Interesting read on the financial meltdown and it's roots.

http://www.dailykos.com/storyonly/2008/9/21/9322/74248/245/602838

We need to put some lead in the bouncing balls so they flatten McCain, Graham, and Greenspan.

The real scary thing is McCain now says he is pausing his campaign so he can concentrate on the bailout. If his past is any indication of future outcomes, I say that McCain will just add lubricant to the suppository being jammed at the tax payers.

McCain and Graham are back 20+ years after the S&L mess to screw us again. And wasn't Neil Bush, brother of our president also a big part of that mess? Now another Bush wants us to bailout his buddies on Wall Street.

Could this be just another ploy by the GOP to influence another vote. If you recall the '02 and '04 elections were modified by the "alert" level changing. Everytime Bush and Co. took a downturn in the polls the alert level would increase. In 2004 it was well documented that the alert level "crisis" was being used politically.

I bet very few people know or care what today's alert level is.

Honestly, If you are a hardcore Conservative you will have to say that these companies must fail. Bailing them out is socialist and against the tenets of a Capitalistic society.

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In a rich man's house there is no place to spit but his face.
Diogenes Of Sinope

Could this be just another ploy by the GOP to influence another vote. If you recall the '02 and '04 elections were modified by the "alert" level changing. Everytime Bush and Co. took a downturn in the polls the alert level would increase. In 2004 it was well documented that the alert level "crisis" was being used politically.

I bet very few people know or care what today's alert level is.

Honestly, If you are a hardcore Conservative you will have to say that these companies must fail. Bailing them out is socialist and against the tenets of a Capitalistic society.

You're right.

We don't want them bailed out, we want them to be able to repossess the assets of those who have defaulted on their loans.

Funny how you'd rather see a company fail than admit this welfare BS is a bad idea that's crumbling right before our eyes.

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out of way, depression coming

To keep up morale see the following from Network World:
Network World
Tullio

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I like this quote from tullio's link.

It's time to face facts: when our government is spending $700 billion to take junk off of Wall Street balance sheets, our system has failed pretty spectacularly. For those of you who are understandably inclined to think that life on this planet is basically doomed in the wake of the financial meltdown, $700 billion could buy you 400 space shuttles to move your family, friends and business partners to another planet to start civilization over again.

I wonder if 700 billion could terraform Mars.

Right now I have to say the Republicans are resisting the bailout while the Democrates seem to be pushing it. I am disappointed with the Dems. The didn't get the USA out of its stupid wars and now they are caving in to the Bush & Paulson good ole boy bailout.

What gets me is when people blame the poor for causing this. This was caused by three main groups. The banks, the builders and the people make 40K to 300K. When the industry was moved from this country the only thing left holding it up was the housing market. That is not a foundation of an economy. In my opinion it goes Industry>service>retail>luxury. High end housing fits into luxury. Banks started offering crazy arm loans then interest only loans. People took these loans, and in my opinion, should have known better. Then builders only built high end homes. This went along for 8 or so years(2000-2008). Now the rates on those loans are going up or the loan itself is being called in full.

I feel for the home owners. Those who lost their jobs. But I also feel for my friends that put money into saving accounts waiting for this bubble to pop over the last 8 years. Knowing the loans were crazy. Knowing the values were wrong. This group of people did the right thing and are getting screwed in my opinion.

I worry about local governments that collected tax money on these fake over valued houses. I hope they were smart enough to say this is crazy and these values have to come down. Because if they have spent that tax money and took out bonds thinking those values will last fovever they are going to be in trouble.

Chris.

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My opinion. Nobody knows what to do including me. I agree the Dems didn't get us out of the wars. That I don't think can happen without a change in the WH. Be it GOP or DEM.

I think (just my thought) that GOP is grandstanding. Knowing that the bailout will get passed so they are coming out against it to look good. If it was down to the wire my personal bet is that they would support it. Now, in my opinion grandstanding is better than nothing at all. If we do this 700 billion dollar thing I want to make sure that the CEOs don't get a dime for failing. My old boss once got 4 million for a failing company (from stock as it failed). He was a good guy, but once he got rewarded for failure he turned weird. I don't know just could be him, but I think reward for failure causes people to change.

Chris.

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When the industry was moved from this country..

I think that one statement is THE reason we are in trouble. The good jobs for the masses are nearly gone so it is no wonder people have trouble paying on their debt. It is a gloomy picture for sure. I don't see a good future for most of us in the USA. Bailout or no bailout.

I don't see a good future for most of us in the USA.

Knowing that I'm at the top of 'americas most dissident' list, I choose to abandon ship... ;)

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It may not be 1984 but George Orwell sure did see the future . . .

When the industry was moved from this country..

I think that one statement is THE reason we are in trouble. The good jobs for the masses are nearly gone so it is no wonder people have trouble paying on their debt. It is a gloomy picture for sure. I don't see a good future for most of us in the USA. Bailout or no bailout.

That's funny, because if these companies are allowed to fold, Freddie and Fannie are NOT the only two who will lose their job.

but hey, you keep telling yourself liberalism makes sense.

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I read a nice little qoute somewhere. Bailout is what you do when the ship is sinking, Rescue is a mop up operation after the ship has gone under and you are looking for survivors.

Since the politicos are using the term Rescue, I must assume the ship has sunk. :0

Interesting read on the financial meltdown and it's roots.

http://www.dailykos.com/storyonly/2008/9/21/9322/74248/245/602838

Well, interesting if all you want to read is erroneous statements and partisan bias.

For example, the comments concerning Enron and the idea that California deregulated its energy market. It did not deregulate anything. The state just imposed more and different regulations.

In fact, the power companies were forced by law to sell their generation ability (except nuclear power and hydroelectricity). They then had to buy power from the new owners, were not allowed to sign long-term contracts, and no other power companies were allowed to sell power to the state.

Which, of course, meant the state had no choice but to deal with the likes of Enron--because the gov't used force to prevent anyone else from selling power to Californians. Which, of course, isn't a free market, and isn't deregulation.

It is not "deregulation" to force a company to sell it's power generation capability. It's just more gov't regulation and meddling.

A much more accurate description without all the Barbra Streisand:

http://freakonomics.blogs.nytimes.com/2008/09/18/diamond-and-kashyap-on-the-recent-financial-upheavals/

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Cordially,
Rush

elrushbo2@theobviousgmail.com
Remove the obvious...

Now another Bush wants us to bailout his buddies on Wall Street.

It's just more gov't meddling. You seem to love that stuff.

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Cordially,
Rush

elrushbo2@theobviousgmail.com
Remove the obvious...

I think just about everything I posted recently has been very AGAINST gov. meddling to bailout Wall Street. Enough said.

I read your (Rush) link to a New York Times piece. I was amazed that it was not an attack on the Dems. It was actually sensible and seeming factual. I was expecting the worst...

I think just about everything I posted recently has been very AGAINST gov. meddling to bailout Wall Street. Enough said.

The key term there is "posted recently."

I read your (Rush) link to a New York Times piece. I was amazed that it was not an attack on the Dems. It was actually sensible and seeming factual. I was expecting the worst...

I don't single out the Democrats or the Republicans because they are both, as a rule, equally culpable in the simply idiotic policies that directly cause this sort of crap.

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Cordially,
Rush

elrushbo2@theobviousgmail.com
Remove the obvious...

market are in chaos, not the first time, and will be again, with or without government.
( and now they are because gov´t was not meddling )