"It also makes the nation more dependent on foreign nations and investors to finance the debt, and squeezes out spending on programs such as education and healthcare. The proposed bailout makes it more likely taxes will increase....
"Nobody wants to say it, but taxes are going up in the next five to 10 years." -- Nariman Behravesh, chief economist at Global Insight, a Waltham forecasting firm
"We may be planting the seeds of the next crisis." -- Luigi Zingales, a professor at the University of Chicago's Graduate School of Business
You gonna WAKE UP, AmeriKa?!!!!!! You only have DAYS!!!
Please see Rock the Truth's lead posts for the true implications of the fascist Bush seizure of AmeriKa's economy.
"Can America afford it?; Some see cost over $1 trillion; others predict much less" by Robert Gavin, Globe Staff | September 21, 2008
.... Many analysts say it is difficult to project the ultimate cost because no one knows the future value of mortgage-related assets, which panicked investors have all but stopped buying. Under the Bush administration proposal, the United States would borrow the $700 billion to finance the bailout and raise the limit on the national debt to $11.3 trillion from $10.6 trillion.
The nation would take on this added debt as it faces huge obligations in Social Security and Medicare, with more than 75 million baby boomers beginning to retire. Over the long term, growing budget deficits can hurt the economy by increasing interest rates, squeezing out private investment, and slowing productivity, which in turn undermines living standards, according to economists.
Translation: Your economy is toast and your country is history -- thanks to YOUR GOVERNMENT, AmeriKa!!
You ready for the AMERO and the NORTH AMERICAN UNION?
It also makes the nation more dependent on foreign nations and investors to finance the debt, and squeezes out spending on programs such as education and healthcare. The proposed bailout makes it more likely taxes will increase, some analysts said.
I told you you were going to take it in the shorts, America!!
So what is it gonna take for you to get off your asses and hit the streets?
"Eventually, we have to pay these debts back," said Nariman Behravesh, chief economist at Global Insight, a Waltham forecasting firm. "Nobody wants to say it, but taxes are going up in the next five to 10 years."
Most economists agree, however, that the cost of inaction would be far greater. The crisis, which began in the nation's housing bust and spread into credit and stock markets, is pushing the global financial system to the brink of collapse, which in turn would plunge the world into a deep and prolonged economic downturn.
You know what? Fuck you, liars! This fucking bailout is BENEFITING YOU, not me, so it is NO WONDER you would feel that way. Time to start tearing you guys from your offices and string you up!!!!!
Lawmakers from both parties agreed the government needed to act. The proposal is just a starting point, and certain to change as it moves through Congress. The staff of the House Financial Services Committee began drafting legislation almost immediately after receiving the administration plan. The House could act on the bill as soon as this week, with the Senate to follow.
Amazing how they can ACT SO QUICK for WALL STREET or the PENTAGON, and amazing how SLOW or NONEXISTENT the SERVICES for the PEOPLE, huh?
Representative Barney Frank, the Newton Democrat who serves as chairman of the House Fi nancial Services Committee, said his committee will add provisions, including restrictions on executive compensation. For example, he said, firms that accept the government bailout might have to eliminate so-called golden parachutes, the multimillion-dollar compensation packages top executives receive when they are ousted by boards or in corporate takeovers. In addition, the legislation is likely to require the Treasury to seek contributions from foreign central banks, which also have a stake in the stability of the financial system and have benefited from the tens of billions of dollars the Federal Reserve has pumped into the global banking system.
Yup, BANKS are MAKING OUT, can you believe it.
They gonna send you a thank-you note, taxpayers?
Finally, it will include authority to adjust mortgages of struggling homeowners to make them more affordable and prevent foreclosures. Millions of homeowners have become trapped in mortgages as falling home prices made it impossible to refinance their loans or sell their homes for enough to pay off their debt. The result: a downward spiral of foreclosures, further price declines, and more foreclosures.
Many economists say stabilizing the housing market needs to be a component of the bailout plan, since the housing bust is the underlying cause of the financial crisis. Millions of adjustable rate mortgages are slated to reset next year, and the nation could see "another potential tidal wave of foreclosures," said Scott Anderson, senior economist at Wells Fargo amp; Co. in Minneapolis.Some economists worry the massive bailout will lead to bigger problems. By insulating people and businesses from the consequences of risky behavior, it encourages them to take big risks in the future. It also raises the question of where to draw the line on bailouts.
Just by the way this article has been written you can tell the agenda-pushing, pro-corporate, pro-bank bailout, pro-tax, Boston Globe is in favor of the whole thing. Yup, wait until the LAST TWO PARAGRAPHS to RAISE the CONCERNS!!!
That's why I am over here today; I am so fucking sick and tired of shit journalism from the god-damn Zionist-controlled, corportate agenda-pushing press!!!! You know, I'm so angry I want to see their houses burned to the ground -- after we all lynch them!!
You better WAKE UP, SHIT ELITES!!!!!!!!!!!!!!!!!!
Luigi Zingales, a professor at the University of Chicago's Graduate School of Business, said Fannie Mae and Freddie Mac took on too much risk because of an implicit guarantee by the government to back the debt of these government-created companies. Now, with the $700 billion bailout in the works, it appears the United States is ready to give an implicit guarantee to the entire financial system. "You see a disaster and you want to repeat it on a larger scale," Zingales said. "We may be planting the seeds of the next crisis."
Pffft!
Is it the "United States" or the "United States TAXPAYERS," asshole Zionist press?!!
Yeah, FUCK YOU, you fucking agenda-promoting, Zionist propagandists!!
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