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  1. #61
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    Re: The Failing Economy

    Quote Originally Posted by craighickman View Post
    I'm recently of the opinion that Congress ought not pass any bailout until after the election. This lame-duck administration should get limited say in cleaning up the mess they created.

    It's a crisis, but it's not an emergency.

    It will take more than a week to work out a legislative solution, if one even exists.
    That depends on who you believe.

    What I find amazing is that this administration put forth a "blank check" plan and expected congress and the American people to give it to them. Like we don't have a memory.

    January 20th can't get here soon enough for my taste.
    Oh Grigor. You silly man.

  2. #62

    Re: The Failing Economy

    Quote Originally Posted by Kirkus View Post
    That depends on who you believe.

    What I find amazing is that this administration put forth a "blank check" plan and expected congress and the American people to give it to them. Like we don't have a memory.

    January 20th can't get here soon enough for my taste.
    2017 & 2018 Australian Open Champions

  3. #63

    Re: The Failing Economy

    Quote Originally Posted by Kirkus View Post
    That depends on who you believe.

    What I find amazing is that this administration put forth a "blank check" plan and expected congress and the American people to give it to them. Like we don't have a memory.

    January 20th can't get here soon enough for my taste.
    From everything I've read, it's not an emergency. Especially since it didn't happen overnight.

    Bush interrupts live coverage of the Senate hearing on the crises to give a live address on terrorism?

    Somebody get him off the damn stage.


  4. #64

    Re: The Failing Economy

    In short, the criminals are trying to blackmail congress into giving it dictatorial powers in the financial markets.

    And by doing so, they're playing politics with the upcoming election as well.

    It's slick, but it's not that slick.

    These criminals don't give a lick about the market failing, because if they did, they'd have done something to stop it sooner. It remains my belief that they gambled cotton candy knowing they could force the government to bail them out after they overextended themselves.

    The precedent was set with the FISA debacle over the summer.

    A bailout isn't going to keep the markets from falling because the underlying problem will still exist.

    And the democrats are sitting by while the Republicans are blaming this crisis on the "lazy minorities".

    I don't think we should give the criminals a dime of taxpayer money.

    Sometimes things have to completely fall apart before there's a chance to rebuild them correctly.

    Let the markets crash. If we've got $700,000,000,000 to throw around, then put it into a domestic humanitarian aid fund that will directly benefit those most deeply affected by the economic fallout from the crash the criminals orchestrated.


  5. #65

    Re: The Failing Economy

    This is a good explanation/essay:

    Things Become More Serious


  6. #66

    Re: The Failing Economy

    Paulson is coming across rather poorly to me. Is anyone else watching this?


  7. #67

    Re: The Failing Economy

    Quote Originally Posted by craighickman View Post
    Paulson is coming across rather poorly to me. Is anyone else watching this?
    He looked and sounded hesitant and uncertain to me.

  8. #68

    Re: The Failing Economy

    Quote Originally Posted by Vlad View Post
    He looked and sounded hesitant and uncertain to me.
    I think he's shoveling a lot of cow dung.


  9. #69
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    Re: The Failing Economy

    Quote Originally Posted by craighickman View Post
    I think he's shoveling a lot of cow dung.
    When the locals ask me how I get to DC for meetings, I always tell them the same thing... "East till you smell it, south till you step in it."
    Winston, a.k.a. Alvena Rae Risley Hiatt (1944-2019), RIP

  10. #70

    Re: The Failing Economy

    The White House today is drumming up extraordinary pressure on Congress to approve its plan to enact a $700 billion mortgage bailout fund, suggesting the markets cannot wait much longer and dispatching Vice President Cheney and other top officials up Pennsylvania Avenue to jawbone lawmakers.

    Cheney, White House Chief of Staff Josh Bolten and presidential adviser Ed Gillespie are meeting this morning with House Republican conservatives, where a rebellion is brewing against the size and questionable free market credentials of the administration proposal.

    Cheney will later gather with GOP Senators at the regular Tuesday lunch.

    Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, who collaborated in drawing up the proposal, are testifying this morning on Capitol Hill in an effort to defend their handiwork.

    But Bush himself continues to do little to explain his plan, and he has refused to be questioned about it.

    Asked during a telephone briefing for reporters today whether Bush was speaking with lawmakers, White House Deputy Press Secretary Tony Fratto said the president is aware of their concerns but that Paulson is the salesman.

    Paulson said Congress and the administration must move rapidly.

    “We must do so in order to avoid a continuing series of financial institution failures and frozen credit markets that threaten American families' financial well-being, the viability of businesses both small and large, and the very health of our economy,” Paulson said in remarks as prepared for delivery.

    “The market turmoil we are experiencing today poses great risk to U.S. taxpayers.”

    Fratto said it would be “unthinkable” for Congress not to pass legislation this week, asserting the result would be a “very, very serious situation” for the U.S. economy.

    “It shouldn’t take much analysis to remember what happened last week, which was a very serious freeze-up in our credit markets,” Fratto said. “Our financial markets right now do not need uncertainty, they need increased certainty as to how this rescue plan is going to go forward — and that they can be sure that there is a plan to go forward — and that will begin the correction in our financial markets.”

    Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.

    Amid growing criticism of the initiative from multiple quarters, Fratto sought to defend its key principles and argue against changes.

    He argued that the proposal is being unfairly characterized as a boon to Wall Street at the expense of Main Street, since credit market difficulties also squeeze average consumers. He minimized the need to help homeowners as part of the package — a key demand of Democrats — saying aiding the credit markets will help on its own and noting that Congress just approved a housing bill that includes assistance.

    And Fratto sought to beat back efforts to limit the pay of CEOs whose companies would draw assistance under the legislation, saying it would make it difficult for the plan to work “If you provide disincentives for companies and firms out there that are holding mortgage-backed securities and other securities from participating in the program.”

    Fratto noted that some firms holding troubled securities are otherwise successful. “They were not necessarily irresponsible players, and so you have to be careful how you deal with them,” he said.

    http://www.rollcall.com/news/28599-1...inter_friendly

    ::

    So, if the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials, then they saw this coming months ago. This is not an emergency. They saw it coming, let it happen, and are now trying to railroad this "plan" through congress.

    The Bush administration is asking us to close our eyes and grab our ankles.


  11. #71

    Re: The Failing Economy

    So, if the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials, then they saw this coming months ago. This is not an emergency. They saw it coming, let it happen, and are now trying to railroad this "plan" through congress.

    The Bush administration is asking us to close our eyes and grab our ankles.
    BOHICA!!!
    “No matter how cynical I get, I just can't keep up.” – Lily Tomlin.




  12. #72

    Re: The Failing Economy

    Countdown to a Meltdown

    Congress has to act quickly but carefully to get financial rescue legislation right.


    Tuesday, September 23, 2008; Page A20


    LAST THURSDAY, the top economic policymakers in the United States told congressional leaders that the financial system was only days away from a catastrophic failure -- and that the only hope was an immediate, massive government bailout. Congress agreed in principle, buoying financial markets. But five days later, the specifics of the rescue legislation remain undecided. Two of yesterday's market events -- a 372-point drop in the Dow Jones industrial average and a $16-per-barrel jump in the price of oil -- show just how rapidly the clock is ticking.

    http://www.washingtonpost.com/wp-dyn...092202591.html
    Roger forever

  13. #73

    Re: The Failing Economy

    Quote Originally Posted by suliso View Post
    Countdown to a Meltdown

    Congress has to act quickly but carefully to get financial rescue legislation right.


    Tuesday, September 23, 2008; Page A20


    LAST THURSDAY, the top economic policymakers in the United States told congressional leaders that the financial system was only days away from a catastrophic failure -- and that the only hope was an immediate, massive government bailout. Congress agreed in principle, buoying financial markets. But five days later, the specifics of the rescue legislation remain undecided. Two of yesterday's market events -- a 372-point drop in the Dow Jones industrial average and a $16-per-barrel jump in the price of oil -- show just how rapidly the clock is ticking.

    http://www.washingtonpost.com/wp-dyn...092202591.html
    If all the administration is offering is we'll figure it out as we go, then let the markets crash.
    Last edited by craighickman; 09-23-2008 at 10:29 AM.


  14. #74

    Re: The Failing Economy

    Quote Originally Posted by craighickman View Post
    If all the administration is offering is we'll figure it out as we go, then let the markets crash.
    That would not be any cheaper.
    Roger forever

  15. #75
    Grand Slam Champion jjnow's Avatar
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    Re: The Failing Economy

    Bill Clinton has been talking about taking some Great Depression measures, like renegotiating mortgages. All this goes over my head. But I get that we're all screwed.
    Blue Steel

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