Here is the Senate portrait of Mr. Graham.
Posted on 09/30/2008 6:32:57 PM PDT by rabscuttle385
GREENVILLE, S.C. -- Just back from Washington, D.C., South Carolina Sen. Lindsey Graham painted a very bleak picture of what he expects for the country if the bailout plan fails.
Graham spoke in front of a foreclosed home on Avondale Drive in Greenville.
He said if the plan doesn't pass soon, more banks will fold. Businesses will close and people will lose their jobs. As least twice he mentioned that the economy could be headed for a depression.
(Excerpt) Read more at wyff4.com ...
Lindsey ping
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Yeah, but it’s going to the messiah’s depression. LOL!!!!
Graham added, “Then again, maybe we aren’t. Just sayin’.”
Pansey could be in for a deep depression after he gets beaten in this election if he’s not careful.
Hey “light foot”... remember what Cheney said on the Senate floor?
LLS
Lindsey Gramnesty.
Pansy ping.
He is an embarrassing idiot.
More and more i wonder if this isn’t a congressional cover up of monumental proportions. How many congressmen, senators etc have been at the trough and how much money has really been ripped off?
This is the second thread I’ve seen of folks not taking this financial crisis seriously... What gives? Some of you need a comedy break?
If he's right, then we're past the point where a bailout will help. It will only make things seem okay for a few months..... this bailout will hurt the value of the dollar..... and force Congress to pass more bailouts.....
"Could" be the operative word......
Lindsey should just do us all a favor and demonstrate some courage, self-control, and strong resolve....by committing hari-cari.
Him and about 90% of Congress.....
Here is the Senate portrait of Mr. Graham.
When was the last time this guy was right about anything?
What a loser.
(2) MODIFICATIONS.—In the case of a residential mortgage loan, modifications made under paragraph (1) may include—
16 (A) reduction in interest rates;
17 (B) reduction of loan principal; and
18 (C) other similar modifications.
GOP's silky pony.
I think it's because many of us saw this coming a loooong time ago. This crisis is no surprise. And it's sad to see that Sen. Lindsey was surprised by this, and feels the need to all of a sudden scream bloody murder over this thing..... when we've been screaming bloody murder for a loooong time!!!
HA! ROTFLOL!
Depression - what you get when the government tries to fix a minor, cyclical recession.
It does look like we need a fiscal fix to this mess from congress. Just not this plan.
I am so looking forward to voting against Flimsey Tinkerbelle and his fey Nazi staffers so they can all go back to Charleston and organize next year’s Gay Pride march.
Little Lord Grahamesty, begone!
;^)
Maybe there will be a depression, but more socialism will not help us out of it any sooner. Pansy Grahamnasty should read up on the New Deal and how it kept the Great Depression going longer than it should have been.
Which will also happen if the plan passes.
Gingrich has a better proposal, which was of course, DOA.
One bank in Kansas City took out a full page add to say they were in sound condition and had maintained high lending standards throughout the past years and could continue to do business with those customers that qualified. I am certain there are others around the country that didn’t succumb to the popular subprime temptation.
This should be injected into the fray:
http://www.investorvillage.com/smbd.asp?mb=144&mn=7270&pt=msg&mid=5750128
A few years of depression sounds much better than a lifetime of socialism.
Or not.
First it was a bailout for an emegency
Second it was a rescue for an uncontollable event
Today it’s a crisis in confidence in a perceived downturn
Soon it will be never mind
... Because people who have seen this play out and knew something like this was going to happen, are refusing to be stampeded into a government boondoggle and welfare handout just because "we need to do SOMETHING!!!! ARGHH!!!"
And?
I don’t recall Washington pumping money into eBay to prop up the value of Beanie Babies.
Which is a micro example of what this current problem is.
Lyndsay needs to get back to focusing on illegal “jobs” in the Oval Office and leave the real bidness to the real Republicans.
When Chris Dodd goes to jail for accepting bribes — er, make that campaign contributions — from the banks he was supposed to be overseeing, I’ll take the crisis seriously. Until then, let it crash.
In other words, they, like Wall Street, want Congress to clean up their own mess and STFU and not drag everyone else down with them.
and it happened on Lindsay’s watch!
No, no, no.
First it was “I NEED 700 BILLION DOLLARS IN THE NEXT 24 HOURS OR WE ARE ALL GONNA DIE!!!!”
When that didn’t happen, we go the countdown to:
“WE NEED THE MONEY BY 4:00 P.M. FOR A SUPER SECRET MEETING WITH THE PRESIDENT ON THURSDAY OR WE’RE ALL GONNA DIE!!!”
After that, I kinda hoped the whole thing would just crash and we could just get on with the recovery.
could the Senator be as wrong about this as he was about illegal alien amnesty?? - just wondering!
When that didn’t happen, we go the countdown to:
“WE NEED THE MONEY BY 4:00 P.M. FOR A SUPER SECRET MEETING WITH THE PRESIDENT ON THURSDAY OR WE’RE ALL GONNA DIE!!!”
And all the while Paulson is chomping at the bit for control of that money.
NO! No! no! to the bailout/rescue/ransom...what part of no doesn’t DC understand! NO damn it!
History is not going to treat this Congress kindly if they act against the people’s will!
Read on:
The Great Bank Robbery of 2008
Daily Article by Robert P. Murphy | Posted on 9/30/2008
Henry Merritt “Hank” Paulson, Jr.A.K.A. “The Treasurer”The Paulson bailout failed in the House. If it isn’t a death blow to the plan, it should be. This is not an economic plan: it is a heist.
It will go down as The Great Bank Robbery of 2008.
The economics behind it are nonsense, but we are naïve if we spend much time even considering the “arguments” for it. This is a money and power grab, pure and simple.
Just as magazine covers today feature scantily clad women that would have been scandalous a generation ago, in the same manner Paulson’s proposal — made in broad daylight and on national TV! — is almost naked in its audacity.
Austrian economists tend to be libertarians in their political views, and they are often chided for not keeping these systems hermetically sealed and separated in their minds. Fortunately, this alleged vice is a virtue in our present situation. Because of all the mumbo jumbo thrown around to show why the plan is necessary, some very sharp academic economists are in a tizzy trying to treat this as an extra-credit question, rather than a crime scene. That is a waste of time.
In this article, we will of course cover why the Keynesian justifications — coming from a “free-market” administration — are nonsense. But in the grand scheme, that’s not entirely relevant. People didn’t seriously consider the testimony of the tobacco company CEOs about the nonexistent dangers of smoking, because everyone knew those executives stood to lose billions from the settlement. So by the same token, no one should pay much attention to the official statements made by Henry Paulson, since he stands to personally be put in charge of doling out hundreds of billions of dollars to some of the most powerful people on the planet.
read more at:
http://mises.org/story/3132
Read this: The Great Bank Robbery of 2008
The Paulson bailout failed in the House. If it isn't a death blow to the plan, it should be. This is not an economic plan: it is a heist. It will go down as The Great Bank Robbery of 2008. The economics behind it are nonsense. This is a money and power grab, pure and simple. Paulson's proposal — made in broad daylight and on national TV! — is almost naked in its audacity.
perhaps it's because, as others have said, we saw it coming. More to the point if it's not painfully obvious that the only reason Chicken Little (Bush) and her flock of chicks (Frank, Dodd, Blunt, and Pelosi) are still running around screaming bloody murder about the sky falling is because they know if there are many more failures the cover is going to come off all the nasty little deals that kept these insolvent companies floating this long.
Secondly, most of the people on here realize that if this recovery is aloud to run it’self it will A) come out much better than if the government screws it up and B) it will finally rid the US economy of a bunch of badly run companies that are dramatically over extended on credit. A country less depend on credit is not at all a bad thing.
Here's preying this drags out a little longer. A week or two more ppl will start to realize that the sun is still shining and maybe we don't need to spend 700 Billion and trash Capitalism to save the world.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
I heard about that today it may have been on Rush or a local radio talk show. Simply put, the banks are withholding loans at this time in order to bring about panic, so they can STEAL trillions from Americans. It's an economic war on middle class America and congress and President Bush is fighting against their own damn country. How stupid can they be? Don't they know that if they have no country, then they have no power.
Graham is a liberal RINO idiot. I’m so sick of hearing this “another Depression” BS. Of course, McCain is a complete RINO idiot and that’s why he likes Lindsey so much.
The plan WILL NOT keep banks from folding, it just slows down the process until after the election.
Here is what it will do.
The money will come in to pay down the subprime mortage derivative paper debts. This will ad value to the Banks' books. The value of banks stock will go up.
Holders of the majority of banks stock ( mostly bank executives and directors, majority stock holders who control the banks) will then sell the stocks back to the bank at their inflated value. Then they will walk as the bank folds, as it would anyway, bailout or no bail out. They will get their money OUT. If they did so now, they would only get a very little of their money because bank stock is devalued by the debt.
All you have to do is understand that banks are going to fold in the USA, no matter what, take overs, buy outs, mergers, and outright failures will decrease the number of major banks in the USA.
Japan is a clear example in the 1990s.They went through the same process with bad mortgage lending and too loose credit. Its interesting to read about, simply because now the US will have to go through the same process, but it will be much faster. Japan survived, and flourishes. They went from 20 major national banks to 4. The same will happen here in the USA regardless of the bail out. Its not the end of the world or a depression or a catastrophe.
All this bail out does is line the pockets of those who helped the federal government do its subprime affirmative action lending. The bail out will not stop this process.This is a quid pro quo return of favors using tax payer money. Its Bushes swan song, just like presidential pardons.
NO BAILOUT
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