"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 know, I know...cancel the taxes from this point until the end of the year. On EVERYTHING, EVERY WHERE, on EVERYBODY in the U.S.
Then let’s sit back and watch the fun.
YEAH!
You either believe in the free market system or you don’t. In the good old days, congress would pee away a hundred million . Then it was a billion. Then it was a hundred billion. Now we are approaching trillions. Congress is completely out of control and knows no limits in spending tax payers money. We can’t trust them with millions. Why should we trust them with trillions? Why should we even listen to them? If they knew what they were doing we wouldn’t be here.
Thank you Mike Pence! A True American Conservative.
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The bailout without a real energy plan is not a plan at all. If we can’t keep from sending the current 700 billion from going overseas then I say that the bailout will be for naught.
I want the golden parachutes back. I want the excessive salaries back. I want anyone connected with this fraud prosecuted. That includes any and all in Congress, the administration, the Congressional aides, even the POTUS who benefited in any way from all of this prosecuted to the fullest extent of the law.
Well, I’m a fan of Mike Pence now.
I'm all for it!
But how do you do that?
NO BAILOUT!
Unless the country has been taken over by Socialists, how can the government operate outside the confines of the Constitution, to which every one in Congress swore swear to uphold?
Perhaps Pence can inspire enough of his true Republican colleagues to amass a large part of the country to do something about this.
Pence/Palin 2008 !!!!!
OK...it's great that Pence has an idea.
Anyone notice there's NO proposal for seeing this miraculous increase of capital take place?
People who are bashing shouldn't just bash but have a real idea!
At least SOMEONE is paying attention in Washington! Even though I don’t understand all the details of this plan, I know that ON ITS FACE - it’s absolutely unconstitutional (not to mention just plain unfair to those who have had no mortgage problems, and to those of us who lost our homes to criminal brokers and such).
I really fear that - as was said by one of the talking heads on my local news tonight - that our economy, and indeed our COUNTRY will NEVER be the same if this goes through. We might as well just hand things over to the Socialists/Communists if this is how even some “Republicans” (like Bush) think this is how you “fix” problems.
Sounds crazy to some perhaps, but I say we let these banks and CEOs eat it... Let them go into foreclosure in their OWN houses, and sell their yachts, etc... etc... They got themselves into this mess, and it’s NOT the responsibility of the tax payer to get these people out of it!
I honestly don’t care how hard things get economically — I’d rather be DIRT POOR and (mostly) FREE, than live in a Socialist Country (where everyone except the leaders are dirt poor anyway!). At least we’ll have a chance to get back on our feet as a country when these institutions fail - with government TAKEOVER (it’s NOT a “bailout”)_we’ve started down a path that truly signals the END of America, and our Capitalist society.
The liberals may be salivating over this power grab, and it’s scary because most Republicans seems to have fallen for the socialist myths, too!
OK, that’s my second rant today on this subject. I know I’m not the only one who feels this way - far from it. If this goes through - maybe not THIS November - but mark my words in 2 years, and 4 years - everyone in Washington will get BOOTED on their BUTTS!
Hopefully the Republicans will get a back bone and back up Mike Pence.
Here here!
MIKE PENCE IS MY HERO!
PALIN / PENCE 2012
if this baliout gets politicized then I’d say let it sink too
the very folks who created the sub prime mess and forced a lot of this on the lenders are now going to manage the resurrection
doesn’t make sense
save
My views - we need a workout not a bailout:
http://travismonitor.blogspot.com/2008/09/some-ideas-to-fix-credit-crisis.html
We need a solution that doesn’t bilk the taxpayer but gets the credit system working - a workout, not a bailout:
1. Assist banks with better pricing on illiquid assets with one rule change:
Suspend the mark-to-market rule for illiquid assets like CDOs.
2. Make the $700 billion bailout mostly SELF-FINANCING WORKOUT that provides liquidity but not a subsidy for the holders of these marked down assets. Solvent companies have crappy suspect assets. The value of these assets is not clearly known, nor is the liabilities involved. But the firms can offload these into the Govt Asset Management organization (RTC-II), that takes these assets and holds on to them while the crisis passes. Here is how:
Govt purchases of distressed assets from currently solvent firms will be based on a ‘consignment basis’. The Govt will pay for 40% of assumed market value, and the remainer of the payment held in reserve (or Govt gets senior notes for remainder). When the product is later sold, the original holder is given the sold value if it was anywhere from 40-100% of assessed fair market value. Above that, ie if govt sells at a profit above original assessed value, the Govt and private firms share the gains 50/50. If the Govt sells it for less than 40% of originally assessed value, Govt eats the cost partly, and partly takes up debt from the selling company. Since there is time cost of money, there can be simple rules regarding how much the Govt owes in interest on gains, and/or that can be viewed as a transaction cost.
These rules would add clarity and taxpayer protection. Right now there is no clarity as to the taxpayer liability. Rules regarding how resale gains and losses are are to be assessed is required. The 40% rule enables one trillion in assets to be purchased with only $400 billion in credit, and it can then be ‘worked out’ over a number of years. The cost is less and the taxpayer protection is much greater. BANKS ARE ABLE TO OFFLOAD ASSETS AT 40% LEVEL AND THEN GET A POSSIBLE “UPSIDE” RETURN LATER IF VALUE BOUNCES BACK. If that 40% level is too small to encourage participation, then it could be raised so long as there is an assurance that taxpayers won’t be picking up assets at inflated prices.
3. level 3 assets for all financial reporting institutions must be transparent and reported.
4. NO regulations on financial compensation, and NO equity stakes. The Govt should not takeover these companies. If there is any debt of collateral, it is senior debt. Regulation reform needs to come: Unify the regulation of the financial sector. But that should be in a separate bill, not this bill.
5. Dont muck this bill up with housing and foreclosure stuff. The Dems already did a $200 billion housing bailout, we dont need another right now, save it for the next Congress.
6. McCain wanted in 2005 to regulate Fannie Mae. Democrats killed that plan, as linked to above. It’s past time to pass that bill.
The we need a twin bill, An Economic stimulus bill:
1. MAKE THE BUSH TAX CUTS PERMANENT. The cost of this is less than the bailout and the benefit will be HUGE.
2. Then cut the corporate tax rate.
3. Repeal Sarbanes-Oxley (which has killed IPOs).
4. Open up all offshore drilling. No limits.