Money Beat

The democrats did everything to stop a bailout when they saw the economy tanking was helping Obama and the democrats at the polls. When McCain announced his decision to go to Washington DC, the democrats tried to claim that the deal was done before he even arrived. They tried to accuse McCain of not delivering votes or not showing leadership. Harry Reid lost all credibility as a Senate Majority leader.

The problems occurred because democrats forced Fannie Mae and Freddie Mac to loan money to risky mortgages for black americans who could not put down the down payment or have jobs. They asked lenders to consider welfare payments as income.

Barney Frank and his democratic buddies took millions of dollars from Fannie and Freddie.

Ex-CEOs of Fannie and Freddie are Obama advisors.

The economic is in the tank because of the failed policies of the democratic party and Obama's policies.

look at the URL: http://www.realclearpolitics.com/video_log/2008/09/fanniefreddie_timeline.html

Your forget that the credit swaps and leveraging was the real issue.

If Lehman would not been allowed to leverage 90 times to captial, the sub prime mess would have had a much smaller impact.

The de-regulation created by the republicans was the culprit of this.

There is some truth to Fannie and Freddie being a cause but the main cause that put us in this mess is leveraging and credit swaps which has nothing to do with Fannie or Freddie.

Please go back to your republican cave.

If we hadn't been LIED TO by the government as to the true state of the economy, like, back in JANUARY when we were being lulled into a false sense of security, the cost of this would have been alot less.. both parties let us down in the "honest communication" department.

As of right now this was a very very bad omen

Roger Miller and Matt both have valid points just on opposite side of the political lines.
The real reason here is GREED. Now, both parties have greedy self serving bastards in them. Its alright to point out who screwed up when it furthers your political agenda, but come on....A lot of people are hurting because of this its now time for both sides to shut up, grow a pair and fess up to what they did and more importantly what they failed to do. I am seriously tired of all the he said she said business. Politicians listen up, do your damned jobs. That being protect you constituents.

The house Repubs voted against the bill...so why are you blaming it on the democrats? Some people are so blinded by party that intellect excapes them...Palin said the bailout was about healthcare anyway...

What Daniel Said!

I am sick of this bullsh*t too. As my mother is so fond of saying, mothers all round the world,

"I dont Care Who Started it!"

A bad Omen? No a Validation to our Worst fears. We have been screwed, blued and tattooed.

You can not just blame the Democrats. Everyone in Washington are to blame. Including the President. Focus was on to many things at a time. The War they let happen. Gas prices they all let happen. Health care issues. They all let go on for to long. The Good old boys are incharge here. And we are paying the price for all they have done. Just for once I wish they would LISTEN TO THE PEOPLE! Not their friends in Washington. Nor their advisors. The People of the UNITED STATES FOR THE PEOPLE! Not FOR THE PRESIDENT AND ALL THE GOOD OLD BOYS! And the problems they want to solve. I SAY SOLVE THEM ALL AND STOP WASTING OUR TIME! YOU PAY PRESIDENT BUSH YOU CAUSED IT! DEAF EARS AND ALL! DO NOT SWEEP IT UNDER THE RUGS!!!!

"The problems occurred because democrats forced Fannie Mae and Freddie Mac to loan money to risky mortgages for black americans who could not put down the down payment or have jobs." RogerMiller

I believe you are incorrect in saying this. You should be ashamed. The Dems wanted these bad loans to go out to all Americans no matter race that could not be approved before for a loan.I am not saying it was right but I don't believe race had anything to do with it. We are in a mess that our government has no clue as to how to get us out. I for one think they should just leave it to the people to bail themselves out.

The only "bailout" that is fair to all is to allow the Feds to make MARKET "offers" to buy whatever they want to buy. This will stimulate an auction with private capital who just might want to purchase the same things at "market". Then the Feds can back off and let the market do its thing. IF there are no other offers, AND the Feds buy at "market", however discounted that may be, at least the American Taxpayer will have a chance to make some money while dealing with the problem in a correct manner. The bailout is a GOOD idea, ONLY if done right.

"...because bells meeting NYSE specifications hadn’t been made in quite some time, the bell’s manufacturer had to bring employees out of retirement to do the job..." Nice to see the NYSE has some regulations in place..

I'm buying stock in Ramen noodles.....

A Near Tragic Truth:

How much of the American economy is directly or indirectly dependent upon military spending of all kinds? How much of the American accumulated national debt can be attributed to military spending of all kinds, both direct spending and indirect, including the interest on that portion of the national debt?

Has this financial burden impoverished America and many Americans to the point where hundreds of thousands of families could not afford decent health care, education or finance a home mortgage?

Was the failed mortgage scheme created to mollify those vast numbers who could otherwise rise up and refuse to continue to support a military based economy?

It is time for some deep soul searching in America and a re-discovery of essential and real values. The abject failure of "Corporate Government" to achieve anything close to harmony amongst People, Nature and Business, is proof that the underpinnings of healthy, prosperous and sustainable community have been dangerously eroded.

America is a cornerstone of democracy, efficient markets, capital economy and social justice. These attributes are the essence of a great nation and its peoples' resiliency. Pray God to Bless America and to help Her Assert Her True Self.

Yes, I am Canadian, and pray with you for the strength and wisdom to learn from our tragedies. We are children of the same mother.

John Hague
Gabriola Island, BC, Canada

Roger Miller: What do you mean "black americans"? You should get your facts straight before making such a racist comment. White americans are the largets % of people getting state aid. You would know that if you read statistical information. Apparantly you can only read "bullets" of information posted on the web.

The real truth is that our current form of election has led us to this mess. Throw them all out. Both parties are in this up to their cocktails. If the government was there to serve the people and not themselves and special interests, this would not have happenned. This is not the only example. We cannot say we have a failed Health care policy or energy policy because the truth is we do not have a plan or policy for either.

The only complete position or policy we have is a tax policy.

Prediction - Form 1040 for 2009 -

Line 1 - How much was your total income in 2008 _________

Line 2 - Send it in. __________________

Democrats and Republicans are both to blame. But let us not limit the fault to politicians. Too many Americans have been living far above their means and the political parties have been enablers. As for the Democrat claim that under Clinton all was fine. What about Global Crossing and Enron???? What about the 1999 stock collapse? Clinton's "surpluses" were Enron's profits...fits of fantasy. This problem has been in the works for decades and it is not helpful for self serving politicians to be pointing fingers instead of solving problems.

Roger Miller: From a white american accountant - you make me sick. This whole mess that risks taking was made up by lack oversight, poor accounting, cover ups, greed done by lots of companies that tried to make more money by taking bigger risks. Now that these companies fell on their faces, they want us to pick them up like a crying 3 year old. The politicos wish they had the power to cause this much mess let alone solve it.

Excerpts from an article in Time Magazine for Roger Miller

Welfare: A White Secret
By Barbara Ehrenreich

Out with it, friends, the biggest secret known to whites since the invention of powdered rouge: welfare is a white program. Yep. At least it's no more black than Vanilla Ice is a fair rendition of classic urban rap.

The numbers go like this: 61% of the population receiving welfare, listed as "means-tested cash assistance" by the Census Bureau, is identified as white, while only 33% is identified as black.

The sneaky thieves who really run our government, our treasury, and our economy obviously have a flair for the dramatic-- "coincidentally" omitting the opening bell on the worse trading day on record. They obviously enjoy letting the Wall Street jockeys know who's actually pulling the strings.

Wut a surprise

we should not bail out thses sob's. they got themselves into this mess then let them get themselves out of it. many of america's hard working citizens are hurting right now. congress should not add more to the heavy burden they are carring. every single congressman and senator that votes for this bailout should be voted out of office. maybe they can apply for a job on WALL STRRET.

I believe that the markets have been intentionally crashed in order to push forward a more centralized and controlled banking system, that will ultimately lead to a cashless society. We're probably pretty screwed, but who knows what miracles might happen. I would advise keeping a clear head, while watching this develop. Don't panic, process the loss, then turn to a higher source of power or insight to lead the way. Things have to fall apart before they can be rebuilt. Were you really that happy as it was?

I remember my father 50 yearse ago he did graduate in finance and organised the bank in Europe. He told me that the bank must be very strong and control the process of giving money (each dollar) to people as well firms.We used to trust banks.But now, it is a big mass.

Today: You can see a lot of (milions)families without good incomes did take big credits, loans for expensive houses, new expensive cars, spending a lot of money for luxury vacations, expensive furnitures, etc. You can not have $30 000 income/year and spent $150000/year due to the bank credits and loans.You can not have 5 credit cards and making just down paiments and keep credit of up $50-100000. The bank must not give loans for $300 000 of person with the income 40000/year. He/she can not paid each month the mortgage of $3000 or more and have monthly salary of $2000 (for food, gas,children, etc.). I was stressed when I learned that 20 years young student without income has credits up $40000 to buy a luxury car. It is an easy calculation. Have income, take a loan. Make a work and income, buy a house. Have money, buy a car.No income,live good life with a limited credits and try to work for better income. Personal responsability is very important and noobody is speaking today about it. Everybody accused the political parties.

How did the old bankers? Old bankers saved the money, for this Europe and USA did progress. Today we are spending and spending and not for our real needs, but we not saving for the crisis situation, as this today.

I am not agree that democrats or republicans have a big wrong for this crisis. NO. The big wrong is in executives of banks, companies,markets, investors, responsible for the finance.More big wrong is in the people who did not manage their capacity to afford loans or credits. If both keep watching in strong and responsible way the distributions of their money, if they have the best control and regulation - in each bank, in each bransh, in each house - it will not be this worse picture you see today.

Ezample: Many of companies which did this big mass used to paid very good salaries up $250 000 for young people (without large experience) and up $750000-1 milion for adults with experience.Did they reserved those salaries? Did they control the money? Now, some of them have not money for the salaries and part of bill of 700 bilions will go for them. It is not a fair treatment of taxpayers. Is it the "ballon" of a hugh investment "revolution" in the world.

The first step is on the levels of all executives which banks or companies have financial problems. If they will continue in the same manner it will make the further disasters in economy, it will be more worse.You can put more, ask the Congress for 700 trilions $$$$ support, but you can not help if the financial system is not set up as a system of responsible banks/companies before 20-50 years (the bank my father did it). The financial discipline is a basic lesson you start to study finance in the University. Thanks for your attention.

Let's face it: we have a corrupt government on BOTH sides, going back many, many years.

I want to know how we find a leader who will represent the Constitution as it was meant to be represented, and get us out of this mess?

Were supposed to jut believe everything they say? Take them at their word? Congress, the administration, government in general took us for a ride. Both partys took incentives from Oil, Banks, Pharmaceuticals, big religious groups, etc. They sold us out for the buck. They turned their back on maintreet and looking for someone to blame. Yet they till point at other for these problem. From oil prices bleeding us, medical costs barely being met, interest rate siphoning every last dime we have we are now supposed to believe them? Feel sorry for them? We need to account for every dime that is spent in this bailout. We have no way of knowing how the money is going to be dispersed. Who is going to get the money? Are the people these institutions lend money to deserving or are they cronies of this administration? I don't agree with a blank check but I also don't agree with the Republican leader blaming Pelosi for the initial failure because of her speech. That was a gutless way out. Both parties, the administration, big business, all deserve the blame for this one. Even though we had 8 years of Bush, was there any oversight into the economy? Did any politician of either party get up and speak out other than a few lines on page 10 of the WSJ? We need politicians who are for the people who elected them. We need politicians free from lobbyists. I blame lobbyists and big money as much as Washington. We need laws to control lobbyists. We need stiffer penalties for both lobbyists and the politicians who sell out their constituants for a few bucks.

Are we forgetting why people couldnt pay their mortgages? Consistenly increasing gas and food prices. How dare you blame it on people trying to live the American dream. They couldnt have got the loans unless someone of so called "expertise" approved it. Wake up America!

Hey Pelosi: Google this: "Community Reinvestment Act" (1995) The DEMOCRATS added massive new provisions that FORCED banks to issue 1 trillion in new "Subprime Loans" (or pay big penalties) Google this: In 2003 the Bush Administration recommended major overhauls in the Housing Finance Industry but the Democrats tried to stop it... Google this: 2005 John McCain Warned of Mortgage Collapse Co-sponsoring a Bill "The Housing Enterprise Regulatory Act" of 2005 www.govtrack.us. Bill S-190 but DEMOCRATS blocked it. It came back in 2007 but Fannie Mae had friends - (Dodd, Johnson, Rains, Obama, etc...) "Change you can believe in?" LOL.. Sweetheart Loan, Sweetheart Deals... ... Google this: "Center For Responsive Politics" www.opensecrets.org Do we want those who were part of the problem to now be overseers in the solving of the problem? ---Greg------http://us.imdb.com/name/nm2734923/

kinda scary but neccessary i feel.

I can't afford another rescue pkg....congress tried to bully their way into my pockets by fear...again!!
The markets will rid themselves from greed and evil, then they can borrow my money.

This is USA, not USSA!!!

"I believe that the markets have been intentionally crashed in order to push forward a more centralized and controlled banking system, that will ultimately lead to a cashless society."

Quite possibly. The late Aaron Russo claimed he was told this was the goal of the financial "elite", and that 9/11 was also part of this plan.

http://michaelfury.wordpress.com/2008/09/24/as-wall-street-is-transformed-a-reminder-from-aaron-russo/

Who's to blame (In my mind)

1.) The people who took mortgage based on the job that "they will have" and not what they have now. Belief that tomorrow will pay for today.

2.) Banks that made the loan. They can look at the information they provide and know that there is no way these people can reasonably the mortgage they're looking for.

3.) The people who bought properties, waited a month and inflated their prices. They didn't CAUSE the problem, but they did help inflate it by inflating prices.

4.) The people who created the Mortgage-backed-derivative. This was like a used car salesman putting a shinny coat over a rusty car. Looked good to buyers, but in reality, it was just waiting for a swift kick to for it to fall apart.

5.) The people who were supposed to regulate this bloody mess. There was no 'red flag,' this might as well been painted bright red and had flashing neon signs saying "DISASTER WAITING TO HAPPEN! GET READY FOR A GREAT SHOW WITH FIREWORKS AND BLOW-UPS!"

I also blame that attitude "Just because I can't afford it doesn't mean I shouldn't have it!" All of you people who subscribe to this belief, please wake up to reality, or get in a nice line so that some sense can be 'instilled' into you.

It is absolutely amazing to me how people are so quick to blame one party or the other. The fact is, the US government is BY the people, FOR the people and the fact the plan failed to get passed is evidence of that. Leaders felt their jobs were on the line if they voted to bail out wall street. See how that works. The inaction of American Citizens is to blame for this mess (all of us). BTW, in case you were not paying attention yesterday, a bailout was given to US automakers while we watched our 401K plans disintegrate. Get with the program people! Citizenship is not a spectator sport!!

how can any upper management truthfully state they didn't know what was going on ?
How were welfare recipients,ssi/ssd payees supposed to payback these 100% financed loans ?
why ARE FHA ads still running ? you know,"no credit ? bad credit ?...NO PROBLEM ? 100% financing available with NO MONEY DOWN !!!!!"NO SOCIAL SECURITY NUMBER !-is this a joke or something ?

2 times bush attempted to rein in the FHA and it was blocked.and this brings up the issue of our atty gen.,A.Cuomo,who was the head of HUD and left it in a mess,and NOW will be part of the bank fraud investigation ? c'mon,please ?

This was deliberately done to bring in a new form of governmet,socialism .
Now obama / oboMbaites will continue to shriek about all their freebies. How would this ever be possible as most Americans refuse socialism and now the nation's under financial stress ?

Already this nation's forgotten about July's home mortgage industry bailout--congress decreed that we the people are now basically co-signers of these foreclosed sub-primes therefore making US payees. How was THIS ONE MISSED ?300billion for that one.
we're also bailing out the auto industry.
anyone remember voting on the forced redistribution of OUR incomes via taxes for these things ? How many are even AWARE that this was DECREED by our esteemed politicians ?
so in plain english--no wall street bailout. If we have to fish from the east river to eat,trade/barter,etc--WE don't care.

Please be sure to NOTIFY all you come in contact with as they might think this bailout was already defeated to get on the phone,eMail and fx their wonderful ,righteous representation .
obviously we're already nothing more than dhimmi slaves.

Why doesn't con-gress decree that all employees send their bonuses,commissions,severance pay golden parachutes,etc immediately into a new bailout plan fund ?
why not ?
Why are we paying for their deliberate actions ?

If we could look at this whole thing in the spiritual sense,it is a massive shakedown saying to mankind..HEY WAKE UP DUMMIES MONEY IS NOT YOUR GOD!!!OR I AM GOD AND THERE SHALL BE NO OTHER gods BEFORE ME! something like that!