Washington to Wall Street: Drop Dead

Bravo, stella - if Wall Street was full of the "best & brightest" when they were making a boatload of money - why aren't they smart enough to fix their own problem? All the limousine liberals tell us: We have to take care of Wall Street, New York, New Jersey, Connecticut, or the country will fail. Well, if that's the premise - all the wealth in the hands of a few - perhaps we should fail, and start a new country - sans New York, New Jersey & Connecticut & D.C. They should seceed to Eastern Canada, and the Western Canadian provinces would seceed also, to the new country. No bloodshed - no slavery involved. (Oh, please take Massachusetts, also).
Oh, another caveat, you must take Chicago, Los Angeles & San Francisco, too, or the deal is off!

Only in America! Thank you Democrats and Republicans for representing the American people and not bailing out the self-serving theives that can still go home an sleep at night. What happen to being accountable for our actions and when is it our responsibility to fix the problem of the rich I thought they didn't need the little guy's money and now we are part of their food chain. I guess it was our food chain that gave them their corporate parachutte.

It is not too late to place a nice big tax on CEO's and board member's salaries, parachutes, and bonuses to pay for whatever bailout, or insurance becomes law.
I belive Pelosi said what was on her mind. That is always the right thing to do..She is there trying to protect our bank accounts, IRAs and pensions while the Republicans are acting like a band of anarchists! If they got their feathers ruffled by something she said, then so be it. It should not have affected their vote one way or the other; I really don't believe that what she said affected their vote at all.
Those Anarchist Republicans cost me 12.5 percent of my IRA in just one day, and boy are they going to pay!

Sarah Palin has the answer! Wake up America and throw the bums out, all of them.

A plague on both their houses. Little people are being hurt while these idiot Republicans are playing politics. Talk about ???golden parachutes on Wall Street!??? We need term limits in Washington and in every state legislature. This "no" vote in the House of Representatives was an outrage.

The mortgages the Feds would end up buying in this deal are not worthless, and may well be worth as much or more as they would buy them for, 4 or 5 years down the road. Remember, there are houses attached to those mortgages. If our housing market improves again, we could potentially end up with a profit. The financial experts I have been listening to have all said something has to take place. Even people like Susi Ormen said it must happen to avoid a collapse. The problem is with politicizing the deal instead of passing it in the best interest of the country. What do you think will happen if we slide into a deep recession or even, god forbid, a depression? We are not the same country as we were in the 30's. We no longer have the agricultural abilities we had then, we have built on the farmland. Of course the farmers will not be able to get the loans to buy the seed to put in the ground that he repays when he sells. The rancher won't have the money to feed his cattle, pigs, chickens until he sells them and repays. Your child may not be able to get the student loans for college, and don???t plan on a new car or home unless you have the cash. And if you have your retirement money invested in the stock market, you have already kissed some of it goodbye. Your 401K, do you know where it is all invested? While this may be called a bail out for Wall Street, don???t think it will magically stop there. There is no levy to hold back the collapse. It will spill over to all our lives. I don???t like the idea of the bailout either, but I have been searching out the economists and other financial experts thoughts on this and most of them seem to agree with Secretary Paulson. For those of you who oppose the bailout, are you sure it will not affect you if we have financial collapse on Wall Street? Or your children or grandchildren, brothers and sisters, parents? Your lifestyle? Your job? I don???t want to have anything like the great depression happen here again. After it ended, people said never again. Is never here?

don't worry, kjust like Drilling, as soon as they understand the People of USA was against giving away their money, these Liberals will change their tune again. DOES NYBODY REMEMBER THAT OBAMA WAS ASKING FOR MORE PAYOUT TO THE MARKET JUST COUPLE OF MONTHS AGO?

Obama is getting a bump out of this because people are not being reminded of the whole history where the economy is concerned, and who did what when. Call it bias by omission. The media simply says that the economy is Obamas strong issue, but never discusses the facts in detail. Further, who had a majority when is rarely relevant. If the simplistic Party In Power model were true, then the Democrats would not have needed the House Republicans when they tried to pass the bailout bill, as Democrats have the majority in both houses and there is no threat of a veto. In theory, they do not need the Republicans to vote at all. Obviously, it is not so simple and the media does the voter a disservice by doing little more than reinforcing the error. As an aside, the media also misleads regarding the Clinton economy when they fail to mention that it ended in a recession, requiring the first round of Bush stimulus checks.

The first link below contains a purported list of the top 25 in Congress who got contributions from the folks at Fannie and Freddie. Obama is listed third, after Dodd and Kerry, even though Obama is just a junior Senator. Obama is followed next by Clinton. Barney Frank is on the list as well.

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

Do Obama and the Democrats deserve a lift in the polls as a result of the financial and mortgage problems? The answer from history is a clear NO. Here's the lead of a New York Times story on September 30, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending [link below]. That's 1999 folks. Clinton Administration, I believe.

Here's the lead of a New York Times story on Sept. 11, 2003: The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. [see link below]

McCain said in co-sponsoring the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190: If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole.

What was Barney Frank and fellow Democrats saying at the time of these attempted reforms? According to reports, Representative Barney Frank(D-MA) claimed of the thrifts "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." Representative Mel Watt (D-NC) added of the reforms "I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing." [ See Community Reinvestment Act, link below w/ history]

For an interesting article purporting to detail Barney Franks long history with Fannie Mae, See http://www.businessandmedia.org/printer/2008/20080924145932.aspx

The last link below describes how some in Congress tried to use the original version of the bailout bill to divert money eventually recovered to groups like ACORN. See:

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

http://article.nationalreview.com/print/?q=M2QwNDhkZTg2OGYzZjkzM2E2NDEwM2U5OGVkNTc0YzU=

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63

http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260

http://www.businessandmedia.org/printer/2008/20080924145932.aspx

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj

So how does two socialist mortgage companies and entire socialist banking system equate to a "private-sector financial system?" How about 93 democrats who voted against this horrible plan that probably most of the people that voted for it didn't even know what this bill even contained. Free markets work, this plan would be the end of our barely free market system. Less regulation and less taxes will always work.

So the solution was so simple all along. Never mind that even the Democrats were not in agreement. Those evil Republicans have done it again. Were it not for them, this carefully calculated bailout legislation would have solved the financial crises and alll would be well. Nonsense! What a politically motivated and simplistic explanation this is! Very few voters understand the causes and nature of this situation and some Newsweek writers are among the uninformed. There is no guarantee whatever this this proposed $700 billion dollar package would have been worth its cost. It just may be that some pain is inevitable with or without massive bailout expenditures. The matter is certainly arguable and it may well be worth whatever time it takes to sort through it. So, if and when a solution is reached, to whom will Newsweek's analysts award the credit?

rwe@unh.edu that is a bunch of BS. This is a golden parachute to wealthy crooks. It will not help Americans. The collapse is coming no matter what. It WILL leave teh government so broke it cannot help workers cope.

CREDIT IS NOT WEALTH!!!!! DEBT IS NOT WEALTH!!!!
Wealth is created by work and production and savings. You advocate more debt, more Ponzi scheme. Wake up.

bush managed to bankrupt as many companies as a texas buisnessman as mc cain destroyed $50 million dolllar fighter jets as a navy pilot....

don't tell me we're not in good hands!

ha,ha,ha.

People, it's a mistake to call this a "Wall Street bailout." This is an effort to rescue your ass and mine. If we allow a banking panic to develop, as happened during the early 1930s, there will be no loans for car or home buying, for retailers to finance inventories, etc. Do you want to lose your job and home? Then support those who want to "stick it to Wall Street." A great way to punish someone you don't like is to lock yourself in a room with them, slide the key under the door and then set the room on fire. Boy, will THEY suffer as they fry to a crisp.

What a bunch of cry-babies.... supercilious posturing... playing with lives they have no care about.... fools in charge of a country of sleeping fools.... who voted these nut-cases into government? We did.....