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Make recommendations for structural changes that will insure that this never happens again!
The fate of America's entire financial system, jobs, savings, pensions, demand that we study this. It is at least as important as 9-11. It threatens everything!
No Bailout.
Why didn't he get this done on the FIRST VOTE? Why is he suddenly making it sound like he's the champion of a good bill when he urged the House to pass a bill that didn't have these provisions the American people demanded? Why was Congress shut down so the bill can be created behind closed doors? Why is it that every vital important fundamentally nation changing law must be done like a thief in the night? Why was the House being forced to pass a bill they weren't able to review prudently? Why does securing the nation's economic future be done Patriot Act style?
No confidence in Democratic Leadership. No confidence in Republicans leadership. No confidence in the Treasury. No confidence in the Federal Reserve. No confidence in our President.
The most eye-opening event in government I have ever witnessed. The only way Obama distinguished himself from McCain was with a single item regarding how much the federal coverage of bank deposits should be. Why are we looking to Paulson for answers? Why is Wall Street supplying the remedy prescription to fix Wall Street? Unbelievable. Unacceptable. Main Street not forgotten? SHOW ME ON PAPER!
Do not fancy dance for I will extraxct the answer from you.
OT:
Driving home tonight, windows open, sweet night air, feeling awright, this on the stereo, which seemed appropriate for all of us:
http://www.youtube.com/watch?v=EuByCrbi0q4
I wonder if the GOP isn't facing a problem of it's own making: in fueling Anti-Intellectual Pride, they may have boxed themselves into a corner. The experts are warning of a approaching financial tidal wave but...the sky is blue, the sun is shining, the sea is calm, and the beach is perfect....why should we trust 'experts' when we don't see any danger. Besides, we'll just run if the sea begins to recede.
I want most democrats to vote against this, but they wont.
There is an alternative plan being put forward by 2 Democratic Senators entitled "No Bailouts Act", check it out at http://tinyurl.com/43k8mw.
">Bailout Urgency Driven by The Fear Factor & Panics the Banking System
and Stop The Bailout Now: Our Last Chance, Petition & Final Thoughts
Killing the bailout (as it stood) is such a positive thing. It’s a triumph really. Giving the credit markets a chance to sort all this out itself is the single best thing that can happen for everyone in the long run. If it turns out that they can’t, then the Fed can rush in, but they need to let the credit markets take the blow and try to handle it – they have more incentive than anyone to get out of the hole. For more, check out these links:
Bernanke's Hype
An Open Letter to the United States Congress: Stand Up for Taxpayers by Standing Against Quick-Fix Bailouts!
Show me the crisis. In an open letter to colleagues on Tuesday, former New York Times reporter David Cay Johnston urged fellow journalists to be skeptical of the bailout proposal
Why Just Say No!
An Open Letter to my Friends on the Left
IF it's passed the wall street types go about business as usual, wealth intact and the rest of us get left with the bill.
Dennis Kucinich has a good idea and he has quite a few rethugs on board with him.
NO BAILOUT
In fact, , the Democrats are now in a nice bargaining position and the Republicans are in a bit of a squeeze because they have managed to piss off not only the Bush administration and party leaders but also their corporate buddies on Wall Street and by extension - corporate media. More importantly, a good percentage of the electorate is p-oed as well. It damn sure looks like the Republicans sabotaged a rescue plan for political reasons. Think about it, those that wanted a bailout realize it would of easily passed with a modicum of support from the Republican side. These people are rich, very likely Republican and definitely have been doing a lot of praying lately.
So first off lets not panic and realize that the hissy fit the market threw was actually an expected occurrence. The sky didn't fall , we got through it and the market rebounded the next day as investors spotted bargains. Yes , there is no doubt that our representatives fielded many calls from panicked investors and retirees but it's a stretch to believe that public opinion overall has flip-flopped and suddenly everyone is massively on the side of welfare for Wall Street. Again this is fantasy just like the need to rush this thing through. Mr. Murdoch is the one that needs this plan rushed through right now, this instant. He's the one that has invested 5 billion dollars in Paulson's former company. The longer you wait, the more the public panic will die down.
We the people, need a well thought out plan that actually attacks the problem at it's core and does not need to be smuggled in during the middle of the night when nobody has time to react. We need some real leadership and the Democrats need to recognize the bargaining power they now hold and leverage it. What they don't need to do is give the Republicans a Kings-X and let them redo the vote on the very same Bush-Paulson plan with tax cuts added to appease them. Why let them re-image themselves as putting "country first" instead of "Republican Party first"?
How about standing up and telling the American people what the GOP tried to pull off instead? Present the voting record as proof of their antics. How about anticipating the next swift-boat attack (i.e. McCain's vote) and preemptively shooting it down? The GOP is cutting "Obama for Wall Street billionaires" ads right now. Show some guts for Gods sake. Obama can't get dirty and fight in the trenches but the party leaders certainly can.
Bush is not showing any leadership. It's time for the party with a majority in congress to take some initiative. There are many good ideas out there that can be more or less agreed to by both sides. Tell the American people that hearings will held and respected economist with PhD s will be brought in and a real solution will be hammered out and something will be done in a timely manner. As an example, somebody like Dave Ramsey (financial advisor) can get on the radio and tell his listeners not to panic and offer nice solutions and ideas that aren't really his but are those of leading economist whom are highly trained in the field. He calms his listeners and he makes a heck of a lot of sense.
Why can't the Democratic Party do this too?