The way major financial institutions are feasting on taxpayer-backed bailouts, you'd think every bank in this country has on the feed bag. Not true. Just north of Chicago is a bank that doesn't want any part of the U.S. government's $700 billion bank bailout or any subsequent rescue plans.
Detroit is a place where workers are unionized; Wall Street is not. And right-wing Republicans and conservative pundits have made it clear they want the union workers to suffer.
Paul Volcker discusses the collapse of Bear Stearns and the role the central bank has played in the American financial crisis.
Last week a mix of water and sanitation experts gathered for World Water Week in Stockholm, Sweden to mull over the world's biggest public health crisis. The problem is that not enough people paid attention.
I believe now is the time for Obama to consider a bolder and more historic approach to the financial crisis by presenting to middle income Americans a step-by-step "big think" FDR-style New Deal program.
Lehman's demise was driven by timing. Its fiscal quarter ended on August 31, so it was compelled to report $7 billion in losses on mortgage backed securities sooner than other banks.
Into a void of understanding, Republicans have sought to absolve themselves of blame with a racist mythology that has gone viral.
Paulson now says that the administration will not, after all, use any of the $700 billion to purchase asset-based securities. At this point it seems salient to ask, what the hell is going on?
I'm not ready to return to the same non-adrenaline-rush grassroots work that propelled Obama and the Dems to such a decisive victory.
The inevitable chimera of economic collectivization is coming undone. Will ordinary Americans pay much of the price? Almost certainly. Should they blame what happens on marketplace forces? No.
What we need isn't more regulation of banking and business in general, but "smart" regulation.
Record low interest rates were in fact the primary driver of this economic expansion, not the 2003 tax cuts.
Once again there was our president, presiding over disasters in part of his making and on his watch, grinning with an aplomb that suggested a serious disconnect with existing reality.
This bailout is nothing more than the biggest bait and switch swindle that has ever been perpetrated on the American taxpayer.
It isn't a coincidence that politicians and regulators can talk all they want about a need for transparency, but they don't spell it out, and they don't make it happen.
Yesterday, the Federal Reserve released the Beige Book which provides an excellent overview of current economic conditions. So, let's dig in.
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You think the American economy is bad? Check out Iraq, where 5 million people have been displaced from their homes and jobs, paralyzing any growth and blocking attempts to create stability and peace in the country and surrounding countries. Check out what's happening on the ground in Iraq: http://thegroundtruth.blogspot.com/
I love the way the people who made the mess try to disassociate themselves from it.
How about being objective about the crisis at hand? It's fair to say blame is to be had by both parties, They both have failed the people.
I ask you to please read up-
CRA- Community Reinvestment Act
Fannie Mae and the Vast Bipartisan Conspiracy- http://www.slate.com/id/2200160/
Wall Street Woes- http://www.slate.com/id/2200507/
Fannie Mae Eases Credit To Aid Mortgage Lending-
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260
Franklin Raines" Criminal Enterprise and Barack Obama, His Accomplice **UPDATE** Top Recipients By $/Yr in Congress-
http://hennessysview.com/2008/09/15/franklin-raines-criminal-enterprise-and-barack-obama-his-accomplice/
The wording of this original legislation had been correct, A bailout. Notice an attempt to change it to rescue bill as in to rescue our economy?
Be ready for hard times is my train of thought in this matter. Now there has been sweeteners added to this bill, It's more than 700 billion dollars now. There bill is no guarantee it will help our economy.
The fleecing of America continues on.
By the way, Alan Greenspan warned of this back in 04-
http://query.nytimes.com/gst/fullpage.html?res=9802E4DF123CF936A15751C0A9629C8B63&sec=&spon=&pagewanted=all
I have no doubt in this that it is seriously the worst economy of the life time. Most of the people was aware of the fact that this market condition will definitely effect the large section of people in the United States. Let me ask you one thing. Why these people are paid in high places? Obviously to make sure that these things do not happen. m i right or not?? As more and more people are learning at this point -- - everything is tied into the economy. Let me ask you another question. Who do you think secures the money? Also, I think people forget that they do not essentially own a home until the home is paid off. The banks can come along and take it. I have learned more in the past few months about finances than in all my life. This is probably the good thing in all of this Economic fiasco. I am learning a thing or two about the market--where otherwise I would not have noticed. I think it is high time now that we should get our home insured and not even the home but our life too. One biggest truth is that The "Fed" made the loan to AIG, one of the biggest insurance company of US and not to the U.S. Insuring the life is a must to survive in US today !
For More information on Insurance please see to my site : http://www.ampminsure.org/
****DELAY PASSING UNTIL AFTER ELECTIONS WHEN WE HAVE MORE CONTROL****
**************************THIS IS NOT THE OBAMA PLAN!**********************************
"NO TAXES FOR RICH FOR TWO YEARS!" WHAT "COOKS"
REPUB "COOKS" ARE GOING TO PAY ZERO TAX MONEY FOR NEXT TWO YEARS
WITH NO STRINGS ATTACHED - THIS WILL COST FAR MORE THAN $700 BILLION!
WITH NO CONTROLS
VOTE NO PLEASE VOTE NO!
Tom Delay the old Repub House Leader said he wants the CAPITAL GAINS TAX REDUCED TO ZERO FOR TWO YEARS!
That would be the BIGGEST BAILOUT IN OUR HISTORY!
IT WOULD MAKE THE $700 BILLION LOOK LIKE A peanut!
ANOTHER REPUB TAKE FROM THE MIDDLE CLASS!
OBAMA CAN KISS HIS PACKAGES GOODBYE!
DON'T LET THEM DO THIS!
TO HECK WITH THE HOUSE REPUBS!
House REPUBS DON'T WANT TO VOTE FOR FEAR OF LOSING THEIR ELECTIONS SO WAIT TILL AFTER!