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Bush Nationalizes Country?

A

Anonymous

Guest
Another step in GW's nationalization of the country...Interesting how the Repubs jump immediately into bailing out all their K street buddies- but scream bloody murder if someone brings up aiding the public get health care insurance :???:

I wonder how many Zillions $ the AIG CEO/management get for bankrupting this company :???: The poor Lehman guy only gets $30 million :wink:

Bush/McSame economics:
Socialism for the Rich
Capitalism for the Poor


Government Bailout of AIG Appears Increasingly Likely
Tuesday, September 16, 2008


NEW YORK — The government is expected to announce an $85 billion bailout of the huge insurer AIG, people with knowledge of the situation said Tuesday, in a bid to avoid further market upheaval.

http://www.foxnews.com/story/0,2933,423785,00.html
 
A

Anonymous

Guest
Sandhusker said:
It's a loan, not a bail out. The US government will take a security interst.

A security interest on something worth Nothing- is Nothing.... :shock:
 
A

Anonymous

Guest
Sheila Bair, who is the Chairwoman of the FDIC was on CNN tonight saying that our economy/banking system is in as bad of shape as the 'the Great Depression" days- and that without the government bailouts and assisted takeovers of some of these huge Banks, lending institutions and others she dared not estimate what might happen to the country/world as it would be much worse-- "too much worse to imagine"...

But yesterday as many watched much more of their investments and retirement accounts fly away to never never land- our annointed Champion McSame said everything is hunky dory- while the Bush boys were still trying to teach King George how to spell "recession"... :roll: :wink:
If we stay on the Bush/McSame course- he'll be able to skip that lesson- and go straight to learning how to say "economic implosion"... :( :(

Sept. 16 (Bloomberg) -- John McCain got a jump on rival Barack Obama in addressing the Wall Street crisis yesterday, though the Republican presidential candidate may have caused himself political trouble by saying ``the fundamentals of our economy are strong.''
------------------
Even as Obama was airborne, his campaign pounced on McCain's comment as evidence the Republican is ``out of touch,'' on a day the Standard & Poor's 500 Index would suffer its biggest drop since the Sept. 11, 2001, attacks.

``Senator McCain, what economy are you talking about?'' Obama said after landing in Colorado. ``What's more fundamental than the ability to find a job that pays the bills and that can raise a family?''

http://www.bloomberg.com/apps/news?pid=20601103&sid=aFFxdtG50Co4&refer=us
 

Sandhusker

Well-known member
True, but you would have to see the books to make the determination that there is nothing there. CNN reports that they've got 1.1 Trillion in assets. Also, we're charging them 11.3%
 
A

Anonymous

Guest
Isn't surprising since he's missed most the last couple years in the Senate...Its a wonder he can still find his office :wink: :roll: :lol: Don't worry tho-- Old McSame will bring in his buddy Foreclosure Phil to "fix" the country :roll:

McCain doesn’t know what his own committee does.»

With Wall Street’s financial institutions in turmoil, Sen. John McCain (R-AZ) argued in a series of interviews today that his experience on the Senate Commerce Committee meant he knew “how to fix this economy.”I understand the economy. I was chairman of the Commerce Committee that oversights every part of our economy,” McCain told CNBC’s Squawk Box.

But, as the Washington Post points out, the Commerce Committee doesn’t oversee “every part of our economy,” let alone “the very areas now in crisis“:

In fact, it is the Senate Banking Committee that has oversight of “banks, banking and financial institutions; control of prices of commodities, rents and services; federal monetary policy, including the Federal Reserve System; financial aid to commerce and industry and money and credit, including currency and coinage.”

According to its Web site, the Commerce Committee oversees 13 areas, beginning with the Coast Guard, and continuing through “regulation of consumer products and services … except for credit, financial services, and housing — the very areas now in crisis.

It’s not that surprising that McCain is confused about the Commerce Committee’s economic responsibilities, considering that he freely admits,The issue of economics is not something I’ve understood as well as I should.”
 

aplusmnt

Well-known member
Does Bush have the power to loan them this money? Something should really be done about this! I would think this would be a decision to be decided by our elected Congress? :?
 
A

Anonymous

Guest
aplusmnt said:
Does Bush have the power to loan them this money? Something should really be done about this! I would think this would be a decision to be decided by our elected Congress? :?

Why would King George ask Congress for ability to do anything now? :???: He hasn't for the last 7 years-and he's refused to answer any questions of oversight by Congress or enforce many of the laws Congress passed (one of the reasons we're in the mess we're in).....

Senator Dodd was asking the same questions yesterday- and saying it sure would be nice if the King- and the Fed- would consult Congress first, so at least they knew what was happening instead of telling them about the deals as the news release comes out.....

Every morning I wake up wondering which country (s) foreclosed on our debt during the night and now owns this country that GW has tried hell bent to sell out... :???: But if he doesn't accomplish it- I'm sure John "I'm the biggest Freetrader in the World" McSame will accomplish it if he gets in... :(
 

TexasBred

Well-known member
aplusmnt said:
Does Bush have the power to loan them this money? Something should really be done about this! I would think this would be a decision to be decided by our elected Congress? :?

Congress definitely has to make the decision. And while I'm at it tell Oldtimer that he nor anybody else lost their retirement funds. He can call and check his balance if he doesn't want to take my word.
 
A

Anonymous

Guest
TexasBred said:
aplusmnt said:
Does Bush have the power to loan them this money? Something should really be done about this! I would think this would be a decision to be decided by our elected Congress? :?

Congress definitely has to make the decision. And while I'm at it tell Oldtimer that he nor anybody else lost their retirement funds. He can call and check his balance if he doesn't want to take my word.

So the 63 year old Billings fellow in the article I posted for Sandhusker yesterday that has watched his retirement fund shrink is lying :???:

Your "more out of touch" than ol McSame :roll: ... There have been hundreds of people calling into the nightly talk lines that are talking of huge loss's...Even C-SPAN ran a special show yesterday with the NY Times financial editor- where folks could call in and get advice on what they should do...
As he said- those in their 40's still have plenty of time to recover--but since many are now predicting this could be as much as a 8-10 year recession/depression (and as Ms. Bair said "as bad as the Great Depression") those in their 50's-60's+ probably will never recover the loss's....

And that doesn't even include those that put much of their retirement investments into their homes- which are now depreciating and in many cases unsaleable-- nor how much less each of those dollars will buy today...
 

Sandhusker

Well-known member
The stock market goes up, and it goes down. Always has, always will. Sometimes it goes up a lot, sometimes it goes down a lot. That's the way it works. If you can't stand the heat, don't go into the kitchen.

You don't take a loss until you sell. It's all on paper for now. I'd like to ask those who are calling in how much of those losses are actually part of their gains? How much money would they have if they had been putting their money into government bonds through the years instead of the stock market? If they had been doing this for any time at all, they can take the whipping they're taking now, and they're still ahead of where they would of been with the safe stuff.

If your house is your retirement fund, you're a fool. I feel sorry for those people, but I don't feel inclined to bail out people for foolish investing, either.
 

TexasBred

Well-known member
Oldtimer said:
TexasBred said:
aplusmnt said:
Does Bush have the power to loan them this money? Something should really be done about this! I would think this would be a decision to be decided by our elected Congress? :?

Congress definitely has to make the decision. And while I'm at it tell Oldtimer that he nor anybody else lost their retirement funds. He can call and check his balance if he doesn't want to take my word.

So the 63 year old Billings fellow in the article I posted for Sandhusker yesterday that has watched his retirement fund shrink is lying :???:

Your "more out of touch" than ol McSame :roll: ... There have been hundreds of people calling into the nightly talk lines that are talking of huge loss's...Even C-SPAN ran a special show yesterday with the NY Times financial editor- where folks could call in and get advice on what they should do...
As he said- those in their 40's still have plenty of time to recover--but since many are now predicting this could be as much as a 8-10 year recession/depression (and as Ms. Bair said "as bad as the Great Depression") those in their 50's-60's+ probably will never recover the loss's....

And that doesn't even include those that put much of their retirement investments into their homes- which are now depreciating and in many cases unsaleable-- nor how much less each of those dollars will buy today...

Oldtimer....those older than 40 should have already had enough to be able to afford a loss.....all my investments have lost value too...am I crying? Hell no because for the lasts several years they have increased from 15% to well over 20%. I still have a hell of a lot more than I started with. If you want a guaranteed return on your money put it in savings bond or low rate bank C.D's...don't but it in accounts that tell you before you invest that they are high rish or even medium risk....take the sure thing. But then we all love to "speculate" don't we. :)
 
A

Anonymous

Guest
The thing is that much of this whole crisis could have been avoidable-and folks wouldn't have had to take those loss's-- if some folks hadn't been asleep at the switch...

As Senator Dodd brought up yesterday- many in the Fed and government were aware of the impending disaster for many years (some Fed folks brought up impending problems 5 years ago---Treasury Secretary O'Neill pointed it out to the Bush Boys in his report in 2002- but Bush didn't even include it in the 2003 budget report- and got rid of O'Neill :roll: If you disagree with the King- you get the axe).....
Add in a total throwing out of all regulation, policing, oversight and rule of law- and you get exactly what Dodd said- "an 8 year coffee break" by Administration oversight and regulators......

He pointed out that for several years the Banking Committee tried to pass new regulatory rules and laws on the GSE's (Fannie Mae, Freddy Mac, etc.)- which were filibustered- and a veto threatened- until things got so bad now that Bernanke and the Fed had to ask for the same regulations- then King George finally allowed it to pass a month ago...
Closing the barn door after the horses have all escaped....
 

TexasBred

Well-known member
Oldtimer said:
The thing is that much of this whole crisis could have been avoidable-and folks wouldn't have had to take those loss's-- if some folks hadn't been asleep at the switch...

As Senator Dodd brought up yesterday- many in the Fed and government were aware of the impending disaster for many years (some Fed folks brought up impending problems 5 years ago---Treasury Secretary O'Neill pointed it out to the Bush Boys in his report in 2002- but Bush didn't even include it in the 2003 budget report- and got rid of O'Neill :roll: If you disagree with the King- you get the axe).....
Add in a total throwing out of all regulation, policing, oversight and rule of law- and you get exactly what Dodd said- "an 8 year coffee break" by Administration oversight and regulators......

He pointed out that for several years the Banking Committee tried to pass new regulatory rules and laws on the GSE's (Fannie Mae, Freddy Mac, etc.)- which were filibustered- and a veto threatened- until things got so bad now that Bernanke and the Fed had to ask for the same regulations- then King George finally allowed it to pass a month ago...
Closing the barn door after the horses have all escaped....

OT..conservatives (both parties) have been warning about this for 15 years. It didn't start with Bush...Go read about the demise of the "Glass-Stegall" Act courtesy of President Bill Clinton. If the act were still in place we may have avoided this. Oh and by the way, in case you missed it, the CEO's of both Freddic Mac and Fannie Mae are now Obama "Economic Advisers" after ripping off millions (there went some of your retirement).
 

jodywy

Well-known member
He pointed out that for several years the Banking Committee tried to pass new regulatory rules and laws on the GSE's (Fannie Mae, Freddy Mac, etc.)- which were filibustered- and a veto threatened- until things got so bad now that Bernanke and the Fed had to ask for the same regulations- then King George finally allowed it to pass a month ago...
Closing the barn door after the horses have all escaped....
but Fannie Mae, Freddy Mac, gave big monies to Dodd, Obama, and other democrats :shock: :shock: :shock:
 
A

Anonymous

Guest
Oh I agree both parties are to blame--but this happened under the watch of GW- who did nothing to head it off, even when he had a rubber stamp Congress- actually fighting those that tried to- and even refusing to admit there was a problem when it was apparent to every one else....I don't think either he or McCain have an idea of whats going on in the country and both are totally out of touch-- with McCain looking like a complete dolt on Monday echoing Bushs "the economy is fundamentally sound" as the stock market crashed and Lehmans declared bankruptcy- and the Fed was bailing out AIG :roll: :( :(

The biggest deregulation in the lending/investment industry came about in 1999-2000- when Sen. Phil Gramm slipped several deregulation rules at the last minute into a huge must pass budget bill- which was passed by the Republican controlled Congress (most of which never even read or had time to read the amendments- and admit they never even knew were there) and signed into law by Bill Clinton (another proponent of deregulation)...That is what has forever earned Gramm the name "Foreclosure Phil".....

The comedy is that many of those Senators that helped pass the removal of those regulations (many of which had been on the books since the 1920's, because of the greed lessons learned then) are now the ones screaming the loudest to get them back...McSame is #1 example- which it becomes more ironic since he has that same former (Enron Scandal) Sen. Gramm as his #1 economic advisor- and was touting him at one time as his Treasury Secretary- but is now screaming we need regulation...

And it doesn't look like the investors are buying Bush/McSames sameo "the economy is fundamentally strong" line of Bull anymore....

Dow plunges over 300 points
Government bailout of AIG adds to fears about the stability of the financial markets. WaMu, Goldman and Morgan Stanley all tumble.

CNNMoney.com senior writer
Last Updated: September 17, 2008: 11:37 AM EDT


New YORK (CNNMoney.com) -- Stocks slumped Wednesday morning, with the Dow industrials tumbling more than 300 points, as the government's emergency rescue of AIG exacerbated fears about the stability of financial markets. The selloff comes in the wake of Lehman Brothers' bankruptcy and Merrill Lynch's sale to Bank of America.

Investors also focused on a report that showed construction of new homes fell to the lowest level in 17 years.
 

TexasBred

Well-known member
Oldtimer said:
Oh I agree both parties are to blame--but this happened under the watch of GW- who did nothing to head it off, even when he had a rubber stamp Congress- actually fighting those that tried to- and even refusing to admit there was a problem when it was apparent to every one else....I don't think either he or McCain have an idea of whats going on in the country and both are totally out of touch-- with McCain looking like a complete dolt on Monday echoing Bushs "the economy is fundamentally sound" as the stock market crashed and Lehmans declared bankruptcy- and the Fed was bailing out AIG :roll: :( :(

The biggest deregulation in the lending/investment industry came about in 1999-2000- when Sen. Phil Gramm slipped several deregulation rules at the last minute into a huge must pass budget bill- which was passed by the Republican controlled Congress (most of which never even read or had time to read the amendments- and admit they never even knew were there) and signed into law by Bill Clinton (another proponent of deregulation)...That is what has forever earned Gramm the name "Foreclosure Phil".....

The comedy is that many of those Senators that helped pass the removal of those regulations (many of which had been on the books since the 1920's, because of the greed lessons learned then) are now the ones screaming the loudest to get them back...McSame is #1 example- which it becomes more ironic since he has that same former (Enron Scandal) Sen. Gramm as his #1 economic advisor- and was touting him at one time as his Treasury Secretary- but is now screaming we need regulation...

And it doesn't look like the investors are buying Bush/McSames sameo "the economy is fundamentally strong" line of Bull anymore....

Dow plunges over 300 points
Government bailout of AIG adds to fears about the stability of the financial markets. WaMu, Goldman and Morgan Stanley all tumble.

CNNMoney.com senior writer
Last Updated: September 17, 2008: 11:37 AM EDT


New YORK (CNNMoney.com) -- Stocks slumped Wednesday morning, with the Dow industrials tumbling more than 300 points, as the government's emergency rescue of AIG exacerbated fears about the stability of financial markets. The selloff comes in the wake of Lehman Brothers' bankruptcy and Merrill Lynch's sale to Bank of America.

Investors also focused on a report that showed construction of new homes fell to the lowest level in 17 years.

OT...bet a cold six-pack you had no idea what FannieMae and Freddie Mac were until election campaigning started....know what GinnyMae and SallyMae are?? Next time you cut and paste someone elses article please give them credit...very obvious you DID NOT compose the above. Also where was the stock market trading when Bush took office??
 
A

Anonymous

Guest
TexasBred said:
Oldtimer said:
Oh I agree both parties are to blame--but this happened under the watch of GW- who did nothing to head it off, even when he had a rubber stamp Congress- actually fighting those that tried to- and even refusing to admit there was a problem when it was apparent to every one else....I don't think either he or McCain have an idea of whats going on in the country and both are totally out of touch-- with McCain looking like a complete dolt on Monday echoing Bushs "the economy is fundamentally sound" as the stock market crashed and Lehmans declared bankruptcy- and the Fed was bailing out AIG :roll: :( :(

The biggest deregulation in the lending/investment industry came about in 1999-2000- when Sen. Phil Gramm slipped several deregulation rules at the last minute into a huge must pass budget bill- which was passed by the Republican controlled Congress (most of which never even read or had time to read the amendments- and admit they never even knew were there) and signed into law by Bill Clinton (another proponent of deregulation)...That is what has forever earned Gramm the name "Foreclosure Phil".....

The comedy is that many of those Senators that helped pass the removal of those regulations (many of which had been on the books since the 1920's, because of the greed lessons learned then) are now the ones screaming the loudest to get them back...McSame is #1 example- which it becomes more ironic since he has that same former (Enron Scandal) Sen. Gramm as his #1 economic advisor- and was touting him at one time as his Treasury Secretary- but is now screaming we need regulation...

And it doesn't look like the investors are buying Bush/McSames sameo "the economy is fundamentally strong" line of Bull anymore....

Dow plunges over 300 points
Government bailout of AIG adds to fears about the stability of the financial markets. WaMu, Goldman and Morgan Stanley all tumble.

CNNMoney.com senior writer
Last Updated: September 17, 2008: 11:37 AM EDT


New YORK (CNNMoney.com) -- Stocks slumped Wednesday morning, with the Dow industrials tumbling more than 300 points, as the government's emergency rescue of AIG exacerbated fears about the stability of financial markets. The selloff comes in the wake of Lehman Brothers' bankruptcy and Merrill Lynch's sale to Bank of America.

Investors also focused on a report that showed construction of new homes fell to the lowest level in 17 years.

OT...bet a cold six-pack you had no idea what FannieMae and Freddie Mac were until election campaigning started....know what GinnyMae and SallyMae are?? Next time you cut and paste someone elses article please give them credit...very obvious you DID NOT compose the above. Also where was the stock market trading when Bush took office??

Well you lucked out- I don't drink beer anymore...You forget- I've had 4 kids go to college so have had lots of experience with Sally Mae...And I thought anyone could figure out where the quote comes from- it says CNNMoney in 2 places :roll: :wink:
 
A

Anonymous

Guest
This nationalization poses an especially large challenge for John McCain, who is now railing against corporate greed and lack of government regulation of the financial industry. What he doesn't talk much about is how deregulation happened. It was the 1999 Gramm-Leach-Bliley Act that repealed the 1933 Glass-Steagall Act and thus eliminated the depression-era walls between between banking, investment, and insurance that made this crisis possible. Glass-Stegall erected walls between banking, investment management, and insurance, so problems in one sector could not spill over into the others, which is precisely what is happening now. The primary author of the Gramm-Leach-Bliley Act was none other than McCain's economic advisor, former senator Phil Gramm (who thinks the country is in a "mental recession"). McCain fully supported the bill and has a decades-long track record of opposing government regulation of the financial industry. His new-found conversion to being a fan of regulation is going to be a tough sell as Obama is already pointing out that McCain got what he wanted (deregulation) and this is the consequence.

http://www.electoral-vote.com/
 
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