Comments on: Paulson Warns Of "Fragile" Economy
Treasury Secretary Talks To Scott Pelley About The Controversial $700 Billion Bailout
Add a Comment See all 178 Comments
- Nancy Pelosi gave a speech before the vote to derail the few Republicans needed for approval. Barack Obama continues campaigning and has done NOTHING to change the vote of some 93 democrats voting against the bailout---Obama has done nothing to rally full support of his own party!!!! Shock but no surprise. This is deliberate to give Obama a lead and win the Election---neither care about America...just wealth and power.
- Reply to this comment
- O.K. media take notice neither Republicans or Democrats want this bailout.Well some politicians do and the upper class, and the media do.The majority of Americans don''t!We understand what this bailout means and we don''t want it.I think we weighed the downside of doing vs. the downside of not doing.Neither choice would be good but we have decided that this is a bad idea.In spite of that he media has decided either that we don''t understand or that we just are to stupid to figure this out.This kind of attitude by the media is probably the reason there approval rating is even lower than the Presidents and even Congress!Why don''t you do us a favor and start to represent us some of the time!The medias part in this has done more harm than anyone!
- Reply to this comment
- IS ANYONE LISTENING?
The giant brains in Washington are attempting to find a way to buy up $700 billion in delinquent debt. The latest estimate that I have heard is an expected overall loss of 50% when this thing washes out years down the road.
For decades, ''hard equity'' lenders have been making a healthy profit loaning money a a 65% LTV (loan-to-value).
Why haven''t at least one of these geniuses thought of going to the source to cut our losses instead of handing this massive amount of money over to the same morons that caused the problem?
If homeowners were offered a no-interest loan of up to $100K and then the mortgage holders were offered a one time chance to renegotiate to a payoff equal to 65% LTV plus up to $100K at a ''market'' interest rate, those lenders would minimize their losses and the taxpayers would enjoy a return considerable greater that 50% of the investment.
At $100K per family in trouble, $700 billion would help seven million families and save their homes.
In reality, the average amount needed per family would probably be more like $50K... 14 million families would have their lives turned around. Plus, no golden parachutes for the theives that caused this mess in the first place.
Someone please tell me how I''m wrong. - Reply to this comment
- Paulson Warns Of "Fragile" Economy
This man is a f...ing genius. - Reply to this comment
- "I''m not proud of a lot of things. You know, as I go around the world right now, representing the United States of America, it''s a humbling experience," Paulson replied.
Oh No!
He hates America. He said he''s not proud! I don''t see hear anyone criticizing him for that. Is it because he''s white? Michelle O. got slammed for saying it was the first time she was proud of America. - Reply to this comment
- Let me get this straight. The U.S. economy is in shambles in part due to market deregulation that led to massive greed and corruption on Wall Street. Yet the president in office for eight years, and the candidate who has been in office for over twenty years and whose political party has controlled congress for twelve of the last fourteen years have asked me to further trust them with their political and economic leadership. Aren''t these the same people who pushed for deregulation? Aren''t these the same people whose policies are largely to blame for this mess? Maybe they also want me to buy a bridge to nowhere.
- Reply to this comment
- I was furious yesterday when I watched 60 minutes correspondent Scott Pelley drill Treasury Secretary Henry Paulson on the economic catastrophe. Pelley did not ask one leading question about the blame Congress has in this matter.
"Shouldn''t the price of failure be failure on Wall Street?" Pelley asked in one part of the interview.
Pelley went on to blame financial institutions saying: "You know I have heard that some of these financial institutions were hiring mathematicians and physicists to write the mathematical formulas that underlied some of these investments, and pretty soon nobody understood what was going on any more."
He blamed credit bureaus: "You''re telling me that the credit rating agencies didn''t understand these investments?"
The 60 minutes special even allowed Nancy Pelosi to turn this into a partisan issue in which to blame the Republicans for not working harder on a recovery plan. "(Paulson) said, ''Please, please, I beg you. Don''t blow this up.'' And we said, ''We''re not blowing up. It''s the Republicans.'' To which he said, ''I know. I know,''" Pelosi told Pelley.
They allowed for some blame to go to the ambiguous regulators: "The regulators should have been suspicious that something very strange was going on," remarked Joseph Stiglitz, a Nobel Prize winning economist who warned of danger two years ago. Yet there was no mention of Frank, Dodd, or Congress in general. - Reply to this comment
- It was especially disconcerting to see Treasury Secretary Paulson on %u201C60 Minutes%u201D say that we have businesses %u201Ctoo big to fail%u201D and then say the %u201Cregulatory structures were not in place to protect the American taxpayer.%u201D As a starting point on regulatory reform, any bailout should be contingent on the repeal of the Gramm-Leahy-Bliley Act.
- Reply to this comment
- This is when we NEED our elected leaders to LEAD,,, NOT follow us. They have failed utterly.
Posted by brundage3
***
Actually, it is about time our elected employees started to listen to their bosses. The American people do not want this bailout, and thank god it failed. And you know, even if that brings down America, that was the choice of the people -- not their servants in Congress.
Frankly, I do not think the failing of the bill will bring America down. In fact, I was and remain convinced that its passage would have done as much. America can survive another Great Depression, but it cannot survive this bailout. - Reply to this comment
- When "We the people"are angry,,, we want to punish.
Our strong morality makes us now want to punish the financial giants.
This is when we NEED our elected leaders to LEAD,,, NOT follow us. They have failed utterly.
The gutless in the house of representatives are risking OUR financial lives by putting their heads in the sand.
I am more angry by far at these gutless wonders than I am at the corporate America moral crooks who have bought them.
Anyone who voted "no"on this bill should be voted out of office. NO MATTER WHAT ELSE THEY HAVE DONE. This alone disqualifies them for public service. - Reply to this comment
- I took money out of my banks today, good luck Bush, use you stolen tax pay money to bail your banks out.
Posted by niceface69 at 01:10 PM : Sep 29, 2008
That makes you part of the problem. - Reply to this comment
- Pelley, asking Paulson;
"The e-mails were written by analysts for the credit rating agencies on Wall Street.
One of the e-mails said, %u201CIt could be structured by cows and we would still rate it.'' And this one, this is my personal favorite, one Wall Street analyst to another wrote, quote, ''Let''s hope we are all wealthy and retired by the time this house of cards falters.'' They were writing these e-mails nearly two years ago."
Paulson feels it more important to treat the symptom, and leave the cause untreated, this is why the bailout will fail.
And the neocons were pushing deregulation, McSame still is.
But having said thus, Pelley feigns indignation, but if he were really angry, we would know the names of those who wrote the E-mails, and the companies they work for, so we could take appropriate action against them. - Reply to this comment
- Paulson Warns Of "Fragile" Economy
Pure unadulterated ********* - Reply to this comment
Posted by Nancy_Naive at 12:51 PM : Sep 29, 2008
~~~~~~~~~~~~~~~~~~~~
Welcome to the club!!- Reply to this comment
- Blame the GOP. The Republicans have controlled Congress and the presidency for most of the past 8 years. It is their hands off "let the free markets decide" approach and their record deficit spending that has directly lead to this economic failure.
- Reply to this comment
I believe I smell an even larger Bu$h scam...- Reply to this comment
- Correction....It wasn''t AIG, it was Lehman. Sorry....
- Reply to this comment
- Wikipedia says there is over 9.5 millionaires and about a thousand billionaires with a combined worth of over 37 TRILLION DOLLARS!!! I think they are asking the wrong people to buy up this debt, don''''t you?
Posted by Darm58 at 10:50 AM : Sep 29, 2008
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Warren Buffet has already put up $300B of his own money to buy some of AIG''s assets.... - Reply to this comment
- wake up america!!! it''s time for a new generation to take over governing our country. do we want four more years of bush politics,or worse? how bad could it be? our financial markets are riddled with greed,we attacked a nation that was no threat to us,we continue to support the country that supplied the 9/11 attackers,a generation of our young are dying in a country that doesn''t want us there,nations that have been aligned with us for generations can''t wait for a new president whose theme isn''t,"my way or the highway",how stupid are we,not to see that john mccain would have us attack countries such as iran,because he has to prove how macho a short,old guy can be???? give me a break!merde!
- Reply to this comment
- "I would say this: whether it had a heart attack or not, the arteries were clogged," Paulson said.
Paulson, STOP TRYING TO MAKE IT LOOK LIKE THINGS ARE OKAY THEY ARE NOT DUBMER THAN DIRT HUMAN. - Reply to this comment
