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Old 09-26-2008, 10:06 AM   #41
Jae Onasi
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The likelihood of someone breaking into my house to steal my wad of money taken out of the bank is a lot higher than the chance of the entire banking system collapsing and the FDIC not covering what I have in my accounts. I'm not worried about it not being covered. While the banking situation is very serious and needs to be addressed immediately, I don't think individuals' funds are in any danger.


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Old 09-26-2008, 10:49 AM   #42
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The Times, today (26.09.08)

'it is thought that the Treasury will have the right to seize stakes in banks that benefit from the bailout in order to protect the interests of the American taxpayer.'

A step towards nationalisation?

The same article gave an interesting statistic - the cost of this $700 billion deal to the individual American taxpayer: $5300


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Old 09-26-2008, 02:20 PM   #43
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Since you have it all figured out, why did you bother to ask?
because I wanted to know what other people thought. That's why it's a QUESTION. And not everyone may agree that keeping the banks going is a good idea, there are people who would like to be rid of the banking system we have an would do something to contribute to our collapse.

There are people who are the opposite of Jae who think their bank is more likely to steal their money or somebody rob their bank than for somebody to break into their home.


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Old 09-26-2008, 02:25 PM   #44
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I'm not saying it _can't_ happen, Web Rider, but I think the probability is that the safety of my money in the bank is far greater than at my home.


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Old 09-26-2008, 07:00 PM   #45
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I'm not saying it _can't_ happen, Web Rider, but I think the probability is that the safety of my money in the bank is far greater than at my home.
I know, I only said that some people think the opposite. I was curious if anyone here did. I imagine though due to our general knowledge of politics and how economics works, I find it doubtful many will express disparate opinions, still, I was curious.


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Old 09-26-2008, 07:59 PM   #46
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of course, running and taking it all out is bad, and that's not something I intend to do, even though something is "covered" by the FDIC, that's sorta like Katrina checks, in the 5 years it takes for it to get to me, I am long since screwed.
1. The homes in Mississippi and Louisiana that suffered flood damage and had flood insurance did not have to wait 5 years to receive their checks from FEMA. The problem with most the homes in Mississippi was they were in a preferred flood zone (zone X or zone B) those zones do not require flood insurance by the mortgagee companies. Therefore, the mortgagee companies (the same people we are bailing out here) and insurance agents told some of these homeowners they were not in a flood zone. This is not true everyone eligible for flood insurance is in a flood zone. If you are not in a flood zone then either your community has not been surveyed or you are already knee deep in water. Homes that flood so often that the government offers a buyout are no longer in a flood zone and cannot purchase flood insurance. The people who had to wait five years for their check did not have flood insurance and either had to sue the insurance agent, their mortgagee company or are getting a low interest loan from FEMA. If you do not have insurance FEMA may still help, but you have to pay them back. They also tried to sue the insurance companies, but since flood is an excluded coverage (court tested), they had to look elsewhere. I offer flood coverage to every homeowner I write coverage for and make them sign a rejection if they do not wish to purchase the coverage. I did this long before Katrina.

2. Keep large amount of cash in your home is unwise. Most states insurance policies cover $500 to $1,500 for cash or gift cards and is subject to the homeowner’s policy deductible.

3. If I have large amount of cash in hand…Well let us just say a fool and his money soon will part.

4. The bank is safer. I'm not really worried about my money disappearing. I'm worried about the actual buying power of that money being devalued.

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Old 09-29-2008, 03:27 PM   #47
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House of Representatives rejected the $700 billion bailout plan today. The Dow Jones has lost dropped almost 7% as a result. This is getting scary. Not really sure why Congress feels like playing chicken with this crisis at the moment with 10%+ unemployment and crippled GDP. I'd rather not see this turn into another depression.


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Old 09-29-2008, 04:03 PM   #48
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Why did they reject it?
*Jae would grumble about missing the news if she weren't grateful to have the job even if that's causing limited net access*


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Old 09-29-2008, 04:07 PM   #49
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Why did they reject it?
*Jae would grumble about missing the news if she weren't grateful to have the job even if that's causing limited net access*
here's an excerpt from CNNmoney. Of course, it's more "play the blame game" semantics.

Quote:
The measure, which is designed to get battered U.S. credit markets working normally again, needed 218 votes for passage. But it came up 13 votes short of that target, as the final vote was 228 to 205 against. About 60% of Democrats and fewer than 33% of Republicans voted for the measure.

President Bush, who earlier in the day said he was confident the bill would pass, is "very disappointed" by the House vote. He said the administration would continue to attack the nation's economic problems "head on."

The Treasury Department, which will work with regulators and "use all the tools at our disposal, as we have over the last several months, to protect our financial markets and our economy," according to a Treasury spokeswoman.

Paulson will be consulting with Bush, Bernanke and congressional leaders on the next steps, the spokeswoman said.

Republican leaders who had pushed their reluctant members for the bill blamed Speaker Nancy Pelosi, D-Calif., saying that her speech during the floor debate drove away about a dozen Republicans they thought they could get to support the measure.

"I do believe we could have gotten there today if it had not been for this partisan speech the speaker gave on the floor of the House," said Boehner.

Speaking to reporters, Pelosi said that both Democratic and Republican leaders had pledged to get more than half their members to support the package and that only the Democrats had lived up to that promise. She said the lines of communication with administration and Republican House leadership to try to pass the measure.

"The legislation may have failed, the crisis is still with us," she said.

Earlier, speaking on the House floor, Pelosi said "$700 billion [is a] a staggering number, but only a part of the cost of the failed Bush economic policies - policies that were built on budget recklessness ... combined with an anything goes economic policy, [that] have taken us to where we are today."
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Old 09-29-2008, 04:54 PM   #50
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BREAKING NEWS: Dow Plunges 777.68 Points

BREAKING NEWS: Dow Plunges 777.68 Points
http://www.msnbc.msn.com/id/3683270/

Sarcasm - I would hate to be the next president.

Other related links -
Bailout bill defeated

Bailout failure throws banks into disarray
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Old 09-29-2008, 04:55 PM   #51
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Oh, Tip O'Neill, we miss you....
Yeah, I heard Pelosi's jab earlier and winced. It was a foolish thing for her to say and yet another reason why I can't stand the woman. She knows how to play Democratic politics like there's no tomorrow, but she's failed miserably as Speaker in trying to work with and actually lead both sides of the House. However, 40 pct of Dems voted it down, so I think the bill's failure is from far more than just Pelosi being a completely ineffective idiot.

As a home-owning taxpayer, I do not like the idea of paying for others' screwups. I don't want to pay for people who foolishly took out more of a loan than they could afford. I don't want to pay for big banks to get off scott-free by giving the bad debt to me via increased taxes, while they get to keep the cream and give their executives multi--million dollar salaries. I don't want to pay via taxes for companies that failed due to their own bad business practices, perhaps even fraudulent practices. Some of these home loans were made to people with completely inadequate or no income or assets. Are we supposed to be surprised when those loan goes into default? I don't have a business degree, but I have mastered the concept that making loans to people who don't have any way to pay the loan back is just Dumb with a capital 'Duh!'

The government wants me and my children to foot the bill for 700 billion with few checks and balances on the treasury sec'y or adequate regulations on banks to keep this from happening again, and lawmakers wonder why 40 pct of Dems and 66 pct of Repubs voted it down.


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Old 09-29-2008, 05:04 PM   #52
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Why did they reject it?
It was rejected by House Republicans in a political play to make themselves be seen as the conservatives saving America 700 billion by refusing to bailout Wall Street. Were the **** was this new found conservatism when they were voting on the pork of the last eight years? They get a backbone at the onetime America needs them to be their usual spineless selves.


If they are going to make this bailout political, we are in for a world of hurt.
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Old 09-29-2008, 05:06 PM   #53
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The article I read cited Pelosi's highly-partisan closing speech criticizing the plan and Bush as another factor in the bill's demise.

^^ edit: yeah that's the one Chainz.


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Old 09-29-2008, 05:18 PM   #54
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Well if it was Pelosi’s comments that made 12 Republican Representatives, then they are as big of idiots as she is. That is like cutting off your nose to spite your face.

Ron Paul’s gold standard sounds pretty good about now. I don’t even have to look, I know he voted against it.
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Old 09-29-2008, 07:41 PM   #55
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Does Ron Paul vote in the positive for any bills he doesn't propose?
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Old 09-29-2008, 07:50 PM   #56
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Does Ron Paul vote in the positive for any bills he doesn't propose?
He votes against those too.


addon:
Oversight, equality, forbearance, protection and responsibility – I see why the Republicans got so upset; it goes against the Bush doctrine. Thanks for the link Achilles.

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Old 09-29-2008, 08:28 PM   #57
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Anyone that wants to hear the comments themselves can find a clip here.
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Old 09-29-2008, 09:37 PM   #58
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So, when they were going to vote for this bill, people were all upset and enraged. Now, since a majority voted against the bill, people are ticked off that it didn't pass.

I don't get it.
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Old 09-29-2008, 09:47 PM   #59
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Well the economy is turning into well...



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Old 09-29-2008, 10:25 PM   #60
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Bail Out 2: Analysts Say Big 3 Need Loans Quickly
Chrysler LLC, Ford Motor Co. and General Motors Corp

I think they are trying to avoid a massive bail out. If they bail out the banks, everyone else will be looking for help. I would rather watch everything go through the floor. I'm beginning to think this whole mess is psychological.

If you gamble your money away, why should anyone pay for your losses? You don't learn. No one is going to help me when I'm down.
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Old 09-29-2008, 10:32 PM   #61
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If you gamble your money away, why should anyone pay for your losses? You don't learn. No one is going to help me when I'm down.
It's a false comparason. If you take on a lot of debt and can't pay off your car, how badly does it hurt the economy? Does anyone lose their home? Does anyone get fired? Aside from you and possibly your family, the effects aren't going to be felt beyond 3 or 4 people.

The effects of a US economic crash could seriously damage the economy of not just the US, but of the entire world. There's a big difference between you being foolish with your money and a lending company being foolish with their money.


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Old 09-29-2008, 10:36 PM   #62
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It's a false comparason. If you take on a lot of debt and can't pay off your car, how badly does it hurt the economy? Does anyone lose their home? Does anyone get fired? Aside from you and possibly your family, the effects aren't going to be felt beyond 3 or 4 people.

The effects of a US economic crash could seriously damage the economy of not just the US, but of the entire world. There's a big difference between you being foolish with your money and a lending company being foolish with their money.
A bulding is only strong as its pillars. Allowing these companies to fall will bring about stronger companies. Strength and leadership is formed out of the ashes of hardship. Our foudations are broken, and now we need to rebuild them. Newer pillars that can handle harsher storms need to replace them.
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Old 09-29-2008, 11:28 PM   #63
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A bulding is only strong as its pillars. Allowing these companies to fall will bring about stronger companies. Strength and leadership is formed out of the ashes of hardship. Our foudations are broken, and now we need to rebuild them. Newer pillars that can handle harsher storms need to replace them.
Those sayings are quaint and all, certainly a good propaganda spin, but the thing that drug us out of the Great Depression was centralized government actions and a second World War. So, unless you're advocating a more centralized government, which I know you're not, you really don't want that "new, stronger system".

And you're right, pilars are only as good as each other, but, pillars are linked together by a cap at the top. Those are the rules and regulations that keep all the pillars in line. As other nations have shown, stronger linkage between the pillars can be very beneficial.


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Old 09-29-2008, 11:45 PM   #64
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I came close to sounding like a politician. Lol..

Web Rider - You do have some good points. I have never seen effects of a regulated financial system before, so I don't know what the benifits or harms it may have.

Brain thunder moment --
Is not George Bush a reformed Republican with Democrat philosophies. What do they call it? Compassionate Conservative? It sounds like someone with a gun rack in a volvo. What the hell happened to the Republican party? Did they do a brain and body swap during the Clinton years?

George the big spending, war fighting, and tax cutting Republican. No wonder our government is messed up. The whole system is flawed. We have Republicans acting like Democrats, and we have Democrats acting like Republicans.

Yep, this bank bail out is going to be the death of us all.
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Old 09-30-2008, 12:59 AM   #65
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I have never seen effects of a regulated financial system before, so I don't know what the benifits or harms it may have.
Yes you have. Remember that huge surge of money in the '90's?


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Old 09-30-2008, 01:02 AM   #66
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Yes you have. Remember that huge surge of money in the '90's?
After the deficit? Late 90s?
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Old 09-30-2008, 01:32 AM   #67
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It was rejected by House Republicans in a political play to make themselves be seen as the conservatives saving America 700 billion by refusing to bailout Wall Street. Were the **** was this new found conservatism when they were voting on the pork of the last eight years? They get a backbone at the onetime America needs them to be their usual spineless selves.


If they are going to make this bailout political, we are in for a world of hurt.
Where were 13 more Democrats of the 93 that voted against it? Oh, yes, the ones who were Dem committee chairs and ranking leaders who wanted to keep their seats by telling their constituents "Oh, I voted against it". Pelosi couldn't even keep her own party in line--40% voting against a bill she's trying to hammer through is a huge number. If she'd been smart, she would have made sure to have secured the necessary votes before letting her pets vote no to save their political butts. Obviously she missed out on the LBJ school of counting votes.... If she can't rally more than a lukewarm support from her own party, how is she going to rally support in the opposing party? After she ripped their heads off with her oh-so-bipartisan speech saying they were "causing the problem with Bush's failed economic policies" just prior to the vote, what was she expecting? Sweet roses and Sunshine Care Bears to fall from the sky along with those votes?

I hear a lot about how Republicans should have ignored the comment and done what was right for the country, and they could have had the courage to do that, and failed. They could have voted for it and then gotten together to make a joint statement about how they were able to rise above her petty attacks to do what should have been done. However, she should have never made the inflammatory comment to begin with. She's the Speaker of the House trying to push a tough bill through. She can't just blow off half of the members of Congress without there being some ramifications. Calling anyone who didn't vote for the bill 'unpatriotic' did not help matters. I don't care if I do vote Dem a lot of the time, I can't stand two-faced political rats like her who care more about playing petty politics in order to get elected and keep their little Congressional fiefdoms than about doing what's right, but she wasn't the only one guilty of that today. Both parties had people who were the epitome of everything that's wrong in Congress voting today.


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Old 09-30-2008, 02:38 AM   #68
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I hear a lot about how Republicans should have ignored the comment and done what was right for the country, and they could have had the courage to do that, and failed. They could have voted for it and then gotten together to make a joint statement about how they were able to rise above her petty attacks to do what should have been done. However, she should have never made the inflammatory comment to begin with.
I'm sorry, "I wanted to vote my conscious and do what's right for this country, but Nancy Pelosi hurt my feelings, so I couldn't"? No, not buying it.

First, I watched the video. Nothing "inflammatory" there.

Second, are these "statesmen" so thin-skinned that all it takes to change their vote is some alleged school-yard ribbing?

Third, are these "statesmen" so incompetent that all it takes to change their vote is some alleged school-yard ribbing?

I'm not buying any of this. What does strike me as having a hint of truth is that either a) they didn't want to vote for it and decided to use this as an excuse not too or b) they saw a chance to throw the Democratic party under the bus and jumped on it at the expense of economy.

Their job is to vote. They're saying that they couldn't do their job because someone said something they didn't like and rather than hold them accountable, we're going to mob the person that hurt their feelings. You may have your opinions about what's wrong with Congress, but I have my opinions about what's wrong with this country.
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Old 09-30-2008, 09:35 AM   #69
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Wall Street set for rebound after huge drop
Its all psychological. We are going to open with a slight rebound. I don't think the crisis is long lasting. People are just nervous about the election year. Question in everyone's mind is, "What will the world look like after the new president arrives?" Obama and McCain have previously spoken about reforimg almost everything. Elections always stirs things up on Wall Street. If you add in the housing market issues and bad credit, you have a world of complete uncertainty. We will come out on top soon. There is no reason for a bail out.

Look back at the past eight to nine years, and you will see several similar psychological events.

Y2k - "All computer technology will stop, and planes will fall from the sudden lack of power. Quick grab your money, and store food and water. Technology is going to kill us because it cannot read 2000."

Internet Bubble - "Money, money, money. Buy, buy, buy. Sell, sell, sell. Wow! People are really buying into the internet. Buy a computer and get online. It will set you free! Endless advertising revenue, lack of laws, and tax free merchandise! Yahooo!"

Housing Bubble - "Money, money, money. Buy, buy, buy. Sell, sell, sell. Wow! We can get a house for free! I can get a house with two dollars in my pocket! Yes! What is that? I can buy a $500,000 home, and I can do it with a job that makes $15 an hour! What a great idea, and we can just ignore the whole, "This is an adjustible rate" clause."

Iraq - "The Redcoats are coming! The Redcoats are coming! Don't tell George but I think he is getting wars mixed up. Hey! I got a great idea. We can vote for this war now, but we can live in denial for the next fifty years. What a great idea! We can also plaster a mission success banner on an aircraft carrier, and then the president can declare victory! Thats even better! People won't even see the explosions and violence of an out of control Iraq! Lets do it."

We do this all the time. However, this time we stoped everything before overreacting. We are learning about how some politicians (ourselves included) have the ability to feed into extremes.

Consumer confidence unexpectedly improves
Stocks open higher a day after huge drop

Last edited by Yar-El; 09-30-2008 at 10:43 AM.
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Old 09-30-2008, 11:06 AM   #70
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I'm sorry, "I wanted to vote my conscious and do what's right for this country, but Nancy Pelosi hurt my feelings, so I couldn't"? No, not buying it.
Yes we all know it was butt covering.

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First, I watched the video. Nothing "inflammatory" there.
Perhaps we weren't watching the same speech where Pelosi talks about how much the bailout will cost and then makes the comment that it costs less than Bush's failed politics. If you're trying to gain bipartisan support one of the most stupid things you can do is make a blatant political attack on the party you're trying to get support from and do it -before- the vote on top of it. It had all the tact of a dead toad, and shows just how little she actually wanted bipartisan support.

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Second, are these "statesmen" so thin-skinned that all it takes to change their vote is some alleged school-yard ribbing?
I'd hope so but with the utter incompetance of this Congress, I would't be surprised. Disappointed, frustrated, and angry at their stupidity, yes, but not surprised.

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Third, are these "statesmen" so incompetent that all it takes to change their vote is some alleged school-yard ribbing?
As incompetant as Pelosi making that bonehead comment. I don't have a lot of faith in their competence. I''ve seen more stupid things done this Congress for completely petty oneupmanship reasons rather than what's good for the country that I''m quite disgusted.

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I'm not buying any of this. What does strike me as having a hint of truth is that either a) they didn't want to vote for it and decided to use this as an excuse not too
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or b) they saw a chance to throw the Democratic party under the bus and jumped on it at the expense of economy.
Then explain why 13 of the 93 Dems that voted against it did so against their leader''s wishes. Pelosi didn't need those Repubs when she had a pool of 93 Dems to work with. The Repubs couldn't have thrown the Dems under the bus since the Dems hold the majority in both the House and the Senate, and enough Repubs had voted for the bill to secure passage.

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Their job is to vote.
Their job is to represent their constituents. In my district, Ryan said he got 10 to 1 calls and emails against vs. for this bill.

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They're saying that they couldn't do their job because someone said something they didn't like and rather than hold them accountable, we're going to mob the person that hurt their feelings.
I'm going to hold the Speaker and both the Dem and Repub leadership accountable for not doing her job.

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You may have your opinions about what's wrong with Congress, but I have my opinions about what's wrong with this country.
Those are 2 different things. What's wrong with Congress is allowing petty politics to get in the way of doing what's right. What's wrong with the country in regards to this issue is greed, foolishness, and complete lack of appropriate oversight be regulatory agencies. Greedy companies made loans they knew the buyers couldn't afford. Greedy CEOs milked their companies for millions, quite likely fraudulently. Government agencies either didn't recognize fraud or chose to look the other way. Home owners did not do their homework to make sure they could afford what the lenders said they could afford, willingly abdicating their financial responsibility to predatory lenders.
All that needs to get fixed and I don't know if this congress and this administration is up to the task.


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Old 09-30-2008, 12:12 PM   #71
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That's what I've been telling people for the last year. If you stop acting like we're all going down the tubes, pretty soon we won't be. Yeah, okay there's some major companies folding, but maybe, FINALLY the housing market will drop back down to reasonable prices.


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Old 09-30-2008, 12:24 PM   #72
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Then explain why 13 of the 93 Dems that voted against it did so against their leader''s wishes.
What does the 13 Democrats have to do with it? They never changed their minds. They did not pledge their support and then pull it because the mean lady spoke unkind and hurt their little feelings.

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Their job is to represent their constituents. In my district, Ryan said he got 10 to 1 calls and emails against vs. for this bill.
Should they really listen to their constituents when their constituents are going against their own best interest. If banks fail and the stock market crashes whom do you think the constituents are going to blame? Hint: Most will not be blaming themselves. A representative’s job is to serve the best interest of his constituents and the country. That does not mean always doing what is most popular.

Personally, I’m against the bailout too. I just don’t see any real alternative. This couldn’t happen at a worse time being an election year.
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Old 09-30-2008, 03:26 PM   #73
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Oh Puhleaseee. This whole Bailout is nothing but a political ploy by both sides on capitol hill to make it look like they're doing something to "fix' what THEY broke in the first damn place. I wouldn't trust any of them to fix my tiolet let alone the ecomomy.


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Old 09-30-2008, 04:56 PM   #74
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Well if it is a political ploy then the Bush Administration is doing everything possible to sabotage John McCain’s campaign. Guess they forgot he was a Republican too.

There is no political gain to the Bush Administration to bring this to Congress. All it does is hurt the incumbent’s party in the upcoming election. No, this does not work as a political ploy and if it could have waited the Republican Administration would have waiting until after November 4th to bring this to the nation’s attention.

That does not mean that member of Congress and those running for the White House will not try to use this crisis to their advantage.
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Old 09-30-2008, 05:30 PM   #75
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There was a funny political cartoon I saw somewhere.... I can't seem to find it, so I'll describe it:

Fat guy with a nice suit and and all kinds of fancy accessories walks down an alleyway dragging a wheelbarrow filled with tons of bags of money in a wheelbarrow. There is scrawny poor person whom is digging in a trashcan to find food. The fat guy asks the scrawny guy: "Spare some cash?"
The poor person says "You're kidding, right?"



Please feed the trolls. XD
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Old 10-01-2008, 11:21 AM   #76
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Nice Arc.

My point mimartain was that GOVERNMENT is more than half to blame for this current economic situation. It was under the Clinton administration that there was de-reuglation of the housing market as well as applying pressure to financial institutions to expand high risk loans. Everyone is decrying the greedy banks and investors and yes there is blame to be had there. However almost nobdy is mentioning how the federal govern ment has had a hand in this mess. And now they expect us to believe they have all the answers to fix what they f'ed up in the first place.

As for it being a ploy by both parties first consider the person who orriginated this travesty. GW. Almost imediately house Dems jumped on the bandwagon. Republicans too I'll grant that. So now there are members from both parties pushing for this trying to look like they have half a clue. All to buy votes. In the end they'll get what they want of course and just make a bigger mess.

I say let the market fix itself. Re-istitute the regulation that was abolished under clinton and if they absolutely MUST pass some bill to resue the economy why not do something like allowing home owners to refinance at a low fixed rate around 3.5% and give financial help to those who qualify under the old rules.

Just my 2 cents.


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Old 10-01-2008, 12:30 PM   #77
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My point mimartin was that GOVERNMENT is more than half to blame for this current economic situation.
How do you figure the government is more than half to blame? I don’t dispute that the government should share in the blame, but how do you figure they are responsible for a majority of the problem? I believe the financial markets, the government and the consumers are all to blame. I just don’t know how to proportion the blame.

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It was under the Clinton administration that there was de-reuglation of the housing market as well as applying pressure to financial institutions to expand high risk loans.
So blame Clinton. Wasn’t it a Republican Congress that passed this deregulation? All the President can do is sign or veto the bill presented by Congress.

Deregulation was a problem, but not because Congress or the President made mortgagee finance 100% variable rate loans. The deregulation allowed them to do it, but no one forced the companies or the consumers to do it. The banks did it to compete with Government back loans. The government offered these loans to people that could not get financed by private institutions. Although the banks would not originally loan money to these clients, since the government was now in the market, the banks decided to now take on riskier clients in the search for higher profits. Even if it is not illegal, giving 100% variable rate loans to someone that can barely afford the current interest rate, it is still unethical. This is just part of the problem. The financial crisis is beyond just this. It also involves mistakes in the real estate sector and these same lending institutions making a financial instrument out of these high risk loans and then playing musical chairs with them.

I don’t see where anyone jumped on the Bandwagon. Bush asked for 700 Billion with no strings attached. He wanted Henry Paulson to control the fund with no congressional oversight. Bush wanted Mr. Paulson to have complete unquestioned digression.

As to the members of congress having half a clue, I doubt that many of them have any more of clue than the rest of America about the true fallout of what will happen if they act or if they fail to act. The “so-called” expert economists are just as unsure although their guess is more educated than Rush Limbaugh or anyone on FoxNews.

Last edited by mimartin; 10-01-2008 at 12:42 PM.
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Old 10-01-2008, 03:23 PM   #78
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If the government hadn't poked their nose in where it was none of their buisness and started offering those loans this situation would likely have never happened. However all of that is water under the bridge as far as I'm concerened. The question then is where do we go from here?

Personaly I don't happen to beleive the answer is yet more government intervention on behalf of the same financial institutions that have played fast and loose with the housing market. Do I pretend to have those answers? No. And I'm not sure anyone does at this time.

As for the band waggon thing, wasn't it Pelosi and other House Dem leaders who innitially got behind the plan before the details had even been released? And isn't it the Dems who have tried to get all manner of riders and provisions added that would nearly double the cost of the plan? If that isnt bandwagon jumping I don't know what is.

Again just my 2 cents


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Old 10-01-2008, 03:33 PM   #79
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You do understand, regulations is the government sticking their nose into others business.

Yes, let’s get the government out of the loan business. No more student loans, no more disaster relief loans, no more VA loans…

Was Bush's bill the one that got defeated the other day? Then I fail to see the bandwagon. Congress wanting to do something to offset the real and perceived fallout from this is not jumping on the bandwagon, it is trying to offset disaster.

I just don’t understand why the administration waited so long to request help, other than the oblivious reason of trying to hold off until after the election on November 4th.

This is being sold by a few taking heads as bailing out Wall Street, but this could have serious affect on every street. This could cause serious unemployment, extremely high interest rates, money to be devalued and retirement funds to disappear.

Again I do not support the bailout; I merely do not see any alternative because doing nothing has too many negative consequences that could go beyond Wall Street and even America itself.

My .000000002 cents

Last edited by mimartin; 10-01-2008 at 03:47 PM.
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Old 10-01-2008, 05:32 PM   #80
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Not sure if anyone else has posted this but the Democrats tried to sneak a bunch of funds for Acorn into the bailout bill.

Acorn is a leftwing activist organization, that has gotten in trouble for voter fraud.

Oh and Barack Obama was not only their lawyer, but also served in a leadership role.

Posts on ACORN were moved to this thread.. Please reserve this thread for the bank bailout issues. --Jae

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