Posted on 09/29/2008 9:17:46 AM PDT by Maelstorm
Before the debate began, Rep. Louie Gohmert (R-Texas) requested that the House adjourn without taking up the bailout package "so we don’t do this terrible thing to America."
Gohmert temporarily delayed debate by seeking a 15-minute vote to establish a quorum on the floor.
Rep. Jeb Hensarling (Texas), chairman of the conservative Republican Study Committee, said he "cannot in good conscience" vote for the package because it "socializes losses," and he called for spending more time reviewing other proposals.
"I believe that this plan is fraught with unintended consequences, would force generations of taxpayers to pick up the tab for Wall Street losses, and could permanently and fundamentally change the role of government in the American free enterprise system," Hensarling said.
(Excerpt) Read more at cfo.com ...
Congressman, that's the whole idea....
L
The stupid bill does nothing to put a bottom in the housing prices. Removing mark to market and replacing it with a different method valuing the homes would achieve this.
And, what is going to stop the banks from being seized. WaMu and Wachovia are just the beginning.
Do not support this bill as it is currently written, it does nothing for main street.
Surprisingly, quite a few Dems as well. For different reasons of course. But who cares.
Housing prices need to drop about 10% lower than they are now in order for Houses to fall into a range that will make them affordable again. Not letting these prices fall as they should will prolong this problem.
Is anybody else suspicious like I am that, and I don't know how, this turd has somehow engineered this crisis?
No, it's to bail out Paulson's friends at Goldman Sachs and Morgan Stanley.
My Representative is a Dem...I called anyway, and spoke to someone registering my complaint/issues with the bill.
Here’s the kicker, I have a Dem Senator and a Republican Senator. I made calls to both. The Democrat had someone answering the phone, took my name, registered my issues and asked for my zip.
The Republican senator’s mailbox was full, and after being informed of that, the automated voice said, “Goodbye.” So I sent an email instead. I can’t believe he didn’t have staff available to answer the phone. They get elected, get to Washington and then vote any which way they please.
Can anyone exlain to me why the dems are all for this and repubs are all against it?
And can anyone tell me why a repub would hide in the closet to keep from passing the tie breaking vote? That means he’s voting for it but knows he shouldn’t? What the.....?
Yeah this thing isn’t in the bag yet. The good thing is the GOP has got many of the things it wanted.
No money for ACORN
A clear sunset so the law will expire.
The option of insurance. (I believe it should be mandatory)
I also would like to see those who opposed reform of Fannie Mae and Freddie Mac lose their committee assignments. We could’ve prevented this problem and Barney Frank, Chris Dodd and the whole Democrat caucus opposed reform in 2004, 2005, 2006 and they should pay something for letting this mess get out of control.
Have been listening to the House debate on C-SPAN. From what I am hearing this noon on Monday, Sept 28, provisions to bail out foreign banks are still in it. There are also provisions to bail out autoloans and credit card debt.
We are told we’re buying assets, but are they really going to go and repossess vehicles and stuff people bought with credit cards????????????????
Have you tried to sell your house lately? It will go at mark to market at best. Find out for yourself what your house is worth, and base it on what your neighbors are selling their houses for. Also, determine what it would take to replace your house building it from scratch. Do not take the bait on drop of 10% drop before you know for a fact what houses are really selling for, you will be shocked.
Exactly, they are called WALL STREET not main street.
This bill gives the treasury the power to buy up ANY BAD DEBT.
This will include buying up RETIREMENT FUNDS.
Now they can take away our PRIVATE RETIREMENT ACCOUNTS.
This will keep us permanently enslaved to the government.
And once the Obama youth take over this country one day, those of us who are older, and have had our retirements stolen from us, will not be provided for.
"Assets" is a strange word. To you and me, assets means stuff we can use to buy things, you know like cash or gold.
To a banker an asset is money they've already lent out, which may or may not be repaid. To a banker a liability is the cash that a depositor, you for instance, has given them to safeguard and invest wisely.
So when these Congrescritters tell you they're purchasing 'assets' of a bank, what they really mean is that they're paying off the loans these bankers were stupid enough to make to people who couldn't afford them.
Then they're promising you that you'll 'profit' from this at some point in the future.
Does that help?
L
What we need to do is take all of George Soros, Warren Buffets, and liberals in Hollywood assets. Use those assets to pay for all the damage they have caused our society. And then put them to work picking potatoes so they will have for once in their lives done something productive.
So, I guess the change in the bankrupt law that the credit card companies bought and paid for wasn’t good enough. Now the tax payer is going to pay off those debts, too.
the list is missing one thing that I would demand before voting for any bailout.
I want the crooks in jail! They need to pass a law saying it’s illegal to take tax payer money and mismanage/steal money by inflating numbers to get a big bonuses. Anyone that has done this or has had it happened on his “watch” they will be prosecuted and fined 10 times the amount they stole plus 10 years in jail.
More regulation will only hurt the economy more, and no regulation will lead to more crooks stealing. The best way to handle this is the same way we handle typical theives...jail. Billionaires will think twice before stealing if they see their friends going to jail.
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