The Bailout Is Approved!
Hours before the President was supposed to host a meeting between Obama and McCain, Democratic and Republican senators emerged from a 2 hour powwow with an agreement on a $700 billion bailout to help an economy teetering on the edge of a serious recession.
McCain may have to go to the debate after all!!!!
With new home sales dropping and applications for unemployment benefits rising, the economy has become a popular theme and in the face of some potentially very serious problems, Republicans and Democrats have pulled together.
Today's agreement reflects a renewed spirit of bipartisanship. Or so we hope!
The new game plan seems to look good to everyone and comes just in time.
This is just after McCain wanted to put a hold on his campaign yesterday with the election a little more than a month away and wanted to do his own bailing out of the first presidential candidate debate.
With a plan set in motion, now what Mr. McCain?
[Image via WENN.]
Macca + 5,000 Bodyguards Visit Jesus's Birthplace
y'all have no idea what you're talking about(except for meowmix67). Like I said before, if you don't know anything about the market or the problems we as a economy are facing the best thing for you to do is shut your mouth. It's when people who don't know what they are talking about open their mouth and give everyone bad information. Then we get people upset about something that has nothing to do with the problem. There is nothing worse than a misinformed public. I bet that no one here thinks they are part f the problem when in reality EVERYONE is part of the problem. Since 2002, if you purchased a house, got a loan of any type, got a credit card, or even worked for one of these banks, you are to blame. I am as guilty as you are. Nobody complained when they were getting money, now everyone is bitching because they're have to pay for this. Yes, the tax payers are paying for this however we will actually make money on this deal. Again, if you don't know what you're talking about, it's best for everyone for you to not open your mouth.
Re: patrice5 –
You do know that Obama is/was the #1 contributor to both of these companies, right? Did you also know that both of these companies were run by democrats? I can tell you that I don't want a democrat running my country especially this dumb shit.
When I know the details and it's signed by the Bush admin I'll believe it's put to bed. My money is still on it getting pushed into the weekend. Will McCain show up to the debate? 80% of me is convinced he won't why? because I think this is going to be pushed into the weekend. I understand the need to do this… to a degree but I'm still a little caged a/b it. People can you imagine 700 BILLION dollars?! And that was an educated guess. This is the one instance I actually support strong regulation, I want a receipt for where my $ is going and no, I don't want it in some CEO's pocket.
Re: infamousb – 102 Speaking of dumbshits, McCain bottom of his class
OBAMA TOP OF HIS CLASS!
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VOTE FOR THE SMART GUY!
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OBAMA OBAMA OBAMA
Re: Leona$ Gho$t –
I'm well aware that McCain said the "fundamentals of the economy are stable" the fundamentals he spoke of are the working people who work day in and day out. The same people that continue to contribute to our economy. You're taking his quote out of context. If you had listened to all he said instead of repeated hearsay you would know that. McCain saw this economic crisis coming years ago and tried to stop it, no one listened. Back then Obama had nothing to do with the issues facing our national economy.
Re: LordKain –
Please tell me exactly what obama is going to change. I am dying to know what he can possibly do to "change" things. Do you know that even if he gets elected, we will be under Bushs' policies for the next 4-6 years? Did you know that the current policies we are under are from Clinton? Do you know anything?
Obama is gonna make McCain look like a piece of shit when the debate is over. Go OBAMA!
"let's get one thing straight….
obama is gonna REGRET not putting off the debate to help the country…. his skills at debating are SHAKY at BEST"
Agreed. McCain comes out looking noble, Obama looks like he doesn't have his priorities straight.
This bailout bullshit is a horrible fucking idea. Left alone the free market will fix itself. The government needed to just stay out of it. Hell all those companies have loads of money in reserves, why should we tax payers give them more? Too bad a libertarian candidate doesn't have a snowball's chance in hell of ever getting elected.
Re: jefdo –
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YOU MAKE MCCAIN SOUND LIKE MIGHTY MOUSE TO THE RESCUE.
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DID HE SEE THE 20,000 INVESTORS LOSING THEIR LIFE SAVINGS WHEN HE WAS FLYING AROUND ON KEATING'S LUXURIOUS PERSONAL JET?
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BY YOUR LOGIC, OF COURSE HE DID.
GUESS HE DIDN'T GIVE A RAT'S PATOOTIE, THOUGH.
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SINDY'S MONEY IS WHAT "CREATED" THE MAN YOU ADMIRE SO MUCH–
SHE MUST HAVE SPENT A KING'S RANSOM ON PUBLIC RELATIONS FIRMS
TO CREATE THIS HERO OF MYTHIC PROPORTIONS…
OUT OF THIS "5TH FROM THE BOTTOM OF HIS CLASS," UNBELIEVABLY
SELF-SERVING, STAR-FUKCING
I D I O T SON!!!
The quote below is a reminder of how Democrats felt about John McCain just a short time ago:
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There is an alternative, but it isn't one that most people have considered. In fact, the best Democrat may be someone who's no Democrat at all: Sen. John McCain (R-Ariz.). As a war hero who's hawkish on foreign policy, he more than matches Bush on the military front. As a reform-minded foe of corporate welfare, Big Tobacco, and the Republican right, he is peerless. McCain is Bush's most vociferous critic, voted against the president's tax cut, forced his hand on campaign finance reform, and federalized airport security in the face of White House opposition. He has co-sponsored numerous bills with Democrats–many of them in the presidential-aspirant class–requiring background checks at gun shows (Lieberman), a patients' bill of rights (Edwards), better fuel-efficiency standards in cars and SUVs (Kerry), and expanded national service programs (Bayh). He is even drafting a bill with Lieberman to reduce greenhouse gasses and mitigate global warming. As Ronald Brownstein remarked recently in the Los Angeles Times, "[McCain] has become the most hyphenated name in Washington."
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Just a friendly reminder
Re: Leona$ Gho$t –
I'm not trying to make McCain sound mighty. I was stating true facts, he did see this coming, he tried to pass legislation in 2005 for stronger regulations on company's like Freddie Mac and Fannie Mae the democrats in the committee all voted it down and it died. Look it up, do some research before you insert ignorant posts filled with mindless insults and caps lock, which you think will some how emphasize your empty statements. At this time Obama wasn't even in the picture. Comparing where they graduated in their class isn't even relevant. McCain was in the Naval Academy, he only graduated lower because he admits to have been a trouble maker. When the time came to serve his country he more than made up for it. He withstood many years of torture and stayed true to his country. When given the option to leave he refused until his fellow soldiers were released. What created the man I admire so much is unmatched patriotism and a passion for this country I've never seen in ANY other politician.
Re: jefdo – REGURGITATE REGURGITATE REGURGITATE, ENOUGH ALREADY, CARLI FIORINA!!!
Maybe all of you who worship at the altar of the New York Times will find their explanation of the current financial crisis edifying:
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"In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
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The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
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Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
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"Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements," said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. "Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market."
- New York Times, September 30, 1999
Re: jefdo – DARLING DO YOU BELIEVE A CHILD CAN BE SPEWED OUT OF A VIRGIN'S POONIE? I THINK YOUR ANSWER WILL DETERMINE YOUR INTELLIGENCE, ONCE AND FOR ALL!!!
Everytime I think of this Pre- Emptive bail out I think of the Bush Doctrine and his notion of Pre- Emptive strikes… 700 billion is only an educated guess and I'm hoping judicial review is included. That's why I'm on the fence on a bail out. Remember this MIGHT help, no guarantess if after the bail out the economy will be back on track and I'm still sore on the notion of bailing out foreign banks as well. So they can turn around and use OUR $ as credit to buy more of our assets. A catch 22 indeed.
I've already heard that this bailout is unconstitutional. If anyone challenges this in court it possibly wouldn't fly. The Constitution say's that if you bailout one entity you have to bail out all entities. We can't pick and choose here. Doesn't mean they won't try but if we have a judicial review it's a good possibility it would get a thumbs down.
Re: Leona$ Gho$t –
Our argument is pointless, I can supply facts and you can babble aimlessly in caps lock.
mccain must be scared if he's getting bush to do this kind of crap to boost his campaign. It's nothing but a game for Mccain to get votes. Because the American people are too stupid to notice the games. Hell, they were too dumb to notice that the last two elections were rigged and Bush and Co. were at fault for 9/11. Guess 'give everyone guns and only christians get rights' wasn't good enough to win the election.
And sammy, if Obama doesn't come to texas it's because you're all a bunch of worthless rednecks who would rather shoot him than have him for President.
Excerpts of the response to my email regarding this bailout from my Congressman, Rep. John Linder (R) Ga.
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First, our economic stress is rooted in the decline of the housing market. The cause of the decline was the funding of marginal credit mortgages (subprime) through the creation of mortgage-backed securities that were sold around the world. As the default and foreclosure rate on these mortgages increased, the value of the securities declined. As the values declined, the balance sheet of the financial institutions that bought them deteriorated. The market for these securities declined and ultimately evaporated, thus causing a liquidity problem for the financial institutions and a credit crisis for American consumers and small businesses.
(Cont)
(Cont)
In the immediate term, we must address the credit and liquidity crisis. In the long term, we must put in place the oversight and safeguards to ensure the transparency and accountability necessary to prevent this from happening again. The Treasury has proposed using up to $700 billion dollars to purchase, at a discount, these mortgage-backed securities. This would provide liquidity to the financial institutions and improve their balance sheets. The important question is this: "Is the taxpayer of Georgia protected?" If the Treasury properly discounts the securities to, say, 50 or 60 cents on the dollar, and holds the securities to maturity there should be little or no cost to the Treasury. More importantly, investors will return to the market and will compete with the Treasury to by these discounted securities and the market will be reestablished. I am working to ensure the safeguards necessary for maximum security for the taxpayer. (Cont)
(Cont)
In the long term, we must bring transparency and accountability to Wall Street. While I am not a big government regulator, if the investment bankers on Wall Street were held to the same standards of transparency and accountability as our national banking system, this would not have happened. The security rating agencies such as Moody's and Standard and Poor also share some of the blame for the way they rated the subprime mortgage-backed securities, and they should be held accountable. I will work hard for the right reform of Wall Street.
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The term bailout has been used a lot in this debate. Not a dollar of the $700 billion will go to the brokers who created the securities. Instead, they will go to the investors who bought them, and then only after they take a significant discount or loss. Properly executed, the Secretary of the Treasury and the Chairman of the Federal Reserve believe this proposal will restore liquidity to the credit markets and return confidence in the financial system.
(Cont)
I will continue to work for the best interest of our economy and the safety of the savings of the citizens of Georgia.
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Thank you again for contacting me. Please visit my webpage at isakson.senate.gov for more information on the issues important to you and to sign up for my e-newsletter by choosing Newsletter Subscription from the topic list.
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Sincerely,
Johnny Isakson
United States Senator
Inneresting to quote Perez! This is billed as the biggest protest in Alaska don't know if it's accurate, anyways just sharing the site because some of those homemade signs are FUNNY. Pro Palin supporters may want to skip this.
Google Biggerst rally in AK history or Largest poltical rally in Alaska's history. For the unbiased article visit adn Anchorage Daily News dot com shortened as ADN dot com dubyadubyadubya dot adn dot com slashsarah-palin slashstory slash525510dothtml for the pics visit Dubyadubyadubya dot Ireport dotcomslashdocs/DOC-
**Correction** - The above correspondence was from my Senator, Johnny Isakson (R) Ga. not my Rep, John Linder.
Re: jefdo – BETTER THAN ANYBODY, SUGAR!!!! LOL.
Inneresting to quote Perez! This is billed as the biggest protest in Alaska don't know if it's accurate, anyways just sharing the site because some of those homemade signs are FUNNY. Pro Palin supporters may want to skip this.
Google Biggerst rally in AK history or Largest poltical rally in Alaska's history. For the unbiased article visit adn Anchorage Daily News dot com shortened as ADN dot com dubyadubyadubya dot adn dot com slashsarah-palin slashstory slash525510dothtml for the pics visit Dubyadubyadubya dot Ireport dotcomslashdocs/DOC- goodluck!
Re: LS –
#13
What are you talking about? McCain has been wanting to debate since the summer.
Re: SquirrelLives –
Posts 122 on down
Squirrel so far that is the best piece of news I have read on this bail out. Hopefully it pans out. I like the idea that none of that money will go to the brokers responsable, I wish they would change out the Secretary of Treasury.
Re: MINXLIVES – Post 129
I sent the same email to my other Senator, Saxby Chambliss and my Rep, John Linder. No response from either yet.
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I think the tone of the letter implies that he is for a bailout, but is insistent on oversight and transparency. I like the idea of getting the securities at a 50% discount. No other real details are offered. I intend to write all of them again tomorrow to see if I can get more details. I will post any other responses I receive.
bobama wants to hurry up and get this debate done before he forgets what he was told to say. That's what happens when you have no experience. And by the way, according to the news at 8pm, the bailout deal is not settled. Looks like perezdumbasshilton jumped the gun
THOSE "IN THE KNOW" HAVE REVEALED THAT THE REAL REASON MCSTAIN WANTS TO POSTPONE HIS DEBATE IS BECAUSE THEN THEY CAN SET BACK THE DATE FOR SARAH'S DEBATE–THUS ALLOWING MORE TIME TO COACH THE LENSCRAFTERS MODEL! SHE'S NOT REPRESENTATIVE OF SMALL TOWN AMERICA–SHE'S AN INSULT TO IT. KNOCKED UP SLUTTY DAUGHTER, SON SHIPPED OFF TO EYE-RAK (IT WAS EITHER THAT OR REHAB), THE QUEER-FACED HUBBY. SMALL TOWN AMERICA IS WAY BETTER THAN THAT!
Re: infamousb – YOU COME ACROSS A MORON WITH AN ASSOCIATES DEGREE IN "DUMBASS!"
Re: Smirks – Post 114
I read that article today too. It was almost prophetic in it's accuracy. The guy described almost exactly what the fallout would be. It was simple enough for a journalist to understand. I don't get it.
I really hope that don't actually believe what you just said in that post about McCain being 'scared' to debate.. McCain has been a FAR FAR FAR more vocal senator that most anyone else in the senate, and most deff more than Obama. Why would he be scared of little Obama?? Like someone else said before, if anything, Obama is the one thats scared to try and bring it without his teleprompter.
Campaigning for a few days when people already know who you are as opposed to commiting your influential voice to help find something of a solution to our nation's failing economy with that time instead.. which is the greater good? Obama said he would only participate if he was specifically asked to. Are we going to have to ASK him to do things when he is president, too? Or should we elect a president who can make decisions about which causes he chooses to support, with our nations overall good in mind, all on his own? "A president should be able to do more than one thing at a time," he says…
No, No, Obama. Thats missing the point. We need a president who can prioritize, above all. We need a president who will commit to something (which Obama doesnt really seem to do about anything, except change, which doesn't, because he keeps changing his mind about he will bring the 'change'). We need a president who will take ACTION when it is time to save our countries middle class, as well as the rest of its people, instead of touring around talking about it.
Perez, you are an IDIOT!!! OMG, stick with gossip. You know nothing about economics. And nothing has been signed you retard. Gahhhh.
Have you turned on the news? The bail out has not yet been approved. Dumb ass
how come i heard just the opposite about this? i heard that this wasn't going to happen on the news.
Yeah, the bailout fell through. Now other companies are picking up failing companies' slack. Chase got WaMu. And the dollar is still worth a tiny bit.
The bailout is another example of statism and the taxpayer is being snookered. What a way to privatize profits and socialize debt. A total money and power grab and a way to perpetuate the illusion that our homes, among other things, are worth more than they really are. If this bailout plan is allowed then the dollar will be even more devalued and inflation will rise. So we can either own up now and eliminate our mass delusion or continue to prolong the inevitable, but when the inevitable finally does strike it will be worse and far more injurious for our having waited.
And the media either ignored Ron Paul or just plain tried to make him out to be a kook. Ron Paul was, is and continues to be right; and fuck all y'all fake "conservatives" who also tried to malign Ron Paul. I hate you all.
Re: Sammy – WELLL DAHHHLING…I TOO AM FROM TEXAS….AND IF YOU LOOK AS GOOD AS THE PICTURE YOU'RE USING HERE…I'D BE HAPPY TO APPRECIATE YOU….A LOT !!!!! AND OFTEN !!!!! HAVE YOU EVER HAD A GOOD GREEK KISS ???? CAUSE I'D BE MORE THAN HAPPY TO GIVE YOU ONE.
Re: Leona$ Gho$t – DAHHHLING….THEY'RE TRYING TO GET OUT OF THE PALIN DEBATE ALL TOGETHER….NO AMMOUNT OF COACHING CAN KEEP THAT COW FROM MAKING A MONUMENTAL FOOL OF HER IGNORANT SELF….JUST TAKE A LOOK AT HER PATHETIC INTERVIEWS WITH CHARLES GIBSON AND KATIE KOURIC…THE DUMB CUD CHEWER IS A COMPLETE MORON.
Well Unfortuently as HOPEFULLY MOST OF YOU KNOW….THE BAIL OUT WAS NOT, I REPEAT NOT APROVED YET…AND SURPRISE SURPRISE, IT'S ACTUALLY THE REPUBLICANS THAT ARE MOST CONCERNED ABOUT THE BAIL OUT COMING FROM TAX PAYERS DOLLARS. Hopefully Mccain will stay in Washington so tax payers aren't stuck with bailing out this mess, however a solution does need to be reached asap. The Bill obviosuly needs to be re-written and I wouldn't blame McCain at all for staying in DC until an actual agreement is made.
Re: Leona$ Gho$t –
Absurd comment, have you read your posts lately, they say absolutely nothing, but call him Mcstain and talk about his wifes appearence. She's Rich because her family worked their asses off the American Way, she deserves every dime she has. At least McCain and His Wife don't make shady Business Deals with Convicted Terrorist connected to 9/11, and Obama was even involved in Fanny Mae receiving huge contributions from the company and was also listed # 2 as one of their favored politicians, but you probably don't know anything about that I'm sure.
Re: Leona$ Gho$t –
So now you're anti Christian, which explains a lot? You have such a way with words. Who says "Poonie", and you worship Pamela Anderson, enough said. I pray that you are either to young to vote or too dumb to register, or most likely both.
I absolutely love you perez!
and I love your site
butttttt, just wanted to let you know
that the $700 billion bail plan was not approved, unfortunately
Perez, you fat lazy piece of shit……read the newspaper or turn the channel off of CNN.
There is no deal………period. Soon you'll be back to sucking off senators in bathrom stalls gain .
Actually you're absolutely wrong. The senate may have approved of something but the house hasn't. Like many of us, why must we pay for executives failures. They were too busy kissing butts and doing other scandalous things as CEOs. I'm sure you'll twist this and say oh Republicans this and that. But the House hasn't approved of anything. Make sure you read you news. It actually failed.
Re: arrora – YOU DON'T MIND THAT BUSH, MCSTAIN, AND SARWHORE THOUGH ARE TOO DUMB TO RUN?!?!? NUKE-U-LER!
Re: harrybalsac –
at least in porn you know where your money is going…nice answer HB