Home > Jay Bookman > Archives > 2008 > September > 21 > Entry
DEL.ICIO.USThe price of a $700 billion bailout
The Atlanta Journal-Constitution
Congress is grimly sorting through the details — the few details that are available — of the extraordinary $700 billion Wall Street bailout proposed by the Bush administration.
Some Democrats, including House Speaker Nancy Pelosi, have suggested attaching a second economic stimulus package to the must-pass bill, but that’s a bad idea. There’s no evidence the previous stimulus effort had much impact, and the package is expensive enough already.
It’ll also be interesting to see how many Republicans showboat by voting against the package, retaining their ideological purity while letting other people do the responsible thing in a crisis.
However, basic fairness and a sense of proportion do require that the bailout include programs to help keep mortgage holders in their homes and to limit the pay of CEOs whose corporations take part in the bailout. There’s a lot of anger — justified anger — at those “masters of the universe” who helped steer us into this mess. They should be given no choice but to share in the sacrifice.
Some of that anger is reflected in this leaked email from an unidentified Democratic congressman (Warning: Words are used at this link that are not family friendly and will not appear on this blog).
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Comments
By Silly Me
September 21, 2008 2:54 PM | Link to this
Anyone who believes that this bailout will cost less than 1.5 quint-quadrillion dollars is a fool.
But it’s Sunday, and time 4….
The Forgotton Sermon
By the Forgotten Messiah
Today’s sermon is about revenge: Don’t. Forgive instead. B quick 2 4give.
B quick 2 4give. You don’t know all the facts. You could be the wronging party.
Look at the AIG bailout. Congress must forgive the corrupt, the bankrupt, and the abruptly inept. They must look past the Liar Loans, the Ninja Loans, the Pirate Loans, and the people at every level of the transaction who committed and then fell victim to their own fraud, perjury, deception, and greed. Confess, America, and for your penance, you must say “no” to two credit card offers, three no- money-down auto leases, and then drive past 5 ATM machines without withdrawing any cash. Now go and sign no more.
B quick 2 4give. History is full of unnecessary revenge.
Look at the Garden of Eden. The snake could simply have been a grocer trying to market the apple. He going to say whatever it takes to sell that apple. “Oh, you’ll be a genius if you eat this apple, you wont die, au contraire mon frere, an apple a day keeps the doctor away. It’s good for you.” Forgive the snake, even if he offered terms or discount coupons to Eve.
The snake could also have been a student who was trying to impress his teacher, Eve. Eve was the first snake whisperer, perhaps.
Forgive the snake, even though Christian lore has the Virgin Mary crushing the snake with her heel at some point in the ecclesiastical fulfillments of supernatural prophesy… I guess she couldn’t forgive the snake. Perhaps Mary was the first dog(ma) whisperer. (sorry).
No, my brethren, in a word, B quick 2 4give.
By getalife
September 21, 2008 3:01 PM | Link to this
Who wrote that?
Kucinich? The only one with spine.
Anyhoo, Dodd and Kyl came out of the meeting using the same talking points with all in the meeting.
Its a done deal in the Senate.
Why the rush Jay?
The markets are fine.
Same ole crap. Stinks to high heaven.
By RW-(the original)
September 21, 2008 3:13 PM | Link to this
Typical Democrat needing somebody to hold someone so he can beat him up.
By AJC/DNC Management
September 21, 2008 3:19 PM | Link to this
When are one of you kook dimocrats going to cuss out Klinton, who started this whole mess?
Or is it too hard to understand?
Using extortion and race baiting blackmail to force the lenders to give mortgages to areas and buyers that they had previously “redlined.”
Who do you think has been defaulting on these loans, the upper middle class?
By getalife
September 21, 2008 3:26 PM | Link to this
Back to ole reliable huh Andy.
Gramm and McLiar, the deregulation leaders are innocent right Andy?
By Paul
September 21, 2008 3:27 PM | Link to this
[[It’ll also be interesting to see how many Republicans showboat by voting against the package, retaining their ideological purity while letting other people do the responsible thing in a crisis.]]
Isn’t that what many conservatives here criticize McCain for - not maintaining Republican ideological purity and bucking the power system? And what Democrats deride to as ‘flip flop’?
So the Republican preaching ‘change’ continues to get lambasted for providing yet another example of change from his party, while the Democratic nominee has yet to provide an example of personal change from his party.
Any examples, I’d love to hear ‘em.
By TW
September 21, 2008 3:34 PM | Link to this
Does anbody know where Saxby has posted his proposals for fixing all this? Isn’t it odd, given the roar of his leaderhsip, that he’d be but a whisper on this one?
What if, OMG, what if the $170k/yr we pay him is really more like a donation for drinks and green fees? What if he couldn’t care less about the mess in which we now find ourselves, even though he and his ilk are largely responsible?
Nah…not Saxby. After all, he’s much more a man than those Vietnam Vets we’ve had to choose from…
By @@
September 21, 2008 3:43 PM | Link to this
I agree with you on the second stimulus package jay. I wasn’t a fan of the first by Bush. OBlahMa says the second to come was all his doin’.
Personally I say stick a dollar in Waxman’s slot to see how much change comes out of those HUGE nostrils of his.
Ding ding ding ding ding!!!!! Can’t help but hit the jackpot twice in a row. Just look….
Wax (00) man.
By Gayle
September 21, 2008 3:47 PM | Link to this
Once again, TW, you nailed it.
Obama/Biden ‘08
By @@
September 21, 2008 3:54 PM | Link to this
WhOOps! forgot to include OBlahMa’s message.
“In January, I outlined a plan to help revive our faltering economy, which formed the basis for a bipartisan stimulus package that passed the Congress.”
On second thought it might have been Bush’s that OBlahMa credits himself with. Can’t remember.
I made this one special for you PoliFore:
In January, I outlined a plan to help revive our faltering economy, which formed the basis for a bipartisan stimulus package that passed the Congress.
By getalife
September 21, 2008 3:57 PM | Link to this
Probably mad because it is election time and it looks bad for them. They will rush it thru to get it off the media. The lobbyists will write the bill and we can return to rovian distraction politics like lipstick on a witch hunter.
Which part of broken government do you not understand?
If you think they are going to actually start to solve a problem, I have a bridge in Alaska for sale and will toss in the governor as a well qualified, truthful president.
By Midori
September 21, 2008 4:04 PM | Link to this
hahahahaha
nifty wall street toon
By Conservative Amusements
September 21, 2008 4:06 PM | Link to this
Palin 08: When that call comes at 3am, and it’s Putin, does that mean it’s a booty call?
Obama 08: No booty, just duty.
By Conservative Amusements
September 21, 2008 4:19 PM | Link to this
George Wills said that McCain’s reaction to AIG bailout was “frightening in the extreme”, and he implied that McCain has little support from the Bush Base.
It’s going to be a 65/35 Obama landslide in November.
McCain may fire Palin this week and choose Newt Gingrich instead.
McCain is the loose cannon I’ve been suggesting he is. I merely need to point at his setting fire to an aircraft carrier by clowning around with his jet during Nam, and worse, never apologizing for it.
Obama will be our president, and he’s right for America.
Obama 08: What’s left of America is right for America.
By AJC/DNC Management
September 21, 2008 4:51 PM | Link to this
By getalife September 21, 2008 3:26 PM Back to ole reliable huh Andy.
al-Gitmo: Freaking KKKlintoon was bragging on it:
The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities- and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups(<——-Oblahma), intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.
The truth has been told, sycophants.
By mike hussein smith
September 21, 2008 4:58 PM | Link to this
So who made up that statement for you, management? If it were true, I’d think you’d give the link since it’s SOOOOO
By AJC/DNC Management
September 21, 2008 5:02 PM | Link to this
Here you go, toady.
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities-Winter 2000
Study up.
By mike hussein smith
September 21, 2008 5:06 PM | Link to this
So who made up that statement for you, management? If it were true, I’d think you’d give the link since it’s SOOOOO easy to do.
@@ — Is your reference to Waxman’s nostrils supposed to be a Jewish joke?
By getalife
September 21, 2008 5:06 PM | Link to this
Andy,
At least you mention Gramm, the king of deregulations. Good for you.
They will bailout his interest in UBS too.
Then the car and airlines just like China.
Did you know they call Paulson, Mr. China?
How does it feel to be a pinko? Everything you said you were against, is happening Andy?
Where is your outrage for the gop and Mr. China?
By mike hussein smith
September 21, 2008 5:19 PM | Link to this
Thank you, bad management. Now that I know your statement came from City Journal — which brags of being “the place where Rudy [Giuliani] shops for ideas” — I know exactly what degree of disregard to pay to it.
By getalife
September 21, 2008 5:31 PM | Link to this
Try this one Andy
Pinko.
By ByteMe
September 21, 2008 5:38 PM | Link to this
The problem is one of asset valuation. What’s a foreclosed home worth in, say, Ft. Myers, Florida, where home valuations have been dropping like a rock? If the loan is performing, the asset is full value, but if it’s not, then the asset has a valuation that can only be guessed at. The problem right now is that no one has a good idea what these homes are really worth, since they’re in foreclosure and many are in markets that are seeing a serious price drop.
Banks have to have a clear idea what their loan collateral is worth as well as have a clear idea what non-performing assets are worth. And right now, they don’t have that clarity.
If the Feds buy the assets, it sets a valuation on them as well as provides cash to beef up those banks that need more cash on hand to meet the requirements for cash.
So… as much as I hate the idea of the buyout, if the Feds can establish a clear and reasonable price point for these assets, then that theoretically will stabilize the market.
However, the bailout bill sent to Congress had all of three pages to it, which tells you how short of details it was. Basically, it gave Paulson a blank check and little oversight. Not a good combination, based on this administration’s history. Got Iraq? Not saying Paulson is wrong, but that it’s not going to be his job in 4 months, so I worry about the lack of structural changes that will prevent this from happening again.
The changes being bounced around by Democrats are stupid and shallow. They need to look more thoughtful than what they’re doing.
In exchange for the bailout money, here’s what I’d want:
All derivative securities must be made transparent and regulated. The market for derivatives his many times larger than the stock markets. Right now, trading in those derivatives is unregulated and no one knows who owns what, which is why the full extent of the problem isn’t clearly known.
Recind the SEC exemption for the big-5 (now only 3) trading firms that prevent them from leveraging beyond 11:1 (Bear-Stearns was leveraged somewhere around 33:1, which is why their failure was so spectacular and scary).
Part of the SOX changes required companies to eliminate off-balance-sheet entities where the risk was still tied to the corporate balance sheet. The trading firms seem to have a number of these off-balance-sheet hedge funds that when they get into trouble have to go back to the trading firm to get bailed out. This means the risk wasn’t really off-balance-sheet. How did they get around this rule? Any loopholes need to be closed, so that we have more risk transparency.
The rating companies (Moody’s, S&P) clearly are a joke. There needs to be regulation for these firms that if they cannot adequately assess the true risk behind a security, that they need to fess up or be willing to take on the risk themselves. In other words, why were these bundles of mortgages that included lots of Alt-A and subprime mortgages given AAA ratings? Why aren’t the rating companies taking a hit here when they admit that they really didn’t understand the security, but gave it the rating that was requested?
You do the buyout to stabilize the asset valuation; you add the correct regulations to bring about risk transparency so that the credit markets can operate without “fear of the unknown”.
On a populist note: We should raise the taxes for these “Masters of the Universe” to pay for the bailout. I know this part’s going to annoy some people who will forget all the above and even forget that the bailout is $700,000,000,000, but some of these guys made millions of dollars in salary and bonus for running the markets into the ground and they need to pay us back for cleaning up their mess.
By GaRed
September 21, 2008 5:40 PM | Link to this
How is it that the two former Freddie and Fannie CEO’s who left with millions are now on Obama’s economic team? Who’s calling for their heads?
By AJC/DNC Management
September 21, 2008 5:46 PM | Link to this
Uh oh, we got a new player in the mortgage crisis-
By intervening—even just threatening to intervene—in the CRA review process, left-wing nonprofit groups have been able to gain control over eye-popping pools of bank capital, which they in turn parcel out to individual low-income mortgage seekers. A radical group called ACORN Housing has a $760 million commitment from the Bank of New York
Gosh, that name sounds familiar:
Sure enough, a bit of digging into Obama’s years in the Illinois State Senate indicates strong concern with Acorn’s signature issues, as well as meetings with Acorn and the introduction by Obama of Acorn-friendly legislation on the living wage and banking practices. You begin to wonder whether, in his Springfield days, Obama might have best been characterized as “the Senator from Acorn.”
And what do you know:
Obama declared: “I’ve been fighting alongside Acorn on issues you care about my entire career,” including representing Acorn in a court case in Illinois. Acorn members apparently reciprocated by working hard to turn out voters for Obama’s Illinois campaigns, according to a 2003 piece in the magazine Social Policy by a Chicago-area Acorn organizer. After the candidate’s November appearance, Acorn’s affiliated political action committee endorsed Obama for president.
Surely this will bring forth a whine from al-Gitmo, no?
By getalife
September 21, 2008 5:47 PM | Link to this
“This is a bullet deliberately fired into the economy by men willing to exercise their ideology regardless of the cost to taxpayers. John McCain may not have had his finger directly on the trigger, but he was there. He assisted. He not only cheered them on, but claimed until last month that he was also “primarily a deregulator.” These were his personal friends and philosophical comrades.”
Who is calling for their heads indeed red?
Let them roll, starting with McCain and Gramm.
McCain and country first should resign in disgrace.
Right red?
By ByteMe
September 21, 2008 5:48 PM | Link to this
GaRed: try again and do some fact checking. Neither are on Obama’s economic team.
By getalife
September 21, 2008 5:53 PM | Link to this
Hey, at least red wants accountability.
I step in the right direction.
Good for red and maybe his friends will want it for the gop involved too.
Like their candidate.
By getalife
September 21, 2008 5:56 PM | Link to this
Tax the crap out of em.
Right Andy?
By AJC/DNC Management
September 21, 2008 5:56 PM | Link to this
Anybody remember the Soprano episode where Tony was buying slum houses, stripping the copper out of them and then flipping them for a huge profit?
Oblahma made all that possible, hahahaha.
Shakedown artist 08.
By Ray
September 21, 2008 5:59 PM | Link to this
Our paragon of faith and virtue, Barney Frank, has again proven to the people of Mass and the American electorate, that he is the responsible Chair of the House Finance Committee, one of the under the rug Congressional Committees that probably had more to do with the recent financial crisis on Wall Street than anyone else. Frank has been a congressman since 1981 and has had ample time to cuddle up with Slick Willy and his ilk in offering bad loans to unqualified people, made by greedy banks, goaded on by liberal encouragement to “level the playing field” and get more votes from their entitlement voting base. And this butt busting role model for all of our youth with his liberal voting base has been outed for soliciting sex with a male prostitute to the tune of $80. Must have been a pretty good lay, Barney, for 80 bucks. Didn’t I see a recent Governer of New York resign from his office for soliciting favors or is it different when the butt busters do it? At least he paid about a grand for her trouble. What a double standard. And where is the media? Where is the indignation and remorse? And you dis Palin for having a Downs child. Idiots and morons, all.
By T
September 21, 2008 6:08 PM | Link to this
I don’t know much about this, but I don’t like it. God bless those who have children. I do not. I just left the store to get some basics. I don’t know how ya’ll do it. Stimulus checks don’t do enough. How about American jobs that are done by Americans. How about that? Wow, stimulate the economy by having employed Americans earning enough to sustain their lives. Man, that would be nice. The working class people DO NOT WANT HANDOUTS They want to work and be able to pay their bills and just maybe have enough left over to put into their savings. I don’t know how families are getting by. You amaze me.
By AJC/DNC Management
September 21, 2008 6:25 PM | Link to this
The Bush administration yesterday raised the price tag on its emergency plan to revive the U.S. financial system, asking Congress for authority to spend up to $700 billion to relieve crippled financial institutions of their mortgage-based assets, an investment that would exceed the current cost of the Iraq war.
More than the Iraq war to bail out the folly of the liberal democrats.
Now isn’t that Karma?
We got more bang for our buck, moonbats.
By Midori
September 21, 2008 6:32 PM | Link to this
Andy and Ray,
if the sun doesn’t rise tomorrow, will that be the Democrat’s fault, too?
there should be a law against such mind boggling stupidity.
By Matthew Haas
September 21, 2008 6:46 PM | Link to this
Please explain to the average taxpayer how CEOs for major financial corporations will pay a penalty for any of the bailout or take over of negative performing assets with $700b of taxpayer money now being proposed. Is it pillage taxpayers without any civil or criminal penalties?
Moreover, what is the total bailout today from the US Federal Reserve & Treasury in comparison to the total number of people below the poverty line or persons without health insurance.
So while the CEOs of major investment banks, mortgage houses and brokerage firms have made huge salaries over the past 5 years, are we now watching as our tax dollars go (freely or without clear conditions) to bailout what was a free market capitalist economy?
Are we really opening up the Treasury because we realize our economic fundamentals were flawed and rampant with greed where now risk is reaping taxpayer rewards? Is the following analogy accurate?: CEO’s and their receipt of $20m and $30m pay packages and stock options is the same as the inner city drug lord (mortgage companies) or gun dealer (rating agencies) who got their minions (bankers and analysts) to do their dirty work and walk away. So do they get their large compensation packages, pensions, retirement and estates with no questions by the judicial branch of our government?
Are the scales of a democracy in action only for the rich?
By Ray
September 21, 2008 6:49 PM | Link to this
Midori,
I am not saying that it is anyone’s fault, one or the other, but I do say that the hiprocisy (sp) has gone too far. We dis each other’s candidates, say unbelievable things about our opponents and then wait for someone to respond so that we can do it again. We need to stick to issues that matter, quit being cruel, respect people for who they are and vote for the person who we think would best serve us. I happen to think that Obama does not represent my values and the way that America should go. That does not mean he is not going to win, hope not, but if he he is elected my president, I will try to back him, support him and hope that as a country that we can stand together. We need that now more than at any time in our history. We used to not let the election mentality extend past a few months past Nov 4th. Now it lasts until the next election. This polarization is going to kill us as a country if we let it. And that is not good for any of us. Each us is culpable in this mess we call politics but this country of ours, the greatest land in the world, must survive for or our children and our grandchildren.
By AJC/DNC Management
September 21, 2008 7:22 PM | Link to this
Now we know why Oblahma can’t tell us how he would fix the mortgage crisis.
Because he caused it, bwahahahaha.
By AJC/DNC Management
September 21, 2008 7:32 PM | Link to this
Most of all, the Gramm-Leach-Bliley Act enabled financial diversification and thus it paved the way for a number of mergers. Citigroup became what it is today, for instance, because of the Act. Add Shearson and Primerica to the list. So far in the crisis times the diversification has done considerably more good than harm. Most importantly, GLB made it possible for JP Morgan to buy Bear Stearns and for Bank of America to buy Merrill Lynch. It’s why Wachovia can consider a bid for Morgan Stanley. Wince all you want, but the reality is that we all owe a big thanks to Phil Gramm and others for pushing this legislation.
al-Gitmo, ball is in your court.
By Midori
September 21, 2008 7:33 PM | Link to this
THIS POST HAS BEEN PULLED DOWN
By BDAtlanta
September 21, 2008 7:38 PM | Link to this
Guys, they deregulated in 1999. There hasn’t been any economic growth since then. All the growth happened before that.
You Repubs used the Clinton sex scandal to get him to sign the deregulation bill.
Thanks republicans…”Defenders of the USA”…..yeah, right bunch of liars.
By AJC/DNC Management
September 21, 2008 7:42 PM | Link to this
Tell us how you really feel, i r o diM.
Don’t hold back so much.
By BDAtlanta
September 21, 2008 7:44 PM | Link to this
The Surge didn’t work. Ethnic cleansing is what worked.
Go ahead, repubs, claim that for your own. That’s your way.
By Bud Wiser
September 21, 2008 7:45 PM | Link to this
Obama’s denial of Franklin Raines working for him obviously is a lie. The Chosen One, hereby re dubbed The Token One, had a chance to deny it it July when the knowledge and allegations came to light.
He did not.
The Token One only denied it, and had Franky-boy finally attempt to deny it only after McCain revealed it to the public in a political ad. His Most High Tokenness assumes everyone is as stupid as he, and will believe him……at least the whining masses of morons who call themselves Democrat while wondering where their next govt check is coming from.
The Token’s dupes and tools in the media slobber over themselves trying to hide his ignorance, but the job is too great. Chris Matthews is in a rehab center trying to make the shaking and chill in his leg stop…..which leg, is not specified. Olbermann is busy trying to get a replacement Communist Party member card, but doesn’t know who to write to in the Kremlin. Jon Stewart and Joy Behar are collaborating on a new book to be titled We Share a Brain (we think)
The Tokenator wants to toss more credit money into the fray via another ‘stimulus’ package, attached to the bailout. Maybe he thinks he didn’t buy enough votes the first time.
5 more days till The Token One has to appear on live national television, 5 more days till the fraud is exposed, 5 more days till no teleprompter. I’ve got five hundred bucks that says the very first question the Token is asked, he will dance so hard and try to change the subject that his answer will be totally irrelevant to what was asked. Easy money
Obama/Biden ‘08 - making it easy to be stupid
By AJC/DNC Management
September 21, 2008 7:47 PM | Link to this
If you don’t give mortgages to unqualified buyers you are a racist.
If you don’t vote for Oblahma you are a racist.
Anybody else see the connection here?
A disaster in the making?
By Midori
September 21, 2008 7:50 PM | Link to this
ok, Andy.
you and your stupid, childish, immature, jacka@@ nicknames. Really makes you feel like a real man, doesn’t it? when you come up with your so-called witticisms, do you pound your chest and swing from the ceiling fan? slam back a shot of 180 proof rum?
is the rum bottle where you go to you get all your fanciful creations?
you’ve are a cancer on this blog, just as you were on the Luckovich blog.
always talking loud and saying nothing, with a silly, immature nickname thrown in for good measure. Are the nicknames you pathetic little defense mechanism?
Maybe you should invest in a bullet proof vest instead.
By BDAtlanta
September 21, 2008 7:51 PM | Link to this
AJC, Midori has a good point. You Republicans only think about winning, not about what is best for the USA.
Otherwise, your leaders wouldn’t be lying with every breath. And they wouldn’t use scare tactics to scare you people into voting for them. Why don’t you Republicans stand up to your leaders and ask them to tell you the truth? Tell them to treat you like adults and quit lying to you. Tell your Republican leaders that you don’t want scare tactics used on you? Call your leaders now!
By David
September 21, 2008 7:53 PM | Link to this
To my elected representative,
Please STOP the lunacy that is the proposed $700 billion bailout of the financial industry. Make no mistake, this is not a bailout of the citizens you were elected to represent. This is a bailout of the corporations from whom you’ve accepted money and other support, using money you are taking from the citizens you were elected to represent…and from their children…and from their children.
The citizens you were elected to represent are substantially protected from major changes in the financial industry via FDIC, SIPC, and excess SIPC insurance on their bank and brokerage accounts. Only those citizens who freely chose to invest in financial companies will suffer investment losses, just as those did who freely chose to invest in technology companies before the dot com bust. That’s the way it should be.
The financial companies in trouble are the ones who freely chose to make bad decisions about what they invested in, and about how they managed risk and cash flows. They deserve to fail so that a new generation of financial companies which are better managed can flourish, making it much less likely that the current situation will ever repeat. The financial companies in trouble do not deserve to be gifted, or even “loaned,” taxpayer money so that they can continue their past mistakes. If they are able to avoid failing by changing quickly into a next-generation financial company WITHOUT a taxpayer-funded bailout, then they have proven they deserve to survive. Whether new or re-born, we need better managed next-generation financial companies in our economy.
You are free to use the arguments made here to publicly justify your vote against the proposed $700 billion bailout.
I am asking you to vote AGAINST the proposed $700 billion bailout, in any form. I will record which of my representatives vote FOR the bailout, and will vote AGAINST them and their parties in the November election. I am also urging my friends, colleagues, and community to do the same.
Warm regards, David
By Midori
September 21, 2008 7:53 PM | Link to this
If you don’t vote for Oblahma you are a racist.
no Andy - you were a racist before Obama decided to run.
always have to deflect, don’t you?
it’s always someone else’s fault, isn’t it?
be a MAN and own up to your own filth.
By BDAtlanta
September 21, 2008 7:54 PM | Link to this
Why don’t you Republicans stand up to your leaders and ask them to tell you the truth? Tell them to treat you like adults and quit lying to you. Tell your Republican leaders that you don’t want scare tactics used on you? Call your leaders now!
By HIllbilly Deluxe
September 21, 2008 7:57 PM | Link to this
To Byte Me @ 5:38
On a populist note: We should raise the taxes for these “Masters of the Universe” to pay for the bailout. I know this part’s going to annoy some people who will forget all the above and even forget that the bailout is $700,000,000,000, but some of these guys made millions of dollars in salary and bonus for running the markets into the ground and they need to pay us back for cleaning up their mess.
Amen to that. I would think both sides could agree to this.
By BDAtlanta
September 21, 2008 7:57 PM | Link to this
Midori, Don’t let the children of the world get you down. You are among the adults who understand that they are fools.
Why don’t you Republicans stand up to your leaders and ask them to tell you the truth? Tell them to treat you like adults and quit lying to you. Tell your Republican leaders that you don’t want scare tactics used on you? Call your leaders now!
By AJC/DNC Management
September 21, 2008 8:00 PM | Link to this
By BDAtlanta September 21, 2008 7:44 PM The Surge didn’t work. Ethnic cleansing is what worked.
Yes, you could say we “ethnically cleansed” the raghead islamic terroists, I my self like to say that we wasted their as-ses.
Amazing, isn’t it, the surge came to full force on thee exact same day that the violence started dropping, will wonders never cease?
~~~~~
By Midori September 21, 2008 7:50 PM Maybe you should invest in a bullet proof vest instead.
Somebody’s losing it.
By BDAtlanta
September 21, 2008 8:02 PM | Link to this
Why don’t you Republicans stand up to your leaders and ask them to tell you the truth? Tell them to treat you like adults and quit lying to you. Tell your Republican leaders that you don’t want scare tactics used on you? Call your leaders now!
By getalife
September 21, 2008 8:11 PM | Link to this
McCain Campaign Won’t Rule Out Gramm As Treasury Secretary.
Country first.
BS Andy.
By Midori
September 21, 2008 8:14 PM | Link to this
BD - I’m just so sick of his garbage.
Day in and day out - no matter what time you come onto this blog you’ll find that wretch here posting his filth and lies.
By BDAtlanta
September 21, 2008 8:15 PM | Link to this
Why don’t you Republicans stand up to your leaders and ask them to tell you the truth? Tell them to treat you like adults and quit lying to you. Tell your Republican leaders that you don’t want scare tactics used on you? Call your leaders now!
By BDAtlanta
September 21, 2008 8:19 PM | Link to this
Midori, He’s a simpleton…don’t let him get to you.
Why don’t you Republicans stand up to your leaders and ask them to tell you the truth? Tell them to treat you like adults and quit lying to you. Tell your Republican leaders that you don’t want scare tactics used on you? Call your leaders now!
By bus tokens
September 21, 2008 8:20 PM | Link to this
Property tax bills are about to hit Chicago mailboxes — and it’s gonna hurt.
Poor, heavily minority neighborhoods trying to make a rebound will get the worst of it. Homeowners in Fuller Park, West Garfield Park and Englewood — where property assessments started to rebound before the housing market tanked — will see their taxes soar as much as 71 percent.
People living in gentrifying hot-spots — New City, North Lawndale, Humboldt Park and the Lower West Side — will see their property-tax bills rise from 24 percent to 33 percent over last year.
Not quite as bad: Tax bills for homeowners in Belmont Cragin, Jefferson Park, Dunning, Bridgeport, East Garfield Park, Brighton Park, Portage Park, Montclare and Woodlawn are up between 18 percent and 20 percent.
Meanwhile, homeowners in tony neighborhoods like Lincoln Park, Senator Obama’s neighborhood, Lake View and the Near North Side — where property values peaked before the city’s 2006 reassessment — can expect to see bumps in their tax bill of 2 percent to 4 percent.
By RW-(the original)
September 21, 2008 8:23 PM | Link to this
Nothing like having your party busted up by the FBI at midnight to investigate what happened with Governor Palin’s private email
Not looking so good for rubico at the moment.
By BDAtlanta
September 21, 2008 8:28 PM | Link to this
Why don’t you Republicans stand up to your leaders and ask them to tell you the truth? Tell them to treat you like adults and quit lying to you. Tell your Republican leaders that you don’t want scare tactics used on you? Call your leaders now and demand they stop treating you like a bunch of babies.
By AJC/DNC Management
September 21, 2008 8:30 PM | Link to this
Yeah, “lies:”
“Senator Obama has declined to put forth a plan of his own. At a time of crisis, when leadership is needed, Senator Obama has simply not provided it,” McCain said.
If this is a lie, then somebody please tell us all what the “plan” is.
“We saw the same lack of leadership on Iraq. Because of the sacrifices and perseverance of all the troops — active-duty, Guard, and Reserve — victory in Iraq is in sight.
And all the whining democrats look like idiots.
It’s been so long since you libs were right about something I can’t even remember what it was.
By T
September 21, 2008 8:33 PM | Link to this
By AJC/DNC Management
Ok, I’ll bite. Midori gave her spill, you will never see past your own personal blinders, but here goes.
More than the Iraq war to bail out the folly of the liberal democrats.
I don’t remember the bail out costing human lives. American lives. The Iraq war cost me Sgt. Ulloa. A 23 yr old kid. (There are so many more dead and not coming back.) Worth more than any dollar amount, any political hatred that you might have. I am tired of my friends having to live in that S&$#t hole. To make it worse, people want to put someone into power that refuses to aproach things in a diplomatic way. Oh, but we liberated millions. Sorry don’t get the warm and fuzzies. Name one war, we fought to free suppressed peoples. LOL, and the A$% hole that murdered thousand of Americans is alive.
If you don’t give mortgages to unqualified buyers you are a racist.
If you don’t vote for Oblahma you are a racist.
Anybody else see the connection here?
YEA. Your a F^$%#ing idiot.
NO. If you don’t give a mortage to someone who can’t afford it, that is financialy smart.
If you don’t vote for Obama, your a die hard Republican.
Get over yourself.
Simple minded JERK.
Hey, sorry for my rant. Your opinions are that, your opinions. Don’t worry about it. Me and my people will keep fighting to keep it as such.
By Ray
September 21, 2008 8:34 PM | Link to this
Just saw the Annointed One on 60 Minutes. Softball questions, lots of smoke up his a* and understanding nods and smiles as to his “quest” for a better America. Fast forward to McCain. “Do you really think that age 72 that you are ready to lead America?”. “Why do you think that after graduating at the bottom of your class that you can be an effective leader of this country?” Just the tone of the interview, the deference to one over the other, it’s so obvious that it makes you want to puke. Level playing field?….. not in your wildest dreams. I just hope that the media in this country is able to shove all of this bias up their collective buts after this election and I hope that Palin, in her first news conference as VP tells each and every one of them where they can shove it. It will endear her to Americans more than any other single thing she could do in the first 90 days of her term. Then she and John can get on with leading America.
By BDAtlanta
September 21, 2008 8:44 PM | Link to this
You see AJC, that is why you shouldn’t talk to anyone who isn’t in kindergarten. don’t they have rooms for you?
There were terms in place and incentives so that mortgage sales people would bring in as many new mortgages as possible - they were paid by the number, not by the quality of the sale. Interviews on NPR were going on last January with mortgage lenders saying that they could fudge or lie whatever they needed to onto an application.
So stop saying it’s all about race because it isn’t. It’s all about our idiot leaders and, yeah, I put Clinton in there for some of that responsibility.
Why don’t you Republicans stand up to your leaders and ask them to tell you the truth? Tell them to treat you like adults and quit lying to you. Tell your Republican leaders that you don’t want scare tactics used on you? Call your leaders now and demand they stop treating you like a bunch of babies.
By AJC/DNC Management
September 21, 2008 8:44 PM | Link to this
By T September 21, 2008 8:33 PM Name one war, we fought to free suppressed peoples.
I’m not going to comment on your inherent liberal selfishness putting the lives of 350 million people in danger so that you don’t have to suffer the loss of one volunteer soldier, but I will answer your moron question.
World War 1.
World War 2.
Korea.
Vietnam.
Panama.
Iraq 1.
Iraq 2.
Any other dumb questions?
By getalife
September 21, 2008 8:52 PM | Link to this
RW,
They hacked Bill O’s site too.
Andy,
You forgot President Clinton’s victory.
By BDAtlanta
September 21, 2008 8:53 PM | Link to this
Why don’t you Republicans stand up to your leaders and ask them to tell you the truth? Tell them to treat you like adults and quit lying to you. Tell your Republican leaders that you don’t want scare tactics used on you? Call your leaders now and demand they stop treating you like a bunch of babies.
By getalife
September 21, 2008 8:54 PM | Link to this
I have one.
What happened to fiscal conservatism and why flip flop on socialism?
By RW-(the original)
September 21, 2008 9:00 PM | Link to this
getalife,
Palin’s email shouldn’t technically be called hacking. It was more of an identity theft.
How many years of punishment would you recommend?
By T
September 21, 2008 9:01 PM | Link to this
By AJC/DNC Management
How so? 2 million jews died before the US went to war. Then I think we went to war because of a ship of ours containing war supplies was sunk. LOL. Next thing you will tell us that the civil war was fought to free the slaves, not to stop the southern states from succeeding from the union. One soldier. Really. I thought it was up to about 4000. (That is just one that was stationed with me. So forgive me when I take your ignorance personaly.) To give you the warm and fuzzies over freeing Iraqis. How did that labotomy work out? He was always proud of what he did. Had no regrets. I regret that his death seems to be in vain. Osama bin Towel head. Is alive and my friend and many more American soldiers are not. DO YOU not get it? The average American worker suffers, yet you get the warm and fuzzies over Iraqi being free. Hypocrite You want to give the people of Iraq a chance, but not the people that live in the same country. What is wrong with you?
By AJC/DNC Management
September 21, 2008 9:02 PM | Link to this
The Community Development Banking and Financial Institutions Act of 1994 According to section 102(h), Congress’s objective was “to create a Community Development Financial Institutions Fund to promote economic revitalization and community development through investment in and assistance to” so-called community development financial institutions (CDFIs). In part, this effort addressed an increasingly controversial issue in bank regulatory policy—to what extent should the law require banks to involve themselves in the economic well-being and development of local communities served by their operations? The Fund’s mission is to promote access to capital and local economic growth by directly investing in and supporting community development financial institutions (CDFIs) and expanding banks’ and thrifts’ lending, investment, and services within underserved markets.
Do tell us what all that means, BDA.
By AJC/DNC Management
September 21, 2008 9:06 PM | Link to this
This one I like:
Equal Credit Opportunity Act- When You Apply For Credit, A Creditor May Not…Discourage you from applying because of your sex, marital status, age, race, national origin, or because you receive public assistance income.
March 1998.
Hahahahaha.
By RW-(the original)
September 21, 2008 9:07 PM | Link to this
Jay B,
Assuming you haven’t abandoned your blog to become another Wooten or scribbler blog, what are your thoughts on somebody posting the same message over and over and over and over and over and over……
By Midori
September 21, 2008 9:07 PM | Link to this
T and BD,
you have my thanks and admiration.
However, I find trying to make sense out of that wretch impossible.
I’m just really short on patience with it comes to blind, unadulterated stupidity.
Good luck to you two.
By Gayle
September 21, 2008 9:09 PM | Link to this
Tonight I watched the “60 Minutes” interviews with Senator Obama and McCain.
As always, Senator Obama did wonderfully well. He was concise, stayed on topic, and extremely knowledgeable - very presidential.
McCain was clumsy, inarticulate, dull and tiresome, just as he always is - painful to watch.
Obama/Biden ‘08
By AJC/DNC Management
September 21, 2008 9:11 PM | Link to this
al-Gitmo: You are correct.
~~~~~
T: Find a bag and breathe in it, dude.
By T September 21, 2008 9:01 PM Next thing you will tell us that the civil war was fought to free the slaves
It was specifically fought because of slavery, the Republicans being the ones doing the freeing and the democrats being the enslavers.
Read the words of your president Jefferson Davis, moron.
By @@
September 21, 2008 9:15 PM | Link to this
FORMER CLINTON STAFFERS JUMP TO MCCAIN
More?
About the debt to future generations. How many of you here know people who are so buried in credit card debt, that it’ll take 5 to 10 years to pay off the interest alone — not because it’s essential, but because they can’t find a way to live without the non-essentials.
Speaking of doing without. I’ve been hearing about the new movie “Battle in Seattle” a fictional account of protests against the WTO in Seattle, Washington. A little romanticizing of the activists’ efforts.
The real battle in Seattle may have looked like the start of an anti-globalization tidal wave, but it was really the high-water mark — and, except for its media value, not very high at that. The very next year, THAW, the Seattle company that had manufactured outdoor clothing and gear for REI, closed down. REI had been sourcing some products offshore for years, but the company had figured that its customers wanted things made in the U.S., and that since people expected outdoor gear to last a long time, small differences in price didn’t matter. Before long, it changed its mind. In the late 1990s, REI conducted a number of customer surveys. They all showed the same thing: Yes, customers wanted outdoor products manufactured in the U.S. No, customers wouldn’t buy those products if they cost substantially more. In 2000, only months after the anti-globalization demonstrations, THAW folded.
Most of the people I know who sport REI’s clothing line are outdoorsy environmentalist types.
By Bud Wiser
September 21, 2008 9:22 PM | Link to this
The real unadulterated truth is that the racists are voting for Obama.
Why else would the blacks be voting for the Token One at a 95% rate?
Why?
1) Because they are all possessed by mass stupidity, voting color as opposed to reason.
2) Because they all envision for handouts, more entitlements, more freebies paid for by the working people, and assimilated by the non-working fools enslaved by the DNC.
3) Because they are ignorant of facts, and choose to stay that way.
Whatever.
Obama/Biden ‘08 - making it easy to be stupid and racist all in one neatly wrapped package
By ByteMe
September 21, 2008 9:26 PM | Link to this
Bud, and old white men are voting in droves for McCain, because he looks just like them.
By JBR
September 21, 2008 9:28 PM | Link to this
I’m still waiting for the MSM to hammer home the fact that Queen Palin of Earmarks was for the bridge as long as the Feds footed the entire bill. Once they pulled out and said, here’s all the money you’re going to get, you have to cough up the rest out of your own funds, that’s when she was against it.
Lucky for her, it happened at the same time Ted Stevens hung himself out to dry.
By AJC/DNC Management
September 21, 2008 9:35 PM | Link to this
Speaking of Sarah:
Palin draws crowd of 60,000 in The Villages — Republican vice presidential nominee Sarah Palin told wildly cheering, flag-waving, chanting supporters that John McCain is “the only great man in this race” and promised Sunday he will fix the nation’s economy if voters give the GOP four more years in the White House.
By AJC/DNC Management
September 21, 2008 9:39 PM | Link to this
Speaking of Sarah:
Post-convention swing state polls are tipping toward Sen. John McCain, the TV pundits are waxing about “The Palin Factor,” and Sen. Barack Obama’s California supporters are freaking out about a race Democrats were uncommonly confident about only a month ago.
Conversely, Alaska Gov. Sarah Palin’s addition to the GOP ticket jolted Northern California Republicans out of what one described as their “Underground Railroad” existence in one of the nation’s most liberal regions. Ever since her speech to the Republican National Convention on Sept. 3, party officials say volunteers have been contacting California GOP offices in numbers unseen since Ronald Reagan was on the ballot for the White House.
OMG, we’re so back.
By BDAtlanta
September 21, 2008 9:39 PM | Link to this
AJC/Mgt, Evidently you are too dumb to understand your own post.
The point of the 1994 bill was to push funds into the underpriveleged spots in our communities.
And, ummm, the sheeot worked. Clinton knocked out welfare. You are a simpleton.
If you must talk, talk about stuff you can understand….like checkers…avoid chess or even any twinkies that might be close by.
By AJC/DNC Management
September 21, 2008 9:45 PM | Link to this
BDA: Trust me junior, I understand, “underprivileged” is just another word for “unable to pay.”
Which they didn’t.
Is this really that hard to understand?
Check it out, the house majority leader is nattering on about overpaid CEO’s, blah, blah, blah, o.k. so what about the other 699 billion dollars, where’d that go?
Geez, what a bunch of dunces.
By T
September 21, 2008 9:51 PM | Link to this
By AJC/DNC Management
lol, perhaps you are right. I thought it was fought because of the numbers of representation in the sparce farm lands of the south. The south wanted to count the slaves as people in that nature, but none else where. Oh, never mind. It is too late. Going to drink a beer, an American beer, before that is outsourced, too. God bless anheuser bush!
Please stop with the race BS. How about this, if you are Republican, have a party see what races show up. If you are a democrat, have a party, see what races show up. Blacks vot mostly Democratic. Not all. Look at the protestors with signs that read, ” blacks against Obama.”
YOU ARE NOT A RACISTS IF YOU DO NOT VOTE FOR OBAMA. JUST LIKE I AM NOT A RACISTS FOR NOT VOTING FOR MCINSANE. I’M A DEMOCRAT.
By Mark
September 21, 2008 9:55 PM | Link to this
Palin’s a failed mother, an adulterer, and most certainly a liar (she is a Republican after all.) Now comes word that she’s a racist bigot, kind of a big one.
Word is she was overheard saying, “So Sambo beat the b*tch” at a restaurant while referring to Obama’s performance over Hillary in the primaries. (I guess that means she’s a misogynist too.)
Seems the mother of a pregnant teenage high school drop out is also comfortable referring to Alaska’s aboriginals as “Arctic Arabs”.
By RW-(the original)
September 21, 2008 10:03 PM | Link to this
Andy,
How about writing a string of unfounded and nasty rumors about Obambi that sort of mirror that 9:55. Call it a case study.
By getalife
September 21, 2008 10:11 PM | Link to this
RW,
Lets discuss the gop ideology instead.
“We are the party of small government”;
Um, not anymore.
“We Support Free Markets”
Not free. Socialism and banned short selling.
“We are the Party of Personal Responsibility”
Hahaha, please Socialism.
What happened to the greedy old party?
By @@
September 21, 2008 10:17 PM | Link to this
Mark:
I find it impossible to believe that Sarah Palin made that comment. It’s already been proven that the picture of Governor Palin in a bikini with an assault rifle in hand was a photo shopped picture created by liberals out to discredit her.
Could it be that the story about the “Sambo” comment originated from the same type? I could believe THAT!!
Now we find out from RW’s link that it was the son of a Democratic legislature that hacked into her personal e-mail?
Even before Governor Palin was chosen as McCain’s running mate, she was singing the praises of Hillary Clinton’s accomplishments as a woman. I doubt she would call her the b-word.
You liberals are so gullible………really you are.
By getalife
September 21, 2008 10:23 PM | Link to this
RW,
Idenify theft for a free yahoo account used for State business?
Mmmm, I say the same punishment as ignoring subpoena to testify or causing the fed to pay 700 billion of our money for greed.
Nada.
By @@
September 21, 2008 10:24 PM | Link to this
In the past, Donald Trump has lambasted the Bush policies. Supported Hillary Clinton, and just endorsed John McCain on Larry King Live.
Ben Stein just raked McCain over the coals for supporting the bailouts, but will support him because of his pro-life record.
No wonder I stay so darn confused.
By getalife
September 21, 2008 10:27 PM | Link to this
@@,
Sarah does make Hillary shine.
I heard McCain say tonite she will start speaking to the press.
Should be fun.
By RW-(the original)
September 21, 2008 10:28 PM | Link to this
getalife,
For the umpteenth time, the Republicans have become Democrats and the Democrats have become Marxists. Our only hope is Libertarians but they’re isolationists.
We’re basically screwed, but I’ll take the slower route by electing Republicans in hopes that we can find a way out. Elect all you Marxists and we’re done, right here right now.
By getalife
September 21, 2008 10:57 PM | Link to this
RW,
Mmmm, marxists eh?
Interesting but missed your explanation before.
Should be an interesting week in politics. Marxists, socialists, debating socialism.
Wow. Where did my country go?
New thread up.
By @@
September 21, 2008 11:05 PM | Link to this
Getalife:
Sarah does make Hillary shine.
And your party and OBlahMa let Hillary be tarnished — but still, you support them?
Sarah was giving Hillary the credit she deserved — but now you’re quick to ridicule her?
People like you are one of the reasons I stay so confused.
RW:
I took one of those online tests (I’m so confused) to determine what candidate best represents my stance on the issues. It came up McCain. Right below McCain was the Libertarian and Constitution Party candidates.
OBlahMa was waaaayyyyyy down at the bottom.
By William
September 22, 2008 7:53 AM | Link to this
Wall Street now represent the new deserving poor while ordinary citizens struggle to keep their homes, put gas in their car and survive the daily barriers working families face. There is no bail out for me, my family or my friends. Instead of Wall Street putting in the same stringent cost-effective measures that are placed on TANF (Temporary Assistance for Needy Families) recipients it would appear wealthy business executives were allowed to do what ever they wanted. Now the public has been asked to bail them out while they retire and walk away with millions. Where are the fraud investigations? Where is the money? If this was a welfare fraud case all parties would probably face loss of benefits, incarceration and would need to make restitution. What a double standard; and the sad thing about the double standard is the fact that the American people accept it. At the end of the day the taxpayer while express discomfort with the accelerating income and wealth gap, but nothing will be done. Its time for the American people to hold the millionaires and billionaires on Wall Street accountable we can’t afford to bail them out, who is going to bail us out?
By MauiDee
September 23, 2008 7:37 AM | Link to this
I’ve been looking for the adult in this whole credit cleanup mess. Yes, we know that something needs to be done. What is especially alarming, however, is that suddenly, Secretary Paulsen is acting like a used car salesman in wanting a decision tomorrow. Requesting the blessing of Congress of oh, only about 700 billion dollars from our Federal Reserve, and right NOW, is very telling. It signals alarm and helplessness on the part of the officials we expect to have a handle on economic matters.
Here’s what the adult needs to do now: 1. Find out the true value of the financial mess that needs to be bailed out. About $700 billion is not good enough. We need to know WHO will be bailed out and what the ACTUAL COST WILL BE. To say we don’t have enough time to determine this is crazy. No bank would make a loan if they don’t know whom they are making the loan to or the amount they are loaning. Our Federal Government cannot make a loan of this proportion without this information. If we have to close down the markets for two weeks or two months in order to find out, so be it. 2. Set up regulations on the institutions that are to be bailed out. Among these are of course, restrictions on the amount of compensation to be given to the CEO’s who allowed the bad decisions that drove them to insolvency. No money will be used for political lobbying is another necessary regulation. 3. A fund must be set up to insure that diligent homeowners will not have their mortgages foreclosed due to inflated interest rates or the failure of the economic policies that allowed this major crisis. All mortgage holders who are earnest in wanting to keep their home mortgages must be given the opportunity to refinance at a rate that is fair.
4. Regulations on future lending practices need to be completely examined, loan packaging, stock market practices preventing naked selling and restoring the uptick rule, regulations on other shoddy behavior of hedge fund managers all need to be addressed, but not as part of the immediate crisis.
Let’s be adults about this. Surely America can withstand this financial crisis. Surely we can be calm and thoughtful in making these decisions. We do not need to hurry into a frenzied, sloppy attempt to correct a situation that has been a long time in coming and will take a long time to repay. There is always time to think through a situation and come to a rational decision.
By patty
September 24, 2008 1:46 PM | Link to this
We - taxpayers - should not give any money to the CEOs of these financial corporations who got the economy in this situation in the first place, so I say, we (the Government) should not bail these companies out. Firs, the executives that drove us to the ground have been crafty enough to put tons of money in their pockets when they wanted to, so it is a given that they are crafty enough to bring these corporations back, and if they are not, they don’t deserve to run them. Second, we should just accept the reality that we cannot continue to live as a society living on credit. The money should be given to us -taxpayers- to revitilize the economy. In additions, those people who are about to loose their houses when proven that the reason/s for the loss is directly caused by the practicies of these corporations, should receive help in paying their mortages. In this way, both the taxpaying citizens and the corporations are legitimatly helped and the economy will be boosted. To me this is a no brainer. Doing things this way will take a little longer to revitalize the economy and increase its growth, but it is the only way - living the truth and working hard and equitable…no bailouts for those who practice business in a dubious way, and especially for those who are already incredible rich while driving the economy of this country down (read Financial Companies executives).
By David
September 29, 2008 11:33 AM | Link to this
We can stop the Great Bailout!
Given the now likely passage of the Great Bailout, I’m mad as hell and I’m not going to take this anymore!
If you’re mad as hell too and want to stop the passage of the Great Bailout, please visit http://ImMad.net to sign a petition, right now!
Then spread the word about http://ImMad.net to as many people as you can, right away!
This is our last chance to speak up.