Congress Should Reject Paulson Plan

Discussion in 'Congress' started by Orange_Juice, Sep 21, 2008.

  1. Orange_Juice
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    Orange_Juice Senior Member

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    The market was up the last I looked, no need to rush this thing through and give the Bush Adminisytration $700 billion to play with with no strings attached. Screw that!
     
  2. xsited1
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    xsited1 Agent P

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    Congress should reject a lot of things, but they won't. Both parties are to blame for this mess and both parties want a bigger, more controlling government. Expect it to pass with flying colors.
     
  3. Orange_Juice
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    Orange_Juice Senior Member

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    Bloomberg.com: Worldwide

     
  4. Missourian
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    Missourian Gold Member

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    I never imagined this could possibly happen but....but....I....aaaagggrree-with-U.

    Man was that ever painful, like passing a kidney stone.

    In good times and bad, the government has no place in the private market.

    As individuals have to bear the consequences of their poor decisions, businesses must do likewise.

    By trying to forestall the collapse, we are only going to make it that much worse when the next crisis comes.

    Better to try to cushion the fall.

    As I said before, I am no economist. But I know my history.
     
    Last edited: Sep 21, 2008
  5. Orange_Juice
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    Orange_Juice Senior Member

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    I just thing the no strings attached approach and the crisis manegment approach are wrong
     
  6. oreo
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    oreo Gold Member Supporting Member

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    We're screwed if we don't do something. This mess was created by democrats, no one is going to forget that. I listened to an audio tape last week from 1995--with the then CFO of Fannie Mae talking to the black caucas in congress. It was clear even back then that there were some financial problems with Fannie & Freddie.

    Over the course of the next several years, democrats were warned time & time again that these institutions were failing. They ignored the warnings because they used these agencies as their own personal piggy banks--Barack Obama being the second largest money taker from these agencies--while the democrat appointed CFO's walked away with hundreds of millions of dollars in yearly bonuses, etc. Two of these CFO's are on Obama's campaign committee.

    John McCain co-sponsored a bill in 2005 of another warning. It is a matter of congressional record--he was ignored by democrat Barney Frank & democrat Criss Dodd who is involved in the Country Wide failure.

    So don't blame this one on President Bush--this started long ago, with democrats insisting on loaning out money--(making it easy) for minorities & lower income people to own a home. They opened the gate in the first place.

    As far as the short selling--watch when it expires in two weeks. This is urgent, it cannot be ignored.

    The small business's in this country & people who are responsible & pay their bills--deserve to be able to walk into a bank & get a loan. That's what this bailout is about.

    None of us like it--we can only hope that once these properies gain in value we can sell them & repay the treasury.

    This should be a lesson to us. Government needs to stay the hell out of the private sector.
     
    Last edited: Sep 21, 2008
  7. HoleInTheVoid
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    HoleInTheVoid Active Member

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    'Tis truly a sign of the Apocalypse when OJ agrees with the GOP conservatives:

    Political Radar: 'What's Next, Starbucks?' GOP Lawmakers Angry with Bailouts
     
  8. oreo
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    oreo Gold Member Supporting Member

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    What do you mean no "strings" attached? We now own these foreclosed properties. Meaning, that when they gain in value--the government can sell them in order to repay the U.S. treasure.

    Didn't you guys listen to what this bill is about?
     
  9. DiveCon
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    DiveCon gone

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  10. frazzledgear
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    frazzledgear Senior Member

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    The market was only up in response to this plan -not in spite of it. Yank the plan and watch it tank again -and then watch it spread to other industries. And even though this involved buying off the questionable loans from these institutions and making them the government's -there is no guarantee this will end up being a really bad deal and could even end up turning a profit down the line. It costs $700 billion -but the government doesn't end up with zilch for it in exchange. Only time will tell how much it actually cost -but we know it won't cost any more than $700 billion and is likely to have ended up costing less -and potentially a great deal less. That outcome is by no means certain one way or the other. Even while all this was going on, our economy was in very good shape. This is only one industry out of thousands that make up our economy -it is not the entire economy. A single industry often does poorly while others are booming. But let this particular industry crash and it would, over time - spread to others because credit and investment eventually hits other industries and affects their ability to do business too.

    Interesting that Obama's top two economic "advisors" -you know two of the men who walked off with tens of millions from Fannie Mae and helped drive this institution into near bankruptcy in the first place -haven't been able to give Obama a credible sounding response to all this. Best he's been able to come up with "I'm going to wait and see." In other words, just as he did when a state senator -he is merely voting "present". That isn't leadership and he can't respond because he lacks experience, knowledge and even his education gave him nothing for this one. He's said nothing because he's got nothing. His two top economic "advisors" (read people who figured out how to game the system) -are actually trying to figure out they can game the system on this one too.
     

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