Posted on 09/20/2008 7:03:22 AM PDT by TigerLikesRooster
Bush asks Congress for $700 billion for bailout
WASHINGTON - The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression.
(Excerpt) Read more at newsok.com ...
That is a HUGE amount of money! I’ve never heard Bush ask for that much money all at once before....
Sure hope these people know what they’re doing.
“If the American people ever allow private banks to control the issue of their currency, the banks and the corporations that will grow around them will deprive the people of all their property, first by inflation and then by deflation, until their children wake up homeless on the continent their fathers conquered.”
Thomas Jefferson
Ping!
You’re right. Normally he wastes this amount at least over 4 to 6 months.
What a joke.
Oh, who am I kidding. They'll pass it. Gleefully.
I've noticed some on FR would rather have that.
When McCain gets in we'll see if he can cut spending like he's been wanting to do for years. If he can do that significantly, that alone could take a huge bite out of this debt.
Oh, and cutting corporate taxes like he's been talking about won't hurt either.
$700 billion for bailout
Take it out of the congressional retirement fund.
This is just a down payment on the actual amount that will be hoisted onto our backs..
Banks are currently calling on notes from businesses who have not missed a payment and are under no threat to default. Banks are scared. Many have completely stopped loaning and they are creating a huge credit crunch. Our debt based currency and economy requires banks to loan money. When banks stop loaning money, the economy collapses.
$700 billion? That’s not even as much money as Obama is wanting to send to the U.N. as part of his Global Poverty Act, in his effort to wipeout global poverty by 2015.
This is the perfect time for McCain to do an ad about this.
And how,,pray tell..will they set a value on the mortgages?
Ten cents of the dollar?
Will the price be set at what is required to keep the bank in business?..Or will it be set to kill off 50% of the bank equity?
Without some market mechanism, how will they set the price?
That's the part of this big problem that no one wants to mention: They don't. If they did, chances are we would not be in this mess to start with. Unless damaging the U.S. was their goal. Many aspects of these events closely follow the Hegelian Dialectic.
With the enormous public debt already on the FedGov's books, where this money will come from is going to hurt us more in many ways, some of them impossible to predict. And that's only part of the troubles ahead.
Gee, the trillion or so spent in Iraq looks real smart now!
Sorry, but there no longer IS “money” here. Just IOUs to be repaid by our kids and grandkids.
“If you don’t trust Silver & Gold, do you trust the logic of taking a pine tree, worth $4,000 - $5,000, cutting it up ..... turning it into pulp, putting some ink on it and then calling it one billion dollars?” - Kenneth J. Gerbino
“If you don’t trust Silver & Gold, do you trust the logic of taking a pine tree, worth $4,000 - $5,000, cutting it up ..... turning it into pulp, putting some ink on it and then calling it one billion dollars?” - Kenneth J. Gerbino
I don't know what economics you have studied but there are things called business cycles and failures.
How can Republicans, in the future, stand in front of us and spout free markets and trade with a straight face?
Individuals should have a year of rainy day money and be prepared to maybe work at a job for a short period of time even if they are over qualified for the position.
You survive and hope for a better day. Been there done that and would again if necessary.
This bailout is a total capitulation to socialism to the fullest.
Yep, let the market clear out the thiefs and excesses in the system.
Privatize gains, socialize losses. The statist republicans continue to destory the country.
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