Welcome to PatsFans.com

Bush asks Congress for $700 billion for bailout

Discussion in 'Political Discussion' started by weswelker#83, Sep 20, 2008.

  1. weswelker#83

    weswelker#83 In the Starting Line-Up

    Joined:
    Dec 13, 2007
    Messages:
    4,540
    Likes Received:
    9
    Ratings:
    +12 / 0 / -0

    The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression.
    The plan would give the government broad power to buy the bad debt of any U.S. financial institutions for the next two years. It also would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion -- making room for the massive rescue.

    Rescue plan seeks $700B to buy bad mortgages: Financial News - Yahoo! Finance




    He would have been right to announce that the U.S. is going to scour the world and confiscate every last dollar of wealth that was hoarded up in the last 7 years by the management and directors of every failed company that we bailing out.Until anybody in DC announces THAT plan, I'm not trusting a ****ing one of them. And another thing, I don't care if we spend $100B on the hunt and only recover $10B. The United States government has got to show these pigs that they can't get away with it, not now and not ever again.
     
    Last edited: Sep 20, 2008
  2. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

    Joined:
    Apr 28, 2006
    Messages:
    8,338
    Likes Received:
    16
    Ratings:
    +16 / 0 / -0

    too bad the government is in bed with them.
     
  3. weswelker#83

    weswelker#83 In the Starting Line-Up

    Joined:
    Dec 13, 2007
    Messages:
    4,540
    Likes Received:
    9
    Ratings:
    +12 / 0 / -0

    Exactly.....

    From text of the new bailout plan: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
     
  4. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

    Joined:
    Apr 28, 2006
    Messages:
    8,338
    Likes Received:
    16
    Ratings:
    +16 / 0 / -0

    you have to think this is the start of the downfall of the nation which has been looming for the decades. I think the floodgates are ready to open.

    Id say before the country was hijacked but now it's bigtime.
     
  5. PressCoverage

    PressCoverage Banned

    Joined:
    Sep 25, 2005
    Messages:
    8,609
    Likes Received:
    13
    Ratings:
    +13 / 0 / -0

    worst president in U.S. history.. period, end of story.

    this is what happens when you put a C-student with a substance abuse problem and a history of failed businesses in charge....

    amazingly, however, some people cling desperately to insisting that Boy King is a genius fit for office simply because he financed Arlington Stadium and learned to fly a jet. :rolleyes:
     
  6. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

    Joined:
    Apr 28, 2006
    Messages:
    8,338
    Likes Received:
    16
    Ratings:
    +16 / 0 / -0

    I'll agree, but you have to look at this as decades of abuse and manipulation of the stock market creating fake wealth and when the piper comes to collect people and companies can't anty up. Clinton is to blame for the dot coms and his buddy Alan Greenspan.

    When is the last time the country had a balanced budget?

    there is plenty of blame to pass around from government to citizens to our general materialistic and wasteful culture.
     
  7. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    26,661
    Likes Received:
    142
    Ratings:
    +383 / 3 / -15

    Can anyone tell my why it is legal for federal government agencies to meet behind closed doors and then make any information that was discussed at that meeting "secret".

    I mean fukc, they work for us and they're giving away OUR money! Am I missing something here folks?

    This is exactly why we must ask our representatives to create a law that makes it illegal for any government agency to give or loan money to a private business agency moving forward. The precedent has been set. If we don't pass such a law, all major essential businesses in this country will run their business as if a permanent safety-net will be provided to them. That means they will continue to take huge risks instead of running their businesses conservatively as they should.

    If this law had already been in place, I gurarantee you they never would have gotten to the point where they needed to be bailed out. The S&L fiasco set the precedent and they all they this would be provodided to them.

    Anyone see anything wrong with such a law?
     
    Last edited: Sep 20, 2008
  8. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

    Joined:
    Apr 28, 2006
    Messages:
    8,338
    Likes Received:
    16
    Ratings:
    +16 / 0 / -0

    same reason Bush can place an order keeping someone from testifying.
     
  9. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    26,661
    Likes Received:
    142
    Ratings:
    +383 / 3 / -15

    And that reason would be?

    i know presidential privaledge or discretion does not apply.
     
  10. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

    Joined:
    Apr 28, 2006
    Messages:
    8,338
    Likes Received:
    16
    Ratings:
    +16 / 0 / -0

    because they're hiding stuff. if they can't be straight with the public then there is no reaosn to trust them
     
  11. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    26,661
    Likes Received:
    142
    Ratings:
    +383 / 3 / -15

    revolution is coming!!!
     
  12. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

    Joined:
    Apr 28, 2006
    Messages:
    8,338
    Likes Received:
    16
    Ratings:
    +16 / 0 / -0

    even if it comes I doubt we'll ever see the miracle creation known as the original United States. too many revolutions result in coup d'etats and dictatorships.
     
  13. weswelker#83

    weswelker#83 In the Starting Line-Up

    Joined:
    Dec 13, 2007
    Messages:
    4,540
    Likes Received:
    9
    Ratings:
    +12 / 0 / -0

    Just heard on CBC evening news — they talked about the bail outs costing 700 Billion and that only covers HALF of the outstanding mortgages so we still may need another bailout in the near future!
    Anyone who thinks this bailout will not reach $3-5 trillion is dreaming. Now, can they raise $3-5 trillion? I doubt it.
     
    Last edited: Sep 21, 2008
  14. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    26,661
    Likes Received:
    142
    Ratings:
    +383 / 3 / -15

    All I can say is this better mean that Ford & GM don't get bailed out. Oh, and add to that...NO MORE ECONOMIC STIMULUS PACKAGES!:mad: How TF can all this be justified? God I wish this board was watched by the FBI and the CIA so I could tell thm I'm organizing the New American Revolution and we're coming for YOU!:D

    So tell me, anyone, our government is acting as if we're in a depression, never mind a recession. And some think things are kinda ok?:rolleyes:
     
  15. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

    Joined:
    Apr 28, 2006
    Messages:
    8,338
    Likes Received:
    16
    Ratings:
    +16 / 0 / -0

    how would go about a New American Revolution? there is no way to combat this. the american people are their own worst enemies.

    we talk about drilling for oil and creating more energy, but if we simply weren't energy pigs and wasted so much we wouldn't even need to drill or create more energy
     
  16. mcgraw_wv

    mcgraw_wv In the Starting Line-Up

    Joined:
    Feb 5, 2008
    Messages:
    2,257
    Likes Received:
    7
    Ratings:
    +7 / 0 / -0

    With 700 billion, you could give 28 Million mortgages a 25,000 shot in the arm... Just saying...

    Ask your self... with only 4-5% of the mortgages in bad shape enough to be considered "bad debt" why does Wall Street need SO MUCH MONEY...

    The root cause does not add up to 700 billion, so why is 700 billion not needed if not for a kick back for wealthy elite months before the president leaves the office? He's last chance to plunder the treasury for those he owes favors too...


    How many bad mortgages do you think there are?
    Total all those up, and see if 700 Billion is overkill... then ask yourself, where does the left over go?
     
  17. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    26,661
    Likes Received:
    142
    Ratings:
    +383 / 3 / -15

    I see your point biggles. Americans are too lazy and too detached to act. The only action I could see that we could easily do is to vote out every single member of congress during the coming elections. Just imagine, out of all current members of the senate and the house of representatives, not a single one was left. not even Nancy Pelosi or Ted Kennedy.

    It would be 100% rookies and they'd all know what just happened. We have THAT kind of power and that could even be accomplished by a lazy nation!
     
    Last edited: Sep 21, 2008
  18. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    26,661
    Likes Received:
    142
    Ratings:
    +383 / 3 / -15

    I don't think over-spending on one hand justifies spending more on the other. I have already stated my position that subsidizing bad mortgages is the worst thing that could happen to the real estate industry. We need to eliminate unqualified mortgage holders.

    Besides, it the best thing that could happen to real estate is that it continues to drop in value until it bottoms-out.

    We don't want to keep the stock markets or the real estate industry artificially high.
     
    Last edited: Sep 21, 2008
  19. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

    Joined:
    Apr 28, 2006
    Messages:
    8,338
    Likes Received:
    16
    Ratings:
    +16 / 0 / -0

    well that's the thinking and rationale people have for Palin that she is a rookie. but here is the thing. if we want rookies, what kind of rookies will we get? realistically to run you need money for campaigning and to get your name out. even if you do good work you need the media to cover your story, but we've seen how biased they are. we've really slipped into an all for the state nation. many watch the news and believe that is the whole story without looking at multiple sources.

    the only thing I see as the answer is for there to be a grassroots movement among the citizens that truly embrace the ideals of the founding fathers which we've wandered away from. we have grassroots movements for other countries, we need one for ourselves.

    the problem is that citizens think that people are wacko for doing this and believing this. they choose to live in ignorance for what is going on right in front of us. they are too busy traveling with their kids to sporting events, bring their kids to dance, watching american idol. essentially saying they are too busy.

    this is just like rome, give people what they want and they won't take time to care about the real issues. we have not gone far from roman gladiators and collesium times.

    only when people band together will things change and that will only come when oppression comes. how many people can say they are oppressed living on credit? i can see if people have no place to live or no food to eat, but we are one of the most plentiful nations. rome collapsed from within.
     
  20. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    26,661
    Likes Received:
    142
    Ratings:
    +383 / 3 / -15

    A year ago, I would have said you're an extremist and would have closed my mind to what you just wrote. Today, I see the truth in what you're saying and feel very sad about our future.
     

Share This Page

unset ($sidebar_block_show); ?>