Posted on 09/20/2008 7:03:53 AM PDT by SE Mom
Right. Even Bush can't tell the story. Difficult times? Not to me. Nothing has changed here. These are extremely serious challenges but confined to the banking sector. It is a challenge not "difficult times" which makes it sound like all Americans are feeling some sort of depression, bread lines, etc
My guess: zero.
$11.3 trillion will be the new ceiling on the national debt. As of September 18, our national debt was $9,664,631,803,259.07. The current ceiling for the national debt had already gone up to $10.6 trillion.
The additional $700 billion would take the national debt ceiling to $11.3 trillion.
The story Rescue plan seeks $700B to buy bad mortgages has some more details.
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Curious what others think would happen if a total credit freeze were to occur? That would mean no bank loans to small companies (to meet payroll, etc.) leading to layoffs. That is what the Feds are trying to avoid a total credit freeze.
Also, I guess these million dollar homes in a blue collar neighborhood might just not be worth a million dollars anymore???? (Can you imagine owing Mayor Daley $30,000 in property taxes EACH YEAR for as long as you own the home/mortgage?????)
He sounds like the one to fill the late Larry Burkett's shoes. Ramsey's ministry sounds a lot like the Crown Financial Ministries. Good for Fox News and Cavuto for including him.
I find it amazing that so-called “conservatives” on FR are acting as cheerleaders for a $700 billion fleecing on the taxpayers.
I guess socialism with an “R” after it is just hunky-dory so long as it isn’t the socialism with a “D” after it.
(shakes head)
“Let’s put the $700 billion in perspective.”
Yes. Let’s.
This is a $700 BILLION wealth transfer from the public treasury to the incompetent nincompoops on Wall Street who started this mess in the first place. While we as taxpayers won’t have to make payments on this $700 BILLION this second, we as a country will have to pay for it eventually. Either through higher taxes, a dilution of the currency, or by passing it off to the next generation. Probably a combination of all of the above. And for what? So the markets can avoid a long overdue correction that is going to happen (gasp!) during an election year?
Socialism is socialism whether you put a Republican or Democrat brand of cheap perfume on it.
“Any Freeper here hurt by these finanical institutions money woes?”
Nope. Yet I’m going to have to pay the bill for it.
Why should we as taxpayers get stuck with all the losers? Take a winner why don't you? It can help offset the losses.
Everyone wins... ;)
I have written to request it, but I get no response.
What happened was a chain of events that brought the shorts into the trading frenzy, caused the stocks to dive, the rating agencies to demote, and the regulators to demand more cash in reserve while the credit market was frozen.
I bought some stock this week, as a matter of fact.
Lost 7K a few weeks ago.
I have not even begun to list the numbers of things that the CMO's are used for collateral to fund. They also support the CDO's which number in the trillions of dollars, the building projects, the payroll loans and short term financing as well as lines of credit your employer may have.
This is not all wall street, and to be more to the point, it would not matter if it were, because it all will affect you directly in a very short time if not fended off now.
You don't have much time to act regarding Paulson's Bailout Plan.
This plan, as it is written, will give Hank Paulson UNLIMITED & UNCHECKED FINANCIAL POWER OVER THE UNITED STATES OF AMERICA!
That's right. President Bush won't be able to stop him; Nor Pelosi or Reid. He will be able to do as he pleases with NO OVERSIGHT! Do you really think this 700 BILLION number is all? That is a sanitized number so it won't scare the masses.
The true number is over a TRILLION and that's probably a floor - the ceiling could be upwards of double that...two TRILLION, or more? Let me write out just one billion (like a check) so you guys can truly appreciate this number.
$1,000,000,000,000
Why is there no outcry on FreeRepublic over this??! This is going to choke the next generations with impossible debt burden.
I see that many here are disturbed and you are complaining about it on these threads - but you must contact the people that can possibly save us from this nightmare bailout scheme RIGHT NOW!
You know, we FReepers fought hard on the immigration debacle and we WON. People here were hopping mad and weren't about to let The Gov't jam that stupid legislation down our throats!
Folks, this bailout scheme will harm our country immeasurably worse.
YOU MUST ACT NOW TO SAVE OUR COUNTRY! Get on the phones, and let your congresspeople and senators know that 'We The People' vehemently object to this financial coup that is about to take place.
CONTACT YOUR REPRESENTATIVES NOW! It might be too late by Monday morning - you should be calling them NOW - and tomorrow - yes Sunday! They are going to try and ram this through before the market opens on Monday. Call all of their offices. Leave messages. Talk to your family and friends and tell them to do the same.
Knock off the spam.
My bad. Just trying to help save our Country.
I'll stop posting it, so you and FR can save .11 cents on bandwidth. That's certainly more important.
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