Posted on 09/24/2008 2:46:42 PM PDT by koraz
I am watching Fast Money on CNBC and just realized out Freepers and Republicans have screwed up this Paulson Plan big time. Fast Money was discussing the Democrat amendments to the plan. The Republicans have so far refused to consider the plan. The plan will not address our concerns!
There is no way that a plan will not be passed into law. The Democrats have enough votes to get it through and Bush will sign it!! IMO, I think this is why Buffett bought into Goldman yesterday. He knows this.
I also think this is why McCain is coming back to Washington. He understands that a bill will be passed. If the Republicans don't get on board it will be the worst of all worlds!!
It is any wonder that Reid doesn’t want McCain back in Washington!
http://blogs.abcnews.com/politicalpunch/2008/09/reid-to-mccain.html
Lets call a spade a spade
Fannie and Freddie were ordered to make these loans
Let the American people know how this happened.
If Republicans oppose this (fiscal sanity), and stand FOR the taxpayer-that is the only way to save their *SS!
Why are you pushing so hard for your friends on Wall-Street? are you a banker?
Anyway..if this plan has BOTH the support of Paulson and Democrats, as well as liberals like John McCain (btw I have tenuously supported him since he picked Palin as VP Candidate) then this plan IS SURE TO MAKE THINGS WORSE, AS THE “SOCIALISM” IT IS..
(Are you a socialist).
This whole thing just sucks, big time. Something needs to be done I agree, otherwise everyone loses their 401K’s, their savings, noone can get credit, BIG DEPRESSION Part II, and on and on..............
However punishing the taxpayers who did NOTHING to create this mess is NOT THE WAY TO GO!
What needs to be done is go after the CEO’s, Congressmen, Senators, Wall Street, who actually GAVE US THIS CRAP! Get the money needed to fix this from the ones who gave us this mess. Take their 401K’s, empty their savings, take their homes, totally bankrupt them one and all and pour everything back in to the companies THEY BROKE! Cut the salaries of Barney Fwank, Dodd, Reid, Pelosi, et. al. and pour that savings into fixing this. Elimitate THEIR personal savings and 401k’s. THAT’S WHAT NEEDS TO BE DONE HERE. Send a message once and for all, you screw the American people and you go down. I guarantee it wouldn’t happen again.
Okay off my soap box now.............
I have no friends on Wall Street. I am not a banker. The only dog I have in this fight is my own investment portfolio (which is NOT in financial stocks). I am already resigned to the fact that it will take a huge hit.
I am as conservative and capitalist as they come. But, I am also a student of history and the financial markets. I can see where this is heading.
Koraz,
do you see any business leaders on the box pushing this?
Any manufacturing orgs? Bankers not from Wall Street?
All I see is a panicked Bush, not wanting to leave office with a smidgen of downturn, playing his usual games of currency debasement and borrowing. Paulson-totaly conflicted with the own interests and his buddies,
and the Democrats playing their usual game of trying not to appear as the party of Wall Street finance so they throw some wishy washy nonsense about “Main Street” and add amendments to make it appear the bigboys won’t get huge payoffs.
I have seen no credible independent source that stated what exactly the problem was, and why it should be solved.
All I see is deception, keeping us away from who is really being bailed out, or what foreign pressures Bush might be under.
The bailout plan extends unprecedented powers to the treasury secretary for 2 years. Paulson is out in 4 months, and his successor will be appointed by the next president.
We don’t even know who the next president will be, much less who that president will appoint as treasury secretary.
What if 0bama wins and appoints George $oros?
We cannot afford to give not only a blank check, but a blind check at that.
What congress should do instead is outlaw Credit Default Swaps retroactively, making all such standing contracts null and void, and then rescind Sarbanes-Oxley. These two things would make the credit crisis disappear overnight.
You are all missing my point. THE BILL WILL BE PASSED. There is no way around it. By refusing to negotiate, the Republicans will ensure that Obama is elected and the we get the worse possible plan.
do you see any business leaders on the box pushing this?
************
The U.S. is mostly a financial service economy so most of the leaders speaking out in support of this are financial business leaders, Warren Buffett, Bill Gross and Jack Welch. I haven’t heard non-financial business leaders speaking out one way or another.
“By refusing to negotiate”
Who says no one is negotiating?
This goes above people. They blame both sides.
Who says no one is negotiating?
*************
Other than McCain, I have not heard of one Republican lawmaker talk about a sensible modifications to the plan. Drudge reports that only 4 Republicans were supporting it this as of this morning. On the other hand, I have heard a description of a detailed Democrat plan. I understand that they have a draft of their plan that is being circulating. Buffett, of course, would be aware of this plan.
So can I, and I don’t mean to be unfriendly to you, I appologize personally for any unfriendly remarks, yet I can also see where this is going, and IMO, a bailout is not best.
Perhaps you ought to research the current house opposition to it under Congressman Mike Pence, Hensarling, and Co. Even Newt thinks this is a bad idea..!
Of course they support it. Privatize the profits, Socialize the risks is a profitable strategy, minus the political contributions required to purchase the needed politicians.
“Perhaps you ought to research the current house opposition to it under Congressman Mike Pence, Hensarling, and Co. Even Newt thinks this is a bad idea..!”
*************
Yes, I clearly understand the opposition to the plan. I have read what Newt has said and I even agree with some of his points. This, however, is a question of votes. The opposition will not have enough votes to stop this thing.
It is happening.
Administration Moves Toward Democrats in Effort to Pass $700 Billion Bailout Plan
http://www.foxnews.com/story/0,2933,426127,00.html
If you don't stand for what you believe when the stakes are highest, you never will when the stakes are any smaller.
Bush won’t sign it. If he does, his legacy is cast in stone.
I've personally seen alternative ideas from Mike Pence and Thaddeus McCotter.
Try googling republican alternatives to bailout plan and count what pops up. Only people saying no one is negotiating either can't read, or is in the tank with the Democrats pushing the Paulson plan.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.