not sink the economy. For that matter McCain is the recipient of 10 times more campaign donations than Obama when it comes to the top CEO's. The bulk of Obama's campaign money came from grassroots individuals. In this case EMPLOYEES of those companies donated more to Obama BUT the people who run the company (directors, lobbyists, etc) gave more to McCain. Here are "truer words"
    Fact Check: Did Obama 'profit' from Fannie and Freddie?
    http://politicalticker.blogs.cnn.com/2008/09/19/fact-check-did-obama-profit-from-fannie-and-freddie/The New York Times has published a separate list looking at contributions from "directors, officers, and lobbyists for Fannie Mae and Freddie Mac" for the 2008 campaign cycle. That list — using figures from the Federal Election Commission — shows McCain receiving $169,000, while Obama received only $16,000.

    VERDICT
    Partially true, but misleading. Donations don't come from companies. A list of employee contributions puts Obama second, but a different list including lobbyists and directors shows McCain getting more.

    Also
    Not that it is wrong to receive campaign contributions and granted Obama has never claimed not to take contributions, but McCain received 10 times as much contributions from top CEO's as Obama ..
    http://thehill.com/campaign-2008/top-ceos-give-10-times-more-to-mccain-than-to-obama-2008-08-15.html

    Now go get yourselves another glass of cool-aid from the McCain Campaign cool-aid stand.
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    Sep 22, 2008 3:19 PM GMT
    John43620 saidThe Democrats are in trouble here, especially Chris Dodd, Barney Frank, Barrack Obama, and John Kerry. They need a deal so they're trying to hold the economy hostage to get it. It isn't for us they're being obstinant, they have a personal stake here.


    Dream on....just like in the dreamland, you Republicans live in all the time....the country isnt blaming the Dems....Dems arent associated with business.....everybody knows who has been running the gov't for years now.

    And Grandpa McCain looks like a jackass with his "the fundamentals of the economy are strong" ....and by that I mean the ingenuity of the american worker ....wtf? ... icon_eek.gif ... people can tell a fucking tap dance when they see one

  • GQjock

    Posts: 11649

    Sep 23, 2008 8:01 PM GMT
    Going by past history ....
    Nancy Pelosi and Harry Reed are going to say all the right things
    and then give in at the last moment

    I wouldn't hold my breath

    They should let these guys go under
    ... because whether we give them the money or not we're going to be left holding the bag
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    Sep 23, 2008 8:10 PM GMT
    Even the House Republicans are not backing Bush's plan...even after Cheney was up on the hill pushing it...

    Despite Pressure, House GOP Hesitant on Financial Rescue Plan

    "House Republicans remained reluctant to approve legislation that would provide a $700 billion bailout for the financial securities industry after a more than 80-minute sales pitch this morning from Vice President Cheney and President Bush's chief of staff, Joshua Bolten. "

    "Just because God created the world in seven days doesn't mean we have to pass this bill in seven days," said Rep. Joe Barton (R-Texas), the ranking member of the House Energy and Commerce Committee.

    "The jury's really out [on] how the Congress is going to act," said Rep. Zach Wamp (R-Tenn.).


    http://www.washingtonpost.com/wp-dyn/content/article/2008/09/23/AR2008092301242.html?hpid=topnews
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    Sep 24, 2008 1:26 PM GMT
    Limiting salaries for CEOs and Company Officers and eliminating "Golden Parachutes" is a dumb idea and typical of the ignorant, jealous, control freak mob called the Democratic party.

    There's only one problem with the system, government. The stock market collapse of 1929 was a failure of the private financial institutions made worse by government intervention.
    The current crisis is a failure of the government backed FNME which touched off this whole mess.

    No competent private bank would have allowed billions of dollars in subprime housing loans.

    Since it was FNME who robbed us and the failure of the Senate Banking committee to do it's job, a bail out is only just compensation for private companies that were swindeled by FNME.

    A private company needs the best minds at the helm and if they price themselves high, there's nothing wrong with that.