More on Fox: more push-back from Repubs. Not ready to sign onto this thing. Feeling on Senate side that it MUST pass House with Repub support. Need to finish before Rosh Hashanna before Jewish members leave. Pelosi driving to get this crammed through the House before then. Much resistance from Repubs. Asian banks open in five hours. Panic among some in Congress and Wall Street. Developing moment by moment. Obama “may vote for this bill.” A true tower of Jello. Obama to take credit if it passes; will disavow any responsibility if it fails. Blames McCain for entire mess.
What a d@mn shame Speaker Nan is floundering and sputtering when you consider how much respect,love and goodwill Nan has lavished on House Republicans .... sarc
Nancy- can you hear us now?
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
http://banking.senate.gov/public/_files/LegislativeTextofChairmansDoddsproposalfortheTreasuryBailoutplanAYO08B68_xml.pdf
dated Sept 25.
Here's something I really really liked/s:
SEC. 202. INCREASED FLEXIBILITY FOR THE FEDERAL RESERVE BOARD TO ESTABLISH RESERVE REQUIREMENTS. Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C. 461(b)(2)(A)) is amended— (1) in clause (i), by striking ''the ratio of 3 per centum'' and inserting ''a ratio of not greater than 3 percent (and which may be zero)''; and (2) in clause (ii), by striking ''and not less than 8 per centum,'' and inserting ''(and which may be zero),''. SEC. 203. EFFECTIVE DATE. The amendments made by this title shall take effect October 1, 2011.
Apparently 30:1 leverage (LEH and BSC) and 80:1 leverage (FNM, FRE) was decidedly too restrictive, so now we should be going with INFINITE leverage.
Folks, by 10/01/11 banks will be authorized to operate with ZERO reserves with INFINITE leverage.
Drop the capital gains tax altogether (2 years is a start, but I'd like to be rid of it completely)
Dictate that this money be used ONLY for the purchase of mortgages, not "mortgage related securities"
Dictate that this money be used ONLY for the purchase of mortgages FROM US Institutions (no foreign investment banks)
Publicly describe in detail how we got here and how our "affordable housing" initiatives actually caused this and name names. I want to see Barney Franks, Chuck Schumer, Nancy Pelosi, Harry Reid and Barry Obama named specifically and the real information on how this happened made public.
Why is this money not restricted to buying actual mortgages?
Why is this money not restricted to assisting American companies?
Ask your representative and push them to answer!
Republicans stick to your guns and push this to market correction!!
After all the celebratory cr@p of last night and this morning, nothing would please me more than if the GOP pulled the rug out from under the Democrat leadership who are ultimately responsible for this whole mess.
What does failure to pass bring?
Is anybody else reminded of the big filibuster sequence in MR. SMITH GOES TO WASHINGTON? The Republicans are Jimmy Stewart, battling against the corruption of Schumer, Dodd, Frank et al. as played by Claude Rains, and the political machine back home blacks out everything he says. The only paper that prints the truth is Boy’s Stuff, a couple of hundred mimeographed copies distributed by little kids in wagons. That would be us.
My fear is that these stories about the Repubs NOT being on board are being spread by Dems. And when the Repubs DO vote to pass this albitrose that the conservatives will revolt and not vote for the ticket ... negating Sarah Palins selection.
Please ... someone tell me they have real inside info ... or they have heard from one of the players that the Repubs are against this bailout!
Build up the hopes and expectations of the public with false claims of a deal then blame Republicans for destroying the imaginary agreement.
We have been on this ride too many times before.
The media and uninformed public always get suckered into playing Charley Brown trying to kick the football while Congressional Democrats play the part of Lucy.
I love it.I hope they bury the rats with this nonsense.
BUT:
1) The public does not/will not give them credit, therefore it does not help McCain to win the election.
2) The House Republicans are refusing to fight this in partisan terms, refusing to HAMMER the Dems over Fan/Fred, everytime they get the mic, they talk in green eyeshade terms.
3) The Dems and their media have already set the terms...that the Dems are bailing out the evil Bush.
4) Therefore the House Rs are just postponing the inevitable, and McCain is going down more everyday until this gets passed.
5) The public say they are against it, but just like being against negative ads, they work. The public will vote with the MSM/DNC everytime.
You’re going to LOVE this one. Obama’s campaign staff just announced that if Reid needs him to sign the bail-out bill Reid has to bring it to Obama so he doesn’t have to leave the campaign trail.
Locked door meetings held in the middle of the night. It sounds like nobody is on board with the bailout. Dems or Repubs.
What happened to Speaker Nancy Pelosi’s promise that the 110th Congress would be the “most honest, ethical, and open Congress in history.”
.jpg)
Stop the moral hazard NOW!
They better stand there ground on this one. The senate Republicans have already lost their spines, where the FRAK have they been on this issue? Hiding out with their Mistresses?
We are in dangerous territory folks. The “Market” by now has learned that they can get our political Elite to do anything they want if they scream loudly enough. This does not bode well for the future. We have become so fixated on the economy and obsessed with prevening a recession that we are willing to spend hundreds of billions of dollars. And we are giving it to the same set of genuiuses who have pissed away our fortune and outsourced our manufacturing capability over the last 25+ years. These “Masters of the Universe” need to be flushed and replaced with an untainted set of leaders.
I know there are many Freepers who (honestly) think the bailout package is a necessity. However, I fear the precedent it sets will ultimately make the cure worse than the disease.
The RATS don’t intend for there to be anything to be settled before the election. Should be clear by now.
Obama is now lecturing us on how he is SAVING us from this mess.
“I said we cannot and will not bail out Wall Street without helping main street stay in their homes. I will not let this plan become a welfare program for Wall Street.”
“We need a plan for auto worker’s”
“We need a plan for teachers”
“We need a plan for........