The people pushing now for passage of the bailout package are an alliance including the Bush White House, the Democratic leadership, and the Republican leadership.
Are the past eight years beginning to make sense now? Sometimes it takes a crisis for the true nature of things to become apparent.
Piece of Mindful 
The true nature of the bailout is we are still in the dark and being fed bull.
The S&L scandal back when Bush I was prez. cost YOU AND I 500 BILLION.
Not to be outdone by his daddy, Bush II wants 700 BILLION to bail out the slugs that created this mess in the first place.
“We” the citizens have been experiencing FINANCIAL CRISIS for the past EIGHT years.
Now when the MILLIONAIRES and BILLIONARES are losing a few bucks, all of the sudden it’s a REAL crisis.
Look crooks, if you want to ROB the citizens of 700 BILLION BUCKS, can you at least see that WE can afford a nice dinner and a cheap bottle of wine before you
bend us over?
Go blow your wolf whistle up the tails of the TOP 1%, the rest of us cannot afford to give to you any more.
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I don’t disagree with your comments. But have you read the TIME magazine article which appears to point out that the FED doesn’t NEED Congressional approval to bail out failing firms at taxpayer expense, that it has BEEN doing it, and WILL CONTINUE to do it, perhaps to the tune of MORE than the $700 billion in the bailout bill, but without the oversight and attempted protection of taxpayers stipulated in the bailout bill.
This might explain why any politicians at all are in favor of the bailout, despite overwhelming consumer disapproval. (Even politicians who are traditionally more for middle America than Big Business. In fact, the bunch that traditionally supports Big Business shot the bill down. That should make us wonder.)
It would be nice if the bailout bill had been explained better in the first place, but in an election year I think politicians were afraid to be the one to tell voters that they wiill most likely be forced to fund these bailouts whether we want to or not, whether Congress votes for the bailout bill or not. We have a tendency to blame the bearer of bad tidings.
Check out the article at http://www.time.com/time/nation/article/0,8599,1845609,00.html
It is scary!
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I find it baffling that the Feds simply issued Billions of Monopoly Money and showered banks with it just hours before the NO vote came on the 700B Bailout bill.
We’re definitely not being told everything we should hear and perhaps those who did vote no had gotten wind of this happening?
http://www.bloomberg.com/apps/news?pid=20601087&sid=ahwz_k5JvuB8&refer=worldwide
I didn’t even hear anyone in the media comment on this, did you?
DJ
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Very good reasons to nationalize OUR money supply and regain some control of interest rates. Fed behavior is an underlying cause of the problem. Maybe backing currency with something other than promises and tax revenues would take some of the pressure off when fear overtakes reason.
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The congressmen who voted against the Bailout showed Great courage. They are true heros !
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I am so tired of the media telling us, the audience and the public…..that We don’t understand. How arrogant!
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Yes, and there is so much to understand. It seems to me that the more money some people make the more havoc they are able to wreak with it.
Here’s what I think
http://www.zmag.org/znet/viewArticle/18962
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If jobs will resolve this problem than why not spend the money on groundbreaking infrastructure on alterative energy? A factory or two in each city that makes wind, solar, hydrogen and over night rebuild our entire auto industry on hybrids, electric and fuel-cell cars and trucks. This will create a gamut of jobs. Half of 700 billion would suffice for now.
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This is a problem in the making ten years ago if any candidate has to answer for this mess it should be McCain. Obama is the new kid on the block why should he have to explain himself? He may give his advice as do McCain and as any of us but, other than that he could say what he will do when he is President if the problem hasn’t been resolved by then. What I personally would like to hear him say is that when he is President he will create an onset of jobs in the alternative energy industry day one.
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Lou Dobbs is such a hypocrite . He acts like understands and advocates for the poor while wearing $400 shirts and $5000 suits.
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How is it that Congress, Senate, and the President can pass a bill that allows the using of tax payers money to buy up a bunch of failed mortgages (that was originally the tax payers mortgages) and then take those mortgages and sell them back to the same companies or same type of companies, make a profit, and the tax payers get what? The right to live in this home for another 5 years. and if it fails then America is right back where it is today.
Might I remind the american people on a statement made by George Bush Jr. “Iraq is a threat to america, It has weapons of mass destruction, and saddam hussien harbors terrorists from Al-Qaida and the taliban.” 1 year after invading this country we found 0 weapons of mass destruction, 0 terrorists involved with Al-Qaida, and we destroyed a country. This lie from president Bush has cost the american tax payers billions of dollars per month for the past 7 years. George Bush has lied to us before, and he is lieing to us again. It is a political move from the republicans to try and make McCain look like an economic hero. They are hoping that if this bill passes, that McCain will get full credit for it, But if it fails it will all be Obama’s fault with the help of the democrats.
Congress, Senate, And the president does not care what the tax payers think. They are going to pass a bill to use our hard earned money and there is nothing we can do to stop this. We will never get to vote on the bill. And they could care less if they get voted out of office. Well at least 1 man cant get voted back in regardless of the action of the bill. We should treat President Bush the same way he treated the american people when they were getting forclosed upon and ordered to move out. After all he is a lame duck.
If we vote the ones that pass the bill out of office they still collect a paycheck. So what do they have to lose? The way to fix this problem is to first gather the ones responsible for all of this up and charge them with the crime of fraud. They made a deal sound good to the tax payer and at the same time they were laughing behind their backs. I say bring back squaters rights, tell the people that lost their homes to move back into those homes and let the mortgage brokers and wall street take it the same way they gave it.
Why leave a home sit and rot while no one lives in it because the banks can’t sell them. Stop the bail out, put the people back in those forclosed homes, give the bankers 7 years to try and loan more money to sell the home they want to keep from the ones they swindled out of it. If there is any truth that credit has dried up and a bail-out (rescue) is needed , then the people will have a home for the price of the mental anguish they had to go through during the forclosure and the mental anguish of seeing that moment coming.
My heart goes out to those people for being so proud of finally making that american dream come true, Only to have that dream turn into a nightmare because of greed and fraud of bankers, and mortgage lenders, and then the White house trying to make a profit off the bankers and mortgage lenders deceit, at the price of the same people that were deceived!!
May god bless all of the tax payers.
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John I’ll take what lou is saying over the rest anyday. And the day of buying everything on credit cards is over. If you make $10.00 An hour you cant buy a $250000.00 home. And two new cars.
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Silent, but equally deadly, the Fed needs no congressional vote.
By Krishna Guha and Alan Beattie in Washington
Published: September 30 2008
Financial Times
The Federal Reserve on Monday prepared to pour an
extra $630bn (€437bn, £350bn) into the global financial system in coordination with other central banks around the world, in a massive effort to curb extreme stress in international money markets.
The move is designed to reinforce the impact of the $700bn bail-out bill proceeding through the US Congress and directly relieve market stress in the near term, before the new government fund can start operating.
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On the other hand, Mark, don’t you think it’s encouraging that a majority of House reps voted this thing down?
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Would you believe, Jay, that this entry was linked at Lou Dobbs? That’s why all the new commenters above.
And yes, I agree with you.
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