How messed up can it get?

[[AK]Hylander]

How messed up must the Bush Administration be in order for it to be in the situation where this is stated:

But as Obama and McCain left, officials and aides who had attended the meeting said the summit ended on a very low note.

"This meeting ended bad — real bad," one source told FOX News. Others described the tone as "angry" and "heated," saying Democrats were upset with House Republicans in particular who would not drop their opposition to the administration's proposal.

So you have Democrats upset that Republicans won't go with the BUSH ADMINISTRATION.

I find the irony in that extremely hilarious.

[[AK]Abaddon]

Bush is so desperate to save some scrap of a legacy that he'll allow the Dems to socialize the markets. The GOP rank and file want to see an "exit strategy" for this government intervention, so that we do not wind up with nationalized financial markets in the long term.

[[AK]Beaker]

To be fair. Bush isn't "going along with" the democrats. His administration started the federalization. The Dems didn't ask him to bail out Bear Sterns, didn't tell him to take over Fannie and Freddie and certainly didn't ask him to own AIG.


What you have is one of the world's leading experts on "The Depression" Ben Bernanke in charge, it was his PhD dissertaion that the depressionwas caused by illiquid markets. Soooo I can imagine him saying heck no not on my watch....

That's just my pop psychology though.

[[AK]Abaddon]

True, it's more a case of the Dems going along with Bush and trying to pad on as much more socialism as they can cram into the deal.

I'd like to see this resolved with a bailout plan that has a set date for a return to a free market economy.

Anyone remember when the looser lending standards were approved that led to this mess? Was it after 9-11 or before?

[[AK]Clay]

This whole thing is a mess, and to me undermines the principle of capitalism. Socialism for Wall St is still socialism. Pathetic that our Republican president is taking the lead on that.

[[AK]Squidly]

It's amusing (or shocking) to see Barney Frank front and center during this attempt at a deal. The guy has shot down every attempt to fix the problem for over 10 years. He has taken 10's of thousands of dollars in donations from Fannie Mae and was in fact dating a (male) executive there for many years.

Bill Clinton, yesterday on Good Morning America:

I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.

Love how he throws "or by me" in there. He just threw the Democrats under the bus. Lets see how hard the Obamamedia hits this meme.

And I see a lot of you complaining about "socialism." Unfortunately, the issue is so screwed up, the government has to take action. Now I agree that limits can and should be put on the duration to ensure that we don't end up owning this thing forever, but the Government will likely make a ton of money on this deal, so don't cry too hard.

[[AK]Bribo]

It's amusing (or shocking) to see Barney Frank front and center during this attempt at a deal.

Or Chris Dodd for that matter:

http://latimesblogs.latimes.com/lala...-la-grand.html

[[AK]Hylander]

To be fair. Bush isn't "going along with" the democrats.

Actually - he is. Bush made a proposal, Democrats made additions - Bush accepted them. So yes, Bush is going along with the Democrats. The fact that Bush's plan was as bad as the Democrats plan is irrelevant.

Fannie and Freddie are the love child of Democrats. They LOVE these organizations which is why they always received huge donations from them. Democrats love CRA - which had a significant part in this whole situation. I'm not absolving the Republicans of anything - but I am tired of the media portraying this as "Bush Policy" as the reasoning behind these problems. It's the Democrats who specifically killed a bill in committee (Barnie and Dodd) three years ago which may have prevented this mess.

The fact remains - the Democrats have the votes to pass this legislation and Bush will sign it. Why don't they if they think it's absolutely the right thing to do?

AND - Isn't it funny how the market took care of the failing WaMu without any government intervention? AMAZING, isn't it? </sarcasm>

[[AK]Beaker]

Without any government intervention?

That's not what I heard.
1) The big banks were leaned on pretty hard (by the government) to come up with a buyer
and
2) What do you think FDIC insurance and takeover is? cookies? Nope government intervention!

Now does this mean that the government regulations that are already in place provide protection? Sure I'll buy that. But don't kid yourself there was government intervention.

[[AK]Hylander]

No taxpayer dollars are being used to bail out WaMu. That's the point I was making. In fact, JPM is paying the FDIC about $2 billion to shore things up. JPM is also issuing about $10 Billion dollars in new stock to improve it's capital and liquidity position.

Anytime the FDIC seizes operations of any bank or thrift, it's going to have "government intervention" in the sale of the assets. But the taxpayers don't need to be the ones "buying" the assets.

I'm not sure what you are saying about the government regulations already in place... but they clearly don't provide protection when it comes to financial derivatives such as mortgage backed securities.

[[AK]Bribo]

Everyone needs to watch this video:

http://www.youtube.com/watch?v=_MGT_cSi7Rs

It's a bit long (8 minutes) but watch the whole thing. The blame for the Fannie Mae and Freddie Mac crisis can be placed solely on the Democrats and the crook Franklin Raines (who happens to be Obama's economic advisor).

At one point the Republicans are PLEADING for more regulations only to be rebuffed by the head-in-the-sand Dems.

[[AK]Hylander]

Everyone needs to watch this video:

http://www.youtube.com/watch?v=_MGT_cSi7Rs

It's a bit long (8 minutes) but watch the whole thing. The blame for the Fannie Mae and Freddie Mac crisis can be placed solely on the Democrats and the crook Franklin Raines (who happens to be Obama's economic advisor).

At one point the Republicans are PLEADING for more regulations only to be rebuffed by the head-in-the-sand Dems.

Yeah - it just amplifies the lies being spewed out from NObama's latest campaign add too regarding economics.

If that's not enough - If you believe in the right to bare arms, you better know his record.

“Do you support state legislation to … ban the manufacture, sale and possession of handguns? Yes.” (Independent Voters of Illinois/Independent Precinct Organization general candidate questionnaire, Sept. 9, 1996

“I’m consistently on record and will continue to be on record as opposing concealed carry.” (Chicago Tribune, April 27, 2004)

“I believe in keeping guns out of our inner cities and that our leaders must say so in the face of the gun manufacturers lobby.” Barack Obama, The Audacity of Hope (2006).

Obama voted to ban almost all rifle ammunition commonly used for hunting and sports shooting. (United States Senate, vote no. 217, S. 397, July 29, 2005)

Obama voted to uphold local gun bans and the criminal prosecution of people who use firearms in self-defense. (Illinois Senate, SB 2165, vote 20, March 25, 2004)

In his only two votes on confirming Supreme Court nominees, Obama voted against two of the five justices (Chief Justice Roberts and Justice Samuel Alito) who later affirmed an individual right to keep and bear arms in the case of District of Columbia v. Heller.

[[AK]Bribo]

Read this:

http://pajamasmedia.com/rogerkimball...at-depression/

When Pelosi cries that the Bush administration and Republicans are to blame for this mess I'm surprised her nose doesn't start to grow. The Republicans have been trying to correct this situation for some time before it boiled over.

[Slaughter]

Pelosi did a good job of making her self look retarded before the vote on the bill today...

http://www.breitbart.tv/html/184803.html

[[AK]Choozoo]

welcome to the 'Great Correction'.