Beating Around The Bush - W. Speaks!
Filed under: Politik
Even though more than two-thirds of the Republicans voted AGAINST the George Bush-backed Wall St. bailout package on Monday, effectively killing it, Bush is still pushing his plan.
On national television today, Tuesday, Bush warned that the country would experience "painful and lasting" economic damage if Congress doesn't pass a bailout measure.
Bush said, “The consequences will grow worse each day if we do not act."
Added the soon-to-be former President, “Our economy is depending on decisive action from the government. I’m confident that we’ll deliver.”
But what action should that be?
Bush said, “As much as we might wish the situation were different, our country is not facing a choice between government action and the smooth functioning of the free market. We’re facing a choice between action and the real prospect of economic hardship for millions of Americans.”
As for the House's decision not to pass his plan, Bush said he was “disappointed by the outcome” but added that he can “assure our citizens and citizens around the world that this is not the end of the legislative process.”
To that he added, “It matters little what path a bill takes to become law. What matters is that we get a law. We’re at a critical moment for our economy. I recognize that this is a difficult vote for members of Congress. … But the reality is that we’re in an urgent situation, and the consequences will grow worse each day if we do not act. … If our nation continues on this course, the economic damage will be painful and lasting.”
So what's going to happen then?
Who has the answer?
Unfortunately, Bush failed to take accountability for getting us into this mess in the first place!
[Image via WENN.]
you're such a GD idiot, perez. you haven't a clue about what is going on with the economy and what the root causes are. to blame it on bush shows you're nothing more than a 9th grade dropout with no relevant knowledge of today's world aside from slimy gossip.
Re: swinter27 – AMEN SISTER!!! (Brother?)
Re: swinter27 – YES! Well said…
You people amaze me. The bailout is not bailing out the rich people!! This bailout is going to affect ALL OF US. If this bailout doesn't get passed, the rich, the poor, EVERYONE is going to get screwed. Get your heads out of your asses and stop blaming Bush for our economy crisis. 75% of you don't even know what you're talking about and should probably go back to school. I've never seen so many dumbass comments in my life. Stick to your gossip because you obviously have NO intelligence whatsoever….the other 25% of you - at least you know what you're talking about.
Rahm Emanuel, who served as a board member for Freddie Mac, one of the agencies that precipitated the economic crisis the nation now finds itself in, had no misgivings about taking a leadership role in tanking the bill. "He was cheerleading us along, mothering the votes," says the aide. "We wanted enough to put the pressure on the Republicans and Congressman Emanuel was charged with making it close enough. He did a great job."
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Pelosi and her aides have made it clear they were not going to "whip" or twist the arms of members who did not want to vote, but they also made no effort to rally any support for a bill they attempted to hijack over the weekend.
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Further, according to House Oversight Committee staff, Emanuel has received assurances from Pelosi that she will not allow what he termed a "witch hunt" to take place during the next Congressional session over the role Fannie Mae and Freddie Mac played in the economic crisis.
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Emanuel apparently is concerned the roles former Clinton Administration members may have played in the mortgage industry collapse could be politically — or worse, if the Department of Justice had its way, legally — treacherous for many.
"I got me a $400,000 house, a rolling tank on wheels, several designer bags and a pedicure and manicure once a week! And guess what, my household income is only $70,000 a year!" Stupid, fuckin' American dumbasses. And I can say that because I'm American. It is a "gimme, gimme, gimme" society for a lot of Americans. And that is what got us into this mess. People spending way beyond their means. Not Bush, not Congress, not the businesses loaning the money (they are businesses. if they can get away with loaning the money, their gonna do it). IT IS PERSONAL ACCOUNTABILITY. I don't feel sorry for these homeowners one bit. Buying a house or an expensive car isn't like buying a new dress. You have to completely understand the value of what you are purchasing and what your present and future payments will be, and make a careful plan to make sure it fits well within your budget. They'll just have to live in a studio apartment for several years till they pick themselves back up. IT'S PERSONAL RESPONSIBILITY. Something alot of the American people no regard for. Just like with Hurricane Katrina: I had no help!!! Ahhhh! Besides a good budget and sound retirement savings, every person or family should have $5,000 either stashed in their home or at an immediately accesible bank in case there is an emergency and you need to catch a flight or a bus out of town for a while. Take care of yourself, it's not all that new of a concept.
Take action to get this country on the right course again by being sure you are registered to vote! Go to www.voteforchange.org to ensure that you are ready to cast your ballot for Barack Obama on November 4!
that dumbass got us in the situation our economy is faceing now and he thinks he can bail us out haha just goes to show he still dont have his shit togeather.and yes it is that dumbasses fault he put us in a war that didnt need to be started he is the one who has cause gas prices to rise and people to loose many members their family to war….i cant wait till he is out of office. Our personal debts are nothing compared to the way he has serriously fucked us! Im busting my ass all hours of the wek just so i can try to feed my family and we are lucky if we get anything ever im glad he can afford to travel and eat and im glad he can afford things but i dont know how he sleeps at night that is for shure!
The beginning of this mess was the Reagan deregulation. The solution is for Congress to put back in regulation. It is that simple.
It wouldn't hurt either if we got out of Iraq, NOW or ASAP. That war is costing us one billion $ a WEEK ! Think about it you fools who elected Bush twice !
Oops - I mean go to www.voteforchange.com to register to vote. Barack Obama for President!
I'm not a huge Bush fan or anything, but before commenting (or writing "It's all my fault!" across a picture Perez Hilton) look into the facts. In September 2003 Bush proposed a plan that would have possibly kept us out of this economic mess; however, the Democrats did not like his plan because it would mean fewer people could afford to buy homes. Hence, more people were given mortgages and now we have tons of foreclosures. It's only one of the reasons we're in trouble now, but Bush DID try to prevent it. He's not trying to pay off the rich men at this point… he's trying to save our economy so we don't get into a worse situation.
Re: G_money –
Bush isn't to blame for the economic crisis that we are in right now. It didn't just happen overnight, but he will still take the blame. He takes the blame for everything, some of it is right, a lot of it is unjustified. Say what you want about Bush, I've met him and he is a kind, very warm person. I'd like to see how some of you would handle being in office six months and having a terrorist attack befall your nation, he's had tough choices and he wasn't ALONE in making some of those decisions. Nobody knows how they would have handled it, he was damned if he went to war and he was damned if he didn't. All I know is we haven't been attacked on our shores since! No wonder he has aged, wouldn't YOU having to deal with all the crap he has to deal with on top of being attacked on a daily basis in the media. I haven't always agreed with Bush, but I don't agree that he is responsible for this crisis. Give blame where it needs to be and that is to the people who gave out these loans and to the people who took them, knowing they couldn't pay for it. These are the people we need to be mad at.
My husband and I were offered $400,000 from our mortgage company to buy a house. We said no thank you. We borrowed just enough and our mortgage is only 10% of my husband's salary. We both drive 10 year old payed off cars and owe no debt except for our house. We have 401Ks and retirement, stock savings. We also have a savings account in case my husband loses his Vice president job in technology in the Largest bank in the country. Now let's all get together and bail out all the people that didn't do without like US. LET THEM HAVE CAKE!!!
YOU KNOW DAMN WELL THAT THE CLINTON ADMINISTRATION CREATED THIS MESS! Blame Janet Reno, Bill, and the democrats for this mess!
Re: kjen –
Finally, someone who actually knows what they're talking about.
Is this the American democratic system the US is trying to get Afghanistan and Iraq to accept? America has fucked itself and continues to try to fuck up as many other countries as it can. World leader my ass. Fat cats can drown in their own mess.
The only thing the Democratic controlled congress has done is pass a bill privatizing their bankrupt cafeteria. They have accomplished nothing.
What got us into this mess is HGTV and "Flip this House". In CA in 2006 40% of home sales were for "second" homes. The flippers started to default on their loans. These loans were NOT from Fannie and Freddie. Fannie and Freddie are in trouble because once the home prices started to decline, then resident home owners who lost jobs couldn't sell for enough to pay off the loan. What a snowball of declining home prices. It ain't over yet for home prices. The banks all know that home prices haven't finished falling and may have a long way to go until we hit the bottom. The consequence is that no one want to lend against these assets. What a mess. I don't like the idea of the government getting this involved but at this point we don't have a choice. It is not just the irresponsible who will suffer but all of us.
Perez,
Come on, you really need to get the facts right on these kinds of posts.
1. This is not Bush's plan, He didn't create this it, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke did.
2. Bush also "didn't get us in to this mess" What got us in to this mess is our country’s addiction to trying to make fast money in the housing market, leading to the subprime lending meltdown. Bush has nothing to do with people not being able to pay their mortgages.
Also this whole thing was inevitable, it has happened before look that the market in the UK.
Also you failed to mention that this plan didn't even need more republican votes 95 Democrats voted no. Why couldn't the votes come from there?
Anyone can data mine to get articles to support their claims, but you should really do some fact checking before posting otherwise It makes you sound ignorant and the only people that you convince are people that can't think for themselves anyways.
Re: DirtyWhorelebrity.com –
Do you know what a double negative is? Learn some grammar!
Yeah fuuck him. WORST.PRESIDENT.EVER.
Todays result of not passing the Emergecy Relief Act on Monday is that Berneke has released 680 Billion to the markets with NO OVERSIGHT! McCain today says he want the Treasury to do more of this. All with no oversight! Wake up folks, the foxes are stealing the hen house. Congress needs to cage the fox and put some rules on the foxes. They won't be perfect, but something is better than just letting the foxes run free! Write your Congresscritter now to take action now!
The economy has ups and downs, one man could NOT have caused our entire economy to fall. look into the history of the economy, after this low its going to soar… we need to fix the outsourcing tho..
dubya-dubya-dubya-dot-you tube-dot-com/watch?v=UPSzQJK86Wo&e
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mira esto
Bush….one of the worst of not the worst president in US history. Of course he had a part in this. Oh and the savior McLame coming to save the day…..boy he sure save the day didn't he?
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November is right around the corner….Obama/Biden 08 baby!!!
UH, ya had me till the last line.
Bush is not completely responsible for this, and the idea that one man is the reason for an entire economy imploding on itself is ridiculous. I'm just saying..it's like nobody knows what the Congress does or understands the market. Blaming such huge problems on Bush shows ignorance.
Does anyone take responsibility people??????? hello, let's stop blaming presidents from 30 years ago and look at yourself. As you can tell from my previous post, I DID!!!!
Re: Genghis Khan –
Finally, someone with a brain.
STAY OUT OF POLITICS, YOU KNOW NOTHING ABOUT THEM!
BUSH DOES NOT HAVE LEGISTLATIVE ABILITY, YOUR DEMOCRATIC CONGRESS DOES!
Re: LEAH. –
I agee.
Re: LEAH. –
I agree. My last post had a typo, sorry.
Re: ScaryLisa – No, they don't take responsibility. As a matter of fact, most people in this country couldn't find their way out of a paper bag. I did read your previous post and you sound like you have your ducks in order. I've never been impressed with these people living in really nice houses with real nice cars, because the vast majority of them don't have two nickels to rub together. Every cent they make is going towards supporting that "ultra upper middle class" lifestyle. Show me a person who lives in a modest house, with a modest car and $400,000 in the bank, and then I'll be very impressed.
excerpt From the NY Times, Sept/99
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.
The action, which will begin as a pilot program involving 24 banks in 15 markets 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.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been unde 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.
In addition, banks, thrift institutions and mortgage companies have been
pressing Fannie Mae to help them make more loans to so-called subprime
borrowers.
BUSH got us into this mess??? This mess was brewing WAY before his first term in office! Perez, if you would do the most superficial, cursory research, instead of just repeating Democrat talking points, you'd have a deeper understanding of the history of the situation.
Perez you sound like an ass blaming this all on Bush…saying as how these loans that people were taking out that they couldn't afford began in 1999. He didn't get us into this mess "IN THE FIRST PLACE"…Clinton did…however Bush did not help the situation.
Perez I think you should put the clip up here from 2004 when the republicans wanted freddie and fannie investigated and the democrats said that there was nothing to investigate and laughed at the republicans for even bringing the situation up.
The housing problem started with the CLINTON ADMINISTRATION!!!! part of an article written 9 yrs ago
NY times Article from 9 years ago….
By STEVEN A. HOLMES
Published: September 30, 1999
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.
In addition, banks, thrift institutions and mortgage companies have been
pressing Fannie Mae to help them make more loans to so-called subprime
borrowers. These borrowers whose incomes, credit ratings and savings are not
good enough to qualify for conventional loans, can only get loans from
finance companies that charge much higher interest rates — anywhere from
three to four percentage points higher than conventional loans.
Hmmm, It was the Democrats who forced the banks to make high risk loans. Bush and McCain tried to introduce more regulations for Freddie Mac and Fannie Mae and guess who blocked it? Democrats Barney Frank, Chris Dodd et al. Why - because they saw it as affirmative action home loans and anyone who opposed it were called racists who wanted to deny a minority a home. Robert Reich all but admitted this in an interview but don't let the facts interfere with your bias Perez. Funny how there will be no hearings on Fannie Mae and Freddie Mac to see what went wrong? Pelosi has all but guaranteed cover for the Democratic crooks who ruined those companies.
Re: Anders360 – I have that article as well and tried to post it before I saw yours…I was wondering if anyone else has seen it….tired of everyone blaming Bush!
Re: Chris787 –
Finally someone on the same page as me. Bush and McCain can't be held responsible when they tried to fix this problem. Dodd, Frank, and Pelosi all let this slide and are now trying to act like great saviors, give me a break.
This mess was caused my many people from both parties. At this point, who the heck cares…let's hope our politicians get their acts together and get something passed by Thursday or Friday. This bailout is necessary. For the people who are calling their reps crying for no bailout, you will be crying when your credit freezes, your small businesses fail and you have no 401k. This isn't a bailout for Wall St, it's a bailout for the US economy. I wish one of these politicians would call a press conference and explain this mess in terms that we can all understand so that people aren't under the impression that our taxpayer dollars are not lining the pockets of Wall St bigwigs. I was hoping that President Bush would do that in his speeches, but he has been worthless. Hop
This mess was caused my many people from both parties. At this point, who the heck cares…let's hope our politicians get their acts together and get something passed by Thursday or Friday. This bailout is necessary. For the people who are calling their reps crying for no bailout, you will be crying when your credit freezes, your small businesses fail and you have no 401k. This isn't a bailout for Wall St, it's a bailout for the US economy. I wish one of these politicians would call a press conference and explain this mess in terms that we can all understand so that people aren't under the impression that our taxpayer dollars are not lining the pockets of Wall St bigwigs. I was hoping that President Bush would do that in his speeches, but he has been worthless.
Re: Smirks – Yes… 166 ACADEMIC economists signed a petition. And, if you consider how many economists there are in this country, it isn't very many. And I didn't see any working economists signing it either. Furthermore, I didn't see any of them state that they thought we could weather another depression, which is what you originally stated. So, no… they didn't agree with you.
Re: Anders360 –
Clinton did talk about their resistance in the 90’s to tightening regulation of Fannie and Freddie. But then in the same interview he goes on to say that much bigger contributing factor to today’s turmoil was the elimination of the “uptick rule” that had been in place for many decades to stop traders from “short selling” a stock whose price is falling. That was a move by the Securities and Exchange Commission during the Bush administration.
So tell me how is Bill Clinton's fault?
yes a very rich man who wants the hard working man the man who works 7days a wk 12/16 HRS a day 2 bail him & his rich friends out so we can pay even more in taxes HE IS AN ASS WHO DOES NOT CARE ABOUT THE HARD WORKING MIDDLE CLASS.
Re: Chris787 – And now Nancy Pelosi… Congress vote on the bill not on the speech. Truth hurts and she was right to say what she says. Bush administration policies were a huge contributor for this whole mess to happens. Stop believing all what McCain ads says (taking things out of context and misleading people giving them excuses to feel better about their mistakes) and take some responsibility.
Re: Cybele – #143
Sigh. I meant they agree with me that the taxpayer should not have to foot the bill for the bailout. For everyone's edification, I'll post the article.
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By Jeffrey A. Miron
Special to CNN
Editor's note: Jeffrey A. Miron is senior lecturer in economics at Harvard University. A Libertarian, he was one of 166 academic economists who signed a letter to congressional leaders last week opposing the government bailout plan.
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CAMBRIDGE, Massachusetts (CNN) — Congress has balked at the Bush administration's proposed $700 billion bailout of Wall Street. Under this plan, the Treasury would have bought the "troubled assets" of financial institutions in an attempt to avoid economic meltdown.
This bailout was a terrible idea. Here's why.
The current mess would never have occurred in the absence of ill-conceived federal policies. The federal government chartered Fannie Mae in 1938 and Freddie Mac in 1970; these two mortgage lending institutions are at the center of the crisis. The government implicitly promised these institutions that it would make good on their debts, so Fannie and Freddie took on huge amounts of excessive risk.
Worse, beginning in 1977 and even more in the 1990s and the early part of this century, Congress pushed mortgage lenders and Fannie/Freddie to expand subprime lending. The industry was happy to oblige, given the implicit promise of federal backing, and subprime lending soared.
Continued (2)
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This subprime lending was more than a minor relaxation of existing credit guidelines. This lending was a wholesale abandonment of reasonable lending practices in which borrowers with poor credit characteristics got mortgages they were ill-equipped to handle.
Once housing prices declined and economic conditions worsened, defaults and delinquencies soared, leaving the industry holding large amounts of severely depreciated mortgage assets.
The fact that government bears such a huge responsibility for the current mess means any response should eliminate the conditions that created this situation in the first place, not attempt to fix bad government with more government.
The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.
Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.
In contrast, a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This "moral hazard" generates enormous distortions in an economy's allocation of its financial resources.
Continued (3)
Thoughtful advocates of the bailout might concede this perspective, but they argue that a bailout is necessary to prevent economic collapse. According to this view, lenders are not making loans, even for worthy projects, because they cannot get capital. This view has a grain of truth; if the bailout does not occur, more bankruptcies are possible and credit conditions may worsen for a time.
Talk of Armageddon, however, is ridiculous scare-mongering. If financial institutions cannot make productive loans, a profit opportunity exists for someone else. This might not happen instantly, but it will happen.
Further, the current credit freeze is likely due to Wall Street's hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents.
The costs of the bailout, moreover, are almost certainly being understated. The administration's claim is that many mortgage assets are merely illiquid, not truly worthless, implying taxpayers will recoup much of their $700 billion.
If these assets are worth something, however, private parties should want to buy them, and they would do so if the owners would accept fair market value. Far more likely is that current owners have brushed under the rug how little their assets are worth.
Re: erhg74 –
Bush and McCain tried to stop this, and that's not from an ad, that's simple fact. The Bush administration tried to add stricter regulations in 03, dems killed it, McCain tried in 05 and Dems again killed it. Dodd and Frank in particular said stricter regulations weren't needed, they need to take some responsibility. They could have stopped this and they looked the other way.
His family is rich and because of him and his multi-trillion dollar war and failed leadership many families are poor.
(4) and done
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The bailout has more problems. The final legislation will probably include numerous side conditions and special dealings that reward Washington lobbyists and their clients.
Anticipation of the bailout will engender strategic behavior by Wall Street institutions as they shuffle their assets and position their balance sheets to maximize their take. The bailout will open the door to further federal meddling in financial markets.
So what should the government do? Eliminate those policies that generated the current mess. This means, at a general level, abandoning the goal of home ownership independent of ability to pay. This means, in particular, getting rid of Fannie Mae and Freddie Mac, along with policies like the Community Reinvestment Act that pressure banks into subprime lending.
The right view of the financial mess is that an enormous fraction of subprime lending should never have occurred in the first place. Someone has to pay for that. That someone should not be, and does not need to be, the U.S. taxpayer.
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If you don't agree, you don't agree. But clearly some of the most educated minds in Economics feel otherwise.
You seem like a smart guy maybe you are trying to get a rise out of the educated or maybe you are trying to spin this for the people that don't read "real news". If you researched this a little more… would see that you are wrong. He is not taking responsibility for good reason. You can hate Bush all you want but this problem is not something you can pin on republicans or democrats. It is much bigger then politics.
It's deregulation that created this mess. Who has accumulated this huge debt? Who didn't enforce regulation because they believe in a laissez faire bullshit economic policy? The same policy that lead to the depression and never fixed it. The country did the smart thing in getting rid of hoover there… But this time we're gonna keep the same party in power? Well if that's what you want then you deserve this bullshit! I'll laugh when the US spirals into the third world. Which is fine by me… I'm moving!
Re: Smirks –
After libertarian, you lost me! Face it… Libertarians have this fairy tail utopian economic theory that sounds great on paper but has never once worked historically! Mixed economies are the best and strongest economies on earth! The closer you get to truly free market the higher the chance of collapse! It happens every single time which completely explains why everytime the republicans have got into office the economy starts to tank. People need to be saved from their own greed! Smart regulation and safety nets have historically made economies all around the world strong!
No one listens to him any more, he created this mess, it's too late for many home owners and he is just Chicken Noodle at this point. When people believe him people die, we loose congressional rights, etc. It's nice to see after almost 8 years Americans are wising up to his fear tactics!!! Worst President in the history of the US!!! i hope he holds his head in shame for the remainder of his life!
You stupid liberal fucks need to go back to 6th grade civics class, and learn how government works. The president is not responsible for this mess.
Re: iloveperezmoree –
1. You're a fucking idiot
2. Barack Hussein Osama is not a celebrity
3. Wax your lip, honey.
Re: erhg74 #146 – I believe what I see on C-SPAN. And what I saw when that battle axe made that rant was a woman desperate to cling to her seat in the House.
1) CLINTON actually is the one who implemented all the policies that got us to this point. The results of most policies take sevral years to manifest themselves.
2) The majority of the house is DEMORATS! Who turned down the bail out–the House..hence, the Democrats.
Gotta get your facts straight douche-bag
Re: DirtyWhorelebrity.com –
learn not to use 2 negatives in a sentence. speak english dirtywhorelebrity
i do not believe ONE word out of this man's mouth.
Gullible Americans don't even recognize a con job when it's right in their faces. I told you all a year ago, that as soon as the election campaign begins, there is going to be skullduggery going on to trick Americans into paying for the war in Iraq, by using the election as a diversion. You can call it a "Wall Street Collapse" all you want, but keep in mind that the "players" involved in this crisis are primarily networked with the Republican Administration.
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Any comments opposing this statement will fall on deaf ears, baby, so don't waste your time.
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BUSH DID NOT GET US IN THIS MESS!
THE DEMOCRATS THAT PUSHED FOR LOANS FOR MINORITIES WHO COULD NOT AFFORD THEM ARE TO BLAME.
DO YOUR RESEARCH!!!!!!!!
BUSH DID NOT GET US IN THIS MESS!!!!!!!!
THE DEMOCRATS THAT PUSHED FOR LOANS FOR MINORITIES WHO COULD NOT AFFORD THEM ARE TO BLAME.
DO YOUR RESEARCH!!!!!!!!
BUSH DID NOT GET US IN THIS MESS!
THE DEMOCRATS THAT PUSHED FOR LOANS FOR MINORITIES WHO COULD NOT AFFORD THEM ARE TO BLAME.
DO YOUR RESEARCH!!!!!!
BUSH DID NOT GET US IN THIS MESS!
THE DEMOCRATS THAT PUSHED FOR LOANS FOR MINORITIES WHO COULD NOT AFFORD THEM ARE TO BLAME.
DO YOUR RESEARCH!!!!!!!!!
Re: uraPIGperez –
Reason tends to fall on deaf ears when spoken to the ignorant.
There's plenty of blame to go around here. President Bush is not solely to blame for this issue…he's partially to blame. We have a Democrat controlled House and Senate who did nothing to warn us of this impending disaster. We have this affordable housing push that began under President Clinton. We have greedy company heads who were allowed to run rampant with no consequences. We also have Americans and illegal immigrants who borrowed more money than they could afford to borrow. And greedy subprime mortgage companies who would give anyone a loan, including those with poor credit and/or no proof of income. Bottom line…plenty of blame to go around.
Maybe some of you should go get an education before you make comments so far out of your league. George Bush couldn't do this to the economy if it was all he tried to do every second of every day. Financial markets are extraordinarily complicated, and I suggest you do some research before you go pointing your ignorant finger at the easiest target. I mean, do you even know what the stock market is?? Get back to me when you read your first financial statements.
Re: Mistilynn – I can't fucking believe you're sitting there calling a Yale graduate a 'dumbass' when you can't put a fucking sentence together.
I remember a few years back when the dope came on tv with his plan for America ……….That was for the War in iraq and we all know how that turned out………………….
Dude, Im an independent and your 1-sided no nothing bullshit on politics is annoying as hell. You cant blame it all on the Republicans when 95 Democrats voted NO as well. Why dont you do some research before you open your pie hole dumbass. Im sick of all these hardcore extreme left wing nad right wing narrowminded idiots running their mouthes based on what they hear from CNN, Fox, ABC, MSNBC, etc as well as from those around them. Do your RESEACH, find the FACTS, then make your own opinion. Stop being pathetic brainwashed, cant think for yourself, dumbasses. Educate yourself. We all know your IQ is about 2 Perez. You are a bandwagon worthless piece of shit.
Re: CHIZAM85 –
Good for you that you think for yourself. Whoever you end up voting for is your business and at least you can say you did it after looking at facts instead of blindly following what the media is feeding you.
I'm so tired of people blindly following Obama without actually looking into his past or even his record. Just look at some of his mentors/associate/organizations he has surrounded himself with and if that isn't enough to open your eyes to the fact that this guy is NOT what you think he is then I don't know what will.
Just look at some of the names associated with the man…Ayers, ACORN, Rezko, Wright, Farrakhan, Raines and many many more. Dude is shady, it's pretty obvious, the media chooses to stay clear of any of it. Oh and if you think he isn't going to tax the middle class then you are living in fantasy land. If he gets in office then look for a reversal on all this "I'm not going to tax the middle class" because he WILL tax the middle class if he gets in office.
perez… you are a total, uneducated, fat cow.
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bush went to congress in 2002 and asked congress to start watching fannie mae and freddie mac carefully since they showed the beginning signs of distress.
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it was the idiotic DEMOCRATS who said he was using scare tactics and that those two companies were doing better than ever.
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why dont you get the facts before posting political stuff, which you have NO business reporting about.
oh…. and for the record…. it was the moronic POOR people who got us into this mess. the POOR PEOPLE who buy things they CANNOT afford, party before paying their bills, finance things, and don't have their money order. WHY should we bail out people just so banks can have money again to turn around and start lending it to the idiots who got foreclosed in the first place!!!!
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if you can't handle the responsibility of a mortgage, GET AN APARTMENT!
The Demo's could have passed it if they wanted to but they didn't. You mean to tell me that Nancy Pe-Lousy couldn't muster 17 of the 94 Demo's that voted against it? It's exactly what she wanted, the country be damned, but that's Demo's for you.
Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer?
i'm glad to see that quite a few commenting on the gossip blog have much more sense that the gossip blogger himself!!! Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer? Who has the answer?
by the way, "Pelosi voted for the Proposed bailout of United States financial system"
interesting, hey?
Go to votehelp.org to see which party you are most in tune with…you will be suprised. Democrates are the ones to blame…. Pay your bills fuckers, and this country will fine. Who do we need to bail out exactly? For sure mostly democrates with a hunger for spending money they don't have.
Re: AlliTheGreat –
AMEN!!!!!!!!!!!!!!!! Great post!
Re: SmellyVirus/MileyCyrus – HAHA! So off topic, but I love your name, or screen name, or whatever you want to call it.
all of you who are taking hits at bush and his alleged "stupidity" take another look and do some research. whether you like bush or not is not the issue. the issue is that money was loaned to people who could not afford to pay it back. it is the lenders fault for giving that money to folks who couldn't afford to pay it and it is also the stupid peoples fault for not doing some research as to how much their payments would be! yes the war is costing us tons of money but the primary reason our market crashed is because of uneducated, slimy people trying to make a buck. perez honey you have to start reading and stop being so narrow minded (that goes out to the rest of you as well)!!! by the way the last depression occurred when the gov't "bailed them out".. reading is good for your mind and soul!!
Re: danirobi –
Thank you!! It was Clinton in 1994 that passed legislation to loosen regulations for mortgage companies to get everyone into a house - that couldn't afford it!! Now we pay - AGAIN!!
Our current situation is in part do to our democratic congress. Obama voted for most of these things alos including the bail out. It scares the living shit out of me how ignorant some of these young people are on here. You guys really just don't get it. You think Presidents hold all the power and the congress didn't appove anything? Heads up little ones, congress even approve going to war KNOWING full well real picture and they still let us down. Why? Cause they're greedy too. It's an American disease, not just a republican one.
If the people have any brains they will repeat last weeks revolution by again bombarding Congress with million of emails and phone calls and stop it again .
Don't you all realise there is a hidden agenda to all this..and it is NOT your financial welfare at all at stake.The reverse in fact.Do not hope for a bail out..you will regret such underhand agenda.
Go read Michael Moore site ,or ICH for proper facts.
Re: erhg74 –
I am sorry man but you need to learn the way business and the markets work.
This is a great example of believing something you heard in the liberal media and now are spewing it around with out even understanding it.
Shorting financials was such a popular practice b/c investors new that toxic loans would come back to haunt the greedy (both banks and the public) and people were proactive in shorting and they were paid hansomely.
I for one, sold many homes to people (through a mortgage broker) where I saw NO WAY that I could see how they could afford it. The language in our contracts are very clear and when they wouldn't qualify through us (we portfolio lend), we sent them to another 3rd party broker. I started seeing this an understanding it around late '04 early '05 and began to short some of the financials and it paid off very well for me. I should have kept them a heck of a lot longer because some of them are down 80%, I sold around the 50% mark b/c I had no idea it would be this bad.
Re: swinter27 –
well said.
we could deal with a recession now, or a decades-long depression should this bill pass. and both obama and mccain support this bailout. so i wonder where the word "choice" comes in anywhere.
Re: baileylov –
Outside of the war which I agree at this point is a mess, what else has he done in the last 8 years that is so horrible?
Please share your insight…THX
Re: blueboy – "Scientific polling has shown that the public lays the blame clearly at the feet of republicans! Have you all even bothered to look at the polls?"
The fact that the majority of the public blames republicans doesn't mean it's actually their fault. That's just the public's opinion. Opinions aren't facts.
This is why you shouldn't report on politcal matters, you have no idea what you are talking about. This is definitely not Bush's fault no matter how these lying Democrats try to spin it. You reporting on this is a disservice to your readers. You don't have the facts and you have a definite liberal bias All you are doing is spreading more incorrect information. It's one thing to spread rumors and lies about celebrities, but this is important.
How about you read up on the bailout and understand that it will help the nation out as a whole. It's not just wallstreet. Everyday people maybe having hard times right now, but don't you think if this bill isn't passed that your hard times will IN FACT become HARDER?????????? You think you are barely getting by now, let the economy crash and then lets see how you're getting by.
um first off all it doesnt say anywhere in the US constitution that we need to bailout companies. Why should we spend $700 billion dollars to compaines that made risky decsions. hah bail them out and they will be walking around millionaries. idiots
MCCAIN FOR PRES!
oh yeah by the way, its not the presidents fault. Obviously you dont know that Congress is the one who passes stuff like this. And Congress passes if we have a war or not, so stop blaming it on Bush.