Bailout Falling Apart; House Repubs Not On Board

Fox News | 9/28/08

[ROTB]

The other is to cancel the contracts that force payment.

[trisham]

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.

************************

Good analogy. I'm sorry to say that I agree.

[marsh2]

I think you are very wrong here. As I indicated, I paid FIT (Federal Income Tax) and State Income Tax even as a single mother with two kids and earned income tax head of household status. I think you just want to believe poor people don’t pay taxes.

[Revel]

So what are your thoughts on this. I keep hearing the media saying how this money would grease the machinery in the credit markets and free up lending deals. My view on that is that if a bank can trade garbage for cash then banks are going to sit on the cash in order to raise keep there capital position higher. I mean in this environment it would seem stupid for them to do anything else I would think. How do you feel?

[TADSLOS]

From this morning's ABC Talking Head Show:

STEPHANOPOULOS: “Speaker Gingrich, there’s also, I think, a recognition, at least in some of the polls I’ve seen, that something has to be done.”

SPEAKER NEWT GINGRICH: “Sure, look, something has to be done. … I suspect were I still in Congress, in the end George [Will] is right, and I probably would end up voting reluctantly yes, because I think when you’re given no choice …”

[narses]

Newt Gingrich, who yesterday called for Paulson’s head, would, relunctantly, vote for the bailout:

STEPHANOPOULOS: “Speaker Gingrich, there’s also, I think, a recognition, at least in some of the polls I’ve seen, that something has to be done.”

SPEAKER NEWT GINGRICH: “Sure, look, something has to be done. … I suspect were I still in Congress, in the end George [Will] is right, and I probably would end up voting reluctantly yes, because I think when you’re given no choice

[marsh2]

I have the income tax 1040s to prove it. You are wrong.

[Skid Marx]

There is no “final bill”. A proposal by the dem caucus or anyone else is just so much bs. Anything can be added or deleted or changed at any time, without notice.

[snippy_about_it]

Did you ever get anything back from IRS and your State?

[fishergirl]

LOL!! I knew it!

[Ulysse]

WILL MCCAIN OPEN HIS MOUTH AND SAY SOMETHING CONSISTENT other than his bipartisan fairy-tale

[RightOnTheLeftCoast]

"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."

Monetization of debt is just part of it.

The politicization of debt is more worrisome. Such as the strong-arming of mortgage lenders by the likes of Janet Reno and Elliott Spitzer to force them to throw mortgages at people with no documentable income, no credit history, etc., etc., while at the same time lowering statutory floors so even more money could flow out the doors, while at the same time instituting accounting rules that necessitated instantaneous revaluation of balance sheet assets-- a prescription for a whole conga-line of defaults when the market softened.

Then those mortgages got bundled and sold and re-traded and even insured.

Really, looking back, there's just this endless string of WTF moments. But meanwhile, 95% of mortgages are not in trouble. Even those that are have assets attached to them. That's the good news. It will take a while to fix all the damage that's been done. A freer market can do this, given time. IMHO what's going on in D.C. is all about buying time, while (let's pray) not making the problem worse.

[beckysueb]

Thats true but I think McCains prescence give them moral support and helped them to stand up to the dems.

[snippy_about_it]

I challenge you to tell us what year you made 10,000 in. As far back as 2000, a single person with no dependents did not pay until they made over 26, 250. You say you have children and used the earned income credit. You may think you paid because if you worked money came out of your paycheck but certainly that money and possibly more since you claim earned income.

[TADSLOS]

WILL MCCAIN OPEN HIS MOUTH AND SAY SOMETHING CONSISTENT other than his bipartisan fairy-tale

A leopard and his spots, etc...

[aposiopetic]

The media may be right, but I don’t think there is any evidence to back them up. I agree that the banks will prefer cash to investments whose value is declining even more rapidly. I truly believe that the underlying problem is one of perverse incentives for the decision-makers. That is, the rewards promised to officers and directors are based on quarterly or possibly yearly profits. There is no !@#$ to pay if things tank later. Similarly for fund managers and investment bankers: as long as they don’t lose anything now for having counseled purchase of assets of precipitously declining value, they take their paychecks and their bonuses in the expectation that we, the taxpayers, will pay any amount needed to keep the Dow from tanking or retirement funds to diminish greatly in value. Maybe the Congress will make us taxpayers the guarantors, but it will be over my opposition and that of millions of others.

[Recovering_Democrat]

I just got off the phone with Roy Blunt's office!

The guy there told me his understanding was that there was NO MONEY for ACORN in the bill.

I told him about FREEPers concern (he claims to know about Free Republic) about the top of page 22, where 65% of monies are given to a "Housing Trust Fund", and he said he would check on it...

[navymom1]

I do not understand this. If the majority of the American people are against this bailout and the republicans are against this bail out, why is McCain dropping in the polls.

It seems to me that McCAin is with the American people on this.

I haven’t looked at polls hate them. As far as I can tell, all other polls are all over the map.

____________________________________

The polls had me very, very depressed. But then this thing came along and just kept snowballing. Frankly, I’m at the point where I don’t give a damn about what Scott Rassmussen or Gallop or Real Clear Politics say. What I care most about is what John McCain cares about, saving my free republic. The rest can rot. I’m with the House GOP. HOLD FAST, STAND FIRM, TELL THE DEMOCRATS TO GO TO HELL.

If McCain loses, and I don’t believe he will, just think, we here at FR will be seasoned vets in a continuing war against socialism. And I bet we can get a Republican majority in Congress at midterms.

[nicolezmomma]

There is no “final bill”.

Is that why there is no link to the words? If there is a link, can someone post it?

[Revel]

Thanks. I was not looking at bonds totally the right way. But the effect is the same. I have been doing a lot of learning.