Bailout Bill Passes

[Tarheel]

I guess that we're all in debt up to our eyeballs now...:

Historic bailout bill clears House

By: David Rogers
October 3, 2008 02:43 PM EST
 
Treasury’s $700 billion rescue plan for the financial markets cleared Congress on Friday, after bouncing back to win approval from the same House which had rejected it only four days ago.

The 263-171 vote caps a remarkable 14 days in which Congress found itself thrust onto a world financial stage and asked to cope with an unprecedented government intervention just a month before the November elections.

It was precisely two weeks ago that Treasury Secretary Henry Paulson first outlined the administration’s plan to inject hundreds of billions into the markets by buying up troubled mortgage related assets to relieve a credit crunch threatening the larger U.S. economy. Leading economists remain divided about the wisdom of the policy; the huge cost triggered a populist anti-Wall Street fury among many taxpayers. But with unemployment rising and continued turmoil in equity and credit markets, even early critics concluded that the failure to act was more perilous to the American economy than following Paulson’s course.
...

From The Politico.com:

http://www.politico.com/news/stories/1008/14252.html

[RWS]

something tells me we will be pointing back to this down the road when shit hits the fan, much like it took this long for us to feel the effects of Clinton's fuckup. how much has the Fed ALREADY injected in over the past few years? it has barely made a difference.

 

[Tarheel]

something tells me we will be pointing back to this down the road when shit hits the fan, much like it took this long for us to feel the effects of Clinton's fuckup. how much has the Fed ALREADY injected in over the past few years? it has barely made a difference.

 

You are correct.  And after watching that asshole cocksucker (no, really, that IS what he IS) Barney Frank on The O'Reilly Factor last night they are going to point back to this event down the road too and blame it on Bush and the Republicans...I really hate that son-of-a-bitch...everybody is to blame but him (I'm not a big fan of Bill O'Reilly's either but he was spot on with Congressman Frank last night...):

http://www.youtube.com/watch?v=yrfPMa3lONU&eurl=http://video.google.com/videosearch?q=Barney+Frank&rls=com.microsoft:en-us&ie=UTF-8&oe=UTF-8&startIndexiurl=http://i2.ytimg.com/vi/yrfPMa3lONU/default.jpg

[Townhallsavoy]

He's a cartoon character. 

O'Reilly is awfully brash, but he is speaking for millions of Americans in that video clip.  What Barney doesn't realize is that a lot of people DID make investments based on his statements.  Once Barney's strategies and policies fucked up, those people lost money.  That's the fact.  It doesn't matter what Barney might have said.  Maybe he worded it incorrectly.  Either way, because of Barney Frank's leadership, a lot of people are in serious shit right now, and he doesn't want to own up to any part of it.  God forbid he say, "Yes, we and the rest of the gov't fucked this up.  We're going to fix it right now."

[RWS]

You are correct.  And after watching that asshole cocksucker (no, really, that IS what he IS) Barney Frank on The O'Reilly Factor last night they are going to point back to this event down the road too and blame it on Bush and the Republicans...I really hate that son-of-a-bitch...everybody is to blame but him (I'm not a big fan of Bill O'Reilly's either but he was spot on with Congressman Frank last night...):

http://www.youtube.com/watch?v=yrfPMa3lONU&eurl=http://video.google.com/videosearch?q=Barney+Frank&rls=com.microsoft:en-us&ie=UTF-8&oe=UTF-8&startIndexiurl=http://i2.ytimg.com/vi/yrfPMa3lONU/default.jpg

and they better remember that only 91 Republicans voted for it while 172 Democrats voted for it as well. but you know they won't, because it won't be convenient for their argument. the bottom line is, we're up shit creek no matter how you slice it. i would just assume we take our chances and let the chips fall where they may. ooooh well. we're only, what, like $10 trillion in debt? fuck it, whats another $700 billion? since the government can use my money to bail out these businesses, banks, and certain pending foreclosures, i wonder if i can just stop paying my mortgage and make the government pay it off? fuck bailing out the businesses with the taxpayer money, bail out the taxpayers. if you figured an average mortgage of $150,000 (principal only), they could bail out like 4.6 million homeowners. that should put a pretty good jolt into the economy, and you would see the rewards for that alot quicker.  probably not a very rational line of thinking, but it would be nice.