Thanks, Debonair Dude........WOW, are WE in interesting times. WAAAAY too interesting for ME, I might add.
(I just read this and realized it looks like I'm thanking Debonair Dude for the failure of the bail out..I'm not!! Sorry, Dude!)
UPDATE; Please check out this article. It explains everything pretty succinctly and very well linked, etc. It's worth sending around, particularly to undecided voters and others who actually believe Pelosi and the rest of those who won't admit the Democrats are responsible for most of the seeds of the economic crisis.
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37 comments:
Dow is down over 600 was down 700.
Time to separate the men from the boys.
I think John McCain had better suspend his campaign again.
YOu're probably right...He should.
But, PLEASE don't let Obama...it's he who has to answer for some of this. What was it...$124K? ya. I think so. But, Maxine Waters said "if it ain't broke, don't fix it!" Thanks, Maxine!! And, as usual, your media's covering for them. But, I think that won't last...the blogs are in OVERDRIVE with the truth...
the left must be covering their eyes from the LIGHT of the truth, eh, Ducky!?
This was people power..Republicans understand and they love this country and the free economy too much to have bought into this.
I wasn't totally against it because, frankly, I'm worried about who's paying for your credit card purchases this afternoon, but we have to toughen up. This will be separating the men from the boys.
Bring it on, McCain, the young one sure can't handle it. (afraid to say BOY because the PC police from Missouri just might arrest me)
Remember z, McCain was the one who said "I don't know much about economics, maybe I should read Greenspan's book".
Greenspan is the figure most widely considered responsible for this mess.
You better be diversified because a president can't do much to stop the fall. It's going to happen.
Yield on 6 month T-bills just went to ZERO. We are moving toward full scale panic.
You may now panic and run around in circles.
*sigh*
I remember, Ducky,
McCain says one thing like that and you're all over it.
Obama fumbles everything he says and misquotes, mischaracterizes and could jeopardize our very existance, but you keep slamming McCain.
You blaming Greenspan for this?
Am I blaming Greenspan, yeah along with most of the reputable economists in the country.
He left the money spigot on and refused to regulate and the market ate itself with greed as a laissez-faire market will always do.
If you think this is a matter of D vs. R you are asking the wrong questions and if you do that you are setting yourself up for a larger bubble in the future.
The "free market" MUST be properly regulated to avoid these meltdowns.
It may take quite a while to recover from this and I feel very bad for people who need their money now. They are going to be hurt through no fault of their own.
Meanwhile we have McCain trying to convince the suckers that 18 billion in earmarks and anti-redlining legislation teetered the world banking system. Absolutely ludicrous.
Hi, Z. I just heard that the Dow is now down 500. We can also blame Pelosi for this. Every time she got a chance to get in front of the media she blamed the Republicans. They got pissed off and I don't blame them.
"Many Congressmen are in danger of losing their jobs if this bailout goes through. They're between a rock and a hard place. There's only 24% of Americans who are in favor of this bailout and as it stands, I'm not one of them. I believe we can fix this and that government intervention is a mistake. Of course, some of my readers disagree, but thankfully we are all entitled to our opinions. :)
http://patdollard.com/2008/09/rasmussen-majority-of-americans-against-bailout/
McCain mentioned earmarks in the debate. Is he talking about it today? he's absolutely right, and it's clear he's not blaming it on that, it's a cautionary tale and you know it. He's against earmarks, PERIOD. And he's right.
I have to admit I ,too, believe there has to be some regulation.
And, yes, I feel terrible for many people.
And, I'm tired of people saying "It's not a matter of the D's vs R's" when it's so clearly a problem developed by D's. Never fails..Suddenly, it's not a partisan thing.
Ducky, that's dishonest.
I will say that the D's have given us all a problem which we ALL have to deal with now, not just D's and R's.
And I'll say this showed the power of Americans who do NOT believe in bail outs and who'd rather toughen up than lay down and die to socialist solutions.
I'd say this might apply to the election, too. We can only hope.
Gayle...BLAMING REUPBLICANS..Nancy Pelosi's FORTE!
How would jobs have been lost with a bailout? ?
I wasn't for it, but I wasn't as against it as some...
We can afix blame by looking for the party more into the bailout : THE DEMOCRATS. Where is their solidarity for the little guy over the evil capitalists spirit?
www.culturism.us
cLINTON'S on TAPE today saying the Democrats blocked the Republican efforts to regulate Fannie Mae and
Freddie Mac all the way back to his administration.
Wait. Where was HE?
And Maxine Waters (who I'm ashamed to admit is from MY State) said "If it ain't BROKE, don't FIX it".
OH, please watch the video here on my site..this says it ALL.
I can't believe I'm actually understanding something about economics. Thanks for all these videos and links. I'm also understanding that the reason I couldn't understand much before was probably because of the lies of the Democrats. It's really unbelievable how clear the problem is when the truth comes out, but over and over all we hear in the media is that it was the Republicans' fault. I sure HOPE the blogs can get the message out. I'm doing my bit but I have a lot of liberals on my email list who probably won't even open mail on this subject.
It just makes me sick how all we hear from the media is stuff like this from Pelosi blaming the Republicans. This has been mentioned here already and it may be the reason the bill was defeated. Well, that has to be a good sign it seems to me, that they won't give in to Pelosi's ranting accusations:
http://news.yahoo.com/s/ap/20080929/ap_on_bi_ge/financial_meltdown
“They claim to be free market advocates when it's really an anything-goes mentality: No regulation, no supervision, no discipline. And if you fail, you will have a golden parachute and the taxpayer will bail you out..."
What bald-faced lies.
What I DON'T get though is why the Republicans aren't saying what the real problem is? Why hasn't Bush? Why hasn't McCain? Why didn't he in the debate when it came up?
I'm good. I've got the apple selling concession on main street. I am thinking of branching out into soup kitchens as well.
The fundamental problem with our financial system is that the fallout from the housing bust has left financial institutions with too little capital.
When he finally deigned to offer an explanation of his plan, Mr. Paulson argued that he could solve this problem through “price discovery” - that once taxpayer funds had created a market for mortgage-related toxic waste, everyone would realize that the toxic waste is actually worth much more than it currently sells for, solving the capital problem. Never say never, I guess - but you don’t want to bet $700 billion on wishful thinking.
------------------
So cj, since you've learned a lot about the economy lately can you describe how to price a credit swap derivative?
This is so frustrating. Don't these democrats know there is video of just about every frelling thing that has come out of their mouths for years?
Sheesh.
I hope smarter brains prevail and a better solution is proposed soon.
As I've said. I hope Republicans get the Full Ayn Rand and are on the curb begging for crusts.
Only way they'll learn.
I see now, what is wrong. Democrats can't count, eh?
Ms.Pelosi couldn't get a good 40% of HER own party to jump on the bandwagon for this thing.
Well, one or two things HAVE come about.
The dollar is now gaining strength.
Almost makes me wonder if the truth is America is being forced to take care of the WORLD and European economy and not really our own .
But yes, I am ignornant of economics, I just know I pay my bills .
WVDOTTR
typical, Ducky.
The Dems totally screwed America.
The Reps have to clean it up and mea culpa.
Goood job.
Did Pelosi's speech blow this deal?
You bet she did...
Pelosi and Reid and Frank and Dodd are all fools.
The very best thing that could happen would be if all the imbeciles who are FOR this stupid bailout idea would EXPIRE immediately --- if not sooner.
I loathe and despise COMPROMISE. One can NOT compromise with the DEVIL and not wind up getting badly burned --- if not completely incinerated.
Better DEAD than RED. And this damnable thing is as red as a hot poker coming straight for your eyes.
I'm frankly disgusted at Mc Cain's weakness and lack of leadership on this VITAL issue. He's trying to play all ends against the middle, and it WON'T work.
When you try to please everybody, you wind up betraying yourself and acting the part of mountebank. America's politicians are nothing but a bunch of CHARLATANS --- on BOTH sides of the aisle. It's a shame we are all so BLINDED by the incessant Drumbeat for Defeat put out by the ENEMEDIA that even most who call themselves conservative cannot see the Truth anymore.
FT
The fundamental problem with our financial system is that the fallout from the housing bust has left financial institutions with too little capital. Ducky, I think you should stop trying to convince us of your economic bona fides … you don’t have any. If you want to evaluate “the housing bust,” then you have to begin with that idiotic idea that not only permitted, but also pressured banks to loan money to people who could not afford mortgage payments, and which directed them toward adjustable rates in order to satisfy a “quota.” You should probably also look at the creation of artificial money through the overuse of credit cards … once again, offering credit to people when some don’t even have a job. Banks used this debt (plus interest) as receivable income, a false asset because it isn’t real until it is actually paid. Pressured by whom? Watch the videos again – or several times until the light switch’s on.
Let's get this straight. The Congress wants us to feel bad that 2/3 of the House Republicans along with 1/3 of the Democrats were smart enough to reject a clear step towards socialism by not turning over a great deal of our money and a small part of EACH of OUR neighborhoods to the government. Please forgive me if I fail to feel bad about that. Actually, I think a celebration is in order. The ones who have miserably failed WE THE PEOPLE are the ones who voted for this smoking piece of turd legislation. I do feel bad for those who will inevitably be hurt by the failure today, which may include myself, but what was done today was the right thing. Thank you those of you who had the nerve to vote NO!!!
This video got yanked off YouTube for "music copyright violations" today...
Yeah... music copyrights...
Anonymous..the link is still good
Let me just add something here:
A very dear, HIGHLY intelligent friend emailed me just now on top of an article she'd rec'd about Ayers and his horrible deeds....my friend asked "is this true...? what is with this guy? Should I be dubious about this piece?"
people aren't HEARING, friends! THEY ARE NOT HEARING THE TRUTH. and she is informed and WAAAY smarter than I ...trust me!!!
this is horrid.
And yes, I filled her in. But.......who's filling everyone ELSe in, right?
What I gather from the comments (particularly Mustang's excellent summary) and the whole array of discussions on this blog and elsewhere is as follows (I am simplifying on purpose) is as follows:
1. The Dems under Clinton and others forced banks to make loans to people who could not really afford them.
2. In addition, in times of euphoria, they granted loans to speculators with no down payment, hoping that real estate prices would continue to go up.
3. The credit card frenzy put the country as a whole in over-spending beyond reasonableness.
4. The greed by Wallstreet management has shown the limits of capitalism without adequate (and reasonable) control.
5. The foundation of the self-service F&F Mae companies served well as a money maker for Dem personnel in a black-caucus cover-up.
So, the whole thing can substantially be tracked down to the black swamp of the Dems and greed on Wallstreet. Just follow the money trail (dare I say bribery? Key word: Obama e.a.).
So, the Conservatives need to take advantage of this and correct the situation. I applaud them to vote against the bill today, the Republican proposal appears much more reasonable.
Mr.Z
The defeat of the bailout today actually had a few silver linings in it. To start with, we the people saved $700Billion, at least for now. Second, it was a bipartisan defeat. I hate to see every vote split right down party lines.
The most important positive that comes from this whole fiasco is that more Average Americans are looking deeper into just what in Hell is and has been going on to bring us to this point. It's about time. WAKE UP SHEEPLE!!! Now we all know(except Ducky) that the extreme leftards will not change their views one iota, anymore than we will change ours. It's the independents, the undecideds, and the moderate Dems who will--just maybe--finally wake up and smell the coffee. I'd LOVE to see Sarah Palin pounce on this Thursday, just take over the debate and push this thing to the limit. And John McCain HAS to get aggressive and really take the offensive on this.
There's something we can do also. Everyone of us has to e-mail these links to everyone we know and ask that they be passed on like a chain letter. The life of our country depends on it.
The bailout plan was severely flawed. Besides, lending firms should have repackaged the subprime mortgages long ago. Those firms made plenty of bucks. Just take a look at the severance packages the CEO's get. Furthermore, the lending firms cooked the books, inflating profits and deflating losses. Talk about a scam!
Interestingly, overseas markets didn't tank overnight.
Let GWB beg for the bill. He doesn't have any political capital anymore.
Pelosi has sat like a queen presiding over a disaster. What made this Judas and all her other Judas friends sell out her country like this? I'm afraid for America. You've been royally sold out.
AOW: And beg he just did.
Well all I can say is to read the blog I wrote this morning.
Where is John Galt when you need him?
;-)
Where have you gone Franklin Roosevelt, a nation turns its lonely eyes to you
What's that you say John McCheese, FDR has left and gone away?
Let's see:
1. The Dems under Clinton and others forced banks to make loans to people who could not really afford them.
No, that's a FAIL. Anti-redlining applied only to commercial banks and those banks are regulated with standard mortgage guidelines.
2. In addition, in times of euphoria, they granted loans to speculators with no down payment, hoping that real estate prices would continue to go up.
They? Do you mean commercial banks? Generally no. Mortgage brokers were primarily responsible and the banks may have or may not have played that game.
3. The credit card frenzy put the country as a whole in over-spending beyond reasonableness.
No. It was fools who thought their home was an ATM and continually refinanced then got nailed hard when property prices fell.
4. The greed by Wall Street management has shown the limits of capitalism without adequate (and reasonable) control.
Capitalism has limits? What happened to "Greed is good". Turn in your Ayn Rand decoder ring.
5. The foundation of the self-service F&F Mae companies served well as a money maker for Dem personnel in a black-caucus cover-up.
How could they make money? You mean stock? The stock holders were wiped out as well as holders of any convertible debentures.
One of the recipients of the largest contributions from Fannie and Freddie was John McCheese himself.
Sorry, but we have some swell parting gifts. Come back and try again.
Good thing that I am reading this on TUESDAY, the day after. Stocks are up, the sky is not falling and maybe congress can come back with a better bill rather than the Paulson Plan. A disaster. I get that there is going to be a bailout/rescue, whatever you want to call it. But we need a good one. Maybe some adult supervision would be good as well.
Ducky...come back after you've done your homework.
Take a REALLY good look at #2 on the list of Fanny Mae give-outs.
thanks
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