Posted on 09/29/2008 8:24:01 AM PDT by TSchmereL
AND NOW . . . amidst billowing clouds of fragrant, aromatic first- and second-hand premium cigar smoke. . . it is time for . . . that harmless, lovable little fuzz ball, the highly-trained broadcast specialist, having more fun than a human being should be allowed to have, from behind the golden EIB microphone, firmly ensconced in the prestigious Attila-the-Hun chair at the Limbaugh Institute of Advanced Conservative Studies, with talent on loan from G-d, at the cutting-edge of societal evolution, with half his brain tied behind his back — just to make it fair, the all-knowing, all-caring, all-sensing, all-feeling, Maha-Rushie! America's Anchorman, Truth Detector, Doctor of Democracy, and Chief of the Patriotism Police. He is the man who runs America. He knows the Democrats like every square inch of his glorious naked body. He is ready to do what he was born to do--That's host. Get ready to what you were born to do--That's listen (and post your comments on the Rush Limbaugh LIVE Radio Thread).
Awesome, Rush is playing the audios of the real cause of the bailout!!!!
How many signs have you put up so far?
I realize, sitting here in my office in Alaska, it's easy for me to say "put up more signs" but I wouldn't let a few elistist morons threaten my 1st Amendment right.
LOL
I think he is down for the season.
Hey bud.
Well, at least there’s that. Thanks.
Not just the 'Rats. It looks to me like the GOP leadership is aiding and abetting this abomination.
A pox on frigging all of them.
Let them have it ElRushbo!
Howdy there, CC!
Hi dear.
Who?
Pelosi is speaking at the HR - They are worried...
Looks like Franklin Raines is going to be the fall guy. Pelosi, Franks, Dodd, etal should be on trial.
I wonder if Raines will be Scooter Libby’s cellmate?
This is explosive stuff.
Rush calls out Franklin Raines as a THIEF!!
I feel the same way. Hopefully this YouTube clip can be circulated around the world so that the voters FINALLY WAKE UP and see exactly who contributed to this economic disaster.
Rush always cheers me up. And don’t forget, pray and fast! We still have five weeks.
From NRO last night:
NRO-The Corner
Sunday, September 28, 2008
Time to Follow [Jack Fowler]
Just finished watching the House Republicans leaders’ press conference on how they are backing the re-crafted bailout deal, made more palatable by their diligent efforts, and urging GOP members to vote yes. Kudos to them and in particular to Eric Cantor: he is so dang impressive. When you expect your political leaders to step up, and they do, you must reciprocate by following and supporting them and if you do you’ll still be able to place your head on the pillow with a clear conscience. Conservatives should support them in backing the bailout plan. And then, when that is completed, roll up our sleeves and join Cantor & Co. as they work to craft and enact a broader strategy to improve America’s fiscal health.
09/28 08:56 PM
*
The text [Kathryn Jean Lopez]
Download here.
09/28 07:00 PM
*
NRO
September 27, 2008, 9:31 a.m.
A Paulson-Cantor Plan Is a Win-Win
Actually, for taxpayers, the bank rescue plan is a win-win-win-win. By Larry Kudlow
http://article.nationalreview.com/?q=YWE3ZTg5MDZjOTI2MDA4MjYxMGQ3ZDg1YzI5MTBmOWE=
The single-biggest mistake in the Paulson bank-rescue-plan marketing effort has been the failure to explain clearly how taxpayers are going to recoup $700 billion used to buy toxic assets at auction in order to unfreeze the banking system. In other words, folks don’t understand how taxpayers will be paid back, and may actually make profits, which will enable the new government debt to be erased after the Treasury bank-rescue is completed.
Here’s the key point: Any loan package bought by the Treasury will be 100 percent taxpayer owned. Period.
Let’s walk through this hypothetical for a moment. Through a market-driven auction, the Treasury will purchase some dollar amount say $100 billion of loans that banks will sell. The Treasury will then buy those loans at the prices that fill the auction, starting with the lowest prices and working up. Now, the Treasury will hold those bonds either to maturity or for a sale in the open market if rising prices in the market make that sale attractive. In other words, suppose the Treasury buys a bond package at 20 cents on the dollar. They hold it for a while, and if market conditions improve, they sell it for 50 cents on the dollar to some buyer (e.g., an investment fund, a private-equity fund, a hedgie). The Treasury will make the sale at the higher price in order to gain a profit for taxpayers.
In the meantime, as the Treasury holds the loans, the government will get monthly cash-flows coming in on the mortgages, or on any other loans that it owns. So it is win-win for taxpayers. First, taxpayers get the cash flow generated by the assets. (Something like a 10 percent interest rate.) Second, if the loan is sold for profit, the taxpayers will own that profit. And the new law must of course stipulate that all the cash flows and/or profits go for debt-reduction to protect taxpayers.
I don’t think a lot of folks understand this win-win scenario. Let me repeat: The taxpayers own the bonds the Treasury buys; the taxpayers own the cash flows generated by the bonds; the taxpayers own the profits when the bonds are sold; and the taxpayers benefit when the profits and cash flows are used to pay-down government debt.
Actually, for taxpayers, it’s a win-win-win-win.
Think about this. The troubled assets purchased by the Treasury right now are likely to be very under-priced because of the chaotic and frozen market conditions. But over time, through monthly cash-flow payments or through loan sales, taxpayers will get all their money back and in great likelihood a handsome profit.
I have been in conversation with leading House Republicans all day. And they understand these key points. Unfortunately, this understanding did not materialize in their original meeting with Mr. Paulson a few days ago. But now the actual reality is sinking in.
Another point: Republican leader Eric Cantor has an excellent idea for a federal bond insurance guarantee for straight mortgage-backed paper, financed by private-sector insurance premiums. That will improve investor confidence in mortgage bonds and will make those bonds highly marketable. Importantly, senior Treasury officials have told me that Mr. Paulson will accept the insurance idea as an option in the final bill, alongside the ability of the Treasury to purchase distressed assets.
Sources also tell me that other conditions will be necessary to bring the House GOP along. First, the ACORN slush fund must be removed. Second, the so-called union proxy to run a slate of corporate directors is a big problem. Third, all profits from the Treasury rescue mission must be used to reduce the national debt 100 percent. Fourth, Republican members are opposed to bankruptcy judges setting mortgage terms and interest rates (Sen. Obama also is opposed). Fifth, the so-called government equity ownership of banks is distasteful because it effectively creates a corporate tax increase on banks at a time when they are struggling. And last, the Treasury secretary’s request for $700 billion is regarded as way too high.
Essentially, House Republican leaders want a slimmer, cleaner Paulson plan supplemented by Mr. Cantor’s mortgage-bond insurance program. I think it’s a good package that would be great news for stock and bond markets that are now ailing badly. It would set the stage for a gradual return to normalcy on the part of bank lenders, including loans to small businesses, consumers, and homeowners. It would be a pro-growth package at a time when the economy desperately needs a prosperity tonic.
Larry Kudlow, NRO’s Economics Editor, is host of CNBC’s Kudlow & Company and author of the daily web blog, Kudlow’s Money Politic$.
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