Bush Seeks $700B For Bad Debt Bailout

Administration Asks Congress for Ability To Buy Bad Mortgages, Raise National Debt Ceiling To $11.3 Trillion

(CBS/ AP)  The Bush administration asked Congress on Saturday for the power to buy $700 billion in toxic assets clogging the financial system and threatening the economy as negotiations began on the largest bailout since the Great Depression.

The rescue plan would give Washington broad authority to purchase bad mortgage-related assets from U.S. financial institutions for the next two years. It does not specify which institutions qualify or what, if anything, the government would get in return for the unprecedented infusion.

Democrats are pressing to require that the plan help more strapped borrowers stay in their homes and to condition the bailout on new limits on executive compensation.

Congressional aides and administration officials are working through the weekend to fill in the details of the proposal. The White House hoped for a deal with Congress by the time markets opened Monday; top lawmakers say they would push to enact the plan as early as the coming week.

"We're going to work with Congress to get a bill done quickly," President Bush said at the White House. Without discussing specifics, he said, "This is a big package because it was a big problem."

But lawmakers digesting the eye-popping cost and searching for specifics voiced concerns that the proposal offers no help for struggling homeowners or safeguards for taxpayers' money.

"The federal government is going to have loans that aren't repaid," Peter Morici, an economist at the University of Maryland, told CBS News. "That's the American public, and in turn it will take possession of the houses and have to resell them."

Morici estimates Americans might end up permanently responsible for half the debt - up to $300 billion, reports CBS News correspondent Kimberly Dozier. Congress wants to help those borrowers out by helping them refinance those bad loans, but that's not part of the deal so far.

The government must bail out the financial system "because if we don't, it will have a tremendous impact on American consumers, homeowners, taxpayers and the rest," House Speaker Nancy Pelosi, D-Calif., said at a citizens' workshop in San Francisco.

But, she added, "We cannot deal with this unless this bailout helps families stay in their homes."

Sen. Chuck Schumer, D-N.Y., called the plan "a good foundation," but said it was missing "some kind of supervisory authority, and some kind of protection for homeowners and taxpayers."

The proposal would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue, a move that some economists say is only realistic alternative in the face of dire alternatives.

"The American people are furious that we're in this situation, and so am I," the House's top Republican, Ohio Rep. John A. Boehner, said in a statement. "We need to do everything possible to protect the taxpayers from the consequences of a broken Washington."

Signaling what could erupt into a brutal fight with Democrats over add-on spending, Boehner said "efforts to exploit this crisis for political leverage or partisan quid pro quo will only delay the economic stability that families, seniors, and small businesses deserve."

Bush said he worried the financial troubles "could ripple throughout" the economy and affect average citizens. "The risk of doing nothing far outweighs the risk of the package. ... Over time, we're going to get a lot of the money back."

He added, "People are beginning to doubt our system, people were losing confidence and I understand it's important to have confidence in our financial system."

Neither presidential candidate took a position on the proposal. GOP nominee John McCain said he was awaiting specifics and any changes by Congress.

Democratic rival Barack Obama used the party's weekly radio address to call for help for Main Street as well as Wall Street.

"We need to help people cope with rising gas and food prices, spark job creation by repairing our schools and our roads, help states avoid painful budget cuts and tax increases, and help homeowners stay in their homes," Obama said. "And we must also ensure that the solution we design doesn't reward particular companies, or irresponsible borrowers or lenders, or CEOs, some of whom helped cause this mess."

Their language reflected a tricky balance that politicians in both parties are trying to strike, just six weeks before Election Day: Back a plan that doles out hundreds of billions to companies that made bad bets and still identify with the plight of middle-class voters.

Besides mortgage help and executive compensation limits, Democrats are considering attaching middle-class assistance to the legislation despite a request from Bush to avoid adding items that could delay action. An expansion of jobless benefits was one possibility.

Bush sidestepped questions about the chances of adding such items, saying that now was not the time for posturing. "I think most leaders would understand we need to get this done quickly, and you know, the cleaner the better," he said about legislation being drafted.

Treasury officials met congressional staff for about two hours on Capitol Hill on Saturday. Discussions centered on how the plan would work, and Democrats proposed adding the executive compensation limits and new foreclosure-prevention measures.

Among the key issues up for negotiation is which financial institutions would be eligible for the help. The proposed legislation doesn't make it clear, leaving open the question of whether hedge funds or pension funds could qualify.

The proposal does not require that the government receive anything from banks in return for unloading their bad assets. But it would allow the Treasury Department to designate financial institutions as "agents of the government," and mandate that they perform any "reasonable duties" that might entail.

The government could contract with private companies to manage the assets it purchased under the rescue.

Treasury Secretary Henry Paulson says the government would in essence set up reverse auctions, putting up money for a class of distressed assets - such as loans that are delinquent but not in default - and financial institutions would compete for how little they would accept.

If enacted, the plan would give the treasury secretary broad power to buy, manage and sell the mortgage-related investments without any additional involvement by lawmakers. It would, however, require that the congressional committees with oversight on budget, tax and financial services issues be briefed within three months of the government's first use of the rescue power, and every six months after that.

[inventagod2]

So much for the Republicon lie...
Big Business is the Republicon way.

I smell a fascist in the White House...

[ocasanas]

11.3 trillion debt? Yeah, sure, we have enough money...let me check my pockets see if I have any quarters left.

[no_gop]

Admin. Wants $700B For Bad Debt Bailout


HOLY $HIT

[aeasus]

Main street bailing out Wall street again...and again...and again...

[brianbwb-2009]

"This is a big package because it was a big problem."

Bush is one of the neocons who posited that "Free markets" were the way to go, then skewered that with "trickle down" placing money where it wasn''t earned, thus distorting the "free market", then encouraged corruption with advocacy of deregulation, then insisted the economy was strong despite the decimation of the middle class which was the logical result of such policies, then ignored the facts as the data showed a growing problem.

It is indeed a big problem one of the neocon''s own making. Now they ask us to bail them out, so they can continue with the same BS policies that got us to this point.

Start the war crimes and treason trials.

[omega40]

It also would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion - making room for the massive rescue.

Anyone that thinks there will not be a hike in taxes and fees for everyone, regardless of which candidate wins, is seriously delusional.

[inventagod2]

Is this any way to run a business?

I guess so, if you are Dubya...

[zykracosmos]

Next time you hear McCain and the Republicans say government should not regulate Big Business, hit them in the mouth. The greed of the filthy rich caught up with them, and now they want the victims of their greed to cover their losses. And Bush wants to borrow the money to pay the losses with your signature on the loan. Add billions more in interest to the $700 billion bailout, and prepare to shine the shoes of the Chinese.

[arthurcl1]

YES I HAVE SAID THIS SINCE LAST JULY! THANKS PELOSI FOR SPEAKING OUT! BUSH IS A TOTAL FAILURE AND WORST PRESIDENT LIAR TO THE AMERICAN PEOPLE GOING OVER U.N. TO INVADE IRAQ WITH NO WEAPONS OF MASS DESTRUCTION FOUND! HE NEEDS TO GET OUT NOW SINCE OUR COUNTRY IS IN HIS RUINS! OUT! OUT! OUT! 4 MONTHS LEFT! OR HE WILL INVADE IRAN NEXT! AS HE LEAVES BANKRUPTING OUR COUNTRY WITH 700 BILLION DOLLAR BAILOUT OF HIS MILLIONAIRE CORPORATE BUDDIES AND OIL BARRONS!
GET HIM OUT,OUT,OUT!
"You know, God bless him, bless his heart, president of the United States, a total failure, losing all credibility with the American people on the economy, on the war, on energy, you name the subject," Pelosi replied. She then tsk-tsked Bush for "challenging Congress when we are trying to sweep up after his mess over and over and over again."

[arthurcl1]

AND BUSH ALWAYS SAYS NO NEW TAXES? OF COURSE HE IS FORCING IT ON US ANYWAY WITH 700BILLION BAILOUTS!

[mljohns00]

Aren''t we going to need that money to invade a country or something?

[antoniof123]

what a way to start a weekend, reading libs without money ******** about stuff they will never know anything about
Posted by jamesm12341 at 10:31 AM : Sep 20, 2008

You need to understand this and yes we will feel it for many years to come. The Republicans are akin to the Soviet Union a failed experiment in human existance.

There is no excuse for them and there never will be they are now the party of corruption, lies, gaft, and protection of the rich. It time to sweep them from the pages of histroy they need to go the way of the wigs.

[wl7bzh]

Ok,

It''s blatantly obvious our economy is in trouble. Also, this massive "sugar" high ain''t gonna last long as the bottom feeders defeat the purpose of the quick fix.

For what it''s worth, this delay in the economic agony will give each of more time to get our personal finances in order.

The downside is that the mass of the natural economic fertilizer that will hit the rotating ventilator has become unbelievably larger.

Take advantage of the reprieve while it lasts.

[chalres-2009]

Thanks you conservative A holes. I know when our taxes go up, you guys are going to try and blame it on our next president Mr. Obama. Thanks for bailing out these sleez balls with my money, and teaching everyone that if we are not responsible for our own actions.

[no_gop]

I would have rather seen higher taxes that the hit my 401k and stock took. THIS IS BULL$HIT.
BUSH, CHENEY THE WHOLE GOP CLAN CAN GO AND FVCKTHEM SELFESS.

[beehive21-2009]

Nationalize Big Oil.Begin taxing equally, 20 % tax for everyone.70 % of USA and foreign Corporations do not pay any taxes,time to tax em.Never, never,vote for a Republican again.
I''m glad to see your 401s were saved, and now that we own lots of house lets get someone living in them,hear a lot of tent cities are springing up at the wrong time of year.It''s time to grab the bull by the horns and kick some,Donkey.

[summerrunner]

Why should Congress pass anything? This is the result of 8 yrs of Republican control. I say, don''t bailout Bush and his buddies. Let the nation go into bankruptcy and let history see Bush for what he is. We do not need to strap the next Administration or our children with debt caused by a very dumb President and his greedy congressional allies. Our grandparents survived during the Great Depression and we''ll survive now.

[wdrussell1]

Bush has never met a spending bill he couldn''t fall in love with.

[miamimama3]

Socialism for the rich. The neocon way. W didn''t care when the "little guy" was going broke and millions of American''s were losing their retirement funds, but now that it''s the "big guys", he''ll mortgage my children''s future to save his buddies. I can''t wait for this country to have some real leadership again, someone who''s brain can actually process reality.

[wheear]

I voted for Bush (twice). So these comments aren''t from one who routinely beats up the Republican party. This week, President Bush admitted something that ALL signs have pointed to for over a year. He just continued to be in DENIAL about it. The real estate/foreclosure crisis HAS to be resolved NOW. Failure to address it this long brought our Country to within days of TOTAL financial meltdown. Why did we have to be on the brink of disaster to fix it. Everyone was ok when the crisis was limited to people losing their homes and a few GREEDY investors were buying up properties for nothing. But when the banks STOPPED LENDING MONEY beacuse they were GOING BROKE. CRISIS, CRISIS, CRISIS. WHAT TOOK SO LONG MR. PRESIDENT. You just handed Mr. Obama the presidency. Clever pro McCain commercials & Palin won''t be able to fix the disaster created by the cost of precious lives and money in the war and economic woes of our great Country - USA!

[misha128-2009]

This actions should come with costs to the institutions, the management salaries should be lowered where necessary to be in line with comparable government salaries and all bonuses require approval by the US Congress and the differences saved in management salaries should be contributed to the bailout fund to offset the losses. This practice should remain in effect until the funds are paid back for all participating companies should be required to continue to participate until the taxpayers are fully reimbursed including interest. After that the companies should continue to fund such a backstop insurance organization operated by government officials within specified parameters allowing businesses to decide with regulator or congressional approval how to assess their members for coverage (management costs, and size of operation should be factors). The managers of said firms (as a date for each firm based on the oldest of the bad debts submitted to the fund) should be barred from required to forfeit their excessive salary to the fund (not to be counted as income) until such time as the fund has assured no taxpayer losses. Limited only to reasonable adjustments for advancement until their companies or prior companies are relieved of their obligations to the bailout funds.

[tscc2]

If we would have listened to Obama two years ago we would not be in this mess. Obama was asking for a bail out of the homeowner. That would have shored up the whole system. The Republicans went on the attack and blamed the victim. We will not bail out speculators. Now what are they doing, bailing out speculators, because they are their big business buddies. Where are the homeowners in all of this? These republicans are off the reservation. Obama/Biden 2008!! Real Change!!

[blackyowe]

Basically the Republican party has given the green light to Wallstreet and the bankers to run the banking industry like a pirate ship. Then instead of hanging the Bast-ards they give them a medal and bail them out. In other words reward them for their dastardly deeds. This makes the robber barrons of the 19th Century look like Sunday School teachers. The greedy CEOs walk away with billions while the next two generations of tax payers pay.

[yongamerica]

This would be the WORST BUSINESS DECISION EVER IN HISTORY! It is a barely cloaked ploy to just hand over money to corrupt financial corporations that strategized and orchestrated their own demise. These organizations, after all, were the ones that over-inflated land values and offered sub prime loans to unqualified buyers so they could purchase the over inflated properties.

This fiasco represents the largest Republican Pyramid Scheme since the Regan administration, and probably the largest pyramid scheme ever seeing as the US taxpayers are the ones who are going to have to pay.

What is ultimately a slap on the nations face is there a few who anticipated and have profited handsomely from this financial collapse.

[donnie8113]

Well this is good news then. Them people in them homes are going to be able to keep them, right?

[christiansin]

I guess the "individual" in "individual responsibility" that conservatives preach about doesn''t include corporations, just poor people. We''re all the "individuals" and we will be "responsible" for what the Bush administration and it''s Republican controlled congress did wrong.

Why isn''t anyone talking about congresses specific deregulation of Credit Default Swaps in 2000 that are at the core of why the bad mortgages where written in the first place and why their current lack of any value is such a dissaster now?

It''s like they created a fireworks factory with junk fire insurance and then are surprised the factory burned down and left all of us holding the bag. I don''t know about you, but I don''t much money to invest and I don''t want to start investing by buying 700 billion dollars worth of bad loans.

So, the average family of 4 now has almost another $10,000 in deficit to bear. I''ll take a "tax and spend" liberal any day over a "borrow and spend" or "defraud and spend" conservative.

[misha128-2009]

to misha128:

You are right on the money with your comments
too bad our government leaders are too stupid or too afraid to make it happen

Posted by funzie50 at 11:11 AM

Write to your congress critters.

[homespunlady]

And ON TOP of this BAILOUT FOR THE RICH McCain wants to GIVE AWAY an ADDITIONAL OVER $577,000 "TAX BREAK" for the SCUMBAGS that CREATED THIS MESS that are in the "above $3 MILLION DOLLAR" income bracket so THEIR "GOLDEN PARACHUTES" are "SAFE"!

But SOCIAL SECURITY "NEEDS" to be PRIVATIZED so HIS CRONIES can FINISH STEALING FROM THAT and run it FURTHER into the ground TOO!!!

McCain Palin - the PRO-FEUDALISM PARTY.

The New RepubliCON PARTY SLOGAN:

"LET THEM EAT YELLOW-CAKE!"

[atheismwins]

I''m confused.

Banks made dumb loans and taxpayers pay the price?

What would happen if all these dumb lenders go bankrupt?

There would be less money available for home loans? Who cares? Rent. It''s cheaper. Homes are overvalued.

Let the price of homes fall so they are affordable again.

Or am I missing something? I read the articles about why we MUST do this and they aren''t convincing.

So Wall Street likes the plan. What about the taxpayer who must pay for it all?

[wdrussell1]

Don''t worry folks. The Merrill Lynch boss just got an 11 million dollar bonus for 9 months work

[misha128-2009]

Well this is good news then. Them people in them homes are going to be able to keep them, right?

Posted by donnie8113 at 11:08 AM

Could be depending on how the bailout law is written -- does that scare you?

[wheear]

These organizations, after all, were the ones that over-inflated land values and offered sub prime loans to unqualified buyers so they could purchase the over inflated properties.
Posted by yongamerica at 11:07 AM

Buyers were offered a chance to purchase a home and they couldn''t afford it. Many people made big bucks and are living lavish lives. Now millions of people are in jeopardy of having no place to live and Americans with great credit can''t buy a pickle on credit. No matter how we got here, IT HAS TO BE FIXED. We stood around and watched the corporations get rich and even bought their stocks. It''s all about GREED catching up with the nation.

[homespunlady]

Don''t worry folks. The Merrill Lynch boss just got an 11 million dollar bonus for 9 months work

Posted by WDRussell1 at 11:18 AM : Sep 20, 2008

And McCain''s "TAX PLAN" has him KEEPING MORE THAN A MILLION AND MORE OF IT!

At Least Obama''s plan would have him "COUGHING BACK UP" SOME OF WHAT HE STOLE FROM THE PEOPLE THAT "TRUSTED" (WERE NEO-CONNED BY) HIM!!

[jydavis1]

Looks like the Wall Street Elite has pulled of the greatest heist in history while continuing to laugh at you America...

YOU CAN FIGHT BACK:

take the majority of your money out of the banking system - a) it isn''''t safe anymore and b) whatever you do leave will surely be used against you .. STOP FEEDING THE BEAST..

Spend a little money on a safe and have direct access to your cash !

DIVEST FROM THE STOCK MARKET - PUT YOUR MONEY IN REAL ESTATE, GOLD/SILVER AND LAND -- THE DOLLAR WILL SOON BE WORTH LESS AND EVENTUALLY WORTHLESS..

STOP THE ELITE FROM EXPLOITING YOU WITH YOUR OWN MONEY !

[misha128-2009]

Time to amend the Sarbanes-Oxley laws to put in come teeth to allow the government to recover from corporations and the senior managers that mismanage them.

[misha128-2009]

Time to amend the Sarbanes-Oxley laws to put in come teeth to allow the government to recover from corporations and the senior managers that mismanage them.

Posted by misha128 at 11:26 AM

We should even include corrupt government officials in that same amendment to the law.

[homespunlady]

Time to amend the Sarbanes-Oxley laws to put in come teeth to allow the government to recover from corporations and the senior managers that mismanage them.

Posted by misha128 at 11:26 AM

We should even include corrupt government officials in that same amendment to the law.

Posted by misha128 at 11:27 AM : Sep 20, 2008


HAHAHA!
Now THAT would REALLY CUT BACK on Bloated Government!

And DEFINITELY "create jobs" for PRISON GUARDS!

[homespunlady]

And the WARNING BELLS WERE TOLLING several YEARS ago over what REALLY is at the ROOT OF THIS "EVIL"!

This SOCIALISM FOR THE ULTRA-WEALTHY will ONLY ADD to the PAIN of the now inevitable NEODEPRESSION!

Once again THIS IS THE REAL CAUSE!!!

By DAVID CAY JOHNSTON
Published: December 15, 2007

The increase in incomes of the top 1 percent of Americans from 2003 to 2005 exceeded the total income of the poorest 20 percent of Americans, data in a new report by the Congressional Budget Office shows.

The poorest fifth of households had total income of $383.4 billion in 2005, while just the increase in income for the top 1 percent came to $524.8 billion, a figure 37 percent higher.

The total income of the top 1.1 million households was $1.8 trillion, or 18.1 percent of the total income of all Americans, up from 14.3 percent of all income in 2003. The total 2005 income of the three million individual Americans at the top was roughly equal to that of the bottom 166 million Americans, analysis of the report showed.

Earlier reports, based on tax returns, showed that in 2005 the top 10 percent, top 1 percent and fractions of the top 1 percent enjoyed their greatest share of income since 1928 and 1929.

[prgringo2]

Billions for Wall Street but not one cent for Social Security. These are the same people who wanted us to deliever our Social Security money into to their hands so that they could "assure" our futures.

[gwjackie]

NO NO HELL NO THEY WANT THE TAX PAYER TO TAKE THE BAD DEBT NO IF WE TAKE IT ALL THEN WITH THE GOOD WE CAN RECOVER SOME OF THE MONEY. THEN AS TAX PAYERS WE OWN THESE HOMES WE CAN RENT THEM TILL A BUYER CAN BE FOUND.

[wheear]

I want a complete list of the property I bought so I can take advantage of it.
Posted by tuckerndfw at 11:32 AM

Sorry Tucker. We can''t fit another hand in the cookie jar. That''s how we got here. Besides there are only a couple of cookies left. GREED, GREED, GREED!!!

[ubrew12]

Check out the Federal deficit for the last three presidents:
http://www.ravenna.com/~forbes/images/deficit.jpg

[wheear]

THEN AS TAX PAYERS WE OWN THESE HOMES WE CAN RENT THEM TILL A BUYER CAN BE FOUND.
Posted by gwjackie at 11:39 AM

Jackie, We are trying to get the hands OUT of the cookie jar. We are down to 1/2 of a cookie and a few crumbs. GREED, GREED, Greed!!!
"Forget it Jake, It''s Chinatown"

[ubrew12]

Wealth concentration is bad for America in three ways:
1. Wealth concentration leads to predatory behavior in society. With excess cash, the purpose of the Richs spending inevitably shifts from utility to vanity. Cars, houses, bank accounts do not simply furnish transportation, shelter, and independence; they purchase the envy of neighbors (fast cars, monster houses, grossly-fat bank accounts). That desire, to be able to look down on your neighbors, then infects the society at large, who copy the successful. But the trade in envy has two problems: 1. No amount of money is enough to service the hole envy wants filled. So saving turns to hoarding (Scrooge fever), taking money out of the general circulation which exacerbates the problem, 2. Envy is relative. It can be as easily obtained by breaking down your neighbor as working to elevate yourself. Symptoms of the resulting predation are lying, workplace harassment, racism/ sexism/ ageism, robbery, bullying, workaholics, malicious gossip, monopolistic behavior, gambling, youth exploitation, and withdrawal from society (gated communities, drugs, pornography). As wealth concentrates, there is a shift in the general population from a ''one-for-all'' mindset to a ''winner-take-all'' mindset. Such a society engages in at least as much destructive behavior as constructive, a slave to the %u2018envy trade%u2019.
-- more to come --

[joedante]

Here we go again. The American Tax payer (mainly us in what''s left of the Middle Class and Working Class) are called on to bail out the rich elite and corrporations once again! For my fellow Republicans I have to ask: Where have you been the last 8 years buddy? The Republican Party ought to be called the Republican Mafia! Between the ethical lapses and all the K Street - Wall Street BIG money corruption: Senator Craig''s gay restroom follies, Foley''s man hunt for young boys, Vitter''s diaper hooker escapades, Abramhoff''s Congress- Casino, Delay''s 24 hour money laundering, Bush''s staff and corrupted Justice dept ignoring subpoenas, the Republican controlled Interior Dept. *** and drugs orgy center for Big Oil. Billions in dollars missing in the Irag War, Billions in NO BID contracts to mercenary private armies aka security firms, BIG OIL Companies like Halliburton.Yeah, these Republicans know all about "achieving new ethical lows." I doubt that any of the CEO''s of these companies will be held accountable in wrecking the country. Maybe this country needs a good old fashioned French Revolution. At least there you could watch a few heads roll!

[ubrew12]

2. Wealth concentration is bad for capitalism. Capitalism works because labor and capital are both put to work in the free market. Capital works by being risked for a return. One hundred millionaires will each need a 10% return to live comfortably. If the wealth is concentrated so that there are only ten of them, each with 10 million dollars, they need only a 1% return to live comfortably. Common sense: the rich invest their money wisely, the filthy rich do not, for the simple reason that the rich NEED to invest wisely, and the filthy rich do not. Companies that return 10% lead the economy; companies that return 1% follow it.

3. Wealth concentration is bad for democracy. Money influences politics. Representatives of the people end up representing the money instead. This is OK as long as the money is also owned by the people, but this general ownership is lost as wealth concentrates. The media are also influenced by wealth. Whether ''biased'' liberal or conservative, a media-persons primary bias is for dinner. The law establishments, and the lobbyists, are also working for money. As wealth concentrates, the wealthy gain great ability to affect the way laws are written, interpreted, enforced, and sold to the general public. As wealth concentrates, these laws are no longer in the publics'' interest.
--- more to come ---

[homespunlady]

The WEALTH GAP "TIPPING POINT" may have been delayed by ridiculously IRRESPONSIBLE and PREDATORY changes in LENDING LAWS but THOSE CHANGES EXPONENTIALLY INCREASED the INEVITABLE consequences of the UNSUSTAINABLE IMBALANCE OF WEALTH.

"TRICKLE DOWN" has NEVER WORKED. Piling WEALTH at the TOP is simply TURNING A PYRAMID UPSIDE-DOWN!!!

It IS an EXTREMELY UNSTABLE STRUCTURE and every time it starts to TIP INTO A MORE STABLE STATE -

"propping it up" by using "easy money debt" and "BAILOUT" rotten boards is and HAS NOT kept the WHOLE STRUCTURE from TOPPLING!!

Look at HISTORY - this ALWAYS HAPPENS when such FOOLISH GREED TAKES OVER!

[middleman8]

The largest rubber check that was ever written.
To balance this out the dollar will have to be devalued big, big time.

[ubrew12]

How much of America%u2019s total wealth should be owned by her richest 10% of citizens? Pre-1930, ownership was above 70%. A time of low taxes, monopolists, robber barons, pyramid schemes. Their gift to America: the Great Depression. Between 1930 and 1970, ownership was less than 55% due to high taxes. What did these lazy socialists (otherwise known as the Greatest Generation) do with all that ill-gotten tax booty?
Built every major dam in America (still generating 20% of our electricity today).
Built the interstate system (''freeways'' to stimulate trade and commerce).
Built levees and canals (100% responsible for California''s agricultural miracle).
The rural electrification program (so rural farms could also be factories).
SocSec safety-net (now in need of reform).
Defeated fascism and communism worldwide, and rebuilt war-ravaged Europe.
Fought a major war in SE Asia and, the same decade, flew to the moon.

--- more to come ---

[wheear]

Shame on you. I was going to rent it out for a $1 a year to worthwhile organizations (such as me & my homeless friends).
Posted by tuckerndfw at 11:46 AM

PLEASE FORGIVE ME FOR VOTING FOR BUSH/CHENEY (TWICE).