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DEAR HERO PELOSY

(Missed Opportunity for the next one hundred years as an opportunity of life time)

Imagine what $ 700,000,000 WITHOUT CONGRESSIONAL OVERSIGHT AND COURT OVERVIEW CAN DO:

PAY FOR MANY:

(1) PRIVATE WARS, OR

(2) UNDERCOVER WARS

WITHOUT Congressional Scrutiny.

CLAIMERS AND DISCLAIMERS AS PREVIOUSLY STATED.

BOILERPLATE: LITERARY WORK OF: SCENARIO SIMULATION, [QUASI] FACTS AND FICTION, RHETORICAL RESEARCH, ADAPTATION,...BOILER PLATES: ANY REAL LIFE CHARACTER EXAMPLES OR ANALOGIES ARE CONSIDERED PURELY COINCIDENTAL OR INCIDENTAL.

This work is licensed under the SAME TERMS AND CONDITIONS as Creative Commons Attribution 3.0 License

SIGNED DEBATER

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Bush isn't just a lame duck. He's a dead duck.

Note To Politicians,
Don't vote for this if you expect us to vote for you.

How the mighty have fallen. George Bush, whose "Mission Accomplished bravado is a distant memory, is reduced to begging members of his own party to vote for his proposals.

This coming recession/depression should forever be known as the "Bush Disaster," in honor of the fact that this president--for whom I voted--has damaged our country in every way.

Pray that God Bless America, so that our next leader will not be so very incompetent.

The Dow just had the third highest gain in history!
What part of NO doesn't Bush understand? I'm sorry for him, but he'll just have to bite the bullet and call his buds on Wall Street and tell them there's no money coming, that they've cheated and lied to the public one too many times and they'll just have to buck up and take their losses like big boys and girls! Bush has been telling me for 10 days that the sky is falling, but so far my head seems to be in pretty god shape!

Bush is very intelligent..... Too bad he isn't as intelligent as my house plant or even better, my pet rock.

He did what he intended to do from day one. He was successful in getting the US into war. He was successful in getting oil prices from $29/barrel to $147/barrel. He was successful in getting the US into near depression. He was successful all the way around for he and his cronies. Too bad we the poeple don't matter and are expendable to Bush.

Now he wants we the taxpayer to bail out his friends at all costs without oversight. Yep, the worst President in the history of the US. It will take a lot for anyone to screw up the country anymore than this Commander in Putz did.

Ever wonder why politicians are millionairs? Amazing that a low six figure income can turn into multi-millions of dollars. Yep, the people mean nothing until a month before election time.

Let the corporations sink, someone will take their place in the food chain to entice the politicians again by lining their pockets. God bless the USA!

I love how this gives the power to one man to choose who to help, and also who doesn't get a dime. The last thing we need is over liquidity in the market. We need to learn to have some discipline. Sorry the gravy train will have to end sometime, why not now.

What's the fuss about?

There is reportedly $1.4 trillion in mortgages throughout the country. Treasury is asking for $700 billion to buy up the bad mortgages. That's only five percent (5% x 1.4 trillion = $700 billion). Can't these firms survive with only 5% bad paper? Can't they maintain needed liquidity with 95% good paper?

I don't get it.

George Bust (oops, I meant Bush),whom I voted for twice, may have kept this country from being attacked again by terrorists. But the damage done by this financial fiasco is much worse than the attacks on Sept. 11, 2001. I think the reason he is pushing so hard on this now is because he can see the writing on the wall...that he will go down in history much like Hoover. We really need LEADERS who will push for financial responsibility by: 1) Living on a budget, 2) paying off debt, and 3) having some funds on hand for an emergency...both as a nation and individuals.

By my calculations, isn't $700 billion HALF of $1.4 trillion???

It's not the Dow, it's the credit market ... I know you won't believe this, being such a smart guy and all, but it's not that simple ... To a simple mind, yes, but not to anyone with an understanding of what is going to happen if Congress doesn't act ... The Dow gained because they are going to act ... If they screw up again, even simple minds will understand what happens.

How can Utahns be so dumb? At your insistance the Utah congressional delegation is helping crash the ship of state into the rocks. The overwhelming over-simplification of this matter by Joe America is criminal. Essentially every responsible financial mind is screaming for us to enact this policy and people are are ignorantly opposing it based on the most uninformed reasons imaginable. Yes the stock market bounced today. It was people buying up all the devalued stock at rock bottom prices. It was the same kind of bounce a wall street executive makes when he hits the cement after jumping from 30 stories up.

I don't get it! Constituents flooded their representatives' offices with calls, and emails, which overwhelmingly showed Americans don't want this bailout to happen, Congress votes it down, and two days later they plan on putting it to a vote again? Do we, as taxpayers need to call or email again, or should I just xerox the same one I sent last week? It makes me wonder what Congress could accomplish if they ever paid as much attention to something important like healthcare or education issues.
NO BAILOUT EVER, please representatives listen to the people!

Uh, read the article. The reason the dow is up is because investors THINK there will be a bailout. If it doesn't happen, the dow will fall again.

All those who pin this on Bush, you are oversimplifying. You're also letting Barney Frank and Chris Dodd off the hook (both Dems). They chair the House and Senate Banking/Finance Committees and have for the past 2 years. Don't they have any responsibility in this???

How can people be so stupid?

CONGRESS caused the problem by mandating banks make loans to people who clearly could not pay them back.

CONGRESS made the mess worse by mandating that Fannie and Freddie buy the loans which would not be paid back.

CONGRESS made it even worse when the unethical, illegal and unwise practices at Fannie and Freddie were brought to their attention.

Now the same clowns in CONGRESS who made this mess and made it worse think they know how to fix it?

Maybe if they want to use their own money, but NOT ONE DIME FROM ME!

The problem is not a lack of government regulation but rather too much messing about in the free market.

Get rid of excessive government regulation, don't impose more!

Why so excited about a bailout. Government shouldn't be bailing out companies in a Free Market. We are not a Socialist society!!!! Let Banks that are still strong buy out the ones that fail. That is how a Free Market works. Say no to socialism!!!!

I have heard many informed financial advisers say the exact opposite. Many socialist countries around the World are laughing at us, because we are even considering a bail-out. They are saying that the Free market doesn't work. It does work. Companies that gambled and got greedy will go under and the more conservative companies will buy them out. Times may be rough for the short term, but better in the long term. Let it ride!!!!

You ask a legitimate question, here's my answer:

Because of financial instruments known as Credit Default Swaps (CDS) and Structured Investment Vehicles (SIVs), the defaults on bad mortgages can push all the money-center banks below the red line asset/liability ratio. Money-center banks (like WaMu), investment banks (like Lehman) and re-insurers (like AIG) now owe 30 times the bad loans they hold, for every $1 dollar in bad mortgage, they now owe $30 because of CDS of SIV. 30x7billion=2.1 Trillion.

These banks are now frozen, and they can't lend to local banks like Zions, which now can't write you a mortgage, lend you for buying a car, etc.

At the same time, the American economy and government need at least $2 billion per day in foreign loans just to keep operating. Foreigners are not interested in lending to shaky Americans banks, and they are also not interested in buying US T-bills that now pay close to 0%.

It is complicated, but the bottom line is that we will all pay big time because there is just no credit, and the Republicans don't seem to care.

Thank you for your comment. I wholeheartedly agree!!!!

Aaron how could you be so ignorant on the subject,

It is immoral—Dumping bad debt on the innocent taxpayers is an act of theft and is wrong.

It is unconstitutional—There is no constitutional authority to use government power to serve special interests.

It is bad economic policy—By refusing to address the monetary system while continuing to place the burdens of the bailout on the dollar, we can be certain that in time, we will be faced with another, more severe crisis when the market figures out that there is no magic government bailout or regulation that can make a fraudulent monetary system work.
Ron Paul 9-29-08

Notice how, since the House couldn't pass this, they dump it to the Senate who only need to get elected every 6 years. The American public are not quite as stupid as Congress thinks. There may be effects on them with no bailout, but they understand that the long-term effects of a bailout are much worse. The idea of lessening the losses of a bunch of bankers is quite repugnant to them, as it should be. Most of us think there is WAY too much credit being used in the first place. I think that the Senators who push this will have a hard time getting elected again, but it seems the politicians and wall street will have their way no matter what ANY of us think. By the way, Fannie Mae and Freddie Mac donated MILLIONS to politicians the last few years. ....I wonder if there's any connection? Can anyone tell me why having LESS credit available in this country is a bad thing?

Everything will come to a halt.

When Bush was warning about non-existent weapons of mass destruction in Iraq, most of you folks felt the "urgency" and pledged your allegiance! ... The result was that, as of now, about the same amount of money as he's requesting for the financial mess has been spent on that worthless, wrong-headed war ... It will cost more than a trillion dollars before it's over ... But now, same guy, a very tangible danger to the country, one that could wreck the economy and change the future for the worse, and you guys can't grasp it ... you could grasp WMDs that weren't there but you can't figure out that this is a hugely more dangerous threat ... If we do nothing, that wasted trillion will look like a mere hiccup.

This package is a bad idea for all of us. In the end we will all loose from it. The mortgage crisis-is the idividual that went out and got the loan to buy a personal home. This is not my problem, nor the governments to use my tax dollars to bail out this person. I have owned four homes and not once had any problems, but this is because I get fixed interest rates and not play the speculation game of getting a variable, where down the road it can sky rocket out of control as it has. These people need to take care of themselves and deal with it. It was a personal loan, for personal property.

That's the problem, isn't it? ... People who have done the right thing, like you have, are not immune from the effects of the mistakes of others ... We live in an intensely interconnected world (yes, world) ... Go fill up your bathtub and then pour a gallon of red dye into it ... No, don't, but you can imagine what will happen ... This crisis goes far beyond those people who are losing their homes ... I wish it were that simple, but it's not.