Myth vs Fact on bailout compromise
posted at 12:51 pm on September 28, 2008 by Ed Morrissey
A source close to House Republicans has put out a Myth vs Fact rundown of the bailout compromise, announced early this morning. This may answer some questions that have come up in the comments over the last few days:
Myth: Windfall for ACORN.
Fact: The Frank-Dodd proposal created an affordable housing slush fund and directed 20 percent of net benefits from the program to be directed to ACORN-type organizations. The proposed compromise does not include any affordable housing slush fund and directs all net benefits back to the Treasury to pay down the national debt.
Myth: Tax increase on financial industry.
Fact: The proposed compromise imposes NO tax on the financial services industry. The proposed compromise simply requires a proposal from the Administration to recoup any losses after five years.
Fact: The proposed compromise includes tax cuts for struggling community banks.
Myth: Blank check for $700 billion with little accountability.
Fact: In general, the Treasury Secretary is limited to purchasing up to $250 billion outstanding at any one time. If the Treasury needs to use another $100 billion, the President must certify this action and report to Congress. Further spending requires Congressional action.
Myth: Treasury plan is the only option available.
Fact: Treasury is given multiple options to deal with the current economic crisis, including insurance, public/private auctions, loan guarantees, and direct support to financial institutions.
Fact: Further, Treasury is MANDATED to create an insurance program (Section 102) that protects the taxpayers and requires companies that wish to participate in this program to have some skin in the game by paying risk-based premiums.
Myth: The taxpayer is not adequately protected.
Fact: The proposed compromise includes strong taxpayer protections. Treasury’s proposal had minimal oversight to protect taxpayer dollars. The proposed compromise enhanced the oversight structure by creating a Financial Stability Oversight Board, a Special Inspector General, and a Congressional Oversight Panel.
All AIG-type deals require mandatory equity interest in order to provide taxpayers with potential future benefits. All auctions require a percentage of equity interest based on participation in the program.
Requires the Secretary to develop regulations/guidelines necessary to prohibit or, in specific cases, manage any conflicts of interest with respect to contractors, advisors, and asset managers.
Myth: The taxpayer does not benefit from Treasury bailouts.
Fact: The proposed compromise (Section 113) requires mandatory equity interest in scenarios like AIG. The proposed compromise also allows Treasury to take an equity interest in the program generally.
Myth: Treasury will never use the insurance option.
Fact: Treasury is mandated (Section 102) to establish an insurance program and set risk-based premiums. This will protect taxpayers by requiring the beneficiaries of the insurance program to pay risk-based premiums. Treasury further shall collect premiums mandatory equity interest in scenarios like AIG. The proposed compromise also allows Treasury to take an equity interest in the program generally.
Will this resolve all of the concerns conservatives have in this plan? No, but it does address some of the most contentious issues. It also shows how much influence that the House Republicans had on the final draft, and for that they can thank John McCain for his intervention.
Blowback
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I read with interest your earlier posts on this. I for one would be honored to place your name in nomination as my representative!
petefrt on September 28, 2008 at 3:06 PM
Does anyone else feel like the only fire hydrant in the “bark park”?
HornetSting on September 28, 2008 at 3:09 PM
I’m watching FOX right now, and Rep. Sen Judd Gregg is holding a presser on this bailout plan. AND HE ADMITTED THAT HE DOESN’T KNOW IF IT WILL WORK! He said something to the effect of, “We may make money, we may break even, we may lose money.” This will end horribly. He is holding his head down, and is saying over and over again, “I hope this will work.” You all feel better now? Feeling confident? Oh by the way, he’s praising Pelosi for her role…
Weight of Glory on September 28, 2008 at 3:11 PM
I’m watching it too, W o’ G.
This whole thing is an incredible nightmare.
IrishEi on September 28, 2008 at 3:13 PM
I KNEW IT! I asked last night, who is this guy. He looks like a tool. Turns out, he is a tool. This was OUR representative in the meeting?
Sen. Judd Gregg is a tool! We should have sent in Shelby and Boehner!
HornetSting on September 28, 2008 at 3:14 PM
Good lord . . . how did we manage to elect so many slugs all at the same time?
rplat on September 28, 2008 at 3:15 PM
American Idol Society. Soundbites and Name recognition.
HornetSting on September 28, 2008 at 3:16 PM
Did I mention Judd Gregg is a tool?
HornetSting on September 28, 2008 at 3:17 PM
I feel sorry enough for myself over the loss of us Tocquevillian Americans to the Gramscian socialists. But it could be worse: I could be much younger and/or I could have children and grandchildren to worry about.
petefrt on September 28, 2008 at 3:18 PM
Yes, I believe you are probably right.
rplat on September 28, 2008 at 3:18 PM
Comparison of original Paulson bailout to compromise proposal
POSTED September 28, 2008 | 10:15 AM
That almost makes the Fail-out seem palatable. Almost.
DannoJyd on September 28, 2008 at 3:19 PM
OK, so where’s the part describing John Maverick McCain as the fullback leading the way on these cleaned up terms. I thought the campaign was suspended because a deal had to be done by Monday. He told us he was putting country first. Why didn’t we hear him calling out the
ChristmasACORN tree items as reasons why reform is needed? If Mac’s campaign suspension was a stunt, then his electability will suffer.Mark30339 on September 28, 2008 at 3:20 PM
Weight of Glory on September 28, 2008 at 3:11 PMyep..he cant look anyone in the eyes. Obama is taking credit for it all,ssaying McCain had nothing to do with it. ugh
Im sick of them all.
becki51758 on September 28, 2008 at 3:22 PM
oops…I didnt mean to cross you out. lol
becki51758 on September 28, 2008 at 3:22 PM
I am thankful that I don’t have children. I wouldn’t want to explain to them that my generation fell asleep at the switch. I wouldn’t want to know that they may not have the same future that I looked forward to as a child/teenager. I wouldn’t want to explain to them that we failed them, that we let them down.
HornetSting on September 28, 2008 at 3:22 PM
I do have children and a grandchild. This scares the daylights out of me
becki51758 on September 28, 2008 at 3:23 PM
In all seriousness, a chill went through me when I read that. The honor, sir, would be mine. But first: I must move my domicile to a red state. I sincerely doubt that New Jersey would be sending delegates to the Second Continental Congress.
ManlyRash on September 28, 2008 at 3:23 PM
Speaking of Myth v. Fact, has anyone noticed the makeup of THE ONE’S audiences? I have found this interesting since they told the Muslim women they could not be seen in the cameras. Yesterday it looked like it was predominately African-American. Normally there is a mix of races behind him, but on Fox a few minutes ago there were more African-Americans in the camera view than most other races. Now I know that some of the shots might be tight angle shots, but that was not true of the rally Major Garrett was at yesterday. What I am suggesting is that perhaps his message of racism amongst white Democrats vs. his message of being for the middle class may have conflicted and the result is less blue collar non-African-Americans are finding THE MANCHILD appealing. I know, I used uncoded RAAAAAACCIIIIIIIST language to express my opinion.
And here is another versus issue to ponder for THE MESSIAH; his former pastor Rev. J. Wright is having the PEOPLE of TUCC build him a 10,340 square foot home to the tune of several million, and these charming folks have chipped in an additional $10 million open credit line. Not to mention the fact that Rev. Wright is NOT staying in the community TUCC is in, or living in another Chicago community that might need organizing, but is going to live in a neighborhood that is less than 2% Black. Odd message to give the working class folks at TUCC! I begin thinking this bailout bill has quite a bit in common with the way things are being run at TUCC. The people must give all for ONE. Wonder if being a member there for 20 years had any impact on THE MANCHILD, and why he feels so at ease to handle this bill from afar? He has already worked many deals that fleeced the people! HotAir and MM have given us at least a dozen examples of those very anti-middle class works of THE ONE. Hello McCain camp!
freeus on September 28, 2008 at 3:24 PM
I have a son and a daughter, both of recent legal age. I, for one, would be proud to have them join me when the time comes to raise arms. And it is coming.
ManlyRash on September 28, 2008 at 3:25 PM
Same here petefrt. I’m not confident after those Gibson and Couric interviews, but hopeful. It’s like there’s some resonance set off in her skull by the disharmony in between her personally-held beliefs and what she’s being required to say as McCain’s running mate.
I wish they would let her say what she really believes and frame the disconnects as exactly that. The enthusiasm generated by her selection is most certainly not because she “fits” the McCain message.
Immolate on September 28, 2008 at 3:26 PM
What strikes me as funny is that Bush explained on Thursday…seems so long ago, that the original offering was just a template, a starting off point.
The one…I can’t even type his name for fear that I will hurl my laptop through a window, The one is saying that Paulson and the administration’s bailout had NOTHING of what he wanted, that he so worked for…..for the American people.
Of course it didn’t, you pile of dog dung, it was a starting off point. But, we will never see that point brought up to the light of day.
BTW, did anyone see that guy on Bret Baier’s hour, the “America’s Voice” segment. Some talkshow guy, I think, saying that Vietnam’s veterans were not heroic…that the people that marched in the streets, (Scumsucking Hippies), were the “heroes”…..if you saw it and know of this man, I would call his radio station and hound him till the end of days. I’m sure if you asked for that guy’s name on the segment, Bret would give you his home address. Bret was pretty steamed at the audacity (points points) of this man, and I use the term “man” loosely.
HornetSting on September 28, 2008 at 3:27 PM
POS legislation. No balls representation. The “toxic” assets of zero value, propped up by our money, now have value somehow?
Benjamin9 on September 28, 2008 at 3:32 PM
IF? LOL!
Fletch54 on September 28, 2008 at 3:34 PM
McCain would be smart to distance himself from this bill as [I still maintain that] Americans will not be pleased to hear their national debt is about to rise overnight due to the machinations of the Democrat Congress, and with the assistance of Bush. Now would be a good time to distance oneself from W.
Let there be no doubt. This bill still stinks. Perhaps John realises that.
Am I alone in thinking there is no dire need for a bailout at this time? There should be a poll.
DannoJyd on September 28, 2008 at 3:36 PM
And I am sure, like my father and mother, that you instilled good, conservative values. My father went with me to register to vote, took me to the voting booth, and explained why I always needed to vote. “If you don’t vote, you don’t have a voice. Many men and women have died for your right to vote. And then, he explained that if I didn’t vote republican/conservative, I was out of the house!
I pray for your children, Rash, and all of the children that have to live during this time.
I told my husband I wanted to go and buy a pitchfork, I have torches and firepower that you wouldn’t believe. We will stand with my fellow Americans if/when the time comes.
HornetSting on September 28, 2008 at 3:36 PM
Well double-ouch. That’s a pretty powerful character impeachment Valiant. Do you subscribe to that particular truther movement?
Immolate on September 28, 2008 at 3:37 PM
No polls, I hate polls.
HornetSting on September 28, 2008 at 3:39 PM
I’m going to add to that something that has me both ticked off and very concerned at the same time. It’s our Media. Granted, ‘media’ is plural and there are outlets like this one that help counter the MSM. However, the number of outlets that reach so many people, and that people still trust, are LYING and COVERING for the Democrats. These stories of how the lack of oversight by the Democrats, the warnings by President Bush, John McCain and others, and how John McCain returning to Washington made a really bad bailout not quite as horrible. The MSM will never tell these stories accurately and fully unless they are somehow forced to. Our media is an advocate for the very things that are running our country into the ground. They can’t even tell the truth about victory in Iraq!!!
This country needs revival. We need to turn to the truth in God and His principles! God can save us, but we have to let Him.
Also, Thank you HotAir for fighting the good fight!
Ordinary1 on September 28, 2008 at 3:41 PM
We need to come up with phrases and rhetorical questions that illustrate the problems with simplicity.
One rhetorical question I’d like to see asked throughout the internet, talk radio, and MSM conservative punditry is:
If the Democrats are so inclined to believe that this was caused as a result of greedy CEOs, then why don’t they haul them up in front of Congress like they do with the oil executives?
Saltysam on September 28, 2008 at 3:42 PM
…and start with Fannie and Freddie.
Saltysam on September 28, 2008 at 3:42 PM
Absolutely, Ordinary. If you don’t question what you are hearing, you believe the hope, I mean, hype.
I watch MSNBC to see what the enemy is doing and then watch Fox for the counterview.
HornetSting on September 28, 2008 at 3:43 PM
That would not be as interesting as calling up sport stars regarding steroids.
Pat in NC on September 28, 2008 at 3:55 PM
Pat in NC on September 28, 2008 at 3:55 PM
You’re right. This subject is difficult for the average voter, and the MSM…well, they do what they do.
However, everytime this subject is debated on radio, television, and in the editorials, this rhetorical question needs to be asked.
It cuts through the fog, and leads the average voter to want the answer.
Saltysam on September 28, 2008 at 4:00 PM
I have no idea whether or not this bailout plan will actually work. It will probably soothe the markets to a large degree and we may avoid a deep recession or depression. Given the circumstances that’s the best we can hope for right now.
I DO know this bill is FAR better than the original proposal with a number of checks and balances. McCain DID bring the house Republicans into the mix by giving THEM someone to rally around and have some courage. The end result was better, though not at all perfect. Then again, the circumstances aren’t perfect either.
What I worry about right now is the seeming overall perception that Obama ‘won’ the debate and the reasons why. He clearly was overmatched. If these polls are at all right then far too many voters are going to vote for change for change sake and we’re going to get an Obama presidency with a Democrat House and Senate. And yes, the country will be totally screwed with the most leftist agenda realized since the formation of the republic.
I’m quite depressed about this and am starting to stock up on ammunition and survival items. Guess I better get my HAM radio license too. Some may think I’m being facetious and over-reacting. I’m not. Even if I am it won’t hurt to have a good stach of survival items, guns and plenty of ammo. Good thing I live in Texas.
JonPrichard on September 28, 2008 at 4:01 PM
If the Democrats are so inclined to believe that this was caused as a result of greedy CEOs, then why don’t they haul them up in front of Congress like they do with the oil executives
Saltysam on September 28, 2008 at 3:42 PM?
HornetSting on September 28, 2008 at 4:02 PM
Does anyone else feel like the only fire hydrant in the “bark park”?
HornetSting on September 28, 2008 at 3:09 PM
Yes HornetString, I do and I think every Great Dane within 100 miles is homing in on me.
While better than Paulson’s plan, it is still a sleezy bailout and I’m glad Mick Pence is voting against it. My worthless POS Rep. (Doris Matsui) will probably vote in favor.
Sen. Judd Gregg is a RINO – has been a RINO for many many years. Remember folks, the New Hampshire of 30 years ago is NOT the New Hampshire of today. It has become infested with all the slimy liberals from across the border in MA that so thoroughly screwed up that state.
Not surprised in the least that BHO is taking credit with the “drive-bys” in lock step with him. With all the crap he is shoveling either one of two things is going to happen – the people of the U.S. will prove that Goebels was right (tell big enough lies often enough and they will be believed) and he’ll win in a land OR the people will wake up and McCain will have a 1984-style landslide on his hands. The jury is still out – I fear the first result and I hope for the second.
Bill_Bowen on September 28, 2008 at 4:05 PM
HornetSting on September 28, 2008 at 4:02 PM
Its the question HS. The question needs to hang in the air like a bumper sticker.
Saltysam on September 28, 2008 at 4:05 PM
Yes, of course, but I want it to hang those responsible as well.
HornetSting on September 28, 2008 at 4:11 PM
I can’t say this nicely, so I will sledgehammer….there are so many stupid people in this country that I fear that with the propaganda being fielded, those that are not paying attention will vote for HOPE AND CHANGE…and that is all they will have left…..change.
HornetSting on September 28, 2008 at 4:14 PM
HornetSting on September 28, 2008 at 4:11 PM
Well, no one will hang if we don’t come up with the appropriate phrases and rhetorical question that focus the rage where it belongs. Otherwise, Soros wins.
Saltysam on September 28, 2008 at 4:15 PM
You will know the time has come when you hear the following broadcast from the Second Continental Congress:
Resolved: That these states are, and of a right ought to be, free and independent states; and that all political connection between them and the United States of America is, and of a right ought to be, totally dissolved.
ManlyRash on September 28, 2008 at 4:15 PM
Is it just me or is there very little traffic here today…I know it is a weekend/football and all, but I fear a lot of us are getting into the liquor cabinet a little early tonight.
HornetSting on September 28, 2008 at 4:17 PM
In the spirit of your remark, sir, I respectfully submit that we all hang together or, most assuredly, we shall all hang separately.
ManlyRash on September 28, 2008 at 4:22 PM
ManlyRash on September 28, 2008 at 4:15 PM
Saltysam on September 28, 2008 at 4:22 PM
Already there. *hic* What else would explain open sedition on my part?
ManlyRash on September 28, 2008 at 4:22 PM
The day is long in the tooth. Drink up, before the war.
HornetSting on September 28, 2008 at 4:24 PM
Amen, Sam. Alter or abolish it.
The “alter” part seems no longer possible. That leaves us with only one other otion.
ManlyRash on September 28, 2008 at 4:24 PM
If I can convince my wife that Texas has fertile soil. Can anyone help with that?
Saltysam on September 28, 2008 at 4:27 PM
The Rep.in congress should be called the stupid party.All we ever here from the Dems. is how the Rep. what to give big tax breaks for the rich starve children throw old people in the street take away there S.S.and hate all people of color.Then out come the Rep. smiling like a possimum eating sun flower seeds and talking about my good friend Ted Kenndey , Barnie Frank ,Chris Dodd and others.I don,t know about you but were i come from if someone said these things about me i wouid call them a lot of things but my good friend would be the last thing i would say after i decked a few of them!!
thmcbb on September 28, 2008 at 4:33 PM
In response to John McCain being involved in the negotiations, Fox reported this morning that he remains in Washington and has been making frequent calls to the White House, House Republicans, and to other involved parties.
windybon on September 28, 2008 at 4:38 PM
The South Plains around Lubbock is surrounded by the best quality cotton in the world! There has been lots of it the few seasons too! The Texas/NM border is also home to Valencia Peanuts and even watermelon. Further south in the Permian Basin there is still enough oil that the area is seeing somewhat of a revival to the economy around Midland/Odessa. Not to mention the people are wonderful and there really is a church (or two) on most street corners. Lubbock was ranked the second most conservative city in the country behind Provo, Utah.
You may have to dodge an occasional tornado and you usually have to replace your roof every ten or less years because of baseball sized hail.
Maybe I went on a bit too long :-)
Ordinary1 on September 28, 2008 at 4:39 PM
Preaching/Choir…..they need to grow a pair and debunk the lies.
HornetSting on September 28, 2008 at 4:41 PM
The Rep.in congress should be called the
stupidgolly-gee party.Saltysam on September 28, 2008 at 4:44 PM
You suppose they’d pay much mind to a Yankee transplant? I may be a Yankee, but I am not a DAMNED Yankee.
And if it helps, I think southern women are the most beautiful in the country. :-)
ManlyRash on September 28, 2008 at 4:46 PM
C’mon down, Manly! I can promise you’ll love Texas.
As for the soil, around the DFW area we have such thick rich topsoil that it’s called ‘black gumbo’.
techno_barbarian on September 28, 2008 at 4:59 PM
Not at all.
You can make smokeless gunpowder from cotton, right?
Saltysam on September 28, 2008 at 5:02 PM
They don’t call Texas “God’s Country” for nothing. I miss home. Can I come home too?
HornetSting on September 28, 2008 at 5:09 PM
Please do! Okieland is no place for a Texan.
techno_barbarian on September 28, 2008 at 5:11 PM
ManlyRash on September 28, 2008 at 4:46 PM
I grew up in Maine.
Whatever happened to that state’s sense of independence is beyond me.
Saltysam on September 28, 2008 at 5:15 PM
I wish Okieland. I live in the “Land of Enchantment” more like the “Land of What the Hell Was I Thinking …home to Bloated Bill Richardson. I miss San Antonio.
HornetSting on September 28, 2008 at 5:23 PM
Are they going to bailout my scumbag neighbor who doesn’t pay his mortgage, yet purchased $35,000 truck and then put $5000 into the suspension?
csdeven on September 28, 2008 at 5:23 PM
Yep, go buy your new truck cs, you don’t have to make morgage payments anymore.
conservnut on September 28, 2008 at 5:26 PM
You all are really scaring me.
That said, if it comes down to it, I like the way the lines are being drawn. I’m a Southern girl, born and bred. I’ve lived outside the South (California and Virginia-No, I don’t consider that the real South) and never felt at home. After more than ten years, I got back as fast as I could and have no desire to ever leave again. BTW…Roll Tide, Roll! And Go, Dores!
pannw on September 28, 2008 at 5:27 PM
Whatever kind of land/soil you are looking for saltysam, we have it.
conservnut on September 28, 2008 at 5:30 PM
And better wine grapes than the Napa Valley. Just south of Lubbock is where they make the Llano Esticado wine right?
conservnut on September 28, 2008 at 5:34 PM
Well, I’m tired of being scared. There is only one cure I know for that condition. Bravery.
Saltysam on September 28, 2008 at 5:35 PM
Judd Gregg is widely respected and liked for his fiscal responsibility here in NH. In fact, that is most of the reason he is re-elected here. If he says that this Bill is as sound as it can be given the uncharted nature of these financial times, then I, for one, am prepared to take his word for it.
jeanie on September 28, 2008 at 5:55 PM
Llano Estacado makes good wine. Not sure I would say better than Napa Valley though. Still, surprisingly good for a stretch of land that is so flat you can see the curvature of the Earth! :-)
Ordinary1 on September 28, 2008 at 5:55 PM
And it’s a great place for those fund raisers or just to spend part of your Saturday afternoon. There is a little culture around Lubbock. The Symphony is quite good for a city it’s size too. Plus, the Texas Tech Red Raiders are ranked 10th or 11th in the nation!!!
Ordinary1 on September 28, 2008 at 6:00 PM
Saltysam,
Have you never heard of Tyler roses? East Texas has wonderful soil and most of the big rose nurseries in the country seem to be there. And I (a SD transplant) find that if Texans don’t have the soil they want, they make it.
I’d rather think about Tyler roses than ammo’n up, but I fear that is exactly what is needed. At this next constitutional convention, seems to me that one should be a taxpayer in order to be qualified to vote. We are come to bread and circus time, and the fall of the republic is close behind….
skeeter on September 28, 2008 at 6:00 PM
How many more trillion to we get in debt before Atlas starts to have a back ache?
Falconsword on September 28, 2008 at 6:17 PM
Good Gawd woman…you’re a TEXAN? And you left it? Return home…and tell them to prepare for the eventual arrival of a certain obnoxious Yankee.
ManlyRash on September 28, 2008 at 6:20 PM
Perhaps you could settle in Lorenzo, or Sudan. Both home of the Hornets!
Ordinary1 on September 28, 2008 at 6:22 PM
Yup…nitrocellulose. Mix it with methyl-ethyl-ketone and you get spray lacquer.
Sort of like flour and water. Mix them together and you get wallpaper paste. Add eggs and sugar and you get…a cake.
ManlyRash on September 28, 2008 at 6:22 PM
Are there any lakes? I like to fish. And trees…I love trees. And any semblance of seasons would be nice – spring, summer, fall, winter – that sort of thing. Any place like that in TX?
ManlyRash on September 28, 2008 at 6:24 PM
Nice lake and fishing down around Post. Lake Allen Henry. Yes, there are four seasons, but not a lot of trees in West Texas. (One I think, unless they cut it down).
Further East, lots of trees and lakes!
Ordinary1 on September 28, 2008 at 6:26 PM
http://www.americanthinker.com/blog/2008/09/memory_lane_lynching_franklin.html
reshas1 on September 28, 2008 at 6:28 PM
Hubby work…I live under the blanket of protection he provides.
HornetSting on September 28, 2008 at 6:34 PM
The longer we wait, the more I believe hell is going to be unleashed…..
HornetSting on September 28, 2008 at 6:35 PM
Unfortunately, the hornetnest here is somewhat permanent for awhile. I go home as many times as I can per year. It is a BEAUTIFUL state. The best, in fact.
HornetSting on September 28, 2008 at 6:37 PM
A- What is going on with McCain for the last week? One stupid decision after another. Is there something afoot about getting rid of Sarah Palin? Not saying I’m in favor of that- just asking.
B- Where are the G.D. Republicans in all this bailout mess? Why are they letting the Dem’s sprew all this garbage? I’m done with the “spirit of bipartisan unity”. Where is McCain? I saw him on ABC this morning and he might as well have stayed home in bed. Totally ineffective. Ggggrrrrrr.
anniekc on September 28, 2008 at 6:55 PM
We’re all over on the newt thread.
HornetSting on September 28, 2008 at 6:56 PM
It should be plain to all by now that McCain is a leading weakling in a Party of pathetic, slimy weaklings who have reduced themselves to genuflecting in shameful cowardice in front of House Speaker Pelosi and her Party of intellectually superior politicians.
jay12 on September 28, 2008 at 7:09 PM
Okay, I’ve been flipping back and forth between the Dallas game and MSNBC. David Shuster has been breathlessly waiting for the Rebel Repubs to come out of their caucus meeting. Doesn’t he realize that regardless of any agreement, the Republicans won’t come out until the Dallas loss to the Redskins is accomplished? Shuster is also creating great P.R. for the conservatives and why we hate this bill.
I think Pelosi and Reid blew it with their usual acrimony and blame during their press conference. They don’t know how to behave like statesmen. I hope the Repubs are getting guarantees that there will be investigations into the Democrat failures that led to this mess.
nemo239 on September 28, 2008 at 7:20 PM
Did you see on Drudge that there might a loss of 1/3 of the markets this week if this bailout doesn’t work? If that happens, I can’t imagine the rage that will be generated and then at who. And, then what happens?
cjs1943 on September 28, 2008 at 7:24 PM
Alright so what now? Have Sub-Prime mortgages been outlawed? I don’t think so. Soooo … having paid 700 billion dollars to fix this … what’s to say that we won’t be back in this same mess a few years from now? Are the banks allowed to return to the old practices of “Redlining”? Or is the government still going to force them to write risky loans in the name of social engineering? WTF Folks? I don’t think we’re solving anything here. It reminds me of Reagan’s “amnesty” to illegal aliens back in the 80′s. That was supposed to be a “okay you guys can stay but NO more”. But we didn’t make the changes and secure the border the way were supposed to and now we are back in the mess. How is this bailout any different?
HondaV65 on September 28, 2008 at 7:42 PM
Thanks for the post Ed, the truth is this a better deal than I expected.
Terrye on September 28, 2008 at 7:47 PM
Madam, I hope you are correct. If you are, it will be like an atom bomb.
ManlyRash on September 28, 2008 at 7:48 PM
Would all of you prefer another Depression? I mean really.
I just do not get it. People are wondering if subprime loans have been outlawed, in what a week?
The truth is if this had not happened chances are in two weeks there would have been very few loans, subprime or otherwise.
People today could not handle something like the Great Depression. They are not strong enough, tough enough or patient enough.
They would go from demanding the government do nothing, to demanding the government come save them in a matter of days.
It is just ridiculous.
This financial crisis was not just because of subprime loans or the Democrats or Bush..it was the whole economy pushing the housing market and making money off it for years. And then the bubble burst. I agree investigations need to be done and all that, but people need to realize that this was a serious problem that needed to be dealt with.
Sheesh.
Terrye on September 28, 2008 at 7:55 PM
annie:
I think Republicans are just now coming to terms with what it means to have a Democrat majority. That means they get to throw their weight around.
I think McCain is doing pretty well considering the circumstances.
Terrye on September 28, 2008 at 7:59 PM
I’m still against this bailout. But I just heard a radio report — with soundbites — in which Osama Obama is now taking credit for it, claiming he was in contact “every day” with Paulson and pushing for what he thinks is best for us.
Add to this the programs he thinks we “need,” which include new everything plus plenty of handouts for his pals, and we aren’t even likely to make it through the next four years without triple-digit inflation and long lines for soup and bankruptcies.
So at the risk of destroying ourselves, we’re keeping the financial industries, greed- and scam-ridden as they are, alive. Not to mention foreign banks.
All because Presidents from Carter through Bush and successive Congresses dropped the freekin’ ball and pandered to their big-money buddies.
Who wins? Not me, not many HA readers.
MrScribbler on September 28, 2008 at 8:10 PM
House GOP up now . . .
Govgirl on September 28, 2008 at 8:20 PM
Myth: Barack Obama deserves all the credit and McCain deserves none.
FACT: ACORN is Barack Obama’s baby organization. It’s Barack Obama that wanted a provision for home owners to keep their homes regardless of their responsibility in losing their homes.
Myth: Nancy Pelosi, Harry Reid and Chris Dodd were working for the American people in a bi-partisan way.
FACT: The Democrats held a bi-partisan meeting, forgetting to invite the Republicans. These three Democrats made sure they were front and center each time the cameras came out. Republicans and the outcry of the American people is what forced the Democrats to take all their larded pork out.
katablog.com on September 28, 2008 at 8:40 PM
Terrye: If you want people to believe its serious, the Democrats need to pass the bill without larding it up with their little pork they hoped we wouldn’t notice.
katablog.com on September 28, 2008 at 8:42 PM
cjs1943: Barack Obama wants all the credit according to his statements on Face the Nation.
katablog.com on September 28, 2008 at 8:43 PM
Just the fact that the Democrats tried to include ACORN in a bailout bill designed to try and remedy a crisis that ACORN was part and parcel to causing, is probably the best example I can think that they’re sure the media is completely in their pocket.
http://www.justsaynodeal.com/acorn.html
“We’ve always been at war with Eastasia!”
hawkdriver on September 28, 2008 at 8:55 PM
Minority Leader John Boehner came out on Fox recently and made the following comment: “If John McCain hadn’t come here and said ‘Whoa, whoa, whoa’, I would have been run over like a freight train.”
If McCain was responsible for getting the House Republicans included in the meeting, he deserves a lot of credit for the bailout bill being better than it could have been. This information needs to get out to the public.
Steve Z on September 28, 2008 at 9:17 PM
Don’t be silly – we elect slugs every two years. Have been for decades.
Jaibones on September 28, 2008 at 9:45 PM
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