Thread: Credit crisis

The Government needs $650 buh buh buh BILLION to run for 6mos. He is talking about 700 billion as though it is an easy fix and a hard sell. The current presidential candidates are using the situation as an opportunity to posture, starting with McCain. Yeah, I really believe that he wants to put off the debate because of this crisis He doesn't lose anything by going on with the debate, Neither does Obama. What a crock of S**T. I still say that we are paying for this.

-Rob

I explained it this way to my kids. What is your house worth, really worth. The cost of the land, the cost of the utilities, the cost of the material to build it and the cost of the labor to build it..........that is it folks! Any added worth is speculation or what someone else is willing to pay for it. Not rocket science!


Later,
Richard

Originally Posted by sicboater

The Government needs $650 buh buh buh BILLION to run for 6mos. He is talking about 700 billion as though it is an easy fix and a hard sell. The current presidential candidates are using the situation as an opportunity to posture, starting with McCain. Yeah, I really believe that he wants to put off the debate because of this crisis He doesn't lose anything by going on with the debate, Neither does Obama. What a crock of S**T. I still say that we are paying for this.

-Rob

In DC, people are pretty confused by the McCain move. Some say it's the best he can do -- with the economic crisis and the polls in freefall, he needed something -- anything -- to change the metrics. So what if he seems desperate? He is desperate.

There's another school of thought, however, that says this is more about Palin than McCain. It's said to be a move to postpone her debate appearance until they can figure out how to deal with the breaking stuff on her extramarital situation. Ah, the Enquirer. Wouldn't it be ironic if the most influential "news" organs in this so-called campaign turned out to be a tabloid rag and a comedy show (The Daily)?

Who knows? This is playing more like a soap opera than a campaign anyway.

Oh -- and it seems like hardly anybody cares what Bush says one way or the other. Most people I know aren't even watching.

j

Anybody see Campbell Brown? It was a hoot. "Free Sarah Palin!"

Guys, let's keep this on track and not go into presidential politics.

Originally Posted by gugi

Guys, let's keep this on track and not go into presidential politics.

New thread started ......

Just thought I'd post this up. Have a read. The author is Dr. Ron Paul

Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike. The events of the past week are no exception.
The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! "This is welfare for the rich," he said. "This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters."
That describes the current bailout package to a T. And we’re being told it’s unavoidable.
The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences – predictable, that is, to those who understand sound, Austrian economics – are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!

• The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.
• Financial institutions are "designated as financial agents of the Government." This is the New Deal to end all New Deals.
• Then there’s this: "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." Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.

There goes your country.
Even some so-called free-market economists are calling all this "sadly necessary." Sad, yes. Necessary? Don’t make me laugh.
Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind – another example of the big choice we’re supposedly presented with this November: yes or yes. Now, with a backlash brewing, they’re not quite sure what their views are. A sad display, really.
Although the present bailout package is almost certainly not the end of the political atrocities we’ll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.
The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?
When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?
Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.

Originally Posted by gugi

Guys, let's keep this on track and not go into presidential politics.

Doesn't this have EVERYTHING to do with presidential politcs?


Rewind to 1992....after 8 years of G. Bush Sr. the economy is in the toilet, a huge bailout is underway for Savings & Loans institutions.

Today: after 8 years of G Bush the Less, the economy is in the toilet, a huge bailout is underway for failing finacial institutions.


Coincidence? Or Policy?

I just wrote my congressman and senator

I must say that I most strongly oppose the proposed taxpayer funded bailout currently under discussion.
Taxation without representation.
How is this any different?
The proposal is to take a HUGE chunk of taxpayer money and give it to the private sector. Where is the representation in that? Where is the accountability to US the taxpayers?
I urge you to do something and work for us, the people who put you in office. Fight for us, not corporate CEOs

Originally Posted by Seraphim

Doesn't this have EVERYTHING to do with presidential politcs?

Perhaps, but it will be much better to have a real discussion of specific policies that have caused this, and not a bickering how the current candidates are using the situation for political gain - the later is a different topic and should be discussed in a different thread.

Originally Posted by Seraphim

Doesn't this have EVERYTHING to do with presidential politcs?
Rewind to 1992....after 8 years of G. Bush Sr. the economy is in the toilet, a huge bailout is underway for Savings & Loans institutions.

George H. W. Bush - Wikipedia, the free encyclopedia

Bush Sr. was only prez for 4 years.