Posted on 09/26/2008 3:58:56 PM PDT by politicket
Excerpt...
The legislation the administration is promoting would allow the government to buy bad mortgages and other sour assets held by investors, most of them financial companies. That should make those companies more inclined to lend and lift a major weight off the national economy that is already sputtering. But a significant number of lawmakers, including many House conservatives, say they're against such heavy federal intervention.
Under their plan, the government would insure the distressed securities rather than buy them. Tax breaks would provide additional incentives to invest.
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(Excerpt) Read more at news.yahoo.com ...
NO BAILOUT! Get the rope for fat boy.
Translation: “I think we’ve got them over a barrel”, or in Barney’s case, “I think the other guy is going to have to pick up the soap.”
Psst. They don’t need the GOP to pass this.
Just like Glenn Beck said: The will do it over the weekend to keep us out of it.
Barney Fife would have done a better job of oversight than Mr (?) Frank has.
This bill better be honed or we all will have the media AND the (at one time the peoples possession) government against us.
I bet if the bill is a no show by next Friday, the world still won’t end. In fact if it turns out that it won’t be a giant sh** sandwich for the taxpayer, ie no handout, it still won’t end.
I for one, am getting damn tired of the ‘stampede mentality’ of the Marxists. Just a little more socialism, and all will be fine.
“just a bipartisan,...”
Sounds like a partisan little bitch, doesn’t he?
Wish someone would ask him if his former lover at Fannie Mae is advising him on how to handle this?
No bailout! I don’t care what Barney Fagg says.
You're exactly right. It won't end unless God decrees that to happen next week.
But we are in for some significantly difficult times, and very few people understand why. It has to do with the derivatives market - and specifically Credit Default Swaps.
You may not want to believe it - and that's your choice - but you might want to prepare your family for some hardships "just in case".
Oh thats comforting Barney Franks is now a fortuneteller and is giving the American taxpayers information first hand. This is a despicable man who fits right in with his despicable crowd of bottom dwellers, scumsuckers, leeches and sorry a## elected officials who are making A##es out of the American taxpayer!
Also of note, even with Wa mu collapsing and being picked up by JP Morgan Chase, the market closed UP 126 POINTS!
Yeah I know about the derivative market, a really bad idea that fooled no one. Repacked sh** is still sh** no matter how many hands it passes through, or ratings it manages.
There are plenty of banks that did not participate in the fiasco as well. Several of my local banks aren’t involved with kiting worthless paper.
No need to prepare ...
“Get the rope for fat boy.”
Absolutely! Jail is too good for him ... plus he’d be soliciting Bubba.
I'm not convinced that you do know about the derivatives market, based on your comments.
This problem is based on bets that were made between two party's on whether the bonds that this stuff backed would ever be paid. And there were a lot of bets. To the tune of $62 trillion dollars.
The investment banks got on the wrong end of a lot of these bets, and it sunk them - everything that they had as assets - gone.
And the problem is not over - by far.
Do what you wish...
I went through one bank HUGE failure in the 70s, we had all our meager funds in one bank. Young stupid ... It wasn’t fun, but came out whole. You learn life’s lessons from experience. Something Obama is sadly lacking.
This was the first time Congress F’ed up the housing market when they changed the investment rules on house investment and renting — Caused the RTC to be formed, which was dumb.
You know, the sick mortgages don’t become worthless, they still have a house, i.e. real property, that backs them up. It’s just a liquidity issue for the dumb banks and others. The mortgage holder still has 60-80% of their money in property. Other loans might be worthless, but that is another stupid failure.
Meaning he knows a deal won’t be done by Sunday and wants to try to attach McCain to all of this problem.
Frank needs to be investigated into how he has been involved with this deal.
Busy yes but not working for the good of our country and the survival of the United States Constitution which was written in the face of tyranny and based upon personal freedom.
Must be the work of those anti-american Marxist promoting, freedom hating "speculators"! /s
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