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Opinion •
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Mike Renzulli urges you to call, e-mail or write your representatives in Congress today and tell them to reject ANY bank or homeowner bailouts while telling the President to veto automaker subsidies.
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Gives the Treasury Secretary extraordinary power to decide how the $700 billion bailout fund is spent. For example, he may buy not only mortgages and mortgage-backed securities, but any other financial instrument.
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First, the money rushed into hedge funds. Now, some fear, it could rush out. To pay back investors, some funds may be forced to dump investments at a time when the markets are already shaky.
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The government, after five years, has to submit a plan to Congress on how to recoup any losses. And in 5 years it will really will be fun to remember how they screwed us all over again. Kind of like an anniversary. A new American tradition.
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The Nazi Germany play book is being followed line by line.
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Officials said that Congressional staff members would work through the night to finalize the language of the agreement and draft a bill, and that the bill would be brought to the House floor for a vote on Monday.
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Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation's financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets back
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Senators have passed in a 78-12 vote a $634 billion spending bill that subsidizes federal loans for automakers. Also lifts a quarter-century ban on oil drilling off the Atlantic and Pacific coasts. Provides money to keep the government running until
Feature Article •
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Rasmussen and USA Today publish mirror image polls on the Billionaire Bailout. The only poll that matters, however, hasn't read either one.
Opinion •
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Bill Kristol sees a giant earth-shattering asteroid that will hit by Monday morning if congress doesn't hand out blank checks this weekend. Translation: the Billionaire Bailout is going to be much worse than predicted by tomorrow night.
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WASHINGTON (MarketWatch) -- President Bush said Saturday morning he's confident that Congress will pass a bill aimed at protecting Americans' financial security "very soon."
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Barbara used to work in housing finance - this is the double whammy of the housing collapse where many who worked in the sector lost their jobs and their homes.
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Former presidential candidate Ron Paul wants no part of the $700B bailout plan.
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"This is a controlled demolition of the U.S. Banking system. Hank Paulson has become the arsonist and pyromaniac-in-chief whose job it is to bring down the U.S. Banking system floor by floor without upsetting his Chinese and middle eastern maste
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The US has been so hurt by the financial turmoil that markets now view its credit worthiness as akin to - or even worse than - that of McDonald’s, a shocking fact even if you believe that both are fronted by clowns. [this is not an edit!]
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There is no nice way to say this, so I will be blunt: Our credit markets had contracted a hideous STD—a securitization transmitted disease—for which lowering the funds rate to negative real levels seemed to me to be not only an ineffective treatment
Feature Article •
Global
Most of USC Title 50, the encodation of War and Emergency Powers, is also based on the authority of the government as authorized by the Act of 1917, section 5b, as amended, March, 1933. (We are very very very Screwed)
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Officials now propose buying what they term troubled assets, without specifying the type, according to a document obtained by Bloomberg News and confirmed by a congressional aide.
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Twenty-five quotes on the proposed financial bailout, including those by Chris Dodd, Barney Frank, President Bush, John McCain, Ron Paul and others involved, speculating or who warned about the crisis.
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Analysis of these events and the economic theory that helps explain what is happening and what to do about it. There are many thousands of articles available and the full text of thousands of books as well as journal articles.
Entered By: Brock Lorber
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Grassroots groups and online activists rally against the proposed taxpayer rescue of Wall Street.
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"This is the derivative nightmare that everyone has been warning about," says Peter Schiff. It was like writing fire insurance, assuming no one is ever going to have a fire, only now they're turning around and watching as the whole town
Feature Article •
Global
How can JP Morgan make a profit off purchasing a gigantic collapsed bank? By foisting the liabilities off on you, of course. WARNING: lots of numbers.
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“If money isn’t loosened up, this sucker could go down,” President Bush declared Thursday as he watched the $700 billion bailout package fall apart before his eyes, according to one person in the room. It was an implosion that spilled out from beh
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As Congress tried to cobble together a plan to spend huge sums on a financial bailout, lawmakers also moved to final approval of an omnibus spending bill with more than 2,300 pet projects, including a $2 million study of animal hibernation.
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Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank [and they didn't wait until Friday], and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion. [Pressuring CONgress?]
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"No, you're thinking of this place all wrong, as if I have the money back in the safe!
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Commodities investor Jim Rogers blasts the Paulson bailout plan saying, "It lunacy, its absurd it will bail out some of Paulson's friends on Wall Street, it is welfare for the rich"
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Keep in mind while watching this video that this is the best case all these articulating craniums in Washington can hope for. Best case.
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Sen. Richard Shelby, R-Ala., the ranking Republican on the Senate Banking Committee, poked his head out of a meeting at the White House to tell cameras, "I don't believe we have an agreement."
