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“I didn’t know you were Catholic,” Ms. Pelosi said, a wry reference to Mr. Paulson’s kneeling, according to someone who observed the exchange. She went on: “It’s not me blowing this up, it’s the Republicans.”
Mr. Paulson sighed. “I know. I know.”
Let me be clear. I am of the thought that we may as well bite the bullet now and reject the bailout. While the ends are the same, I do not like the means by which the Republicans are doing this - they want tax breaks for corporations and LESS regulations. Let this bailout die and hold on to your hats. I'm game for it. I know I'll come out the other end alive. This is scary. My son will be born in January and my daughter is 10. I'll be praying for the lot of us....
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Let me be clear. I am of the thought that we may as well bite the bullet now and reject the bailout. While the ends are the same, I do not like the means by which the Republicans are doing this - they want tax breaks for corporations and LESS regulations. Let this bailout die and hold on to your hats. I'm game for it. I know I'll come out the other end alive. This is scary. My son will be born in January and my daughter is 10. I'll be praying for the lot of us....
I seriously wonder how much of the stalling being done is because their e-mails are getting flooded with "don't you dare".
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Bob Melvin is an idiot. Period.
Not their e-mails -- poor people, aka mere citizens, use email.
It's their inside lines. The financial sector lobbyists, among others (not all American - the Gulf oil states and Saudis are very heavily invested in our financial services sector), are frying the lines to prevent having to actually give up anything at all to get our money. MORE of our money. I don't pretend for a minute they aren't twisting every Dem arm they can, but they ARE the GOP's real constituency, and that's where they have the most leverage.
It's obscene. Time to take the mega-corps down a few notches, and better we do it now. Crisis = dangerous opportunity.
__________________ When the body has a cancer - even a very small one - physicians use every means at their disposal to eradicate it. There is no talk of proportionality. Healthy tissue may suffer the treatments, but radiation, chemotherapy and anything else that works is sent into the battle when dealing with a disease that will, sooner or later, snuff out life.
Well, in truth I'm actually not a total hawk, but I'm not a dove either -- I'm more like an angry pigeon flying over the political arena after a really big meal. -Abba Gav
Federal Reserve opens door to more bank investments Phoenix Business Journal - by Mike Sunnucks
The Federal Reserve Bank is liberalizing U.S. bank ownership rules to make it easier for foreign investment and private equity funds as well as other nonbanking businesses to take ownership stakes.
The Fed’s decision will bring more capital to struggling U.S. banks, but also means more foreign businesses and sovereign wealth funds will own a piece of U.S. banks, said David Kenny, an attorney and financial expert with the Squire Sanders & Dempsey LLP.
Kenny said decades-old bank rules limited what nonbanking entities could invest in U.S. banks. Such investments likely will come from countries such as China, Singapore and oil-rich areas in the Persian Gulf, Saudi Arabia and Russia, but most may wait until the market hits bottom, he said.
The decision also opens the door to nonbanking businesses. Wal-Mart Stores Inc. (NYSE:WMT), for example, has been looking to get into the financial services business.
“Investors can now, without becoming subject to the strict limitations of the Bank Holding Company Act, take larger stakes and have more board seats and communicate with management more freely than before,” Kenny said.
Ownership is now capped at 33.33 percent, up from 25 percent, board seats are capped at two.
The Fed action comes as the central bank and U.S. Treasury Department try to save the U.S. financial sector and Wall Street from what some fear is a dramatic collapse. The Fed has been pumping money into financial markets and is working with Congress on a $700 billion bailout plan.
“Capital will flow more freely to banks, helping them cover the capital lost in writing down the value of the various types of mortgage-backed and asset-backed securities which, due to their low quality and market-to-market accounting rules, have depleted bank capital,” Kenny said.
OK, and this NEW de-regulation, which is sort of being lost in the shuffle, is supposed to make us feel better how? Has no one learned a freaking thing?!?
__________________ When the body has a cancer - even a very small one - physicians use every means at their disposal to eradicate it. There is no talk of proportionality. Healthy tissue may suffer the treatments, but radiation, chemotherapy and anything else that works is sent into the battle when dealing with a disease that will, sooner or later, snuff out life.
Well, in truth I'm actually not a total hawk, but I'm not a dove either -- I'm more like an angry pigeon flying over the political arena after a really big meal. -Abba Gav
Not their e-mails -- poor people, aka mere citizens, use email.
It's their inside lines. The financial sector lobbyists, among others (not all American - the Gulf oil states and Saudis are very heavily invested in our financial services sector), are frying the lines to prevent having to actually give up anything at all to get our money. MORE of our money. I don't pretend for a minute they aren't twisting every Dem arm they can, but they ARE the GOP's real constituency, and that's where they have the most leverage.
It's obscene. Time to take the mega-corps down a few notches, and better we do it now. Crisis = dangerous opportunity.
Incredible... objectivity is all but gone now... This bailout should NOT happen... The Repubs (and I'm certain many a Dem) believe it should NOT happen. The Repubs offer an alternative which has legs. The Dems offer no alternative... Yet, the GOP should take the black eye...
Incredible... objectivity is all but gone now... This bailout should NOT happen... The Repubs (and I'm certain many a Dem) believe it should NOT happen. The Repubs offer an alternative which has legs. The Dems offer no alternative... Yet, the GOP should take the black eye...
You think further deregulation and MORE tax breaks for is the answer!? You think that has legs? Wow, you have learned nothing...
You think further deregulation and MORE tax breaks for is the answer!? You think that has legs? Wow, you have learned nothing...
Actually, the GOP plan is this:
A group of conservative Republican lawmakers proposed an alternative mortgage insurance plan, eschewing the Bush administration's Wall Street bailout just weeks before the Nov. 4 election as many lawmakers try to hold on to their seats. Democrats said McCain had scuppered the anticipated agreement by throwing his support behind that scheme. "Sen. McCain has sided with the House Republicans who want to start with a completely different approach and reject what President Bush put forward," said Rep. Henry Waxman, chairman of the House Committee on Oversight and Government Reform. "It's hard to imagine where we go from here," he said. The conservative group's plan calls for the U.S. government to offer insurance coverage for the roughly half of all mortgage-backed securities that it does not already insure.
However - yes, I also think less regulation lower taxes has legs too!
A group of conservative Republican lawmakers proposed an alternative mortgage insurance plan, eschewing the Bush administration's Wall Street bailout just weeks before the Nov. 4 election as many lawmakers try to hold on to their seats. Democrats said McCain had scuppered the anticipated agreement by throwing his support behind that scheme. "Sen. McCain has sided with the House Republicans who want to start with a completely different approach and reject what President Bush put forward," said Rep. Henry Waxman, chairman of the House Committee on Oversight and Government Reform. "It's hard to imagine where we go from here," he said. The conservative group's plan calls for the U.S. government to offer insurance coverage for the roughly half of all mortgage-backed securities that it does not already insure.
However - yes, I also think less regulation lower taxes has legs too!
....and from what I can tell it appears to be a better plan. Good for them for sticking to their guns.
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Bob Melvin is an idiot. Period.
...A group of conservative Republican lawmakers proposed an alternative mortgage insurance plan, eschewing the Bush administration's Wall Street bailout just weeks before the Nov. 4 election as many lawmakers try to hold on to their seats.
Democrats said McCain had scuppered the anticipated agreement by throwing his support behind that scheme.
"Sen. McCain has sided with the House Republicans who want to start with a completely different approach and reject what President Bush put forward," said Rep. Henry Waxman, chairman of the House Committee on Oversight and Government Reform. "It's hard to imagine where we go from here," he said.
The conservative group's plan calls for the U.S. government to offer insurance coverage for the roughly half of all mortgage-backed securities that it does not already insure. ...
I do like the insurance idea much more than the bailout idea.
I also saw a clip of Newt Geingrich on youtube and he suggested loaning the money to wall street instead of the govt buying and bailing them out. I'd take that over a bailout as well.
Note: I'm not as big a fan of some of the deregulation, anti-tax points. But that stuff can be discussed later.
Note: I'm also fine with doing nothing
(OMG, I'm agreeing with House GOPers and Newt Geingrich?!?!?! WHATS GOING ON HERE?!?!!)
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Signed,
arthurpostpadder
Last edited by arthurracoon; September 25th, 2008 at 10:33 PM.
I do like the insurance idea much more than the bailout idea.
I also saw a clip of Newt Geingrich on youtube and he suggested loaning the money to wall street instead of the govt buying and bailing them out. I'd take that over a bailout as well.
Note: I'm not as big a fan of some of the deregulation, anti-tax points. But that stuff can be discussed later.
(OMG, I'm agreeing with House GOPers and Newt Geingrich?!?!?! WHATS GOING ON HERE?!?!!)
Thinking clearly once again huh arthur?? Stay with it buddy!!! The dark-side ain't so bad!!!!
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