AMERICAblog: Congress approves bail-out, Bush signs it, Krugman says all not well
potegavscina
· 1 year ago
Changing of the Minds *(Washington Post)
According to House records, the following is the list of Representatives who changed their votes to YES on the bailout package. An (R) denotes members of the Republican party.
Neil Abercrombie, Hawaii Rodney Alexander (R), Louisiana Joe Baca, California J. Gresham Barrett (R), South Carolina Shelley Berkley, Nevada Judy Biggert (R), Illinois Charle Boustany Jr. (R), Louisiana Bruce Braley, Iowa Vern Buchanan (R), Florida Andre Carson, Indiana Emmanuel Cleaver, Missouri Howard Coble (R), North Carolina K. Michael Conaway (R), Texas Henry Cuellar, Texas Elijah Cummings, Maryland Charles W. Dent (R), Pennsylvania Donna F. Edwards, Maryland Mary Fallin (R), Oklahoma Rodney Frelinghuysen (R), New Jersey Jim Gerlach (R), Pennsylvania Gabrielle Giffords, Arizona Al Green, Texas Mazie K. Hirono, Hawaii Pete Hoekstra (R), Michigan Jesse L. Jackson Jr., Illinois Sheila Jackson Lee, Texas Carolyn Kilpatrick, Michigan Joseph Knollenberg (R), Michigan John R. Kuhl Jr. (R), New York Barbara Lee, California John Lewis, Georgia Harry E. Mitchell, Arizona Sue Myrick (R), North Carolina Solomon Ortiz, Texas Bill Pascrell Jr., New Jersey Ed Pastor, Arizona Jim Ramstad (R), Minnesota Ileana Ros-Lehtinen (R), Florida Bobby L. Rush, Illinois Adam Schiff, California Jean Schmidt (R), Ohio David Scott (GA), Georgia John Shadegg (R), Arizona Hilda Solis, California John Sullivan (R), Oklahoma Betty Sutton, Ohio Lee Terry (R), Nebraska Mike Thompson, California Mac Thornberry (R), Texas Pat Tiberi (R), Ohio John Tierney, Massachusetts Zach Wamp (R), Tennessee Diane E. Watson, California Peter Welch (VT), Vermont Lynn Woolsey, California David Wu, Oregon John A Yarmuth, Kentucky
Jerry Weller (R), Illinois. (Did not vote the first time.)
-- Michael S. Rosenwald and Sara Goo
OlderButWiser
· 1 year ago
In a word, yes.
Watch the layoffs increase...4 companies in NC are laying off this month and next, including 700 at Hanes. It's going to be a blue, blue xmas, not to mention that Obama will inherit a depression.
I always felt Bush would bankrupt the country. He set up the Dems to inherit his criminal mess.
hawkseye
· 1 year ago
Yes, I predicted that he would take us over the financial cliff in 2003. I wish I had been wrong. Lots of people have been hurt.
Webster
· 1 year ago
This is just the new equivalent to the Iraq War only lasting a few days and costing only a few million dollars.
Fasten your seat belts.
nsr
· 1 year ago
So now you're saying it was a bad idea?
Wild_Weasel
· 1 year ago
In the beginning there was a massive meltdown of America’s financial system.
Then came Wall Street’s plea for the federal government to help . . . the same federal government that they once decried and said they wanted to shrink to the size where it could be drowned in a bathtub.
Then Treasury Secretary Henry Paulson--a former Wall Street CEO--came up with a Bailout Plan for his Wall Street buddies.
But the Bailout Plan was without substance, except for a proposal that asked America’s taxpayers to fork over $700 trillion to Paulson with no strings attached.
But Paulson’s assumptions were without form. Darkness was upon the face of the career civil service workers at Treasury.
And the workers at Treasury spoke amongst themselves saying: "It is a crock of shit and it stinketh!"
And the workers at Treasury went unto their Supervisors and said: "It is a pail of dung and none may abide the odour thereof!"
And the Supervisors at Treasury went unto their bosses—who were political appointees—and said: "It is a container of excrement and it is very strong, Such that none may abide by it!"
And the political appointees went unto Treasury Secretary Paulson, saying: "It is a vessel of fertilizer and none may abide its strength!"
And then Paulson and his inner circle of Treasury staff and Wall Street insiders spoke amongst themselves saying unto one another:
"It contains that which aids plant growth and it is very strong!"
And Paulson gave counsel unto the U.S. Congress saying unto them: "It promotes growth and it is very powerful!"
And the Congress went unto the President of the United States saying unto him:
"This new plan will actively promote the growth and vigor of America with powerful effects!"
And President Bush looked upon the Bailout plan and saw that it was good. And so the Bailout plan became policy.
And that's how shit happens.
hawkseye
· 1 year ago
What's the matter with Krugman. He was for it in a sort of lukewarm way, and now he's against it?
maudegonne
· 1 year ago
After Enron's implosion, everyone talked about how important it was to be able to understand how a company makes money. Now raise your hand if you understand how a modern financial services firm makes money. No hands? The truth is, there is no way to understand. These companies are as opaque as Enron. Just as Enron had off balance-sheet vehicles - SIVs - that allowed it to book earnings and hide debt, Citigroup and other financial institutions had structured investment vehicles that did the same. Indeed, Citigroup had to take almost $50bn of SIVs back on to its balance sheet after they ran into trouble. It would be nice if the accounting rule-makers would grasp this basic tenet: if they want to hide it, we want to know about it. http://www.guardian.co.uk/commentisfree/2008/oc...
maudegonne
· 1 year ago
Presidents get credit here for the job growth from the month they took office (January for those who were elected) to the month they leave office. The George W. Bush figures will of course change during the remainder of his term, but given the current recession and the probability that next year’s benchmark revision will also be negative, the final figures are likely to be even lower.
1. Johnson +3.6% 2. Carter +3.3% 3. Truman +2.7% 4. Clinton +2.6% 5. Reagan +2.3% 6. Nixon +2.1% 7. Kennedy +2.0% 8. Ford +0.9% 9. Eisenhower +0.5% 10. George H.W. Bush +0.41% 11. George W. Bush +0.35% http://norris.blogs.nytimes.com/2008/10/03/one-... ents
Andrew
· 1 year ago
If as Congress says this is the best we can do, then here’s something to ponder ladies and gentlemen……
The bail out is a done deal and the president signed it within 12 minutes. But?!?! Looking at market reactions over the last few days ( and I’m just thinking out loud here ) the U.S. Senate negotiated the bill Wednesday evening. Word gets out around the world and the Asian markets nose dive on the news as does Europe and then the DOW bombs 355 points on Thursday. The bill hasn’t changed much from the Senate to passage in the Congress. This time the announcement was made before the markets closed and the DOW was up just over 300 points. The news comes out, and bang, we see a 460 point turn around to close down about 160. So, I ask all of you great minds, what do the US and International markets see which would cause them to drop first after the Senate passes this garbage and then the same thing happens after the Congress passes the bill? The opening of the markets in Asia this Sunday evening may give us a clue. Something tells me we’re in for a bumpy ride. Something just smells in the market place and it must be stinking things up pretty bad if the markets are reacting the way they have been for the last few days every time this bill advanced. Something wicked this way comes?
All Comments
According to House records, the following is the list of Representatives who changed their votes to YES on the bailout package. An (R) denotes members of the Republican party.
Neil Abercrombie, Hawaii
Rodney Alexander (R), Louisiana
Joe Baca, California
J. Gresham Barrett (R), South Carolina
Shelley Berkley, Nevada
Judy Biggert (R), Illinois
Charle Boustany Jr. (R), Louisiana
Bruce Braley, Iowa
Vern Buchanan (R), Florida
Andre Carson, Indiana
Emmanuel Cleaver, Missouri
Howard Coble (R), North Carolina
K. Michael Conaway (R), Texas
Henry Cuellar, Texas
Elijah Cummings, Maryland
Charles W. Dent (R), Pennsylvania
Donna F. Edwards, Maryland
Mary Fallin (R), Oklahoma
Rodney Frelinghuysen (R), New Jersey
Jim Gerlach (R), Pennsylvania
Gabrielle Giffords, Arizona
Al Green, Texas
Mazie K. Hirono, Hawaii
Pete Hoekstra (R), Michigan
Jesse L. Jackson Jr., Illinois
Sheila Jackson Lee, Texas
Carolyn Kilpatrick, Michigan
Joseph Knollenberg (R), Michigan
John R. Kuhl Jr. (R), New York
Barbara Lee, California
John Lewis, Georgia
Harry E. Mitchell, Arizona
Sue Myrick (R), North Carolina
Solomon Ortiz, Texas
Bill Pascrell Jr., New Jersey
Ed Pastor, Arizona
Jim Ramstad (R), Minnesota
Ileana Ros-Lehtinen (R), Florida
Bobby L. Rush, Illinois
Adam Schiff, California
Jean Schmidt (R), Ohio
David Scott (GA), Georgia
John Shadegg (R), Arizona
Hilda Solis, California
John Sullivan (R), Oklahoma
Betty Sutton, Ohio
Lee Terry (R), Nebraska
Mike Thompson, California
Mac Thornberry (R), Texas
Pat Tiberi (R), Ohio
John Tierney, Massachusetts
Zach Wamp (R), Tennessee
Diane E. Watson, California
Peter Welch (VT), Vermont
Lynn Woolsey, California
David Wu, Oregon
John A Yarmuth, Kentucky
Jerry Weller (R), Illinois. (Did not vote the first time.)
-- Michael S. Rosenwald and Sara Goo
Watch the layoffs increase...4 companies in NC are laying off this month and next, including 700 at Hanes. It's going to be a blue, blue xmas, not to mention that Obama will inherit a depression.
I always felt Bush would bankrupt the country. He set up the Dems to inherit his criminal mess.
Fasten your seat belts.
Then came Wall Street’s plea for the federal government to help . . . the same federal government that they once decried and said they wanted to shrink to the size where it could be drowned in a bathtub.
Then Treasury Secretary Henry Paulson--a former Wall Street CEO--came up with a Bailout Plan for his Wall Street buddies.
But the Bailout Plan was without substance, except for a proposal that asked America’s taxpayers to fork over $700 trillion to Paulson with no strings attached.
But Paulson’s assumptions were without form. Darkness was upon the face of the career civil service workers at Treasury.
And the workers at Treasury spoke amongst themselves saying: "It is a crock of shit and it stinketh!"
And the workers at Treasury went unto their Supervisors and said: "It is a pail of dung and none may abide the odour thereof!"
And the Supervisors at Treasury went unto their bosses—who were political appointees—and said: "It is a container of excrement and it is very strong, Such that none may abide by it!"
And the political appointees went unto Treasury Secretary Paulson, saying: "It is a vessel of fertilizer and none may abide its strength!"
And then Paulson and his inner circle of Treasury staff and Wall Street insiders spoke amongst themselves saying unto one another:
"It contains that which aids plant growth and it is very strong!"
And Paulson gave counsel unto the U.S. Congress saying unto them: "It promotes growth and it is very powerful!"
And the Congress went unto the President of the United States saying unto him:
"This new plan will actively promote the growth and vigor of America with powerful effects!"
And President Bush looked upon the Bailout plan and saw that it was good. And so the Bailout plan became policy.
And that's how shit happens.
http://www.guardian.co.uk/commentisfree/2008/oc...
1. Johnson +3.6%
2. Carter +3.3%
3. Truman +2.7%
4. Clinton +2.6%
5. Reagan +2.3%
6. Nixon +2.1%
7. Kennedy +2.0%
8. Ford +0.9%
9. Eisenhower +0.5%
10. George H.W. Bush +0.41%
11. George W. Bush +0.35%
http://norris.blogs.nytimes.com/2008/10/03/one-... ents
The bail out is a done deal and the president signed it within 12 minutes. But?!?!
Looking at market reactions over the last few days ( and I’m just thinking out loud here ) the U.S. Senate negotiated the bill Wednesday evening. Word gets out around the world and the Asian markets nose dive on the news as does Europe and then the DOW bombs 355 points on Thursday.
The bill hasn’t changed much from the Senate to passage in the Congress. This time the announcement was made before the markets closed and the DOW was up just over 300 points. The news comes out, and bang, we see a 460 point turn around to close down about 160. So, I ask all of you great minds, what do the US and International markets see which would cause them to drop first after the Senate passes this garbage and then the same thing happens after the Congress passes the bill? The opening of the markets in Asia this Sunday evening may give us a clue. Something tells me we’re in for a bumpy ride. Something just smells in the market place and it must be stinking things up pretty bad if the markets are reacting the way they have been for the last few days every time this bill advanced. Something wicked this way comes?