What is motivating congress to act quickly on this bailout plan? I do not remember congress people acting so quickly since they last voted themselves a raise.
The politics is very fascinating. Brad Sherman, a Democrat representative from California, appeared on TV on Thursday and Friday. In his district, he said phone calls were running 300 to 2 against. He also quipped that leadership had to get the bill passed BEFORE congressman got back to their district. He said if they face their constituents they could NEVER return and vote this kind of money for a bailout. I know nothing of California state politics and have no idea if he is running opposed or his seat is considered safe. Right now I am channeling Howard Beale. I think a lot of Americans are channeling Howard Beale, and are "As mad as hell, and not going to take it anymore." In the House, I think there are a lot of yes votes who are committing political suicide. Voters memories may be short, but it is longer the very few days left to election
And politicians! Judging by the amount of stuff they are trying to put in to calm the electorate this might need to be renamed from TARP to 'assisted receivership' 'pre-packaged nationalization'
Donna Brazille just said on CNN that she met with the Black Caucas last night. The fact that she met with them is an interesting fact in itself. She the members of the black caucas were concerned because their phone calls were running 99 to 1 against. In politics 55 per cent is a HUGE majority to go against. These politicians have NEVER been against something which the American people are so opposed to. I imagine on December 8, 1941 the numbers for going to war not even close to the kind of split we are seeing here.
Yes people are opposed to this and yet Obama is leading in the poles. Do the American people think that voting for Obama will give them less gov't? Less taxpayer help like paying for this "bailout"? If they are so mad then they should be voting Republican.
Yeah... like Gummint gives a CRAP about anything like this. Gummint serves it's own wants... at the public's expense... regardless...
If there are in fact $14T in mortgages and $165T in paper on those mortgages, what the hell does $700B do for the equation? Not very much. There's a whole lot more to it then "you might not be able to get a car loan if we don't do this" as idiots inside the beltway want us to believe. I see Warren Buffet is out tooting this thing this morning saying it will be worse then the Great Depression if Congress does not shaft us real hard and real quick. I worked for government when Hurricane Ivan went from a tropical depression to a Cat 5 hurricane in a three hour period. In emergency management meetings they told us max sustained winds were 285 mph (not a typo) and we (our town) was ground zero. They told the public max sustained winds were 185 mph to avoid mass panic. There are many more examples of our government lying to the people "for our own good." Don't believe for a fucking new york second that "you might not be able to get a car loan" if this treason does not get approved. There's much more to it then that. I say let it all fail and start over; only better companies with better practices will arise. We will be better in the long run. Throw Paulson in prison for life and let him make little rocks out of big rocks.