Just Incredible!

[bills_fan_in_raleigh]

At a press conference a little while ago, Republicans said that Obama walks in and basically the first thing out of his mouth to Paulson is "The Republicans are screwing this up, aren't they?".

 

Just heard Dodd saying that this problem is been brewing for years and that it is a man-made problem. Pretty ironic him saying this because he and Frank are the two main men blocking the reform.

Listening to Rush today I see

[molson_golden2002]

And now for something completely different:

 

The director of the Congressional Budget Office said yesterday that the proposed Wall Street bailout could actually worsen the current financial crisis.

 

During testimony before the House Budget Committee, Peter R. Orszag -- Congress's top bookkeeper -- said the bailout could expose the way companies are stowing toxic assets on their books, leading to greater problems.

 

"Ironically, the intervention could even trigger additional failures of large institutions, because some institutions may be carrying troubled assets on their books at inflated values," Orszag said in his testimony. "Establishing clearer prices might reveal those institutions to be insolvent."

 

In an interview later yesterday, Orszag explained using the following example: Suppose a company has Asset X, whose value is recorded on the books as $100. Because of the current economic decline, Asset X's real value has dropped to $50. If the company takes part in the government bailout and sells Asset X for $50, the company has to report a $50 loss on its books. On a scale of millions of dollars, such write-downs could ruin a company.

 

Such companies "look solvent today only because it's kind of hidden," Orszag said. "They actually are insolvent" already, he said.

 

http://www.washingtonpost.com/wp-dyn/conte...ml?nav=hcmodule

[Wacka]

Happened to hear both of these on the news today. The news happened to be on during Rush's show.

[Wacka]

OK. Rush sucks, we get it.

What about the question?

 

Hey Dems, What about the question?

[DC Tom]

I'm only kinda on board with DC Tom.

 

The problem for me is that it sets a tough precedent if spending 700 billion doesn't have enough oversight. I like that there are more strings tied to the second 500 billion than the first 200. I wonder why they don't just release the 200 billion now with the conditions already on it and continue to then fight over the remaining 500 and the additional conditions on that money. That would inject a lot of money to get over the immediate issues and get the rest of the money out in the next few weeks.

 

All this wrangling is just so everyone can say, "We did it and the other guy stood in our way." And then if it gets screwed up, "See, if they had just listened to us, we wouldn't be in this mess."

 

As for who's scoring points right now in the pres. race, I think McCain looks like a complete tool. I'm skipping the debate to be a Senator and bring us all together. Whups. I'm in DC but can't bring the parties together. Whups, let's have that debate now. Looks like an impulsive-acting guy who can't get people to the table at all. Meanwhile, the Congressional Dems are working with Bush (!) to get the deal done and Obama has been steady.

 

That was my thinking too. It's not like $700B is going to flood the capital markets in one shot anyway. Go with $200B immediately, and buy some time to argue about whether the chestnut carving industry should be bailed out or not. It's like these idiots are so used to debating buckets full of trivialities that they can't focus on one single task in front of their face. I actually feel bad for Paulson...he can't get Congress to concentrate on the one thing they really need to focus on.

[Johnny Coli]

Hey Dems, What about the question?

So, what you're Rush is saying is that it's a bad thing that the Dems want to get the GOP members of Congress on board with a plan that will have a significant impact on the US and the Global economy. A bipartisan solution is now a thing to be scorned? That's an interesting take.

[Wacka]

If their plan is so good, why not pass it right now? There are big problems with it and they want the republicans to put down their principles of country first and OK their plan.

 

From Harry Reid (D-traitor), he said that Mc Cain talked last and according to him: " He mumbled something I couldn't understand".

How could McCain "blow up" the meeting if he talked last.

 

More dem BS of "We want to be bipartisan". but when it comes down to it it is always our way or the highway.

[Johnny Coli]

If their plan is so good, why not pass it right now? There are big problems with it and they want the republicans to put down their principles of country first and OK their plan.

 

From Harry Reid (D-traitor), he said that Mc Cain talked last and according to him: " He mumbled something I couldn't understand".

How could McCain "blow up" the meeting if he talked last.

 

More dem BS of "We want to be bipartisan". but when it comes down to it it is always our way or the highway.

So, you'd rather they just ram it through without GOP participation? Sorry, I'm trying to see how asking the GOP members of Congress to help pass a bipartisan piece of legislation regarding a crisis of this magnitude is making the Dems look bad.

[GG]

While Nero fiddles, the commercial paper market burns.

[taterhill]

man this is a mess....too many egos

[John Adams]

If their plan is so good, why not pass it right now? There are big problems with it and they want the republicans to put down their principles of country first and OK their plan.

 

From Harry Reid (D-traitor), he said that Mc Cain talked last and according to him: " He mumbled something I couldn't understand".

How could McCain "blow up" the meeting if he talked last.

 

More dem BS of "We want to be bipartisan". but when it comes down to it it is always our way or the highway.

 

Don't you think it would be bad, in terms of this being in some part a crisis of confidence, if the bill passes with the Dems and the Repubs started crying like Dwight Drane that the sky is going to fall? Do you think that kind of thing will restore or undermine confidence in the market?

 

The lack of bipartisanship will not help matters. Sometimes it's more important to stand shoulder to shoulder. How the Republicans don't see this is beyond me. Turning it into a political prank is !@#$ing us all, but them even worse.

[Wacka]

I want a bill that that will help America, not Acorn or any partisan groups. The bill that has been written is basically written by the dems with little or no republican input. Obama should have started his talk at the meeting with a "this is what we agree on" discussion and then said lets discuss the rest. Instead he looks at Paulson and says "Republicans are screwing this up" For dems "bipartisanship with Republicans" means BOHICA. What do you expect that the Republicans are supposed to do?

 

Like I keep repeating, if their bill so good, why not pass it now???

[molson_golden2002]

I want a bill that that will help America, not Acorn or any partisan groups. The bill that has been written is basically written by the dems with little or no republican input. Obama should have started his talk at the meeting with a "this is what we agree on" discussion and then said lets discuss the rest. Instead he looks at Paulson and says "Republicans are screwing this up" For dems "bipartisanship with Republicans" means BOHICA. What do you expect that the Republicans are supposed to do?

 

Like I keep repeating, if their bill so good, why not pass it now???

The Bush Administration wrote it and the Dems modified it

[GG]

Don't you think it would be bad, in terms of this being in some part a crisis of confidence, if the bill passes with the Dems and the Repubs started crying like Dwight Drane that the sky is going to fall? Do you think that kind of thing will restore or undermine confidence in the market?

 

The lack of bipartisanship will not help matters. Sometimes it's more important to stand shoulder to shoulder. How the Republicans don't see this is beyond me. Turning it into a political prank is !@#$ing us all, but them even worse.

 

The issue is that one side is trumpeting fear that a bailout must happen now, while the other side is trumpeting fear that the bailout is unnecessary and is socializing the US.

 

If the bailout doesn't happen, DD will be more right than he's wrong.

[DC Tom]

The issue is that one side is trumpeting fear that a bailout must happen now, while the other side is trumpeting fear that the bailout is unnecessary and is socializing the US.

 

If the bailout doesn't happen, DD will be more right than he's wrong.

 

You know, I'm starting to warm up to the possibility. Maybe a little violent upheaval to thin the herd...

[John Adams]

I want a bill that that will help America, not Acorn or any partisan groups. The bill that has been written is basically written by the dems with little or no republican input. Obama should have started his talk at the meeting with a "this is what we agree on" discussion and then said lets discuss the rest. Instead he looks at Paulson and says "Republicans are screwing this up" For dems "bipartisanship with Republicans" means BOHICA. What do you expect that the Republicans are supposed to do?

 

Like I keep repeating, if their bill so good, why not pass it now???

 

Stop parroting Rush (bringing up Acorn, I'm sure, is straight from him) and think (or give it a shot): Your question was answered.

 

http://www.stadiumwall.com/index.php?s=&am...t&p=1146381

[John Adams]

You know, I'm starting to warm up to the possibility. Maybe a little violent upheaval to thin the herd...

 

You sound like Jefferson. We need some blood to fertilize the field?

 

I just want to pick who gets to bleed.

[molson_golden2002]

You sound like Jefferson. We need some blood to fertilize the field?

 

I just want to pick who gets to bleed.

Just give me a head start so I can at least have a chance to hide John!

[GG]

You know, I'm starting to warm up to the possibility. Maybe a little violent upheaval to thin the herd...

 

The friggin herd that's the most vocal about it are the ones that will get culled first. Do we all need to turn into Dwight Dranes to get the urgency across? How in the friggin world is starving the financial markets of capital going to prevent the depression?

 

If someone can exactly explain of how the process of letting the system work its way out and we will be stronger in the end will actually work during the work out stage that would be grand. I don't need an opinion from a drunk uncle in a bar. Let's hear from a bona fide bankruptcy attorney who will be overseeing the shreds of the system being worked out. This is like arguing for the use of a nuclear bomb, because it's a more effective weapon.

[DC Tom]

So, what you're Rush is saying is that it's a bad thing that the Dems want to get the GOP members of Congress on board with a plan that will have a significant impact on the US and the Global economy. A bipartisan solution is now a thing to be scorned? That's an interesting take.

 

It's not a bad question. It's already got support of the Democrats in Congress and the Republican White House, so it's hardly partisan. The Democrats can pass this on their own without threat of a White House veto. They can freeze the Congressional Republicans out completely. If the bill's a good idea (and I think it is), they should push it through and paint the Republicans as obstructionist !@#$s.

 

The only two reasons I can see not to do that are 1) the Democrats themselves are playing partisan election year politics, afraid that the bill would turn out to be wildly unpopular and tank Obama's election chances, or 2) they're afraid some Democrats would break with the party line and vote against it, the bill wouldn't pass, and the entire global economy goes in to the shitter.