If it’s such a crappy deal, then why are they voting on it?
(The Politico) In a closed-door session with House Republicans, Minority Leader John A. Boehner just called the financial rescue deal a “crap sandwich†– then said he’ll vote for it when it comes to the floor Monday.
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According to a source in the room, the plan has so far won endorsements from Minority Whip Roy Blunt, who negotiated it on behalf of the House Republicans; Eric Cantor, the chief deputy whip; and Paul Ryan, a hard-core conservative from Wisconsin who may hold more sway with conservatives on this issue than any other member of the House.
But like Boehner, Ryan wasn’t exactly happy about how things have unfolded. Referring to the situation facing the country – and not the bill itself – Ryan said, “This sucks.â€
This whole rescue plans stinks, in my humble opinion. Members from both sides of the aisle should take a look at the opinion polls on this matter, only 7% of the public feels the bailout is worth it. The Federal Reserve is going to step in and rescue Wall Street, all the while stockholders will get screwed and 401K’s will take an heavy hit (regardless of what they do).
From PolitickerCO.com
Seventh Congressional District Republican nominee John Lerew, a financial planner from Aurora, thinks Congress’ motivation to quickly bail out ailing financial markets is to reassure voters with investments before quarterly statements are sent out next week.
Slumping stock values seen on voters’ 401K and investment plans when 3rd quarter statements are released Sept. 30 would be “a rude awakening that (members of Congress) are artificially trying to prevent,” Lerew said.
“All they’re trying to do is buy time,” he said.
And in the process, they’re bailing out the billionaires. Do you see them bailing out people that have through-the-roof property taxes? Do you see them bailing out people that can hardly afford to fill up their gas tanks?
Forget about those too stupid to read the fine print on their mortgages, that was caused by the Community Reinvestment Act and former president Bill Clinton’s executive orders demanding banks to make bad loans to the poor folk that couldn’t afford them in the first place. They should break up Freddie Mac and Freddie Mae privatize them.
The Government does not need to be in the finance business, and we shouldn’t be subsidizing Chris Dodd (D) and Barney Frank’s (D) screwups and negligence.
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Dan,
I am going to play devil’s advocate here. When Lehman failed, the net wealth of American’s dropped $700 million.
Now is this the best plan…no, but the Republicans have done a decent job of making sure that the Dems didn’t get their pork added to this plan. Can I recommend something better…no…because letting the Banks fail is not an option. The problem Dan is this, most citizens are not educated in the financial industry, so they hear bad things about banks, then they go withdraw all their money and put it under a mattress. Those banks then FAIL and the government through the FDIC insurance program must make good on the deposits that were not taken out before the fail…so now the taxpayer is stuck footing the bill with no chance to recoup its losses.
This plan at a minimum shores up the publics faith in the banks that they will be around, which protects the FDIC and at least give the Government a chance to recoup some of that money that they are invested.
The Government of Hong Kong did this about 10 years ago and ended up profiting greatly from it. And that same thing could happen here.
And hopefully, because the banks have some security…interest rates should drop down to the Mid to Low 5% range, which in theory should spurn home purchases, which in turn will pull those sub-prime mortgages off the books because newer owners with better credit will own those houses. And the worst case is the government will renegotiate a lot of these loans into payments that the taxpayers can afford.
Now I realized there is a bunch of crap that is added on, but sometimes you have to take the Ugly with Bad…
“Bill Clinton’s executive orders demanding banks to make bad loans to the poor folk that couldn’t afford them in the first place.”
…Sounds like a bloody ENTITLEMENT to me.
And no “personal responsibility”required.
It used to be called scrape, scrounge and save…to EARN what you want in life.
The gov’t dumbs down the kids…then dumbs down the adults of those kids.
Sounds like plan…a really BAD plan.
I’d wager if “we” asked for ANY type of bailout, all we might get would be a bucket and a hearty “good luck” (if that), hmm?
B.G.