Comments on: Senate Approves $700B Financial Bailout

Economic Rescue Legislation Passes 74-25; House Expected To Vote Friday; Support Growing

[webburns-2009]

You are the News Media, we are the people of this country that depend on you for the NEWS, do your job
tell us the truth!.

Tell the US people who added PORK to the 700 Billion and WHY they were allowed to do so!

[t_barr]

MBIA Sues Countrywide Financial For Alleged Fraud - FT
DOW JONES NEWSWIRES

MBIA Inc. is suing Countrywide Financial (BAC), alleging that Countrywide fraudulently induced MBIA to guarantee billions of dollars of mortgage bonds, the Financial Times reported.
The lawsuit, filed in NY state supreme court, says Countrywide ''falsely represented'' to both MBIA and investors that the mortgage loans packaged into the guaranteed bonds originated in compliance with Countrywide''s underwriting standards, the newspaper reported on its Web site late Weds.
MBIA said Countrywide developed ''a systematic pattern and practice of abandoning its own guidelines for loan origination, knowingly lending to borrowers who couldn''t afford to repay the loans or who committed fraud in loan applications,'' according to the newspaper.
MBIA is suing over guarantees it provided for $14B of Countrywide''s mortgage bonds that packaged home equity loans and second lien mortgages originating between 2005 and 2007, the newspaper reported.
The insurance company said that it has paid more than $459M in guarantees on these bonds, and that it was ''exposed to claims in excess of several hundred million dollars more,'' according to the FT.
MBIA has asked the court to determine damages, including lost profits and opportunities, legal fees and payments on current and future claims under the bond guarantees, it said.
Full story: www.ft.com/cms/s/0/2fa80d88-900a-11dd-9890-0000779fd18c.html

Maybe that''s what Amy was thinking about...

[marshall_nee]

This from a friend in Atlanta with strong banking connections: ''''Reliable word that Bank of America branch managers just received a letter or memo from the USFed instructing them to perhaps be ready for a one week universal shut-down of the banking system , including access to checking accounts, savings accounts and credit cards. Reliable word has it that B of A bank branches received a shipment of signs last week, reading ''''WE''''RE SORRY, BUT DUE TO CIRCUMSTANCES BEYOND OUR CONTROL, WE CANNOT BE OPEN AT THIS TIME.''''

Posted by t_barr at 11:42 AM : Oct 02, 2008

___________________________________

Didn''t they do this in Argentina during 2002?

[t_barr]

BofA Global Risk Executive Brinkley Sells Company Shares BAC
Last update: 10/2/2008 11:54:14 AM
DOW JONES NEWSWIRES

Bank of America Corp. (BAC) Global Risk Executive Amy Woods Brinkley on Thursday reporting selling 25,000 shares of company stock for $950,000.
Brinkley exercised options on Wednesday to purchase the shares at $24.22 each, or about $605,500, according to a filing with the Securities and Exchange Commission.
She sold the shares at $38 each, or a total of $344,500 more than the exercise price, according to the filings.
Shares of Charlotte, N.C.-based Bank of America traded Thursday morning at $37.87, down 26 cents.
-Brian Kalish; Dow Jones Newswires; 202-862-1350; [e-mail]

Wonder what old Amy knows that convinced her to sell...

[bm6005]

BTW; Remember in November "Vote out ALL incumbents". Introduce yours to the unemployment line!!

[t_barr]

Bailout Fixes Nothing, Banking System Collapse Approaches Climax
The Market Oracle
www.marketoracle.co.uk/Article6587.html

Part 1

HEART ATTACKS & BANK HOLIDAYS
''The banking system breakdown is very far along, but still early. Remember USFed Chairman Bernanke stated over a year ago that the mortgage problem was contained. Try not to laugh. The bond crisis is absolute, broad, deep, and all-inclusive, enough to kill the USTreasurys after it kills the US banking system. The heart attack signals are with the LIBOR spreads over USTreasurys, the money market, the TED spread (Treasury versus EuroDollar), and short-term USTreasurys. Charts resemble heart attacks and EKG electro-cardiogram monitors.

Many details appear in the Oct Hat Trick Letter report just posted. The bank runs have begun in earnest. Nevermind the big banks for a moment. The smaller ones are entering seizures. The small and medium sized cities are also entering seizures. The Senate passed the Wall Street bailout bill, by a 3:1 majority. Some sweeteners like tax cuts and raising the limit to $250k on individual accounts for bank depositors helped. Some people might think that finally the banking system can at last receive some meaningful fixes. Call me a killjoy, but this will accomplish next to nothing as a banking system remedy. It is more a paper seal to Wall Street corruption than to ANY solution.''

[t_barr]

Part 2

''If passed by the House, as is likely, it puts an epitaph on the American badge of legitimacy. A decade of fraud has been underwritten, sanctioned, and sealed. Even foreigners might smile at the new & improved bill. Their impaired bonds can participate in the redemption process. The only trouble is they might have to accept hot shiny USTreasury Bonds in return, of certain questionable value.

Here are two stories, one about a city and another about the bank holiday coming.

This from a friend in Seattle: ''I was talking to my neighbor last night. He is in finance in the county government, King County. He said there are some very secretive budget talks being held, very hush, hush. Apparently, the county has lost around $200M of taxpayer money in toxic paper investments , with huge implications on the budget. He says he is not privy to the details, but he is taking a 10 day vacation starting today, because he has nothing to do since everything is in flux.''

This from a friend in Atlanta with strong banking connections: ''Reliable word that Bank of America branch managers just received a letter or memo from the USFed instructing them to perhaps be ready for a one week universal shut-down of the banking system , including access to checking accounts, savings accounts and credit cards. Reliable word has it that B of A bank branches received a shipment of signs last week, reading ''WE''RE SORRY, BUT DUE TO CIRCUMSTANCES BEYOND OUR CONTROL, WE CANNOT BE OPEN AT THIS TIME.''

[spiritwalk]

How Stupid do think we are ?
Posted by beehive21
------------------------------------------------------

So stupid that the senators, with everyone watching, pad this bailout bill with hundreds of millions of dollars of personal pork riders and they know they will get away with it because the public is more concerned with how "the hockey mom" will do in the vp debate.

You all deserve to lose your homes, your jobs and your 401K''s because you are so stupid that you are all so focused on 2 dogs cra***ing in the front yard that you don''t notice the thieves cleaning you out your back door.

[observantx]

All animals are equal, but some animals are more equal than others. - Animal Farm, George Orwell

All voters are equal, but lobbyists are more equal than voters - Incumbent Senate and House members

[beehive21-2009]

How Stupid do think we are ?

[edthelight]

Forget the extra 100 billion sweetener of tax cut and so call benefits for the American middle class and small businesses. It is only a major smokescreen to make it look like taxpayers are benefiting while the Wall Street thieves will actually walk away with the MONEY. What this SELLOUT BILL needs is a small addition which allows shareholders to file suit against the Boards and Management of these companies for their lies and mismanagement. Congress in the past has removed this right for the middle class. THIS WILL PROVIDE A LAYER OF CHECKS FOR THESE SLUGS THAT HAVE SCREWED THE VERY PEOPLE (shareholders)THAT OWNED THE COMPANY WHILE WALKING AWAY WITH UNGODLY AMOUNTS OF COMPENSATIONS WHILE PEOPLE%u2019S RETIREMENT WHEN INTO THE TOLIET.

[jpl319us]

FIRST OFF: IT IS AN 800 BILLION BILL NOT 700!!!!!
SECONDLY: MAYBE IT WOULD BETTER FOR THE ECOMONY AND A MORE PRUDENT WAY TO SPEND: GIVE EVERY TAX PAYING AMERICAN CITIZEN $5000. THAT WOULD STIMULATE THE ENCONOMY MORE THAN BAILING OUT CROOK BANKS.

EVERYONE SHOULD PRAY THE HOUSE DEFEATS THIS BILL!!!! IT ONLY BENEFITS THE CROOKS.

[redbds]

This $700 billion bailout will const taxpayers $850 billion. How does a bill that was too expensive get more expensive and then pass. This is the worst congress in our history. This bill goes way outside its scope and purpose. I just don''t get it. Change the congress! Vote out the incumbants!

[Renegade.Rivers]

Devil in Washington, (Part 2)

Money for Wall Street, run Americans, run.
The Democrats in the house will vote "yes" again.
Republicans in the house better because this bill has got to pass.
"Americans, you ready to pay more taxes?"
"No, he11, no."

The devil bowed his head because he knew that he''d been beat.
He laid them golden watches on the ground at the senates feet.
The senators said: "Devil just come on back if you ever want to try again.
"We told you once, you ole'' son, were the crookedest there''s ever been."

And they passed the bill without a regret, run Americans, run.
The Democrats in the house will vote "yes" again.
Republicans in the house better, because this bill has got to pass.
"Americans, you ready to pay more debt?"
"No, he11, no."

[Renegade.Rivers]

Devil in Washington

The devil went down to Washington, he was looking for a 700 billion dollars to steal.
He was in a bind ''cos his stocks tanking and he was willin'' to make a deal.
When he came across the senators chasin women'' fiddlin around and gettin hot.
the devil jumped up to the podium and said: "Boys let me tell you what:
"I bet you didn''t know it, but I''m the president.
"And if you''d care to take a dare, I''ll make a bet with you.
"Now you play a pretty good con, boys, but give the devil his due:
"I bet a gold wrist watch against your soul, ''cos I think I''m better than you."
The boys said: "We are the senators and it might be a sin,
"But we''ll take your bet, the people are gonna regret, ''cos were the best there''s ever been."

Senators come up with a plan and sell it really hard.
''Cos *** broke loose in Washington and the devil deals it hard.
And if you win you get this shiny watch made of gold.
But if you lose, the devil gets your soul.

The devil opened up his bag and said: "here is the plan."
And fire flew from his fingertips as he brought out his pen.
And he put the pen on the plan and all the senators made an evil hiss.
Then a band of Republicans joined right in and it sounded something like this.
When the devil finished, the senate said: "Well you''re pretty good ol'' son.
"But if you''ll sit down in that chair, right there, and let us show you how its done."

[sawfingers]

kjb3953 - are you running for office?

[observantx]

Dear Representative (insert name here):

Do you want to take money from me that I worked very hard for and give it to millionaires who bribed you to gut financial regulations, and then who gambled on risky shell game deals and ended up with worthless subprime mortgage backed paper?

If so:

Go ahead.

Make.

My.

Day.

See you on Novemeber 4th. In the polling booth.

Buh-bye!

[whitemale08]

SAY GOODBYE AMERICA!!!!!

THAT TRACKING DEVICE ON YOUR PASSPORT WILL BE THE NEW TAX ON WHEREVER YOU LIVE TO PAY OFF THESE STUPID ''DERIVATIVES''!!!!!

[jsl45]

G.W. Bush, the Herbert Hoover of the 21st Century....

[drinuk]

All we can do right now is go buy the new album "The Other Side Of Me" from the lovely Linda Eder and relax a little. Enjoy the music and forget all this mess for a while, I can''t think of a better FIX. At the very least we still have wonderful talent in this country and she in particular is such a relief after listening to Palin, much prettier too.