Paulson urges quick action on $700 billion bailout
http://news.yahoo.com/s/ap/20080922/ap_on_bi_ge/financial_meltdown_342;_ylt=Ar0w6rThPkukg5seNvBYaASb.HQA
Bush and Co. are now in a hurry to get that 700 billion -- no time to think, no time to argue.
But the Dems, rightly, don't seem to see it that way (and I cannot believe who I am quoting. Just goes to show you, no one is wrong all the time...)
"It would be a grave mistake to say that we're going to buy up a bad debt that resulted from bad decisions of these people and then allow them to get millions of dollars on the way out," said House Financial Services Chairman Barney Frank, D-Mass.
If the market wants to function on its own -- fine. Go function. But as soon as you ask the taxpayers for a loan, the taxpayers get to lay down some terms. That's fair.
Why is it that Republicans don't seem to understand what "fair" looks like? I could explain this to a 7th grader, and they would get it.
Originally posted by spruce112358Hopefully the Dems will have the courage of their convictions!
Paulson urges quick action on $700 billion bailout
http://news.yahoo.com/s/ap/20080922/ap_on_bi_ge/financial_meltdown_342;_ylt=Ar0w6rThPkukg5seNvBYaASb.HQA
Bush and Co. are now in a hurry to get that 700 billion -- no time to think, no time to argue.
But the Dems, rightly, don't seem to see it that way (and I cannot believe who I am quoting. Just ...[text shortened]... and what "fair" looks like? I could explain this to a 7th grader, and they would get it.
It makes me absolutely SICK that the Bush administration is using another crisis to increase executive power.
If this passes, and John McCain wins the presidency, I truly fear for America's long-term well-being.
Originally posted by epiphinehasOvernight Fox has been reporting that quick fire mcgraw-shoot first ask questions later- Maverick McCain -(Tom Cruise should do a sequel Top Gun 11 ~ The run for the Presidency) also now wants some form of checks and balances put in place. Sounds like this opportunistic scion from the naval aristocracy~ more like he just wants the cheques to keep coming.
Hopefully the Dems will have the courage of their convictions!
It makes me absolutely SICK that the Bush administration is using another crisis to increase executive power.
If this passes, and John McCain wins the presidency, I truly fear for America's long-term well-being.
And the zingers just keep coming...
"This administration is asking for a $700 billion blank check to be put in the hands of Henry Paulson, a guy who totally missed this, and has been wrong about almost everything," said Dean Baker, co-director of the liberal Center for Economic and Policy Research in Washington. "It's almost amazing they can do this with a straight face. There is clearly skepticism and anger at the idea that we'd give this money to these guys, no questions asked."
Right and Left in agreement? The world truly is ending...
"This is scare tactics to try to do something that's in the private but not the public interest," said Allan Meltzer, a former economic adviser to President Ronald Reagan, and an expert on monetary policy at the Carnegie Mellon Tepper School of Business. "It's terrible."
"It's a straight subsidy to financial institutions," said Martin Baily, a former chairman of the Council of Economic Advisers in the Clinton administration, and now a senior fellow at the Brookings Institution. "You're essentially giving them money."
edit: above from "In bailout, economists see need for a penalty"
http://www.iht.com/articles/2008/09/23/business/23skeptics.php
Originally posted by spruce112358The problem with not having a bailout is the effects of the collapose off the banks / AIG to the populations effected in various countries
Paulson urges quick action on $700 billion bailout
http://news.yahoo.com/s/ap/20080922/ap_on_bi_ge/financial_meltdown_342;_ylt=Ar0w6rThPkukg5seNvBYaASb.HQA
Bush and Co. are now in a hurry to get that 700 billion -- no time to think, no time to argue.
But the Dems, rightly, don't seem to see it that way (and I cannot believe who I am quoting. Just ...[text shortened]... and what "fair" looks like? I could explain this to a 7th grader, and they would get it.
Whilst I agree in principle that the free market should be left to work itself out, I feel the reality would lead to far reaching descruptive forces effecting many innocent parties and cause an even greater recession then the one we are on at present
Thus any goverment regardless has a duty of care to its population, in this case as much as it pains me, the Rep's are correct.
By taking a 80 % holding in AIG and moving to former investment banks to take deposite and this come under increase finance regulation, this is correct from my view point going forward
Personally, I still feel someone need to be held up as an example for the situation we are in due to greed !!!