Hows that bank bailout going

[username]

When Bush left office the Dems held majorities in both houses of congress.

I know. But regardless, did the majority of Republicans vote against or for? I just don't remember. Look it up for me, sweetie. I gotta go to the gym.

[Cracker]

The only unknown to me is, what would have happened had we not taken the steps we did?

Companies who gave bad loans would have been fucked. Instead, they made a killing and we were fucked. Was there a way to save our home values while making the mortgage industry pay the piper? Not sure. I would rather have seen a few companies reap what they had sown rather than middle class Americans getting the shaft.

People who live off the government are no better/no worse than they were before. In fact, they had some benefits extended/increased. Working people got screwed.

At some point, working people need to fight back. If every single working person failed to file taxes next year, they couldn't come after all of us and they wouldn't have any funding to do so. That's my master plan.

[Cracker]

This Berkeley economist said it wouldn't have been so bad:

http://www.project-syndicate.org/comment...95/English

What did Frost say about the road not taken? We probably won't end up there again, won't have that choice to make again.

What are we going to do NOW? That's what I want to know. What about NOW? If the war in Afghanistan ends, what is our unemployment rate REALLY going to be?

[IMaDick]

When Bush left office the Dems held majorities in both houses of congress.

I know. But regardless, did the majority of Republicans vote against or for? I just don't remember. Look it up for me, sweetie. I gotta go to the gym.

The dems passed it with a 60 vote super majority.

By the way, 70% of the american people opposed it's passage.

[BlueTiki]

I know. But regardless, did the majority of Republicans vote against or for? I just don't remember. Look it up for me, sweetie. I gotta go to the gym.

http://articles.cnn.com/2008-09-30/polit...M:POLITICS

"President Bush, Treasury Secretary Henry Paulson and the leadership of both parties pushed for a $700 billion financial bailout plan intended to shore up the nation's lenders. Such consensus is rare these days in American politics, but the bill still failed in the House on Monday afternoon.

The House of Representatives defeated the plan by a 228-205 vote. A majority of Democrats -- 140 -- supported the bill and 95 voted against it. Most Republicans -- 165 -- opposed the plan, while 65 supported it.

New York's Democratic Rep. Charles Rangel, who voted for the bill, said, "The people that have been responsible for the reckless lack of regulation of the industry have come to us at the 11^th hour with a gun to our heads.""

[IMaDick]

Tiki that was the failing vote, the bill passed with most republicans opposing it and all but 11 democrats voting for it.

[BlueTiki]

Tiki that was the failing vote, the bill passed with most republicans opposing it and all but 11 democrats voting for it.

Yup.

But I wanted to illustrate, at the genesis, their was opposition . . . one party had greater opposition than the other . . . but there was opposition. It was never a "shoe-in".

And then the "Campaign of Fear" was launched and here we are.

It's all about the marketing and packaging to make a sale.

And a pitchman's dose of fear.

[username]

"President Bush, Treasury Secretary Henry Paulson and the leadership of both parties pushed for a $700 billion financial bailout plan intended to shore up the nation's lenders. Such consensus is rare these days in American politics, but the bill still failed in the House on Monday afternoon.

The House of Representatives defeated the plan by a 228-205 vote. A majority of Democrats -- 140 -- supported the bill and 95 voted against it. Most Republicans -- 165 -- opposed the plan, while 65 supported it.

New York's Democratic Rep. Charles Rangel, who voted for the bill, said, "The people that have been responsible for the reckless lack of regulation of the industry have come to us at the 11^th hour with a gun to our heads.""

That's interesting. I wasn't completely wrong; the first paragraph supports my memory that leaders from both parties were pushing for its passage.

I can't (won't) defend the bailouts because maybe they didn't help (maybe they made things worse) but I don't think that anyone can say that with 100% certainty. I could go find a dozen articles supporting them and I'm sure I could find the same number that discredit them.

I fell for the campaign of fear though. I had a vision of credit lines shrinking to non-existence, ripple effects felt throughout the economy if the automakers failed blah, blah, blah.

Anyway, I'm with Cracker about what to do now. We've got to address the debt/deficit situation. It's a fucking mess. I'm glad Moody's is threatening the US credit rating--all the politicians need a kick in the ass to get this done.

[IMaDick]

I take it you didn't understand what moody's done?

They are forcing a hike in the spending limit.

The dems want a hike in the spending limit and then they will talk about cuts.

Fuck, that's like giving your teenage son a credit card just in case he over spends his allowance.

username politics are not your strong suit, may be you would be good at playing first base? not as a player but as the bag.

[username]

You're such a turd, Dick. Of course they want us to raise the debt limit but they've also expressed concern about the deficit.

House Speaker John A. Boehner (R-Ohio) also found ammunition in the Moody’s report. He noted that it described the discussions over the debt ceiling as an opportune moment for the government to produce a long-range plan for cutting the federal budget deficit. Moody’s said the long-term credit rating would depend on the development of such a plan.

“This report makes clear that if we let this opportunity pass without real deficit reduction, America’s financial standing will be at risk,” Boehner said. “A credible agreement means the spending cuts must exceed the debt limit increase.”

[IMaDick]

How about if we just stop spending? wouldn't that also raise our credit rating? how about if we pay our bills instead of thinking of new ways to spend more money, wouldn't that raise our credit rating also?

for fuck sake, you don't go get more credit to pay your credit bills do you? think about it without all the bullshit.

[Duchess]

I would like Bill Clinton in charge of the economy.

[Duchess]

And it would be good if Hillary could be his boss.

[BlueTiki]

Uh oh.

We're gonna get a bad credit rating, from Moody, and the shit is gonna hit the fan!

BTW - Who rated all of the fucked-up companies we bailed out? I thought their ratings were great, but, ooops . . . then they needed a bailing out.

Who knew?

And Boner . . . errr Boehner (Yeah - it's pronounced 'Bayner' - sure ) . . . (GOP Weiner).

Ya think he just might be playing a little political give-and-take to make it sound like something is being done and the parties are working together (just to save his political ass)?

Or is this "Campaign of Fear: Part 2"?

[Duchess]

Having a bad credit rating is BAD!

[Duchess]

It's like no one is in charge. Does anyone care?

[BlueTiki]

Having a bad credit rating is BAD!

And giving a good rating when it isn't true . . . is FRAUD.

Who do you think pays the rating companies, like Moody, to rate their securities? Or do you think they are philanthropical organizations?

Follow the money and the power.

[Maggot]

Pay off your debt now while you still can. Before you are working just to pay off debt. Interest rates will be rising again, probably within the next 30-40 days. Obama will have another "television" moment, explaining away the debt. People are starting to wake up. I sure hope it's not to late. Is Walmart to big to fail?

[username]

I'm all for cutting spending but most people have the old "NIMBY" mentality.

Where do all of you stand on Paul Ryan's budget/proposed changes to medicare?

[BlueTiki]

Hey! username!

Ask your hubbie: "What was the year Moody's began rating US Treasury Bonds?"

As to Paul Ryan's plan . . . it has merit.

Gotta lower the corp tax rate.