Posted on 09/26/2008 5:52:37 AM PDT by Thane_Banquo
Do the Republicans want to risk the US Economy to win the elections? It seems like. The problem also is that some Republicans are receiving calls from constituents against the bailout at a 125:1 ratio, just 5 weeks before a contested election! Need 100 House Rep votes out of 199, 60-70 were in-line but after rebellion only 30-40 available as Bush apparently angered a number of Republicans. It will ONLY pass with NEW provisions, but Frank still sees it getting done in some form before Monday. Also, this situation could see Dem's with an even bigger House majority. Attached GOP 10 point piece against the plan.
How did you escape the great liberal troll purge of 2007?
Dang straight they are playing politics. demonRATs cannot be trusted to govern. This bailout plan is riddled with earmarks—most for radical demonRAT favorites like ACORN.
This should be the day we take back our republic!
“”You’re going to lose your job and your house if you don’t give us $700 billion so we can pay for our Ferraris and Manhattan penthouses.””
I personally would like to see major pay cuts at the institutions that put us in this situation, including congress. These cuts should include elimination of bonus’s, options, etc. until the mess is cleared up. Why do we always have to take the pay cuts, let them that caused it suffer? If you can figure out how to punish the people that bought houses without the financial means, without making this mess worse, include them as well.
“When I wanted a loan for income property earlier this year, they wouldn’t give me the time of day. All of a sudden, they need me? Screw ‘em!”
HEAR,HEAR!!
Wow.
The liberals are certainly out early with the talking points.
Their money monkeys, in an infamous meeting with "financial engineers" from Goldman Sachs and others, are the ones that INVENTED the whole subprime/tranche mortgage packaging scheme that has caused this disaster...
right now the media whores are having convulsions that they debate face time is going by by.
The media wants to be fed.
Subprime and tranching are two different, but related things. Tranching mortgages of high-credit-quality borrowers is actually a good thing, net-net. Tranching mortgages of deadbeats? That is complete idiocy.
The destroyer was allowing THOSE tranches to be further divided into a new set of tranches -- the ratings agencies did the rest by marking the higher levels of those tranches higher than they deserved to be...
Not quite. All deals, prime and sub-prime, are tranched. Prime and sub-prime denote the kinds of borrowers, not the tranche itself.
Sub-prime mortgages were packaged into deals completely separate from prime and Alt-A deals. These deals were credit-tranched so that, say the lowest rated "equity tranche" agreed to take the first, say, 5% of defaults, the BB tranche agreed to take the next 2% of defaults. The BBB would take the next 2%, on up to AAA. No one on Wall Street thought the AAA tranches would ever lose from defaults. They were wrong.
Post 21 - Not being a liberal troll I meant to pose further questions regarding the views of Steve Diamond at Global Labor blog, who has been documenting the links btw. Ayers and Obama at Chicago Annenberg Challenge. My power has been out all day and could not comment further. I admit at not being too knowledgable about the subject and request further insight from FR about his views concerning the ‘bailout’ as expressed here. Thanks. http://globallabor.blogspot.com/
[snip]
One key link has been risk-sharing. European (and other) financial institutions held a large share of the assets based on US residential mortgages and thus shared in the losses that arose when the US housing market turned sour. This type of risk-sharing is exactly what financial globalisation should be able to provide. The US banking system would be in an even worse shape had all the losses from US sub prime-based securities been concentrated in the US.
AIG's impact on European bank’s regulatory capital http://www.voxeu.org/index.php?q=node/1669
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