Bailout doubts already

[seasprite]

Montgomery burns is suppose to be a heartless b.........
You brought a tear to my eye.
Economist stand to make a lot of money with their power of making a yoyo market benefit them. It is true the US economy is in bad shape , but imagine those who take advantage of this knowing full well their comments will lower or raise the market to suit.

 

[MrBurns]

Montgomery burns is suppose to be a heartless b.........

Well, that's odd ... I've just robbed a man of his livelihood, and yet I feel strangely empty. Tell you what, Smithers - have him beaten to a pulp.

 

[Green08]

One thing that has become obvious is that a excellent education - "the best on wall street" and money can not give the slightest sense of INTEGRITY.

Is Integrity Dead?

How do you teach you children or young people that integrity is paramount. yes you can have money but pure greed is shocking it should be a crime. Bush and his pals should be in Guantanamo Bay prison.

 

[pepperoni]

Ill bet there never was any real comprehensive bailout ... just well placed propaganda to buy time.

The ASX went up about 10% for nothing ... and way overshot other markets ... aussies get so sucked into the hype be it property or bailouts ... we are probably the ultimate US sycophant while the rest of the world either distrusts or hates them .... not a scrap of healthy cynicism anywhere ... makes me embarrased to be an aussie.

Rant over.

 

[Doris]

I wonder why GWB thinks the whole world is watching?

Subtle warning to Obama to not push strategies in his plan...

Bush Urges Congress to Pass Relief Bill

President George W. Bush said his administration has made headway on the proposed $700 billion Wall Street rescue plan, but urged lawmakers to keep legislation focused on the financial crisis.
Here, the full text of his statement.

Over the weekend, members of my Administration and congressional leaders worked on legislation to address the crisis in our Nation’s financial markets. They made good headway toward a bill that can pass the House and Senate in a timely manner, and the American people appreciate their efforts.

Obviously, there will be differences over some details, and we will have to work through them. That is an understandable part of the policy making process. But it would not be understandable if Members of Congress sought to use this emergency legislation to pass unrelated provisions, or to insist on provisions that would undermine the effectiveness of the plan. I appreciate Members of Congress in both parties resisting the urge to do so, and keeping the rescue bill focused on solving the crisis in our financial markets.

Americans are watching to see if Democrats and Republicans, the Congress and the White House, can come together to solve this problem with the urgency it warrants. Indeed, the whole world is watching to see if we can act quickly to shore up our markets and prevent damage to our capital markets, businesses, our housing sector, and retirement accounts.

Failure to act would have broad consequences far beyond Wall Street. It would threaten small business owners and homeowners on Main Street.

Everyone recognizes that it’s not easy to write a bill of this magnitude in a timely manner, and all those who have worked so hard over the weekend and continue this morning deserve the thanks and appreciation of every American. Working together, I am confident we can enact the legislation necessary to prevent lasting damage to our economy and meet the unique challenge facing us today.

http://blogs.wsj.com/washwire/2008/09/22/bush-urges-congress-to-pass-relief-bill/

 

[pepperoni]

Communism wins.

Flawless Vistory.

 

[bankit]

A good light read at the following link.

It is obvious that the big end of town is still in control of things in the US. Until that culture is broken we will remain in turmoil.
The bottom is not yet in in any of the Global markets.

http://www.financialsense.com/Market/wrapup.htm

The above link changes daily so if you are reading this the day following this post you have to refer to their daily wrapup which is in blue and select "Monday"

 

[refined silver]

from the daily reckoning...

So… how much is $700 billion?

1. It’s equal to the yearly economic output of every man woman and child in Saudi Arabia and Denmark, combined.

2. In $100 bills, it’s about 15 million pounds of money. That’s almost as heavy as all the steel and iron in the Eiffel Tower.

3. Laid end to end in $1 bills, it’s around 70 million miles… enough to touch Mars most times during its elliptical orbit around the sun each year.

4. Every single person in the U.S. would have to write you a check for $2,000 to total $700 billion.

And… for all the whining done about the cost of the Iraq war, in one three-page proposal sent to Congress over the weekend, the Bush administration asked for as much as the entire five-year engagement in Iraq has cost. The plan will rescue the forlorn and helpless “masters of the universe” on Wall Street this week.

 

[refined silver]

continued...

That $700 billion figure, mind you, was guesstimated by the same folks who announced in July 2007 that they thought subprime losses could total a staggering $50-100 billion.

So you can expect the $700 billion to be like a “starter wife” -- a temporary convenience while planning for an upgrade.

 

[refined silver]

and...

Let’s scribble on the back of our proverbial envelope for a moment:

$700 billion bailout package for Wall Street
$438 billion projected deficit in the federal budget for FY 2008
$200 billion for Fannie Mae and Freddie Mac
$150 billion in rebate checks under the guise of “stimulus”
$85 billion for AIG
$29 billion for Bear Stearns

Hmmm… $1,602 billion…. that’s quite a bill for the year… not to mention the nearly $1.6 trillion in Treasury swaps and short-term paper the Federal Reserve has lent out during its auction facilities.

(Thats $3.2trillion so far, with no upgrades!!)

 

[refined silver]

And the same guys who got everyone into this, (Paulson was CEO of Goldman in 2005, receiving over $37m personal bonuses that year alone. While at the same time Goldman and other Wall st firms paid $100s of million of dollars in fines to SEC for selling worthless overpriced CDOs etc to pension funds. In other words purposely shafting the general public for personal profit.)

Paulson switched to Treasury so he could bail out all their mates when it finally blew up. (and try to avoid culpability)

He wants a blank check - bigger than the entire defence, health or education budget of the US, with

- no questions asked,
- no accountability
- no oversight,
- and no debate or questions, just do it now.

Good one!!