I am unconvinced that you actually pay taxes) a bundle of money with the FDIC insurance that would have to kick in on all those deposits that could not be paid due to a bank run due to the fact that WaMu was undercapitalized.

And what is all this panic over equity in companies?? The govt is buying assets and paying more than they are worth…if the gov doesnt take an equity position, the bank gets away with murder and doesnt have to pay with a market oriented loan which would include equity warrants.

Dude, dont worry about me getting educated. I have an mba and I work in banking…and I knew how to spell the word “loser” since 7th grade. So, I am educated. However, you sound like an uneducated hick crying that the sky is falling and too dumb to understand that the gov just saved us all from a recession. I dont know if you are raising children or if you are supporting a family or if you are just a dumb kid or whatever but for those of us with reponsibilities, we appreciate not going into a deep recession.

Real life: where silly conspiracy theories and gutless theoretical purists dont live.

Roger Waters on September 29, 2008 at 1:40 AM

Hmmm lets see.. Kids? Yes, business OWNER Yes, retired Vet, yes, paid taxes last year? Both business and Personal…

Interesting that you make baseless accusations against me PERSONALY, instead of countering the points I’ve made.

And I see you and my MOTHER have one thing in common, you both b1tch about my spelling…

Intersting, over a week ago I called the WaMu “failure” and forced sale.

4 days ago I predicted the Wachovia “failure” and sale.

Education does not make up for the ability to NOT think criticly.

Do those who rely on ACORN not know how to read nor understand the idea of choice and consequence?

They have learned how to shift all of their failed responsibilities off their own back. They have mastered the idea of choice and consequence via Cloward-Piven.

Barack Obama, the Cloward-Piven candidate, no matter how he describes himself, has been a radical activist for most of his political career. That activism has been in support of organizations and initiatives that at their heart seek to tear the pillars of this nation asunder in order to replace them with their demented socialist vision. Their influence has spread so far and so wide that despite their blatant culpability in the current financial crisis, they are able to manipulate Capital Hill politicians to cut them into $140 billion of the bailout pie!

God grant those few responsible yet remaining in Washington, DC the strength to prevent this massive fraud from occurring. God grant them the courage to stand up in the face of this Marxist tidal wave.

Jim Simpson is a former White House staff economist and budget analyst.

Now how do we regain our own stamina and security? We have collectively allowed the avalanche upon us. The trick is surviving. After the last Great Depression safeguards were legislated, and dismantled. Any current bail-out “safeguards” that the GOP require in this bill agreement are no more real than a wish.

What good really comes from this and what bad results, and why are the corrupt obtaining ANY reward whatsoever in this? That the reasons for this catastrophe are not addressed means that the ‘cure’ is not legitimate.

They’re trying to convince us that our entire economy hinges on 5% of the total mortgages in this country. They really do think that we’re stupid. The only collapse coming is that of the Republican Party. If they are complicit in passing this election year socialism of a segment of our economy, they’ll be dead as a party.

On Sunday, Sept. 28, ACORN National President Maude Hurd released the following statement after Congressional leaders announced a $700 bailout plan for Wall Street:

“Members of Congress worked tirelessly over the weekend to rid Wall Street of its toxic assets, which are responsible for the worst financial crisis since the 1930s. Unfortunately, families who fell victim to Wall’s Street’s toxic lending practices and now risk losing their homes were largely left out.

ACORN members are extremely disappointed that the bailout package does little to assist these homeowners, such as providing them relief through the bankruptcy courts. Although weak, there is language in the bailout package authorizing Treasury Secretary Henry Paulson to facilitate more loan modifications. ACORN members plan to hold Secretary Paulson accountable and ensure he uses this authority to make streamlined loan modifications a priority for struggling American families.”

Does this woman understand why those assets became “toxic”? Does she understand how “toxic lending practices” were forced by the point of the litigation gun by her own organization? Did she have any qualms when the banks already made “loan modifications” to those of her constituency who already paid no money down and who offered no securities? Do those who rely on ACORN not know how to read nor understand the idea of choice and consequence?

Lots of people want to talk about how conservative they are but how in the heck can they say that when they have thousands in credit card debt and almost no savings to speak of???

I don’t think so. For one thing, there is no way of knowing for sure how it will work in the long run. For another it is not that politically popular.

It is not a lot different from listening to a Democrat b*tch about how Bush has not found Osama Bin Laden. If Clinton had killed the bastard when he had the chance the world would be a better place today. But he didn’t. And Newt did not do a damn thing about changes in home lending rules. In truth too many people like Newt were too focused on going after Bill Clinton to think about much else.

It is not a lot different from listening to a Democrat bitch about how Bush has not found Osama Bin Laden. If Clinton had killed the bastard when he had the chance the world would be a better place today. But he didn’t. And Newt did not do a damn thing about changes in home lending rules. In truth too many people like Newt were too focused on going after Bill Clinton to think about much else.

My worry – buying US assets at bargain prices may convince the government to do it more often. Politicians – they can’t help themselves.

Yes, it has helped us, and unfortunately it was necessary. But another worry I have: a leftist cheerleading media, to convey to all of the sheep that this maybe should continue.

I’m expecting things to get even more rife with corruption.

I am tired of hearing Newt go on about how everybody else failed. We all know that a lot of people were part of this for a long time. In fact Newt himself was among them. If he was half as omniscient as he thinks he is, why didn’t he try to put a stop to a lot of these lending practices back when they were first getting started?

I don’t know very many people who would want Paulson’s job right now and I doubt very much if Newt himself is qualified to do it. He is a history Professor. I am not defending the man, but people need to realize that this thing is a lot bigger than Paulson. Congress had as much to do with it as he did.

freeus on September 28, 2008 at 11:01 PM

another manifesto…

hump1201 on September 29, 2008 at 1:59 AM

And this has to do with Newt how?

Hear, hear!

ManlyRash on September 28, 2008 at 11:03 PM

I needs me a revolution… I’ll be the General

Newt is a goofball. Why do we need his blessing for the bailout. He was in power when the CRA issue could have been addressed yet chose to ignore it.

That’s very very interesting. I have always thought that an investigation of the “investigators” would be a really good idea. They are too incestious with the left, but professional courtesy keeps that from happening. Just like Rathergate it would be great if the blogosphere could jump into action. I know I would love to play Holmes but I have no skill.

………. somewhere the sun is still rising.

unless the government will be buying at a steep discount they will be losing money when they sell them later in a down market.

And if they do sell into a down market they will increase the downward pressure on the market while losing money in the process.

If they cut off the free credit supply then eventually housing costs will reach a level of equilibrium, lower than at present, but the volatility will be reduced and it could be, should be, a generation before it finally attains new highs.

Is the government going to hold onto their newly acquired assets for a generation? If so, by that time we will have yet another entrenched monster of a socialist program that may never end.

It’s not rocket science..

Damn Democrats praying on the poor to keep them poor this F*CKING disgusting.

$700 billion isnt the price tag…that is the cost of the loans that are covered by real estate. The gov will likely make a profit…not cost the taxpayers $700 billion…just like the S&L bailout.

Roger Waters on September 29, 2008 at 1:53 AM

I don’t fully understand the nuances of the bailout nor exactly what the future holds in store, but considering that stratospheric real-estate values are based on the credit bubble, unless we maintain that bubble it seems inevitable that real-estate will continue to fall. Therefor, assuming we halt the credit bubble to fix the underlying cause, unless the government will be buying at a steep discount they will be losing money when they sell them later in a down market.

That is, unless they continue encouraging the credit bubble, in which case real-estate may stabilize or even rebound in the near-term, in which case there will come a reckoning when we will right back in this mess, only much deeper than we are now.

The credit addiction is killing our economy, and if we quit cold-turkey there will still be a price to pay. I don’t see how anybody can expect the government to turn a profit from this, (though I doubt anybody can know for sure), and government being in the business of making a profit is itself troubling and will likely lead to further problems.

Kill this Bailout, until that Sandwich tastes better!

At least make it taste like Braunschweiger..(Which I actually kinda like, since I’m poor and its cheap)

Weeks to get this monstrosity up and running so where’s the Giant Must Do It Now Crisis.

Spectacle.

Roger Waters on September 29, 2008 at 1:53 AM

Well, the current language of the proposed bill allows Paulson to define in almost any way he wishes what is a “distressed” security and then go buy it with government money. He’ll have to report back to Congress to get more than the first allotment of money, but still this thing could get out of control rather easily.

The bill also gives the SEC authority to do away with mark-to-market accounting. A sort of wave of a magic wand that says–”No really, our company now has billions more in assets than we did 30 seconds ago. Trust us”. Mark-to-market certainly has taken out the good with the bad, but it’s intent was to force companies to reckon with having paid more for an investment than it currently is worth.