Bailout fails- Page 7

[PalJoey]

Posted: 9/30/08 at 8:09am

things are going to be tough for people who need credit for at least a year with the bailout, five years if it doesn't happen.

What I understand from monetary specialists is that it's a 1-2 year recession WITH the bailout and a 5+-year depression without.

I'm shocked that this wasn't passed, and I hope that the revised bill is better and not worse. If you think that a major fall in the stock market hurts only those who own stocks, you are wrong.

I long for the kind of president who not only understands what is going on but can explain it to us and give up hope and a plan of action. The last president we had who could do that was Bill Clinton, and during his presidency we had a surplus not a deficit.

If saying that makes me a partisan bItch, so be it.

[Mamie]

Posted: 9/30/08 at 8:32am

Dana Milbank in today's Washington Post:

"So it was. The Dow Jones industrial average closed down 778 points, the largest one-day point drop in history. And no wonder: In the Congress of the United States, the insane are now running the asylum.

After the shocking vote of 228 to 205, party leaders did their usual rounds of partisan finger-pointing, but it really wasn't a partisan issue at all. The center had collapsed in favor of a coalition of far-right and far-left zealots. What was once the lunatic fringe was now a majority: 40 percent of House Democrats, going by yesterday's vote, and fully two-thirds of Republicans.

------------
Leaders held out hope that the crashing market would force the opponents to reconsider. "The impact this can have on the markets will have a big impact in getting people back to wanting to work together," Blunt forecast.

"We must move forward," Pelosi agreed, "and I hope that the markets will take that message."

Nice sentiments. Except Pelosi and Blunt aren't in charge anymore. The lunatics are. "



A House Divided Along Twisted Lines

[Calvin]

Posted: 9/30/08 at 11:34am

Reich has a blog. His prediction:

A scaled-down bill will be enacted by the end of the week. It will provide the Treasury with a first installment of $150 billion. Treasury can use it to back Wall Street’s bad debts with lend no-interest loans of up to two years, until the housing market rebounds. Or to invest in Wall Street houses directly, in exchange for stocks and stock warrants. There will be strict oversight. Congressional leaders will promise further installments, but with conditions calling for limits on salaries and relief to distressed homeowners.


Link

[FindingNamo]

Posted: 9/30/08 at 11:54am

"There will be strict oversight."

Oh, the horrors. The Republicans must stop this NOW!!! "Government isn't the solution, government is the problem." -- Ronnie Reagan

[Calvin]

Posted: 9/30/08 at 12:00pm

Yes, Ronnie should know. I mean, who really do we have to thank for all the overseas debts?

Hmmm Updated On: 9/30/08 at 12:00 PM

[Yawper]

Posted: 9/30/08 at 12:35pm

No bailout bill that doesn't try to stabilize housing is going to work. Values will continue to fall, more ARMs are to reset in 2009 and 2010 which will just duplicate the same scenario and Wall Street will be back wanting more.

I agree with Kucinich - a possible element of manufactured crisis needs to be investigated.

Notice that Kucinich knew the vote would be close.
Why is bailout being rushed? Updated On: 9/30/08 at 12:35 PM

[Yawper]

Posted: 9/30/08 at 12:45pm

Even Huckabee and Gingrich get it:

Former Arkansas Governor Mike Huckabee, a runner-up in the Republican primary, responded to Paulson's $700 billion rescue plan with this blog posting: "I'm disappointed and disgusted with my own Republican Party as I watch them attempt to strong-arm a bailout of some of America's biggest corporations by asking taxpayers to suck up the staggering results of the hubris, greed, and arrogance of those who sought to make a quick buck by throwing the dice."

Gingrich argues that the rise in American populism is not a revolt against business alone but a revolt against all elites, including government and media elites. In his mind this is the age of the populist Andrew Jackson, not the socialist Eugene V. Debs. "We have a national establishment that talks to itself," he says, "an elite that is dramatically out of touch with the people in a way that is not sustainable." By this thinking, Wall Street veteran Paulson touched off a populist revolt not only in the substance of what he proposed, but also in the style in which he proposed it - massive Treasury spending with minimal congressional control and no judicial oversight, which critics condemned as a "power grab."
Main Street turns against Wall Street

[Calvin]

Posted: 9/30/08 at 12:49pm

When Palin heard that she said: "Eugene V. Debs! That was a Supreme Court case. Right?"