Comments on: Lawmakers Grill Bailout's Architects

Paulson, Bernanke Tell Lawmakers Strategy Needs To Be Flexible

[berniew4]

patrik 1974 wrote "buck stops with the pres. good or bad " While I may fully agree I also wonder if patrik and those like him are truthful. Starting late Jan all good things will be OBAMARAMA happiness BUT all bad things will be BUSH fault. WAIT and see ? !! Obama has NO IDEA !! He will attempt to ruin this country and blame BUSH

[steamed2]

Normally I''m not a ''conspiracy buff'', but every move by Henry Paulson and those ( aiding and abetting him) in Congress brings me inescapably to this conclusion. Ask yourself this. As CEO-Chief Financial Officer of Goldman Sachs until appointed Sec. of the Treasury, is it even remotely believable Paulson didn''t understand the debt structure of his own company? If so, then he also has a good idea of debts outstanding in others if they default,and not just in the U.S. He (and others) have always known there isn''t enough money to ''save'' the economy or ''end'' the recession. This only leaves the conclusion they are selectively preventing the collapse of certain banks/brokerage houses that would bring the 8oo pd gorilla out to play, namely CDS''s and other derivative instruments that should have been illegal in the first place. He''s changed his mind where to put the money? Bull*#&t! For some interesting info, check out http://www.peak.org/~LW584

[whitemale08]

What Obama and the Democrats have to do immediately on Day 1 of his Presidency is to draft and pass the "National Banking Act of the United States".

This will immediately take the bankrupt privately held "Federal Reserve System" into receivership and cancel the "Federal Reserve Act of 1913".

By doing so Obama will uphold the Constitution and by working with proponents of ''sound money'' and ''fixed-exchange-rates'' like Ron Paul and Lyndon Larouche would be heroic in helping to end the ''global financial crisis''.

However doing so may incur the wrath of what''s left of the British Empire and he may lose his life as a result.

But you wanted to be President so badly now prove to your country that you have the guts and courage to lead America out of the darkness.

[patrik1974]

If you believe this financial mess is caused by the Democrats because they control Congress, then you must believe that the Democrats are responsible for the Berlin Wall coming down, as they controlled Congress when it fell. I, like most sane people believe, that the buck stops with the President, the good and the bad. If this is not the case, please education me and all the other baffled by this insane argument.

[noloyalisti]

Haven''''t noticed that virtully every other country that can has "bailed out" finacial sector? Just in case you haven''''t noticed this is a worldwide situation

Posted by rickwar

Yeah but real countries do the bailouts for the good of the people, not the corporate fascists.

[scb111_1]

Sorry, I meant the World Economy, $13 trillion in American Economy, $5 trillion lost in the World financial crisis.

[rickwar]

you would hear them cry like babies that they couldn''''t give themselves the outrageous wages and bonuses they get.

While large and overblown, in comparison to the scope of the problem, those bonus packages are pocket change. Are they right? Last I looked, legally they are, morally is another story.

As to the third party I agree with that, however, who to head it up that would draw enough attention to make it work. Perot took about 20% still not enough to get the job done. Any suggestions?

[tincup356]

This is the first steps to having a one world currency, crash all currencies at once.The New World Order is ramping up to eliminate the middle class as we know it and to grab all the wealth in one sweep.

[rickwar]

We have a $56 trillion American Economy. What would a lost of $5 trillion from the financial market hurt? This "bailout" never was going to work!


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Posted by scb111_1 at 02:00 PM : Nov 18, 2008

Might want to clarify those numbers, might pay attention to the link below and check on purchasing power.


https://www.cia.gov/library/publications/the-world-factbook/print/us.html

[tincup356]

to rickwar...if they hadn''t "shored up" the banking industry...you would hear them cry like babies that they couldn''t give themselves the outrageous wages and bonuses they get.Now instead they can party big time and our kids grandkids can still be paying for this huge mistake.Obama promised change,he better get off the old party grab all you can ways and bring real change.Without a lot of changes ,away from the old ways, we will continue to slide away out of control.The old two party system is to blame for all of our problems, continuing that route will lead to nothing but disaster.

[rickwar]

Stop all other Bailouts! They don''''t work.


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Posted by scb111_1 at 01:46 PM : Nov 18, 2008


Haven''t noticed that virtully every other country that can has "bailed out" finacial sector? Just in case you haven''t noticed this is a worldwide situation

[scb111_1]

We have a $56 trillion American Economy. What would a lost of $5 trillion from the financial market hurt? This "bailout" never was going to work!

[rickwar]

Stop all other Bailouts! They don''''t work.


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Posted by scb111_1 at 01:46 PM : Nov 18, 2008

Care to guess how much worse it might be if they hadn''t shored up the finance sector?

Years of lazzie faire have led to this, the costs are coming due.

[scb111_1]

Dow down over 90 points, there goes the recovery??? This BAILOUT didn''t do anything!!! George "Stupid" Bush and Henry Paulson should have never proposed this "bailout" at all!!!

[rickwar]

Dow down over 50 points, why aren''''t the markets recovering?


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Posted by scb111_1 at 01:47 PM : Nov 18, 2008

Don''t know much about the stock market do you?

[scb111_1]

Dow down over 50 points, why aren''t the markets recovering?

[scb111_1]

Stop all other Bailouts! They don''t work.

[perk235]

Gee whiz who are the clueless Dems going to blame after January 20th? After all this is the same bunch that came to power nearly two years ago that took their eye off the economy to conduct their "poitical lynchings" and endless votes on "US troop withdraws" from Iraq.
posted by paidGOPshill
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The world-wide financial meltdown is due to derivatives, which were DEREGULATED in 2000. The Commodities Modernization deregulated these risky bets.

It has taken years to build to $60 - $160 trillion bets (derivatives). This did not happen solely in the last two years.

95% of derivatives are owned by 7 major banks: Chase, JP Morgan, Bank of America, Citibank........

[future121]

In this country bancruptcy(chapter 11) is not failure. It is a tool which allows for restructuring and increases success. I would let the auto makers file bankrucpty which would force them to restructure. Then as part of the restructure, the government loans them 25 billion to retool. Which means a slight set back but a better way forward. The government can offer job training to those laid off and other assistance which would help to create the workforce we need for the future.

[tincup356]

Bush was not impeached because his cohorts in congress are just as guilty of wrongdoing as him ..they went along with everything he did...and they had the power to stop him....but didn''t, so why didn''t they?