“The economy is clearly going to get worse before it gets better, with or without the rescue plan” -- Stuart G. Hoffman, chief economist at PNC Financial Services in Pittsburgh
Get out the tar and feathers and READY the GALLOWS, America!!!!!!
America? You there?
How is that ANAL CANAL FEELING? A little stretched out, huh?
"
WASHINGTON — The House of Representatives gave final approval on Friday to the $700 billion bailout for the financial system, reversing course to authorize what may be the most expensive government intervention in history.
At 1:21 p.m., applause and cheers echoed through the House chamber as the number of “aye” votes crossed the threshold needed for passage with just seconds remaining in the official 15-minute voting period. The vote was 263-171.
Financial markets, already weighed down by another round of bleak economic data, including a report showing 159,000 jobs were lost in September, had a mixed response to the House action. Ahead of the vote, the Dow was up about 290 points, but it later sagged, hovering around 100 by 2 p.m..
The revolt earlier this week by the House’s rank and file was quelled both by fears of a global economic meltdown, and by old-fashioned political inducements added to the deal by the Senate. And just to be sure, the leaders had a backup plan, giving them the option to interrupt the proceedings and debate an increase in unemployment benefits, so that they could round up additional votes. In the end, it was not needed.
Several Democrats in the Congressional Black Caucus said they were persuaded to support the bill by Senator Barack Obama, the party’s presidential nominees. But many lawmakers said they were motivated most by fears of economic calamity.
“Nobody in East Tennessee hates the fact more than me that I am going to vote ‘yes’ today after voting ‘no’ on Monday,” Representative Zach Wamp, a Republican, said in a speech on the House floor.
“Monday I cast a blue-collar vote for the American people,” he said. “Today I am going to cast a red, white and blue-collar vote with my hand over my heart for this country, because things are really bad and we don’t have any choice. We’re out of choices and our backs are up against the wall.”
FUCKING TRAITOR!!!! And a BULLSHITTER at that!!!!!
Friday’s action capped an extraordinary two-week dénouement to the 110th Congress. Lawmakers, eager to get home for the fall campaign season, had intended to wrap up by adopting a budget bill to finance government operations through early March.
You ain't gonna wanna come home, TRAITORS!!!!!!!
Whether it succeeds or fails, elected officials and business leaders alike said it stands to fundamentally alter the relationship between government and the private markets perhaps in ways that are not immediately clear.
WTF do you mean it MIGHT FAIL?!!!!!!!
It is impossible to predict the final cost of the bailout but officials insist it will be far less than $700 billion.
That's what the LYING LOOTERS claim, huh?
Because the Treasury will purchase and then resell assets, potentially at a higher price, there is a chance the program will break even or perhaps turn a profit.
FUCK YOU, New York FUCKING TIMES!!!!!
And, if the rescue plan has lost money after five years, the bill requires the president to submit a plan to Congress for recouping the losses from the financial industry, perhaps through fees or a tax on securities transactions. --more--"Oh, AMERICA, do you ever JUST GET FUCKED BAD!!!!!!!
The plan MIGHT LOSE MONEY?!!!!!
And you can FORGET about GETTING IT BACK from a TAX!!!!
Meanwhile, look who is BROKE!!
"
Go GET the $$$ from a BANK, California!!
I heard the CREDIT will be UNFREEZING NOW!!!!!!
LOS ANGELES — With the credit crisis cutting off access to short-term financing, California
Gov. Arnold Schwarzenegger in a letter Thursday night to Treasury Secretary Henry M. Paulson Jr. said that with credit markets essentially frozen, the state, like a slew of others and local governments nationwide, had no access to short-term financing that normally support day-to-day operations.
Yeah, because the U.S. Banks Driving Credit Crunch ON PURPOSE!
“California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the Federal Treasury for short-term financing,” Mr. Schwarzenegger said in the letter, which was first reported by The Los Angeles Times.
Bill Lockyer, the state treasurer, had warned on Wednesday that with Congress debating a national recovery plan, the state had been locked out of credit markets for the past 10 days.
Yeah, it is called BLACKMAIL!!!
See: Banks Blackmail Colleges Over Bailout Bill
Banks Blackmail Businesses Over Bailout Bill
Banks Blackmail Cities Over Bailout Bill
Banks Blackmail States Over Bailout Bill
Typically, the state gets routine short-term loans in the fall to cover its bases until state coffers refill in the spring from tax revenue and other sources. But the shuttered credit market has upended the budgeting.
Translation: BLACKMAIL WORKS!!!!!
And Mr. Lockyer said that even if the credit markets loosen, it could cost more to borrow, noting that in the weeks leading up to the crisis borrowing terms had increased substantially.
What a RACKET, huh? I say BURN DOWN the BANKS!!!!!!
In his Wednesday statement, Mr. Lockyer said the state’s cash reserves would drain completely near the end of the month, jeopardizing payment for teachers’ salaries, nursing homes, law enforcement and an array of other state-financed services. --more--"
TRILLIONS for WARS and BANKS and NOTHING for the PEOPLE!!
How is that BOWL of SHIT tasting, America?!! EAT UP, assholes!!!!!!!!!!!!!!!!
Here ya go....
"
The American economy lost 159,000 jobs in September, the worst month of retrenchment in five years, the government reported on Friday, enhancing fears that an already pronounced downturn had entered a more painful stage that could last well into next year.
But, but, but... we got a BAILOUT!!!!! BEND OVER, 'murka!!!!!!!!!!!
Employment has diminished for nine consecutive months, resulting in the elimination of 760,000 jobs, according to the Labor Department report.
“It’s a dismal report and the worst thing about it is that it does not reflect the recent seizure that we’ve seen in the credit markets,” said Michael T. Darda, chief economist at MKM Partners, a research and trading firm in Greenwich, Conn. “There’s really nothing good about this report at all. We’ve lost jobs in nearly every area of the economy, and this is going to worse before it gets better because the credit markets have deteriorated basically on a daily basis for the last few weeks.”
And the BAILOUT WON'T STOP IT! Wall Street gonna POCKET the $$$ like they did before!!!!!!
As anxiety spreads that banks may continue to hoard their dollars regardless of a rescue package from Washington, depriving businesses of capital needed to expand, more pessimistic forecasts call for the economy to remain weak through all of next year, before a hesitant recovery in 2010.
The pressures are worsening. On Friday morning, banks needing to borrow from other banks were having to pay nearly 4 percent more than the Treasury pays in interest on savings bonds, reflecting the unwillingness of financial institutions to part with their dollars as the reckoning from an age of speculative excess goes on.
Even as Washington remained consumed with bailing out troubled financial institutions to try to make money flow more freely, analysts said the jitters would probably remain, with banks continuing to hang on to their dollars and more jobs evaporating from American life.
“The economy is clearly going to get worse before it gets better, with or without the rescue plan,” said Stuart G. Hoffman, chief economist at PNC Financial Services in Pittsburgh. “The rescue plan prevents it from getting much worse, but it’s too late to prevent a recession.”
--more--"
Update: DOW TANKS AFTER BAILOUT BILL PASSED AND SIGNED INTO LAW!
So how does it feel to have been FUCKED and LIED TO AGAIN, Americans?
