700 billion and how it happened. ( Archived) (61)

Sep 23, 2008 5:18 PM CST 700 billion and how it happened.
livinglarge
livinglargelivinglargein a good place, Kildare Ireland10 Threads 5,879 Posts
Indyfella: I wouldn't bet against it.... But it'd be funny. Raise his voice an octive or two...

laugh laugh laugh
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Sep 25, 2008 5:04 AM CST 700 billion and how it happened.
Indyfella
IndyfellaIndyfellaindianapolis, Indiana USA152 Threads 8 Polls 18,150 Posts
(bump) here's a start~
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Sep 25, 2008 7:30 AM CST 700 billion and how it happened.
Let's BUMP it again!professor laugh
People don't seem to understand,not even the ones I talked to,that told me that they had worked in the Industry!moping sigh mumbling jaw drop
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Sep 25, 2008 7:57 AM CST 700 billion and how it happened.
rwantin
rwantinrwantinRoyal Oak, Michigan USA17 Threads 8,924 Posts
rolling on the floor laughing I'm convinced Indy could find an article that blames a lunar eclipse on Democrats.

For the record, I don't see the fault from a partisan perspective. It took a lot of moves, and for that matter, lack of oversight, to get to where we are today.

Isn't the GOP the party of deregulation? And if everyone is making money hand over fist, who cares?
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Sep 25, 2008 7:58 AM CST 700 billion and how it happened.
agman
agmanagmanEagle, Idaho USA3,145 Posts
Well, I agree ARM was just a license to steal from the people who
took these on. And it is understandable that republicans and
democrates on the wealthy side favored it as a means to making
a quick dollar. But now the government wants to bail out these
loans with money from the people who knew better than to buy
these loans, is WRONG. The banks I believe need to write off
the losses and take the hit. They still own the homes so make
them auction them off to find out what the true value of the homes
really is. This may help lower property taxes. Yet, today there is
still developers building $400,000 homes. So I wonder if this
bailout plan is just a smoke job to screw people out of there money.

angel
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Sep 25, 2008 8:48 AM CST 700 billion and how it happened.
fireliter
fireliterfireliterAllen Park, Michigan USA502 Threads 14 Polls 5,902 Posts
As most will already know I disagree that any one presidential administration is to be held accountable....

1. when it comes to the poor ..their lobbyists Army consists of maybe one or two rookie politicians.

2. the banking lobbyists Army has long ago infiltrated the ranks of our government .

No Indy, it is not the actions of any one congress or one presidents administration, this is years of planning coming to fruition for the banks and financial institutions.
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Sep 25, 2008 8:52 AM CST 700 billion and how it happened.
Oh my,more Conspiracy.uh oh mumbling
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Sep 25, 2008 9:08 AM CST 700 billion and how it happened.
fireliter
fireliterfireliterAllen Park, Michigan USA502 Threads 14 Polls 5,902 Posts
Conrad73: Oh my,more Conspiracy.


as the old Christmas story goes...

"Yes Virgina, there is a Santa Clause."

Conspiracy exists... the greater the gain by a few the more likely hood they will work in unison to acheive a goal which all partcipants will profit.

usually by deceit of and intelligent manipulation of the masses.
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Sep 25, 2008 3:18 PM CST 700 billion and how it happened.
professor People still have it Bassackwards!laugh jaw drop doh
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Sep 25, 2008 3:36 PM CST 700 billion and how it happened.
StressFree
StressFreeStressFreesmall city, Kalmar Sweden176 Threads 16 Polls 8,986 Posts
Republicans and Democrats=bad+failed
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Sep 25, 2008 4:38 PM CST 700 billion and how it happened.
popcorn popcorn
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Sep 25, 2008 5:55 PM CST 700 billion and how it happened.
WhatUwish4
WhatUwish4WhatUwish4St. Augustine, Florida USA2 Threads 7,986 Posts
Following Bernanke’s presentation on the bailout plans, Sen. Chuck Schumer (D-NY) told The New York Times: “There is a clear recognition among members of both parties that we must act, and act soon.” Unfortunately, leaders in both the House and Senate are insisting on playing politics instead of focusing on the problem at hand. On Tuesday, Senate Majority Leader Harry Reid (D-NV) told the White House it must guarantee John McCain supports a bailout package if it hoped to pass the Senate. But then when McCain announced he would come to Washington to participate in negotiations, Reid flip flopped, issuing the following statement: “It would not be helpful at this time to have them come back during these negotiations and risk injecting presidential politics into this process or distract important talks about the future of our nation’s economy.” Reid can’t have it both ways. He can’t both demand McCain support the plan and then bar him from participating in its formation.

The House leaders are even more open about their political machinations. Speaker Nancy Pelosi (D-CA) told Democrats early this week she refuses to bring any plan to the floor unless a majority of the minority support it. The brazen refusal to offer any political leadership is stunning. Pelosi told the Wall Street Journal: “We are not taking ownership of this.”

The left’s complete abdication of legislative responsibility would not be so galling if lawmakers also were not insisting on larding up Treasury Secretary Hank Paulson’s plan with unnecessary government interference in the market. The left is still pushing for expanded government power to rewrite mortgage contracts and diverting taxpayer revenue from the sale of distressed assets into a housing slush fund. At least Warren Buffet still has faith Congress will eventually do the right thing. He told the Wall Street Journal : “I really do think Congress will do the right thing, when it’s terribly important, and they will do it fast. They will haggle but they have the national interest at heart.” Let’s hope he’s right..


From the Heritage foundation today
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Sep 25, 2008 6:01 PM CST 700 billion and how it happened.
Indyfella
IndyfellaIndyfellaindianapolis, Indiana USA152 Threads 8 Polls 18,150 Posts
rwantin: I'm convinced Indy could find an article that blames a lunar eclipse on Democrats.

For the record, I don't see the fault from a partisan perspective. It took a lot of moves, and for that matter, lack of oversight, to get to where we are today.

Isn't the GOP the party of deregulation? And if everyone is making money hand over fist, who cares?



I checked the Huffington post and couldn't find a thing... laugh


We do agree there's shared blame. Again, if you saw the snippets of Senators opposed to addressing the Fannie/Freddie mess from 2000 on...they weren't in the Republican camp. Bush brought it up 2x and McCain 1x. (on record). Nevertheless, there's room to find blame w/a lot of government. For that matter, what's 1 thing government has improved in the past 20 years?
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Sep 25, 2008 6:49 PM CST 700 billion and how it happened.
phoenix
phoenixphoenixparis, Ile-de-France France81 Threads 4 Polls 3,669 Posts
Wednesday, September 24 2008 - 9/11 Consequences
Paulson's former firm to be among largest beneficiaries of bailout: bank

by John Byrne
rawstory.com
September 23, 2008

It certainly pays to be Treasury Secretary if your former firm is a brokerage house, a new study says.

Goldman Sachs Group -- formerly run by Treasury Secretary Henry Paulson, and Morgan Stanley, stand to be among the biggest beneficiaries of a $700 billion US bailout.

"Its benefits, in its current form, will be largely limited to investment banks and other banks that have aggressively written down the value of their holdings and have already recognized the attendant capital impairment," Jeffrey Rosenberg, Bank of America's head of credit strategy research, wrote in a report obtained by Bloomberg News yesterday.

Paulson was the head of Goldman Sach's investment banking division from 1990 to 1994. He later became chairman and chief executive officer of Goldman, and left his post to join the Bush Administration.

According to the study, the bailout benefits Paulson's former firm more because banks haven't had to write down as many troubled mortage assets under accounting rules. This means that participating in the program would cause them to actually lose capital, as opposed to investment banks, which stand to gain.

Paulson $700 billion program is designed to remove "bad assets" from the US financial markets to prevent credit for businesses from drying up, which would send the economy into a further tailspin. Many businesses rely on credit to fund their daily operations.

Lawmakers are debating the plan today.

"While Goldman and Morgan Stanley, both based in New York, were yesterday granted permission to transform themselves into bank holding companies, the companies so far have operated mostly under investment-bank accounting rules, logging almost $21 billion of asset writedowns and credit losses," Bloomberg News notes.

Goldman made sizable profits in 2007 from the subprime mortgage sector. It, along with Morgan Stanley, has fared better than investment houses Merrill Lynch, Lehman Brothers and Bear Stearns, because it has held a more conservative capital base.

Paulson has admirers: during his Goldman tenure the firm donated 680,000 acres of land in Chile, and he has personally given away $100 million of his fortune to charitable groups.

According to estimates conducted by Open Secrets, Paulson is the richest cabinet member of the Bush Administration.

Source URL:
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Sep 25, 2008 7:00 PM CST 700 billion and how it happened.
WhatUwish4
WhatUwish4WhatUwish4St. Augustine, Florida USA2 Threads 7,986 Posts
All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008

The Top 20 Grabbers...
(Obama has only been in the senate for three years but he is the second highest receivers or donation from Fannie Mae and Freddie Mac. An now the same crooks who cooked the books are working for him...)

Name Office State Party Grand Total Total from
PACs Total from
Individuals
Dodd, Christopher J S CT D $165,400 $48,500 $116,900
Obama, Barack S IL D $126,349 $6,000 $120,349
Kerry, John S MA D $111,000 $2,000 $109,000
Bennett, Robert F S UT R $107,999 $71,499 $36,500
Bachus, Spencer H AL R $103,300 $70,500 $32,800
Blunt, Roy H MO R $96,950 $78,500 $18,450
Kanjorski, Paul E H PA D $96,000 $57,500 $38,500
Bond, Christopher S ‘Kit’ S MO R $95,400 $64,000 $31,400
Shelby, Richard C S AL R $80,000 $23,000 $57,000
Reed, Jack S RI D $78,250 $43,500 $34,750
Reid, Harry S NV D $77,000 $60,500 $16,500
Clinton, Hillary S NY D $76,050 $8,000 $68,050
Davis, Tom H VA R $75,499 $13,999 $61,500
Boehner, John H OH R $67,750 $60,500 $7,250
Conrad, Kent S ND D $64,491 $22,000 $42,491
Reynolds, Tom H NY R $62,200 $53,000 $9,200
Johnson, Tim S SD D $61,000 $20,000 $41,000
Pelosi, Nancy H CA D $56,250 $47,000 $9,250
Carper, Tom S DE D $55,889 $31,350 $24,539
Hoyer, Steny H H MD D $55,500 $51,500 $4,000
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Sep 25, 2008 7:14 PM CST 700 billion and how it happened.
phoenix
phoenixphoenixparis, Ile-de-France France81 Threads 4 Polls 3,669 Posts
I'm not splitting hairs but why only highlight the Dems..and not the Reps aswell...
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Sep 26, 2008 3:40 PM CST 700 billion and how it happened.
Read it and WEEP.
Hope they'll wipe that Crap-Eating Smile off Jimmy-Boy and Billy the Ceegarman's Faces.doh doh mumbling
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Sep 26, 2008 3:52 PM CST 700 billion and how it happened.
shipoker58
shipoker58shipoker58Las Vegas, Nevada USA30 Threads 2,969 Posts
let's just admit it guys....the Dems are responsible...and the Rep. are blameless. There, that settles it!! NEXT!!doh
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Sep 26, 2008 3:54 PM CST 700 billion and how it happened.
Indyfella
IndyfellaIndyfellaindianapolis, Indiana USA152 Threads 8 Polls 18,150 Posts
shipoker58: let's just admit it guys....the Dems are responsible...and the Rep. are blameless. There, that settles it!! NEXT!!



Reminds me of that old spiritual...


I saw the light...I saw the light.... rolling on the floor laughing
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Sep 26, 2008 3:56 PM CST 700 billion and how it happened.
Indyfella
IndyfellaIndyfellaindianapolis, Indiana USA152 Threads 8 Polls 18,150 Posts
Follow the Barney Frank trail....


( I acknowledge there's plenty of room for blame on both sides.) But, Mr. Frank should keep his round pie hole shut.... If the news journalist were doing their job, more FACTS would be obvious.
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