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’s right... And, Senor Jorge Bush, encouraged it...
You really don't know what you are talking about.
“They’ll pass it. Gleefully.”
So you’re blaming Democrats for a GOP initiated bail out using $700 billion in taxpayer monies. It’s amazing how *both* parties always want to spend money they don’t have.
http://www.whitehouse.gov/news/releases/2002/06/print/20020617-2.html
You would not make a good poker player...
A good read...
>>This is just a down payment on the actual amount that will be hoisted onto our backs..<<
Yep. To give it some perspective, the original “ask” for the war was $85 billion.
This is the “phase I” cost.
“Now all the people who didn’t give a damn are likely going to get loving help from the US Govt.
700 billion dollars? Isn’t the US Govt already in debt? This is madness.”
If the govt is going to bail them out, it should be in the form of paying off the mortgages owed to the banks. But as part of the deal, the current management of any bank getting bailed out has to resign in disgrace without severence, and forfeit any personal investments they have in that bank. I don’t like the idea of the just the banks getting away with being irresponsible, but the mortgagees left to hang. The banks have all the finanical experts, they know who they should’ve and shouldn’t have, given loans to. Besides, I think it would be far more nationally beneficial to have a whole mass of Americans whose incomes were suddenly freed from mortgage debt than just keeping banks afloat.
But Bush’s plan seems to be to protect the very corrupt financial institutions that cased the harm.
The mess we are in is NOT an innocent mistake on hte part of the banks.
During the S&L crisis, the RTC made people whole but let the S&Ls go bankrupt and closed them down. This time, it appears that the corrupt financial companies themselves ar being protected.
It STINKS!
You are right...
What's Up, not his intelligent quotient, is one of those big gummit and compassionate conservatives.
Have a great weekend.
Relax. We’ll throw the bums out in November.
(Sometimes I crack myself up).
Ass-backwards. Had they done this with homeowners directly, by arranging for ARMs to be converted to fixed rate loans, forgiving certain credit card interest, and repealing the banruptcy “reform” law, Bear Stearns, Lehman, IndyMac and others might still be around, and there would be around 70% fewer foreclosures. Now, the idiots in D.C. will burn through at least $2 to $4 trillion in Chinese money to “fix” it now, at the cost of our way of life. Absolutely disgusting.
They don't. Polticians are America's "B" team. The best and brightest are making mints in business, or developing breakthroughs in science and engineering. The "C" students, like Bush, Kerry and Dodd, and affirmative action morons like Obama and Jackson Lee, had to go into politics because they aren't smart enough to succeed in the real world. Unfortunately these losers have ultimate power over our lives, and we permit it.
Obama has a big heart...he'd do that.
http://www.foxnews.com/story/0,2933,425672,00.html
Here's an interesting item from the bill:
Sec. 8. Review. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
The Federal Government is putting an awful lot of faith (700 billion to be exact) into the hands of an ex-Investment Banker. Hopefully he can trusted to do what is in the best interest of the American taxpayer.
What is the lie? let who die?
Whew! For a while there, I thought this problem was going to be expensive.
I’d like to see a system wherein I can go to Vegas every day and keep my winnings while the Federal Government pays my losses. Yeah, that’s the ticket.
Banks were forced to sell mortgages to people while knowing they could never pay them back.
They say we have to accept illegals and visa holders who will work for much less money because this is the free market approach.
Now they say we have to shell out big money for socialist intervention.
This makes no sense. It isn't a free market solution.
A big problem is that a lot of “free market” types are really about making money by any means possible. Be it illegals or Kelo vs New London.
Heres a novel idea....how about trying some free enterprise?
“It’s the only answer unless you want a deep recession.
I’ve noticed some on FR would rather have that.”
What is coming from the stupidity of trying to borrow our way to prosperity is a deep depression to an all out collapse. We are already more than bankrupt! Have you seen the legislation for this thing. Lets just say “King- Paulson”. There is so much wrong with all of this I don’t know where to begin.
Not bad. It's a 2002 transcript. The money quote from it is this...
Anyway starting around 2003 the administration began to warn about mortgage GSE's.
Here's one Link
There's plenty more.
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