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The bailout vote

Discussion in 'BBS Hangout: Debate & Discussion' started by robbie380, Sep 29, 2008.

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Landlord Landry Member

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so if the finacial institution that gave me my mortgage goes belly up......

do I get a free house, in essence?

#121 Landlord Landry, Sep 29, 2008

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rimrocker said:

I am so sick of that. You are naive if you think we would have made a profit.. and you trust these bastards to make the correct decision with that much money?
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I fully trust Paulson to know how to make money. He's a genius at that. And it's not naivety - it's just understanding how these assets are valued today vs. their real value.

#122 Major, Sep 29, 2008
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Landlord Landry said:

so if the finacial institution that gave me my mortgage goes belly up......

do I get a free house, in essence?
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Nope, someone would swoop in and scoop up that mortgage. Its an asset with value and someone would pay for it, maybe for a discount, but you'd still owe whoever buys it.

#123 Supermac34, Sep 29, 2008
pgabriel Educated Negro

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bigtexxx appreciates firemen when its politically convenient, like after 9-11, any other time, you're just a bunch of government employees

LOL, you guys are something else

#124 pgabriel, Sep 29, 2008
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As soon as this thing burns up for good, and all the chicken littles have sold out big time, I'm jumping back into the market. There are some bargains now. There are going to be some awesome bargains when the Dow drops below 10K. Buy when investors are panicking, people. Buy when investors are panicking. Besides, it's the patriotic thing to do.

#125 weslinder, Sep 29, 2008
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basso said:

please- if there's a single failure here, it's pelosi's. if she hadn't called the republicans unpatriotic last night, she'd have her bill passed today.
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So you're saying House GOP members are so childish that they voted against serving the American people because they were offended? I would hope you'd agree that people like that are not fit to hold office.

#126 Major, Sep 29, 2008
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The "offensive" speech...

Rep. Pelosi's Remarks on Floor Ahead of House Bailout Vote

"Madam Speaker, when was the last time someone asked you for $700 billion?

It is a number that is staggering, but tells us only the costs of the Bush Administration's failed economic policies--policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system.

Democrats believe in the free market, which can and does create jobs, wealth, and capital, but left to its own devices it has created chaos.

That chaos is the dismal picture painted by Treasury Secretary Paulson and Federal Reserve Chairman Bernanke a week and a half ago in the Capitol.

As they pointed out, we confront a crisis of historic magnitude that has the ability to do serious injury not simply to our economy, but to the American people: not just to Wall Street, but to everyday Americans on Main Street.

It is our responsibility today, to help avert that catastrophic outcome.
Let us be clear: This is a crisis caused on Wall Street. But it is a crisis that reaches to Main Street in every city and town of the United States.

It is a crisis that freezes credit, causes families to lose their homes, cripples small businesses, and makes it harder to find jobs.

It is a crisis that never had to happen. It is now the duty of every Member of this body to recognize that the failure to act responsibly, with full protections for the American taxpayer, would compound the damage already done to the financial security of millions of American families.

Over the past several days, we have worked with our Republican colleagues to fashion an alternative to the original plan of the Bush Administration.

I must recognize the outstanding leadership provided by Chairman Barney Frank, whose enormous intellectual and strategic abilities have never before been so urgently needed, or so widely admired.

I also want to recognize Rahm Emanuel, who combined his deep knowledge of financial institutions with his pragmatic policy experience, to resolve key disagreements.

Secretary Paulson deserves credit for working day and night to help reach an agreement and for his flexibility in negotiating changes to his original proposal.

Democrats insisted that legislation responding to this crisis must protect the American people and Main Street from the meltdown on Wall Street.

The American people did not decide to dangerously weaken our regulatory and oversight policies. They did not make unwise and risky financial deals. They did not jeopardize the economic security of the nation. And they must not pay the cost of this emergency recovery and stabilization bill.

So we insisted that this bill contain several key provisions:

This legislation must contain independent and ongoing oversight to ensure that the recovery program is managed with full transparency and strict accountability.

The legislation must do everything possible to allow as many people to stay in their homes rather than face foreclosure.

The corporate CEOs whose companies will benefit from the public's participation in this recovery must not benefit by exorbitant salaries and golden parachute retirement bonuses.

Our message to Wall Street is this: the party is over. The era of golden parachutes for high-flying Wall Street operators is over. No longer will the U.S. taxpayer bailout the recklessness of Wall Street.

The taxpayers who bear the risk in this recovery must share in the upside as the economy recovers.

And should this program not pay for itself, the financial institutions that benefited, not the taxpayers, must bear responsibility for making up the difference.

These were the Democratic demands to safeguard the American taxpayer, to help the economy recover, and to impose tough accountability as a central component of this recovery effort.

This legislation is not the end of congressional activity on this crisis. Over the course of the next few weeks, we will continue to hold investigative and oversight hearings to find out how the crisis developed, where mistakes were made, and how the recovery must be managed to protect the middle class and the American taxpayer.

With passage of this legislation today, we can begin the difficult job of turning our economy around, of helping those who depend on a growing economy and stable financial institutions for a secure retirement, for the education of their children, for jobs and small business credit.

Today we must act for those Americans, for Main Street, and we must act now, with the bipartisan spirit of cooperation which allowed us to fashion this legislation.

This not enough. We are also working to restore our nation's economic strength by passing a new economic recovery stimulus package--a robust, job creating bill--that will help Americans struggling with high prices, get our economy back on track, and renew the American Dream.

Today, we will act to avert this crisis, but informed by our experience of the past eight years with the failed economic leadership that has left us left capable of meeting the challenges of the future.

We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a New Direction to a better future."
http://talkingpointsmemo.com/news/2008/09/rep_pelosis_remarks_on_floor_a.php
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If Repubs were planning on sandbagging the Dems, at least man up and admit up. This just makes them and their supporters look like WATBs.

#127 rimrocker, Sep 29, 2008

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weslinder said:

As soon as this thing burns up for good, and all the chicken littles have sold out big time, I'm jumping back into the market. There are some bargains now. There are going to be some awesome bargains when the Dow drops below 10K. Buy when investors are panicking, people. Buy when investors are panicking. Besides, it's the patriotic thing to do.
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QFT, I can't wait its like being a kid in a candy store.

#128 Air Langhi, Sep 29, 2008
rimrocker Member

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Major said:

I fully trust Paulson to know how to make money. He's a genius at that. And it's not naivety - it's just understanding how these assets are valued today vs. their real value.
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For himself and for his firm maybe... but for the country?

#129 rimrocker, Sep 29, 2008
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If Repubs were planning on sandbagging the Dems,
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I think that was the plan all along.

#130 mc mark, Sep 29, 2008
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mc mark said:

I think that was the plan all along.
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Of course it was.

#131 rimrocker, Sep 29, 2008
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rimrocker said:

For himself and for his firm maybe... but for the country?
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His actions as Sec Treas have been nothing short of brilliant during this crisis (going back several months - not just these last few weeks). His one mistake was promoting this as a bailout, which is so misleading and laughable. Marketing is not his strong suit.

#132 Major, Sep 29, 2008
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Major said:

So you're saying House GOP members are so childish that they voted against serving the American people because they were offended? I would hope you'd agree that people like that are not fit to hold office.
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A friend of mine who works with the texas democratic party has it on good word that it is true. Some republicans in the house refused to vote yes simply because Pelosi blamed their party for the mess.

That's crazy. How old are these guys?

#133 rhadamanthus, Sep 29, 2008

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rhadamanthus said:

A friend of mine who works with the texas democratic party has it on good word that it is true. Some republicans in the house refused to vote yes simply because Pelosi blamed their party for the mess.

That's crazy. How old are these guys?
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from an ex-gop voter, this is pathetic. grow up gop.

#134 ArtV, Sep 29, 2008
mic Member

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I wish America would grow a f--king pair already.

#135 mic, Sep 29, 2008
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Major said:

His actions as Sec Treas have been nothing short of brilliant during this crisis (going back several months - not just these last few weeks). ]
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Bull-****ing-****. I'm sorry for my reaction, but this has been boiling for a while, and he just tries keep blowing my air into a bursting balloon. He might know a little about finance, but he either doesn't have a ****ing clue about economics, or he wants to wreck the economy for the sake of his buddies.

#136 weslinder, Sep 29, 2008
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mc mark said:

I think that was the plan all along.
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That would be amongst the stupidest things they could have done.

"Bailout fails, US in panic because House Republicans vote no" is not exactly a headline they are going to want. The House GOP leadership is pissed right now, because they are going to take the blame for this.

#137 Major, Sep 29, 2008
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ArtV said:

from an ex-gop voter, this is pathetic. grow up gop.
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Apparently some gop supporters are proud of this innanity.

#138 rhadamanthus, Sep 29, 2008

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weslinder said:

Bull-****ing-****. I'm sorry for my reaction, but this has been boiling for a while, and he just tries keep blowing my air into a bursting balloon. He might know a little about finance, but he either doesn't have a ****ing clue about economics, or he wants to wreck the economy for the sake of his buddies.
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SO says the guy who claims a credit market meltdown is no big deal and probably won't happen because you haven't yet seen any canceled orders from your particular line of work.

#139 SamFisher, Sep 29, 2008
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SamFisher said:

SO says the guy who claims a credit market meltdown is no big deal and probably won't happen because you haven't yet seen any canceled orders from your particular line of work.
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I still say so, and I'm putting my money where my mouth is. As soon as this thing is dead for good, I'm buying. There are going to be some deals out there. If you have cash, you'd be wise to do the same.

#140 weslinder, Sep 29, 2008

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