Look at what happened when someone (Elliot Spitzer) tried to head this problem at the pass. Three weeks before he was mysteriously caught in a sex scandal here is what he wrote. Connect the dots people.

Good article. Greider actually suggests some ideas, other than a bailout, to solve the problem long term. What are the odds Congress will act?

As someone said, the govt had no choice with a gun pointed at the head.

Either way, you lose --- if you bail, the taxpayers lose money; if you don't bail, the taxpayers lose 100 times more.

Bill Clinton started it --- by pressuring Fannie and Freddie to give loans to low income applicants to increase homeownership even if they barely qualified. And the trend was not corrected by Bush.

So now the govt got to do what its got to do. Costly lesson learnt.

And the other financial institutions became victims of their own practices: short selling.

(By the way, the losses are spread around the world. Where did all the money go? Transfer of wealth from one hand to the other. Too complicted, but taxpayers were beneficiaries in some of these earlier transfers.)

Na........ the dem congress is never going to go for it. They won't fund the big socialistic mistake.

Na........ the dem congress is never going to go for it. They won't fund the big socialistic mistake.

#4 | Posted by Sniper

Sniper-the dems will go for it-the only hope anyone has is they build in a repayment plan AND reregulate wverything the Reps deregulated

The ongoing Wall Street business model will now include regular raids on the US Treasury to cover losses, while they keep profits private.

Net result: Americans become debt serfs to the rich.

"Net result: Americans become debt serfs to the rich.

#6 | Posted by johnjkavanagh "

We still have our guns.

This is flat out treason.
Paulson helped create this mess, now he is bailing out his friends, including foreign investors and banks he helped scam in the first place.
If i am not mistaken, helped him become a very wealthy man, in control of OUR economy and the treasury.

Men like Paulson are a threat to the security of this nation. They always have been.
The only thing he should be negotiating is how much will be left to feed his immediate family, as they drag him off to face his sentance.
Perhaps what they can afford of their own efforts- say, bread and water?

Fuck em. Let them go down.

This is just another example of how the Repubs on this board just don't know how to "connect the dots". The tentacles of the Bush crime family put the US in recession when daddy was in office and now his demon seed is doing again, but in a much more larger scale. This is not conspiracy theory stuff. This is all fact.

The same people who favor corporate welfare blather on and on about the free market and evils of social programs for the poor and disabled. And yet they still have credibility with alot of Americans, some of whom post here.

Blind party loyalty has made us a very stupid nation where words carry more weight than actions or fact.

Upon implementation of this bill there will be an even more disastrous bankruptcy. This will naturally be the United states of America. Even third world countries will be able to bid on us. That only if no debts are carried over in the purchase.

Remember that the tax rebates were going to pull us all out of our financial problems.

Just what politician(sorry) can we as a country afford?

SBA (Small Business Administration) = Socialist Bank of America. Congratulations to the neocons. They have now turned the United States into a Socialist country. Heck of a job, Shrubie.

The article makes sense, which of course means that Congress will go out of its way to ignore that advice. And McBush wants to continue Shrub's policies and actually EXTEND them into the healthcare industry. Be afraid. Be very afraid.

"Remember that the tax rebates were going to pull us all out of our financial problems."

Posted by keith204

Rebate: $600.00.
Share of bailout of failures: $3,333.00.

Suckers.

I was just thinking that if we sold all of our politicians(sorry) that that would help. Then I realized, they have already been bought.

"Rebate: $600.00.
Share of bailout of failures: $3,333.00."

And the bailouts aren't even the half of it.

"And the bailouts aren't even the half of it."

Posted by Sully

Don't blame me, I voted Badnarik.

Suckers.

Gramm-Leach-Bliley Act of 1999.
Ring a bell?

Did this not repeal the Glass-Stegall Act of 1933?

The merging of banking/commerical interests used to be forbidden......well not anymore.

Bailouts.

The money system isn't working.

As long as fiat currency is allowed to exist, we are financial debt slaves.

"Remember that the tax rebates were going to pull us all out of our financial problems."

Posted by keith204

Rebate: $600.00.
Share of bailout of failures: $3,333.00.

Suckers.

#14 | Posted by Zatoichi

SF (Sucker's Flag:>)

right on Bobotto...as usual.

Ron Paul on the bail outs

What is so frightening is that the average American voter will re-elect the congressmen and senators that approve these bail-out scams! WE ARE SOOOOOOO SCREWED!

The bailout has to happen - there is no choice. The ripple effects could shut down the world economy.

But the real thing to watch here is who gets the help. Will homeowners get help? Or will it just be the banks?

If the general public gets nothing out of this, then it should be really clear where we ALL stand compared to the corporations.

Blame Bush, re-elect the court jesters (congress)!

The 1999 Law was supported by 97 Senators, including the current Majority Leader Reid who, a few days ago admitted he didn't have a clue as to what to do in this crisis! Almost refreshing in it truthfulness and simplicity!

This is old news, Ever since the separation of investment and commercial banks, we've been headed to this point in history!

Greed is imbedded in us all, and until we get burned we are all for whatever gets us more money! Then, and ONLY then do we bitch and moan! This has been true of the life of this nation and mankind, not an indictment, just the truth!

We are ALL to blame for this, we listen to our stock broker, our banker, our representatives in Congress, and just go along because they are SUPPOSED to know! Falling into their prepaid trap, because we didn't fully understand what the CRAP they were putting out, actually entailed!

Blame the Bankers, the Brokers, the Government, but first blame US! We allowed it to happen! There were small, not loud enough, not to be successfully drowned out, voices from the back of the room (including Senators Hagel AND McCain) who said we were in for problems, very early on!

No one wanted to listen, now we just blame!

Ron Paul saw the storm clouds on the horizon.

There are plenty of good youtube links where he spells it out like it is (BTW thanks Bani for the link, I hadn't seen that one).

Why the speed to get this (bail out) done? Why lose our leverage?
==================

"Government can apply killer leverage to the financial players: accept our objectives and follow our instructions or you are left on your own--cut off from government lending spigots and ineligible for any direct assistance. If they decline to cooperate, the money guys are stuck with their own mess."

This is not conspiracy theory stuff. This is all fact.
#10 | Posted by Redsoxfan

Why is it that only conspiracy theorists say this?

Bartimus- Wha!?!?!? Why are you being trivial? You don't have to be Charlie Chan to figure any of this stuff out. Ok, you ready, Republicans (and to a lesser degree Democrats) are bad people. The Neocons and AIPAC are really bad people. There has been more than enough conclusive evidence reported in many major media to prove that there is a threat to the american way of life and those guilty are at the highest levels of american politics. The evidence of a massive fraud is piling up. Acts of treason and fabrication of "evidence" have been used to decieve the public. If you feel you are better off than you were 8 years ago then I guess you would think these are just a bunch of conspiracy theory's.

darn conspiracy kooks right again!

celisary = anticadillac?

"celisary = anticadillac?"

Well, they're both, er, enthusiastic.

Well, they're both, er, enthusiastic.

lol

"celisary = anticadillac?"

Well, they're both, er, enthusiastic.

WHERE IS CELISARY ANYWAY !!!&&***$$*&*&*

I MISS THAT CRITTER'S SUBTLE STYLE!!!!###****

: )

It would be cool if they would be so kind as to include as part of the bailout a little something to help the poor bastards who are going to make it all possible. You know, us. How about a percentage of the profits when they get out of the red goes back into the kitty for at least as many years as it's going to take for us to finish keeping their heads above water. The money can be used to give us all healthcare for 30 or 35 years, or perhaps they could increase the amount each retiree receives from social security.

I have been reading the links and info the past week...

This is not the fault of one administration or one party.
We have been screwed over by most the folks in DC. Some things I think were well intended but with disastrous consequences. Many have seen it coming. The need for reform was ignored .
One thing stands out... Fannie and Freddie were the primary culprits in the housing bubble.

Now look at the money being spent on this election as a whole...it staggers the imagination.These very scoundrels causing and benefiting from this are the financiers of our elections.
So keep screaming and pointing fingers...that is what they want you to do.
One has to only browse thru Opensecrets.org to see the influence buying.... both parties.
This didn't just happen...people have been warning about it for years.It was only a matter of when...not if.

The government needs to charge the financial institutions 35% interest like they did chrysler.

AMERICA - THE NEWEST SOCIALIST COUNTRY.

What will the next president be able to do with a min. 700 billion to over 1 trillion dollars of new added debt be able to do?

Health Care ...No
Infrastructure...No
Tax Cuts...No
Discretionary Programs...No
ETC...No

The anti New Deal (destroy) the Roosevelt revolution neo-cons are a lot of steps closer to their goal.

We still have our guns.

#7 | Posted by Dumb_as_Rocks

But we won't be able to afford the ammo.

Looks like Norquist is getting his wish...

Cast a write-in vote for Ron Paul, unless you want to feel like you're living in Zimbabwe this time next year.

We still have our guns.

#7 | Posted by Dumb_as_Rocks

But we won't be able to afford the ammo.

#42 | Posted by 726 at 2008-09-22 10:46 AM

Then I guess we should stock up... isn't that just what the Cowboy wants?

Chaos.

We are all getting another dose of Rovian/Bushco Shock treatment.

This is how we got the Patriot Act. Remember?

What IS the rush to pass something fast?

I think the only thing that has really changed is our "faith" in the "system".

SIC SEMPER TYRANNUS!

oops... That would be "sic semper tyrannis"!

(Tyrannus is apparently an immortal supervillain in the Marvel Universe...}

my spell checker don't speak Latin well either!

need more coffee!

The government needs to charge the financial institutions 35% interest like they did chrysler.

#39 | Posted by moneywar at 2008-09-22 09:27 AM |

What is the interst rate they are charging?

"The government could make a profit, a substantial profit," said Jaret Seiberg, a financial services analyst at the Stanford Group, a policy research firm. "The pricing mechanism is going to be central."