So, the word just came down that the Senate will not vote on the bailout package until Wednesday night. House Republicans should refuse to vote on the deal until the ballots are cast in the Senate. And Nancy Pelosi and……

Boehner: I’m encouraging every member of our conference whose conscience will allow them, to support this bill. Thank you very much.

This deal is a gold-plated dog turd, just like the mortgages it intends to buy up.

Also, can someone explain to me how these bad mortgages are going to get paid for? The money isn’t gonna come from American citizens, that’s for sure. They’re the ones trying to sell the houses. Who’s gonna buy them?

God’s children, maybe?

And now the libs are trying to cast Mav as a deal-breaker???

Typical Hypocrisy from the left

The person I’m most disappointed in is President Bush. He apparently panicked and allowed Paulson to work in cahoots with the dems to assemble a terrible bill. He should have insisted in bipartisan negotiations from the start. I am grateful for Bush’s handling of terrorism these past 8 years, but I’m sick to death of how weak he is on domestic issues.

Cantor seems like a very honorable guy and Boehner has acquitted himself well recently, so I’m inclined to trust them that this is the best they could do under the circumstances (ie: a media in the tank for the dems, a weak president, a slimy treasury secretary, and a Republican minority).

In the absence of any real argument from McCain, what are people supposed to believe?

Why won’t he talk about what really happened? All he has to do is use some film from the banking hearings, and he’s got it!

2) No sub-prime mortgages – who in their right mind would not carry out credit history checks on prospective mortgagees? And knowing full well that if interest rates increased someone would default on their mortgage?

I live in Sydney and it is probably the only city in Autralia with substantial exposure to Wall Street and the US financial sector. I expect to see the effects here first.

Crux Australis on September 29, 2008 at 10:40 AM

Note the date on the following. It’s from only a few days ago.

Date Published : Wednesday, August 27, 2008

The Australian and New Zealand Bank (ANZ) has released plans to enhance its indigenous home lending operations.

In its report called Home ownership and indigenous Australians, the bank declared that a focus on indigenous home ownership offered a “potential business opportunity in an under-served market”.

The report found that in Australia indigenous home ownership levels are low with only 36 per cent of Aboriginals owning their own property.

Although this is up from 32 per cent in 1996, the bank claimed – citing the Australian Bureau of Statistics – that these ratios are significantly below the indigenous home ownership levels in the US, Canada and New Zealand of 59 per cent, 41 per cent and 50 per cent respectively.

The bank said that a large number of native Australians in urban and regional environments meet lending criteria but may not think about a mortgage due to “preconceptions of not receiving approval for a loan, or fear of not being welcome or understood”.

Lenders may also inadvertently discourage potential indigenous by applying standard customer and credit processes “that are unsuited or not tailored to personal circumstances”, the report found.

To combat this exclusion, the Melbourne-based bank claimed it will focus its efforts on behavioural change to address indigenous financial and home ownership rates, which will include developing a closer understanding of their needs.

Seems like social engineering is alive and well in Aus. too. There’s plenty online about schemes for transforming Aus. society to better meet the needs of its aboriginal citizens.

As for Australian economy, your dollar should get something of a lift from our fall, but you stock market is at lowest level in nearly two years. Guess it’s due to commodity demand being weak now. Don’t know which, if any of Australian banks bought American mortgage assets and may be in trouble because of it. Good luck.

Paulson has stated he is only looking to buy debt of 3 to 5 major institutions…

Citi, BofA, JP… all the winners of the recent Gov forced buy outs… who else will be on the list and left standing.

Once these Banks get their debt cleared, THEY will be able to get Loans, other banks will not. I predict MORE bank buy outs in the next couple of weeks as this plays out.

Romeo13 on September 29, 2008 at 10:55 AM

Think maybe Goldman Sachs????

CC

Crux Australis on September 29, 2008 at 10:40 AM

Hey Aussie! We can fix that lack of problem for you. Want our Democrats?

CC

Not sure I understand how much this is costing FDIC. And Citi is giving FDIC preferred stock in exchange? Citi itself isn’t so healthy.

JiangxiDad on September 29, 2008 at 9:00 AM

Called it…

Paulson has stated he is only looking to buy debt of 3 to 5 major institutions…

Citi, BofA, JP… all the winners of the recent Gov forced buy outs… who else will be on the list and left standing.

Once these Banks get their debt cleared, THEY will be able to get Loans, other banks will not. I predict MORE bank buy outs in the next couple of weeks as this plays out.

The current problems in the US would never happen in Australia for two reasons.

1) Government regulation of the the financial and banking sector – although the Republicans in the US balk at this.

2) No sub-prime mortgages – who in their right mind would not carry out credit history checks on prospective mortgagees? And knowing full well that if interest rates increased someone would default on their mortgage?

I live in Sydney and it is probably the only city in Autralia with substantial exposure to Wall Street and the US financial sector. I expect to see the effects here first.

The GOP didn’t get congressional representation at that table until McCain came back to DC. Why won’t the Bush administration people tell the truth about the democrats?

Impossible to come back when the referees give every advantage to the other side, give all your points to the opponent, and refuse to allow you a level playing field.

fossten on September 29, 2008 at 9:06 AM

I don’t think we’ve lost yet. But if we do, there are two ways to lose it. If we lose fighting, (even if it is because with the media’s help, the process is rigged,) it will inspire further fighting. If we lose without a rigorous fight, people will assume our message is flawed.
We can easily avoid that very serious mistake. It will undermine attempts to challenge Pres. Obama.

Crux Australis on September 29, 2008 at 9:46 AM

How’s your economy doing these days? Are events in the U.S. having any significant impact on you guys?

The first part of this plan should require the Messiah, Dodd and Frank to give back the Fannie Mae money they have been bathing in.

bopbottle on September 29, 2008 at 7:59 AM

Republicans should submit ethics charges against Frank and Dodd.

Expecting Frank & Dodd to act decently on their own is silly. They have no shame, but formal charges can hurt them, if voters care.

What a time to be worried about US finances and politics.

And where have John and Sarah been for the last few days?

And what about the consequences of an Obama Presidency to the rest of the world?

Think about it!!!

Outlander on September 29, 2008 at 9:21 AM

There are already Conservative proposals available. But I’m thinking more along the lines of a stimulus bill -
Drill, Drill, Drill – Fastrack
Nuclear Power – Fast track
Electricity Infrastructure – Fast track

Meredith Whitney (one of the few that has been right about banks and housing) just said on CNBC that she expects us to lose money on the current bill because house prices are still declining.

So I think an alternative is to bypass the banks and put this money directly into the economy with “real” assets.