Ummmm, I never want to hear the words "free market" again, 'kay?
"A plan to stop the bleeding; Federal authority would buy troubled mortgages, securities; Support in Congress likely" by Robert Gavin, Globe Staff | September 19, 2008
Congressional leaders and the Bush administration were moving last night toward creating a federal authority to buy troubled mortgages and mortgage-backed securities in the hope of ending the worst financial crisis since the Great Depression.
Translation: They want to set up ANOTHER TAXPAYER-FINANCED BAILOUT of BANKS?!
Where is MY BAILOUT, assholes?
All I got was a $600 spit in the hand!!!!
Representative Barney Frank, the Newton Democrat who chairs the House Financial Services Committee, said the Bush administration promised to quickly send to Congress its plan, which generally has the support of Democratic and Republican leaders. Frank said he expects the House to act on legislation next week, with the Senate to follow soon after.
That's one reason -- among so many -- that I no longer believe in America anymore.
It is AmeriKa now!
The Bush administration is still putting together the details of the plan, but Treasury Secretary Henry M. Paulson Jr., in remarks after briefing congressional leaders, suggested it would combine elements of the Resolution Trust Corp., which bought and sold troubled real estate holdings to clean up the savings and loan crisis of the 1980s, and the Home Owners Loan Corp., which refinanced and restructured troubled mortgages during the Depression to make them more affordable and stop the flood of foreclosures.
Yeah, right, the GOVERNMENT that CREATED this problem is COMING to the RESCUE!!
What is this, a history book I'm reading here!!!
Get ready to DROP those TROUSERS, AmeriKans, because you AIN'T FELT NOTHING YET!!!!!!!!
Paulson said the plan would address the two main causes of the crisis: the inability of financial institutions to sell mortgage-backed securities and rising home foreclosures. Paulson said the goal was to devise an "expedited solution aimed right at the heart of the problem."
WTF TOOK YOU SO LONG?
Frank, who earlier this week suggested that Congress needed to consider a Resolution Trust Corp. approach to the crisis, said Paulson and Federal Reserve chairman Ben Bernanke approached Democratic leaders about creating a new federal authority to buy up troubled mortgage-backed securities. They agreed.
That is SOCIALISM -- for the RICH, anyway!! So WHERE is MY CHECK?
It's unclear how much the proposal would cost, although the government could recover at least some money by selling the securities it buys once financial markets return to normal.
Well, whatever it is, YOU WILL BE PAYING IT, Americans!!!!
Whatever the cost, said Scott Anderson, senior economist at Wells Fargo amp; Co. in Minneapolis, it would likely be less than the alternative: a deep, prolonged downturn. "We have a Great Depression-style financial crisis," he said, "we might need Great Depression-style solution."
Why don't you guys just say it: WE ARE IN A DEPRESSION NOW!!!!
Fuck your lying figures, etc!!!
Earlier yesterday President Bush canceled fund-raising trips and met with Paulson, Bernanke, and Securities and Exchange Commission chairman Christopher Cox on the financial crisis. In a brief appearance in the morning, Bush acknowledged "serious challenges" facing the financial system, but added, "The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence."
Those are the same things Herbert Hoover was saying back in 1929!!!!
So Bush not only wrecked our reputation and our military, folks -- he DESTROYED OUR ECONOMY!!!!
The guy ought to be swinging from a lamppost -- along with the rest of his cabinet!
Investors liked the idea.
Of course they did: who wouldn't like privatized profits and socialized costs?
After another roller coaster day on the markets, stocks surged late yesterday as reports surfaced that the administration was considering creating a federal authority to rescue troubled companies and homeowners.
Yup, AMERIKAN SOCIALISM made the "FREE MARKET" RISE!!!
PFFFFFFTTT!
The Dow Jones industrial average jumped more than 400 points to close at 11,019.69. The broader Standard Poor's 500 index and technology-heavy Nasdaq Composite also posted strong gains.
Yup, corporations love taxpayer bailouts! DOW
On the campaign trail yesterday, presidential candidates Barack Obama and John McCain each made similar proposals to end the crisis.
Pffffttt! Politicians!!!!
Democratic nominee Obama, in New Mexico, called for the passage of a Homeowner and Financial Support Act to help keep markets operating and families to get out from under onerous mortgages. He pledged to release more details today. Republican nominee McCain, in Iowa, called for creating a trust to review mortgage and financial institutions, to identify weaker ones and strengthen them before they fail.
The Bush administration plan to buy troubled assets would culminate a series of extraordinary actions by the federal government to try to stem a crisis that has at times threatened to collapse the global financial system.
We ain't done yet!! And notice how the MSM dances all around the AMERIKAN SOCIALISM without ever CALLING IT THAT?!
What do you think GOVERNMENT TAKEOVERS of PRIVATE ENTERPRISES are?
I mean, EVEN I RECOGNIZE THAT!!!!
The government has taken over insurance giant American International Group and mortgage giants Fannie Mae and Freddie Mac to keep them from sliding into insolvency. In March, the Fed engineered the sale of investment firm Bear Stearns Cos. by guaranteeing some $30 billion of its assets. The Fed, working with central banks around the world, has also pumped tens of billions of dollars into the financial system to keep credit flowing and markets from grinding to a halt. Just yesterday, the Fed and other central banks made available $180 billion to keep credit markets operating.
Yeah, WHERE HAVE all the BILLIONS GONE, because the banks sure as hell aren't loaning it to anybody!!
They just SUCKED UP TAXPAYER MONEY to COVER THEIR LOSSES, huh?
That smells like SOCIALISM to me!!!!
Economists said last night that government needed to come up with a systemic solution to the crisis, instead of reacting case by case to events with the potential to plunge the US and global economies into deep downturn. That became clear after the AIG bailout late Tuesday, which was followed by panic across global markets.
But now everything is fine!!
Now that taxpayers are going to fit the bill, the corporations are doing just fine again!!!
Banks stopped lending to one another, and credit nearly froze.
Then WHERE DID ALL the BILLIONS in LIQUIDITY BAILOUTS GO?
See: Bernanke Grabs Plunger for U.S. Economy
The Dow Jones industrial average plunged more than 400 points on Wednesday. Panicked investors began pulling funds out of money market mutual funds, once regarded as safe as cash, highlighting how spooked they've become by the crisis. Putnam Investments yesterday said it closed a $12.3 billion money market fund after the companies and institutions that invest in it inundated the firm with requests for their money. On Wednesday, investors pulled nearly $90 billion out of money market mutual funds - among the largest single-day withdrawals in industry history.
Yeah, but the other piece I posted on that says everything is fine.
They can cover their payments and cover their losses -- even if they have to deny yopu your money, American!!!!
Nariman Behravesh, chief economist at Global Insight, a Waltham forecasting firm, said creating an authority to buy up troubled securities and clean up the balance sheets of financial institutions "puts in place a permanent solution" to the crisis.
These Wall Street guys never fucking stop lying, do they?
"This gets them out of the firefighting mode," said Behravesh, "At some point, you have to stop fighting fires, and start preventing them."
Otherwise they will what, drop a WTC tower into its own footprint?
--more--"
Speaking of fires, whatever happened to the fires in California, MSM? Haven't heard about those for a while now?
Add that to Bush's legacy, too!!!
