And so the blood bath begins

[JNickel101]

Where did you get the idea that McCain is not currently in bed with Obama and Bush on this bail out plan? All I have heard the last few days is Obama and McCain saying the same exact thing regarding the bail out.

um...right here - NO he did not agree with Obama and Bush....

WASHINGTON (Reuters) - Negotiations toward a massive bailout for Wall Street fell into disarray Thursday after Democrats said they learned in a White House meeting that presidential candidate Sen. John McCain is backing a new plan differing markedly from one that has been under discussion.
Massachusetts Democratic Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee and a participant in the afternoon White House meeting, said negotiations could be seriously set back.
"House Republicans, in some kind of arrangement, with McCain went off to wherever. I don't know whether they're ready to negotiate this. Their thing was some totally different mortgage insurance plan ... that would clearly delay this for a week or more," Frank told reporters.

 

[Ecomike]

um...right here - NO he did not agree with Obama and Bush....

WASHINGTON (Reuters) - Negotiations toward a massive bailout for Wall Street fell into disarray Thursday after Democrats said they learned in a White House meeting that presidential candidate Sen. John McCain is backing a new plan differing markedly from one that has been under discussion.
Massachusetts Democratic Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee and a participant in the afternoon White House meeting, said negotiations could be seriously set back.
"House Republicans, in some kind of arrangement, with McCain went off to wherever. I don't know whether they're ready to negotiate this. Their thing was some totally different mortgage insurance plan ... that would clearly delay this for a week or more," Frank told reporters.

But McCain has changed his mind, me thinks, because the last 2 days, or 36 hours he has been saying the same exact thing Obama has been saying to the press. Neither likes the idea, both hate the idea, but they both agree it has to be fixed, and that congress needs to pass something to fix it.

 

[redeye202]

700B is the bid,do i hear 800B,come on folks this is a great deal,ok i got 800B,do i hear 850B,come on people ya can't lose on this one.
Unbelievable, i'm so freekin mad,every one of them damn senators should be shot,700B wasn't good enough,no,let's give them 850B.
For gods sake people,call your congress critters and tell them NO FRICKEN BAILOUT, NO WAY NO HOW.
redeye202hone::callme::gonnablow

 

[Darky]

Let Wall Street fix Wall Street. Why should we be financing their screw ups?

 

[muduck18]

Does any one really like Pork enough to get $150B in Pork? like wooden arrows? and Alaskan fishermen tax breaks..

NO to the Bail Out!!!!

 

[Ecomike]

I guarantee you if the US Government does not do this bail out (and it is not really a bail out, it is a restarting of OUR financial system, not wall street) it will cost you guys far more than the current plan.
Warren Buffet was interviewed on PBS last night, by Charlie Rose, and he said if he had 700 Billion he would do the bail out himself, because it will be profitable in the long run. In other words, he says the US government will probably make a tidy profit over time on the bail out, not a loss. He even said he would buy in on the deal with about 7 billion of his own money if the Treasury would let him in on the deal.

If the US does not do the bail out, and the US government is the only one left that can borrow or print that kind of money at a near zero cost right now, it will cost all of us far more in taxes in the future than a bail out would cost us. If you think we have a deficit now, wait until Federal tax revenues fall 50% due to a recession, and they raise tax rates then! If that happens, mark my words, we will see a trillion dollar deficit in one year!

 

[JNickel101]

I say we burn all the houses down and use a big eraser. Deport the idiots who took out a stupid loan like this.

 

[Ecomike]

"ISM manufacturing index falls sharply for September.

USA Today (10/2, Hagenbaugh) reports, "Manufacturing activity plummeted in September at the fastest pace in more than two decades to its lowest level since immediately following the Sept. 11 terror attacks," according to the Institute of Supply Management's (ISM) index of factory activity for September. The index fell to 43.5, showing "sharp declines in manufacturing orders, production, employment, and exports," causing economists to confirm that "the economy is contracting." The drop, from August's 49.9, "was the biggest one-month point drop in the index since January 1984."
The Wall Street Journal (10/1, Blumberg) noted the separate ISM indices, reporting that the ISM's "price index dropped to 53.5 in September versus 77.0 in August and 88.5 in July." Meanwhile, new orders for September "hit 38.8, down from 48.3 in August, while the production index was at 40.8, down from 52.1 in August." Hiring also fell, "with the employment index at 41.8 in September compared with 49.7 in August and 51.9 in July. Inventories contracted, with that reading at 43.4 versus August's 49.3."
The ISM "index has been hovering on what economists call 'the boom-bust' line for most of the year, but this is the first time it has dropped significantly," the New York Times /AP (10/2, C4) notes. "Industries reporting contraction include apparel, furniture, machinery, transportation equipment, and appliances. High prices for commodities, along with tight credit conditions, have begun to squeeze companies."
The Financial Times (10/2, Giles), reporting on manufacturing indices from around the world, adds that "manufacturers across the world's advanced economies suffered a torrid September...providing clear evidence that the real economy had been unable to escape the woes of the financial sector." Manufacturing output fell for September in Japan, the eurozone, and Britain."
http://webmail.earthlink.net/wam/msg.jsp?msgid=37612&folder=INBOX&isSeen=false&x=1645984311

 

[RichP]

I guarantee you if the US Government does not do this bail out (and it is not really a bail out, it is a restarting of OUR financial system, not wall street) it will cost you guys far more than the current plan.
Warren Buffet was interviewed on PBS last night, by Charlie Rose, and he said if he had 700 Billion he would do the bail out himself, because it will be profitable in the long run. In other words, he says the US government will probably make a tidy profit over time on the bail out, not a loss. He even said he would buy in on the deal with about 7 billion of his own money if the Treasury would let him in on the deal.

If the US does not do the bail out, and the US government is the only one left that can borrow or print that kind of money at a near zero cost right now, it will cost all of us far more in taxes in the future than a bail out would cost us. If you think we have a deficit now, wait until Federal tax revenues fall 50% due to a recession, and they raise tax rates then! If that happens, mark my words, we will see a trillion dollar deficit in one year!

And all this from a government that can't even get the incorrect names of senators and congressmen off the Homeland security no fly list ???? Boy, your picture should be in wikipedia under the word optimist

 

[FarmerMatt]

Mike,
What's stopping Warren from going out & buying up some of these security's right now? (Nothing). Why does he need this deal to go through to get in? (He doesn't). You really don't smell something fishy???

 

[RichP]

Mike,
What's stopping Warren from going out & buying up some of these security's right now? (Nothing). Why does he need this deal to go through to get in? (He doesn't). You really don't smell something fishy???

Probably a few million in investments in those same investments he's hoping the bailout will help him get back. Just because he's a billionaire does not make him generous. I've eaten lunch a few times with a few millionaires when we were trying to raise capital and when the bill came they about ran over each other headed for the mens room...

 

[Ecomike]

And all this from a government that can't even get the incorrect names of senators and congressmen off the Homeland security no fly list ???? Boy, your picture should be in wikipedia under the word optimist

Funny, I have always thought of myself as a pessimist, after all the glass is half empty!:wave1:

Truth is our government is good at one thing, spending money and inflating the economy! The problems is getting them to do it at the right time!

 

[Ecomike]

Mike,
What's stopping Warren from going out & buying up some of these security's right now? (Nothing). Why does he need this deal to go through to get in? (He doesn't). You really don't smell something fishy???

Of course it is fishy, but there is no other option left now, we waiting to long to do the options we should have done 24 months ago.

Buffet did buy 5 billion of GE preferred stock on Monday, and 3 bilion of Goldman Sachs 1-2 weeks ago. He would only buy in to the housing area if the US also bought in with the 700 Bil needed to stop the housing pricing crash process. He said if he had 700 bilion. he would do it himself with his own money. He does not have enough to it by himself.

 

[Ecomike]

Surprise, surprise, surprise!
I never expected this.
http://enews.earthlink.net/article/top?guid=20081003/48e598c0_3ca6_1552620081003-608577502

 

[98XJSport]

Anyone see the O'Reilly interview with Rep. Frank on Fox News?

http://www.foxnews.com/oreilly/index.html

I enjoy the arguing...

 

[muduck18]

Anyone see the O'Reilly interview with Rep. Frank on Fox News?

http://www.foxnews.com/oreilly/index.html

I enjoy the arguing...

That is awesome!!!

 

[RichP]

Surprise, surprise, surprise!
I never expected this.
http://enews.earthlink.net/article/top?guid=20081003/48e598c0_3ca6_1552620081003-608577502

I'm telling you this BS bailout is not needed, the hype, fear and PAID LOBBYISTS calling congressional members is all part of, yup, PAID EMPLOYEES of the people in wall street that stand to benefit from this are mass calling congress people pretending to be constituents.

 

[8Mud]

I'm telling you this BS bailout is not needed, the hype, fear and PAID LOBBYISTS calling congressional members is all part of, yup, PAID EMPLOYEES of the people in wall street that stand to benefit from this are mass calling congress people pretending to be constituents.

Good or bad I sure enough don't know. But in all likelihood, much of the cash will be siphoned off, go to the individuals or groups who are responsible for the mess in the first place (good money after bad) and little is likely to end up where it's supposed to end up and/or be used where it's supposed to be used or where it would do the average citizen any good at all.
Your typical Washington solution, throw money at the problem and hope for the best and while the process is shaking itself out, misdirect or flat out lie to the public.

 

[XJEEPER]

Yup, think of it as really screwing up badly at work, costing your company hundreds of thousands of dollars......then getting a bonus for it, which the company pays you by taking it from your co-workers salary.

Mike should be happy, Obama is up 7 points.....and to think his lawsuit back in 94 against Citibank is one of the calaysts to the whole mortgage fiasco. http://iusbvision.wordpress.com/200...bank-under-cra-to-force-it-to-make-bad-loans/

ACORN, I finally figured out what Obama did as a community organizer. He leveraged the PC Marxist agenda to force banks to loan money to folks who's credit wouldn't support repayment of the loan, using racial discrimination as leverage.

I guess Community Organizer looks better on the resume', than Racist Socialist.

Marxism is alive and well, and running for President of the USA.

 

[muduck18]

Marxism is alive and well, and running for President of the USA.

now that is so true...and scary