BREAKING: Congress Has A Bailout Plan

CNN says that a deal has been reached — sort of. A bipartisan counterproposal to Bush’s $700 billion bailout plan has been drafted. The plan calls for caps on executive pay, and provides oversight on the Treasury’s actions.

CNN says:

Both parties and both houses agreed Thursday to a set of principles on revisions to the rescue plan, which calls for the Treasury Department to buy up bad mortgage securities from banks in an effort to get them to lend again.

The proposal will help homeowners, curb executive pay packages at participating firms and provide oversight of Treasury’s actions, said Sen. Christopher Dodd, D-Conn., a key architect of the congressional effort. He did not provide details but said lawmakers will sit down with Treasury officials to discuss it.

“We’ve reached a fundamental agreement on a set of principles, one, for taxpayers, which is tremendously important,” Dodd said.

Americans should “legitimately feel better about the overall approach,” said Rep. Barney Frank, D-Mass., who heads the House Financial Services Committee.

CNN also noted that the stock market was up over 300 points on news that a bailout may be forthcoming.

Congress has a plan [CNN]

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  1. incognit000 says:

    Ahh piss.

  2. 5thAveCocaine says:

    Does this mean the debate is back on?

  3. Go go gadget stock rally…

  4. TecmoTech says:

    I still don’t see how this helps people stay in their homes. People stil can’t afford the mortgage. Unless the deal helps people magically make more money, there will still be forclosures.

    I guess the government is going into the real estate business.

    • @TecmoTech: Theoretically it will give lenders enough money so those that are being foreclosed upon will be able to borrow again since the requirments won’t be as stringent. Kinda like a train in a tunnel that has had a cave-in. Rather than backing up and picking a route without a cave-in, they are trying to add more track between the train and the ‘problem’ to let them clear it out of the way before the train gets there.

      • TecmoTech says:

        @valarmorghulis:

        Yeah but borrowing again doesn’t do anything. Joe Walmart, who took out an ARM on a 300,000 house STILL can’t afford it, no matter how you arrange the numbers.

        Living in Reno and Las Vegas the past three years, I can’t help but look at the average HOUSEHOLD income (around 50k) and the average home price (300k). This doesn’t add up and it never can.

        This bail out doesn’t fix this.

        • chrisjames says:

          @TecmoTech: You’re right. It’s more of a life-raft for the lenders, not the borrowers, on those dirty loans. The government can’t do anything–or refuses to do anything–about the borrowers that are headed to foreclosure. However, they don’t want a house-of-cards collapse once the banks that use those loans as securities… well, lose that security. The bailout is intended as a roundabout way of buttressing the inevitable collapse.

          That’s the intention. Whether it will work or not, and whether it could have equally devastating consequences or not, is something they’re not considering or not communicating yet.

        • @TecmoTech: Agreed, that was kinda my point. This has zero direct assitance to homeowners, only the hope that lenders will give us each our own trickle.

        • este says:

          @TecmoTech:

          You know what… Joe Walmart was an idiot for getting into a house he can’t afford. No one forced his hand to sign a ridiculous ARM, no one made the required research unavailable to him (google), no one forced him to use his house as an ATM so he could have a furnished man-cave, a hottub and fake boobs for the wife and daughter.

          I know there is a lot of appropriate blame on lenders and Wallsteet. They should not receive a bailout, but the blame doesn’t stop with them.

          If you got into an arm or a subprime failure then its also YOUR fault. If you know someone who got into one, its a little your fault too.

          Do foreclosures hurt everyone? Yes. Should everyone including bad owners and Wallstreet pay for their actions even if it means some people will be in very hard times, yea, I think so. Its time for everyone to grow up – live is hard now applies to Americans as well.

          • usmcmoran says:

            @este:
            thats kind of creepy gettin boobs for your daughter…shame on you joe walmart shame

          • kamikazee05 says:

            @este: THANK YOU, THANK YOU, THANK YOU! I think you just verbalized what a lot of people have been thinking but have been too afraid to say out of fear of being politically incorrect. It is not the government’s fault, Bush’s fault or the bank’s fault that “you” (whoever you are) are losing your home. The “American Dream” is about working damn hard to afford all the things you want, not sitting on the couch you still didn’t pay for,watching the 72″ TV, in the house you can never afford while milking the government for food stamps and medicare – and thinking that you “deserve” all these things and hating/blaming the govt and banks for taking it away from you!

          • socalrob of the 24 and a half century says:

            @este:
            you are correct in pointing at “Joe Walmart” for signing the paper without research, but it just shows the ignorance of the people in this country.

            I sit back and wonder sometimes why the government comes in to regulate so many things… marijuana is legal in some countries but illegal here… the movie industry… the videogame industry…

            And then I look at things like whats going on. The investment people are crooks yes, but the average person is just an idiot. People don’t want to think they just want to have. I’d love to have but unfortunately I cannot find a job due to the slow economy and out sourcing of my position to india. So I’m doing something about it and making myself smarter by attending school so I don’t become Rob Walmart.

      • bbbco says:

        @valarmorghulis:

        I like your analogy…but maybe it should be expressed like this…

        “I can see the light! I can see light! It’s so wonderful and big and round and bright! We’re saved! … Oh crap… that’s not just a light! TRA!!…” [BBBLLLLAAAAAMMMMM!!!] [CRUNCH!] [Chugga chugga chugga chugga choo choo!]

    • Not Alvis says:

      @TecmoTech:

      It doesn’t help people stay in THEIR homes, but the BANK’S homes. If they can’t afford the payments, they have no legitimate claim as to why they should be there.

    • u1itn0w2day says:

      @TecmoTech: I agree,will the current mortgage users who started this whole mess start making more money.

      And even if the mortgage is reduced what happens when ‘their’ house needs repairs,gets and tax or insurance increase or any other financial ‘emergency’ .

      And will the ceo pay cap include bonuses and incentives or just base pay?

      This is political pandering to main street.

    • Twitch says:

      @TecmoTech: Hello 50 year mortgages!

      • Negative says:

        @Twitch: I was about to say the same thing. That’s the only way to bail these people out. It’s not perfect but it’s better then people going into forclosure.

  5. Oh please let this be totally different that what Paulson wanted.

    Anything that will fit on 3 pages probably isn’t going to fix that much for that many.

  6. HIV 2 Elway says:

    Come on S&P!! I’ve been gaming this be-jesus out of my 401k this week.

  7. ChrisC1234 says:

    I know what it is: we all get screwed!

  8. blackmage439 says:

    As long as Section 8 was reworded not to give Fuhrer Paulson unchecked powers, then all we’ll have to worry about is how to fund the $700 billion…

  9. mindshadow says:

    I hope nobody was expecting the government to NOT reach a bailout deal fairly quickly. This is ridiculous.

    I like how we can’t afford the “tax increase” to have a socialized healthcare system, or that socialism is bad when we’re talking about things that would directly benefit citizens (e.g. healthcare, of course), but when Wall Street comes to the government and says “OH SHIT WE GOT GREEDY AND NOW WE MIGHT LOSE MONEY BECAUSE OF IT BAWWWW” we’re all expected to write a $700,000,000,000 check for them. Healthcare costs remain ridiculous and providers deny coverage at will while people die (or people die just because healthcare is fucking expensive), but at least ultra-rich bankers and investors don’t have to worry about anything!

  10. HIV 2 Elway says:

    @TecmoTech: I wouldn’t be surprised if there are more changes in the pipeline. I’d like to see the government step in and help those with ARM’s set to adjust in upcoming years refi into more manageable loans.

    • TecmoTech says:

      @HIV 2 Elway Resurrected:

      There is no such thing as a more manageable loan when you borrow more than you can ever afford to pay.

      How is it that nobody is seeing this gigantic issue here?

      • HIV 2 Elway says:

        @TecmoTech: You’re only looking at the extremes. There are people who have ARM’s at 5% that are fine making their payments. That situation may change for them if their rates reset to 7 or 8%. These people can be helped so they can continue to pay their mortgage.

        • mac-phisto says:

          @HIV 2 Elway Resurrected: the problem is: how do you go about doing that? FHAsecure does NOTHING to solve the problem b/c many “troubled homeowners” would never qualify for conventional loan programs. either their debt-to-income ratio is too high or they have zero or (in today’s market) negative equity in their homes or maybe they’ve recently had a “life-changing event” such as job loss that’s compounded the issue.

          like you said – there are a lot of people that are making their payments just fine until the reset hits. if you want to stop the tide of foreclosures, you have to somehow allow these folks to continue making their payments at the rate they can afford w/o requiring refi standards that they simply don’t qualify for.

          or do nothing. but imho, if you’re going to do nothing for the homeowners, you shouldn’t be doing anything for the lenders either.

          • HIV 2 Elway says:

            @mac-phisto: Freeze rates? Don’t let ARM’s adjust? I don’t know. You do anything to help those in ARM’s people in fixed are going to scream. Something needs to be done or we’re going to be right back where we are now in the near future.

          • TecmoTech says:

            @mac-phisto:

            there are a lot of people that are making their payments just fine until the reset hits. if you want to stop the tide of foreclosures, you have to somehow allow these folks to continue making their payments at the rate they can afford w/o requiring refi standards that they simply don’t qualify for.

            ——————————–

            You are missing the point here. You can’t keep people in their ARM intro periods forever. Eventually they have to start paying on the principal.

            That “reset hit” you are talking about is going to come in the form of a standard 30 yr mortgage, or a beast that looks very similar.

            • HIV 2 Elway says:

              @TecmoTech: Not all ARM’s are interest only. Actaully, I think few are.

            • mac-phisto says:

              @TecmoTech: i’m not missing the point – i get the point. the point is there’s really no feasible way to get these folks into a conventional.

              you’re talking about i/o loans – i’m talking about the most common subprime vessel, which is an 80/20 piggyback with a 2/28 ARM (2 years fixed/adjustable after that). the “intro rate” on many of these loans was in the 7-8.5% range & homeowners were paying on principle. the problem arises when that rate jumps from 7.5% to 8.5% to 9.5% (etc., etc., until the cap is reached which is often in the 11-14% range).

              regardless, we’re saying the same thing – it can’t be done. not in any conceivable way that i could think of.

  11. outinthedark says:

    Link:

    [money.cnn.com]

    Still not getting the whole story…

    “The deal will help homeowners, curb executive pay packages at participating firms and provide oversight of Treasury’s actions”

    What about non-homeowners? What does curb executive pay packages mean? They should not get anything and be thrown right into jail do not pass go do not collect $5 million dollars.

    • bbbco says:

      @outinthedark:

      Curb? I agree…they should not get anything. However, I disagree that they should be thrown in jail only to suck up more of our tax dollars. No, they should have a bunch of their assets repossessed to help pay, and then go back to work starting from the bottom up again.

  12. summerbee says:

    Rats; I hope hoping I’d get to see an Obama-versus-nobody debate on Friday.

  13. RStewie says:

    Dammit. This is NOT exciting news. Although it most certainly is relevant.

  14. RStewie says:

    Why isn’t it being released?

    This is suspicious to me. I want to see it and read it. I want to know what dollar figures we’re dealing with and what “priciples” they’re talking about.

  15. SkokieGuy says:

    Originally it was stated that AIG ‘must’ be bailed out because they were too big and it could create a worldwide economic collapse.

    I do not hear leaders of any other countries demanding we do anything.

    Why can’t we do a small pilot program, (small is in let’s say $30 billion instead of $700 billion). If the assumptions are correct, the bailout program will prove itself. If not, we don’t continue and have reduced the additional debt load on the American taxpayers.

    Why should we give carte blanche for the newest ‘theory’ on how to fix things, since the last theory (deregulation of Wall St. will create and economic boom), turned out to be dead wrong.

    We can invest $700 billion overnight to buy back bad loans, the processing will take years to go through all that money. So with a pilot program of less dollars, it is more than enough for the first 6 months of processing of the bad debts. We can reasses at that time.

    • crouton976 says:

      @SkokieGuy: How about taking the $85 billion proposed for AIG and giving it to all +/- 200 million adult citizens of this country. Charge a 30% tax that goes back to uncle sam, and every adult is left with $297,500.00

      $300k, or $600k per family, would do wonders for the the economy at large- people would pay off mortgages they are about to default on, people would be spending like crazy(which is what we do best as a nation) which would drive the economy further. Those who weren’t spending would be saving, therefore putting capital in banks that the banks could loan to others, making the gears of our economy turn further. I could go on and on…. I emailed both senators and the congressman for my district on this. I also sent an email to George W., McCain and Obama’s camps. Doubt it’ll happen, because most would consider this idea too crazy and far fetched, but I say desperate times call for desperate measures.

    • howie_in_az says:

      @SkokieGuy: Didn’t you hear? Supposedly Paulson is a genius and will make us tons of money!

      I don’t know about you, but I’m patiently awaiting my Paulsonmoneycheck, where my $1 will become $10. I’s gonna git me one of dem Eye-talian sports cars with it.

  16. ironchef says:

  17. picardia says:

    I just hope there are some regulations involved in all this.

    And is it now completely obvious that John McCain wasn’t needed in DC at 9 p.m. on Friday night?

  18. HIV 2 Elway says:

    @SkokieGuy: The way I understood it, this wouldn’t be an overnight things. We’re earmarking $700B that will be doled out in smaller portions. Then again I’m citing my local NPR station.

  19. Fuzz says:

    Sooooooo glad I’m not an American right now.

  20. SkokieGuy says:

    Thanks HIV 2.

    And we all know that the actual details will be released last-minute and the bailout approved on Friday, so all the lawmakers leave on-time for their vacations.

    Certainly the collapse of the entire US economic system, (if you listen to the scare tactics) is not important enough to warrant lawmakers putting in a little extra work.

    • MissPeacock says:

      @SkokieGuy: That’s another thing that pisses me off. Everyone just *has* to get home by Friday. Why? Our economy is in crisis and it’s more important to these douche bags that they get to go back home to start campaigning again instead of taking their time and finding a truly workable solution.

  21. Elvisisdead says:

    You heard it here first, the bailout plan will create an equity stake in the bailed out loans. So, the principle on the loan will be lowered to what people can afford to pay with the gov accepting an equity share in the remainder of the value.

  22. B says:

    I am ok with this compromise. I’d rather see the companies have to pay back the money we loan them, though.

  23. LoganAdams says:

    We are so screwed.

  24. SpdRacer says:

    You know, I never thought I would agree with Newt Gingrich, but he said last night that we should LOAN the money to these f’ed up companies @ 2% above prime, not give it to them and HOPE that we MIGHT make some money back in a few years when the g-men unload this crapball

  25. Cruc says:

    Part of the whole capitalism thing is the freedom to do well and make money, but coupled with that is the freedom to do poorly and lose it too.

    What a deal-lose billions, get the government to pay your bad debt off. And with money not voluntarily submitted with business, but with involuntarily submitted money via taxes.

  26. 12-Inch Idongivafuck Sandwich says:

    I wish I had a few bucks to spare to play in the market this week…up and down and up…coulda made some bank from all this…

  27. moore850 says:

    If dodd says it’s ok, either it must be decent or he finally bailed on his stance that the people matter… i hope for the former!

  28. Red_Eye says:

    Well the Wootoff ended last night so they had to find something to do!

  29. Icetrey74 says:

    I held off buying a house in this dismal market and did not take money pushed at me by greedy lenders/shady mortgage brokers. For my fiscal responsibility and restraint I am rewarded with having to bail out the slime, so either way, they’re getting my money. It’s like asking if you’d rather be hit in the nuts or punched in the face.

  30. nataku8_e30 says:
  31. econobiker says:

    Funny how quickly things move with only a month and a few days before a presidential election.

    Makes me think that the old saying about making election day and tax day the same day is true and that that would change alot…

  32. hankrearden says:

    Weak. So do the taxpayers pay for anyone else when they screw up their jobs?

  33. tmed says:

    So rather than have the structure collapse on itself when it was handled badly and make these companies renegotiate with the people unable to pay for the loans that they shouldn’t have been offered in the first place, we will bail them out so that they can continue to foreclose on them peacefully.

    This system had natural consequences. Now, only one side ever sees them.

  34. dkush21 says:

    Why can’t they borrow the tax payer’s money and pay us back with interest (preferably 29%+)?!

  35. Rectilinear Propagation says:

    Americans should “legitimately feel better about the overall approach,” said Rep. Barney Frank, D-Mass., who heads the House Financial Services Committee.

    < BWAHAHAHAHAHA!
    Wait…you mean they’re serious?

  36. 3drage says:

    Stop the artificial inflation! Idiots.

  37. HIV 2 Elway says:

    Its also important to note that not all ARM’s are bad. I bought my first house, thinking that I would be there less than 5 years, with a 5 year ARM at 5%. Never missed a payment, even paid down extra principal. When the date for the ARM to readjust neared, had no problem refinancing it.

  38. bobacus says:

    Don’t worry these thieves are already lining up for MORE MONEY hand outs.

    The plan goes far but it doesn’t go far enough in terms of recapitalization,” he said. “The banking system and the investment banking system in total really requires about $500 billion more. Where that comes from is still up in the air.”

    [www.cnbc.com]

  39. econobiker says:

    @SpdRacer: Does the government get to charge 29.99% interest if the companies don’t pay on time???

  40. lawnmowerdeth says:

    Dear American:

    I need to ask you to support an urgent secret business relationship with a
    transfer of funds of great magnitude.

    I am Ministry of the Treasury of the Republic of America. My country has
    had crisis that has caused the need for large transfer of funds of 800
    billion dollars US. If you would assist me in this transfer, it would be
    most profitable to you.

    I am working with Mr. Phil Gram, lobbyist for UBS, who will be my
    replacement as Ministry of the Treasury in January. As a Senator, you may
    know him as the leader of the American banking deregulation movement in the 1990s. This transactin is 100% safe.

    This is a matter of great urgency. We need a blank check. We need the
    funds as quickly as possible. We cannot directly transfer these funds in
    the names of our close friends because we are constantly under
    surveillance. My family lawyer advised me that I should look for a
    reliable and trustworthy person who will act as a next of kin so the funds
    can be transferred.

    Please reply with all of your bank account, IRA and college fund account
    numbers and those of your children and grandchildren to
    wallstreetbailout@treasury.gov so that we may transfer your commission for
    this transaction. After I receive that information, I will respond with
    detailed information about safeguards that will be used to protect the
    funds.

    Yours Faithfully Minister of Treasury Paulson

  41. DeafChick says:

    How does this help people like myself? I’m renting and probably will stay in my apt for another year and the only debt I have is student loans which are in forbearance.

  42. punksmurph says:

    I have a feeling that the “No excess payout to CEO’s” will be easily circumvented, just like our tax laws. The Golden Parachute will persist. I would much rather give the Wall Street types a Golden Shower.

  43. Angryrider says:

    Great… The money could’ve been used to make the “foundations” of the economy much stronger, the American citizen.
    So all that money is going to be wasted on something other than Universal Health Care, improving schools, rebuilding neighborhoods torn apart by subprime lending, and other things that would make us better than other westernized countries.

  44. narq says:

    Great, so my money and everything I own just became even less valuable. America is like the outlet store of the world. I like how they give bs reasons for this bailout when we all know it’s just because they have their dirty hands in the bank’s investments. Oh but this will never get investigated. So what can’t a politician get away with? Because they’ve done everything up to and including murder.

  45. frodo_35 says:

    Let it all come crashing down. I will take my loss for the good of the country.Then maybe my kids in rural america can afford a house of their own on the crappy 10.00 an hour wallmart pays.With no bennies of course. And the are both college grads. The american dream is dead for 90% of the country.

  46. Bush’s stupidity has spread down all branches of government. Someone close down Washington before it keeps sinking the country.

  47. SusitaBeaver says:

    TecmoTech

    You are partly right and partly wrong.

    You see, when Joe took that ARM the starter rate was low enough that he COULD AFFORD the payments without a problem.
    I can tell you from direct experience that the agent AND the bank AND the closing company were selling how wonderful the loan
    and rate was was and completely discounting the fact that it could go UP.
    I can assure you that they would not be even slightly interested in discussing how much it could raise his payments IF
    (and it was always sold as IF too, a remote possibility, not a probability) the rate went up.

    So, Mr. Joe goes along making his $1400/month payment payments, then suddenly it goes up to $2100, and he keeps on paying, then it goes up AGAIN to $2800, and and then goes up again and eventually he starts eating into his emergency fund to keep up, waiting for the rates to adjust back down Cause after all the fed has lowered the rate AGAIN and sooner or later that has to trickle down to him, but sooner or later he runs out of money and the bank ends up with a foreclosure.

    If Joe had just held out for a fixed rate mortgage he either wouldn’t have purchased that much home in the first place or would still be able to make payments.

    Now, personally how anyone can even think that a varaible rate mortgage is anything less thaan a litteral sucker play is beyond me but I can tell you that the sales pressure was so intense for the ARM that even though I told the broker & agents that there was no possible way I would take an arm, and was assured that it was a fixed rate loan upon reading the paperwork, I had to actually walk away from a closing because the mortgage was really an ARM.
    Yes they bald faced lied to me figuring that I wouldent stand up & walk away from the closing table.

    I am SO glad I did, less than 2 weeks later I got a fixed rate loan at .25% more then the ARM started at, my payments are fixed and I’m not in any trouble with my mortgage company.

    I guess the point I’m trying to make is that IMHO, this entire crisis is caused completely by GREED and that ARMs should just be illegal.

  48. jansteph says:

    Maybe I am just plain dumb, but why should we buy these mortgages, these big companies already have all the property that was defaulted on! How can they get away with saying they are broke? Why let them collect payments on property they own? Where I live there are almost as many empty foreclosed homes as ones that are not in trouble. Go Figure. I Say NO WAY!!! Let them suffer. None, I Say NONE of the execs of these companies should get one cent, let them pay back some of their insane salaries and bonuses!!

  49. cubejockey says:

    so let me get this straight…

    The government (us) will give $250billion installments to the treasury, who will buy the assets. but the money is insurance against the firms’ bad loan assets which are frozen. The firms will pay a premium on the insurance and will issue stock warrants.

  50. fuzzymuffins says:

    what a bargain. $700B for 300 points on the stock market!

    ONLY $233,3333 per point!

  51. andyfvp says:

    Finally! I think the Trillion-dollar bailout will work and why it will be profitable for taxpayers. See more analysis : [www.savingtoinvest.com]
    Over the next 3 to 5 years, taxpayers will be handsomely rewarded for saving the financial system. My guess is – all in – the taxpayers will have gained $100 to $200 billion from this bailout; which is clearly against the conventional wisdom prevailing in the media. But a bet against the short to medium-term viability of the US economy is a sucker’s bet. In times of crisis, this country’s leaders are still able to act fast.

    • azntg says:

      @andyfvp: Of course it’ll eventually turn profitable assuming things continue to go the way they’ve went historically.

      But do you know Washington D.C.? IF the taxpayers make off handsomely at the end, the politicians WILL stick their hands in the pot. And it WON’T for the benefit of most taxpayers when they do that.

  52. lemongoo says:

    This has come to fruition because McCain “suspended” his campaign, right?

  53. jonworld says:

    Yay! Those $800 billion in taxes will be so fun to pay! I can hardly wait! Bring on the senseless spending..first the Iraq war and now this. As much as I care about the economy, taxpayers shouldn’t have to pay for these companies’ near-fatal mistakes.

  54. ARP says:

    @Angryrider: I know, there’s a number of articles that talk about what we could buy with that money. We could take ourselves off of foreign oil, provide health care, rebuild all of our schools, pay for the first two years of college, etc.

  55. Branan says:

    @RStewie: I agree 100%. In fact, I’m gonna call my senators and representative and let them know that the American people deserve to know what’s in the bill before the vote, so we can contact our congress-people if we don’t like something. There’s absolutely no reason to keep something like this behind closed doors unless they know they’re doing something most people won’t like.

  56. Pious_Augustus says:

    Section 8s should be kicked out on the street and giving them unlimited borrowing money to buy a house because they deserved it after living in the projects has caused this nasty mess

  57. Invective says:

    First, there is *NO* deal.
    Second, this is *NOT* a deal for anyone. It’s a new ‘cash cow’ and a buy off of both political sides.
    This is also a clever way to stop any chance of financing any new kind of health care plan, or infrastructure plan and a great way to keep the American regulator budgets gutted. Just like PAC money was a great new idea for leveling the playing field, (For corrupt Incumbents.), this will leave the left with virtually no chance of advancing anything on their agenda. It also insures the corrupt that have been in power, will remain in power.
    It’s genius really and designed by those who brought us the problem to begin with. For Americans who’ve lost their homes, will lose their homes and those who have lost their jobs, this will do nothing. This is NOT for America, it’s for corrupt career politicians. Believe it.

  58. perruptor says:

    No deal it is. “$700B bailout plan breaks apart; talks to continue” as of 20 minutes ago.
    [news.yahoo.com]

  59. Invective says:

    Forgot…

    How do you fix the American financial situation…

    First Oil Executives stop holding Americans hostage with artificially high gas prices in a completely artificial and false market, they drop prices down to where they were before the great drilling project started…

    Second you install confidence with the FBI investigate the oil companies for market manipulation and their conservative effort of bribing PAC members, Media and politicians who stood up there with their charts & diagrams, little pointy arrows, satellite imaging and sticky notes on the benefits of drilling…

    Third you throw each and every individual that had anything to do with ‘Structured Investment Vehicles’, or ‘Credit Default Swaps’ in jail. You also throw in the Senator(s) who were involved in pushing through the deregulation for those products.

    Oh yeah. By the way. Our President left out those points last night. He seemed to say that it was because we had too much International money and loans were too cheap and just anyone could get a loan, is why we had the crisis. I call B.S. It was directly because of those ‘Structured Investment Vehicles’ (Banks betting outside the normal regulated market.) , and ‘Credit Default Swaps’ (Insurance companies issuing insurance for those vehicles and calling it anything but insurance.) is why we are in this mess, period!

    Anything else is smoke and mirrors…

    I want some butts! I want them on a burner! Now IS the time to point fingers and NOT after the election.

  60. myasir says:

    So if everyone is against the bailout and congress goes ahead and greenlights it anyway, does that count as taxation without representation? Fuck Wall Street and shady bankers. Let them reap what they have been sowing.

  61. Dawgs_Phan says:

    I don’t think the bail out plan will solve the problem. This is just the tip of the iceberg.

  62. gliscameria says:

    Yay! Spend our tax dollars on a big old cake for wall street and give the tax payers some candy corn!

    This is like someone robbing your house and the police letting them keep your stuff. Then they give the crook the keys to your house. Then they get sick of you calling them because you keep getting robbed, and just pay the crook to stop robbing. In return he has to prooooomise not to do it again, and you get a slingshot.

    Just arrest the A-holes and take their stolen money!

  63. 420greg says:

    My retired Mother who is a hardcore cspan type news junkie said that one of the proposals was to cut all mortgages under 250k in the US in half has part of the bailout.

    To good to be true but it wold be nice to wake up in the morning and see my mortgage balance go from 208k to 104k.

  64. tworld says:

    If anybody, I repeat, anybody who even THINKS about voting for John McBush they should be swiftly committed to an insane asylum.

    Bush, Chaney and their cronies have brought this country to the edge of the black hole and, while they become richer beyond imagination, the rest of America is left to rot.

    So, if you think it’s a good idea to give the Republicans another four years to finish the job, then you are not only insane, you are a complete fool.