Epic Fail

Aren't they having another go at passing it today though?

Still makes you wonder how wise McCain was to claim credit for the bail out.

http://news.yahoo.com/s/afp/20080929/pl_afp/usvote_080929144550;_ylt=Ag6nlC00hhcp5toDiOoPyaupg9IF

by Jitendra JoshiMon Sep 29, 10:45 AM ET

John McCain's presidential campaign claimed credit as Congress readied Monday to vote on an emergency economic package, but Democrats said the Republican's last-ditch intervention had been no help.
Mitt Romney, McCain's erstwhile rival for the Republican nomination, said the deal on a Wall Street bailout worth up to 700 billion dollars would never have happened without the Arizona senator.
Speaking on NBC television, the former Massachusetts governor said "this bill would not have been agreed to had it not been for John McCain."
"That doesn't mean that he's the only guy doing that. And there many people ... who have been critical to it," Romney said.
"But, you know, this is a bipartisan accomplishment, a bipartisan success. And if people want to get something done in Washington, they just watch John McCain," he said.
"He's been the guy whose name is at the top of major pieces of legislation for a long time."
Both McCain and his Democratic rival in the November 4 election, Barack Obama, said they would reluctantly sign up to a drastically reworked deal permitting the Treasury to buy up sour mortgage-backed assets.
A vote in the House of Representatives, where Republican opposition to the bailout has been strongest, was due Monday. The Senate, where both McCain and Obama sit, was not expected to take up the measure until Wednesday.
One of the architects of the bill struck after a weekend breakthrough among legislators, Senate banking committee chairman Christopher Dodd, said he had been in regular contact with his Democratic colleague Obama.
"With all fairness, I called him up a lot of times, but to suggest presidential politics was a help here is a bit of an exaggeration, to put it mildly," Dodd said on NBC.
Democrats accused McCain of sabotaging a deal last week through political grandstanding after the Republican, in a high-stakes gamble, said he was suspending his campaign and rushing back to Washington.
Obama on Sunday said McCain's response to the Wall Street crisis had been "Katrina-like," evoking the US government's bungled handling of the hurricane that drowned New Orleans in 2005.
Gallup's tracking poll Sunday, which took into account McCain's dramatic gambit and voters' initial reactions to Friday's first presidential debate, had Obama ahead of McCain by a yawning 50 percent to 42.
The next debate comes Thursday in a hotly anticipated clash between the White House running mates, Democrat Joseph Biden and Republican Sarah Palin, whose meandering performance in a CBS interview last week was widely mocked.
The expectations game was in full swing as Romney said Alaska Governor Palin would be going up against a "veritable wall of words" in Biden, the veteran chairman of the Senate foreign relations committee.
"But I think if you looked at her debate performance as the governor of Alaska, you're going to see a person who can hold her own," he said.
"She's a very confident, well-spoken, thoughtful individual, and I think she's going to do real well. But you know, there's nothing like being able to create low expectations, and that's certainly being done for her."
Dodd said his Senate colleague Biden would handle the debate "very, very well."
"But people need to think beyond the debate. Who do you want sitting next to the president when you're dealing with these major issues?" he said.
"Joe Biden has been the chairman of the foreign relations committee for years, knows these issues thoroughly. And to have a (person a) heartbeat away from the presidency is a critical question."
Obama was heading West Monday with his latest campaign rally in the battleground state of Colorado. McCain and Palin were appearing together in Ohio.
 
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Something has to be done. It would probably have a better chance of passing if the CEO's and executives were to be held responsible and punished.
 
I don't know what you are worried about according to this email the government has it all sorted...

---------------------------------------------------

Dear American:

I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transactin is 100% safe.

This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout(at)treasury(dot)gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully Minister of Treasury Paulson
--------------------------------------------------------------------------------
I am guessing the Nigerians are at it again.

:)
 
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I have a checking account at Wachovia and my Mortgage is with Washington Mutual this is becoming grim.

However come what may I am not in favor of this bail out. Let the market run it's Natural Course

Topmaul Economic's or Code of the Pirate economics

:pirate: "If you fall behind, Your left behind" :pirate:

Coupled with the right to triumph is the right to FAIL. Can't have one without the other or the order of the universe is upset. The risk of failure is what makes us human.
 
Inevitably there has to be some form of bail out it would be suicide for any government to let so many people lose out while doing nothing.
 
It would also have had a better chance at passing I think had Pelosi not attacked Republicans this morning.

Their have been warnings about this for 1-3 years prior, even Tony Snow before he died, by the Republicans. I still hear Barney Frank saying their is no problems with Freddie or Fanny.

777 down today.
 
AikiRooster said:
It would also have had a better chance at passing I think had Pelosi not attacked Republicans this morning.
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You really think that one of those speeches, which as Barney Frank says himself that no one ever listens to, really caused Repulbicans to say, "Forget the country, let's go after Pelosi"?
 
I dissagree let them fail, or next time CEOs will just become out of control because if worst comes to worst the government will just bail us out. So why think long term, just get the stock holders what they want right now screw the future.

Let them FAIL it is the only way to make things right.

Look at it this way in years gone by a man would scrimp and save for an engagement ring to give the woman he loves. The ring may not be much by todays standards but the woman would know how the guy had to save every penny to be able to afford it for her it would represent true love and effection and really mean something.

Today a guy goes down to the mall opens a line of credit and gets the woman of his dreams a huge rock that that he can't afford and the two of them pay for it for years.

We need to get back to hard work meaning something and learn to save not run up consumer credit till we can only make minimum payments.
 
One more day like yesterday on Wall St and we are into 1930's scenario.

Fingers need to be pulled out and systems put into place. Can Paulson keep his thumb in the dyke until Thursday when they are back for another bite?

Dow Jones dropped $1 trillion yesterday.
 
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Topmaul said:
I dissagree let them fail, or next time CEOs will just become out of control because if worst comes to worst the government will just bail us out. So why think long term, just get the stock holders what they want right now screw the future.

Let them FAIL it is the only way to make things right.

Look at it this way in years gone by a man would scrimp and save for an engagement ring to give the woman he loves. The ring may not be much by todays standards but the woman would know how the guy had to save every penny to be able to afford it for her it would represent true love and effection and really mean something.

Today a guy goes down to the mall opens a line of credit and gets the woman of his dreams a huge rock that that he can't afford and the two of them pay for it for years.

We need to get back to hard work meaning something and learn to save not run up consumer credit till we can only make minimum payments.
Click to expand...

They have failed. The goverment has to do something, unless of course you actually want to live in a depression. Cause doing nothing is going to bring that on.

As for the CEO's they should be decorating light poles up and down Wall Street ...suspended by their necks.
 
Topmaul said:
I dissagree let them fail, or next time CEOs will just become out of control because if worst comes to worst the government will just bail us out. So why think long term, just get the stock holders what they want right now screw the future.

Let them FAIL it is the only way to make things right.

Look at it this way in years gone by a man would scrimp and save for an engagement ring to give the woman he loves. The ring may not be much by todays standards but the woman would know how the guy had to save every penny to be able to afford it for her it would represent true love and effection and really mean something.

Today a guy goes down to the mall opens a line of credit and gets the woman of his dreams a huge rock that that he can't afford and the two of them pay for it for years.

We need to get back to hard work meaning something and learn to save not run up consumer credit till we can only make minimum payments.
Click to expand...

So you think it is more important that 10 bankers go to jail than 150000 working class slobs keep their homes?
 
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