Obama: Hey, maybe I should lift a finger to help the bailout pass; Update: Senate vote tomorrow

posted at 7:35 pm on September 30, 2008 by Allahpundit

What does it take to make The One roll up his sleeves? Just the prospect of economic calamity. Oh, and Karl Rove publicly humiliating him for doing jack to help pass this bill when he’s out telling voters is desperately needed to avert disaster.

Barack Obama on Tuesday stepped up his advocacy for the Bush Administration’s endangered $700 billion bailout plan by making a round of calls to rank-and-file Democrats in the House and casting congressional inaction in dire, real-world terms. He also massaged his pitch, no longer using the word “bailout” to describe the bill…

Obama reached out to individual House members Tuesday, signaling that the Democratic nominee was taking a deeper role in the process. The campaign would not disclose names, but said he was coordinating his efforts with the congressional leadership.

“He is urging members to take another look at it,” spokeswoman Linda Douglass said.

U.S. News and World Report claims that some House Republicans are prepared to let the credit markets twist until after the election because “[w]e cannot see at this moment any movement by voters that they would tell their members who voted ‘no’ to change their vote to ‘yes.’” Really? There’s this, from WaPo:

But then there’s this too:

You can reconcile that data in two ways: (1) The public wants some kind of plan but not the Paulson plan (for the moment at least), or (2) the public’s answers swing dramatically depending upon whether the questioner emphasizes the cost of the bailout or the amount of wealth potentially lost if nothing is done. It’s probably a moot point either way. Politico claims there are 110 votes shaping up on each side for a compromise, thanks no doubt to the addition of McCain’s and Obama’s proposal to lift the FDIC limit on individual accounts to $250K.

Exit question: When will the credit crisis start to hit consumers? Time claims it’s already here, albeit just the first drips, while CBS floats a cancer analogy to claim that it’s on the way. Quote: “‘This is like the advice you get from the doctor who says you should quit smoking,’ said Robert Brusca, chief economist at Fact and Opinion Economics in New York. ‘You know he’s right. But if you don’t, you’re not going to die tomorrow and you’re not going to die next week. But at some time, it’s probably going to get you.’”

Update: “Politicians, bloggers, and pundits celebrating the bill’s failure don’t seem to get just how much trouble we’re still in.”

Update: A nervous blogger eyes his meager little retirement portfolio and puts his broker on speed-dial: The Senate will vote tomorrow night.


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I heart Rove!

When will the credit crisis start to hit consumers?

haven’t we already been hit over a year ago with inflated gasoline and energy costs?

upinak on September 30, 2008 at 7:38 PM

I wonder what the numbers on that poll would be after the market regained a lot of that lost ground today. Up 700 billion in wealth! or whatever the number comes out to from the market today.

Spirit of 1776 on September 30, 2008 at 7:39 PM

‘You know he’s right. But if you don’t, you’re not going to die tomorrow and you’re not going to die next week. But at some time, it’s probably going to get you.’”

or you can flip off the dr. tell him you’ll smoke within your means and you don’t need or want a McMansion and live to be 96 years old drinking whiskey and chasing nurses….

the choice is yours.

sven10077 on September 30, 2008 at 7:39 PM

Which finger?

The Race Card on September 30, 2008 at 7:39 PM

No bailout.

darwin on September 30, 2008 at 7:39 PM

Is it possible that McCain’s suspension of his campaign last week will be looked at more positively by voters now that the severity of the situation has become evident this week?

Mark1971 on September 30, 2008 at 7:40 PM

“‘This is like the advice you get from the doctor who says you should quit smoking,

the time to quit smoking was about 3 years ago, now its a question of treatment…

Surgery? or Chemo? of course, we still don’t have your test results back BUT YOU HAVE CANCER!!! You’re DOOMED!!! So, please sign this document giving all your worldly possesions to us…

Romeo13 on September 30, 2008 at 7:41 PM

Spirit of 1776 on September 30, 2008 at 7:39 PM

What did the market come in or out at?

upinak on September 30, 2008 at 7:41 PM

Romeo13 on September 30, 2008 at 7:41 PM

What if I already gave it all away?

upinak on September 30, 2008 at 7:42 PM

I see so when it passes on thursday then he takes credit.

I see what he did thar.

jharada on September 30, 2008 at 7:44 PM

What if I already gave it all away?

upinak on September 30, 2008 at 7:42 PM

Then you will sign away your organs… whether you are still using them or not… and your children…

/slips into a bad Belushi impersonation…

Your children, I want to buy them…. how much for the little girl…

Romeo13 on September 30, 2008 at 7:45 PM

…Obama help? What…do Boehner and Pelosi need someone to make the coffee?

This guy’s got about as much gravitas as a popcorn fart….

…anyone comparing him and the prospect of his presidency to Kennedy and “Camelot” is quite correct…Jack Kennedy “bravely” got the nation out of every crisis of his own invention, ran up the size of the state, stood up as the telegenic “great leader”, and was another “first in the White House”…unfortunately not the first philandering asshat with a limited intellect and no achievements of his own, but the first “minority”….

It would be comical were the stakes not so high, that the Democrats are viciously adhering now to Mr. Bush’s party line in this “bailout”…again, after eight years of trying to hamstring him and flirting with impeachment, they’re allying with him on this…because he has trusted the enemy for too long and they, as that enemy, have finally got him proposing a statist big-government initiative….

…if only the stakes were not so high…it’ll have to remain schadenfreude….

Puritan1648 on September 30, 2008 at 7:45 PM

What did the market come in or out at?

upinak on September 30, 2008 at 7:41 PM

485+ today. So last two days combined of our biggest crisis evah is -292.

Spirit of 1776 on September 30, 2008 at 7:45 PM

He just wasn’t sure which way the wind was blowing until now…

d1carter on September 30, 2008 at 7:45 PM

Romeo13 on September 30, 2008 at 7:45 PM

Well since I am on the organ transplant “give them a heart/lung etc” list if I die in an accident. What else can they take? Heck I am giving my body to a gross anatomy class when I die, because I found out they take care of the funeral after they are done with your body. I thought ahead on that one! ;) It is even in my will.

Spirit of 1776 on September 30, 2008 at 7:45 PM

Tanks! I was wondering how it shaped out today.

upinak on September 30, 2008 at 7:48 PM

When will the credit crisis hit consumers? After high gasoline prices, off and on since 2005, ethanol driving food costs higher and higher, clothing, & other consumer goods costing more? Now our 401-K’s and IRA’s are taking a hit. Why should we, who saved for years and paid down payments on our homes, kept up with mortgage payments, foregoing vacations, new cars, big screen TV’s and the like, have to take a hit on the foreclosed properties of others who received no down payment, sub-prime mortgages on their homes? Let them all go down. Fannie and Freddie, the rest. Americans will still make it. Let the losers pay the price.

Sloan Morganstern on September 30, 2008 at 7:48 PM

Good argument against the bailout at AmSpec

innominatus on September 30, 2008 at 7:48 PM

MULTI-TASKING EPIC FAIL

mad saint jack on September 30, 2008 at 7:48 PM

More like failout. Amirite?

carbon_footprint on September 30, 2008 at 7:49 PM

Finally some good news on the Poll front…Call me the uber-optimist, but I sense a momentum shift…Confidence in Palin is growing too…

New ABC News/Washington Post national poll conducted after the debate (Sept 27-29) shows that John McCain has picked up 5 points on Barack Obama during the last week, moving from a nine-point deficit to trailing by four:

Obama 50 (-2 vs. last poll Sept 19-22)
McCain 46 (+3)

joepub on September 30, 2008 at 7:49 PM

Update: “Politicians, bloggers, and pundits celebrating the bill’s failure don’t seem to get just how much trouble we’re still in.”

Including michelle malkin?

Topsecretk9 on September 30, 2008 at 7:50 PM

Including michelle malkin?

Topsecretk9 on September 30, 2008 at 7:50 PM

You forget, conservatives (no matter what your finacial stature) are uber stupid!

upinak on September 30, 2008 at 7:51 PM

And the WaPo poll AP just linked has the overall campaign at Obama+4.

Not bad enough for a headline?

Karl on September 30, 2008 at 7:51 PM

Sorry, AP, I barely can stand what Congress does when it takes it’s time let alone what they throw together in a week or two. I am uncomfortable with a former Goldman Sachs CEO making these calls.

Cindy Munford on September 30, 2008 at 7:52 PM

I happened to be watching Fox earlier today when they showed a portion of Obama’s rally (in Reno, I think), and he made an interesting statement. In addition to getting more adamant about his support for the bailout, he also specified what he demanded from the bailout at the White House meeting last week. The part that I found to be interesting was when he said that if elected president, he would look over the entire bailout plan document and ensure it provided the necessary protections, etc. for the American taxpayers. Basically, Barry just admitted he had not read the document, and wouldn’t do so (even if passed) until actually in office as president. I guess this is above his pay grade now as Senator – - so he shouldn’t be bothered with this while running his campaign, and gaining valuable executive experience in doing so.

Rick on September 30, 2008 at 7:52 PM

OT: Gun Nuts will be on Blog Talk Radio at 9pm est.

http://www.blogtalkradio.com/gunnuts

with Breda

and Ahab

mad saint jack on September 30, 2008 at 7:52 PM

Obama: You mean I need to DO something? I guess I can’t let an out-of-touch old fart like McCain show me up, so I’d better phone home!

Steve Z on September 30, 2008 at 7:53 PM

Hey Illinois! Do you know where your Senator is?

Steve Z on September 30, 2008 at 7:54 PM

Look at it this way.

“‘This is like the advice you get from the doctor who says you should quit smoking,’ said Robert Brusca, chief economist at Fact and Opinion Economics in New York. ‘You know he’s right. But if you don’t, you’re not going to die tomorrow and you’re not going to die next week. But at some time, it’s probably going to get you.’”

Yeah….but the doctor who is giving you that advice is smoking a big fat stogie and blowing the smoke in your face.

How about if you went into the hospital to have a leg removed and the doctor removed the wrong leg?Then later he tells you“Hey don’t worry…we’ll get the right leg this time”.
Would you trust him…?

We’re getting hosed Davie.

NeoKong on September 30, 2008 at 7:56 PM

Update: “Politicians, bloggers, and pundits celebrating the bill’s failure don’t seem to get just how much trouble we’re still in.”

How much of the problem is created by a holding pattern because of expectations from Congress? If I thought I was getting a bailout, I wouldn’t be energetic about generating a solution on my own. Such expectations are not wide-spread because of Paulson’s rhetoric.

Spirit of 1776 on September 30, 2008 at 7:56 PM

not=now

Spirit of 1776 on September 30, 2008 at 7:56 PM

Exit question: When will the credit crisis start to hit consumers?

The big hit will come when it costs me my job. Those hits are already happening to people out there.

A lot of the coconut-brains arguing about this don’t have to worry about job security. Especially the ones in Congress. Really makes me re-think about term limits.

NeighborhoodCatLady on September 30, 2008 at 7:58 PM

I’m so peeved at Congress I could spit. Not only did they all act childish yesterday after the victory of the voters, I can’t get into the one outlet the House has set up to e-mail Congresscritters “due to high use.”

I called my Congressman and had a nice staffer offer to send me a copy of the statement the Congressman made. That much I got from the internet by my comments are essentially blunted by a system that allows Congressmen to hide behind the technology and staffers instead of hearing the voice of the voters. It’s utterly unsatisfactory. The very people who wanted a $700B blank check can’t even handle basic technology.

I just hope that whatever comes out of Congress isn’t a warmed over version of Monday’s crap. I say I hope because clearly Pelosi and her Capitol staff don’t give a rat’s behind about letting the people’s voices penetrate into her bitter little empire.

highhopes on September 30, 2008 at 7:59 PM

Update: “Politicians, bloggers, and pundits celebrating the bill’s failure don’t seem to get just how much trouble we’re still in.”

Maybe they do know, but feel it has to happen so we can build a fiscal conservative paradise.

Now I have to stock up on cans of soup and then learn how to make tin can soup to stretch the meals.

ThePrez on September 30, 2008 at 7:59 PM

Just ask anyone who wants to buy a house with a subprime mortgage — they’re not all evil, but these days they are exceedingly rare — or with a jumbo loan, which now carries an average rate 1.2 percentage points above a regular mortgage. (In normal times, the spread is closer to a quarter of a percentage point.) “Some people are saying, ‘Credit crunch, what credit crunch?’ and others are ready to cry uncle,” says Greg McBride, a senior financial analyst at Bankrate.com. “It shows it really matters where you fall on the risk spectrum.”

Now, about those credit card offers. You may not feel it, but there are fewer of them going out — 1.1 million during the second quarter, down 17% from the same time last year, according to Synovate, a research firm that tracks direct mail. Who’s being ignored? Well, subprime borrowers (no surprise there), but also anyone who doesn’t make a lot of money: 52% of households with an annual income of less than $50,000 received at least one offer in the second quarter, compared with 66% of such households during the same period last year.

So we’re giving out sub-prime loans now?

Add in anecdotal evidence

Spirit of 1776 on September 30, 2008 at 8:02 PM

I heard a little of The One’s speech in Nevada today. In it, he proclaimed something along the lines that “this is not the time to place blame,” or “when your neighbors house is on fire, you don’t blame him for smoking in bed.”

I got the distinct feeling he feels a ton a crap getting ready to come down on the Democrats as the secret of their role in this mess is on the verge of being dumped out.

Anybody else get that feeling?

Star20 on September 30, 2008 at 8:02 PM

the dems will get those votes and thank Obama for doing it.

tomas on September 30, 2008 at 8:02 PM

How much of the problem is created by a holding pattern because of expectations from Congress? If I thought I was getting a bailout, I wouldn’t be energetic about generating a solution on my own. Such expectations are not wide-spread because of Paulson’s rhetoric.

Spirit of 1776 on September 30, 2008 at 7:56 PM

Agreed, wouldn’t you be holding out for the best possible deal on government-guaranteed cash?

If these “investments” are as good as they say they are and likely to make a profit for taxpayers, why isn’t the private sector rushing in to make the investments?

obladioblada on September 30, 2008 at 8:02 PM

Rick’s (@ 7:52) good thought bears repeating:

The part that I found to be interesting was when he said that if elected president, he would look over the entire bailout plan document and ensure it provided the necessary protections, etc. for the American taxpayers. Basically, Barry just admitted he had not read the document, and wouldn’t do so (even if passed) until actually in office as president.

You are indeed an astute listener and I applaud your comment! Obamalinsky also says as president he will go through legislation line by line…as if he has that kind of time or a line-item veto.

marybel on September 30, 2008 at 8:04 PM

So we’re [not] giving out sub-prime loans now?

I fail at typing.

Spirit of 1776 on September 30, 2008 at 8:05 PM

What I don’t get is that if this BAILOUT is a MUST or the earth will implode, why the 2 day holiday? Are all the politicians Jewish? Since when do we celebrate Jewish New Yr in this country?

Mercy4Me on September 30, 2008 at 8:07 PM

If these “investments” are as good as they say they are and likely to make a profit for taxpayers, why isn’t the private sector rushing in to make the investments?

obladioblada on September 30, 2008 at 8:02 PM

My guess is because they are lying! If they were good, why would they not be liquid? They have cooties?

Spirit of 1776 on September 30, 2008 at 8:07 PM

In other news: it looks like McCain is going to lose Ohio. The Ohio Republicans have futilely fought the early voting/registration program. People show up, register and vote in the same day. Supposedly over 500,000 18-24 year old are expected by Dems to participate. No surprise who they will be voting for.

carbon_footprint on September 30, 2008 at 8:08 PM

Basically, Barry just admitted he had not read the document, and wouldn’t do so (even if passed) until actually in office as president.

Didn’t Barry say that all his ideas where in the bill? And that Johnny boy should get NO credit? I swear thats what I read!
Well the ideas of Barry failed, and John gets no blame. Thats how I see it.

Mercy4Me on September 30, 2008 at 8:09 PM

I fail at typing.

Spirit of 1776 on September 30, 2008 at 8:05 PM

I fail at spelling. Lets go kick our teachers!

upinak on September 30, 2008 at 8:09 PM

Old Dopey will have a new pohlaceeee by morning, then stay tuned for an update on Pockastahn. Er, as long as the teleprompter is working.

anniekc on September 30, 2008 at 8:11 PM

Is the social engineering out of the mortgage business yet? The government brought this upon themselves and yet they are just addressing the symptoms and ignoring the cause? No matter how much money you throw at the system in its current state, it can’t survive without removing the disease.

Or, maybe I’m misunderstanding this whole thing…

Geministorm on September 30, 2008 at 8:12 PM

In other news: it looks like McCain is going to lose Ohio. The Ohio Republicans have futilely fought the early voting/registration program. People show up, register and vote in the same day. Supposedly over 500,000 18-24 year old are expected by Dems to participate. No surprise who they will be voting for.

carbon_footprint on September 30, 2008 at 8:08 PM

In Florida they say they have registered 600k students. So they will be stuffing the ballot box here too.

Mercy4Me on September 30, 2008 at 8:12 PM

Update: A nervous blogger eyes his meager little retirement portfolio and puts his broker on speed-dial: The Senate will vote tomorrow night.

Would that be you Allah?

upinak on September 30, 2008 at 8:13 PM

Barry just admitted he had not read the document, and wouldn’t do so (even if passed) until actually in office as president. I guess this is above his pay grade now as Senator – - so he shouldn’t be bothered with this while running his campaign, and gaining valuable executive experience in doing so.

Rick on September 30, 2008 at 7:52 PM

Barry would have had a hard time reading/comprehending the original (3-page) bill.

Rovin on September 30, 2008 at 8:14 PM

Robert Brusca, chief economist at Fact and Opinion Economics in New York. ‘You know he’s right. But if you don’t, you’re not going to die tomorrow and you’re not going to die next week. But at some time, it’s probably going to get you.’”

Oooh! He’p me, he’p me! Somebody he’p me! He’p me! He’p me! He’p me! Oh, lo’dy, lo’dy, it’s desp’it! Do what’eva they sayyyy, do what’eva they sayyyy. Oooh! He’p me, he’p me! Somebody he’p me! He’p me! He’p me! He’p me!

MB4 on September 30, 2008 at 8:16 PM

I’m sorry, how did they poll people on something that happened yesterday back on 7/13? That graphic doesn’t make any sense.

jimmy the notable on September 30, 2008 at 8:17 PM

The MSM will cover for and excuse and rationalize everything Obama does to make it look brilliant, smell sweet and sound wise.

It’s their job.

Anything less would be racist.

profitsbeard on September 30, 2008 at 8:18 PM

I’m sorry, how did they poll people on something that happened yesterday back on 7/13? That graphic doesn’t make any sense.

jimmy the notable on September 30, 2008 at 8:17 PM

Never mind, I went back and looked at the actual result from WaPo. There’s only one date listed there. What happened AP?

jimmy the notable on September 30, 2008 at 8:20 PM

Well at least the vote will be at night after the market has closed. The market seems to survive better without the government getting involved.

carbon_footprint on September 30, 2008 at 8:21 PM

Geministorm on September 30, 2008 at 8:12 PM

something I wrote earlier today after days of research on this mess…

OK, I think the final piece of this mess has finally fallen into place for me.

Check my train of thought here, and see if it derails somewhere.

In the 70’s, it was decided by all involved that home ownership was a way to create the appearance of wealth. So, banks were forced by the CRA to start giving loans they normally would not have given… but it was known in the industry that Fannie May and Freddie Mac were set up to buy these loans, and thus take the “risk” out of the potentially bad loan.

Fannie and Freddie however, could not meet their profit goals, because many of these loans were bad investments. So they would bundle them together, and sell them to other banks as Securities. Other banks bought these because Fannie and Freddie had the implicit backing of the Federal Government.

Some Banks, seeing Fannie and Freddie apparently making Bank on this scheme, then got into the scheme themselves (WaMu, Countrywide). All therefore had both good and bad mortgages bundled into “Securities” packages.

Now, here is the part I didn’t get before, explained here:

http://en.wikipedia.org/wiki/Fractional-reserve_banking

Fractional Reserve Banking allows banks to, apparently create money through a bookkeeping system where they only need a “Reserve” to loan larger amounts of money out. How this passes Constitutional muster, I have no idea.

Using this idea, banks then used the Mortgage securities through Fractional Reserve banking to create a gross amount of loans, and thus money, with little or no Federal oversight. If you look at the link above, you will see the M2 and M3 money (fake bank created money) has skyrocketed in the last couple of years (devaluing the dollar? Still looking at that).

Then came Sarbains/Oxley, with Mark to Market. Money had been loaned in huge amounts using these Securities to back them… but with the price of houses falling, and the amount of bad loans mixed in, the market fell for these securities. These could NOT now be used as the “Reserve” for the fake money created by the Fractional Banking method… thus they had to not only write down the mortgages themselves, but all the money created by that system (ie, M2 and M3 money as well).

Is that a fair description of how we got where we are?

Romeo13 on September 30, 2008 at 8:21 PM

There is a shift in the polls (as much as you can trust them anyway). Palin will most likely do wellat the debate Thursday night. America will watch it and she will pass the test. Then, the media will contort themselves in an all out effort to find fault. I think it is THIS that will be the straw that breaks the media’s back. America can forgive much but we HATE being played the fool and we LOVE to bring the mighty back down to earth.

skree on September 30, 2008 at 8:21 PM

Exit question: When will the credit crisis start to hit consumers?

Where have you been, the oil price increase costs has been crippling to the whole economy.

Why is the new improved crap sandwich better than the old crap sandwich?

Free the market …

tarpon on September 30, 2008 at 8:21 PM

The bailout is one big scam. Can’t believe so many smart people are fool by it.

jdun on September 30, 2008 at 8:24 PM

It doesn’t matter how well Palin does. McCain won the first debate so it was reported all over that he lost (in the “polls”)

She would have to take out a gun and shoot Biden to death in order to “win” this debate in the view of the MSM.

Mojave Mark on September 30, 2008 at 8:25 PM

http://minx.cc/?post=274558

SEC Suspends Mark-to-Market

McCain release:

funky chicken on September 30, 2008 at 8:25 PM

The bailout . . . Global warming . . . Universal Healthcare . . . Social Security . . . is one big scam. Can’t believe so many smart people are fool by it.

There’s a sucker born every minute.

jdun on September 30, 2008 at 8:24 PM

Fixed

MirCat on September 30, 2008 at 8:28 PM

Is it possible that McCain’s suspension of his campaign last week will be looked at more positively by voters now that the severity of the situation has become evident this week? – Mark1971 on September 30, 2008 at 7:40 PM

No. Next question.

ManlyRash on September 30, 2008 at 8:29 PM

Rove, Gingrich and Paulsen can take a joint leap into the abyss.

Christine on September 30, 2008 at 8:31 PM

The market bounced back over 50% today from the fall it took yesterday. Not sure what that means, other than the sky was falling yesterday and now it’s not.

Hog Wild on September 30, 2008 at 8:31 PM

Rove, Gingrich and Paulsen can take a joint leap into the abyss. – Christine on September 30, 2008 at 8:31 PM

After the One is coronated sworn in, most likely.

ManlyRash on September 30, 2008 at 8:33 PM

MB4 on September 30, 2008 at 8:16 PM

Sheriff Bart?

Patrick S on September 30, 2008 at 8:34 PM

The “severity of the situation” has been downgraded since half the 700+ loss was re-cooped today. As Ace Ventura said: ‘Its’s all emotional’…take your meds and it will pass, just like all the other recessions we have faced.

Christine on September 30, 2008 at 8:34 PM

The market bounced back over 50% today from the fall it took yesterday. Not sure what that means, other than the sky was falling yesterday and now it’s not.

Hog Wild on September 30, 2008 at 8:31 PM

It means when Congress takes a holiday, sanity sets in.

Patrick S on September 30, 2008 at 8:35 PM

No, it would help if they jumped NOW. ;-)

Christine on September 30, 2008 at 8:35 PM

Dave Ramsey: “credit markets are not that tight—-there is credit being honored to those who are qualified and now is a great time to buy a home with the prices at affordable lows”

Isn’t this the form of stabilization this country is yearning for? Shutting down this “social experiment” of loaning to unqualified buyers should be the fundamental message that the lenders better understand.

This BAILOUT will still cost taxpayers/consumers in the long run—mark my words. There’s far too much history that proves when any government intervention is initiated for the purpose of “fixing” something, we pay.

Rovin on September 30, 2008 at 8:36 PM

Since he’s from Chicago, doesn’t he get to vote multiple times?

CC

CapedConservative on September 30, 2008 at 8:37 PM

Hey Mojave Mark! Could you e-mail the Mccain group with that idea about the gun and Biden? The down side might be the Obama would take on Nasty Nancy, but I’ll take my chances.

anniekc on September 30, 2008 at 8:37 PM

Rove, Gingrich and Paulsen can take a joint leap into the abyss.

Christine on September 30, 2008 at 8:31 PM

only to hold Nancy, Chris, and Barney’s heads underwater metaphorically speaking.

sven10077 on September 30, 2008 at 8:37 PM

Dave Ramsey: “credit markets are not that tight—-there is credit being honored to those who are qualified and now is a great time to buy a home with the prices at affordable lows”

Isn’t this the form of stabilization this country is yearning for? Shutting down this “social experiment” of loaning to unqualified buyers should be the fundamental message that the lenders better understand.

This BAILOUT will still cost taxpayers/consumers in the long run—mark my words. There’s far too much history that proves when any government intervention is initiated for the purpose of “fixing” something, we pay.

Rovin on September 30, 2008 at 8:36 PM

shhh you’re interrupting the narrative….eating kids, alpo, commerce ending, etc etc

morons think we’re dumber than they are.

sven10077 on September 30, 2008 at 8:39 PM

Is the social engineering out of the mortgage business yet? The government brought this upon themselves and yet they are just addressing the symptoms and ignoring the cause? No matter how much money you throw at the system in its current state, it can’t survive without removing the disease.

Or, maybe I’m misunderstanding this whole thing… Geministorm

Right on – The root cause is the Community Reinvestment Act.

Pelayo on September 30, 2008 at 8:39 PM

Is it possible that McCain’s suspension of his campaign last week will be looked at more positively by voters now that the severity of the situation has become evident this week?

Possibly, perception is everything these days and Obacon is starting to sound like more of an idiot than usual.

Bishop on September 30, 2008 at 8:40 PM

YES, YES YES, Rovin! It’s the right thing to do! Dave Ramsey is my hero, but unfortunately commen sense doesn’t play well in America! Dave Ramsey does have a “limited” plan that they’ve sent off to congress, but it’s probably too sensible for most of the Dems. It’s on his website.

anniekc on September 30, 2008 at 8:40 PM

morons think we’re dumber than they are.

sven10077 on September 30, 2008 at 8:39 PM

Asian markets are up nicely…

CC

CapedConservative on September 30, 2008 at 8:41 PM

And now, a statement from Senator John McCain:

My friends, this is not the time to panic. Rather, let us join hands in a spirit of bipartisan unity and sing “Kumbaya” as we pass a nearly one trillion dollar bailout that will significantly enhance the presence of the federal government in our lives.

Together, as good and loyal friends from across the aisle, Democrats and Republicans can act in unison as patriotic Americans in the service of their country.

Finally, I bow in humble tribute to all that my esteemed and worthy opponent has done for the betterment not only of the United States but of all mankind, the galaxy and the universe.

Good night and, um…well, good night.

ManlyRash on September 30, 2008 at 8:41 PM

Eating Alpo? I should be so lucky.

Bishop on September 30, 2008 at 8:42 PM

Eating Alpo? I should be so lucky. – Bishop on September 30, 2008 at 8:42 PM

Rice. In the re-education camps, it’s what’s for dinner!

ManlyRash on September 30, 2008 at 8:44 PM

Rice. In the re-education camps, it’s what’s for dinner!

ManlyRash on September 30, 2008 at 8:44 PM

we’ll be in the hills eating dog food, venison, and hijacked foodstuffs…..

America is designed for a guerilla war….

sven10077 on September 30, 2008 at 8:46 PM

The Forgotten Man: A New History of the Great Depression

A good read.

mindhacker on September 30, 2008 at 8:48 PM

we’ll be in the hills eating dog food, venison, and hijacked foodstuffs…..

America is designed for a guerilla war….

sven10077 on September 30, 2008 at 8:46 PM

Wolverines!!!

- The Cat

MirCat on September 30, 2008 at 8:49 PM

Absolutely so is FDR’s folly….the only way we can replicate the savagery of the GD would be to elect Pat Buchanan or the Ronulan pass Smoot-Hawley XXI and then engage in willful idiocy for a decade….er uh sorry “saving America from the GD by lengthening it”

sven10077 on September 30, 2008 at 8:50 PM

I was listening to Glenn Beck yesterday, and he was talking about an article in Forbes(I think) with an interview with someone from the Fed Reserve. When asked by Forbes how they came up with the 700 billion figure for the bailout, the FR gus said that the figure was not based on any actual qualified analasys(sp?), but that “They just wanted it to be a REALLY big number”. I just about blew a gasket after hearing that.

mrfixit on September 30, 2008 at 8:51 PM

Is it possible that McCain’s suspension of his campaign last week will be looked at more positively by voters now that the severity of the situation has become evident this week?

Mark1971 on September 30, 2008 at 7:40 PM

The media is trying to stop this from happening. But no one can deny that McCain’s pronouncement last week of a dire situation has not come true.

johnt on September 30, 2008 at 8:51 PM

Just FYI, the market is still holding it’s breath. And, also FYI, the stock market isn’t really the place to look for the credit crunch.

Hint: try the LIBOR or TED spread.

Y’all seem to think that these securities came labeled with biohazard stickers on them and were glowing with radiation. Two bucks says that the guys running most of the banks in the US are smarter than you when it comes to valuing securities. When they say it’s very difficult and complicated to value these stocks, and that they’ve been tranched into opacity (rendering them illiquid), you should listen.

But I’ll let you get back to congratulating yourselves. And to be honest, I hope you’re right. FWIW, Forbes is on my side now. As is Newt. I’m waiting for Rush to swing over.

k2aggie07 on September 30, 2008 at 8:51 PM

Wolverines!!! – MirCat on September 30, 2008 at 8:49 PM

Nah. There will be an independent republic in existence before that happens.

Don’t be stupid, be a smarty / Come join the Secessionist Party!

ManlyRash on September 30, 2008 at 8:52 PM

Rice. In the re-education camps, it’s what’s for dinner!

Then they trot you out into the paddies and wrap a plastic bag over your head.

Bishop on September 30, 2008 at 8:53 PM

Update: A nervous blogger eyes his meager little retirement portfolio and puts his broker on speed-dial

If that blogger is planning on retiring in the next five years, yes, he/she needs to be concerned.

Otherwise, ride it out – market always corrects itself and will go back up. That’s why you move into something safer the closer you get to retirement age.

The younger you are, the longer you can take the ups and downs.

btw, I heard this market guru from one of Fox’s Saturday morning market shows said that Microsoft and Nike would be good places to put some extra jack if you have it…..

tru2tx on September 30, 2008 at 8:54 PM

mrfixit on September 30, 2008 at 8:51 PM

mrfixit, fiat money systems are largely based on perception, as the real value of our cash is nothing more than the paper it’s printed on. It really doesn’t matter what bailout plan the government passes. It could be a piece of paper with rainbows drawn by third graders on it — if it restored the confidence in the dollar and in the financial markets, it would work just fine.

Trust but verify is what makes our system go. Trust that the dollar will be worth something tomorrow, trust that when you loan someone money you’ll get it back. The verify part is the interest you charge. Since trust is running in short supply, expect to see the verify part rearing its ugly head — commercial paper is down, and still falling, while the “cost” of that commercial paper (interest) is rapidly rising. Hence, it’s harder for businesses to have access to the “capital” part of capitalism. Makes it tough.

k2aggie07 on September 30, 2008 at 8:55 PM

AP….

Ditch the broker and self direct. If your broker was any good, he/she would have YOU on speed dial.

And I’m not buying your meager account status claim. Some always trumps none.

swami on September 30, 2008 at 8:55 PM

But I’ll let you get back to congratulating yourselves. And to be honest, I hope you’re right. FWIW, Forbes is on my side now. As is Newt. I’m waiting for Rush to swing over.

k2aggie07 on September 30, 2008 at 8:51 PM

Pity I don’t take marching orders from any of the above and I and people like me are the money engine behind the GOP. Forbes is part of the problem not the solution if he can’t see where his class screwed the pooch because they lacked the honesty to go to the Hill when the GOP was playing little Dutch Boy and say “FM/FM is screwing risk valuation and we think they may be kiting high risk behind their 7.5% advantage”. I’ll cry for the megarich when they tell SanFranNan to get off her ass and passa real energy policy.

sven10077 on September 30, 2008 at 9:03 PM

Then they trot you out into the paddies and wrap a plastic bag over your head.

Bishop on September 30, 2008 at 8:53 PM

That’s why we’ll be in Texas, Mexico, or the hills if it comes to that….there are 3.5 guns for every man woman and child in this nation…if they think they’ll get ‘em all “come take ‘em”

sven10077 on September 30, 2008 at 9:04 PM

No k2, the verify part of trust but verify is the credit check they used to do before they loaned the money.

Vince on September 30, 2008 at 9:08 PM

good anti-Paulson plan post over at NRO, of all places. Maybe Andy McCarthy won’t be so lonely any more

http://corner.nationalreview.com/post/?q=YjQyNmY0ODgxZDZiN2YzN2E2OTkzMzU4NGZkY2JhYzY=

funky chicken on September 30, 2008 at 9:09 PM

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