For anyone unclear on what is happening right now from About.com

[minteckers]

Why the Bailout Is Necessary

Tuesday September 23, 2008

Congress is now debating whether the taxpayer should pay $700 billion to bail out investment banks who purchased mortgage-backed securities that are in danger of defaulting. The bailout was triggered by an event last week that shows just how close the global economy was (is?) to a catastrophic

Comments

[lather2002]

Except for living up to It's (the U S government) promise to insure savings under the FDIC and any other similar existing promises that are already law, I think a "Bailout" is total rip off on American Taxpayers and goes against the principles of Capitalism/Free Markets. The end of the world will not come about if government does not get involved. The sky is not falling. Yeah, there will be many business concerns that will fail, cease to exist, but hey, tough titty. Over 30 billion in the last few couple of years were paid out to Greedy CEO's, some of which are supporting the likes Obama. Hell the biggest beneficiary of received political donations in the US Senate of Fannie Mae/Freddie Mac is Senator Dodd (Obama being the second), one of the Senators now deciding how much money is going to go to these same people. Anyway, whatever, what will be will be (a line from one of my favorite songs as sung by Doris Day, haha) and their ain't nothing the average American can do about it (including writing a long comment response to your above entry. LOLove.

[minteckers]

Normally I'd be right there with you in the tough titty crowd.

[lather2002]

Barney Frank and Chuck Schumer and their roles in the failure of Fannie Mae and Freddie Mac
For 16 years reformers in Congress have tried to improve oversight of Fannie Mae and Freddie Mac and prevent the government-chartered companies from putting the housing market and the whole economy at risk. All that time, Frank was involved in efforts to block those attempts, and in the last eight years he was a leader of those efforts.

Frank 'no crisis.' , The New York Times reported on Sept. 11, 2003:

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

But there was a crisis, thanks in large part to Frank, Sen. Charles Schumer and others on the leash of these companies.

*Since 1989, Sen. Dodd has received $165,400 from Fannie Mae and Freddie Mac, more than any other Member of Congress.
In just four years, Sen. Barack Obama (D-IL) has received $126,349 from Fannie Mae and Freddie Mac, more than any Member of Congress except for Sen. Dodd.
Since 1989, Sen. John Kerry (D-MA) has received $111,000 from Fannie Mae and Freddie Mac.
Since 1989, Sen. Hillary Clinton (D-NY) has received $76,050 from Fannie Mae and Freddie Mac.
Since 1989, House Speaker Nancy Pelosi (D-CA) has received $56,250 from Fannie Mae and Freddie Mac.
Since 1989, Rep. Frank has received $42,350 from Fannie Mae and Freddie Mac.

[minteckers]

Like I said, I don't know what *should* be done. I posted the above as reference for those that don't seem to understand what is even going on right now.

I am concerned about what would/will happen if nothing is done. Part of me wants everything to fail, part of me doesn't think that would happen, and the other part is terrified of what would happen if it did.

[lather2002]

Don't worry, be happy. You have your chickens, unless they freeze to death because of Christian not finishing building their coop before the first snow. ;)

[minteckers]

thanks

[kallistos]

Tar and feather all of these idiots, then unseat them for corruption, and ban them from future elected office.

At the same time we're tarring and feathering the CEOs.

[minteckers]

Yeah, these people didn't just magically materialize into office.

Not electing them again would be a bright step.

[lather2002]

Unfortunately they are from electoral districts that hate America and/or are comprised of Idiots.

[kallistos]

Unfortunately, gerrymandering makes many districts very safe...so designed to ensure the election of a D or an R...and they can appeal or run on the most ideological platform safely and act very partisan with impunity.

We're seeing both sides load this baby down with special add on riders trying to force through various ideological gimmies they've struggled over for over a decade. A D can say "Hey, it went south because they won't cap executive pay." An R can say, "Hey, the deal went south because they won't give up cap gains taxes." Then the inevitable finger-pointing begins...while their voters are kept tickled pink by their ideological purity.

[lather2002]

Nice

[minteckers]

OT

My habit of blasting PF every morning has long been neglected. Thanks for reminding me. :-)