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The Bailout: Public Anger, Private Talks

View Poll Results: What would you rather do with $700B (at least some of it)
Have taxpayers keep it 5 83.33%
Invest on renewable energy 0 0%
Invest in R&D 0 0%
Fix roads, bridges 1 16.67%
Fund Social Security, etc 0 0%
Voters: 6. You may not vote on this poll

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Old 09-24-2008, 10:47 PM
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xcel xcel is online now
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The Bailout: Public Anger, Private Talks

Bush Administration officials warned of dire consequences should Congress delay or impose too many limits on Treasury's authority.

http://www.cleanmpg.com/photos/data/501/Paulson_-_Bush_-_Bernanke.jpg
Theo Francis and Jane Sasseen - Business Week - Sept. 24, 2008

U.S. Treasury Secretary Henry Paulson, President Bush and Federal Reserve Board Chairman Ben Bernanke discussing the problems of the day…

The last time the Bush Administration warned of dire consequences, we invaded a country to the tune of almost a $Trillion dollars and 4,171 US soldiers have been killed to date. What will we get this time around? -- Ed.

Congress is wary of angry voters, but behind the scenes a compromise is forming. Executive pay restrictions may be near.

With public sentiment casting the Bush Administration's plan to resolve the financial crisis as a bailout for the firms that caused it, Senate Banking Committee members took turns grilling Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke at a hearing on Sept. 23. Behind the scenes, however, many expected nuts-and-bolts negotiation to yield a compromise bill, perhaps over the weekend if not by Friday's scheduled adjournment. Agreement was already coalescing to require some restrictions on executive pay at companies that sell toxic assets to the Treasury, one financial-industry official said.

The theater playing out on Capitol Hill on Tuesday reflected deeply held positions on the role of government and the economy, but with an eye toward how events would play out politically. Polls failed to give a clear picture of just how much support there is for Congress to act: Support ranged from 25% to 56% in different polls.

Lawmakers worry that failing to back the bailout could hurt them, particularly in light of the Administration's warnings of the dire consequences of inaction and the reality of a tumbling stock market. At the same time, fears grew that a protracted debate could undermine support altogether as more questions are raised about the plan's costs and effectiveness… [Read More]
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Last edited by xcel : 09-25-2008 at 07:40 PM.
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Old 09-25-2008, 05:28 AM
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Indigo Indigo is offline
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Re: The Bailout: Public Anger, Private Talks

I think Bush's legacy is going to be "Bailouts for Billionaires". He's just the worst... president... ever...
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Old 09-25-2008, 06:42 AM
voodoo22 voodoo22 is offline
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Re: The Bailout: Public Anger, Private Talks

People who aren't American can just not figure out how a country can vote for this guy twice. If the Republicans win again, all faith will be permanently lost for the majority of Americans.

Not like our mini-Bush in Canada is any better. If we had 1/4 the power of the US I'm sure he'd be invading and pilfering with no respect of the consequences either.
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Old 09-25-2008, 06:55 AM
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Re: The Bailout: Public Anger, Private Talks

News stories on this have got me too wound up for words. I can't even write a coherent post on it.
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Old 09-25-2008, 06:56 AM
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Re: The Bailout: Public Anger, Private Talks

It's delusional to think that only Republicans are to blame for this. I would hope that serious reform will come of this, including limits on lobbying and corruption in our government.

Harry
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Old 09-25-2008, 08:23 AM
Chuck Chuck is offline
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Economics 101

See http://wilk4.com/humor/humorm1.htm
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Old 09-25-2008, 08:26 AM
HCHCIN HCHCIN is offline
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Re: The Bailout: Public Anger, Private Talks

Why is everyone mad at Brian?
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Old 09-25-2008, 10:59 AM
Ratnose86 Ratnose86 is offline
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Re: The Bailout: Public Anger, Private Talks

Can the politics please.
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Old 09-25-2008, 11:17 AM
Chuck Chuck is offline
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Re: The Bailout: Public Anger, Private Talks

This site is about sustainability - generally the fuel in the tank of your car, but I see America having a problem with this on several fronts: fuel, enviroment, and financial.

On the desk of both Presidential canidates should be: "It's about sustainability - stupid"

The turmoil on Wall Street threatening Main Street is about unsustainable economics.

Historically we have swung from too much regulation to too little regulation (our present situation).

"The greatest thread to capitalism is unregulated capitalism" - J. D. Rockefeller (of all people)
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Old 09-25-2008, 11:33 AM
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Re: The Bailout: Public Anger, Private Talks

I don't see what's wrong with the free market as it is. A true free market would be allowed to correct itself. The banks that took on the bad loans and the investors that took on bad mortgage securities should pay for their bad investment. It is not the taxpayer's problem. And to think that this bailout will free up credit? Great.

Free up the opportunity so I can get credit. On my own tax dollars.

The government deficit and its runaway spending is bad enough without another $700 Billion just to bail out the banks. That's more than Iraq has cost us for five years.



And yes let's not turn this into a political Bush-bashing thread.
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