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The one thing "painful and lasting" will be the effects of the Bush regime.
This action has been years in the making, and the Bushies are determined to line the pockets of their wealthy bank buddies at the expense of the American Middle Class, who now have little choice but to bend over and take it, or suffer the consequences of seeing our retirement accounts and savings dwindle by leaps and bounds. The neocons have had 8 years to plan and perfect this money grab, and it is a work of art. "Painful and Lasting" indeed. It makes me sick to my stomach. It makes me even sicker to see how John McCain uses every opportunity to force the bailout down our throats, while out of the other side of his mouth, claiming to be different from Bush. What a joke. McSame, McSame, McSame.
For EVER supporting BUSH and his Theiving band of Briggens. If he was pulling this shananigans a year ago, he would have been removed from office. L-I-A-R and a C-H-E-A-T, you libz go ahead and have your way with him and his cronies.
As for the bailout...The market rebounded to what could be expected a couple hundred points down, I see no indication that the Market is currently at risk if this first installment of $700B doesn't get approved. Just tell him NO, and if he still wants it, his daddy and his buddies can write the check. Use the 700B to help out the AMERICAN People damaged by the greedy predators. Let the rest of the Greedy fools wallow in the bed they made for themselves.
I was only 15 points off. I told you guys. This stuff is a total scam that can be easily manipulated to suit the pros on Wall Street.
Yesterday we were going to melt away because the stock market dropped. Today its up 485. No problem there. So today we hear it wasn't the stock market after all - its the credit markets we should be worried about. Well I have a solution for that. Let's go back to 5% interest on FDIC insured savings accounts and 5% to 8% on FDIC insured savings certificates. Increase FDIC insurance to $250,00 to $500,000 and the money will flow into the banks like a flood. I'll certainly put my money there. I can't find a better deal anywhere else. When we get more money in the banks, they'll have plenty of money to lend out. NO BAILOUT! Thank you House Republicans who stood up and said "NO" when Congressional leadership tried to railroad the unnecessary BAILOUT through on the fast track.
In the end, the truth will show that Democrat Barney Frank, Chairman of the Financial Services Committee and Democrat Chris Dodd, Chairman of the Senate Banking, Housing, and Urban Affairs Committee are the most culpable in this thievery and when lead by a real piece of work, Nancy Pelosi in an attempt to steal $700 billion from the American tax payers... Bush has shown once again a weak ability to manage these scally-wags... what will happen if they get two full terms unchecked? Do your research! Bush bashers want you to think "its all his fault... this squarely lays at the trough of those that steal from the hard working and line their pockets!
The only two people I will have the opportunity to vote out of office on the Federal level in November will be Representative Betty McCullum and Senator Norm Coleman and belive me they will not be getting my vote if they vot YES on this BAILOUT.
OCTOBER 1, 2008 Bill v. Barack on Banks
Clinton instructs Obama on finance and Phil Gramm. A running clichÃ© of the political left and the press corps these days is that our current financial problems all flow from Congress's 1999 decision to repeal the Glass-Steagall Act of 1933 that separated commercial and investment banking. Barack Obama has been selling this line every day. Bill Clinton signed that "deregulation" bill into law, and he knows better.
In BusinessWeek.com, Maria Bartiromo reports that she asked the former President last week whether he regretted signing that legislation. Mr. Clinton's reply: "No, because it wasn't a complete deregulation at all. We still have heavy regulations and insurance on bank deposits, requirements on banks for capital and for disclosure. I thought at the time that it might lead to more stable investments and a reduced pressure on Wall Street to produce quarterly profits that were always bigger than the previous quarter.
"But I have really thought about this a lot. I don't see that signing that bill had anything to do with the current crisis. Indeed, one of the things that has helped stabilize the current situation as much as it has is the purchase of Merrill Lynch by Bank of America, which was much smoother than it would have been if I hadn't signed that bill."
See the rest at WSJ online.
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