Bailout Falling Apart; House Repubs Not On Board

Fox News | 9/28/08

[VideoDoctor]

ABSOTIVELY POSOLUTELY TRUE!

[ScaniaBoy]

re post #301: THANKS!

[Kozak]

Yeah, when the market craters and the economy spins into a depression, and the Rats control Congress for a generation I’m sure all these people cheering will be very happy.

The level of insanity around here about this situation is amazing.

[LomanBill]

CHARLEY MIKE house Repubs! CHARLEY MIKE!

[TADSLOS]

Newt just caved.

[tiredoflaundry]

*sigh*

[narses]

Great. Thanks.

[Kozak]

And Republicans will get the blame and a huge amount of economic damage will have been done.

And It will be President Obama with 70+ senators and huge majority in the House.

[Attention Surplus Disorder]

“If the credit markets seize and the MTM issue remains, how long before bank runs start?”

When the FDIC just took over WAMU and gave it to JPM then they wiped out all the bond holders. Even the preferred ones at the very top. This is not normal practice, but it saved the FDIC money. Bond holders in other banks are saying “Hey wait a minute”, and are now selling there bond holdings in other banks. This means banks are losing capital very fast right now. Besides depositor withdrawals.

Every move the government is making is the wrong move. And they have ensured that our economic system is most likely going down big time. The bail out bill would not stop it. Only transfer more pain onto the tax payer. It is another bad move.

Republicans are doing what should have been done a long time ago. But it is so late in the game. What they are fighting for now (I hope still) was the way out. It might be too late. But the Conservative Republicans will not be the blame for that if it is. But they will probably be blamed for it.

God will know the truth.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
I concur 100%. Absolutely. Everything the government is doing is completely wrong, and the effect will be to drive capital out of the US financial system. The steps taken to date have done nothing but shatter international trust of the US financial system, proving with every action that it is financial anarchy, made up on the fly, existing law be damned, no recrimination for the purveyors of fraud, run by and for the benefit of the banking elite. If we stay on this path, the economic and financial dislocations the POS bill are supposedly designed to stave will happen with violent certainty.

[Terpfen]

He absolutely stands to gain by coming out against. He’s already done so privately, and if the bailout comes for a vote there’s every reason to think he’ll vote against it.

[bitterdfwrepub]

“McCain is damned if he does and damned if he doesn’t.”

If the democrats have the votes to pass it and they believe passing it is necessary then they should pass it. If they do not because they don’t want to take responsibility for it then they are playing politics and any damage to the economy is theirs to shoulder.

If they do pass it without Republican support and it does not solve the problem then the Republicans can slam the democrats, as the democrats know they will.

The folks in the box are the dems, if the Repubs will have the guts to hang it on them.

[snippy_about_it]

I’d like him to do as he said he would if elected as President, only do it now while he’s running. NAME NAMES!

[Lloyd227]

"The problem is now so big and so deeply entwined with all aspects of finance (including, yes, outside the U.S.) that the whole edifice is teetering. And I say again: it's a $62 trillion issue"

You and I both know this 700 Billion is not going to stablize the "vapor locked" derivatives market and it's not going to stop what's coming, the best we can hope for is to delay it a few days or weeks.

From the very first time you understood the monetization of debt (and I suspect you do) from that day forward, you and I have both known what the end would be.

Now that the end might be staring us in the face, you're clinging to hope and letting the politicians lie to you and stall the inevitable until after the election.

This bill, as it's been presented to us so far will not salvage the US Economy.

[dsutah]

Well you know that the polling companies are going to give Obama the lead! They’d give him the lead if he had an gigantic erupting pimple on his nose!

[Attention Surplus Disorder]

my comments: see #329.

[mwl8787]

McCain is waiting to ensure that BO does not get to his right on this issue by denouncing it at the last minute.

Patience.

[jersey117]

Where are you seeing that Newt caved? What did he say? Last night he said he would fight against this with everything he’s got. Our country is slipping away fast.

[RightOnTheLeftCoast]

"Exactly right. Although I fear that further government intervention will lead us in the wrong direction, I also fear that no intervention at all would be a disaster."

Thanks, Trisham.

An analogy: Imagine the situation if Congress had, instead of meddling with mortgages, decided to meddle in brick-making. Barney Frank and Chris Dodd and Jamie Gorelick felt it would be great for the Federal Government to force brick-makers to make bricks out of cardboard. That way Those Less Fortunate could have bricks too! And now those crappy risky bricks are built into the whole global finance system. A $62 trillion pyramid has a bunch of those bricks built into it and is teetering. It's gonna fall on all of us. What to do? We can complain about how the bricks got made all day. We can wait for the free market to come out with replacement bricks. But there are so many bricks that only government has the resources and the speed to patch all the bricks quickly so they can be extracted one by one by the market.

I wish it were otherwise but see no alternative that doesn't risk an absolute calamity.

[Skid Marx]

Just like a Democrat, to accuse a man trying fulfill the duties of his job as something to be feared and despised.

Imagine a cockroach. Swarming the house with his pals until it's uninhabitable. To him a guy with a flashlight and a can of Raid is to be feared and despised.

[beckysueb]

This is good news! I would love to see the panic on Puglosis face if it fails.