Dodd and Frank still managed to screw you.

[427 S/O]

They have inserted into this plan, provisions to spend money by giving it to anti-American left wing causes BEFORE THE MONEY IS EVEN IN EXISTENCE!.


The Democrats already have a plan to siphon off any repayment of the people’s money back to the treasury by adding one little line to the agreement that would end up stealing money from any repayments and giving it to left-wing political advocacy groups like ACORN, the National Urban League and the Hispanic group La Raza. Instead of trying to help the economy, the Democrats just want more money for their far left-wing political constituents.


Here's the 'line' democrats included in the bill.....


Directs a certain percentage of future profits to the Affordable Housing Fund and the Capital Magnet Fund to meet America’s housing needs.

Step up folks........

[John A. Simpson]

Business as usual I see, so the story continues, here's the preface.

[Roscoe]

[computerworks]

Mod Note...changed the thread title 'slightly'

perry... take it down a notch; you are starting to get edgey.

thanks

ron
ClubCobra Moderator

[bomelia]

Well, I'm pissed and I can only imagine what Perry said. Maybe on the edge, but the truth none the less.

440 pages of friggin pork & bribes.

F 'em. And I told my senators the same dam thing.

Mike

[wtm442]

They had some State Rep being interviewed on Fox this morning and he said that his phone calls over the last few days have been split fifty-fifty on the bailout.

Then he said "Fifty percent said NO, and the other fifty percent said HELL NO!"

[bomelia]

I know for a fact that life will prolly go to hell in a handbasket (for a while) if Congress does nothing. Its a dam shame the rest of us have to pay for the screwups up the Clinton adminstration (re: the 1999 article where Clinton insisted that numnuts with no means to be allowed to buy homes). But pay now or pay later. Later will be worse. Screw all of these scumbag politicians. NO TO ANY BAILOUT plan. And for those of you "intelligent" folks who know better, stop voting your friggin pocket book and trying to get the rest of us to follow along. A massive recession (perhaps depression) is coming. No "bailout" is going to stop it. Let the market work itself out. It will suck on a tremendous scale. But thats what happens when you play poly with the markets.

Mike

[nevermind65]

Originally Posted by bomelia

I know for a fact that life will prolly go to hell in a handbasket (for a while) if Congress does nothing. Its a dam shame the rest of us have to pay for the screwups up the Clinton adminstration (re: the 1999 article where Clinton insisted that numnuts with no means to be allowed to buy homes). But pay now or pay later. Later will be worse. Screw all of these scumbag politicians. NO TO ANY BAILOUT plan. And for those of you "intelligent" folks who know better, stop voting your friggin pocket book and trying to get the rest of us to follow along. A massive recession (perhaps depression) is coming. No "bailout" is going to stop it. Let the market work itself out. It will suck on a tremendous scale. But thats what happens when you play poly with the markets.

Mike

Yeah...one year of the Clinton Adm. telling Fannie to ease up on loans, and 8 years of it actually happening under Bush...who did NOTHING to stop it.

Me thinks you need to open your eyes a bit.

[Joe Wicked]

Originally Posted by nevermind65

Yeah...one year of the Clinton Adm. telling Fannie to ease up on loans, and 8 years of it actually happening under Bush...who did NOTHING to stop it.

Me thinks you need to open your eyes a bit.

No, it was years of pressure by Clinton, and 1 year of lower standards. When Bush took over there were no problems yet, so no red flags. If Bush would have tried to stop it when there were no outward signs, he would have been seen as trying to keep the minorities out of homes.

The problem is most people are reactive to issues, not proactive and try to stop a problem before it happens. This is not the fault of any administration. I think both Clinton and Bush administrations share blame, but Congress shares just as much blame over the last 16 years. The market analysts saw this coming, no one listened. When you think about it, having credit that is just slightly lower than the current limit would be a greater risk, but not a big difference. Each time you lower the line, it would not be a big change, but it is cumulative. They went too far and now we are paying the price.

[427 S/O]

Will do Ron.

[BlueRooster]

I have read that the Republicans have been calling for more reform and regulation of fannie Mae throughout the Bush adminstration. Maybe even before. Am I wrong about that?

[jhv48]

Why do we keep placing the blame on Washington.

The fact is that if WE hadn't become GREEDY consumers and obtained all these unrepayable loans in the first place, WE wouldn't be in this mess.

Let's assign some of the blame to the GREEDY American Consumer.

Granted, the banks became enablers, but no one held a gun to our heads and made us sign those loan papers, run up those credit card balances, take out home equity loans to pay for new cars and vacations, etc. etc. We could have said NO!

And now, because WE screwed up, we expect the Government to bail us out.

I say, let this mess solve itself. I think it will create a new American consumer that will begin to live within his means and actually learn to save money instead of living on credit.

Just my opinion.

[Ron61]

jhv48,

I agree with most of what you said but what about also holding our crooked politicians and the Govt. to the same standards?

Ron

[Dan40]

OK, the Utopian fantasy of "selling" houses to people that couldn't and wouldn't pay for them was a Democrat idea. BUT the Republicans [with plenty of Democrat help] were the ones who made it work. So there is enough blame for all. They all got together and made "securities" out of scrap paper.

I agree with the post above that we are all going to suffer until the economy sorts itself our with actual values instead of imagined values. If we must suffer, and we must, I'd just as soon do it without devaluing our money ANOTHER $700B.
In the defeated House bill, one wonders why the "needed" $700B required raising the debt ceiling by another $2 TRILLION?

Our elected "officials" have the exact same grasp on REALITY as Reality TV shows do. Zero.

Dan

[jhv48]

And they will as long as we keep electing them and letting them get away with it.

Aren't congressmen up for election every two years? If so, we could completely change the Congress makeup in about two congressional elections.

Maybe it's time for a complete change of representation.

Once again, we can't complain. We elected them.

[CSX4236]

So how does this rescue plan affect me? This just in...

"The commercial paper market is used by companies to borrow money over short periods, such as 60 days, to help them pay day-to-day expenses and run their businesses more smoothly. The market peaked in July 2007 at more than $2 trillion, but then plunged as companies and other entities with big mortgage exposure were purged."

If the person that signs your paycheck relies on short-term credit (it's not just consumers that have gotten stone-drunk over easy credit) to do such mundane things like meet payroll, pay suppliers, taxes, etc. you should be very concerned because it's disppearing faster than no-doc mortgages. Next in line will be credit lines that companies have relied on to do much the same. AT&T couldn't get anyone interested in their notes for more than overnight (and that was a week ago).

So, before we all lose focus on what's really at stake, take a deep breath and ask yourself how long you and can survive off of savings and unemployment. I'm going to hold off on the blame game for now and push to get my respresentatives to focus on something other than their re-election coffers long enough to vote this thing through. I'd still like to be getting a paycheck come next week...

[427 S/O]

I agree CSX, law makers will pay close attention if they get hammered by the folks, my law makers know me well. I just find it hard to believe that bad mortgages (5%) caused this much trouble?. Major economist say this bailout is a farce, I believe them over our law makers!. Cody Willard and Dave Ramsey (FOX) also said the bailout was not needed.
There might be something else going on here?.

[BigGuy]

Also to the comment about "no one held a gun to the banks heads to make these loans" This is false because the government fined the lenders for discrimination if they didn't make the loans. Some lenders of course got blinded by the flow of capital and specialized in making these loans. Our politicians started the mess, but would not take action and be painted as racist for suggesting any changes even years later! Not many politicians are not “maverick” enough to commit political suicide, and look like they discriminate.

Vote out all the crooks....end professional politicians with term limits, change their benefits so that they receive what taxpayers receive (health care and pension, etc.)
I can't see these changes happening any time soon, to bad for our nation. There's a strong chance we'll get the socialist Obama and his cronies kind of change like we've never seen before. All because Congress acts like the money to pay for all of this is off of the trees behind the Capital?! They will tax us for more and more to pay for their wasteful habits, that we enable.

.

[jhv48]

I contacted my Congressman and encouraged him to vote nay. He said that it is running about 60/40 in favor of rejecting the bill.

Might be a close one.

[cobra bill]

from what I have read, the mortgage dept is only 2.5 billion, no ware close to the 7 they are asking for, this is an old truck used by the government, shoot for the moon and settle on what you get.