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'Un-American' Bailout, Paulson Should Have Quit, Gingrich Says
September 28, 2008 12:46 PM
ABC News' Tahman Bradley and Arnab Datta Report: Former House Speaker Newt Gingrich, R-Ga., on Sunday described Treasury Secretary Henry Paulson's request for billions of dollars to buy debt from struggling Wall Street financial firms as "un-American" and said the secretary should have stepped down.
Gingrich even expressed concern with Paulson's connections to Wall Street. The treasury secretary served as the chairman of a major global investment banking and securities firm before joining the Bush administration.
"You have the former Chairman of Goldman Sachs asking for 700 billion dollars, and in his initial request, asking for it in such an un-American way that I think he should have resigned," said Gingrich. "I think Paulson has terminally misunderstood the nature of the American system. Not just no review, no judicial review, no congressional accountability. Give me 700 billion dollars, 700 BILLION dollars! 'I'll be glad to spend it for you.' That's a centralization of power that is totally un-American."
Watch Gingrich's remarks HERE.
Watch "This Week's Sunday Sound" webcast HERE.
Early Sunday, congressional leaders and the Bush administration reached a tentative agreement on the $700 billion Wall Street bailout proposal. The bill is expected to come up for a vote in the House on Monday.
Gingrich, who made his remarks on the "This Week with George Stephanopoulos" roundtable, conceded that he would probably vote for the plan if he were still in the U.S. House because Congress was left with little choice.
Last week, Gingrich described the bailout plan as a "dead loser on Election Day" and urged Republican presidential candidate Sen. John McCain of Arizona to speak out against the plan. McCain, who appeared as the headliner on "This Week", signaled he's likely to vote for the bill in its present form.
September 28, 2008 in Washington, White House | Permalink | User Comments (720)
If you have a Satilite dish, Find a Neighbor with a Land Line System.
Turn to CNN and MSNBC
Find out Why You have been Lied to.
No Hurrican?
FIRST Space Walk?
Have you Been living in a Bubble?
Wait till you find out about History.
Find a Neigbor, call a Neighbor with a Land Line
Watch CNN and MSNBC From a Land Line
fox AND abc are Lying to you.
See Fake Hurrican in Maine.
Wait till Later, for More.
Watch WHOLE debate, Never Seen on abc AND fox
See Katrina Left Overs. Looks Pretty Good to Me.
Call fox AND abc and ask WHAT the Heck?
Who made First Spacewalk?
CNN and MSNBC from LandLine
:)
Posted by: historyremembered | Sep 28, 2008 12:49:35 PM
Kenneth, what is the frequency?
Posted by: Willis | Sep 28, 2008 12:59:35 PM
no hurrican? i'll recheck my satilite
dish.....and you can go recheck your tinfoil hat.
Posted by: DC | Sep 28, 2008 1:00:30 PM
I couldn't agree more! But why stop there; Dodd should go, too. And while we're at it Rangel needs to step down. Whoever the next president is, the first action should be ethical oversight of Congress.
Posted by: Gabby | Sep 28, 2008 1:01:26 PM
"Gingrich, who made his remarks on the "This Week with George Stephanopoulos" roundtable conceded that he would probably end up reluctantly voting for the plan because Congress was given no choice."
Is this what we should be getting from our media? Gingrich can't vote for anything because HE IS NOT IN THE HOUSE ANYMORE!! Sheesh, what great journalism.
Posted by: Get A. Clue | Sep 28, 2008 1:02:24 PM
This article is poorly written.
It makes no distinction between the original proposal from Paulson and the final deal between Senate Democrats and House Republicans. The oversight issues have now been resolved, a free-market alternative in included, and the $700 billion giveaway has been cut in half.
But Paulson should still resign.
As should Barney Frank and Chris Dodd.
Posted by: Jim Jones was a community organizer | Sep 28, 2008 1:03:32 PM
Let's see the charges pressed against all those responsible for the fraud at Fannie Mae/Freddie Mac.
And let's see charges brought against those who fought against the reforms when Alan Greenspan and others sounded the alarm about this.
It's the biggest scam on the American people in the nation's history.
Jail is too good for these people. We heard for years about Enron. Why aren't we getting daily investigative reporting on the machine behind this disaster: Fannie and Freddie and their political protector?
Posted by: romanesq | Sep 28, 2008 1:05:16 PM
historyremembered, please resume taking your medication. The doctor prescribed it for a reason.
Posted by: curmudgeon10 | Sep 28, 2008 1:07:51 PM
I'm in agreement with Newt on this one. The Fox with the most to gain is going to be in control of the U.S. Treasury, a role NO current politician has been proven to be trustworthy in handling.
In 4 months, Secretary Paulson is headed back to Wall Street.
We always have choices. Why the hurry on the bailout? Should be enough to the markets to know we can manage it, IF NECESSARY.
This group just gave a $25 million bailout to the U.S. auto industry.
This Congress must go, along with Pres. Bush and Secretary Paulson.
Posted by: lihansen | Sep 28, 2008 1:08:22 PM
Paulson and Newt are both ugly
Posted by: Timmy | Sep 28, 2008 1:08:34 PM
I listened to Gingrich on this. He has no real insight. George Will does have insight called it right, we are into the 9th month of the boomer retirement. The failed Wall Street decision-makers, via ignorant politicians, are attempting to extort our future social security monies. I say NO DEAL! I'm no longer interested in supporting Obama because the Supreme Court appointments are now irrelevant. What is relevant is protecting social security by slashing governmental spending, and only McCain has promised to do that.
So I'm officially declaring I'm another Hillary Clinton supporter who is going to vote for McCain, and spread this message to as many fellow Democrats as I can.
Posted by: WestCoastMessenger | Sep 28, 2008 1:08:41 PM
Barney Frank was one of the few people who voted AGAINST the repeal of Glass-Stegal in 1999.
fwiw, in the senate, the ONLY republican to vote against dismantling glass-stegal was shelby of Alabama.
Posted by: lynn | Sep 28, 2008 1:08:53 PM
Barney Frank was one of the few people who voted AGAINST the repeal of Glass-Stegal in 1999.
fwiw, in the senate, the ONLY republican to vote against dismantling glass-stegal was shelby of Alabama.
Posted by: lynn | Sep 28, 2008 1:10:22 PM
I agree..Newt can't vote so he should shut up??? but wait...
Obama couldn't vote on Iraq war so maybe he should shut up about opposing the war!!
Posted by: What'sup? | Sep 28, 2008 1:10:51 PM
Franks and Dodd should be JAILED! They intentionally commited FRAUD against the American tax payer. They DAMN well knew the problems with Freddie and Fannie and LIED to the public.
These two should be perp walked out of their houses and put on trial!
Stinking corrupt politicians...
Posted by: Mike | Sep 28, 2008 1:11:31 PM
This bail out will destroy us. No matter what action we take here we will get hit with some sort of blow.
We must let the market crash and re-correct itself. It is much better to take a one year hit and restore our economy then to continually bail it out and try to re inflate this bubble. $700 billion isn't the final price and it won't be the only bail out asked for.
THIS BAIL OUT MUST NOT PASS.
Everyone should be on the phone and e-mail to their congressperson and expressing the desire for no bail out.
Anyone that votes yes on this horrible bail out should be made famous (to regrettably quote McCain) and run out of office.
Posted by: Aaron | Sep 28, 2008 1:16:07 PM
They cannot solve the problem of an inability to borrow with more liquidity. The system is bankrupt.
The solution is to gradually reintroduce a gold/silver backing to the currencies of the world so that gov't bonds will have some real value.
Printing more paper currency out of thin air will only create inflation and eventually hyperinflation.
Finally, Paulsen must certainly go. Replace him with David M. Walker, prior head of GAO, who understands the dilemma.
Posted by: DanC | Sep 28, 2008 1:16:41 PM
If any thing they should only insure
Bank Deposits and Money Market
Funds. There should be no guarantee
for any PONZI SCEME (aka Wall Street)
This bill is nothing more than a lube
job. You will see nothing. This is not 1029. The world economy is intertwined
and many things are much different.
In the past huge inventories resulted
in layoffs at manufacturing plants. Now they are all overseas. Most layoffs will occur in foreign nations. Not here.
Any delay in consuption will create pent up demand. This FEAR FACTOR is
total BS. I say vote out these bums.
JIM
Posted by: Jim | Sep 28, 2008 1:17:09 PM
Sloppy reporting/writing:
"Gingrich . . . conceded that he would probably end up reluctantly voting for the plan . . ."
Last time I checked Gingrich was NOT voting. He retired from Congress years ago!
Posted by: Gary | Sep 28, 2008 1:17:30 PM
Time for blood in the streets, and politicians, Cabinet members, and the like to swing from the lamp posts.
Posted by: John Harding | Sep 28, 2008 1:20:10 PM
Barney Freaks and his buddy Dodd will never be the subjects of any criminal investigations. The news media loves perverts and crooks, as long as they are liberals.
Posted by: Dr. Botkin | Sep 28, 2008 1:20:47 PM
This is nothing less than a coup attempt by the left to turn this country into a socialist state! I'm grateful to the House Republicans for digging in and fighting.
Posted by: Sue | Sep 28, 2008 1:21:22 PM
Wall street greed is no worse than government incompetence. Combine the two and the taxpayers are stuck up the rear.
Term limits are in order for Congress. Notice all the "leaders" are DC institutions who let or caused this happen.
So the fox fixes the problems in the hen house.
Posted by: What'sup | Sep 28, 2008 1:22:37 PM
THEY KNOW THEY ARE RIPPIN' THE TAXPAYER A NEW as^H%L#, AND THEY FEAR 10% OF THE POPULATION COMMING FOR THEM.
So, they are adding intimidation by disolving Posse Comitatus into a paperwork glitch that can be handled by fax or internet.
http://www.armytimes.com/news/2008/09/army_homeland_090708w
Posted by: GRO | Sep 28, 2008 1:23:27 PM
"Article"?
This is a BLOG POST.
Do you understand the difference?
Posted by: John Galt | Sep 28, 2008 1:26:04 PM
After this bailour crashes the dollar remember the role YOU played in you own destruction! If you let this happen you have sentenced your children to a live of poverty. (Which means they can't afford to take care of you or even pay for your nursing home GASP!) The fault lies with you of you let them do this to financially destroy our country for the 1st time since 1929. Get on your phone DEMAND a NO vote, or await your own destruction.
Posted by: hmn | Sep 28, 2008 1:26:28 PM
Ummm.. Sue, your tinfoil hat is also apparently malfunctioning. George Bush is still President. His guys were the ones who proposed the bailout AND they wanted a more socialist form than what will likely be passed.
So, if you're mad at the plan, look who's in charge...
Posted by: MIguy | Sep 28, 2008 1:28:18 PM
Paulson is a bald headed useless retard that steals. Just wait and see how much of that money goes to that useless jerk's friends and family.. YOU'VE GOTTA BE KIDDING!!!! I thought Sea Hag (Pelosi) was stupid before. Now she's absolutely brain dead!!! ARE YOU DEAD YET TEA BAG TEDDY??? SATAN IS WAITING YOU CRIMINAL SATAN WORSHIPING B@ST@RD!!! DIE ALREADY!!
Posted by: Michael Becker | Sep 28, 2008 1:29:01 PM
There is nothing "un-Amarican" about this bail out. Biz has used the pols for centuries to get the edge and corp welfare. It's just that with the internet everyone gets to see the tip of the iceberg. Wake up America!
Posted by: birdseye | Sep 28, 2008 1:29:39 PM
Anyone want to bet the next treasury secretary will also come from Wall Street? Paulson will most likely go back to Goldman where he will not have any bad paper. I guess three of his firms bundlers obtained over $500,000 for Obama was a good investment.
I expect the next bailout will be for the media that was in the tank for Obama. Want to bet on that?
Posted by: blowfish | Sep 28, 2008 1:30:11 PM
No one in Washington has any courage to say no to bailout. This won't fix a thing,it will ensure the next taxpayer bailout.
Let Fannie Mae and Freddie Mac stay dead. Let the failed institutions fail. This is the fault of Congress' neglect and incompetenc passing liberal laws. Now poor people are in homes with no jobs and no income. Yippee! Then worthless loans were bundled with good loans to screw up the rest of the financial scene. Yuk! Stay away from my money --- confiscated taxes from the hardworking, following the rules. Put the offending Congresspeople in Prison now!
Posted by: acc | Sep 28, 2008 1:32:44 PM
It will be interesting to see if We the People still want to put forth the effort. We are not as young as we used to be, and we do not enjoy working as hard as we used to. What this hideous amount of Bail-out largess represents is labor – lots and lots of labor to produce the capital which must be diverted from our pocketbooks toward the Common Good. The fastest demographic climbing into the Public Wagon is the Yuppie. The politician may have finally arrived at that magical number where by the taxpayer just sits down. Malaise. Hello France.
Posted by: Edward Holman | Sep 28, 2008 1:33:22 PM
President WUSS should never have appointed Paulson to his job! What did he expect? He's a damned democrat!
Posted by: Just Another American | Sep 28, 2008 1:33:42 PM
if you want to really understand what is happening, how it happened,and who the crooks are, google Mish Roubini and click on mish's global ecconomic trend analysis.
the pols are not going to tell us the truth. didn't you notice that both candidates danced around the issue at the debate?
that is if you are interested in going beyond partisan talking points.
Posted by: colorado | Sep 28, 2008 1:35:04 PM
yes, they all need to step down....especially Paulson,Frank and Dodd.....why would anyone think it was acceptable for the foxes to rearrange the hen house.......if they do not, then i believe people will be marching in the street...it has already started......and it is spontaneous...talk about the ship of fools
Posted by: carlee | Sep 28, 2008 1:36:51 PM
I went to William Jewell College in 1979 as a ministerial student (licensed in 1978 or 1979). It's a long story. At present, I need your help. I never wanted to be "famous", but it's hard to fight the Establishment when you "don't exist". I was born in Haverhill, MA (Hale hospital; October 7, 1961). My cousin is Tom Bergeron, former host of Hollywood Squares etc. In 2000, I was a candidate for President. You want to read this. (google "blog/JFG98101" for related links)
Posted by: Jeffrey Forrest Sturk (Gallant) | Sep 28, 2008 1:38:43 PM
I've contacted my congressmen and I urge all others to do so and vote NO to this sham. If it were such a good plan the Democrats could have passed it without Republican support but were not willing to risk the fallout. Tells me something doesn't smell right here.
Posted by: ben | Sep 28, 2008 1:38:52 PM
Instead of lowering taxes, allowing america to drill for oil, reigning in spending, and making life affordable for everybody, the democratic party is to blame. This party made it illegal for banks to denigh loans to those who could not afford it. Knowing that that this is not feasible, this party created a market by making it legal to turn poor grade loans into A rated paper, so it could be sold to foreign investors for money and thus loans. This way people could get loans and pay things like property taxes, payroll taxes, and endless permits. It is time for to point out those congressmen who are actually at fault. How do you get along with those who would willingly destroy our families for political power?
Posted by: tk | Sep 28, 2008 1:39:33 PM
Every US Citizen should stop paying taxes until the Government respects that they work us and spend our money the way we do - on thoughtful purchases and on a responsible BUDGET!
BostonTeaParty 2008 should happen!
Posted by: BostonTeaParty | Sep 28, 2008 1:40:12 PM
Lets not forget the 10's of billion already injected to no avail. How about the 48 billion a few weeks ago for Africa at Bono's urging? I can't take this mental insanity anymore.
Posted by: LockNLoad | Sep 28, 2008 1:41:46 PM
These fools shouldn't be given a penny of the taxpayers' money.
They broke it, they should buy it.
Greed, after all, in NOT good.
Posted by: Peggy | Sep 28, 2008 1:41:50 PM
ben good, excellent suggestion. google mish roubini's global trend analysis.
Posted by: colorado | Sep 28, 2008 1:41:54 PM
MIguy at 1:28. I'm amazed that Pelosi is telling us that HER party is pushing to protect the taxpayer--we all know it was the House Republicans that saved us on that one. I guess she knows that if you repeat a lie long enough, people will believe it. I think Orwell's 1984 is her playbook. We CAN agree though that President Bush and his administration has done a horrendous job for the American people.
Posted by: Sue | Sep 28, 2008 1:44:16 PM
Why can't they just go back and SEIZE the monies in all those GOLDEN PARACHUTES and bail out the problem THAT WAY?????
This whole thing STINKS to high heaven!
Posted by: Seize the Golden Parachutes! | Sep 28, 2008 1:44:24 PM
Newt should keep his big fat mouth shut-- remember -- he was in charge of the House. He could have enacted legislation and oversight to prevent exactly what is taking place today -- this is not a problem that just cropped up today -- remember the Enron failure is now about 7 years old -- this economic failure today is a result of 25 years of bad fiscal policy of the USA. And now, he is moaning the Treasury Sec asked for $700 bn without oversight -- ?? Get a clue -- why give oversight and review to the very bunch of myopic politicans that got us into this mess to begin with --?? I think all members of congress and the House should resign -- this is THEIR fault, not Paulson -- let the Treasury Sec solve this and be done with it.. I just want to put a piece of tape across Newt's mouth!
Posted by: chuck | Sep 28, 2008 1:45:50 PM
I would be happy to pay more taxes if it went to pay down the national debt and better our country's financial position, but not to benefit the lazy or greedy who have made the bed they sleep in. If the bailout means that it keeps the system working fine for the short term, but some serious thought needs to be given to how to solve the longterm issues that caused this problems. The fact that Fannie and Freddie were able to give money to politicians stinks of conflict of interest, but I do not have all the facts on that matters.
Posted by: M&M | Sep 28, 2008 1:46:10 PM
Posted by: Ann | Sep 28, 2008 1:46:39 PM
WASHINGTON - Democratic presidential nominee Barack Obama said Sunday his Republican rival deserves no credit for helping to forge a tentative agreement on the $700 billion bailout of Wall Street.
Instead, Obama said he deserves credit.
OOPS Obama must have spoken too soon.
Can he vote "present' instead just ot be on the safe side?
Posted by: somali | Sep 28, 2008 1:46:40 PM
Newt should create a large escrow fund, starting with 90% of his own personal assets. The Republicans in Congress should follow, putting in 90% of theirs. Then Rush Limbaugh, put in 90% of his.
Then, with that moral authority, they can go to Wall Street and Main Street Banks, and ask anyone in the finance industry to put in 90% of theirs.
Then with that coup, Newt and Rush can go to their base, and have small town America and conservative America put in 90% of theirs.
That will give them the moral authority to go to Independents and Democrats and ask if they are willing to do the same.
This is the only way the system can be baled out by private initiative that they worship. It may be better, and we'll all admire them for trying.
But right now, the difference between socializing banking for a few years, and socializing insurance for a few years, is a distinction without a difference. Its big government.
It's a violation of what these guys say they are for.
Posted by: Dwight Nager | Sep 28, 2008 1:47:18 PM
Half of Congress should resign and commit suicide, if they had any honor.
Posted by: marjon | Sep 28, 2008 1:48:09 PM
call your congressman, tell them no to the outright theft of our hard earned tax dollars/
tell them you want transparency. tell them to come out from behind closed doors.
Posted by: colorado | Sep 28, 2008 1:48:41 PM
We do have a choice. It is time to clean house. These current elected officials have lost all ability to listen to their constituents and hope they have a skill that will put bread on their table after we are finished with our clean sweep of every elected official that cast a vote in favor of this modified Paulson requeswt. Though painful, I much rather the market drop 1/3 then the give away of all this money. We will be worse off cause the market will still drop 1/3. It is time to quit acting on emotions and living for the short term. Can't imagine how these folks will act when things get worse.
Posted by: Louise McBride | Sep 28, 2008 1:50:11 PM
The bailout proposal is the equivalent to setting up a methadone clinic for the junkies to ease the pain they will be feeling, and to spread it over a longer period of time, and to share it with others. Foolish money men that gave foolish predatory loans to foolish people based on unrealistic equity, while other foolish money men speculated and gambled on the whole game are trying to avoid their pain. Let's not further raid the treasury to slow down the accountability result, and to spread the pain to the rest of us. This isn't a Wall Street problem alone it is an American problem. It is also an unprecedented attack on the social security system, and needs to be countermanded by an unprecedented attack on the political spending system, with no rescue. It's time to stand up for someone with courage to stand up and say NO DEAL. If it's a meltdown, then its our meltdown, not one for a future generation. McCain needs to make sure there are provisions in this deal that ensures that he can pull the plug on this zombie as soon as he steps into office.
Posted by: WestCoastMessenger | Sep 28, 2008 1:50:55 PM
this november vote straight ticket against any candidate of either party who supports this proposal.
Posted by: colorado | Sep 28, 2008 1:51:44 PM
Sue, we definitely agree on that. Bush is a Republican in name only...
Posted by: MIguy | Sep 28, 2008 1:52:44 PM
This bill is doing nothing but covering the cost over runs of the welfare state. This was a result of liberal social engineering forcing banks to make bad loans. 80% of Wall Streeters are Dems.
Posted by: Jake | Sep 28, 2008 1:54:48 PM
I want to know WHY there aren't more resignation requests, congressional investigations and the like? Oh....I forgot....I know why.....Democrats are involved. What happened to the FBI investigations? Wonder how many of them are libs in the sack for Obama?
Posted by: obamayomama | Sep 28, 2008 1:55:43 PM
If Sarah Palin had been able to see Wall St. from her house, NONE of this would ever have happened, because she'd be keeping an eye on things dontchyaKnow!
This time next year, we'll all be at our jobs making cheap crap for the Chinese and Indian markets.
Good news, this absolutely cements GW Bush's position as the worst President in American History.
Where should we put his Presidential Library?
Posted by: Steve from NH | Sep 28, 2008 1:55:51 PM
All the slime balls that caused this need to get thrown of these commitees and thrown in jail. Barney Frank, Chris Dodd, the guys from fannie mae and freddie mac all need to resign and go to jail. The guys from fannie mae and freddie mac are working for the Obama campaign. So you know where Obama stands.
Posted by: Chris D. | Sep 28, 2008 1:56:11 PM
I was listening to a live interview with one of the republican congressmen on Friday and he stated that earlier that day in a closed meeting with the house republicans & Bush that Paulson confessed that he knew about this growing situation for a WHOLE YEAR!!! Yet he fell to make anyone aware of this????
He should have been fired right then and there, charged, trialed, sentenced to death, and hung like the old days for betrading our country with this nonsense.
Yet I have not heard any news reports mentioning this shameful news. Is it because the republicans want to keep this under wraps because of the election???
I want answers as to why this worm Paulson and anyone else whether Republican or Democrat involved in this mess are not being escorted out of their positions by the FBI straight to federal prison pending trials!!
Posted by: off with paulson's head | Sep 28, 2008 1:56:24 PM
What a coward! This man sees that the ship he helped build is sinking and he immediately starts looking for a lifeboat. It's easy for him to strike a populist tone when he is so far removed from any real decisions. When you add this most recent rant to the tripe he was spouting earlier in the week about some "McCain-reform republican party", you can clearly see that he is trying to build himself a shelter for the impending storm. I just question how much sanctuary the "base" is will to give to this former insider.
Posted by: toto7791 | Sep 28, 2008 1:57:32 PM
Bush, Paulson, Dodd, Frank SHOULD resign. I agree. Paulson is an ex ceo for the Bankers on Wall Street so he is prejudicial, Bush is no fiscal conservative and he goes along to get along, Barney Frank and Chris Dodd took the most campaign contributions along with Clinton and Obama from Wall Street. so how fair is this plan to citizens of the USA; As for covering foreign banks let them cover their own bailout
Posted by: MSN RN | Sep 28, 2008 1:57:39 PM
From what I understand, it wouldn't be just $700 billion. It would be $700 billion at a time.
Posted by: William Hill | Sep 28, 2008 1:57:54 PM
Well, we in the United Socialist Republic of Mexifornia have already been hit by these socialist techniques. The rest of the country is now getting a preview of what happens when liberals run the farm!
When Obama gets in, he will make the SS in Nazi Germany look like nice guys. Check out his "body guards." He's already demonstrating that with trying to control ads via law enforcement. He and his crew can say whatever they please about anyone, but as with Hugo, anyone who disagrees with him can expect jail (and execution once he rules!) Did you ever stop to think that he has control over the largest public and well-armed army in this country... gangs!
The bailout is one of the biggest socialist coups perpetuated in history. We HAVE called our congress (in my case it is Pelosie, Boxer, Feinstein, and Tascvher) and have received voicemail. I've emailed them all too and signed every petition out there trying to stop the bailout. You have got to understand what a futile attempt that has been.
Yet, MSNBC says only 45% of the country is "against" it.
Hello, are you paying attention yet? We have one last election to get these bastards out of office (if we can!) Otherwise, don't worry about SSI or anything else, concentration and re-education camps are in our future! As Cuba, China, Venezuela, Russia, et. al. so goes America!
Posted by: California Dreamin | Sep 28, 2008 1:58:51 PM
From the land of down under nice to see how Americans gets screwed every day , this wouldn’t happen here , the bankers would in jail by now..!
Posted by: Renee | Sep 28, 2008 2:00:32 PM
Most commenters overlook the fact tha government policy pushing "affordable housing" and sponsoring "subprime lending" is at the core of this problem. So there is a basis to justify a government solution. Fannie and Freddie, under the Clinton administration, dropped their prudent lending standards and went whole-hog into subprime. Sarbanes-Oxley, in response to the accounting firm scandals and Enron, mandated "mark-to[market" accounting. And that attracted opportunists and speculators, not just ordinary people needing a roof over their head. It all led to this flood of paper assets that DO STILL HAVE LONG TERM VALUE but can't be accurately valued day-to-day like bonds or typical commercial paper. If this bailout/workout is managed so as to avoid rewarding anybody or furthering the ill-conceived affordable housing push that started it all, then it seems appropriate for the government to do it. Profound lessons should be learned--but unfortunately the lessons will likely be ignored.
Posted by: StandingO | Sep 28, 2008 2:00:45 PM
Anser to Steve
Put Bush's Presidential library in Bejing
Posted by: MSN RN | Sep 28, 2008 2:00:55 PM
I disagree with Mr. Speaker. I think the administration did the right thing in not letting Cnogress skirt the issue by saying they did not know what to do, so we will just leave town. The admin said ok we will just throw $700 Bil at the problem. IT MADE CONGRESS DO THEIR JOB!!! IT IS ABOUT TIME! LET HARRY AND NANCY GO HOME FOR GOOD!!!
Posted by: jodden | Sep 28, 2008 2:01:16 PM
Reid
Pelosi
Dodd
Frank
Obama
They all need to go. Everyone of them had a hand in this fiasco. I would have included Bill Clinton but he has been neutered from government.
Posted by: Wally | Sep 28, 2008 2:01:32 PM
Meant Answer to Stever
Put Bush's presidential library in Bejing
Posted by: MSN RN | Sep 28, 2008 2:01:47 PM
Maybe they should just start a list of who ever has lost money in the markets so everyone could get there losses back.
Oh I'm sorry its only the fat cats who get to loose and get their money back.
We're not American anymore.If this bail out goes through who's gonna back up the National debt? Watch out bonds are going down interest rates up
Posted by: Rand | Sep 28, 2008 2:02:28 PM
The fact that president Bush appointed Paulson as the treasury secretary shows that both Bush and Paulson must go. What do you expect from Paulson? He's a registered democrat/lib. He is just in this to protect himself and his buddies. Lets face it, if wall street had a 30-40% collapse, Paulson who is worth $700 million would lost a couple hundred mil. No wonder he was down on one knee with Pelosi. Complete Cronism in washington- and it has to end. Follow the money trail to find the culprits. Dodd, Obama, Barney Frank, and the republican counterparts including Bush who enabled them to continue this practice is inexcusable.
I don't like the republican senators at this point, and all these idiots are done for. I want to see the reset button hit on all of the senators. The congress still has their head in the right place in terms of the republican party with Boehner.
I just think between the two Evils, McCain is a real american hero, and has been able to reach over the isle to accomplish work for the American people.
In fact, to further this opinion, my McCain yard sign and bumper sticker were both vandalized on my vehicle. These people -libs have no respect for personal property whatever. I am living in a liberal wonderland here in California. I'll stick to my guns, religion, pit bulls, 3 kids. We confronted the neighbors where we found the bumper sticker torn up and they were completely chicken sh*t and would not own up to it even though the sticker was in their front-yard.
McCain/Palin 08
Posted by: Brock | Sep 28, 2008 2:03:06 PM
I'd rather the bailouts stop I lose 25% of my money and be free than continue this fraud and be part of a Socialist government. Mr "call me if you need me" Obama hardly has a hands on roll up the sleeves attitude toward this. At least McCain is trying to help. Rush said the bailout was going well until Obama showed up and injected politics that is what started all the arguing. Where are the CPA firms incompetence in auditing these companies being discussed?
Posted by: thegr8 1 | Sep 28, 2008 2:03:19 PM
Not only should Paulson go, but so should Barney Frank, Chris Dodd, Charlie Schumer and every other politician who played a part in pushing lending institutions into lending to people who were not credit worthy. Those of us who are responsible are tired of cleaning-up after those who aren't.
Posted by: Ron | Sep 28, 2008 2:03:44 PM
Trying to pin this on "Bush and the Republicans"? The Democrats are the only one supporting this, and Obama has been "Working on the problems for weeks now". So, how did that come to pass, exactly? He started working on it at least one week BEFORE it got announced?
I say HELL NO to this Bush-Obama-Dodd-Paulson bailout scam. And if it passes, I want to know the name of everyone in my state that voted for it, so I'll know who to vote against in a few weeks.
Posted by: JinnyB | Sep 28, 2008 2:03:57 PM
Least the "former" Speaker of the House has more input than the current Pelosi Project. Gawd, all that woman said, all along was "we're close to an agreement" - that's all she could comprehend I guess.
While we're pointing fingers, don't forget Franklin Raines or Jim Johnson - where are/were they? oh, that's right, serving as Obama's economic advisors! HAAAAAAAA!
Funny though, Johnson stepped down right before Rev Wright (a Illinois governor appointed commission director) "stepped down". I'd LOVE to be a fly on the wall when these two stepped down from their positions.
Posted by: obamayomama | Sep 28, 2008 2:04:11 PM
allowing ourselves to become blinded by partisan fervor will result in the theft of our money. that is our money. we must act collectively. please take off the partisan blinders and act, study, learn, ask questions, educate yourselves. demand accountability. the media and the pols are telling us nothing of substance.
what i want to know is why did this happen, who is responsible, where is the accountability. and if they cannot answer this then why would we trust the very people that brought us this mess to fix it. i say no.
Posted by: colorado | Sep 28, 2008 2:04:57 PM
Forget the resignations. I say we get the proper authorities to INDICT PAULSON, PELOSI, REID, DODD, SCHUMER, JIM JOHNSON, RAINES, ETC FOR CRIMES AGAINT THE US TAXPAYERS. LET'S GET THOSE CRIMINAL INDICTMENTS ROLLING NOW SO WE CAN CONFISCATE THEIR ASSETS AND PUT THEM BACK IN THE US TREASURY WHERE THEY BELONG!!!! Let's not forget that OBAMA is No. 2 on the Freddie/Fannie money list. VOTE OUT EVERY INCUMBENT!!THIS IS CRIMINAL PEOPLE!!!
Posted by: fairelection2008 | Sep 28, 2008 2:05:44 PM
Face it fellow Americans. The democrat controlled congress, along with some republicans are going to capitulate to Bush and Paulson's demands and completely ignore the people they represent. If Obama votes for this bill he will be the biggest hypocrite of all since he is the one touting change from the previous 8 years administration. Calling your conress person is not enough. Every person needs to rally at your city or town hall. News coverage of people demonstrating in every city and town needs to be seen by the congress now!
Posted by: 2600 | Sep 28, 2008 2:06:02 PM
All for only less than 5% of the mortgages in this country that have went bad. Sad that they won't tell America the truth.
95% of American's are paying their home loans on time, yet we are about to go into major debt for only 5% of bad loans made to investors who let their loans go, spectators who wanted a quick buck, the greedy who wanted more than they could afford and the few who should have never bought in the first place.
So sad that Bush is pushing panic in order to bail out their buddies on Wall Street because they took a high risk bet bought these loans in bulk and sold them like stocks to overseas investors and because of their bad high risk, get rich quick scam we the American people are left holding the bulk of their deranged mess???
Where are the real financial minds in the Senate or Congress or the high paid economist that or tax paid dollars pay for? Is there anybody in Washington that can come up with a better plan than loaning billions of dollars to fix a high risk gamble??
Posted by: $700Billion | Sep 28, 2008 2:06:38 PM
It is truly amazing that so few Americans understand that our system of government consists of the executive, legislative and judicial branches. It is NOT all on the President. While Bush certainly has his faults----he has sold out his conservative constituency and is dispised by the left, it is Congress, with it's 9% approval rating, THE branch of government that has failed us! Since term limits will never be accepted by Congress, WE THE PEOPLE should vote all incumbants out of office until we have political leaders who actually represent us---THE PEOPLE!
Posted by: All American | Sep 28, 2008 2:07:25 PM
Oops, I left off the infamous Barney Franks. Indict that toe tapper NOW!!



