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How the Rescue Bill Politics Did (and Didn't) Change

By Ben Pershing

The second time was the charm for the House of Representatives, which began the week by sending the stock market into the tank with its defeat of the financial rescue bill, and has ended the week by approving a modified version of the measure by a comfortable margin.

On a basic level, the change from Monday's vote to today's tally is clear: The number of Republicans voting for the bill went from 65 to 91, and the number of Democrats in favor from 140 to 172. Those increases are attributable to four main factors: 1) Monday's 778-point plunge in the Dow, which spooked many lawmakers; 2) The apparent swing in public opinion after the initial defeat; 3) The addition by the Senate of several expensive goodies, including business tax breaks, an increase in FDIC insurance on bank deposits, and mental health parity legislation; and 4) The hard work of leaders on both sides of the aisle to coax more members into the "aye" column.

But before you decide that the rescue bill must have turned from a political loser to a political winner in a week, note what did NOT happen: Vulnerable lawmakers, with very few exceptions, did not switch their positions, still voting overwhelmingly against the bill.

The numbers tell the tale. Using the Rothenberg Political Report's House ratings as a guide, there are 44 incumbent House members who face notable challenges in the November, ranging from contests that are potentially competitive to those that are very tight. Of those 44, nine voted in favor of the rescue bill on Monday. Today, 12 vulnerable lawmakers voted aye, meaning that just three switched their votes -- GOP Reps. Randy Kuhl (N.Y.), Joe Knollenberg (Mich.) and Jean Schmidt (Ohio).

All the other vulnerable members stayed in the "no" column, though a few of them may have been willing to switch if their leaders' really needed them. Still, the bottom line is that while 60 percent of the House backed the rescue today, just 27 percent of the members worried about the November election did. One of those lawmakers, Georgia Rep. Jim Marshall (D), has already felt the need to air an ad in his district just to explain to his constituents why he voted in favor of the bill on Monday. How many more bill supporters will feel compelled to do the same in the next 32 days, and how many others will brag about their opposition in their races? The legislative fight over the rescue bill may now be over, but the political fight is just beginning.

By Ben Pershing  |  October 3, 2008; 2:25 PM ET
Categories:  2008 Campaign , Agenda , Economy Watch , House  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Explainer: How the Senate Rescue Bill Is Different
Next: Ethics Panel to Investigate Mahoney, Sort Of

Comments

Wouldn't it be ironic if GW vetoed it.

Posted by: Anonymous | October 3, 2008 3:14 PM | Report abuse

This rescue was needed for the following reasons; 1 - First and Foremost) lots of people, and this means taxpayers, stopped paying their mortgages. Stop whining about some lender that broke down your front door and made you sign a stupid mortgage.

2 - Carter and Clinton made banks, and Fannie and Freddie in particular, give loans to non-credit worthy people.

3 - wall street facilitated the transactions.

4 - the bond raters, S&P and Moody's were incompetent.

5 - When restructuring for Fannie and Freddie in a bill in 2003 proposed by Bush the Democrats blocked it.

6 - When McCain proposed a bill to restructure in 2006 Dodd and Obama helped block it.

The ones getting hurt are the taxpayers that did not walk on a mortgage. Period.

Posted by: Robert NYC | October 3, 2008 3:16 PM | Report abuse

Instead of bailing out companies who took the free market economy test and failed (took risks and lost) why doesn’t the government buy those companies completely (nationalize them)? It would probably be cheaper than the $700+ billion and would at least give some assets to the nation in return instead of accumulating more foreign owed debt that my children’s, children’s, children’s, children’s, children’s, children will never be able to pay off.

Posted by: Rick Johnson | October 3, 2008 3:18 PM | Report abuse

A bunch of pork was added. No fundamental protection for taxpayers to get their money back and regulate these criminals was added.

Posted by: Porky Pig | October 3, 2008 3:19 PM | Report abuse

1) Monday's 778-point plunge in the Dow, which spooked many lawmakers;

The bill has passed both houses and it is still going down. Congress should *not* make decisions based up on Market trends. Wall Street basically said, "if you don't give us the money, we will nail you to the wall".

Anybody else know who Nicholas Biddle is? He was a Wall Street tycoon during Andrew Jackson's term as President. (1830s)

http://en.wikipedia.org/wiki/Nicholas_Biddle_(banker)

Here is the only quote you need to read:
=-=-
To fight back, Biddle decided to shrink the money supply and cause a recession in 1834 to force Jackson to accept a re-charter bill. The Bank demanded that old loans be repaid. It made no new loans.
=-=-

Jackson called his bluff and won. But the economy took a beating. It takes a strong President to stand up to Wall Street. Too bad we no longer have leaders like Andrew Jackson when it comes to Economic issues.

Hopefully people will now take a second look at Presidential Candidate Bob Barr instead of our two Wall Street yes men running in the R and D columns.

Posted by: Cade Thacker | October 3, 2008 3:26 PM | Report abuse

I understand Carter and Clinton wanted to help low income people get homes. But did Carter and Clinton agree and abet giving mortages to unqualified low income people?

Posted by: L E Peck | October 3, 2008 3:28 PM | Report abuse

@RobertNYC -
Stop whining about how the Democrats caused this and the Republicans would've prevented it. That's plain bunk.

This crisis was caused by greed, plain and simple:

1) A lot of homebuyers bought homes they couldn't afford - because they were hoping that home prices would keep going up and their rising equity would counteract their inability to pay. Greed.

2) A lot of lenders marketed and granted loans to people who the lenders should have known were large risks, but like the buyers, they were banking on the housing bubble continuing to grow and wanted to cash in on that bubble. Greed

3) Investment firms bundled and sold these mortgages without really paying any attention to whether or not they were risky or not. The housing bubble was going to keep all of them profitable. Greed.

4) The Federal Government (both the Legislative and Executive branches and both the Democrats and Republicans) raked in the benefits of lobbying dollars and campaign contributions from the banks and investment firms. Due to these dollars, the Feds loosened (or kept loose) the regulations that could have prevented this. Greed.

So now, the whole country suffers (including a load of children yet to be born). The winners? Those firms that manage to get a contract from the Feds to manage the mortgages bought with the $700bn.

Posted by: philko | October 3, 2008 3:34 PM | Report abuse

Up until recently, I have been trying to decide between Obama and McCain, but my decision has been made: Bob Barr. It is not only absurd, but abusive for any elected official to think that a provision regarding wooden arrows (or rum, or any of the other unrelated additions) is an 'improvement', but a provision requiring the institutions gaining assistance to actually USE the funds to improve the flow of credit (which allegedly is the whole point) is a bad idea?

Posted by: ScottInMA | October 3, 2008 3:37 PM | Report abuse

The last time there was a dedicated Congressman who did not add (correctly said--sneak in perks ) emoluments to favor his district was when Hector was a pup.
All we need are a few more Barney Franks in the House and we can let all the dogs in Congress take their goodies quietly by sneaking in favors to profit hungry Wall Street manipulators. We, as quiet citizens, will be lucky to end up with a dog house and the dedicated (?) Congressmen will retire with under the table riches, tax free pensions, free medical care, on and on. The system is too fouled up for our democratic form of government to correct itself.

Posted by: numinski | October 3, 2008 3:43 PM | Report abuse

anyone know how I can check how my house member voted. I want to make sure he gets really screwwed this november if he voted for this. I think he did. Tom Davis?

Posted by: vengeance | October 3, 2008 3:48 PM | Report abuse

Posted by: ScottInMA | October 3, 2008 4:01 PM | Report abuse

"This rescue was needed for the following reasons; 1 - First and Foremost) lots of people, and this means taxpayers, stopped paying their mortgages. Stop whining about some lender that broke down your front door and made you sign a stupid mortgage."
Posted by: Robert NYC

You are uninformed, partisan, or just idiotic. Are you aware that mortgage brokers were signing up dead people and Alzheimer's sufferers? That they asked for no income verification, and in some instances were forbidden by their companies from verifying income? Altered loan documents after they were signed? That one lending company alone settled a case in which it had deceived two MILLION customers? This was, purely and simply, massive fraud enabled by no oversight because Republicans eliminated all regulatory boundaries. Maybe this will help: http://www.cjr.org/essay/boiler_room.php?page=all

Get informed.

Posted by: edwcorey | October 3, 2008 4:02 PM | Report abuse

What happened to FHA underwriters are they not somewhat responsible for some of this mess??

Posted by: Gary | October 3, 2008 4:29 PM | Report abuse

think this vote is the worst betrayal of the trust of the American people I have seen in my lifetime. I know there is great rage out there. Personally, I vow not to forget, and I will not vote for anyone who voted yes on this bail out. I wonder, how many others who are angry like me will keep the promise they make today not to vote these gutless wonders back into office.

Posted by: Madeleine | October 3, 2008 4:29 PM | Report abuse

Mr edwcorey.... Are those Republicans named Carter, Clinton and the current congress which is Democrat???

Posted by: Fred Peters | October 3, 2008 4:34 PM | Report abuse

Take all the top 20 people in every financial insitution involved in this debacle and make them pay back as much of the damage they have caused by their unbridaled lending to uncreditable borrowers. Then take all the loans officers and the top 20 and fine them at least 2 years pay for being irresponsible.

It seems harsh but then again people have to learn their is no free ride everybody has to learn to live within their means, and that consumerism cannot run unchecked for ever.

We have to learn that just because that new TV or dvd is out there, we dont have to have it! The world and we will survive if we just get back to the basics

Posted by: Bob Budd | October 3, 2008 4:47 PM | Report abuse

Author Ben Pershing and the editor of this article seemingly did not read through this before posting it; there are simple grammatical mistakes all over. Does The Washington Post really need a lesson about proof reading? Pitiful.

Posted by: Anonymous | October 3, 2008 4:48 PM | Report abuse

It's nothing short of theft.

No incumbents will be getting my vote.

This does nothing for the economy, in fact, 400 economists signed a letter to the House saying this bill would damage the economy.

Joseph Stiglez, the nobel economics prizewinner, said this bill would do nothing.

Did WaPo report it?
Did the Main Stream Media provide these varying veiwpoints.

Absolutely not.

Here's the quote of the day:

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."

--Thomas Jefferson, 1802

Posted by: WayOffBase | October 3, 2008 5:01 PM | Report abuse

No, the House didn't want anything to do with the bill earlier in the week. They wanted to wait until the Senate had piled on the pork before they pushed this through.

Sarah Palin is right. We, the people, need to take our government back from the liars, crooks and thieves. There are so few honorable people in the House and Senate it's incredible.

Posted by: waterfrontproperty | October 3, 2008 6:11 PM | Report abuse

IT'S A WASTE OF TIME PARTICIPATING IN THIS DEMOCRACY ISN'T IT? THE LEADERS DO WHAT THEY WANT, NOT WHAT THE PEOPLE WANT. ONE STEP NEARER TO THE NEXT CIVIL WAR I GUESS.

Posted by: Anonymous | October 3, 2008 7:12 PM | Report abuse

The economy will not get better until people learn math. If you make 50k a year, you can not afford a 300k home. Period. You can if you save 40% down, but the people who think interest only and ARM's will be around next year got it wrong.

Pay 20% of your net from a single income in a household for your mortgage and then hope you don't get laid off from your job. Unemployment income does not pay large mortgages. It might buy food.

Until the value of "0" increases, home values should never approach the values we have seen in the past 10 years.

If you want to buy a 300k home, save your money for a large down payment.

Posted by: mlimberg | October 3, 2008 7:18 PM | Report abuse

Robert'

How about a little logic and truth. Carter and Clinton didn't make the banks do anything. Republicans Phil Gram and James Leach introduced legislation to repeal provisions in the Glass Steagall. A republican congress passed it in the Clinton administration.

Subprime loans have been a known problem for over 2 years. The Bush administration watched and did nothing until it was too late.

Posted by: Matt | October 3, 2008 7:21 PM | Report abuse

It was Bush's man Hank Paulson that promised the market a bailout package and set the stage for an economic collapse if Congress didn't give him the money. Too bad that Bush fired his first Secretary of the Treasury McNeil that dared to tell the truth about the projected cost of the Iraq misadventure. They added billions in pork to get Republican votes. If you don't like the bailout (I don't), blame McCain who says he made it all possible.

Posted by: Rodney Lamprey, jr. | October 3, 2008 7:21 PM | Report abuse

i agree that it was greed, however the solution alludes me not being a financial wizard. I use to feel confidence in our leadership or the government as a whole, I am afraid I cannot say that anymore.

Posted by: Anonymous | October 3, 2008 7:26 PM | Report abuse

We are screwed.
Congress just extended the time it will take our economy to recover by YEARS in exchange for a few feel-good months, if that. It's like using a band-aid on a jugular vein.
Vote 'em all out - every one of them. No McCain, no Obama. No incumbents. They don't listen to us so they don't deserve their positions.
Civil disobedience may be the only option left to combat such blatant fascism.

Posted by: Craig | October 3, 2008 7:36 PM | Report abuse

The last few myths about the America we have become were exposed today: we are a nation too lazy to read, so we let television journalists peddle talking points and sound bites in lieu of factual reporting and critical analysis. As for the theory that American voters will punish their representatives in Congress for the largest embezzlement in the history of the country, don't count on it. Voters will continue to support cash advances and printing more money as long as there's a quorum at the Capitol willing to approve it.

The time to make a stand was yesterday when it might have made a difference. I called Representatives Bachman, Boehner, DeFazio, Blumenauer, Hensarling, Shimkus and Wu, but I knew it was a losing cause. Why? None of their phones were busy, as they had been on the previous Friday, Saturday, Sunday and Monday when I called them as well.

Who's to blame for all this? We are. We get the government we deserve.

Posted by: ted in pdx | October 3, 2008 7:41 PM | Report abuse

The BAIL-OUT plan hadn't even got through the House before California had it's hand out to be the next entity bailed out by congress to the tune of 7 billion dollars.
There won't be a BAIL-OUT for individualls and small businesses, only government, big corporations, and states.
Of course, Congress has no money, what it does have is a running $10 TRILLION dollar deficit. But not to worry, Congress will borrow trillions more from the world in your name until the world owns Congress and America loses her sovereign status under a mother-load of world debt.
Your children will be called Americans in name only, they're souls will belong so securely to the rest of the world, even God, for the few who will still believe in such a premise, won't help them.
As we go with socialism and elect a Democratic Party one-party power answerable to no one, our Supreme Court and all federal courts will be packed with socialists and our freedoms will be taken, one by one.
Sound far fetched or way off in time? Give it a couple of years....
http://americanpoliticalblog.wordpress.com/wp-admin/

Posted by: Larry Clifton | October 3, 2008 8:20 PM | Report abuse

philko and mlimberg, so far i like your posts the best.

Posted by: Anonymous | October 3, 2008 8:31 PM | Report abuse

TODAY, THE MARKET WAS UNCERTAIN IF THE REVISED BILL WOULD PASS AFTER SENATOR MC CAIN CAUSED A WORLD WIDE LOST OF $2 TRILLION DOLLARS IN STOCK MARKET VALUE ON MONDAY.

Posted by: Futurejumps | October 3, 2008 8:32 PM | Report abuse

I hope you Congressmen who voted for this mess realize that those of us who did not had good reason not to.
A "leading expert" was just on CNN now, saying he had seen no evidence that this bailout package would result in a measurable improvement. Maybe by the end of 2009, if we're lucky, he said.
He also said that in order to be honest with us, Bernanke should have said that this bailout might, or might not work.

Wouldn't it have just been better to swallow the bitter pill now, and let the ringleaders behind it all swallow the pill too.
Then we could REALLY start from scratch and build a decent new system on real Democratic principles within a Democratic government?

But no, I hear you protest:
Bernanke and Paulson and Bush wouldn't like that.
Much too simple.
Much too ethical.
Much too fair.

An amended piece of excrement still smells of excrement.

Posted by: wardropper | October 3, 2008 8:59 PM | Report abuse

Isn't it ironic that the very capitalist principles that flag-wavers preach make this country great are the ones that brought it to its knees? The passage of this bill proves what your elected government really thinks of the public and its opinion. After this vote, I challenge any taxpayer to look me in the eyes and, with a straight face, tell me that America is the greatest country in the world. Any taxpayer.

Posted by: Kelly | October 3, 2008 9:13 PM | Report abuse

SHAME

QUO VADIS AMERICA ?

Posted by: Edward V. Stalzer, M.D. | October 3, 2008 9:15 PM | Report abuse

I personally am ready for a revolution...Everybody in congress and the majority of leaders in government care for only themselves. This is B.S we've been had people. Robbed in the open... The majority in Washington should be hanged for treason... Viva the Revolution!!! We are now a facist dictorial state... Fk this country and it's citizen's for being so openly retard and blind... I can't wait for the civil war.. OH Yeah it's coming...YOU ARE STUPID AMERICAN'S IF YOU BELIEVE THIS WAS NOT THE GREATEST THEFT IN OUR HISTORY...The good ol' United States died today October 3rd, 2008

Posted by: a pist off american | October 3, 2008 9:19 PM | Report abuse

One more thing: people are claiming they will extract justice by voting out all incumbents come November. It's too little too late, and won't change the fact that the bill has already been passed. Today this government proved that our opinion isn't worth noticing. We have to do something that will make them pay attention. Our voices aren't enough to make them hear. We need to do something that will guarantee they will listen.

Posted by: Kelly | October 3, 2008 9:21 PM | Report abuse

This bill should never have been passed with the millions for pork added to a bailout. What idiots but Congress would add pork to a bailout, that taxpayers would have to pay.
Either one of the Presidential candidates mentioned any pork on a bailout. I was voting for Obama, but at least McCain has stated, that he would veto any pork projects, and list the names. Congress is not looking after the taxpayer. Now, they will probably want to bailout California at taxpayers expense; the only thing is a need to control immagation in California. Enough is enough. Wish that someone could bail me out!

Posted by: Mim | October 3, 2008 9:40 PM | Report abuse

Let face it. This is not an act of God.
Will anyone make all those white collar thieves accountables for this economical disaster?
If we do not see at least a couple of dozen of these guys going to jail...in what moral ground our judicial system can punish members of the organized crime, petty thieves, pickpocket, shoplifters, etc

Posted by: Carl R. | October 3, 2008 9:45 PM | Report abuse

Ladies and gentlemen, fellow Americans, esteemed members of the press:

The average citizen was robbed today. The rich will indeed get richer, but the poor will remain poor.

Thank you, and goodnight, Democracy.

Posted by: rckstrdave | October 3, 2008 9:50 PM | Report abuse

To say that Carter and Clinton caused this is delusional in the extreme. The Republicans, and specifically George Bush & Richard Cheney are responsible for this entire sinking ship. Michael Moore was right, this "president" has failed at every thing he has done. Obama said "they must think we're stupid". Boy, there's the understatement of the year. Unfortunately, they're right.

Posted by: Steve 2 | October 3, 2008 9:52 PM | Report abuse

So all you outraged people - did you write your representatives and ask them to quit spending money we have to borrow to fund the war in iraq? no? What about the great joy with which they borrowed a billion to give the Georgian president?

We have got to come to our senses and stop sending people the the WH who think the solution to all troubles is to give more tax breaks and less regulations to big business.

We need to modernized and enforce the regulations we have. There is a great myth about our corporations being overtaxed, it fails to mention their teams of lawyers that exploit loopholes and so the amount of taxes collected from corporations has steadily decreased over the years to the burden falling on the main corps of tax payers, middle america.

It's time to elect a president who invests in our people - mainstreet as they say. A president that looks for the long term well-being of our country and invests in its own people first. We need to ensure our children get a 21st century education and a minimum level of health care. We need to invest in American infrastructure, power, water, roads. We need an energy project as great as our space program was to solve the oil independence problem.

I'm voting for the calm, cool and brilliant Barrack Obama.

Posted by: Anonymous | October 3, 2008 10:00 PM | Report abuse

all this for favoring wage servitude and labor slavery.

Posted by: dontmatter | October 3, 2008 10:03 PM | Report abuse

Robert has got it pretty right, the taxpayer in time will get this money back. This has happened many times before through the centuries. I wish Mark Twain was still around to provide his scathing wit to the nitwits in charge of this government. If you want to be mad at someone check out who's been in charge of the fannie and freddie and how much bonus they received in the last decade. Raines and
Frank are two easy names that come to mind.

Posted by: the sky is falling | October 3, 2008 10:04 PM | Report abuse

As I see it and try to understand the actions of our leaders here is my understanding.
The Banks are servitors. Loans were made by borrowing savings account deposits. Mortgagees were consumers of bad loans secured by promissory notes. Promissory notes were bundled into security investments as inflated assets and purchased by investors via stocks for percentage of ownership. Stocks get sold and stock owners buy and sell daily. Crisis of bad loans becomes known. Stock drops and delistings occur.Swaps occur. Stock owners do not get the distribution of profits from mortgage insurance and forclosure sales. Banks acting as servitors for the owners(stock investors) foreclose for face value of owed loan balences.Pure profit, justified using the losses of the owners(stock owners )and a small loss of servitors income stream for servicing, is made without having to distribute the gains to the owners. Losses on paper disguise the gains. $700 billion is rewarded. Most promissory notes state money recieved to cover losses in excess of amount needed to cover loss amount is to be given to the borrower or applied to principle. Borrowers already lost the property due to foreclosure. Servitors Milk the system and pretent to be the victims. The tax payers who pay for the protection services foot the bill of the uninformed poor choices made by uninformed leaders who know something needs to be done before understanding who the true victims are.
Calling this crisis the greatest St. Louis Shuffle in history - would be an understatement.

Posted by: Joe Schoettle | October 3, 2008 10:06 PM | Report abuse

vote all of them out including Mccain and Obama ! it is that simple.

Posted by: Peter | October 3, 2008 10:15 PM | Report abuse

In all of these comments, there is no mention of Fed Chairman Alan Greenspan who kept interest rates artificially low which punished savers and encouraged speculation. He is the primary individual at fault that fostered the environment which made all of this economic mess possible.

It seems that Bernanke is following down the same path.

Posted by: AG - Who Me? | October 3, 2008 10:15 PM | Report abuse

How the HELL do you all think this is going to help the US Citizen? If you ask me your putting the United States of America farther in debt! You (the government, senate and house of rep.)need to stop helping the BIG corprut companys and concentrate on the little guy. The people that made this country what it is!Start listing to the little guy. Stop listing to the corporation with all the money,(so they think). The indivual person made this country and the corpuration are driving it down.

Posted by: Michael Anthony | October 3, 2008 10:17 PM | Report abuse

Boy... what great representation by our elected officials - NOT!

This bail-out will not help "Joe Main Street" - it only keeps the greedy money movers in business.

"Credit will dry up" if we don't do anything - just a scare tactic. Credit will be tight and only credit worthly people will be able to borrow (as it should be).

It's time to clean House and Senate! It's our (the voters) turn to send a message - throw the bums who voted for this $700 Billion + just added $115 Billion ear marks, out of office.

Posted by: Mad as Hell | October 3, 2008 10:19 PM | Report abuse

Today Mr. Bush and Congress signed death sentence to the USA as we know it and because both presidential candidates lobbied and voted for it - there will be no pardon.

Posted by: Paul | October 3, 2008 10:19 PM | Report abuse

Don't blame poor people for this mess, Champ. An earnest political effort to putpeople in their own homes was perverted insanely into a con game by people who knew better. Stop the racist bull crap. Wall street lapsed into the same incestuous interference and lemming race to oblivion as Bush and the neocons back in 2002/2003---"we make our own reality". There were voices who were calling out the grand delusion of mortgage backed securities years ago but no one listened to them. This is what happens when you take the cop off the street. Ten years ago there was this idea that it didn't matter if your dot.com company made the worst product in the sector. If you got on the internet first it was assumed you had the best advantage with regard to market share and people dumped insane amounts of money into these stocks based on this flawed reasoning. The lessons of that fiasco were only a short time ago, as was the Savings and Loan debacle, but how soon we forget the dear price of irresponsible oversight. Don't let anyone tell you the free market is better served without governmental oversight. Pluralistic ignorance is a real human phenomena equal to unbridled greed and needs to be called out and stopped by responsible adults. Apparently our government needs to find some of these folks capable of actual responsibility.

Posted by: Scatoma | October 3, 2008 10:32 PM | Report abuse

So essentially what the article at the top says is that 60% of "our" representatives voted against "our" wishes, and 73% who REALLY want to get re-elected voted FOR our wishes.

Do I have that correct?

Did the job description: "representative" get dropped somewhere along the way?

Posted by: tiredof bs | October 3, 2008 10:32 PM | Report abuse

I'm at a loss to even remotely understand what the "mental health parity legislation" part has to do with the bailout. Not only will the taxpayers pay for a short-term fix that very well might explode into more economic problems later, but I guess we also get to pay for our wonderful leaders' mental health later as well. Hope to see a couple of golden parachutes on the way down in our lead balloon!

Posted by: Landrum | October 3, 2008 10:33 PM | Report abuse

When did lieing and stealing become part of the American political process? I have always been very proud of my country ,but with each year that passes I become more saddened and ashamed. The people that did the crime aren't doing the time. We the American people are. I can't believe we the American people have been so blind. It's time to open our eyes and clean house in Washington.

Posted by: Nana | October 3, 2008 10:37 PM | Report abuse

Agreed. A serious civil unrest period is needed.

Simply bartering as much as possible with each other with no regard to taxes or laws that say we cannot support ourselves in times of great need.

Simply put the government is saying it is ok for Wall street and company executives (who killed the company) to receive their bonuses from US. (Since the company no longer exists really) is nuts. But we cannot make $100.00 to feed our families if we do work for a living.

The executives get the following like any other employee of that now defunct company:

1. Your last paycheck
2. Your 401k (If all other employees get it too)
3. A clear route to the door.

NOTHING ELSE! PERIOD!

If not. CIVIL WAR IS IN FACT NEEDED FOR THE SECOND TIME IN HISTORY AS WELL.

CIVIL WAR IS GOOD IN DRASTIC TIMES AS THESE! AND NEEDED WHEN THE GOVERNMENT FAILS TO ACT ON OUR BEHALF. THE CONSTITUTION DOES ALLOWS THIS. IT ALLOWS ALL AMERICANS TO FORCIBLY REMOVE EACH AND EVERY ONE OF THE CONGRESS MEMBERS IF SO NEEDED. IT JUST DOES NOT ALLOW ABOLISHING THE UNITED STATES AS A WHOLE. AS IN THE ACTUAL GOVERNMENT (ON PAPER)

READ IT! READ IT GOOD.

Posted by: me | October 3, 2008 10:49 PM | Report abuse

I emailed each of my Congressional reps to let them know how I feel about this bailout. Wrong. It's wrong. And it solves nothing. A bunch of rich guys who were staring the poor house in the face just got saved, that's it. Trickle down? Jobs? Please. They've been sending our jobs overseas for 20 years and they won't stop until the only jobs left are at Wal-Mart. We'll all work there, shop there, and probably have to pitch tents in the parking lot because we won't have homes.

Posted by: Sheila | October 3, 2008 11:07 PM | Report abuse

The only thing I disagree with when people call for a revolution is that it is too early to do so at this time. Right now we're mad, in awhile we'll be hungry. I don't know exactly when it will happen but it is inevitable. With $700,000,000,000 stolen in this fiasco and untold money and lives wasted in a "war" that has made the richest of the rich more money than god and a deficit being handed down that is virtually impossible to pay off. WHY IS NO ONE DEMANDING AN ANSWER TO THE MOST OBVIOUS FREAKING QUESTION IN THE WORLD: Where is the money going to come from??? Instead these blood-sucking politicians talk in generalities and rely on their constituent's ignorance and acceptance of the status quo. It is my belief that we will go into a recession for a relatively brief period before all hell breaks loose. When people can no longer afford food to feed their families and their houses are taken by the very people that were bailed out of this mess, those people will turn to the forgotten Declaration of Independence and remember the paragraph that says:

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

Abe Lincoln is rolling over in his grave; for too long we have been a government for the corporation by the corporation. Our politicians are bought, sold, and controlled like cheap marionettes. We do need to overthrow this doppelganger of Democracy but it won't happen until people are starving, and you mark my words starve they will.

Without even knowing it, the politicians didn't just sign a bailout full of pork, they signed their own death warrants.

Posted by: $700,000,000,000 Poorer | October 3, 2008 11:45 PM | Report abuse

Hey "me":
As far as I'm concerned, a second civil war is preferable to this blatant fascism which will loose all its luster once it sinks in with the vast majority of dullards just how deeply & thoroughly they've been screwed. They'll take note when beer rises to $20 a six pack then disappears off the shelves entirely.
I'm so angry about this I'm cross-eyed.

Posted by: Craig | October 4, 2008 12:16 AM | Report abuse

Henry Paulson under Bush just engineered for us taxpayers to shell out $700 billion to bail out the fat cats that were Paulson's partners and colleagues when he was running Goldman Sachs. This is Socialism for the crooks that were the engineers of this country’s financial debacle. These Wall Street fat cats who were Paulson's partners and colleagues and not most taxpayers, are his real constituents (although technically he has no consitutent since he wasn’t elected; Bush appointed him.) I, for one, certainly don’t want him being in charge of $700 billions tax payer’s money!

In a Bloomberg article by Mark Pittman 11/5/07, Goldman Sachs made $3 trillion dollars in the previous 3 years with Paulson in charge, off of subprime mortages. Investment firms gorged themselves off these bad mortages by repackaging them into securities and selling them to unsuspecting investors.

The ironic thing is that while Goldman under Paulson was feeding off of and into the mortgage debacle in this way, it was feeding off of it another way. Paulson knew the mortage market was going to crash, so he bet against the mortgages by setting up a fund called the Paulson Credit Opportunities Fund that sold insurance policies against bad debt. In 2007 the fund returned 600% or $4 billion! While this was going on Paulson was on the news networks telling everyone that the housing crisis was "contained” and that he had a lot of confidence in the mortgage market..

He helped to defeat a bill by Brad Miller and Barney Frank to make firms that package and sell subprime mortgages liable for damages if loans violate minimum standards, including ensuring a borrower's reasonable ability to repay.

He is a fat cat crook whose interests lie on Wall Street and who has been stealing your money and my money. And John McCain wants to keep him around Washington if McCain becomes president !!(Wall Street Journal, 10/4/08)

Sources:
http://realestateandhousing2.blogspot.com/2008/09/henry-paulson-fraud-or-gross-negligence.html

http://www.davemanuel.com/2008/01/15/paulson-credit-opportunities-fund-how-the-fund-had-such-an-explosive-year-in-2007/

Posted by: Anonymous | October 4, 2008 2:06 AM | Report abuse

If you want to look at legislations as the cause of the mortgage meltdown, then lets consider the following:
The Deposit Institutions Deregulation and Monetary Control Act 1980 was passed by President Jimmy Carter (Democrat). The Glass Steagall Act was repealed under this Act.
Further, if you want to include the most destructive and root of all legislations, the Community Reivestment Act CRA 1977 (again passed by President Jimmy Carter) banks were forced to provide "affordable housing" to those who cannot afford it. Otherwise banks could not branch, expand business, in general, continue banking opeations effectively.

It required Fannie Mae and Freddie Mac, to devote a percentage of their lending to support affordable housing. This in part, contributed to increased Fannie Mae and Freddie Mac pooling and selling of such loans as securities , (i.e. securitization), and expanded the secondary market for those loans.

ACORN, for example in Chicago, (Obama was their lawyer), would intimidate banks with litigations to lend to those who could not afford it.

So if you want look at legislations, then blame the Democrats, under President Jimmy Carter.

Posted by: gme | October 4, 2008 9:39 AM | Report abuse

$700 billion will not be enough. $2-5 trillion are estimated to be needed in future bailouts....maybe. The deleveraging can not be stopped. The collapsing derivative market is too big by a 100 fold.
$700 billion is the nail in the coffin for any hope of future funding of Social Security and Medicare. It will bankrupt the US government. The money must be repaid by taxpayers someday. It is the straw that breaks the camel's back according to the IOUSA movie.

Since it is not enough, please let the free market work. We needed to let the big banks go bankrupt that were incompetent enough to invest in these derivatives based on housing prices never going down. And they will go down AT LEAST another 25%. The housing bubble is collapsing. The financial bubble must collapse too to remove the excesses from the system.
In 1907 most big banks did go bust. The country was fine in two years. Pouring money into this black hole will prolong our economic agony for decades.

Vote against anyone who favored this bill.
They will vote for more!
Please get us back on track. Thanks.

Posted by: RamseySt | October 4, 2008 11:22 AM | Report abuse

You all can complain as much as you like, but for myself, I and my family are free from taxation. www.losthorizons.com/ It doesn't mean I don't care, I'm just doing something about it.

Posted by: AR | October 4, 2008 11:22 AM | Report abuse

"2 - Carter and Clinton made banks, and Fannie and Freddie in particular, give loans to non-credit worthy people."

And during the intervening Reagan and Bush years, those policies... ended? Continued?

I'm so tired to the endless attempts by right-wing morons to say that everything bad that has ever happened in America is somehow linked to Clinton. Here we see Carter added in, why? Only because Clinton wasn't yet in office, so he can't be blamed.

Eight years, folks. Six years of lockstep, rubber-stamp, whatever-the-President-wants legislation. And your golden boys did NOTHING positive. Debt soared, government grew, and the economy collapsed.

You could've changed anything that Clinton did. If it didn't get changed, it either wasn't a problem or you were too busy cutting every tax and regulation possible to notice.

Posted by: Jamie | October 4, 2008 11:26 AM | Report abuse

Let's face it-half of the voters are of below average in intelligence, and they are easily fooled by slogans, lies, and rhetoric. The net result is our current government-a cash cow for crony capitalism, which has just been milked to death for the benefit of special interests.

The foxes are guarding the hen house, and their name is the Republican Party. Between panic and greed for the pork barrel provisions, enough Democrats caved in to the Bush administration, and now we are each of us, man, woman, and child, $4,000 poorer.

Nationalizing the failed institutions was the only rational and honorable course, and we did not take it because of greed, stupidity, and panic.

Posted by: Tim Dunn | October 4, 2008 12:53 PM | Report abuse

I will say it again:

After the first (no) vote, the members of the press deployed notions like ‘the calls are favoring the bailout supporters’ and phrases like “sweeteners” in order to seize control back from the thousands if not millions of citizens who had been calling the Capitol in order to get “this thing” passed.

They got tired of the drama, of drama period. This past year has taken a heavy toll on those covering events, and perhaps like Congress, they wanted their break too.

We all like our little routine: we like to wake up in the morning and have a good idea of what will happen in the next x number of hours in order to get us out the door and on our way.

The reporters are no different.

The problem there is, however, the impact of this desire of theirs is quite huge, disproportionately so.

Citizens too broke routines by following this story as none before (not Obama, not Palin – gosh, who really CARES about the silly VP debates?) and by calling and by surfing the net to find out what else we can do. Some have even made the time and effort to get out there and protest.

The press tried to dangle the shiny object of mccain-biden-palin-obama in our faces, and a lot of us took our eyes off the ball. This past week, the presidential race was NOT the news. The bailout was.

Posted by: junglegym | October 4, 2008 1:42 PM | Report abuse

Tim Dunn, you write:

The foxes are guarding the hen house, and their name is the Republican Party. Between panic and greed for the pork barrel provisions, enough Democrats caved in to the Bush administration, and now we are each of us, man, woman, and child, $4,000 poorer.

The Democrats could have defeated this. More of them voted for it, proportionately, than Republicans.

This is just as much the Democrats' doing as the Republicans. Once again where is the candidate of change?

Where?

Posted by: junglegym | October 4, 2008 1:44 PM | Report abuse

Jamie: I'm so tired to the endless attempts by right-wing morons to say that everything bad that has ever happened in America is somehow linked to Clinton. Here we see Carter added in, why? Only because Clinton wasn't yet in office, so he can't be blamed.

If you are not afraid of the truth, and in the politician's and Clinton's own word, then see the video below.

http://www.youtube.com/watch?v=_MGT_cSi7Rs&ytsession=o5F1eBga3fHmWoG58l0c3ToOnZphiDSY6koYmX_PIliYWRrgEYer2ynKvOKMR89eHpB9oKE-QRYV_WQpgx8B7dFDBNePCwKMR1ve8ZLDbB0z9k4ShmFjhWnN9nINx3OzUPT9phj190Hbzord3IpIW8L0z8OqPh0ZOfS04ZA2aq1paGb8cTmj4IGfSw8W_NWXXFpmrUsIsthJZW5V_PDRlLSlKXKbznTHm81gedDlUYmVmV8bDPEjr6Ljr_qVnQJ

Posted by: pde | October 4, 2008 3:44 PM | Report abuse

1) Monday's 778-point plunge in the Dow, which spooked many lawmakers;

No. It spooked their wealthy "CONSTITUENTS".

2) The apparent swing in public opinion after the initial defeat

B*llsh#t. Everyone I know was excited by the rejection; they understood the bill and what it would amount to.

3) The addition by the Senate of several expensive goodies, including business tax breaks, an increase in FDIC insurance on bank deposits, and mental health parity legislation

I hope the mental health parity legislation benefits the author. Almost every "sweetner" appealed to the wealthy/corporate [constituents].

4) The hard work of leaders on both sides of the aisle to coax more members into the "aye" column.

Pandering.

I learned it's happened TWICE BEFORE that the wealthiest American felt the need to bail Wall Street out of its own mess. Congratulations- we've done it again and we can start counting the days to the next economic meltdown because the only thing Wall Street has learned is:

Don't worry about it; there're plenty of tax dollars out there. We're covered.

Posted by: Anonymous | October 4, 2008 5:33 PM | Report abuse

What happen to the Bluedog Coalition?
I guess they should call themselves the Lapdog Coalition.

They should just shut down their website because they are joke.

Posted by: David | October 4, 2008 10:14 PM | Report abuse

So I just love the new names that another
poster hung on Bail Out Barry Messiah Barack Hussein Obama and Wall Street Johnny
Amnesty John McCain,as that describes them
both prefectly and yes indeed we now only
have one political party left today in the
USA. And,it's called "The Wall Street/K Street Party" and it's platform is "To Hell
with Main Street and the American People!"
It proves we need a New Third Party Bad!

Posted by: Claudine 1000 | October 5, 2008 1:02 AM | Report abuse

So the most Pathetic and Worst President ever in American history got his way like the man he is who has the mentality of a six year. Old Dry Drunk George Walker Bush pleaded like a spoilt six year old for Congress to pass his bill and reminds me of his behavior of that of the boy child who says the sky is falling.

Never again in the United States let an inept, stupid, ignorant, lying, pathetic and dumber than a sack of hammers President like the idiot in Chief George Walker Bush into power. As he ran three oil companies into the ground, he has ran the American economy into the ground as he never had a F'kn clue how to be President.

George Walker Bush should have been impeached two years ago with the Wyoming Pig F'ker VP Dick Cheney over starting a war in Iraq on known lies. Both of these "Aholes" should be permanently tattooed with fluorescent orange "S's" on their foreheads so everyone knows who the two Aholes are in the future.

Posted by: george33 | October 5, 2008 9:59 AM | Report abuse

So,Benny,Benny what are we all going to do
with you here now? Since just like all the
rest of the WAPO Obama Shills and other so
called mainstream news media pundits,Ben
you missed the hard cold ugly reality,
that the Bail Out Kid Socialist Democrat
Messiah Fraud Barack Hussein Obama and his
new found pal,Wall Street Lover Amnesty John McCain and old loud mouth Joe Biden
all belong to the same new political party,
the Wall Street/K Street Lobbyist Party,
that has a platform to screw over Main Street and the American Working People,and
it is why Iam fed up with both McCain and
Obama and the Democrats and Republican losers this election. Bob Barr get my vote!

Posted by: Jan 1977 | October 5, 2008 10:03 AM | Report abuse

The whole economy has been running on greedy Americans buying oversize things they don't really need, and can't afford, with credit promoted by a white house that lacks vision and integrity. It is very unfortunate that they have been duped again by this president and his staff who let the credit market run wild and has promoted consumption like there is no tomorrow. Do you really believe this presidents “rush job”, just like the last one, is part of a well thought out plan?. Prepare to be duped again!
It’s merely a band aid until the jackal can get congressional ink on it, then run out the back door with his pals (assets intact with bailout) and let the next administration and taxpayers deal with the mess that resurfaces in six months. Congress feels they must pass the bill, because to do otherwise, and things go to hell, their political careers are on the line. Also, you must ask yourself this, who has a larger stake in the market outcome them or us?, they have a lot further to fall. They used all the scare tactic tools in their box - your 401k is at stake, there won’t be any payroll, your job is in jeopardy, all designed to drum up public support.

For generations, Americans have been herded by their leaders and creditors to buy now and pay later. It has always amazed me how people just automatically assume life should have a monthly payment attached to it, trading their freedom for indentured servitude, so as to have it now. As a person who doesn’t believe in being in debt to anyone at anytime, the thought that someone could, or would, buy a house, car, vacation, toys, etc. with no equity on their behalf seems obscene. It’s the hard route to pay cash, not only do you have to wait for your biscuit, but you must deal with people in debt up to their eyeballs looking down on you, judging you by what you don’t own. I waited for years, watching home prices being bid out of my reach with artificial prices bolstered by creditors “free money” to nothing down customers, before I was able to buy a modest home. That’s ok, I take great comfort knowing I’m my own master. I believe the credit industry refers to cash payers of my kind as deadbeats. Who are the deadbeats now?, it sure isn’t the person with cash in hand.

The way people live life these days buried in insurmountable debt, appearing to have nice things in life, but instead, two paychecks away from loosing it all, has been a feast for the market players, They need these people wearing the yoke of debt to feed their free market, non productive lifestyle. Meanwhile, the average productive person lives a life full of fear and stress always peering around the corner, waiting for the other shoe to drop. The productive American worker base has been shrinking while wealthy and privileged have been growing in numbers so they have had to take their exploitation to where our jobs have been going - overseas. This is the way of unrestricted free market capitalists, exploit people and resources, take the money and run, until it all goes bad, and then they want to tap the very people whose backs they are standing on in the first place!.

There needs to be a complete reorganization of the way Americans think about work, consumption, energy, environment, and debt. In order for this to materialize people have to fully experience the extreme downside of our current economic model that’s based on the gross exploitation of people and the earths natural resources. I just hope when the economic carnage is over, people will stop and wonder if their lifestyle of artificial props and self deception has been the correct path. From the ashes perhaps a new system of relative wealth parity and respect will emerge. I emphasize respect because when was the last time you felt your contribution at work was truly appreciated?, benefited society?, helped your neighbor?. Unrestrained capitalism doesn’t care. Period. This is why I cannot support the bailout even though a lot of good people would suffer.

It is not the taxpayers responsibility to step in at the eleventh hour and throw themselves in front of this horrid train wreck. The people who foisted these policies upon us need to fully own them and be held accountable, not aided by a congressional patch that allows them to fade away in the background while other people are being put out on the street. We need to let the effects of unregulated capitalism run its course; let those who worship the market without producing any real tangible product live by their free market creed and reap its consequences. Our spineless president deserves to wear the resultant bag of dung around his neck when he leaves Washington in three months.

Posted by: tds-independent | October 5, 2008 10:57 AM | Report abuse

It is astonishing to me why as Americans we are so superficial and look only at the surface to judge and blame, in this case, the financial crisis "with credit promoted by a white house". The current administration is NOT the root cause of the problem. The root of the financial crisis began with the promotion of "affordable housing" by the Democrat President Carter passing the Community Reinvestment Act and has been promoted and supported by Democrats through Fannie Mae and Freddie Mac all these years, and the bloating and fraud of these GSE by Franklin Raines- appointed by Democrat President Clinton-- earning big bonuses the more mortgage credit is extended. The financial crisis could have been avoided in 2001 and 2004 when the Republicans (Mccain supported a bill) sounded a warning and tried to pass stricter regulations and oversight but were blocked by Democrats like Barney Frank and Christopher Dodd -- getting large lobby money from Freddie Mac and Fanny Mae.

If you want to go beyond the surface and dig deeper, do a little research, to learn the truth for yourself, here's a video that shows where the blame lies. All these facts are easily verifiable.


http://www.youtube.com/watch?v=_MGT_cSi7Rs&ytsession=o5F1eBga3fHmWoG58l0c3ToOnZphiDSY6koYmX_PIliYWRrgEYer2ynKvOKMR89eHpB9oKE-QRYV_WQpgx8B7dFDBNePCwKMR1ve8ZLDbB0z9k4ShmFjhWnN9nINx3OzUPT9phj190Hbzord3IpIW8L0z8OqPh0ZOfS04ZA2aq1paGb8cTmj4IGfSw8W_NWXXFpmrUsIsthJZW5V_PDRlLSlKXKbznTHm81gedDlUYmVmV8bDPEjr6Ljr_qVnQJ

If we don't look beyond the surface and find out where the root cause of the problem came from we will never learn and we will repeat the same mistake again. In this case, the blame lies with the Democrats and their social engineering to win votes. In today's easy access to various information, rather than dependence on one source, we have no excuse not to know what the truth is.

Posted by: Astonish - independent | October 5, 2008 8:33 PM | Report abuse

Yeppers Ben the Bail Out sure did change
the political situation as it finally did
publically reveal just exactly who are on
the take from Wall Street and K Street
by their voting for this phony Bail Out!
And that sure as Hell includes both the
Chicago Con Man Messiah Barack Hussein Obama and Wall Street Lover Amnesty John
McCain,so this gives all us fed up voters
a nice effective hit list on exactly who
we need to vote out of office ibn 2008!
In case my own Republican Sell Out Two Face
US Congressman,who I had always voted for
until now,phony John Shadegg just got FIRED
by me and others will fire Shadegg on Election Day for changing his NO Bail Out
Vote TO YES On Us! Shadegg You Just Became
A Public Enemy You Two Face Lying Loser!

One Mad and Fed UP Independent Voter!

Posted by: Claudine 1000 | October 6, 2008 12:54 AM | Report abuse

One of the biggest targets for politicians, as far as economics are concerned, is becoming the payday loan industry. Governors across the country are trying to rid their states of the industry altogether, and so far, Georgia, North Carolina, and Oregon have succeeded. The result was those bankruptcies, foreclosures, and also the number of overdraft fees due to bouncing checks went through the roof, which doesn’t do anything for the citizens afflicted in these turbulent times, and only is really good for the banking industry. Despite these negative effects, other states are looking to follow the example and do the same. Even at the national level, presidential candidate Barack Obama, is weighing in his own agenda on the issue, and advancing his own intentions on getting rid of the industry in the United States completely. If these measures, both on state levels and nationally, are successful, the results are going to be increased unemployment, more debt, more foreclosures, and an even worse economy.

Post Courtesy of Personal Money Store
Professional Blogging Team
Feed Back: 1-866-641-3406
Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
Blog: http://personalmoneystore.com/moneyblog/

Posted by: Payday Loan Advocate | October 6, 2008 1:04 AM | Report abuse

I just finished filing out my Arizona Early
Ballot and first of all I voted to FIRE my
own Incumbent 3d District Republican Congressman JOHN SHADEGG for his dity sneaky changing his NO on the Bail Out to
a YES for the Bail Out! Clean Out Your
Desk Shadegg YOUR FIRED! Its Pay Back Time
for all Incumbents that voted for the phony
Wall Street Bail Out,Including Bail Out
Kid Barack Hussein Obama and Wall Street
John McCain and I hope others vote to FIRE
every Damn No Good Incumbent Democrat and
Republican who voted Yes on the BAIL OUT!

Posted by: Sherry Kay 2004 | October 6, 2008 1:54 AM | Report abuse


Economists' Statement on Barack Obama's Economic Proposals

Barack Obama argues that his proposals to raise tax rates and halt international trade agreements would benefit the American economy. They would do nothing of the sort. Economic analysis and historical experience show that they would do the opposite. They would reduce economic growth and decrease the number of jobs in America. Moreover, with the credit crunch, the housing slump, and high energy prices weakening the U.S. economy, his proposals run a high risk of throwing the economy into a deep recession. It was exactly such misguided tax hikes and protectionism, enacted when the U.S. economy was weak in the early 1930s, that greatly increased the severity of the Great Depression.

We are very concerned with Barack Obama's opposition to trade agreements such as the pending one with Colombia, the new one with Central America, or the established one with Canada and Mexico. Exports from the United States to other countries create jobs for Americans. Imports make goods available to Americans at lower prices and are a particular benefit to families and individuals with low incomes. International trade is also a powerful source of strength in a weak economy. In the second quarter of this year, for example, increased international trade did far more to stimulate the U.S. economy than the federal government's "stimulus" package.

Ironically, rather than supporting international trade, Barack Obama is now proposing yet another so-called stimulus package, which would do very little to grow the economy. And his proposal to finance the package with higher taxes on oil would raise oil prices directly and by reducing exploration and production.

We are equally concerned with his proposals to increase tax rates on labor income and investment. His dividend and capital gains tax increases would reduce investment and cut into the savings of millions of Americans. His proposals to increase income and payroll tax rates would discourage the formation and expansion of small businesses and reduce employment and take-home pay, as would his mandates on firms to provide expensive health insurance.

After hearing such economic criticism of his proposals, Barack Obama has apparently suggested to some people that he might postpone his tax increases, perhaps to 2010. But it is a mistake to think that postponing such tax increases would prevent their harmful effect on the economy today. The prospect of such tax rate increases in 2010 is already a drag on the economy. Businesses considering whether to hire workers today and expand their operations have time horizons longer than a year or two, so the prospect of higher taxes starting in 2009 or 2010 reduces hiring and investment in 2008.

In sum, Barack Obama's economic proposals are wrong for the American economy. They defy both economic reason and economic experience.

Posted by: Info | October 6, 2008 8:20 AM | Report abuse

THIS BAILOUT BILL IS NOT ABOUT AMERICAN BANKS OR ASSETS; IT IS A SELLOUT TO FOREIGN INVESTORS AND BANKS. THE TRUTH WAS OUTED ON KUDLOW'S 9/30 SHOW BY BRAD SHERMAN (D-CA) AND WILL BE UPDATED ON 10/4 TO INCLUDE THE EVENTS SURROUNDING THE PASSAGE OF THE BILL.

"Hundreds of billions of dollars are going to bail out FOREIGN INVESTORS. They know it, they demanded it, and the bill has been carefully written to make sure that can happen." - Brad Sherman , D-California.

The Bill says:

(9) TROUBLED ASSETS.—The term ‘‘troubled assets’’ means—

(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability;

and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.

Note carefully - there is no "Made in the USA" requirement, and nothing prohibits a non-US institution from "selling" a security to a US bank, which then immediately resells it to the TARP. Nor is there any provision to prevent Secretary Paulson from defining any other financial asset as "promoting financial market stability", and while he must notify Congress, they cannot block his purchase.

As for the Senators and Reps who voted for this bill - we'll soon have a "Hall of Shame" nametag gallery for you. America will not forget that you intentionally concealed a foreign declaration of economic warfare against the United States.

ALL 435 MEMBERS OF CONGRESS WERE FAXED THIS LETTER (10/2 11:14 AM); NO CONGRESSPERSON HAS AN EXCUSE FOR VOTING FOR THIS BILL GIVEN THAT IT IS DRIVEN BY FOREIGN EXTORTION, NOT MAIN STREET USA.

Posted by: Anonymous | October 6, 2008 9:28 AM | Report abuse

OBAMA GOES TO WAR AGAINST FREEDOM OF SPEECH

Site:
http://www.rightsidenews.com/200809292079/edi ...

We CAN NO LONGER AFFORD to continue to travel on the path of the Democratic and Republican 'push forward' into the destruction of our Constitution and Sovereignty as a nation and elect politicians such as Obama and McCain to ANY office of government were they can continue to make laws against us and REFUSE to listen to our voice.

We MUST look into 3rd Party Presidential Candidates such as REP. CHUCK BALDWIN - endorsed by Ron Paul. He is the ONLY candidate that promises to defend and protect our Constitution and our Sovereignty!

IT IS OUR TURN TO STAND UP FOR OUR REPUBLIC AND MAKE A REAL CHANGE HAPPEN - VOTING AGAINST DEMOCRATIC AND REPUBLICAN RULE IS THE BEGINNING!

Posted by: Anonymous | October 6, 2008 9:29 AM | Report abuse

http://www.rollingstone.com/news/coverstory/make_believe_maverick_the_real_john_mccain/page/9

As excerpted from the new Rolling Stone cover story "Make Believe Maverick":

"Last year, after barging into a bipartisan meeting on immigration legislation and attempting to seize the reins, McCain was called out by fellow GOP Sen. John Cornyn of Texas. "Wait a second here," Cornyn said. "I've been sitting in here for all of these negotiations and you just parachute in here on the last day. You're out of line." McCain exploded: "*uck you! I know more about this than anyone in the room." The incident foreshadowed McCain's 11th-hour theatrics in September, when he abruptly "suspended" his campaign and inserted himself into the Wall Street bailout debate at the last minute, just as congressional leaders were attempting to finalize a bipartisan agreement." -------------------------------------

As Yogi Berra would perhaps say: Deja Vu all over again!

This past Monday morning, hours before the impending House of Representatives Wall Street Meltdown Bail Out Bill Nay Vote, Senator McCain was hitting all the news cable shows laying the early foundation to later accept the public credit for "suspending his campaign" and last-minute parachuting into Washington to exercise leadership in a bipartisan effort to deal with the economic crisis all while Senator Obama "remained on the sidelines".

We all know that Senator's McCain foundation for public credit publicly crumbled upon announcement of the Nay Vote later that Monday morning. But what has not been connected, explicitly stated, and made clear is the following:

1) Arizona Senator McCain was apparently unable to rally a sufficient number of House Republicans (including those from Arizona) required to get the Wall Street Bail Out Bill passed last Monday. House Republicans vote 66% against the bill which needed only 12 additional yea votes to have passed. This was Monday's outcome despite the fact that before Senator McCain parachuted into Washington the Thursday before last, news had already leaked earlier that Thursday morning that a bipartisan agreement on the $700 Billion Wall Street Bail Out Bill was close to being finalized. This is not to suggest that his last minute intervention is to blame for the failure of the bill but it is to suggest that neither would he have deserved credit if it had passed last Monday.

2) The House of Representatives Wall Street Bail Out Bill that was voted down on Monday did not include any pork barrel earmarks.

3) The Senate stepped in on Tuesday renaming the House Bill the Emergency Economic Stabilization Act and adds the provision to increase the FDIC deposit insurance maximum to the original House Bill. But more importantly, because the Senate has the House of Representatives over the political barrel, it also adds $112 Billion in pork barrel tax earmarks and passes the revised new bill on Thursday.

4) The week before while campaigning in Michigan, Senator McCain was quoted as saying in reference to the then ongoing bipartisan negotiations on the original House Bill: "It is completely unacceptable for any kind of earmarks to be included in this bill. It would be outrageous for legislators and lobbyists to pack this rescue plan with taxpayer money for favored companies. This simply cannot happen."

5) But of course, this past Thursday it did happen as the earmarks included Economic Emergency Recovery Act passed in the Senate and the House of Representatives quickly followed suit (including nearly 50% of House Republicans) on Friday. And nothing has been reported to indicate that Senator McCain had anything to do with increasing the number of House Republicans voting for the revised bill or Republican Senators for that matter.

6) On Friday, Senator McCain was back on the campaign trail once again taking his principled stand blasting earmarks and vowing as the next President to veto and make famous any legislation containing pork barrel earmarks.

7) And least we forget, The Make-Believe Maverick Voted Yea.

Conclusion: Whereas Senator McCain evidently did not know "how to win" exercising leadership in the House of Representatives and thus get the original bill passed without any earmarks, Senator McCain has long known how to sacrifice his "Make-Believe Maverick" image and "vote" against his declared principles when politically personally convenient.

Or as the new Rolling Stone cover story artfully concluded:

"Far from the portrayal he presents of himself as an unflinching maverick with a consistent and reliable record, McCain has demonstrated an unwavering commitment to taking whatever position will advance his own career."

A Real Maverick Would Have Voted No

Posted by: Caryl S. Foster | October 6, 2008 9:33 AM | Report abuse

A Note from Economists

Economists' Statement on Barack Obama's Economic Proposals

Barack Obama argues that his proposals to raise tax rates and halt international trade agreements would benefit the American economy. They would do nothing of the sort. Economic analysis and historical experience show that they would do the opposite. They would reduce economic growth and decrease the number of jobs in America. Moreover, with the credit crunch, the housing slump, and high energy prices weakening the U.S. economy, his proposals run a high risk of throwing the economy into a deep recession. It was exactly such misguided tax hikes and protectionism, enacted when the U.S. economy was weak in the early 1930s, that greatly increased the severity of the Great Depression.

We are very concerned with Barack Obama's opposition to trade agreements such as the pending one with Colombia, the new one with Central America, or the established one with Canada and Mexico. Exports from the United States to other countries create jobs for Americans. Imports make goods available to Americans at lower prices and are a particular benefit to families and individuals with low incomes. International trade is also a powerful source of strength in a weak economy. In the second quarter of this year, for example, increased international trade did far more to stimulate the U.S. economy than the federal government's "stimulus" package.

Ironically, rather than supporting international trade, Barack Obama is now proposing yet another so-called stimulus package, which would do very little to grow the economy. And his proposal to finance the package with higher taxes on oil would raise oil prices directly and by reducing exploration and production.

We are equally concerned with his proposals to increase tax rates on labor income and investment. His dividend and capital gains tax increases would reduce investment and cut into the savings of millions of Americans. His proposals to increase income and payroll tax rates would discourage the formation and expansion of small businesses and reduce employment and take-home pay, as would his mandates on firms to provide expensive health insurance.

After hearing such economic criticism of his proposals, Barack Obama has apparently suggested to some people that he might postpone his tax increases, perhaps to 2010. But it is a mistake to think that postponing such tax increases would prevent their harmful effect on the economy today. The prospect of such tax rate increases in 2010 is already a drag on the economy. Businesses considering whether to hire workers today and expand their operations have time horizons longer than a year or two, so the prospect of higher taxes starting in 2009 or 2010 reduces hiring and investment in 2008.

In sum, Barack Obama's economic proposals are wrong for the American economy. They defy both economic reason and economic experience.

Posted by: Independent | October 6, 2008 9:49 AM | Report abuse

MY FATHER WAS A VICTIM OF THE GREAT DEPRESSION. HE TOLD ME UNTIL THE DAY HE
DIED, "DO NOT TRUST BANKS, POLITICIANS,
LAWYERS". SO I WENT THESE MANY YEARS FINALLY TRUSTING THE BANKS, INVESTED MY
MONEY AND SAVINGS. GUESS WHAT, "GONE".

MY FATHER-IN-LAW TOLD ME WHEN WE GOT
MARRIED, "DO NOT VOTE YOURSELF A TAX, THE
GOVENMENT WILL GET IT SOMEHOW."

NEEDLESS TO SAY, OVER THE YEARS I TRIED
TO TRUST OUR CONGRESSMEN, SENATORS,
GOVERNORS; BUT THAT WAS ALSO WRONG.
POWER IS THE KEY FOR THEM. THEY ONLY
CARE FOR US AT TIME OF ELECTION.

THE ONLY WAY OUT IS ON EACH ELECTION TO
VOTE AGAINST ALL INCUMBENTS EVEN IF
YOU LIKE THEM, FOR IF THEY STAY MUCH
LONGER, THEY WILL BETRAY, AND STEAL FROM
YOU.

I WOULD TO SEE AN AMENDMENT TO CHANGE THE
VOTING TO THE FIRST WEEKEND (SAT AND SUN)
THIS WOULD ALLOW ALL OF US WHO ARE GOING
TO HAVE TO WORK 80 HOURS A WEEK A CHANCE
TO VOTE.

Posted by: LARRY MERRITT | October 6, 2008 10:28 AM | Report abuse

Just in from the Wall Street Journal Oct 4-5, 2008, reported income for 2007:

Obama & Michelle combined income: $4.2 million - including book royalties
John McCain: $852,000
Cindy McCain - filed separately (heiress to beer distributor): $6 million
Biden & wife combined: $320,000 (gave to charity - $995)
Palin and spouse: $166,000 (gave to charity - $3,325)

Posted by: maddening | October 6, 2008 1:00 PM | Report abuse

"I wish the candidate would discuss global poverty more. According to The Borgen Project:
$30 billion: Annual shortfall to end world hunger.
$540 billion: Annual U.S. Defense Budget."

Posted by: Anonymous | October 6, 2008 2:03 PM | Report abuse

Rich fat white guys have many ways of siphoning money from the working class. ...........
http://thefiresidepost.com/2008/09/25/united-way-agency-corruption/

Posted by: Ohg Rea Tone | October 7, 2008 6:46 PM | Report abuse

Hey Ben for once you got it part way right
as you can add me to growing list of Arizona Independent Voters,who have returned our Early Voting Ballots,and I am
pleased to report I proudly voted for
Republican Sen John McCain and Gov Sarah Palin for President and Vice President and
you can add my vote to FIRE AZ Third District Republican Congressman Flip Flop
John Shadegg,who must think he is the new
Republican Version of Democrat Flip Flop
John Kerry,since Shadegg Voted NO on the
Bail Out Before He VOTED YES for the Bail
Out! And that is my version of "Change you
can believe in!" As there is no way in Hell
that I will vore for Muslim,Dope Addict and
Drug Pusher,Pathological Liar Empty Suit
Marxist/Socialist Democrat Loser Bail Out
Messiah Barack Hussein Obama and that sneering scumbag motor mouth know it all
old fool Joe Biden. I urge you folks to
Vote to stop Obama,Biden and Nancy Pelosi
making the USA into a Third World Country
Slum! No Way Obama Now or Ever! NOBAMA!

Posted by: Sandy5274 | October 7, 2008 7:48 PM | Report abuse

Since both signed off on $700 billion bailout for corporations and not the people, both have no clue in solving the economic crisis? I particularly liked McCain bringing up Obama’s vote to the 2005 Bush/Cheney Energy bill and how Obama and his cronies were the biggest benefactors of Fannie and Freddie Mae. Will public hear more on Obama's closeted homosexual affair back in November 1999?
Google "Obama closeted homosexual affair."

Both CBS and NBC polls tilt to Obama with intentionally oversampling of African American democratic voters, are other media polls are illegitimate too as they claim the same results?

Is there truth to the rumor that the candidate that bumps off mutual opponent will win in November regardless of debates, issues and poll numbers? Apparently the mutual opponent exposed corruption within both parties and is presently targeted. Will the parties use the practice of ’sweetheart exchange deals’ where convicted felons are used to commit crimes/murders in exchange of less jail time, conveniently covered up and culprits never suspected? Will Dems use an OJ SImpson-like black convict with jail time to do the bumping off? Will GOP use a Guiliani-like mob ties similiar to the ones used by his ex-NYPD commissioner who was indicted and may be jailed up to 140 years? Or Gotti, Jr. who is currently in midst of conspiracy and murder trial?

Given this information, do we have to worry about our personal safety too? For example, will our planned 4 hour car ride next Sunday be targeted? Will our car wheels and brakes be tampered with? How about sleeping in the middle of the night as our habits and plans are known in advanced due to bugging devices?

Posted by: Anonymous | October 8, 2008 1:15 AM | Report abuse

STILL UNDECIDED THIS FAR IN THE GAME?
In past weeks many have come clean about having regrets over electing Obama vs. Hillary. Republicans have taken advantage and placed a woman with no senate presence or knowledge of the senate as vice-president clearly using her as a mere bait for the Elections. I heard some people say that they will write in Hillary Clinton in the November ballot ...I didn't know that was possible but given that I'm so unhappy with the candidates I decided to do the same. Now I’m wondering how many people will use a write-in for Hillary Clinton on the November Ballot. -(A write-in candidate is a candidate in an election whose name does not appear on the ballot, but for whom voters may vote nonetheless by writing in the person's name.)
Even if it was unlikely that she could win at least I would be at peace with not given in a situation that has been forced from the beginning and all by voting honestly my way. If you can’t bring yourself to vote for any candidate this far in the game, if you are not satisfied with either candidate Obama or McCain you should vote your way. Please pass on and post this info for others. You still have a choice.

Posted by: Stella | October 8, 2008 10:37 AM | Report abuse

Ok, now I heard that one of the companies that our TAXES bailed out went on a week long vacation to a spa/resort to the tune of $445,000 after it was voted to bail them out. If this is true, we have been took once again by the greedy jerks in Washington and it really pi**** me off. They supposedly spent $45,000 on food alone. Hello folks, what is wrong with this picture???? I'm so sick of these greedy jerks taking our money and living the good life while good American families are supporting it. Someone clue me in if this is so.

Posted by: Gretchen | October 8, 2008 10:57 AM | Report abuse

I wish the candidate would discuss global poverty more. According to The Borgen Project:
$30 billion: Annual shortfall to end world hunger.
$540 billion: Annual U.S. Defense Budget

Posted by: maryna1 | October 8, 2008 12:52 PM | Report abuse

Well... let's see...

You don't increase revenues by increasing taxes - you increase the tax base... economic growth is the only anwser for our economy... you have to get governemt out of the way of small business. Obama's childish rhetoric will only destroy small businesses.

McCain's plan may not work but at least it does have a chance... as does his energy plan.

Voting for Obama because you're mad at the republicans won't solve our problems... neither will a larger welfare state. And please have enough sense to find out what part the dems including Obama played in thei housing crisis which is the focal point of this meltdown... the dems started this crap and also stopped Bush from correcting it... McCain even cosponsored legislation to correct it and the dems voted it down.. right down party lines.

The top 5 biggest pockets padded by Fannie and Freddie??? Dems.... including Obama... and Obama's connection to ACORN and their practices in Illinois with banking practices says it all.

Now combine that with Obama's record of ALWAYS RAISING TAXES and you can see very quickly that if he is elected our economy will be busted big time... we'll be calling the dow at 9,000 the good old days.

Posted by: Kdog1 | October 8, 2008 3:07 PM | Report abuse

McCain is switching campaign theme songs. Here’s the new one...

Sung to the tune of 'Send in the Clowns'.

(With apologies to Judy Collins)

Isn't it rich, aren't we the pair!
Me here at last, you're just hot air.
Borrow a jet, let’s hit the town
Time to make tracks,
Let’s send in the clowns.

Isn't it bliss, with you in the room!
I keep drooling my Ensure
And you ride a broom
Where are the clowns?
Buy me some clowns!
Lets send in the clowns.

(Church Choir Sings)
I'll take D.C., Wasilla is yours,
We'll bet the future, on the Standard and Poors
You make an entrance with that big Bouffant hair,
Not sure of your lines?
Lets see if they care
Send in some clowns
There’s gotta be clowns!

Don'tcha you love farce?
My fault my dear,
I thought that they'd want what I want,
Wasn't I clear?
But where are my clowns?
I bought surplus clowns!
Those @*!#$ clowns!

(Church Choir Sings again)
What a surprise!
Who could foresee
A skinny black guy, more likable than me?
Must be the press
How could that be?
Send in those clowns!
My GOP clowns!

Isn't it rich, the worst of my fears!
That I lost the race to a guy with big ears
And where are my clowns?
My GOP clowns?

Don't bother, we're here.

Posted by: GOP Clowns | October 9, 2008 3:39 PM | Report abuse

And there is a new forum at http://www.votenic.com so see what America thinks.

Posted by: George | October 9, 2008 9:28 PM | Report abuse

I wish the candidate would discuss global poverty more. According to The Borgen Project:
$30 billion: Annual shortfall to end world hunger.
$540 billion: Annual U.S. Defense Budget

Posted by: maryna1 | October 10, 2008 2:00 PM | Report abuse

The Facts
· Is Mr. Obama a Muslim?

Mr. Obama has repeatedly denied being a Muslim and has stated at numerous primary events that he is a Christian and “loves Christ”. However, as you will note further on these facts and letter from the Editor, his association and support for Muslim’s is truly unclear.

· Did Mr. Obama fail to hold his hand over his heart at a recent democratic event where the National Anthem was played?

Yes, during a recent democratic hopeful debate involving Mr. Obama, Senator Clinton, Gov Richardson, and Ruth Harkin he was photographed failing to show the flag of the U.S. respect by holding his hand over his heart for the playing of the National Anthem. Click here for photo.

· What is Mr. Obama’s race?

Mr. Obama is bi-racial, his father is a black Muslim and his mother is white. However, in most of his activities, speeches, and a myriad of voting patterns he votes primarily as a black centric man.

· Is Mr. Obama “Pro Life or Pro Choice”

Mr. Obama is definitely Pro Choice. He is so pro choice that during his short tenure as the Illinois State Senator he has voted in opposition to several bills aimed at stopping partial birth abortions or live fetuses. For example, Illinois has been wrestling with the Born Alive Infants Bill.

For a complete document with factual examples of Mr. Obama’s voting history please read here

· Who is Raila Odinga and how is Mr. Obama connected to him?

Raila Odinga is the Muslim extremist who recently lost the Kenyan Presidential election to a Christian. Raila is a “paternal cousin” to Mr. Obama and has visited with him in both Illinois and Kenya.

· Who is Abongo “Roy” Obama?

Abongo is Barack’s brother who recently preaches that the “Black man must liberate himself from the poisons of European cultures and western values”

· What exactly is Mr. Obama’s religion?

Mr. Obama belong’s to the Trinity United Church of Christ in Chicago, Illinois. The Church is primarily an African American congregation dedicated to Christian principles with a twist of ALSO pursuing Black ideals and African principles. The following text was sourced directly from Trinity’s website and can be verified by clicking on this link. A video aired on Hannity and Colmes can also be viewed here.


“We are a congregation which is Unashamedly Black and Unapologetically Christian... Our roots in the Black religious experience and tradition are deep, lasting and permanent. We are an African people, and remain "true to our native land," the mother continent, the cradle of civilization. God has superintended our pilgrimage through the days of slavery, the days of segregation, and the long night of racism. It is God who gives us the strength and courage to continuously address injustice as a people, and as a congregation. We constantly affirm our trust in God through cultural expression of a Black worship service and ministries which address the Black Community.

The Pastor as well as the membership of Trinity United Church of Christ is committed to a 10-point Vision:

1. A congregation committed to ADORATION.

2. A congregation preaching SALVATION.

3. A congregation actively seeking RECONCILIATION.

4. A congregation with a non-negotiable COMMITMENT TO AFRICA.

5. A congregation committed to BIBLICAL EDUCATION.

6. A congregation committed to CULTURAL EDUCATION.

7. A congregation committed to the HISTORICAL EDUCATION OF AFRICAN PEOPLE IN DIASPORA.

8. A congregation committed to LIBERATION.

9. A congregation committed to RESTORATION.

10. A congregation working towards ECONOMIC PARITY.”

Posted by: gina | October 10, 2008 2:06 PM | Report abuse

I wish the candidate would discuss global poverty more. According to The Borgen Project:
$30 billion: Annual shortfall to end world hunger.
$540 billion: Annual U.S. Defense Budget

Posted by: maryna1 | October 10, 2008 2:16 PM | Report abuse

DOA is DOA and change is really just a lot of sorrow. The kids aren't going to be born in trouble. It took me years to learn how to get into trouble. It never changes and won't. I met some ink guys from Boston and they have another deal.

Posted by: inkdeath | October 11, 2008 1:19 PM | Report abuse

So True To Form, Bushson Chose Henry Paulson... The CEO of Goldman Sachs, a Wall Street Company, Who "HELPED CAUSE THE CRISIS"?

As Goldman Sachs CEO, Paulson OBTAINED the SEC exemption which allowed brokerages to increase leverage to 60 to 1 from 12 to 1.

Wall Boys then perpetrated Largest Financial Heist in History, selling "Worthless Mortgage IOU's as AAA Investment Grade Bonds" ... to Entire World. Those they Could Not SELL, Caused Own Collapse.

Now Paulson as Bush's Man, PUSHED and GOT $ 700 Billion to buy commercial and residential mortgages and mortgaged backed securities as he chooses.
No one effectively has any oversight over him, and he can pay any price he wants to, including face amount of the debt, thus Enriching His Financial PEERS....
At Taxpayer Expense For YEARS TO COME!

Courts "may review his decisions", but Not Regulators.
He has to report to Congress once every six months.
He gets 700 Billion dollars to use as he sees fit, looking after the taxpayer is a "consideration" not a requirement.
Bet on that 700 Billion dollars being gone before January 20, 2009.
Bet on Treasury asking for more.

That is $2,324 dollars per man, woman and child in America - PLUS Compound Interest!
There is no bailout for mortgage holders. Banks get bailed out, but not ordinary people.
Banks and brokerages made record profits these last eight years. Ordinary Americans barely broke even. In 2007 Wall Street paid itself bonuses equal to the raises of 80 million Americans. Banks bailed out by this plan need make no changes in how they do business. Banks bailed out need not replace the management which drove them into insolvency.
Shareholders and bondholders of such banks Will Not lose a cent, and Share Values Should Now Go UP!

The securities which caused this crisis are still allowed.
Expect the 700 billion dollars to increase inflation, especially in oil.
Bush is asking you to trust his administration with 700 billion after spending 980 billion on the Iraq war.

Thanks George "Mushroom Cloud" Bushson. Should We Trust Them Again....
Duh... Decider.

Posted by: Realista | October 11, 2008 4:30 PM | Report abuse

Americans are in for a rude awakening if this economy goes farther south. ............
http://thefiresidepost.com/2008/10/12/a-nickle-for-bread-but-no-one-has-a-nickle/

Posted by: Ohg Rea Tone | October 12, 2008 10:37 AM | Report abuse

These are not my words... but rather ...Mr Strauss-Kahn, director general of the International Monetary Fund warned that the global financial system has been pushed "to the brink of a systemic meltdown". Futhermore, he added that the measures taken thus far to deal with the financial crisis "have not yet achieved the goal of stabilizing markets and bolstering confidence".
I am a retired senior and an active member of Myinvestorsplace.com., who is living in fear today. We are looking for suggestions and help...any ideas? Thanks

Did anyone think they would accomplish anything at these weekend meetings...Are we left to fend for ourselves..???


Posted by: Joyce Abraham | October 13, 2008 2:44 AM | Report abuse

I am too lazy to read so many comments. This $700 billion bailout does not amount to 10% of the U.S.mortgage debt. If it proves uneffective, you will know why.

Posted by: Ernesto Sebastián Vázquez | October 13, 2008 10:45 AM | Report abuse

"The Borgen Project has some good info on the cost of addressing global poverty.
$30 billion: Annual shortfall to end world hunger.
$540 billion: Annual U.S. Defense Budget."

Posted by: Borgen Project | October 13, 2008 1:07 PM | Report abuse

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