The "bailout" is enough, but the Dem's solution is even more

[Monkeyleg]

The Paul/Bush bailout solution for Wall Street isn't popular, and it shouldn't be. Taxpayers shouldn't be made to pony up $700 billion because our elected officials were pandering to low-income voters for the last 30+ years.

But it may be necessary. What I don't understand is how the public can possibly consider at all what Reid and Pelosi have in mind: a $700 B bailout, plus more money for home owners in trouble, people having trouble with credit card debts, and other welfare ideas. The cost for their plan will be far more than $700 billion. Talk about pouring gas on a fire.

Obama backtracked on this tonight, saying that not all of his proposals (and Reid and Pelosi's) can be implemented at once. Nonetheless, any of the proposals are going to cost more than the $700 billion we're already considering. And you just know that Obama will try to push through these proposals, no matter the cost.

The voters are nuts.

[Manedwolf]

Regarding the "bail out credit cards" thing...

Do they NOT have any recollection of the "culture of not paying" that caused in Mexico in 1994?

No, I figured they didn't.

[agricola]

Some economists write:

http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm

[Standing Wolf]

Talk about pouring gas on a fire.

Free government money buys votes for socialist parasites.

[longeyes]

The public can consider it because we've permitted a "something for nothing" culture to arise in the United States over several decades.

Over half of our population is on the government take right now, all sources considered. 

[Art Eatman]

Some estimates run as high as $2.4 trillion, once the smoke clears from the total of all the bad debts assumed via tax dollars.  And, next year, a federal deficit of a trillion bucks or more.

The obvious impact that we'll all see is the increase in consumer inflation.  It will be exacerbated by the higher oil prices engendered by weaker dollars.  TLOK what the unemployment rate will rise to...

Art

[Manedwolf]

Remember the bit about any "profit" from the resale of assets going to community organizers?

Well, it seems the Dems have managed to add a bit that 20% of that is to go to ACORN, the liberal activist "voter registration" group currently under multiple investigations for voter fraud.

They never stop. Liberal anti-American groups, anti-gun agendas...it's like a bunch of snakes. They'll slip in under the porch every time you turn your back.

[longeyes]

The idea that we are really going to co-exist with "them" in the future is asinine.  Maybe we'd best start considering that grim reality.

The only thing they want from us is to pay for their socialist utopia.

[MicroBalrog]

So, 2.4 trillion more.

Let's see.

When Bush came into office, the Federal Government's budget was 2 trillion per year.

It's three trillion now, and is going to get to be at least 3.4 trillion per year when they're done with the bailout. More if this Pelosi thing goes through.

Does nobody get the sense something is horribly, horribly wrong?

[CDiPrecision Gunworks]

theres money to be made here, and theres one thing I have heard from a few well known financial geniuses, it wont cost the taxpayer much over time, but the Govt will screw it with the bureaucracy of the Govt.. Why do u think Warren Buffet is willing to go in for $5 bil?? Its the immediate liquidity thats screwing up  all these banks(among 1000 other things lol)

[TommyGunn]

So, 2.4 trillion more.

Let's see.

When Bush came into office, the Federal Government's budget was 2 trillion per year.

It's three trillion now, and is going to get to be at least 3.4 trillion per year when they're done with the bailout. More if this Pelosi thing goes through.

Does nobody get the sense something is horribly, horribly wrong?

Yeah ... Bush ran as a republican and governed as a democrat ......

[longeyes]

No, it will not cost us much over time--which is why our indebtedness, of all types, is skyrocketing and our currency depreciating and our jobs going overseas and...   You can only do cosmetic surgery on a terminally sick patient so many times and tell the world everything is just fine.

This is a forum about martial arts and self-defense.  That should include financial martial arts.  Let's hope that the "bail-out" is at least a temporary "success" and the stock market shoots skyward again.  That should provide some of us with possibly the last good buying opportunities to hedge against the inevitable hyper-inflation that will be the malformed child of this fiscal fling.

[agricola]

from Hotair:

http://hotair.com/archives/2008/09/28/bailout-deal-reached/

[Soybomb]

I believe the winner of the upcoming election is going to be a true loser in the sense that they're going to get saddled with the fall out over this debacle (which I don't believe will turn out any way other than bad or worse).  I predict a 1 term president unless the economy perks up faster than I think it will.

[Manedwolf]

Man, the Dems just love this one they snuck into this bill, too. Michelle Malkin did a great job breaking it down on her blog.

ADDITIONAL CONTRACTING REQUIREMENTS.In any solicitation or contract where the Secretary has, pursuant to subsection (a), waived any provision of the Federal Acquisition Regulation pertaining to minority contracting, the Secretary shall develop and implement standards and procedures to ensure, to the maximum extent practicable, the inclusion and utilization of minorities (as such term is defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note)) and women, and minority and women-owned businesses (as such terms are defined in section 21A(r)(4) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(r)(4)), in that solicitation or contract, including contracts to asset managers, servicers, property managers, and other service providers or expert consultants.

As for the government stepping in to re-negotiate rates, other sections seem to imply that if you paid a point to lock in a certain rate, your neighbor who got an ARM or interest-only NINJA loan might now, in fact, get a rate lower than yours.

Enjoy, America!

[wquay]

Man, the Dems just love this one they snuck into this bill, too. Michelle Malkin did a great job breaking it down on her blog.

ADDITIONAL CONTRACTING REQUIREMENTS.In any solicitation or contract where the Secretary has, pursuant to subsection (a), waived any provision of the Federal Acquisition Regulation pertaining to minority contracting, the Secretary shall develop and implement standards and procedures to ensure, to the maximum extent practicable, the inclusion and utilization of minorities (as such term is defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note)) and women, and minority and women-owned businesses (as such terms are defined in section 21A(r)(4) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(r)(4)), in that solicitation or contract, including contracts to asset managers, servicers, property managers, and other service providers or expert consultants.

As for the government stepping in to re-negotiate rates, other sections seem to imply that if you paid a point to lock in a certain rate, your neighbor who got an ARM or interest-only NINJA loan might now, in fact, get a rate lower than yours.

Enjoy, America!

Ah, how typical of the Democrats. Although, the phrase "to the maximum extent practicable" is so vague that the Secretary can probably do whatever he wants with this.

[Waitone]

You're not hearing anything in the press but from what I am hearing our elected officials are in the middle of howling voter storm.  People are livid at the concept of a bailout and are letting their DC employees hear of it.  I suspect we will see some unpredicted seat changes in November due to what happens with the bailout.

[agricola]

You're not hearing anything in the press but from what I am hearing our elected officials are in the middle of howling voter storm.  People are livid at the concept of a bailout and are letting their DC employees hear of it.  I suspect we will see some unpredicted seat changes in November due to what happens with the bailout.

Indeed.  I was fortunate enough to watch the Pelosi-Reid-Frank-Dodd press conference last night, they certainly took a very odd position of claiming credit for the bill and getting it workable, despite also claiming that it was a Republican bill that had nothing to do with them but had been transmitted from the President. 

Though this was perhaps less odd than Dodd claiming the reason we were in this mess was because of a lack of oversight.