Until the stupid acts or Bush & Chaney are resolved, no it will not happen. You can not have wars on going & a strong economy. As a republican I honestly feel, Bush & Chaney are the worst of the worse. Mc Cain, I have my doubts. My act of stupidity was voting for them the 2nd time around.
Why not send that 700 billion dollars to the 200 million Americans that are over the age of 18? That comes to $350,000 per person. Deduct 30% for tax which is $125,000 give or take leaving enough money for everyone to pay off their mortage and car loans, school tuition loans etc... Wouldnt that be a better "bail out"? Isn't the mortage crisis the main problem? Heck, the government would even get a return of $125,000 in taxes from every receipant of the bail out.
Conservatism is going to have a rough ride until its leaders actually accept some responsibility for their failures and offer new ideas that recognize reality.
Though of course, a badly designed bailout that merely transfers wealth from working families to irresponsible CEOs won't do much to restore faith in what our government can do either.
PS - this is a political game of highball, where you propose something you know is outrageous so that when you give up a little, it is perceived as some great concession for glorious compromise(like what they do for levies). We must not be pawns in such a game. We must have a set of common-sense principles to guide any legislation and the overall debate.
The Feds try to justify the bailout by arguing that we need it to make sure credit remains available to businesses and consumers.
But rescuing the shareholders of the unhealthy banks is not the best answer.
Instead, to keep credit flowing, for the duration of the crisis, the government could use the $700B to guarantee new loans to businesses and consumers. These loans could be administered by credit unions, foreign banks, and the many remaining healthy domestic banks.
Don't let Bush and his co-conspirators ram yet another bad idea down your throats. Insist that your congressmen to vote against any bailout for wall street.
"Why not send that 700 billion dollars to the 200 million Americans that are over the age of 18? That comes to $350,000 per person. Deduct 30% for tax which is $125,000 give or take leaving enough money for everyone to pay off their mortage and car loans, school tuition loans etc... Wouldnt that be a better "bail out"? Isn't the mortage crisis the main problem? Heck, the government would even get a return of $125,000 in taxes from every receipant of the bail out."
By my math, that equates to $3,500 per person...I saw this e-mail going around on the net the other day. It must have been developed by (not unlike Congress) and attorney or a poli-sci major.
A strong economy can not be achieved, along with financing wars. The stupidity acts of the Bush & Cheney will not admit this.
jfuze0905. I checked the math again. 7 billion goes into 200 million 3500 times. 700 billion(seven hundred billion) (bail out amount)goes into 200 million 350000 times. I don't think my calculator is broken.
If we lived in fantasy land and infact would be getting $350,000.00 I'd be all for it. But in reality, we'd be getting only $3,500.00. I know a finance guy who works for ubs. He told me we'd be getting $350,000.00 also. I'm just glad he's not MY finance guy. 700,000,000,000.00 / 200,000,000.00 = 3500.00. The fact of the matter is, people were given loans who should not have gotten them,ie, poor people, illegal immigrants (yes illegal immigrants), etc. They call it social engineering. And it doesn't matter what idiot we have in office, Republican or Democrat. Let's get rid of all the entitlement programs too.
wparker, thanks for clearing that up...and I'm glad my financial advisor doesn't work for ubs
Yes, wparker, thank you for clearing that up. esp for people like pj with his phd in iknownothin!
You libs can blame McCain all you want, but here is the truth. Dodd, Obama, Kerry took the most money from Freddie and Fannie. Just watch this vidio. They put their buddies in to work there and they made millions. I also wonder - since there is a "black caucus", where is the "white caucus"......very interesting stuff here....
No because the real way to fix it would be to put all those CEO's in jail for how they did things,they are still there so nothing will change.
While trying to get a measure to pass, knowing that you need votes...why would you pi$$ off your rank and filers?
"Pelosi said "$700 billion [is a] a staggering number, but only a part of the cost of the failed Bush economic policies - policies that were built on budget recklessness ... combined with an anything goes economic policy, [that] have taken us to where we are today."
Typical partisan politics is the only reason!!!
I challenge those who believe that the results of this are directly related only to the Bush Adminstrative by reading the series entiled "What Caused the Loan Crisis" in the Investor Business Daily beginning on Tuesday, September 23, 2008.
"Instead, to keep credit flowing, for the duration of the crisis, the government could use the $700B to guarantee new loans to businesses and consumers. These loans could be administered by credit unions, foreign banks, and the many remaining healthy domestic banks."
Multiple bank failures, bailouts in Eurpoe...it doesn't look like foreign banks are fairing so well either.
Lack of government regulations and government oversight is what led the CEO's of these companies to rip us off.
The Republican party is the party of deregulation and no government oversight and McSame is the biggest cheerleader for deregulation. With a Republican in the white house the federal government grew by 40%.
In the last 28 years the republicans held the white house for 20 years of economic down turn while the country enjoyed the strongest economy in the countries history the eight years the Democrats were in the white house.
The Republicans had their chance and their record speaks for itself. Time for a change.
And I repeat....you Dems won't even watch this video, much less comment on it. GOTCHA!!!
You libs can blame Bush / McCain all you want, but here is the truth. Dodd, Obama, Kerry took the most money from Freddie and Fannie. Just watch this vidio. They put their buddies in to work there and they made millions. I also wonder - since there is a "black caucus", where is the "white caucus"......very interesting stuff here....
the point is we did no do this the banks thmselves scrwed themselves over.
I watched the video. I saw the part where Obama got $126,349 in political contributions from Freddie and Fannie. The video failed to mention a few other things.
You might want to check out the Senate Lobbying Database.
Rick Davis who is McSame's campaign manager made 2 million dollars lobbying for Freddie and Fannie.
Aquiles Suarez, listed as an economic adviser to McSame was formerly the director of government and industry relations for Fannie.The Senate Lobbying Database says Suarez oversaw the lending giants $47,510,000 lobby campaign from 2003 to 2006.
The lobbying firm of Charlie Mack one of McSame's top aids made $620,000 lobbying Freddie and Fannie from 1999 t0 2004.
McSame's vice-chair Wayne Berman and liaison John Green made 1.14 million lobbying on behalf of Fannie for the lobbying firm of Ogilvy Government Regulations. Green made an additional $180,000 from Freddie working for the law firm of O'Mekeny & Myers LLP.
Politico reports at least 20 McSame fundraisers have lobbied for Freddie and Fannie, pocketed at least 12.3 million over the last nine years.
Another one of your videos that fail to tell the true story. Just like your Obama/Muslim video. Oh ya, you never did answer my question tomcat. Do YOU believe Obama is a Muslim?
This is nothing but a bailout of the wealthy. During the 2003-2006 time frame when they were all making hundreds of millions of dollars in outrageous compensation based on fabricated profits and main street was barely making ends meet, did they feel sorry for us? Hardly! Now that the game, and it is a rigged game, is collapsing around then they are crying wolf and want the very same people they neglected during the good times to be their saviors!!! I say let them go down in flames. It's their mess, now let them pay the piper. Say no to any and all bailout plans.
I think a lot of people feel the same way and for good reason.
Lets remember "We the People, for the people, by the people"Forget the CEO's and the Lobbyist.
I'm against the $85,000,000,000.00 bailout of AIG.Instead, I'm in favor of giving $85,000,000,000 to America ina "We Deserve It Dividend".
To make the math simple, let's assume there are 200,000,000bonafide U.S. Citizens 18+.Our population is about 301,000,000 +/- counting every man, womanand child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billion that equals$425,000.00.My plan is to give $425,000 to every person 18+ as aWe Deserve It Dividend.
Of course, it would NOT be tax free.So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.A husband and wife has $595,000. 00.
What would you do with $297,500.00 to $595,000.00 in your family?Pay off your mortgage - housing crisis solved.Repay college loans - what a great boost to new gradsPut away money for college - it'll be thereSave in a bank - create money to loan to entrepreneurs.Buy a new car - create jobsInvest in the market - capital drives growthPay for your parent's medical insurance - health care improvesEnable Deadbeat Dads to come clean - or else
Remember this is for every adult U S Citizen 18+ including the folkswho lost their jobs at Lehman Brothers and every other companythat is cutting back. And of course, for those serving in our ArmedForces.
If we're going to do an $85 billion bailout, let's bail out every adultU S Citizen 18+!
As for AIG - liquidate it.Sell off its parts.Let American General go back to being American General.Sell off the real estate.Let the private sector bargain hunters cut it up and clean it up.Here's my rationale. We deserve it and AIG doesn't.Sure it's a crazy idea that can "never work."But can you imagine the Coast-To-Coast Block Party!How do you spell Economic Boom?I trust my fellow adult Americans to know how to use the $85 Billion
We Deserve It Dividend more than I do the geniuses at AIG or inWashington DC.
And remember, The Birk plan only really costs $59.5 Billion because$25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Kindest personal regards,
What happened to "We the people, for the people, by the people"This plan is much cheaper, and will help the American people, not the ceo's or the lobbyist.'s.
I realise Wall Street hasn't given people in the Mahoning Valley much cause until lately to think in billions of dollars , so perhaps its understandable if the decimal point is somewhat "fluid" on occasion .
Before anyone mentally spends their "We Derve It" dividend , it is NOT $425,000 each . It is only $425 - still enough for a low-budget trip to Washington.
Holy crap, I actually agree with something OldManGrump stated...probably not the first time, but definitely the most memorable.
On another note, the Grand Jury is eyeing Freddie and Fannie...this should bring some light to a lot of what was going on during 1992 - 2000...
Cambridge,You stated the following:"Politico reports at least 20 McSame fundraisers have lobbied for Freddie and Fannie, pocketed at least 12.3 million over the last nine years." If this is true, McCain sure didn't get anything near what the Dem's received from dealing with F & F.And yes, I believe Hussain is truly a Muslim in his heart, not only did he admit it, but it has been proven that he has been one if you read his book. Just read his book. I guess you think he also mis-spoke when he said we have "57 states" - give me a break. He has an agenda and I don't trust him for one second and never will.
September 30, 1999Fannie Mae Eases Credit To Aid Mortgage Lending By STEVEN A. HOLMES In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring. Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans. ''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped. Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.
Democrats covering up Freddie and Fannie - watch this one.
It's important to remember that neither democrats nor republicans are directly responsible for our current credit crisis. This responsibility rests solely on corporate greed and poor decision making on the part of borrowers.
The democrats (obama/pelosi) have gone on record saying that the lack of oversight by our current administration and corruption in D.C. are to blame. Last time I checked, a free market is suppose to be just that...free. Beyond prosecuting white collar criminals, I don't think the government should be getting to involved in our capitalist economy. Socialism has failed in other countries, lets learn from their mistakes.
With that in mind, I don't think we should be spending $700 billion to bailout lenders/banks who acted irresponsibly. Many shareholders have lost a boatload in the recent bankruptcy's of banks such as Lehman Bros. and IndyMac. Why should taxpayers line the pockets of CEO's when so many shareholders and investors have lost a fortune. I just don't believe any oversight will be adequate enough to prevent CEO's from taking lavish bonuses while running their companies into the ground. If they can, I look forward to hearing how they will do it. Perhaps Thursday we'll hear some new idea's. Until then...I say no!
"As I listen to Senator Obama speak in Wisconsin today (Wed, Oct 1st) he states that he will make sure a plan is in place for MIDDLE CLASS AMERICA in the Bail Out Package. Someone needs to inform the EMPTY SUIT that MIDDLE CLASS AMERICA is the Bail Out Package. As long as you are not on welfare or an illegal immigrant receiving a FREE monthly check, FREE medical benefits and FREE housing you must go to work (as an employee as well as small business owner) everyday and pay your taxes and your own way because NO ONE is going to Bail you out. He also proposes to cut taxes for 95% of middle America, National Health Care, rebuild infrastructure, build new schools, lower the cost of college education, 500 Billion for new energy programs just as a start. Cut taxes and increase spending...the last time I heard or read of a Miracle of that magnitude was when Jesus Christ fed the multitude with only 5 FISH and 5 LOAVES of BREAD. AAAAAAMEN"
Bill BalsamicoCasa D'ice
Unfortunately the bail out is also a pork out - a ton of pork unrelated to the original problem was attached to this bill. And McCain voted for it and Palin doesn't get it. Check out http://www.palinomaly.com for more on the Republican Party's misguided VP nominee.
I thought Obama voted for it as well. Surprisingly he didn't cast a "present" vote.
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