Posted on 09/28/2008 3:35:48 PM PDT by kristinn
The cable news networks are standing by for a press conference by House Republicans on the bailout bill. It should start some time after 6:30 p.m. EDT.
I doubt that very much!!!
The reason we are in this mess in the first place is because of excessive governmental regulations, stupid sub-prime mortgage laws the democRAT led Congress mandated that banks were required to adhere to, and cozy relations between Freddie Mac, Fannie Mae & the democRATs. So now after the government (especially the democRATs) have screwed it up in the first place, we are supposed to trust that the government and the same democRATs who screwed it up, will the discipline & wisdom to fix this and even turn a multi-trillion dollar profit in the next 5-10 years? If so, it would be a first for any federal program. I wouldn't trust the democRATS to legistate or correct their way of a wet paper bag. Government doesn't make or produce anything....they spend taxpayer dollars and that's it.
I have more faith in Free Market System to correct itself than I do ANY government action. This is bailout for monumental democRAT mismanagement & culpability in creating this fiasco. I don't want to let them off the hook for this at all!
NO BAILOUT!!! In fact I wanna revoke the Fannie Mae, Freddie Mac & AIG bailout of $285 billion....there is no money... it doesn't exist. The government will just print up another $285 Billion and devalue our own dollar even more. This was Barney Frank's baby and he "Promised" that it would never be a liability for the taxpayer.... Yah, right!
The problem is that the loans are packaged together in bundles. No one knows what’s in each bundle.
It’s like putting a few poisoned pills in a box of pills. Someone has to go through the entire box of pills and find the poisoned one(s), or throw out the entire box.
Credit securities are so devalued these days that Treasury bills with a guaranteed return are selling for very low prices due to low demand. Home loan packages (RBMS) are generally regarded as worthless, regardless of what “gems” might be inside. Until someone sorts them out and separate the good stuff from the crap, and until someone else can offer reasonable guarantees that they will eventually pay off, no one will touch them. The government is the only entity that has the time and money to do that sorting process.
I know it’s ugly.
That makes more sense than anything I've heard from Republicans in Congrerss.
That being the case, the House Republicans should find whatever garbage (such as backing foreign investments, perhaps) is still in the bill and propose amendments.
They need to keep fighting, both for the sake of the "best" decision and to differentiate themselves and John McCain and to put the Democrats and Bush together as the problem.
All the Senate Republicans should rally for both the House Republicans and John McCain in this.
It has to be hammered home for all those drunken, deciding voters out there.
fair point.
Even if your bank collapses, nobody will have the authority to call in a mortgage that is not in default. That's a major legal change that emerged sometime after the Great Depression.
We're in agreement. I think it's Marxism through diversity.
Whites have to be accepting but have to grow a backbone. It's whites that have the history of creating the purest and most powerful democracy on Earth and now we have to chance offending many people in order to save it.
Me too, Toymaker. Welcome to Free Republic.
Sounds to me like he is trying to tell them not to vote for it.
Free advice- change your tagline, from Commander-in-Chief to Commander-of-Chief. His words.
I think NOT! Think Sandy Berger.
At least that’s one small victory - ACORN is out.
“Just checked intrade.com for the probability of passing:
Last Price: 21.5. Down by 41.5!!!!”
and yet low (20) probability of recession
I really would rather see this bill fail and GOD FORBID, have an obama in the WH for 4 years, than set ourselves up for a completely socialistic society.
wouldn’t that happen under Obama anyway?
WLS News at 2AM Chicago time says the vote in the House will happen today (Monday)
How many of these Congresscritters have read it or debated it? I still don’t get the hurry to get this thing passed unless they want to sweep this whole mess off the front page before November.
You heretic! This isn't a discussion community; it's for parroting the complacent optimism meme until we lose again like in 2006.
:-(
This bill stinks, big time. It seems like socialism is about to take over.
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I guess we are also ABOUT TO elect Richard Nixon president.
Obama is far worse than Clinton ever was. Several times worse, at the very least.
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I would have thought it impossible a year ago but I believe you are right.
Wish we could FLY YOUR POST ACROSS THE SKIES!!!!!!!!!!!!!!!!!
Have at it!!!!!!
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