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Obama on the Bailout Plan | 13 comments (13 topical, editorial, 0 hidden)

Re: Obama on the Bailout Plan (4.00 / 3)

"The initial outlay of $700 billion" doesn't even begin to cover it, Steven.

The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities.
The U.S. Treasury submitted revised guidance to Congress on its plan late yesterday as lawmakers and lobbyists push their own agendas. The department also adjusted its plan to insure money-market funds to limit protection to balances as of Sept. 19, after complaints from bank lobbyists.
Officials made the changes two days after unveiling plans for an unprecedented intervention in financial markets. The change to potentially allow purchases of instruments such as car loans, credit-card debt and other devalued assets may force an increase in the size of the package as the legislation proceeds through Congress.

It's not just mortgages. It's the whole thing. Every possible bad asset. They are literally going for broke.

``The costs of the bailout will be significantly higher than originally considered or acknowledged,'' said Josh Rosner, an analyst with independent research firm Graham Fisher & Co. in New York. ``How, given these changes, can the administration and Federal Reserve believe they are being forthright in their unrevised expectation of future losses?''
Treasuries rose on speculation the Fed will cut interest rates to support the rescue plan. Two-year note yields declined 8 basis points to 2.11 percent as of 3:20 p.m. in Tokyo.

Forget hundreds of billions. Try several trillion...just for starters. And another interest rate cut?

This plan is the end of the dollar. The Dems have to stop it. Obama has to stop it.

More at Zandar vs. The Stupid.

by Zandar1 on Mon Sep 22nd, 2008 at 07:34:20 AM EST

Re: Obama on the Bailout Plan (none / 1)

One last big heist while the dollar is still worth the paper its printed on. Its a heroin addict asking you for money at gunpoint. I need heroin or everyone dies. What do we do? Try to get a decent bill and the addict shoots because he sick and out of time. This whole thing is setup along the lines of Mutual Assured Destruction.
But make no mistake I am very fucking pissed off at the greedy trickle down jerks that brought this upon us. No regulation let the markets do the job. How many times do we have to learn the lessons of the Great Depression not to mention Vietnam? Bill Maher is right we may be too stupid to have a democracy. For sure the politicians are too cynical and dishonest to lead a democracy.

"We have always known that heedless self-interest was bad morals; now we know that it is bad economics;" - Franklin Delano Roosevelt

by Salunga on Mon Sep 22nd, 2008 at 09:20:14 AM EST
[ Parent ]

Re: Obama on the Bailout Plan (none / 0)

Watch the gold prices. When they push past $1000 an oz again we'll know the tipping point is here.

John McCain hates my wife because she's a "gook."

by Steven D on Mon Sep 22nd, 2008 at 09:40:37 AM EST
[ Parent ]

Re: Obama on the Bailout Plan (none / 0)

Gold crossed $900 an ounce today, up $40. It was hovering around $775 this time last week, then jumpe to $900, then crashed a bit to $830, now it's back to $900 again.

Oil contracts are up $5 today too.

More at Zandar vs. The Stupid.

by Zandar1 on Mon Sep 22nd, 2008 at 12:21:25 PM EST
[ Parent ]

No, wait until either China or the European Union (none / 0)

or the Saudis start beating a hasty retreat from the dollar towards the euro, like Jay Z.

An untypical Negro

by blksista (gab1954@gmail.com) on Mon Sep 22nd, 2008 at 06:48:39 PM EST
[ Parent ]

Re: Obama on the Bailout Plan (none / 0)

the point here is Obama shows leadership - a detailed plan - while McCain does not know the difference between a Sell order and a Buy order.

One minute McCain blames Obama for this financial crisis and before he leaves the stage he blames Wall Street fat cats which I suppose should include his campaign manager....depends on which of his 13 cars he drove that day.

Well, "You can't vote for war and disown the results"

by idredit on Mon Sep 22nd, 2008 at 01:01:17 PM EST
[ Parent ]

Obama on the Bailout Plan | 13 comments (13 topical, 0 editorial, 0 hidden)

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