�
 |
|
 |
|
|
| The Economy - Goto page Previous 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 Next |
| View previous topic
:: View next topic |
Trixie
 Posted:
Sat Sep 27, 2008 11:38 pm |
|
|
|
| gwen wrote: | | On CNN now - it looks like they have some kind of agreement. They all are patting themselves on the back for their patience and saying that they will have something on paper tomorrow... |
LOL, Gwen, I was just watching that. Laughing and patting themselves on the back.
|
|
Joined: 23 Mar 2006
Posts: 6704
|
|
|
 |
 |
 |
|
| gwen
Posted:
Sat Sep 27, 2008 11:40 pm |
|
|
|
| Trixie wrote: |
LOL, Gwen, I was just watching that. Laughing and patting themselves on the back. |
Poor things looked like they were all just worn out! 
Can't wait to hear what the breakthough idea was... 
|
|
AKA Gagal_05
Joined: 24 Feb 2007
Posts: 14482
|
|
|
|
|
|
|
| woebedamned
Posted:
Sat Sep 27, 2008 11:42 pm |
|
|
|
| gwen wrote: |
Poor things looked like they were all just worn out!
Can't wait to hear what the breakthough idea was... |
delete
Last edited by woebedamned on Mon Sep 29, 2008 5:59 pm; edited 1 time in total
|
|
Damn it All!!!!
Joined: 15 Aug 2006
Posts: 6287
Location: pathetic joke of an American, bitter, gun clinging, God loving, racist cracker
|
|
|
|
|
|
|
| Trixie
Posted:
Sat Sep 27, 2008 11:42 pm |
|
|
|
| gwen wrote: |
Poor things looked like they were all just worn out!
Can't wait to hear what the breakthough idea was... |
Me, too, that is if they still agree after they put it on paper.
|
|
Joined: 23 Mar 2006
Posts: 6704
|
|
|
|
|
|
|
| gwen
Posted:
Sat Sep 27, 2008 11:43 pm |
|
|
|
| woebedamned wrote: |
I'm more interested in those tiny little details they wont be so quick to announce. |
Most definitely..
|
|
AKA Gagal_05
Joined: 24 Feb 2007
Posts: 14482
|
|
|
|
|
|
|
| gwen
Posted:
Sat Sep 27, 2008 11:45 pm |
|
|
|
| Trixie wrote: |
Me, too, that is if they still agree after they put it on paper. |
Yep...scary to think that these people who looked about half dead have the country's economic future in their hands...
|
|
AKA Gagal_05
Joined: 24 Feb 2007
Posts: 14482
|
|
|
|
|
|
|
| CancunMole
Posted:
Sun Sep 28, 2008 12:02 am |
|
|
|
| Trixie wrote: | Well, so far we have deregulated the savings & loans, energy (as in the Enron loophole) and then banking. We, Dems, Rep, and Ind, should have learned our lesson.
Dugo, just on CNN, Congress has Warren Buffet on a conference call with for advice. They are trying to get a deal before the Asian markets open tomorrow night.
None of the options are good. What do you think is the best (least harmful) action that can be taken? |
Please don't forget the deregulation of the airline industry (google Alfred E. Kahn) and the mess we are in now with that means of transport!!!!
|
|
Joined: 24 Mar 2006
Posts: 1868
|
|
|
|
|
|
|
| dugo
Posted:
Sun Sep 28, 2008 6:33 am |
|
|
|
| Trixie wrote: | Well, so far we have deregulated the savings & loans, energy (as in the Enron loophole) and then banking. We, Dems, Rep, and Ind, should have learned our lesson.
Dugo, just on CNN, Congress has Warren Buffet on a conference call with for advice. They are trying to get a deal before the Asian markets open tomorrow night.
None of the options are good. What do you think is the best (least harmful) action that can be taken? |
No idea what warren said, just woke up .. lol.
Yeah, you can't make any kind of this corporate socialism look good, now, is it? There is some things these politicians can't say out loud because it would make the usa look like scammer or otherwise make look bad. I can, lol.
As for timelines, working in the weekend gives you some air because the markets are closed, but next week it is going to be hard to accomplish much anyway due to the jewish holidays.
Spending more money than you have is the name of the game.
Greenspan made you do it by dropping interest rates to 1%, the banks were allowed to give out mortgages left right and center. The banks could fund this by making the mortgages look good on their balance. The mortgages were bundeled in MBS, mortgage backed securitys. They could trade these mortgages too.
So domestic and foreign investors were willing to fund this, happy with the idea that if the issuer would fail, at least there was a way to recoup some losses by becomming the owner of american property.
But that would be bad right!? That would be really bad, just because americans can't pay their mortgages that shouldn't mean that friggin' foreigners actually become owners of american property, right!? You want to use it to borrow money again! Wah, lawl at stupid foreigners actually thinking they had collateral.
So whatever plan they'll come up with is going to have the following element. They are going to prevent these MBSs to fall into foreign hands for a dime on the dollar. This can be done several ways. Both dems and repubs are going to get their shots at making the plan look good to their voters. The socialists might get something in against the exhorbitant self-enrichment these ceo's are known for, etc..
700bln is a lot of money, about 5% of what US produces a year, so forking this over all at once is going to take the federal government down too, so there should be some elements in the plan to prevent that from happening, you will have to make the investors that put money in these companys bleed, bleed hard. Get some part of the assets, become patial owner by getting equity in the form of warrants..
If the US wants to play it square they'll just let the banks collapse and protect a few so you will safe the infrastructure of a working financial system. But they can't do that. That would be taking resonsibility, hah!
|
|
Dashing Dutch Dynamo Dude
Joined: 12 Apr 2006
Posts: 6032
Location: L4L
|
|
|
|
|
|
|
| dugo
Posted:
Sun Sep 28, 2008 6:33 am |
|
|
|
dupe
|
|
Dashing Dutch Dynamo Dude
Joined: 12 Apr 2006
Posts: 6032
Location: L4L
|
|
|
|
|
|
|
| Trixie
Posted:
Sun Sep 28, 2008 11:25 am |
|
|
|
| dugo wrote: | | Trixie wrote: | Well, so far we have deregulated the savings & loans, energy (as in the Enron loophole) and then banking. We, Dems, Rep, and Ind, should have learned our lesson.
Dugo, just on CNN, Congress has Warren Buffet on a conference call with for advice. They are trying to get a deal before the Asian markets open tomorrow night.
None of the options are good. What do you think is the best (least harmful) action that can be taken? |
No idea what warren said, just woke up .. lol.
Yeah, you can't make any kind of this corporate socialism look good, now, is it? There is some things these politicians can't say out loud because it would make the usa look like scammer or otherwise make look bad. I can, lol.
As for timelines, working in the weekend gives you some air because the markets are closed, but next week it is going to be hard to accomplish much anyway due to the jewish holidays.
Spending more money than you have is the name of the game.
Greenspan made you do it by dropping interest rates to 1%, the banks were allowed to give out mortgages left right and center. The banks could fund this by making the mortgages look good on their balance. The mortgages were bundeled in MBS, mortgage backed securitys. They could trade these mortgages too.
So domestic and foreign investors were willing to fund this, happy with the idea that if the issuer would fail, at least there was a way to recoup some losses by becomming the owner of american property.
But that would be bad right!? That would be really bad, just because americans can't pay their mortgages that shouldn't mean that friggin' foreigners actually become owners of american property, right!? You want to use it to borrow money again! Wah, lawl at stupid foreigners actually thinking they had collateral.
So whatever plan they'll come up with is going to have the following element. They are going to prevent these MBSs to fall into foreign hands for a dime on the dollar. This can be done several ways. Both dems and repubs are going to get their shots at making the plan look good to their voters. The socialists might get something in against the exhorbitant self-enrichment these ceo's are known for, etc..
700bln is a lot of money, about 5% of what US produces a year, so forking this over all at once is going to take the federal government down too, so there should be some elements in the plan to prevent that from happening, you will have to make the investors that put money in these companys bleed, bleed hard. Get some part of the assets, become patial owner by getting equity in the form of warrants..
If the US wants to play it square they'll just let the banks collapse and protect a few so you will safe the infrastructure of a working financial system. But they can't do that. That would be taking resonsibility, hah! |
Sometime around NOON, Congress is going to put the bailout bill online (which is unprecedented). We will get to look at it line by line.
I am anxious to see if we (the tax payers) are going to be buying only the bad debt or are we going to be getting assets with these distressed companies, too. Getting the assets and then re-selling them to the private sector and returning that money back to the taxpayers would at least be a more likely return than to hold a bunch of bad debt for years and years waiting for it to become worth something to sell.
Also, are we going to get regulation back? Knowing the Enron loophole is stil available and that credit derivatives had no regulation at all is mind boggling. It's what made the real money people billions and the failure of the system to regulate credit derivatives is what brought the powerhouses on Wall Street down, which is what we are about to have to pay for. duh!
Oh, and I don't want to forget CEO compensation and golden parachutes. 
I am pissed. I am just like Cancun Mole, only about 5 years behind. We did all the right things. We worked hard, raised and educated two great kids, and prepared for retirement. After all that, looks like now we are going to have to pay for 1. people who got mortgages they couldn't afford, 2. businesses that made billions giving those mortgages, 3. conglomerates that packaged those mortgages and sold them on the open market and finally 4. the branches of companies such as AIG that sold stop-loss insurance for those packages of bad mortgages without actually being a real insurance company that are requird to have assets set aside in case they might actually have to pay out as insurance companies do.
News update, the bill that was supposed to be online by noon is still not ready. All they will say is it will be sometime later this afternoon. It's now over 100 pages.
|
|
Joined: 23 Mar 2006
Posts: 6704
|
|
|
|
|
|
|
| gwen
Posted:
Sun Sep 28, 2008 2:06 pm |
|
|
|
As Negotiators Struck Bailout Deal, McCain Dined At Opulent DC Hotel
Update (10:40AM): It turns out Politico got the wrong restaurant (but right hotel) in its original post. They had initially said McCain dined at CityZen at the Mandarin Oriental Hotel. Instead, McCain dined at Cafe Mozu, another restaurant inside the hotel. The Washingtonian describes it as "sophisticated pan-Asian at the opulent Mandarin Oriental Hotel."
Original post (see update): So lawmakers struck a deal on the bailout last night, but where was John McCain?
Was he part of the negotiations that he rushed back to Washington, DC to rescue? Was he valiantly battling the forces of the status quo to get something done for Main Street?
Well, it turns out that he wasn't. Instead, he indulged in a luxury dining experience at CityZen, an icon of haute cuisine in Washington, DC.
Politico reports (update: Politico has updated the article and removed the reference to McCain's dinner, but as you can see in this Google search, the reference was there in the original article):
As his colleagues worked on the deal at the Capitol Saturday night, McCain and his wife, Cindy, dined with Sen. Joe Lieberman and his wife, Hadassah, at CityZen, one of Washington's best restaurants.
No word on exactly what McCain ate at CityZen (which boasts an 800-bottle wine selection), but there's a limited range of possibilities, according to the establishment's menu.
Three menus are offered: a three-course prix fixe menu, a six-course chef's tasting menu or a vegetarian tasting menu.
The six course meal costs $110, with an optional "Sommelier's Pairing" for $75.
http://www.huffingtonpost.com/2008/09/28/as-negotiators-struck-bai_n_129989.html
|
|
AKA Gagal_05
Joined: 24 Feb 2007
Posts: 14482
|
|
|
|
|
|
|
| Trixie
Posted:
Sun Sep 28, 2008 2:22 pm |
|
|
|
CNN is reading parts of the bailout plan. Has anybody found it online yet?
ETA: It's gone from 3 to 106 pages now.
|
|
Joined: 23 Mar 2006
Posts: 6704
|
|
|
|
|
|
|
| gwen
Posted:
Sun Sep 28, 2008 2:26 pm |
|
|
|
| Trixie wrote: | CNN is reading parts of the bailout plan. Has anybody found it online yet?
ETA: It's gone from 3 to 106 pages now. |
http://money.cnn.com/2008/09/28/news/pdf/firstdraft.pdf
|
|
AKA Gagal_05
Joined: 24 Feb 2007
Posts: 14482
|
|
|
|
|
|
|
| Trixie
Posted:
Sun Sep 28, 2008 2:27 pm |
|
|
|
Here it is:
http://money.cnn.com/2008/09/28/news/pdf/firstdraft.pdf
ETA:
LOL, you are fast, Gwen! 
I wish we could we and understand it that fast!
|
|
Joined: 23 Mar 2006
Posts: 6704
|
|
|
|
|
|
|
| pax
Posted:
Sun Sep 28, 2008 9:01 pm |
|
|
|
Thanks gwen and trixie.
|
|
Joined: 23 Mar 2006
Posts: 16089
Location: Wish You Were Here
|
|
|
|
|
|
|
| AC
Posted:
Mon Sep 29, 2008 12:30 pm |
|
|
|
http://www.youtube.com/watch?v=_MGT_cSi7Rs
Thought I would share:
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
|
|
Joined: 02 Apr 2006
Posts: 3935
|
|
|
|
|
|
|
| Sultan
Posted:
Mon Sep 29, 2008 1:18 pm |
|
|
|
| AC wrote: | http://www.youtube.com/watch?v=_MGT_cSi7Rs
Thought I would share:
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis |
HAHAHAHA, Those damn demo's they screwed everything up and blamed it on the republicans.
|
|
Swinging the Ladies
Joined: 27 Mar 2006
Posts: 2354
|
|
|
|
|
|
|
| AC
Posted:
Mon Sep 29, 2008 1:29 pm |
|
|
|
| Sultan wrote: |
HAHAHAHA, Those damn demo's they screwed everything up and blamed it on the republicans. |
Yes....doesn't that just tick you off?
|
|
Joined: 02 Apr 2006
Posts: 3935
|
|
|
|
|
|
|
| Need2Know
Posted:
Mon Sep 29, 2008 1:32 pm |
|
|
|
| AC wrote: |
Yes....doesn't that just tick you off? |
JUST IN:
The rescue package bill failed on the House floor. Those voting were more afraid of losing the election than stabilizing the economy.
By JULIE HIRSCHFELD DAVIS, Associated Press Writer
1 minute ago
WASHINGTON - The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.
ADVERTISEMENT
Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.
When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle.
Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home.
The overriding question for congressional leaders was what to do next. Congress has been trying to adjourn so that its members can go out and campaign. And with only five weeks left until Election Day, there was no clear indication of whether the leadership would keep them in Washington. Leaders were huddling after the vote to figure out their next steps.
A White House spokesman said that President Bush was "very disappointed."
"There's no question that the country is facing a difficult crisis that needs to be addressed," Tony Fratto told reporters. He said the president will be meeting with members of his team later in the day "to determine next steps."
Monday's mind-numbing vote had been preceded by unusually aggressive White House lobbying, and spokesman Tony Fratto said that Bush had used a "call list" of people he wanted to persuade to vote yes as late as just a short time before the vote.
Lawmakers shouted news of the plummeting Dow Jones average as lawmakers crowded on the House floor during the drawn-out and tense call of the roll, which dragged on for roughly 40 minutes as leaders on both sides scrambled to corral enough of their rank-and-file members to support the deeply unpopular measure.
They found only two.
Bush and his economic advisers, as well as congressional leaders in both parties had argued the plan was vital to insulating ordinary Americans from the effects of Wall Street's bad bets. The version that was up for vote Monday was the product of marathon closed-door negotiations on Capitol Hill over the weekend.
"We're all worried about losing our jobs," Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. "Most of us say, 'I want this thing to pass, but I want you to vote for it — not me.' "
With their dire warnings of impending economic doom and their sweeping request for unprecedented sums of money and authority to bail out cash-starved financial firms, Bush and his economic chiefs have focused the attention of world markets on Congress, Ryan added.
"We're in this moment, and if we fail to do the right thing, Heaven help us," he said.
The legislation the administration promoted would have allowed the government to buy bad mortgages and other rotten assets held by troubled banks and financial institutions. Getting those debts off their books should bolster those companies' balance sheets, making them more inclined to lend and easing one of the biggest choke points in the credit crisis. If the plan worked, the thinking went, it would help lift a major weight off the national economy that is already sputtering.
The fear in the financial markets send the Dow Jones industrials cascading down by as over 700 points at one juncture. As the vote was shown on TV, stocks plunged and investors fled to the safety of the credit markets, worrying that the financial system would keep sinking under the weight of failed mortgage debt.
A White House spokesman said that President Bush was "very disappointed."
"There's no question that the country is facing a difficult crisis that needs to be addressed," Tony Fratto told reporters. He said the president will be meeting with members of his team later in the day "to determine next steps."
|
|
N2K
Joined: 06 Jul 2006
Posts: 8941
|
|
|
|
|
|
|
| AC
Posted:
Mon Sep 29, 2008 1:48 pm |
|
|
|
Thanks, N2K.....I didn't know!
|
|
Joined: 02 Apr 2006
Posts: 3935
|
|
|
|
|
|
|
| Fashionista
Posted:
Mon Sep 29, 2008 2:48 pm |
|
|
|
Treasury vows to protect financial markets
By MARTIN CRUTSINGER (AP Economics Writer)
From Associated Press
September 29, 2008 2:13 PM EDT
WASHINGTON - A Treasury Department official says Treasury Secretary Henry Paulson will do all he can to protect the financial markets and the economy after the House rejected a proposed $700 billion rescue bill for the financial system.
Treasury spokeswoman Michel Davis said Monday Paulson would be consulting with President Bush, Federal Reserve Chairman Ben Bernanke and congressional leaders on what next steps to take.
Stocks have plunged and investors have fled to the relative safety of Treasury bonds after the vote.
The Associated Press.
.
|
|
Homeland Security - Refugee Staff
Joined: 23 Mar 2006
Posts: 5213
Location: REFSTAGON
|
|
|
|
|
|
|
| Need2Know
Posted:
Mon Sep 29, 2008 3:37 pm |
|
|
|
From CNN Money
How we got here: It's housing, stupid
The Wall Street crisis has been caused by plunging housing prices. So despite the billions of dollars being thrown at the problem, experts say more trouble lies ahead.
NEW YORK (CNNMoney.com) -- The nation's financial system is in the midst of a massive shakeup and many on Wall Street and in Washington are pointing fingers and looking for someone to blame.
But in the end, it all comes back to one issue - housing.
Earlier this decade, it was much easier to get a mortgage. Home prices soared about 85% from 1996 through 2006 in inflation-adjusted dollars, creating a bubble.
Then the bubble popped. And the fallout isn't over yet, experts say.
In the past two weeks, the government took over Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), Lehman Brothers (LEH, Fortune 500) filed for bankruptcy and Merrill Lynch (MER, Fortune 500) sold itself to Bank of America (BAC, Fortune 500).
If all that weren't enough, the Federal Reserve announced late Tuesday night that it was loaning $85 billion to insurer American International Group (AIG, Fortune 500).
None of this would have happened if the housing market had not imploded, leaving all these firms with staggering losses from their investments tied to mortgages.
"These institutions, which weathered all kinds of calamities before, including depressions, are being knocked out," said Lakshman Achuthan, the managing director of the Economic Cycle Research Institute. "It's a testament to the significance of the problem we have here."
Thus, experts agree that there are likely to be future shocks to the financial system until the housing market finally hits bottom.
Even Treasury Secretary Henry Paulson, the administration's point man in the many rescue discussions of the past month, admits this.
"The housing correction poses the biggest risk to our economy," Paulson said the day he announced the Fannie and Freddie seizure. "Our economy and our markets will not recover until the bulk of this housing correction is behind us."
The problem of falling home prices
But because of the depth of the housing problems, it may take a long time before real estate prices head higher again. Here's why.
Home prices, while sharply off from the 2006 peaks, are still high in comparison to long-term gains in income, rents or overall prices, suggesting that they still have a way to fall, according to experts.
The reason housing is wreaking havoc even on insurers like AIG and big investment banks, who do not make mortgage loans, is that during the boom, trillions of dollars of mortgages were packaged together into securities that promised to pay investors with the proceeds of those loan payments.
Those securities paid better rates than other types of assets during the boom years. So many investors from around the globe poured as much money as they could into those securities.
Faced with this demand, lenders starting making more loans to riskier borrowers, including people who might not be able to afford their mortgage payments in the future and even many with no proof of income.
When prices were rising, this wasn't a problem. The risk of loan foreclosure or default was limited because many homeowners were able to sell their house for more than they owed and make a profit.
But once prices topped out and began falling, loan defaults and foreclosures started shooting higher as homeowners found it more difficult to sell their house. This created problems not just for subprime borrowers but even for those with good credit and income.
When foreclosures rose, the value of the various types of securities tied to mortgages started to fall, causing huge losses up and down Wall Street. It also made banks less eager to extend credit because of the risks involved.
A downward spiral
This credit crunch in of itself slowed the economy, leading to job losses and more defaults, feeding a downward spiral that has been difficult to stop.
"A really bad situation -- a home price bubble bursting -- was made significantly worse when the recession began," said Achuthan. "Now we have to let this thing play out."
Some experts even argue that the steps being taken to rescue firms like AIG could make a recovery in housing and the broader economy more difficult, as financial firms and investors become more reluctant to lend money.
"We are certainly taking credit and squeezing it tighter and tighter," said Kevin Giddis, managing director of investment bank Morgan Keegan. "Housing needs buyers. Buyers need credit."
Achuthan said that even though rates for mortgages and other types of loans have fallen in the last two weeks, those loans are becoming more difficult for many consumers and businesses to get because banks are severely tightening their lending standards.
And if housing prices do fall further, that will only cause more losses in the financial sector and perhaps more failures of banks, insurers and securities firms.
"I would hesitate to say the worst is behind us," Achuthan said.
So even with perhaps hundreds of billions of tax dollars going to AIG, Fannie and Freddie, one expert said the only real solution to the housing problem is for the correction in housing to finish running its course.
"We want home prices to return to normal," said Barry Ritholtz, CEO of Fusion IQ and author of the upcoming book "Bailout Nation."
"Until that happens, you can throw as much money at the market as you want at the situation....and it ain't going to make any difference," Ritholtz said.
|
|
N2K
Joined: 06 Jul 2006
Posts: 8941
|
|
|
|
|
|
|
| Need2Know
Posted:
Tue Sep 30, 2008 10:26 am |
|
|
|
NEW YORK (CNN) -- CNN's Lou Dobbs is no fan of the $700 billion bailout plan that went down to defeat in the U.S. House of Representatives on Monday. He spoke with Kiran Chetry of CNN's "American Morning" on Tuesday about how he thinks there are better ways to solve the financial problems plaguing the U.S. economy.
Lou Dobbs: Americans "don't want to hear this nonsense about $700 billion to bail out financial institutions."
Kiran Chetry, CNN anchor: CNN's Lou Dobbs joins us this morning from Suffolk, New Jersey. You expressed delight I guess you could say, at the fact that it did go down yesterday in defeat. We saw the largest point-drop on Wall Street ever.
What happens now?
Lou Dobbs, CNN host of "Lou Dobbs Tonight": Well, what happens now is that it sounds like the same fools who brought you this effort are going to try again.
Henry Paulson saying he's going to come right back, suggests he's not learning. And he's not paying attention to the Congress. These Congress people are all at home in their home districts, nearly every one of them and they're hearing an earful. The American people don't want to hear this nonsense about $700 billion to bail out financial institutions. Frankly, Kiran, they don't need it.
Economist after economist, with whom I've spoken, CEOs, they acknowledge that there are far better ways to deal with the issues confronting our financial system than this bailout. And it's absolutely obscenely irresponsible of House Speaker [Nancy] Pelosi, Treasury Secretary [Henry] Paulson, President Bush, Sen. Harry Reid, the leader of the Senate; for these people to be clucking about like hysterical -- so hysterically. It really must stop. And to hear there -- go ahead.
Chetry: I was just going to ask you --
Dobbs: Go ahead.
Chetry: You say that there's other ways around this. One of the things that everyone keeps talking about is the fact that credit markets are frozen and there has to be some way to free that up so that everyday business from Wall Street to Main Street can continue.
Do you buy that?
Dobbs: No, not at all. And neither do most of the CEOs and economists with whom I'm speaking certainly. The real issue, they say, is liquidity. The Fed has injected more than half a billion dollars in liquidity into this banking system.
Don't Miss
CNN/Money: Bush urges Congress to take action
Bitter finger-pointing after bailout bill fails
CNN/Money: Why the bailout bombed
What we are watching are business -- quote, unquote -- leaders who won't surface and put their faces before the American public who are hysterical. Absolutely hysterical. These are not leaders of moment. They are not leaders of great character or vision. Only Warren Buffett has had the courage to step forward. And that's after he puts $5 billion into Goldman Sachs.
To watch our political leaders, they have no idea in the world, Kiran, what they're doing. Literally. And the arrogance with which this administration asks for, not only money, almost $1 trillion, and surely more in the months ahead. But the absolute power for Treasury Secretary Paulson. Give me a break. The American people want this stopped. Those Congressmen and women at home right now, in their districts, are getting an earful because this is an absurdity and it has to end.
Chetry: So in one way, you're knocking Congress. But on the other way you're saying that, I guess the system works in that the brakes were pulled. Whether or not you agree with the reasons why it didn't go through. So, weren't they doing their job and showing leadership?
Dobbs: Let me be clear, Kiran. I'm saying leadership -- I'm saying the Democratic leadership of this Congress was absolutely in the same situation as this president.
They don't know what they're talking about. They're trying to ram this thing down the people's throats and Congress. And those House Republicans and House Democrats who voted against this bailout deserve a great, great expression of thanks from the American people. Absolutely.
Chetry: What do you think if you were up there making decisions? What do you think we need to do?
Dobbs: Well, the first thing we need to do is return to a traditional role of regulation. ... The problem here is not simply the housing market. ... But $700 billion and nothing in that bill deals with the foreclosure crisis, if you can imagine that. That's arrogance. That's stupidity. That is your leadership in Washington, D.C. Democratic leadership in Congress and Republican leadership in the White House.
So that's an absurdity. The first thing that has to be dealt with is mitigating the foreclosure crisis, period. Secondly, in terms of instilling confidence in the banking system and in our credit markets, the first thing to do is to deal with those institutions that are wildly out of balance, whose balance sheets, frankly, are a joke. And the regulators who should have been tending to them over the years are also a joke.
It's time to end the joke. That means aggressive regulation. It means aggressive intervention on an institution-by-institution basis.
Chetry: All right. Well, they're going to take this up again today, or throughout the week as they try to figure out what the best course of action is. Maybe they should listen to you a little bit more.
Dobbs: They'll be back Thursday.
Chetry: Right.
Dobbs: They'll be back Thursday to try this nonsense all over again, Kiran.
|
|
N2K
Joined: 06 Jul 2006
Posts: 8941
|
|
|
|
|
|
|
| dugo
Posted:
Tue Sep 30, 2008 5:27 pm |
|
|
|
| AC wrote: | http://www.youtube.com/watch?v=_MGT_cSi7Rs
Thought I would share:
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis |
Don't want to rain on anyones party bashing parade, but this stuff is far wider than just fannie and freddie + democrats.
|
|
Dashing Dutch Dynamo Dude
Joined: 12 Apr 2006
Posts: 6032
Location: L4L
|
|
|
|
|
|
|
| AC
Posted:
Tue Sep 30, 2008 5:30 pm |
|
|
|
[quote="dugo"]
Dugo.....I believe you are right!
|
|
Joined: 02 Apr 2006
Posts: 3935
|
|
|
|
|
|
|
|
|
|
|
|
 |
|
 |
 
|
The Refugees Unleashed Forum Index
-> News U.S. Canadian, Dutch and worldwide |
All times are GMT - 5 Hours
Goto page Previous 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 Next
|
| Page 7 of 10 |
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
|
�
Jasidogdotcom template v.1.0.4 © jasidog.com
Powered by phpBB
© 2001, 2004 phpBB Group
|
