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Monday: Bi-Partisan Bank Robbery?

I don’t pretend to understand Credit Derivative Swaps and financial ‘instruments’ and it looks like the people who have been playing with them for the past eight years don’t understand them either.  But we better all get some ejucashun and nollij about them toot sweet because Treasury Secretary Paulson is about to give clean out the treasury to bail Bush’s buddies out of trouble.  Well, we can hardly blame them. Opportunities like these don’t come around often and time is running out.

We should have seen this coming.  The Bushies have been looting ever since they took office.  If they’re not saddling us with tremendous debt from some unnecessary war and loading up planes full of money to Iraq, they are rewarding their lobbyist friends with sweetheart deals.  They’ve really exceeded their daily chutzpah with the last one.  If you have been following Anglachel’s Journal for the past couple of days the plan is clear and the fix is in.  It sounds like Paulson is planning to hand over $700 billion dollars of your hard earned tax dollars to the firms on Wall Street to buy their assets.  The claim is that this will prevent a massive financial meltdown and Depression.  Under that scenario, we the people should expect something in return, like, I dunno, greater oversight?  Accountability?  Regulation?  Nope.  Paulson is saying we should just give these people the money and trust them.  AND instead of asking some of them to take what is “fair market value” for their depreciated real estate assets, which would mean they are perhaps 35-40% underwater, Paulson has decided to give them greater than market value for these turkeys.

But wait!  There’s more.  If you been paying attention, Hillary Clinton has been proposing something like the Home Owners Loan Corporation (HOLC) where the government would restructure and refinance bad mortgages from individual homeowners and make them affordable.  The theory goes that if those homeowners are able to pay their loans at more reasonable rates, the money would start flowing back to the banks, increasing their solvency.   And not only is this a beautiful theory, it has actually been done before- successfully.  It was implemented during the Great Depression.

Of course, that would mean that the banks would take a loss on some of their investment ‘instruments’(God, I hate jargon.  Why not just call it a con game and get on with it?).  And the financial institutions would prefer that YOU the taxpayer is stuck holding the bag, not them the royal f%($-ups.  It *seems* like this was their plan all along.  Play with other people’s money, suck up all the extra liquidity there is in the economy, deregulate everything and when it looks like the whols she-bang is about to go under, scream that the sky is falling so citizens panic about their money and the Treasury cuts yet another sweet heart deal that leaves the rich guys off the hook.

We can’t let it happen this time, guys.  If the economy is really on the verge of collapse, then the financial institutions have to make sacrifices just like everyone else in order to fix it.  Otherwise, the FDIC will be wiped out and everyone’s money is at risk.  Not that Mr. Moneybucks cares.  He’s got his.  You get yours whatever way you can.  If you don’t have friends in high places, tough noogies.  Well, we DO have some friends in high places.  Hillary has a plan, but doesn’t she always?  The question is, will the rest of Congress get religion and where do Obama and McCain stand on the issue?  We need to hold their feet to the fire.  On that note, Sarah at Corrente has some suggestions:

First, and foremost, write and call and email — not just one, but all three — your representatives. Local, state, and federal. Send copies of your letters to the media. Demand Bu$hco’s bailout plan be scuttled NOW.
Second, get out of debt. If you’re contemplating buying something on credit, hold off 30 days.
Third, make sure any checking or savings accounts you have are within the limits of and with institutions covered by the FDIC. If you’re one of the lucky few who’ll have to move some money to do this, get after it.

And in the latest twist, Goldman Sachs and Morgan Stanley have transformed themselves from investment banks to bank holding companies subject to greater regulation.  That initially sounds good but there’s a catch:

In exchange for subjecting themselves to more regulation, the companies will have access to the full array of the Federal Reserve’s lending facilities. It should help them avoid the fate of Lehman Brothers, which filed for bankruptcy last week, and Bear Stearns and Merrill Lynch — both of which agreed to be acquired by big bank holding companies.

So, it looks like Goldman Sachs and Morgan Stanley remain intact, just in time, and avoid acquisition by other banks because they are able to rely on the Federal Reserve to rescue them before they are declared insolvent.  Sweeeet!  Must be nice to have a sugar daddy in government.  Oh, you don’t have one?  That’s because you are supposed to be self-reliant!  Responsible!  A rugged individualist!  It builds character when you have to pull yourself up by your bootstraps.  What?  You haven’t got any boots?  Well, whose fault is that?  This isn’t socialism, ya’ know.

233 Responses

  1. If ever there was a time to get out and march since the beginning of the Iraq war, it is now.

    The American people will now essentially own the financial industry in this country. We need to get something out of our new purchase.

  2. My first reaction was that the Wall Street bailout seemed like a reprise of the S & L debacle of the eighties, under Bush XLI.

    I have seen rumors on the internet that George Soros had a hand in the current situation, and would like to see more reporting on the truth or falsity of such claims.

  3. “This isn’t socialism, ya’ know.”


  4. JohninCA: George Soros is a convenient boogie man. This problem is much bigger than the ability of George Soros to engineer. Let’s not get distracted.

  5. RD, I agree that this is much bigger than Soros, and that he could not have engineered this whole thing, since it’s been building for years with the help of Bush’s deregulators AND the Dem Congress’ mindless protection of the Fannie Mae and Freddie Mac gravy train.

    But it is entirely possible that Soros saw an opportunity, and that he and others deliberately did some unusually heavy short-selling in BIG amounts, to affect the TIMING of the inevitable meltdown so as to help Obama.

  6. update:

    Lehman, their securites operation (only) is going to be purchased by Barclays, saving 9,000 jobs.

    Barclays buys Lehman’s US Securities business

    You did very well river daughter incorporating Hillary’s suggestions into this Financial Crisis..

  7. RD: Very well, for the moment I’ll leave Soros out of it, and besides, I find it hard for some reason to look at your avatar and refuse any request from you.

    I do think, however, that the notion of ‘financial terrorism’ has a respectable following on the left and right. For example, on the left there is the book Confessions of An Economic Hit Man, reviewed some time ago on Democracy Now.
    Some also believe that the series of panics which led to the creation of the Federal Reserve (a central bank rejected with great eclat by Andrew Jackson) was artificially created.

  8. Ya’ll can read how O’Bambi reacted to the Financial Crisis but the msnbc are not reporting it.. All the ms is reporting are McCain’s words taken out of context.. saying our economy is strong.

    Take a peek:

    Pumas Unleashed

  9. I don’t have time to analyze all of this. But, if someone is going to get a break it needs to be on the side of the homeowner – whether they made a poor judgment call or not – in that they can refinance without fees to a new mortgage and stay in their homes. It helps the family, the neighborhood, the economy.

    If that house is now setting empty, let them move back in and pay the mortgage.

  10. Ah gees, just let it crash. Let it all fall apart, LOL.

    I have to laugh at how they’re trying to portray this as bailout of the working class. They’re just so worried about “Mainstreet”. Yeah right. Both Bush and Obama went on TV saying how we must go thru with this bailout or the little people won’t be able to borrow money anymore. Yeah, just what people who can’t afford anything need, more credit, more loans, more debt. That’s kind of why we have this problem in the first place, we tried to slap a bandaid on our economy so people wouldn’t notice that most people working for wages can’t afford to buy a house, a car, or go to school anymore.

    My parents could work hard, save up, and pay off a small house in five years. I worked hard, saved up and had a 20 yr mortgage. My daughter worked hard, saved up and she’s now got a 35 mortgage. Just in the last couple of generations we’ve gone from a society where people could actually own something to a reality that says you’re really only going to be leasing things from the bank. People hardly even buy cars anymore, they just lease them. I’ve seen home loans now with 45 yr mortgages. People put their medical bills on a credit card.

    The gap between the rich and the poor has grown an unbelievable amount. Obama’s not going to fix it, he’s going to make change. You give him and his Fannie/Freddie lobbyists more money and he might be generous and let you keep the change.

  11. does Naoimi Klein’s “Shock Doctrine” come to anyone else’ mind?

    Good morning, all..

  12. Obama received more money from Fannie and Freddie than any other politician save the banking chairman Chris Dodd, and he did this all in the last 3 years.

  13. I have wondered many times since this happened if there was grand plan to bail out these companies and then allow the scam artists who created the mess to go in and buy the properties at a reduced or forclosed price, thus giving them even more assets.

    The rich just keep getting richer.

  14. Dodd, Christopher J S CT D $165,400 $48,500 $116,900
    Obama, Barack S IL D $126,349 $6,000 $120,349
    Kerry, John S MA D $111,000 $2,000 $109,000


  15. Mawm – can you give us the update on our campaign debt for Hillary?

  16. Krugman today has a pretty clear explanation of what the administration wants to do, and why Congress should do something else:


    Basically, after having spent a year and a half telling everyone that things were under control, the Bush administration says that the sky is falling, and that to save the world we have to do exactly what it says now now now.

  17. McCain Fannie and Freddie money from 1989-2008

    McCain, John S AZ R $21,550

  18. Carol, Is there still debt? I thought she could use her GE money now to pay that down since she won’t be the nominee.

  19. Slightly OT: I read a comment somewhere that said, if you want to know how corrupt Obama’s Chicago crew is, look up “silver shovel” and “hired truck”. I did and got a lot of hits — apparently they are two huge Daley corruption scandals. It’s interesting also to see how often Axelrod’s name comes up defending Daley.
    Just reinforces my fear of letting Obama’s gang anywhere near the national treasury.

  20. IMO, like Katrina, this crisis shows what happens when people are elected to run the government who don’t believe in government.

    I really want Hillary.

  21. I thought this was interesting from the Fannie Freddie numbers.

    Current members of Congress have received a total of $4.8 million from Fannie Mae and Freddie Mac, with Democrats collecting 57 percent of that.

    Seems like both parties were lining up to the Fannie trough, but Dems definitely own controlling interest in this one.

  22. No, she can only use it for the Senate Campaign or return it.

  23. carol, here is her latest filing info, I’m not sure what it means though


  24. She can’t use general election money for the primary.

    She needs new donations, specifically for the primary.

  25. Mawm, thanks for those campaign contribution figures to the Democrats’ three little Fannie Mae and Freddie Mac piggies—Dodd, Obama and Kerry. You always are one step ahead!

  26. One of our very own ActBlue candidates, Kay Hagan running against Elizabeth Dole for the US Senata seat, has taken the lead for the first time in the race according to Rasmussen:

    In North Carolina, Democratic challenger Kay Hagan has taken a six-point lead over Republican United States Senator Elizabeth Dole.

    The latest Rasmussen Reports telephone survey in the Tar Heel State finds Hagan with 51% of the vote and Dole with 45%.

  27. Looks like she owes a little over $20,000,000. Jeez louise!

  28. “Jeez louise!”

    Never heard that one before…

    Is your avatar an “ocho”?

  29. They have found a way to get a war’s profit without a the bother of running a war….may be this what what Rumsfeld meant by ” a lighter, faster, military ” ?? If congress just hands over this money with out over sight, we are done. I read that Bears Sterns may have needed just 4 billion, but asked for 85….no one in congress asked to see the books to learn how much BS ( how fitting ) actually needed. They must have been delighted .

    This is a straight up con. If they are so incompident, why are we giving them more money , and for more than they are worth ? The only sliver lining would be since they got this money they may leave Social Security alone….but nah. They will be back for that, or just clean us out so much, the US will default on it. Wall St is like the druggie child who will only stop when the parents stops enabling them .
    I don’t expect much tough love coming from the congressional profiles in mush .

    And I see a major a Dem talking point is “we don’t know anything , so we have to just hand over the money ” .This like the guard dog at the hen house saying ” I don’t know what to do, so just take the chickens”. And it shows why , Hillary, who does know what to do , was shut down and pushed aside. The Dems do not want someone there who knows what to do. That would put a hitch in the robbery .

    People are losing their homes every day , but Bush and the Dem congress just hand over obscene amounts of money to Wall St. without looking at an account book? At what point is the Dem congress culpable in the Bush crimes ? I’d say we have long past the point where they rush to do his bidding , but do not own the result . Lord help us

  30. Upstate, ocho gordo.

    It looks like my heart is on the outside. I would say I wear my heart on my sleeve, but I don’t have any sleeves.

  31. If they can socialize the financial sector why not health care?

  32. All right then, “ocho gordo” it is (smiling).

  33. OT: I think today is the day that Big Dawg is on The View.

  34. Gary, thanks for that awesome news about Hagen!!!

  35. “If they can socialize the financial sector why not health care?”

    Yer talkin crazee!!!

  36. Current Big Dawg Schedule

    Mon. Morn: The View
    Mon. Night: Letterman
    Tuesday Night: Greta
    Wed. Night: Larry King

    Enjoy your Clinton with a glass of wine!

  37. I would feel better if it were just Bush’s buddies. The Dems are just as much in bed with these guys as anyone, especially Fannie and Freddie. Our government is broken and there are far too few(Hillary!) looking out for the interests of the American people. Maybe it is time for a third party to gain traction. It will be interesting to see how well Nader and McKinney and the like do this November.

  38. Mawm – that is not your heart. That is a Republican Campaign button for McCain/Palin.

    Wear it like a badge of honor!

    We are all going to need it. In fact, I’m completely red except that one angry eye!


  39. upstate and can we call you cangrejo azul?

  40. Mirabile dictu— an MSM column criticizing Obama. A real collectible by ’08 standards…


  41. BUSH just told Congress not to “add on” to the bailout!

  42. Minus her loans, she still owes 7M-she has made some progress but…

  43. I would not watch the View even for Bill. I wish he wouldn’t even be on that “show”.

  44. Sure, Gary I have been called worse, so from now on “cangrejo azul” is my new code name for those in the “resistance”

    Mawn, Carol I am afraid you both maybe “wrong” The red spot may be ocho’s mouth. Hard to tell

  45. OMG, Carol, you are right, you are a red cyclop! What does it all mean?

  46. Check out this gem.
    McCain wanted regulation on Fannie and Freddie back in 2006

    In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

    Raines is a leading adviser to Obama.

  47. No, I have another eye, it is just closed.

    It represents me well as the way I feel about this entire election season!

    November 5 can’t come soon enough!

  48. Natually, the McCain campaign was accused of the r word when it ran an ad linking Raines to Obama.

  49. Does anyone here have the distinct feeling that we are drifting dangerously towards total disaster?

    I will admit to having very little understanding of these economic issues but we just said good bye to any idea of universal healthcare among other proposals. And it appears that the same foxes will still be in charge of the henhouse.

  50. Mawm, on September 22nd, 2008 at 10:08 am

    Mawm, ….wow. Well it explains why the press loves Barry so much.

  51. I worked for Citicorp in the late 80’s. I left a year or so before the management of my division all were indicted for padding profits for their bonuses. They were highly profitable, but they needed even more money. I think the head guy was the one responsible for starting the Diner’s Card.

  52. She’s my gal!

    “Palin on Ahmadinejad: ‘He Must Be Stopped'”

    “Tomorrow, Mahmoud Ahmadinejad will come to New York — to the heart of what he calls the Great Satan — and speak freely in this, a country whose demise he has called for. Ahmadinejad may choose his words carefully, but underneath all of the rhetoric is an agenda that threatens all who seek a safer and freer world. We gather here today to highlight the Iranian dictator’s intentions and to call for action to thwart him.” — Governor Sarah Palin



  53. More from the New York Sun:

    I’m telling you – Hillary, Bill, McCain and Palin will make a powerful cooperative team:

    “Earlier this year, Senator Clinton said that “Iran is seeking nuclear weapons, and the Iranian Revolutionary Guard Corps is in the forefront of that” effort. Senator Clinton argued that part of our response must include stronger sanctions, including the designation of the IRGC as a terrorist organization. John McCain and I could not agree more.

    Senator Clinton understands the nature of this threat and what we must do to confront it. This is an issue that should unite all Americans. Iran should not be allowed to acquire nuclear weapons. Period. And in a single voice, we must be loud enough for the whole world to hear: Stop Iran!

    Only by working together, across national, religious, and political differences, can we alter this regime’s dangerous behavior. Iran has many vulnerabilities, including a regime weakened by sanctions and a population eager to embrace opportunities with the West. We must increase economic pressure to change Iran’s behavior. ”


  54. I feel like crying after reading that article at NoQuarter. Who can we trust? We, who have worked all our lives, sometimes holding two jobs just to make ends meet, sacrificed and skimped because we knew we had to live within our means, are facing losing everything in the long run because of these shoddy business people. And they could give a sh*t!

    I remember back in the 80’s having to work 7 days a week just to keep the house heated for 4 kids and my mother, trying to qualify for fuel assistance. But because of the second job, I was approximately $120.00 over the maximum. I just trudged on for the next 12 months.

    Opening the housing market to people who were unqualified financially is a sin. Not only for them but for the economy as well. Those lenders need to face jail time as they walk away with our money and have brought this crisis to a head.

    If you want something in life you have to earn it. It is comforting to know the government is there to offer a helping hand but this is beyond altruism. It is out and out thievery. Disgusting.

  55. BTW – I don’t see any mention of BO in that article.

  56. Pat, clearly yes disaster. We are SOCIALIZING the financial sector. Put away the word “bail out”. This is more than that. This is the socialization of the freakin financial sector. Later this week, we’ll do much the same with the auto industry. But at least the auto makers will use the money to retool their factories, which means middle class jobs and lower fuel atuos. I could give a crap about the the Titans of Wall Street. Let ’em drown. If we had only bailed out the fundamentals we wouldn’t be on the verge of bailing out the freakin derivatives. But here’s how it works. Back in the 80’s banks started selling brokerage instruments to us little people, retirement accounts, 401K’s, etc. The problem is while they were convincing people to empty their bank accounts to buy these instruments, these instruments are largely unregulated, unlike the banks, AND, most importantly, not backed by the FDIC. So, because we didn’t just bail out the fundamentals months ago, or start regulating these instruments years ago, we now have to socialize the entire damn sector because if not, your 401K in all likelihood isn’t going to be worth the paper your account summary is printed on.

  57. […] cannot possibly hope to do any better than Riverdaughter and Anglachel on the current financial crisis. Please do read them extensively for excellent […]

  58. “Opening the housing market to people who were unqualified financially is a sin.” This is bigger than sub-prime loans. We haven’t even talked about short-selling. However, many of the people who bought sub-prime mortgages, were actually qualified for prime mortgages, but these crooks sold them junk mortgages instead.

  59. These are not “shoddy business” people. These are greedy parasites that latched onto even greedier hosts to feed their insatiable appetite for money.


  60. Looks like Hillary’s apart of the McPalin whether they wish to be or not. I’m thinking they don’t mind so much. Good. Use good words to make a point, Sarah. That woman is a hard one to match.

    (Not kidding, i wanna see an Hillary/Sarah debate. That would make my life.)

  61. A question: The talking heads are saying that last week was bad for McCain, that he kept switching around his message on the economy.
    I personally disagree but I guess I’m biased. I felt like at least McCain showed he was willing to step up, try things until he finds a solution — kind of like FDR. And the contrast with Obama who refuses to stick his neck out could not be more sharp. Of course McCain did not do anywhere as well as Hillary, but I don’t think he was bad.
    Question — am I just being biased then with anti-Obamaness? Do you guys objectively think McCain did good or bad last week re the economy?

  62. What makes these crooks any different than a Tony Soprano? Multiple homes, fancy vacations, owning the best toys, dining in the best restaurants, and looking down their noses at those of us who just want to get by.

    This has really gotten my ire up today as I do not see this country being any different than a third world nation governed by thieves at the expense of its citizens. We step back in horror yet the same thing is occurring right in our own back yard. Is there no such thing as ethics and integrity any longer in either the business community and our own congressional leaders? Does not appear to be.

  63. Good, he did what is expected of a Leader – prevent a run on the financial markets by people who don’t understand that it’s not time to panic unless you want a collapse and depression.

  64. Pat, I feel like crying too, but mostly because I am tired. I am tired of everything that has been heaped upon us. I have done everything that has been asked of me. I contributed to Hillary’s campaign, I marched against the war, I have sent out email after email pleading and threatening to stop this damn madness. I have handed my son over and pray for him every damn night. I work two jobs and wouldn’t have to do that if I wasn’t taxed at 35%. This insanity just won’t stop and it seems nothing helps, we have a bunch of pansy assed whiners running congress, that seem to just want their piece of the pie and an idiot in the White House and all they can hand me is to fix this mess is fucking Barack Obama?

    I am so tired and so scared of where my future is headed and the future of my children and grandchildren.

  65. And lest we not forget, Shumer caused the run on the bank a couple of weeks ago.

  66. Ethics? Oh Pat, don’t be naive. I went to business school after Enron and we all had to take ethics because it was determined that by and large MBA’s lack instinctive ethical grounding. It was kind of funny because you’d leave ethics class and go to another class where they told us Sorbanes/Oxley was hurting our competitiveness in the global market.

  67. Even if McCain’s solution was to form a “daisy chain” across the country to address the solution, at least he made an effort. Old No Nothing Obama is still “thinking” about it. He is just waiting to copy a few more details of Hillary’s plan before he presents his own. Anybody seriously thinking for one minute that either of these candidates can correct this immediate mess is kidding themselves. This is going to take a lot of bipartisan work and Obama just is not the one to do it.

  68. “Multiple homes, fancy vacations, owning the best toys, dining in the best restaurants…”

    What has Cindy ever done to you, Pat?

    Oh and darn Ford for not releasing the latest Fiesta in the US market!

  69. We need Hillary, McCain and Palin in office right now!

  70. Good, he did what is expected of a Leader – prevent a run on the financial markets

    Thanks Carol, that’s what I thought too. This past week has brought me closer to voting for JM, specially as I read about the way he tried to make Fannie Mae & Freddie Mac accountable two years ago.
    (I have been planning to vote for McKinney.)

  71. Sometimes it takes the perspective of an outsider to reveal the obvious. I got an email from my mom who was talking to a (younger) friend of hers who grew up under the Soviet system. Her friend is not yet a citizen so cannot vote yet and this is what she told my mom:

    “those of us who lived under socialism in the Soviet Union are not willing to live under it again.” While she conceded to me that McCain and Palin are not the ideal choice, she admitted that she would vote for them if she could vote.

    People who grew up under socialism can see it coming, but those of us who grew up where the idea of a socialist US was unfathomnable are sticking our heads in the sand. Not all of us of course, but you know what I mean.

  72. State, absolutely!

  73. McCain on Fox.

  74. I am beginning to suspect that we live more on lies than anything else. We are lied to, we are lied about, we lie to ourselves. It has become such an instinctive way of life that it has become the norm.

    There are no hero’s.

  75. but Carol, Hillary said, no way, no how…

  76. SOD: Sad, but true. My idealism has shrunk so much that I have little faith in anyone. Not exactly a comforting way to live.

  77. FDR was a hero. Hillary is a hero. Short of that, yeah, there are no hero’s.

  78. Ok, “cangrejo azul” must leave now….see you all later.

  79. Kim: Your sacrifice is the greatest of all. Your son’s service to his country even if we all disagree to the exact purpose.

  80. McCain is speaking in Scranton PA (That’s Hillary country!)

  81. McCain said fuck this government plan for the bailout. He is our Leader!

  82. I have come to see that Bill, Hillary, and Al were a special kind of once in a life time dream team. I can only imagine where the country would be today if we had had Bill–>Al–>Hillary. I now realize all Dem’s are not the same. LBJ, it must be said, was also a hero. He passed the most significant civil rights legislation of the last century. There are a few hero’s out there, but just a few.

  83. Carol, on September 22nd, 2008 at 10:47 am Said:

    McCain said fuck this government plan for the bailout. He is our Leader!

    Well, what does that mean? As I said, you can’t just let the whole thing collapse unless you have some plan for the homeowners and to stabilize the market, or the retirement accounts will dry up like quicksand. As for the Titans, let ’em drown.

  84. Carol – literally? ‘Cause he’d totally be my hero if he did!

    Hey! I just realized that my little avatar is a blue dog. Guess that makes me a blud dog (ex) Democrat?

  85. that’s blue dog (ex) Democrat.

  86. Transparency, will not turn over a Trillion dollars to those complicent in their demise with the promise “Trust Me”, bipartisan oversight board with exactly seeing who is buying what for how much!

  87. Jail time—–we need to send out massive amts. of email and letters to our reps and let them know that we do not support a bail out until we hear the clanking of prison bars. And if my right wing brother ever mentions welfare queens again, he’s toast.

  88. It was code!

  89. Carol, on September 22nd, 2008 at 10:52 am Said:

    Transparency, will not turn over a Trillion dollars to those complicent in their demise with the promise “Trust Me”, bipartisan oversight board with exactly seeing who is buying what for how much!
    Well, yeah, I’m for that. But without HOLK it won’t work.

  90. Carol – literally?

    No, not literally. LOL. He said he doesn’t want to give anyone, even a good guy like Paulsen, that much money with no accountability. Said there has to be rules on how it will be used, who will be helped, complete transparency, deals should be published online — a lot of good stuff, imo. Said the goal should be to keep people in their homes and students in school.

  91. He’s ripping a hole in BO!!!!!!!!!!!!!!!!!!!

  92. McCain is hitting hard on this bailout plan. Urges congress to look at it very closely. Says it will put unprecedented power in the hands of one person (Paulson), and he is VERY UNCOMFORTABLE with that. He does not think trillions in taxpayer money should be handed out with no oversight guarantees, and we are not being given oversight guarantees. Wants the focus to be on re-working mortgages and keeping people in their homes, NOT on Wall Street.

    Says when we are talking about something of this magnitude, “Trust me” is simply not good enough. We need guarantees.

    He wants a bi-partisan commission, and wants all the particulars posted online – calls for transparency.

  93. McCain re: immigration and his stand on those votes

    Senator Kennedy took votes that were not popular, and I took votes that were not popular. Senator Obama took a hike.

  94. JM: BO took a hike!


    JM: Sen Obama never stood up onec to his party. Not once.
    I was not elected Miss Congeniality of my party again last year.

    (Oh, he’s killing me.)

  95. Ok, McCain is doing very well, but he really needs to add the HOLK.

  96. Wow, go Johnny Mac!

    Grrrrr, my ABC affiliate is running an anti-Hagan ad at the moment.

  97. Hagan?

  98. Kay Hagan, Democratic challenger for Elizabeth Dole’s senate seat.

  99. Ah, sorry, HOLC. I have got to stop think of that green man saving the home owners. HOLC…Home Owners Loan Corporation. Hill’s plan. Worked in the depression. Made a profit for the tax payers. Will stop another depression.

  100. What does Obama have to say about this? Is it wrong that I’m hearing more from Hilary than from our Democratic nominee on this situation?

  101. masslib, he is dancing around the HOLK thing, saying that the mortgages need to be re-worked to keep people in their homes. He said it a couple of times.

    I wish he’d call Hillary, and throw his weight behind her HOLK solution.

  102. Home Owners’ Loan Corporation (HOLC)

  103. Exactly, WMCB. Come on, Mac, support the HOLC.

  104. What does Obama have to say about this?

    “What she said.”

  105. And those credit card companies who send out “pre approved” to every Tom, Dick and Harry including college kids with no discernible income. That was another disaster in waiting.

  106. masslib, I meant HOLC, not HOLK, but you knew that. 🙂

  107. Pat, that IS a disaster already happening. I laugh at the Democrat’s and their “stimulus” package. The last one people used to, guess what? Pay their credit card bills. We are like a country of indentured servants. Oh, they’ll bail out the Titans, but not the little people. Instead they want to send us little checks to send to, guess who? The Titans! Sick f*cks.

  108. I went 8 years without a new winter coat. 8 years! I had to live within my budget if my kids wanted to eat and the responsibility was mine since no one had made these decisions for me but me. We scraped along and none of us really suffered much in the end. I kept my home, fed them, drove a 14 yr old car, and managed to educate them all with the help of grants and student loans.

    Looking back, I wonder if I would still be able to do the same with this economy we are now sharing. Pretty scary.

  109. Guys, LOBBY MCCAIN to endorse Hill’s HOLC idea!! I just did.


  110. NOt me, when I got my divorce, I cut up every credit card I had and paid them off. My children actually said, “Mommy, how will we pay for things?” I was ashamed that my children thought everything had to be paid for in plastic. Now, if I don’t have cash, I don’t buy it.

  111. WMCB: I did but this is probably just another way to put us on his donation list. I am over donating to anyone at this point.

  112. I have one credit card to be used only in emergencies. At this stage in my life I need very little by way of expenditures but knowing that I have the card, if I every really needed to use it, is handy.

  113. Also, call his washington office and leave a message: Senator McCain, come out in FAVOR OF a HOLC.

    Main: 202-224-2235

  114. Well, I’m with you, Kim. But I have more sympathy for the debters than the card companies. A significant amount of CC debt is groceries, hospital bills, heating fuel, etc. The usury fee and interests rates have created a nation of servants, and as a small business owner(well, hubby is) that actually hurts me and the overall economy.

  115. Please Help By Donating To George Obama Compassion Fund
    by Dinesh D’Souza

    Excerpt: My modest campaign to assist George Obama has been coming nicely. Sean Hannity mentioned it on his show on the Fox News Channel, and I appeared on a handful of radio shows to talk about the idea. Interestingly the George Obama Compassion Fund was reported on by Kenya’s leading newspaper “The Nation.” So far I have received more than $1,000 in small contributions. With my kickoff contribution of $1,000, that’s upwards of $2,000 for George Obama.

    This is not a huge sum, but I specifically asked people to send gifts of $5, $10 and $25. The reason is that even a relatively modest sum by American standards is a considerable sum by Kenyan standards. George Obama has said that he is living on a dollar a month. This seems an impossible sum to survive on, so I checked the poverty line in Kenya. According to United Nations estimates, it’s around $100 a year. By this measure, our little fund has provided for George for 20 years.

  116. Ok, I called. Gave me the willies, though.

  117. Oh please turn on The View. Barbara just said “People say this started with Bill Clinton”.

    I’m hoping for a blood bath of that witch!

  118. fred: Dinesh D’Souza is a right wing hack. Why would he care if George Obama is living below standard? I don’t.

  119. Carol, on September 22nd, 2008 at 11:22 am Said:

    Oh please turn on The View. Barbara just said “People say this started with Bill Clinton”.

    F*ck no, she didn’t!

  120. Pat Johnson, on September 22nd, 2008 at 11:10 am Said:
    the responsibility was mine since no one had made these decisions for me but me. I kept my home, fed them, drove a 14 yr old car, and managed to educate them all with the help of grants and student loans.

    Pat: you are my favorite bravegal. I love your posts and your over-the-top cynicism partly because I feel it is an exaggeration … inside you are a bleedin’ heart idealist.

    But today I sense some genuine despair in your posts. I am at work. So here’s a quick note to say, keep the faith buddy. Even when things look real ugly and shameful and hopeless, the world is really a good place.

    The US is what it is because of its people, not just its leaders. Trust the resilience, the character and the will of the people – all is not lost buddy.

    I come from a country where poverty and corruption are much more common than here. And everyday I derive strength in the ability of my people to rise above circumstances, to reach out to others and to find happiness.

  121. Pat – you better have enough on that card to make the trip to Chicago. If not, let me know, I will send some.

    Gotta get those Obama’s back home!

  122. “People say this started with Bill Clinton”.

    Funny — it was the Republicans who controlled Congress in the 90s.

  123. George needs a little help, not much. Obama’s grandmother had to get an Airline company to donate her a tv, so he’s not big on giving. Why not help George? Whether you’re rightwing or leftwing I am sure George wouldn’t mine the help.

  124. Yes, those high end consumer electronics that women are building in Mexico for maybe $10 a day. Not to mention, being murdered and raped because they have no means of protection as they leave the factories.

  125. Damn – he’s got big feet. Now, I know what the problem is.

  126. S: I hear you. I think you said somewhere that you have Russian roots? I had neighbors who came from Russia. She was a former physicist, he was a doctor. When they migrated here they were unable to practice in their respective careers because of differing standards.

    She gave piano lessons. He taught Russian in a local college. They managed, with a few fits and starts, to send their only daughter to Harvard. They lived frugally and were so grateful for the opportunity to be here that they “made do” with whatever second hand and left over furnishings that were given them. And they never had a credit card to their names. Just intelligence, hard work, and knowing the value of a dollar. Their daughter graduated with a degree in pubic service and languages.

    When you consider how they made their way with very little and an alphabet unlike our own, you can only pause and wonder. This is the dream we hold out for others.

  127. Bill said Hillary did not want to be VP – fuck you BO!

  128. Shouldn’t BO and Mac be in DC working on this bailout instead of talking about it? Especially Mac if he wants transparency? Some people are going to have to get in some other people’s faces if this thing is going to get resolved in a way that doesn’t totally hose us.

  129. Carol: If I have to siphon gas from other cars along the way, I will get those two morons back to Chicago in record time. And you know I hate highway driving!

  130. A week ago last Sunday, the WaPo had a front page story that tried hard to blame Clinton for the credit crisis. It had extensive quotes from Jim Leach, whom it identified only as a former Republican Congressman from Iowa.

    Jim Leach of course was chairman of the House Banking Committee for years in the 1990s.

    I knew, reading that story, that the Republicans were out to blame Clinton for whatever was coming down the pike. As usual.

  131. Jim Leach created the law that started this whole mess. He passed it with a veto proof majority. Nuthin BC could do about that. He’s the repub who spoke at our convention and supports Obama by the way.

  132. They would blame Bill for Britney Spears breakdown if they could. At least he was working for us when he was president.

  133. Bill: You can’t tell someone else that the grounds they vote on is irrational.


  134. Did they actually say PUMA?

  135. I just cannot watch the View. That collection of idiots makes me want to vomit.

  136. No, they did not ask him about PUMA!!! You are kidding me. Hillary doesn’t have any control over PUMA. Sick bastards.

  137. Yes, well, I figured he was somehow involved in it and was trying very hard to distract and divert attention from his own participation.

  138. Bill, we love Hillary and we love you too!!

  139. Wow, not even resorting to double speak today. Oh, if he was here right now…*swoon*

  140. Hooray, Bill.

    He understands voters and doesn’t insult us.

  141. SOD: I would vote for him again if I could! That guy speaks to me and always has.

  142. Hmm, he loves to refer to Obama and McCain as candidate X and candidate Y, interesting.

  143. Somehow I knew Regency would be here!

  144. I heart Bill Clinton. Best President in my lifetime.

  145. wow, the resurrection of Candidates X & Y. Somebody, go check to see if Cindy’s been donating to the Foundation. Quick!

  146. Pat – just scrap a BO supporter off the ceiling and offer them a one-way ride with the Obama’s. They are used to “sucking” and will be a handy tool in all of that siphoning.


  147. Pat Johnson, on September 22nd, 2008 at 11:40 am Said:

    SOD: I would vote for him again if I could! That guy speaks to me and always has.

    If the Repubs hadn’t fought for term limits when FDR was Pres, you would have had that opportunity.

  148. masslib: You know where I stand on term limits. Yet……

  149. Carol-What did he say about the VP and what was the question? Did he just say she didn’t want it?

  150. Pat – scrape and then scrap.

  151. Candidates X and Y have returned. Wow. He’s bold.

    Pat J: Raspberry! I got here just before class. Thank God!

  152. I know, Pat, I was partially teasing you…partially.

  153. This guy was and is a born and bred politician. His instincts for the most part worked. Love him forever! What a team!

  154. Hard hitting RD. Total corruption, anyway you slice it.
    I love the Clintons. A total reform is in order in Washington. You really have to ask yourself is it fair when these guys walk — because they are going to walk scot free.

    In January. Rotters. All. ugh.
    It’s like Enron on a mass scale to take everything — your comments in last graf about the boots? Think back to the French Revolution and what started it…times like these.

  155. Ok, so I am not the only one intrigued by “Candidate X” and “Candidate Y” terminology. We know us some Bill Clinton.

  156. Carol: As usual, you are on target. Get one of those phonies onboard and we can hit Chicago in record time.

  157. Love Big Dawg. Just love him.

  158. Didn’t I say he’d deliver? Doesn’t he always deliver.

  159. Hi guys. I’m taking my lunch break from job searching. Looks like Bill is taking on the View.

    Go Bill!


  160. They asked him about the economy. HE said as he recalls, it was pretty good when he left. :o)

  161. Kind of proves to you that the Convntion Speech was a fake. He didn’t look like he enjoyed it then and he can’t back it up now.

  162. It will be ages before we see another couple as dynamic as these two to hit the scene. Hell, I’ll be dead before we see just one of their like again.

    His life experiences, along with his brilliance, made him who he is. Tough upbringing, sacrificing Mom, helping to raise a little brother, knowing how hard it is to make ends meet. This is the story that did not have any built in narratives. Hardscrabble and the ability to communicate. Love him.

  163. He has such a way of breaking down a complicated issue and making it understandable.

  164. Whoopi: Everytime something goes wrong, they blame you. Did you do it, did you mess it up? (economy)

    Bill: As I remember it, it was pretty good. ….

    ( then he goes on to analyse the mess –)

    We basically made too much money out of money. I support Paulson & Bernanke want to do, but it’s not enough. (goes on to reiterate Hillary’s plan)

  165. Haha…Obama should have told his buddy, Jim Leach, to STFU. McCain, there’s a clip for your next ad. This ain’t just a repub scandal, or at least so says the former Democratic President.

  166. Pat: I am an Indian – roots, shoot and leaf – down to the last vein.

    Gotta run now

  167. Anybody tell me he’s not the best President in modern history and I’ll call you a liar.

  168. He just said Hillary’s plan for the mortgages is for the final piece of Paulson’s plan that will make this work. He agrees with the plan, with transparency and mortgage assistance.


  169. Hillary, Bill, McCain, Palin, Cindy 2009

  170. Remember back in the primaries when Bill said that Hillary and McCain got along great and they would be respectful of one another should she get the nomination? Hill and McCain get along. I have no problem voting McCain.

  171. What Carol said! And now I need to go to class!

  172. What Pat said too!

  173. God, I love Big Dawg. He is amazing.

  174. I am thankful he did not overdo the Obama schtick. That sends me over the edge. Touting this moron is getting on my nerves.

  175. Bill said that Hill’s plan of re-negotiating the mortgages is something that EITHER candidate is going to have to get on board with.

  176. Anglachel has a good post about why those who try to blame Bill are wrong.

  177. Is Whoopie disrespecting Big Dog?

  178. Bill said he genuinely like both candidates (O & JM).
    Thinks Obama will win (lays out reasons Dems have advantage), but the debates could change the outcome.

    Praises McCain a lot. Praises Palin too.

  179. Bill Clinton makes George Bush look like a mouse in comparison. Both Bush’s as a matter of fact.

  180. Bill said McCain would be the President. It was in code, but obvious.

    McCain/Palin 2009


  181. Is Whoopie disrespecting Big Dog?

    No, not at all. She was giving him a chance to respond to the morons blaming him for the current mess.

  182. I didn’t get to watch. 👿

  183. I say let them all go under. No government bailouts for badly run companies or stupid investors. There is an old axiom in business, “Take your medicine early.” We should just let all these crooked Wall Street firms collapse due to their own greed and stupidity. The system will sort itself out after a period of pain. And the taxpayers won’t be bailing out these crooks. Although they are doing it for the wrong reasons, for once I am glad that Pelosi et al are seeking to delay this “bailout.” It is absurd that the Treasury Secretary can blow a trillion dollars of the taxpayers’ money and ram it through Congress because “time is of the essence.” Baloney!

    The big mistake would be to restrict capital formation in the wake of the crisis. Just because a bunch of Wall St. fat cats go broke doesn’t mean that they have to take everyone else with them.

  184. SOD: He “gave” me permission to vote my conscience when I decided to go to McCain. My vote counts. I want it counted against Obama more than anything. I think McCain will be able to work with Hillary in the long run and I am sure Obama will do everything he can to work against her since I believe petulance and vengence is in his nature.

    The Dems need to see that they can no longer count on us, the once party faithful, to push through a candidate so unprepared, unqualified, and inexperienced as we have. Gone are the days when this was a given. We have shown our independence and are more than willing to look elsewhere. No more taking us for granted.

  185. I’m telling you – McCain will let Hillary do Health Care after he and Sarah slash and burn the pork!

    Pat – fire up that 14 year old car – your going to Chicago. When you get there – just dump them on the outskirts!

  186. Bill has been all over teevee talking about “Hillary’s plan”. This is so if BO steals it everyone will know who came up with it.

  187. Pat – one more time you are taking credit for my good judgment.

    I’m seeing a pattern here not unsimilar between BO and Hillary.

    What say you?

  188. SOD: I think Hillary has been “sharing” for quite awhile. But he is charismatic, full of charm, and in his prime, very easy on the eyes. I think he met his match in her and that is why they are still together. As she said in her book: We met 36 yrs ago by having a conversation. And it continues to this day.

    She admitted to being “smitten” from the moment she laid eyes on him and we were too.

  189. Carol, there’s no money for health care in the next four years. That’s not going to be on any agenda until 2012.

  190. Yes, Big Dog has been giving us permission to vote our conscience for quite some time now. I intend to take him at his word.

    McCain/Palin 2008, placeholders for…
    Hillary 2012!

  191. Bill basically said that calling people stupid or uninformed for whatever way they vote is wrong. You have to respect the voter, and he used the candidate X candidate Y reference again.

    He said that the reasons why people vote for one candidate or another are complicated, and you cannot make it only about this interest or that interest. A voter may like one candidate on 4 issues, and the other candidate on only one issue, but maybe THAT issue is more important to them.

    The question was about former Hillary supporters voting for McCain because of the Palin pick, and they worded it to try to get him to say either we didn’t exist, or we were silly wimminz voting on gender. Big Dawg shot that right down, and spoke of RESPECT for voters choices.

  192. Bill’s been out of office for seven and a half years, and Bush reversed every one of Bill’s policies he could.

    Yet they still want to blame Bill for all messes.

  193. Carol: If you think of one minute I am going to credit you with “what she said”, forget about it. I am not going to become a “Carolbot”. I can live with deadender, old hag, whiny bitch, but a Carolbot, never!

  194. mass – when you kill the pork there’s plenty for everything.

  195. Cal, I’m starting to agree with you. The Andrew Cuomo thing was a big one for me. Tells me a lot about McCain. Someone once suggested a yard sign “I Can Live With McCain”. I think I’m getting to that point. I actually think he only will run one term. He wants to show everyone that 2000 should have been his year, NOT Bush’s. And, he would not have been the f*ck up Bush has been.

    Hillary/Ham Sandwich 2012

  196. Pat – a rose by anyother name ……………..

  197. Carol: You do make me laugh! Your wit is magnetic. Either that, or my dementia is beginning to kick in earlier than anticipated.

  198. Stoopid View Hags…Bill Clinton has always said “respect the voters”, “never blame the voters”…these fools don’t get Bill Clinton at all.

  199. McCain is showing clear signs of leadership. Obama just wants his dress pants back from the cleaners. The contrast is startling.

  200. Hillary & Bill would be complete personas non grata in an Obama admin.

  201. Wow! Respect the voter. Completely new concept for Obama and fans. Maybe if it is said very slowly, Obama and his minions can comprehend.

  202. votermom – Thanks for the update on Whoopie. I got very annoyed with how she treated McCain when he was on The View – so rude! I’m glad she is treating Bill with respect.

    I am keeping away from the blogs and the TV during the day so that I can put my undivided attention into my job search. I look forward to lunch time and “break times” to check in with you guys.


  203. So was McCain’s speech to Democrats in PA? I just read that.

  204. new thread.

  205. Arabella-You seem so much better and happier. The rest from the old job was good and someone will snap you up in no time.

    So Big Dawg says “Respect the voters” and Obi says, “Get in their faces”, ummhh now who is better? No brainer there.

  206. Stoopid View Hags…Bill Clinton has always said “respect the voters”, “never blame the voters”…these fools don’t get Bill Clinton at all.

    Which is why with THE VOTERS Bill remains deeply respected and popular. He has always respected us. Always. He respects Republican voters, Democratic voters, Green voters, Libertarian voters. He may attack opponents and policies, but NEVER the voters who voted for them.

    Big Dawg has ALWAYS approached the people with respect, and has asked for a conversation with us, not laid down the ideological law.

  207. Hillary Debt update per the FEC filings for the period ending 8/31/08:

    Cash on Hand: approx. $1.9M

    Campaign Debt: $22,163,330 including personal loan to campaign

    Personal Loan to campaign: $13,175,000

    Therefore due to vendors: $8,988,330 including $5M to Penn

  208. So was McCain’s speech to Democrats in PA?

    It was to the Irish Americans Forum.

  209. And Pat, when you “kick their asses to the curb – grab back that faux mantle they were passed by the Kennedy clan”!

    Like it fucking belonged to the Kennedy’s to begin with!


  210. “maybe – torch?????????”

  211. Mitsubishi is buying 20% of Morgan Stanley.

    Lehman Brothers put $2.5 Billion in a fund for it’s executives. Arrest them all right now! I insist.

  212. […] Comment! The Confluence: Monday: Bi-Partisan Bank Robbery? […]

  213. I agree wholeheartedly with everything you say.
    And I’m still smitten by that man. Sorry Hillary, you just have to share with us.

    SOD, Hillary’s known that for a long, long time.

  214. masslib,

    Maybe so, but I think McCain will give Hillary more leverage to at least lay the groundwork for quick movement post 2012. I can only see Obama trying to crush her at every turn.

    This, I agree with. I have Hill supporting friends who live under the delusion Hill will have all sorts of power under a BO admin. Sad.

  215. Hillary scheduled to speak on bail-out plan 1:50 p.m. Eastern, 10:50 a.m. PDT.

  216. Just to put the cherry on the sundae, the Dallas Morning News is reporting that foreign banks successfully lobbied the Bush administration over the weekend to be included in the payoffs. The plan Bush submitted would pay foreign banks for their bad real estate investments here.

    We are SO scr*wed.

  217. Only two Democrats and two Republicans voted against the Commodity Futures Modernization Act of 2000. This law is what enabled the unregulated growth in credit default swaps which is an enormous problem right now. There were approx. $900 billion in outstanding credit default swaps in 2001, there are now around $45.5 Trillion outstanding.

    I think one of the problems is that very few of the members of congress have any chance of understanding the implications of the financial legislation that they vote on. They probably followed the lead of Alan Greenspan who caused much of our financial problems himself. I don’t think any adult who follows Ayn Rand is qualified to make major financial decisions for the country.

    Republicans and Democrats created this monster with Alan Greenspan cheering them on. Money and greed rules both parties, I hold them all to blame.

    For more on this mess see What Created this Monster

  218. Also, attempts were made to fix the problems with the Commod. Futures Mod. Act since 2000. McCain was one of only three Republicans to support them.

    In November 2003, John McCain Was Only One Of Three Republicans To Support A Feinstein Amendment That Would Have Closed The So-Called “Enron Loophole.” Then-Senator Jon Corzine (D-NJ) Joined McCain To Vote For This Amendment. “Feinstein, D-Calif., amendment no. 2083 that would require the Federal Energy Regulatory Commission to promulgate regulations establishing an electronic information system to facilitate price transparency and participation in markets subject to the agency’s jurisdiction. It also would prohibit “round trip” trades, which generate profit without any commodity actually changing hands, and it would increase criminal and civil penalties for violations of the Federal Power Act and general penalties of the Natural Gas Act.” (H.R. 2673, CQ Vote #436: Rejected 41-56: R 3-48; D 37-8; I 1-0, 11/5/03. McCain Voted Yea)

    The Feinstein Amendment “Was Aimed At Closing What The Sponsors Called An ‘Enron Loophole.’” “The Senate rejected Wednesday, on a 56-41 vote, an amendment by Sens. Dianne Feinstein, D-Calif., Carl Levin, D-Mich., and Richard Lugar, R-Ind., to add energy derivatives reform language to the FY04 Agriculture appropriations bill. The amendment was aimed at closing what the sponsors called an ‘Enron loophole’ in the three-year-old Commodity Futures Modernization Act.” (”Senate Misses Another Target For Action On FY04 Approps,” National Journal’s CongressDaily, 11/6/03)

  219. Paying foreign banks?!!!!!!!!!!!!!!!!! With American tax dollars?!

  220. […] not letting either Party off the hook. Riverdaughter weighs in about the greed, and points to Anglachel. Where was our government’s concern when […]

  221. […] Posted on September 22, 2008 by bluelyon This shell game that is being played on the American taxpayer seems to me to be the ultimate in cost […]

  222. Another example of how the Bush Republican love welfare —

  223. PUMAS, don’t get despondent.
    you are the ones who understand that BO is the corporate guy. the corpmedia/lobbyists/special interests/politicians are all in the scam together.
    none of them wants McPalin in the white house doing any reform whatsoever. just think of the millions of $$$ that have gone to the corpmedia during this single campaign. it’s disgraceful.
    whether or not McPalin will be able to carry out the reforms they promise, i don’t know, but i do know that i’ve never voted for any rightwing pollie in my life, yet i would vote McPalin in a heartbeat.

  224. oldcoastie asked: “does Naoimi Klein’s “Shock Doctrine” come to anyone else’ mind?”

    Yup, first thing I thought of.

    The Bush administration beat the drums about the danger of Terrorism and so started sweeping away our civil liberties with the support of the Dems.

    Now they beat the drums about the danger of Financial Collapse and watch the sweeping away of wealth and power into the hands of those who already had too much of it.

  225. Aren’t these bailouts and take overs sort of like SOCIALISM?


  226. Good analysis, RD. You’re spot on. Treasury Sec Hank Paulson’s plan to bailout Wall Street is really a plan to privatize the U.S. treasury. This do-nothing Democratic Congress had better stand in Bush’s way on this.

  227. The Bipartisan Bank Robbery is not only in the “fix”, but it was Bipartisan Bank Robbery that GOT us into this. Plenty of blame to go around on BOTH sides when looking how we got into this in the first place.

  228. If they’re losing money, it’s socialism and the loss gets shared with main street, but if they’re making money it’s capitalism and they keep the profit.

  229. Great post.

  230. […] Secretary Henry Paulson wants to clean out the US treasury to bail out Wall Street […]

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