Should Congress Give Paulson $700 Billion Blank Check?

Yes
1% (2 votes)
No
99% (367 votes)
Total votes: 369

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The democrats should not capitulate.

The market will do what markets do. Adjust for fair market and grow again. It does, and hasn't needed a bleed off of funds from already over-taxed americans.

Low taxes on the Aristocracy have bled our treasury dry...

...and given us little room to maneuver.

High taxes on necessary income (~The first $65,000 made by every American) could stand being done away with ;)

The Federal Deficit.

Source: Congressional Budget Office

Jim

The federal deficit

I am 58 years old, and have voted since I have been 18 years old. I have never been so humiliated to live in the United States as I have been in the last eight years. Our country has went from a super power with lots of deplomacy, to one with only the dreams and asperations of Bush and Cheney wishing they were diplomatic. Our Country is Broken, and it happened under GW Bush, not clinton as many repukes will tell you. I am
a Vietnam vet, and have never been ashamed to be an american until Bush became president. He waged war on north korea at the Republican convention, I new then we were in for a difficult time.It will take ten good presidents to get us out of what it took bush 8 years to do.

Comment on "... dems should not cap. . . ."

1 - on your title: I agree.

2 - on your observation:
"The market will do what markets do. ...": Yes, and thieves and crooks will do what thieves and crooks do.

Us victims should protect ourselves.

"THE SKY IS FALLING! THE SKY

"THE SKY IS FALLING! THE SKY IS FALLING" (But we can save you)
and

"The Boy(s) Who Cried Wolf"

Sound familiar?

about those boys and ckicken littles

Day after day, I see Wall Street analysts telling me that the world markets are going to collapse. And though I see their lips moving, all I hear is:

Forgettabout this Country First stuff! MY investments are tanking and now it's Congress' fault!!!!!

Erin Burnett (MSNBC) promised the Apocalypse was at hand...

...again.

First thing I was told this morning was that the Apocalypse was imminent; that "we're already seeing it, the markets were going to open dramatically lower this today." So I grabbed my pop corn and sat waiting for the inferno. Three and a half hours later, all I see is the Dow is up slightly and my jar of Orvil Redenbacher’s empty.

Makes me wonder, are the markets encouraged by the fact that Congress is, alas, painstakingly hashing out something with immense importance both domestically and internationally?

erin has been awful

as has most of the talking heads allowed on the National Bailout Corporation - both CNBC and MSNBC.

thank goodness Mark Haines has been a total skeptic.

The sky is falling?

If you can't see the forest for the trees, the sky is not falling. We are getting ready to get rid of the dictator GW Bush, what a beautiful day that will be.
If the statement the sky is falling was directed at me, then you are as dumb as GW. Wake up and smell the ex pres. leave and a pleasent smell return. Peace for all, if you are a repuke, you don`t believe in peace.

What about the presidents & vice presidents, CEO's etc.?

Why aren't the people who own these companies responsabile? why don't they sink like a captain and it's ship or throw out their own rescue devices, why doesn't the govt go back and audit all their incomes and demand that any profits and excess income generated by these presidents and executives and ceo's return large profits to save their own sinking ship ! Demand that they payback their own companies which I can imagine are millions and millions and perhaps billions , IMO it was stolen money , if all the executive have other investments floating around seize them and liquidate them back to the failing companies! How is it even fathomable that these people can walk away with their profits protected and the government tries and bails them out , how insane , If I was a small business owner the first I would do is use my own profits to save a failing business ! you would not borrow money or expect a bailout if you already have money and investments as an owner , just because you take a paycheck home from a large company doesn't mean that you evade all responsibility , if these people were contractors in which some way they are , if they did a half ass job and left the work behind , of course they would be sued for doing such rotten work !right ! and of course if they underestimated/overestimated they are still responsible for job completion because it was agreed upon , so why did these people not have a proper system put in place for financial responsibility ? maybe their pres./execs. made to much of that money for their own pockets and let every thing roll.
Make unbelievable amounts of money and let every thing go bankrupt ! this is anarchist thinking ! make the money that you want and let the government take the fall !brilliant!
Not only did they use poor business practice , but it makes you wonder , especially when the media is blitzing and Obama and McCain are trying to strategize and cool the calamity , beyond that why is their no call to all the American citizens who do have loans via these failing companies , why are they not called upon to make due on their payments ? overextended companies should at least make certain that they themselves are on the ball getting their money back from delinquent consumers ! if they must they should down size and pull in the reigns , no job cuts but selling these lavish businesses and use smaller compact offices , reduce employee benefits , a good strategy come from with the company not our government !

Investments tanking ,what is really happening ? IMO

Our economy is just plain out overextended , people are living on borrowed money , and yes if you have investments made on behalf of borrowed money then TSK! TSK! for you your going to tank ! poor money skills and management! if you have borrowed and invested and owe interests on loans for investments made hoping that profits gaining will pay out on your investments then all you have done is bankrupt your loaning institutions , flipping loans and investments is dangerous on borrowed money period and should be illegal ! However if you made cash investments and do not make investments using loans your money should be safe and will regroup even after a short term fall! the key is do not the the media take all the hype and run the impression of the economy in the wrong direction because there are many people at fault and all of them are not just high members to society but also the typical persons who thinks that flipping money can make money ! eventually the levee breaks and loans and taxes and all the financial responsibility comes into play because of terms and agreements.

Accountability is the issue , legitimate investments come from legitimate money that is free and clear and independent of other loans and investments , so how much legitimate investments are there in this country , who knows, but the federal govt should be doing just that , find where all the legitimate investments and correct the and restore the balance of bad investments made from borrowed money.
If a person used giant loans and diversifies them then they hold large portions of investments through money that is borrowed with the assumption that certain profiting schemes will pay for the initial investments and when the initial loan cannot be paid because of poor investment choice investments have to be sold for lesser their worth in order to pay back investment loans which for the institution that loan out the money if they cannot be paid in full bankruptcy occurs and if too many people do this especially within the same investment firms and similarly practice these types of investments then if one goes bankrupt they all go bankrupt.

So you're saying that

So you're saying that everyone should have been on a "cash basis" when they purchased homes, bought automobiles, furnished their homes, or used the equity in their property to invest? That's not a very good approach to gaining wealth.

Just like every astute business person in this country, credit is a necessary evil for consumers as well. Borrowing in excess of your ability to pay? Not good at all, but well-planned borrowing and investing is the very heart of the "American Dream."

Your assertion that "legitimate investments come from 'legitimate' money that is free and clear and independent of other loans and investments" is non-sensical. Unless one is independently wealthy in the first place, the use of "leveraged money" for ANY investment is unavoidable. This is called "risk," and every "average" entrepreneur who has ever started a business, or has invested in the stock market, has taken on a calculated risk in order to make money.

You may be surprised to learn that many of today's business innovators, and others who have attained a degree of wealth, have been bankrupted one or more times on their way to success.

The current situation with our economy was NOT caused by the average American homeowner or investor, but by those "clever" Wall Street manipulators who devised the loan-insurance derivatives that are now coming home to roost. This is a Republican-enabled Ponzi scheme -- nothing more, nothing less.

A Guess?

I'll take a guess at what might be motivating this poster. (If I'm correct, then I agree with you both ;)

The internet abounds with Republican twerps who put down blue collar workers for not being smart enough to build wealth without labor.

In particular, building wealth via using credit to establish greater credit, to use as down payment for further credit, to invest in a business one knows nothing about, to quickly use gross receipts to gain further credit, to buy another such business, etc.

In isolation nothing need be wrong with this, however:

  • the chest pounding by idiots who ridicule 9 to 5ers is abhorrent
  • proper risk management needs to be built into the system
  • it should be clear to all that often nothing new has been added to our economy (one dude simply makes cash instead of another by laboring in one particular way )

HOWEVER however ;) gratitude should be shown in the same measure we show toward anyone providing a service with additional applause given if something innovative has occurred.

Jim

Jim, as usual, you are

Jim, as usual, you are correct. However, up until very recently, the credit system WAS self-policed. Every loan application, or credit request, was carefully scruntinized (by the lender), and the ability-to-pay factor determined both approval for, and the amount of, the loan requested.

When the Republican Wall Streeters figured out how to "hedge" their loans with a clever "loan insurance" scheme, they relaxed the ability-to-pay standards (just like the Federal Government who enabled them). This allowed them to have their cake, and eat it too.

The trade off was: easy loan money = higher (inflated) home prices. The "entrapment" mechanism was innovative ARM loans which were easy enough to pay for the first 3-5 years, and then the bottom fell out. First the home values fell when the defaults started piling up, and then the "loan-insurance" hedge funds which were "protecting" these loans dried up.

The common denominator in this entire scenario was deregulation. Self-deregulation by Wall Street, and oversight deregulation by the Republicans. The motive for deregulation was unbridled greed, easy money, and double-dipping obscene profits through usury.

Over $1-trillion dollars simply "trickled up" and disappeared.

P.S. I know that you've seen this article Jim, but for those who haven't:

http://www.newsweek.com/id/161199

Beautiful Bill.

Very nicely stated.

I would love to get back to simple appreciation for ALL the labor we perform in this Nation.

Investment requires labor, most often deserves compensation, appreciation, and sometimes applause.

So does caring for our loved ones as they die, turning a wrench under our cars, etc.

What comes to mind is a chant: USA USA USA!!!

It'll be nice to get it back.

The election is coming ;)

Jim

Bingo! The demise of a

Bingo! The demise of a legitimate voice by Labor (also brought about by Republicans) has led to a gradual reduction in both consumer income and spending. This is the other end of the equation.

Those loans with the clever ARM/Insurance structures might very possibly have been solvent, had wages kept up with Wall Street greed. But nooooo, the hedge fund manipulators were unwilling to share the wealth with their fellow Americans.

And now, they're calling for a mulligan.

A legitimate voice by Labor? what Labor?

Have you ever looked at the US census report on labor? 14% of those employed work for the government, many more such as law enforcement, teachers, accountants, lawyers, corporate safety and EPA oficers have jobs related to government over-regulation. ONLY 11% of the labor force actually PRODUCES SOMETHING! Most US jobs are now selling chinese goods and regulating eachother, if the US no longer produces goods it is no wonder we are going bankrupt. Agriculture is one of the primary US exports which is why the corporations are using the USDA and FDA to drive the small farmers out of business and buy up land cheap.

I find it interesting the "banking/home loan crisis" coincides with the USDA and FDA big push to regulate farmers out of business, especially when investment councilors are telling the rich to buy up farmland.

Officials in the European Union stated the corporate objective very bluntly: "... The EU chair-lady said 'I don't think you understand what EU policy is... The only way to achieve this is by restructuring and modernising old fashioned Polish farms...To do this it will be necessary to shift around one million farmers off the land ... The remaining farms will be made competitive with their counterparts in western Europe”....Farmers...suddenly find themselves heavily controlled by EU brandishing that most vicious of anti-entrepreneurial weapons: ‘sanitary and hygiene regulations’ - These are the hidden weapons of mass destruction of farmers ...”
http://www.i-sis.org.uk/savePolishCountryside.php

Gues who will be making those Polish farms more "competitive"- Big Ag with their factory farms.

What "OVER REGULATION"?

Please site what you mean, specifically.

And until Americans decide to stand together again as a work force, instead of individually running towards cheap prices (due to cheap labor elsewhere), we will continue to have problems.

It does not help to place the boogy man "out there". He is us.

Jim

Exactly

I can't even get my sister and my friends not to shop at walmart. Even using the enlightened self-enterest argument. my sister even has a list specifically for walmart her walmart list drives me crazy, but they just can't get by the cheap prices for cheap crap. A real head shaker.

Walmart.

Same here Ole, and THAT is the problem, isn't it?

The time and "length" scales involved with coordinating the actions of the majority, is massive compared to coordinating the powerful few.

They always have that advantage. They easily collude. They easily organize via incorporation, etc. It's easy to get a group of a half dozen semi monopolies to quit competing for the sake of a shared bounty. Much more difficult to get a few hundred million people organized to speak with one voice.

The voting booth is about all we have for that coordination. Let's hope it works this time around ;)

Jim

General Wants Help in Afghanistan Now

Remember the Troops!?!?!?

General Wants Help in Afghanistan Now

AP

WASHINGTON (Oct. 1) - The top American military commander in Afghanistan said Wednesday that he needs more troops and other aid "as quickly as possible" in a counter-insurgency battle that could get worse before it gets better.

Gen. David McKiernan said it's not just a question of troops — but more economic aid and more political aid as well.

READ MORE: http://news.aol.com/article/general-wants-help-in-afghanistan-now/119317

We've got little room to maneuver because dumb ass Republican "men" can get talked into voting for ANY proposal as long as they get to fight straw man liberal "arguments". (E.G. Liberals say it's wrong to kill therefore lets kill things in Iraq).

Way to go Ditto Heads:

-you lost us Bin Laden's head

-killed a lot of good Americans (along with children and civilians)

-tanked our Economy

-pulled resources away from the troops who were going after the shit heads who attacked us on 911

-pushed gas from $1 a gallon to $5 a gallon

-left the troops to burn in Stop Loss because you fanned the flames of inane military policy but failed to enlist

-etc.

World War III should have been waged in Afghanistan to gain us Bin Laden's head with a then rapid return to peace and prosperity. The world's Nations would have been left quaking in their boots at both our power and decency.

Jim

Why I Am Voting For Sen. Obama

At 62, I was only 17 when John Kennedy was President. The entire mood in the United States was finally coming out of one of the most depressing times I had witnessed in my short 17 years. I graduated high school June 1963 and went to work for the Company I retired from 38 years later, and after only 5 months of working, President Kennedy was assignated. As far as I am concerned this Country has never equaled the enthusiasm we had back in the 1960's; until now. Senator Obama is one of the brightest people with some honest to God, down deep, heart felt ideas to bring this Country out of the horrible status it's currently in and has been for the past 8 years. He is truly the most concerned human being for the welfare of both the middle and poor class of citizens, and the "health" and well being of this Country at the same time. He wants to elevate the United States back to where it once was in the eyes of the rest of the World. Senator Obama knows it's going to be a tough road to hoe, but I feel he has proven his intentions by choosing one of the best running mates he could in Senator Biden to help. This is the best I have felt about an Election in many years.

What's good for the goose is good for the gander

The bankers should be held to the same incredibly picayune rules that rotten Southern Senators are trying to force on the auto unions.

Of course, the gutless Dems, even with a majority and a President, probably won't hold anyone accountable. Now they'll whine they don't have a filibuster-proof majority. I guess if the entire Congress was Democratic, they'd find yet another excuse for no-backbone-itis.

It will be interesting. We have a President, a majority, and national disgust with rethuglicans. Will the Deadocratic Party still manage to bend over in fear of Rush Limbaugh, drop the ball, or shoot themselves in the foot? This is the greatest opportunity in a generation, but I fear our so-called party doesn't have the right stuff. I only hope Obama can herd them together and make them grow a spine.

Stay tuned.

Jim

America will recover-a lesson all to remember

12/24/2008

History has repeated itself. I remember why we put all those laws into place to stop the crooks, stop the taking from the ones who do not know what contracts really meant, stop shafting the innocent hard workers who just want to by a car or house. Along comes Bush (I have followed all his misdeeds for years and know a idiot and crook he is). He had every negative misdeed he has done from getting kicked out of college to failing all of his business ventures, plus his drinking and drugs, everything to do with that family is hidden or just lost from the time it should of or did go public but those records are lost to, when he ran for governor of Texas.
Bush promised the Republican party he would take care of them, he gave away over a hundred Billion dollars to
Republicans cash and took away the laws that protected the American people, allowed cheap labor with open border
which brought more crime and took the jobs left after
he outsourced our manufacturing jobs to foreign countries.
Our government is trying to hard to help us as fast as they can and they are not able to enforce anything because
the idiot is still in office.

Hold tight we will get their, I'm watching everything
and trust me they are really trying, they know what
needs to be done, they understand more then they did
six months ago. The people in charge are not going by what they passed, now they have to stop him.

The crooks did not break our laws, our laws were gone.
Bush and Chaney need to be impeached now, so they pay
for what they have done to our country

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