Big Government to the Rescue

For so long we have had the mantra beaten into us that the Republicans are the party of small government, are better at spending less and want to keep government out of business. Government and government rules and regulations were the enemy. McCain has been one of those throwing the rules out the window. I am old enough to remember that all of this started with Reagan, the "great communicator". Watching the financial industry over the past few years has been like watching a slow moving train wreck. The basic laws of finance (based on common sense) went out the window. Mortgages were being handed out to people like the were being ripped off the roll. New mysterious financial products were created by the Wall Street wizards based on these loans. It looked and smelled like a giant bubble. It popped! Now we, the taxpayers of the United States are being asked by President Bush (the inarticulate communicator) to support ECONOMIC SOCIALISM. Amazing! This is like being told we get ICING on our TURD sandwich. It is going to be a VERY expensive and bad tasting sandwich.

For too long the USA & so called financial "experts have led us in the 3rd world like lambs to the slaughter; and now we see providence take a hand in dishing out devine retribution. I read our great Lee Kuan Yew's response to Mr Fareed's question,when Mr Lee posed the best probable solution in a question. He replied in a hypothetical, "IF THE USA ECONOMY AND FINANCIAL SYSTEM COLLAPSES TOMORROW, WILL THE FREE ENTERPRISE COME TO AN END ?"

WHAT DO YOU THINK ?

Big government bought and paid for by big business rides to the rescue of Wall Street so they can help themselves to even more government spending. Not to overlook Paulson's personal financial stake in all this as a former Goldman CEO; when Wall Street says jump and Bush administration asks how high? We now plan to give massive amounts of borrowed money to the same people who squandered so much so fast nobody can even keep track. The financial system will supposedly meltdown if we don't help those unfortunate creatures on Wall Street and buy, at above market prices, as many of their almost worthless assets as we can . Are we not talking about the same financial system they created and then melted down themselves? All the while claiming how safe, sound, and clever their new investment vehicles were.The planned sell out to Wall Street marks a new low for the Bush administration and the Republican party. With so many lowpoints to choose from, that itself is really remarkable.

Mr. BUSH AND HIS INNER CIRCLE ENCOURAGED THE BANKING INDUSTRY TO LOOSEN UP THEIR BANKING REQUIREMENTS so that everyone could have a home and plenty of equity-credit, so that people could spend money they didn???t have, and thus our countrys economy would look good during the Bush administration???s term (despite the billions of dollars being shelled out monthly for the Iraq and Afghanistan follies and the huge tax cuts for the rich resulting in a minus inflow of revenue to our government). The problem is, the Bushies didn???t expect the economy to tank before they left office, assuming it would tank under a Democratic president - thus having their cake and eating it too. They were only off by one month!

In the seven year anniversary month of the destruction of the World Trade Center and other financial buildings on 9-11-2001, the financial centers are collapsing. Our fear of a future without them is thrusting us into error in handling the "crisis". This bailout causes us to borrow money (God warned against that), and encourages the world to continue the same destructive lifestyle that created all world problems.

If we bring the word of God into the decision making process , we know God warned against debt and Insurance which fights against the "Trust in God" command. People bought and sold before these institutions and that will continue. These institutions greatly increased the cost of everything we buy or use. These institutions are falling because they are detrimental....we have gone into business for the purpose of making money and we are polluting ourselves literally to death.

The next fear is what will happen to all the unemployed from this fall? This is a greater incentive to turn to the garden paradise, retirement lifestyle that solves all the world problems with one strategy. This is not the end of progress; this is the beginning of true freedom and independence with peace of body, mind, and spirit.

Barnanke and Paulson are trying to rush this bailout . There are OTHER SOLUTIONS TO BE EXPLORED OUT THERE. I believe there's no need to give a 700 billion blank check to these big companies...especially if their CEO are also part of the Board Commitee ...and they are! Part of this mess is as a result of special interests, oversight and lack of accountability....not to exclude greed and monetary power.
We have the opportunity to speak up and tell both administration ENOUGH! ENOUGH making legislation to suit special interests, ENOUGH with the egocentric capitalism and ENOUGH with corruption in the system.
Time to speak out and clean up the mess in a logical futuristic matter.
Too many monopolies in our country..and while we are at it...let's start manufacturing in the US and using stop outsourcing

Does this guy not understand that government intervention created the mess in the first place? "Markets can't exist without regulations?" Really? Why not? "Governments create markets?" What an absurd statement! So, does that mean that I am in the market to buy food only because government created the grocery store?
I suppose this is what I should expect from Newsweek.

Somehow, it would be purely naïve to believe that proper regulation could be the key to solve economic woe at this dark moment.

Despite the latest US government???s additional $700 billion rescue, Dow eventually nosedives again (22nd and 23rd September 2008), much to the chagrin of investors. The ones who get hurt most are the small time ordinary market chasers, for they are often easily swayed by the herd psychology without really knowing why.

Many economists (particularly the theorists) just get muddled if not utterly puzzled by the current unparalleled onslaught, and no tangible or amicable solution appears to be on the way. The world must be prepared to tighten the belt further. Unfortunately, the suffering poor and the struggling middle-class would have to bear the blunt. (btt1943@yahoo.com)

Warren Buffett invested $5B into Goldman Sachs today.

For his cash, he received perpetuity preferred shares w/10% dividend, plus $5B more in options priced at 8% below the close.

Can anyone here explain why if a bank like Goldman is stable enough for the world's pickiest investor to put money in today, why we need to give $700 billion of taxpayer money for free, no strings, no dividends, no equity, no options?

If Warren would up his investment to $7B, 99 more private investors like him and we'd be at $700 billion. Or we can give half of 2007's personal income tax from every taxpayer in america to the banks for free.

Outrageous. This crisis is a sham.

Warren Buffett invested $5B into Goldman Sachs today.

For his cash, he received perpetuity preferred shares w/10% dividend, plus $5B more in options priced at 8% below the close.

Can anyone here explain why if a bank like Goldman is stable enough for the world's pickiest investor to put money in today, why we need to give $700 billion of taxpayer money for free, no strings, no dividends, no equity, no options?

If Warren would up his investment to $7B, 99 more private investors like him and we'd be at $700 billion. Or we can give half of 2007's personal income tax from every taxpayer in america to the banks for free.

Outrageous. This crisis is a sham.

It is entirely false to say that markets cannot exist without government. Markets are not created by government; they are created by free and voluntary exchange. Without government the fisherman would still exchange some of his catch for clothes from the tailor, to suggest otherwise is pure folly. There certainly are situations (long recognized market failures, such as the tragedy of the commons) in which government rules are needed to unleash the power of the market, but to claim that government creates markets is to suggest that the grease on the wheel creates motion.

It is entirely false to say that markets cannot exist without government. Markets are not created by government; they are created by free and voluntary exchange. Without government the fisherman would still exchange some of his catch for clothes from the tailor, to suggest otherwise is pure folly. There certainly are situations (long recognized market failures, such as the tragedy of the commons) in which government rules are needed to unleash the power of the market, but to claim that government creates markets is to suggest that the grease on the wheel creates motion.

It is called "mechanism design," bad economic mechanisms lead to bad information and bad information leads to big mistakes. It is now time to fix the mechanism to reflect real values and accurate prices. Oh, and for the numbskull fools out there like Gingrich: government meddling is very very different than government oversight. Fannie and Freddie were the outcome of government meddling in the marketplace where it never should have. Rangle and Dodd are government meddlers, and Bernanke is now forced to repair the work of that sort of culpable and downright lethal meddling. Too bad none have the courage to impeach those two monsters! But at least we can be thankful Gingrich can no longer do any direct harm in the other direction.

the real problem is: WE HAD OVERSIGHT!!!!!!!!!!

the oversight on Freddie Mac and Fennie Mae **FORCED** them to buy lot of subprime mortgages because they had to show affirmative-action type of loans to support low-income groups (likely unable to pay back their loans).

Bush has tried several times to have this corrected and when it came to a vote, Dems (along party lines) voted it down.

So here we have the Democrats with their hands cought in the cookie-jar and blaming it on Bush who wanted to put a lock o
n the cookie jar?

What we need is oversight of Congress who has not done it's job.

Let's hope everyone understands this when can vote coming november and kicks out all corrupt representatives who have blo
cked measures to prevent further problems.

Obama blocked it.
McCain even spoke on the floor to get those correction be taken care of.

we need change. But not from Obama!

the real problem is: WE HAD OVERSIGHT!!!!!!!!!!

the oversight on Freddie Mac and Fennie Mae **FORCED** them to buy lot of subprime mortgages because they had to show affirmative-action type of loans to support low-income groups (likely unable to pay back their loans).

Bush has tried several times to have this corrected and when it came to a vote, Dems (along party lines) voted it down.

So here we have the Democrats with their hands cought in the cookie-jar and blaming it on Bush who wanted to put a lock o
n the cookie jar?

What we need is oversight of Congress who has not done it's job.

Let's hope everyone understands this when can vote coming november and kicks out all corrupt representatives who have blo
cked measures to prevent further problems.

Obama blocked it.
McCain even spoke on the floor to get those correction be taken care of.

we need change. But not from Obama!