Bush Goes Full Speed Ahead On Bailout

Lame Duck Administration Eager To Pump Money Into Struggling Financial System

(CBS/AP)  At a time when most administrations are slowing down, the Bush White House appears to be speeding up - at least when it comes to getting the $700 billion financial rescue program up and running.

Treasury Secretary Henry Paulson, President Bush's point man on the gigantic program, is pushing his staff to do everything possible to show markets that the government is getting the money out the door to bolster the financial system and get banks to resume more normal lending.

On Wednesday, one day after Sen. Barack Obama won the presidency, the Treasury Department detailed how it planned to borrow a record $550 billion before the end of this year to back the bailout. Treasury said it would sell $55 billion in bonds next week, including a reintroduction of the three-year note - all part of a massive borrowing effort required because of the cost of the bailout and a budget deficit that some believe could hit nearly $1 trillion next year.

The government's surging financing needs are a stark reminder of the challenges awaiting Obama even as the current administration moves to implement its rescue program and the Fed fine-tunes its approach to the crisis.

The financial turmoil flared anew Wednesday with the Dow Jones industrial average plunging 486.01 points, or more than 5 percent, as investors absorbed more bad economic news with a report on the manufacturing sector showing that the segment of the economy where most Americans work had dipped into recession territory in October.

The selling carried over to Asia, where Japan's Nikkei stock average retreated 5.7 percent and Hong Kong's Hang Seng Index lost 6.7 percent in early trading Thursday.

Investors were braced for more bad news Thursday with the number of newly laid-off workers filing claims for unemployment benefits expected to remain around 480,000, a level that usually signals a recession.

Economists expect a separate report will show productivity slowed to a weak 0.8 percent rate of gain in the third quarter, far below the 2.8 percent increase in the second quarter. And they were looking for the slowdown in productivity to be accompanied by a rise in labor pressures with unit labor costs climbing at a rate of 2.8 percent, compared with the 0.5 percent rate of decline turned in during the second quarter.

And those reports were coming one day before the government was scheduled to report on unemployment for October, a report expected to show that the jobless rate shot up to 6.3 percent last month as businesses cut 200,000 workers from their payrolls, the 10th straight month of joblessness since January.

The government said last week that the overall economy, as measured by the gross domestic product, fell at an annual rate of 0.3 percent in the July-September quarter, reflecting the biggest drop in consumer spending in 28 years. Analysts are forecasting that GDP will fall by an even larger amount of around 2 percent in the current quarter. That would meet the classic definition of a recession of two consecutive quarters of declining GDP.

Mark Zandi, chief economist at Moody's Economy.com, said he thinks GDP will keep shrinking through the first half of next year, pushing the unemployment rate up to 8 percent before a solid rebound can begin.

Zandi expects this downturn to produce the most severe unemployment since the 1981-82 recession, when the jobless rate jumped to 10.8 percent, the highest since the 1930s.

"I think we are through the worst of the financial panic, but I expect the recession will last through next summer," Zandi said.

On Wednesday, the Federal Reserve said it will slightly boost the interest rates it pays banks on their required reserves and the excess reserves they choose to deposit with the Fed. The rescue bill authorized the central bank to start paying interest rates to commercial banks on the reserves. Policymakers hope the move will further bolster the banks' reserves.

In other developments, the Bush administration is hopeful that world leaders, at a summit in Washington next week, will adopt an action plan singling out some short-term steps that could be taken to deal with the current financial crisis as well as prevent similar problems from happening again.

The plan could include measures aimed at promoting more openness - or transparency - in financial markets, improving "risk management," the procedures that financial institutions follow to detect and protect themselves against risky investment decisions, and bolstering accounting rules, administration officials said Wednesday while briefing reporters on the White House's Nov. 15 summit.

While the White House also believes leaders will be able to find some common ground for fighting the worst financial crisis to jolt the global economy in more than a half century, there is little appetite in the waning days of the administration for overhauling financial regulations.

Europeans - led by British Prime Minister Gordon Brown and French President Nicolas Sarkozy are seeking ambitious regulatory reforms coordinated among countries to prevent a repeat of similar housing, credit and financial debacles that are now imperiling the economies of the United States and the world.

Instead, the Bush administration predicts world leaders will come together on broad principles of reform to better protect against future financial crises, promote regulatory cooperation among countries and identify the root causes of the crises at hand.

"We are working in a cooperative spirit, trying to find the path forward together," White House press secretary Dana Perino said this week.

Leaders of the world's top 20 economic powers have been invited to the summit, which will include a dinner at the White House next Friday and talks next Saturday. Besides the United States, France and Britain, other member countries include Germany and Japan as well as major developing countries such as China, Brazil and India.

The administration has been in consultations with President-elect Barack Obama's team and is seeking their input regarding the summit, officials said. Before Tuesday's election, it was reported that neither Obama, nor his Republican rival at the time, John McCain, would attend the economic summit.

[nothappyatall]

Prayers dont work unfortunately in this case... can we HOPE instead? like HOPE he gets;

1) Hit by a Bus
2) Hit by a Falling bridge
3) AF-1 crashes with him inside clawing the ceiling
4) Drowns in the bath tub
5) Opens a toxic child-proof capped bottle and drinks it?
6) Heart attack

Vote and hope for ONE!

[pony1225]

IMPEACH OBAMA!!
IMPEACH OBAMA!!
IMPEACH OBAMA!!

[brianbwb-2009]

It should be Mr. Obama at the summit, after all he is the one who will be dealing with this.

The best answer is a temporary freeze on exchange rates for countries who put in place massive infrastructure building, or upgrading projects, this will allow the governments to print money to pay directly to the people who actually do the work, so that business can compete for it like they should have been.

The reversal of trickle down, and the rebuilding of the middle class will be much faster and easier if international banks cannot speculate on the international money markets with the money, and no crooked middle persons steal it.

[thee0racle]

Bush...end of an error

[tincup356]

Bush is just trying to stash back enough so he can pay his war crimes lawyers to try to save him from the noose like Saddam.

[pirmin3]

All his friends are lined up with their hands out. The GOP is stealing while they still can.

[ahrats]

The outgoing administration already has the money allocated by congress, the incomming adminstarion should be involved in how this money get distributed before the change over. The govenment should fire all AIG top corporate jobs since they have alreay proved they are finanically irresponcible, too may perks for the heads of the company. We need to bailout companies where american middle class jobs are involved, bring back industiries and manufacturing of everyday items, kitchen appliances, cars, and farm machinery that have been lost to oversea''s companies. America needs to be self sufficient again and not have to rely on forign governments for the things we buy

[formrusmcsgt]

Bush Goes Full Speed Ahead On Bailout
---
Any time Bush goes "full speed" on anything, I worry....

[rf35]

Bush Goes Full Speed Ahead On Bailout
---
Any time Bush goes "full speed" on anything, I worry....

Posted by formrusmcsgt

Me too, since Bush only seems to have one speed: Reverse.

[Gary Kempf]

Bush Goes Full Speed Ahead On Bailout

I would say that means trouble, But that would just be a undrestatement for the last 8 years.

[omnibus66]

Bush still has more than two months left in office, and you can bet he''s going to use it to do all the damage he can. Right now would be an excellent time to impeach he and Cheney and put both of them in prison.

Pumping all of those billions into failed banks isn''t going to help anyone in the end. It will just make all of us poorer. Well, most of us anyway, because a few already rich people will get richer.

What this country really needs is an all out effort to put people to work. Take the money we are wasting in Iraq, Afghanistan, and Israel and put it to use building roads, bridges, new factories, and most importantly, research towards freeing us from foreign oil.

The door to a better future has been opened. Bush is still trying to slam it shut.

[petro49l]

George W. Bush promotes the bail-out for investment firms owned (secretly) by the Saudis. O.P.E.C. directly benefits from this federal government action. Bush is a fool. The Saudis will lose the money when Americans default on the loans. Bankruptcy forbids repayment to a hostile party.

[worstever2]

Hell yeah!! You small governement GOP types PLEASE, PLEASE, PLEASE give all of my money away.

Run up that DEFICIT.

Bankrupt the COUNTRY.

HANG YOURSELF.

LETS HOPE THAT I AM WITNESSING THE SELF DESTRUCTION OF THE GOP FOREVER AND EVER.

[glenn_lewis]

It is easy to blame BUSH for eight years of fiasco. The blame for the last four years belongs squarely on the AMERICAN ELECTORATE.

[petro49l]

Hey william10512, take your Haldol and Thorazine. The medication treats symptoms of paranoia and delusion.

[hroams]

Of course W is getting all the money before 1/20/09, he has this standard deal with all his CEO buddies, you get a billion, I get $50,000,000 in cash, its only 5%.

He needs the money since he will most likely move to Saudi Arabia with Darth. They''ll throw Rove to the wolves and hopefully he''ll go broke paying for attorneys trying to keep him out of jail.

Al Gonzales will take a plea and get probation and get religion and write books.

[chyenna-2009]

Hope They Take All You Whities Money soon%u2026 And Spread The Wealth Soon I Need To Buy More Dope..Im on Welfare They Are Going To Give Me Free Health Care ..And $600.00 Of Your 401k Whities



--------------------------------------------------------------------------------

Posted by theblackman9

freakin racist.

[gop_will_win]

Bush is gonna be a genius compared to this idiot you morons voted in.


--------------------------------------------------------------------------------

Posted by guyfrompa49
=============================
Why are you Bush bashing? Bush is a genius compared with anybody! You liberals are always bashing Bush!

[ioweign]

Bush is gonna be a genius compared to this idiot you morons voted in.

Posted by guyfrompa49 at 08:40 AM : Nov 06, 2008



Still lookin'' for those WMDs in Iraq...

[ioweign]

Bush: ''Our Long National Nightmare Of Peace And Prosperity Is Finally Over''

WASHINGTON, DC%u2013Mere days from assuming the presidency and closing the door on eight years of Bill Clinton, president-elect George W. Bush assured the nation in a televised address Tuesday that "our long national nightmare of peace and prosperity is finally over."

"My fellow Americans," Bush said, "at long last, we have reached the end of the dark period in American history that will come to be known as the Clinton Era, eight long years characterized by unprecedented economic expansion, a sharp decrease in crime, and sustained peace overseas. The time has come to put all of that behind us."

[chyenna-2009]

Hi All You Whities Get In The Back Of The Bus

We Black%u2019s Are Gona Take All You Whities Money Now Ha Ha Ha

All You Whities Were Fooled By Us Democrate%u2019s You Voted For The Wrong Guy
You Needed To Vote For Mccain..Now Black Power Is In Effect%u2026Get In The Back Of The Bus..Now Its Your Turn

All You Whities Are So Stupid Higher Taxes No More 401k Higher Capitial Gain33% Vs 15% All You Whities Are Going To Pay For People Like Me A Black Non Working no Health Ha Ha Ha You Whities With Money Are Going To Pay For This..Thank You Thank You

I Hope They Take All You Whities Money soon%u2026 And Spread The Wealth Soon I Need To Buy More Dope..Im on Welfare They Are Going To Give Me Free Health Care ..And $600.00 Of Your 401k Whities%u2026 You Guys Got Sucked Into A Big One Ha Ha Ha

Thank You All News That Supported Obamma%u2026 Im A Poor Black Man That Needs Whities Money The Sooner The Better..You Guys Have To Much. Help .SPREAD THE WEALTH

Just Watch The News All They Show Are Black%u2019s . All You Happy..Fools You Guys Voted For The Wrong Guy%u2026Whities Now Dish Up All Your Money Us Blacks Nead This And It Will Come Ha Ha Ha

Stupid Whities You Guys Arent Done Paying Yet For Our Slavery



--------------------------------------------------------------------------------

Posted by theblackman9

You r a poor excuse for a black american man. BTW I own a car. And I''ll sit in the back as long as it''s u driving me around

[txgrouch2007]

Bush: ''''Our Long National Nightmare Of Peace And Prosperity Is Finally Over''''
Posted by IOWEIGN at 09:03 AM : Nov 06, 2008

You''re so full of it your eyes are brown.

Nice to see you''re STILL gloating. BTW I voted for Obama, so I HELPED.

But you don''t see me gloating over it. Do you.

[txgrouch2007]

IDIOT VOTERS GAVE THE GREEN LIGHT by re-electing most incumbent members of Congress, including Barney "Metldown" Frank, just like I was afraid they would.

They signed a blank check for SIX MORE YEARS of Barney Frank wrecking our country with his reckless giveaways to pander to the poor voters who keep the Democrats in office.

The fact that jerks like Frank, Kerry, and Kennedy get elected by the Massachusetts morons and then become the most powerful members of Congress proves only one thing -

That Frank, Kerry, and Kennedy aren''t the stupid ones - THE VOTERS ARE!!!

[barbaraf4]

"They''ll throw Rove to the wolves and hopefully he''ll go broke paying for attorneys trying to keep him out of jail.

Al Gonzales will take a plea and get probation and get religion and write books." Posted by HROAMS
~~~~~~~~~~~~~~~
The Bush administration, past and present, will be granted a sweeping Presidential Pardon. No one will ever spend one minute in jail nor pay any restitution. If Bush attorneys are unable to find a loop-hole allowing him to pardon himself, he will have a private jet warmed and waiting at the airport to leave for his ranch in paraguay right after the swearing in ceremony. I''m sure he has money stashed in offshore banks.

At least he will be gone.

[trillion1]

The rightwing can''t get over that their time of running roughshod over the American people is done. If ignorance is bliss then they should be the happiest people in the world.

[txgrouch2007]

No wmd''''s
Posted by guyfrompa49 at 09:08 AM : Nov 06, 2008

Let''s not forget - BILL CLINTON originated the WMD lie with his desperate impeachment eve airstrike against Iraq, which he announced in a nationally televised speech. He ASSERTED that Saddam had WMD''s even though NONE WERE EVER FOUND either before or after his airstrike.

And we''re supposed to believe Clinton was TELLING THE TRUTH when he said it, but BUSH LIED when he said the same thing. We''re supposed to believe that Clinton''s airstrikes were PERFECTLY 100% SUCCESSFUL at destroying all remaining WMD, even though THEY HAD NEVER BEEN FOUND, SO THEIR LOCATION COULDLN''T POSSIBLY BE KNOWN.

Tell me - HOW do you totally and perfectly destroy a target when YOU DON''T KNOW FOR SURE WHERE IT IS?????

But we''re supposed to believe THAT, and believe that Bush was the LIAR.

RIIIIIIIIIIGGGGGGHHHHHHT!!!!!!!!!!!!!

[txgrouch2007]

Still lookin'''' for those WMDs in Iraq...
Posted by IOWEIGN at 08:59 AM : Nov 06, 2008

Let''s not forget - BILL CLINTON originated the WMD lie with his desperate impeachment eve airstrike against Iraq, which he announced in a nationally televised speech. He ASSERTED that Saddam had WMD''s even though NONE WERE EVER FOUND either before or after his airstrike.

And we''re supposed to believe Clinton was TELLING THE TRUTH when he said it, but BUSH LIED when he said the same thing. We''re supposed to believe that Clinton''s airstrikes were PERFECTLY 100% SUCCESSFUL at destroying all remaining WMD, even though THEY HAD NEVER BEEN FOUND, SO THEIR LOCATION COULDLN''T POSSIBLY BE KNOWN.

Tell me - HOW do you totally and perfectly destroy a target when YOU DON''T KNOW FOR SURE WHERE IT IS?????

But we''re supposed to believe THAT, and believe that Bush was the LIAR.

RIIIIIIIIIIGGGGGGHHHHHHT!!!!!!!!!!!!!

[txgrouch2007]

The Dow Jones average went down 5% (nearly 500 points) in ONE DAY yesterday.

Not because of Obama, but because jerks like BARNEY "MELTDOWN" FRANK got re-elected by the idiot voters to spend ANOTHER SIX YEARS wrecking the economy with his shameless pandering giveaways to the poor.

Investors were disappointed not only that most of the incumbents got re-elected, but that THE AMERICAN PEOPLE STILL HAVEN''T LEARNED. They keep making the SAME STUPID MISTAKE OVER AND OVER and expect a different result (a.k.a. "CHANGE").

Electing Obama was a good first step. But "New Guy" Obama is VERY UNLIKELY to be able to stop the Democrat controlled Congress from running amok for at least the next two years until the mid-term elections for the Senate in 2010.

While the cat is a kitten, the RATS will play. DemocRATS, that is.

[walt1944-2009]

It has been learned that the Great Emperor Bush II is frantic to get the $700 billion into the hands of Corporate and Financial America (and into the greedy hands of the CEO''s CFO''s and corporate presidents and other "big shots") before he leaves the "throne" in the Oval Office.

Officially, he wants to show everyone that he is moving quickly to "fix" the economy of the near-bankrupt USSA, but rumors persist that the real reasons are that he wants Corporate and Financial America to get their money before Obama marches into the Oval Office and tells the mega-rich corporate big shots "NO MORE MONEY!".

In other words, the Great Emperor wants the "big shots" to get their bonuses, perks, and golden parachutes before Obama gets there and not leave him a dime to do anything with!

WHAT A GUY!!!!!!

SIG HEIL, I''M A !@#$%#$@&** AND PROUD OF IT!!!, BUSH!!!
sig heil, I''M STILL A MAVERICK, EVEN IF EVERYONE THINKS OF ME AS ON OLD STEER!!!, McBush!!!
sig heil, I THOUGHT AFRICA WAS A COUNTRY!!!, Palin!!!

[txgrouch2007]

It has been learned that the Great Emperor Bush II is frantic to get the $700 billion into the hands of Corporate and Financial America (and into the greedy hands of the CEO''''s CFO''''s and corporate presidents and other "big shots") before he leaves the "throne" in the Oval Office.
Posted by walt1944 at 09:24 AM : Nov 06, 2008

Apparently you missed the news item. The "$700 billion" bailout has been DIVERTED by the Treasury Department.

Instead of buying up subprime mortgages as promised, the money will be used to BUY STOCK IN BANKS.

Do you think there''s any CONFLICT OF INTEREST for the government to own stock in BUSINESSES IT REGULATES???

Do you suppose that might CHANGE SOME OF THE REGULATIONS to be more FAVORABLE TO THE BANKS?????

Don''t believe me? Do a Big Eye search for this new item (go ahead, go ahead):

"White House Defends Billions to Banks," from 10/30/2008

See for yourself how our government is getting MORE CRIMINAL BY THE HOUR. And most of those responsible HAVE BEEN RE-ELECTED.

It''s really unreal what''s happening. I''m glad Obama won, but Congress is going to be OUT OF CONTROL for the forseeable future.

[pensacola98]

Difficult dilemnas exist between the economic alliances and the military ones for our country.

The world has some entities who won''t accept our deifinition of economic status, or military alliance.

Wartime relations are always difficult when no one has clarity about who the USA is directing hostilities against.

The unspoken secret about Iraq is the NSA''s wishlist for a permanent military presence in the former Sadaam Hussien airport in the northern provinces of Iraq. This is supposed to help stablize the region for Israel and keep Iran and Syria "honest".

As for economic recovery, the unilateral closing of loopholes for world markets to control banks from over-extending themselves, is high on the agenda.

Institutional investors are moving funds around the world hunting for banks willing to take the risk. Greed is moving money out of the USA markets, and victimizing foreign ones.

[jntlw-2009]

This "rat" of a president had one thing in mind when he took office - to rape and pillage the nation by handing out our tax dollars, often with no accountability at all let alone any responsibility, like candy to Iraq''s and Afghan war lords to buy them off and then to hand over overpriced no-bid contracts to his war industrial complex buddies and now to give billions to corrupt greedy thugs and bankers on Wall street who have ruined our lives for the next 30 plus years. He has literally given away our national wealth to his rich friends. He must be tried for treason as no one is this inept - it was definitely done on purpose.

[niceface19]

This crook is on the way out, don''t let him steal any more.............beware.....he''s going at full speed in stealing.

[hologram5]

Captain Bushco and his ship of fools are running at full speed into oblivion...

[niceface19]

People were so stupid who voted this thug in office 8 years ago, now they are harvesting the fruits from this drunken man, a broken economy too deep to get out.

[jntlw-2009]

Bush get my vote as the Anti-christ. How about you?

[niceface19]

Don''t let him get away unchecked.

[windmaster12]

Elizabeth Dole Epitomizes why The GOP lost--

The use of fear--falsehoods--Character assassination

Trickery -- lies -- Goebbell''s style Propaganda ---

Mccarthyism --- Camouflaged Racism etc.

Have done them in!!!

However, I''m Glad God is off the leash

The GOP Thought they had Him on!!!!

Guess what? He''s not a Republican after all!!!

By the way Dumbya Bush Just Oversaw, and pushed through

The Nationalization of Freddie and Fannie--

And the Gov''t Buy In/Bail out of the Insurance Industry

Our major Financials -- and soon The Auto Industry---

Chavez is Proud of these Republican achievements

GOP --- The New Red Commies.

To all you Moron''s who wrongly believe Obama is a

Socialist---- The Real Socialist''s are Bush and Co.

[freedomobama]

Bush get my vote as the Anti-christ. How about you?


--------------------------------------------------------------------------------

Posted by jntlw at 10:21 AM

Obama gets mine

[txgrouch2007]

OBAMA IS PRESIDENT all whites to the back of the bus
Posted by benobana at 10:36 AM : Nov 06, 2008

YAY! Does that mean we''re a MINORITY now???

I DEMAND FULL MINORITY PROTECTION AND BENEFITS.

Hey, a lot of us whites VOTED FOR Obama. WE DESERVE IT!

Come on, give us a break. LET US BE A MINORITY, TOO!

[solarrays247-2009]

This "rat" of a president had one thing in mind when he took office - to rape and pillage the nation by handing out our tax dollars, often with no accountability at all let alone any responsibility, like candy to Iraq''''s and Afghan war lords to buy them off and then to hand over overpriced no-bid contracts to his war industrial complex buddies and now to give billions to corrupt greedy thugs and bankers on Wall street who have ruined our lives for the next 30 plus years. He has literally given away our national wealth to his rich friends. He must be tried for treason as no one is this inept - it was definitely done on purpose.

Posted by jntlw at 10:15 AM : Nov 06, 2008

I agree with you, and have felt this way for over eight painful years! Nothing that Bush/Cheney have done has surprised me, unfortunately. But, I do believe that his daddy''s powerful friends will protect him to the end, again, unfortunately.

[txgrouch2007]

How much damage could a damned Bush wreak if a damned Bush could damge wrecks?
Posted by Nancy_Naive at 10:06 AM : Nov 06, 2008

Here, let me fix your typo:

How much damage did Barny Frank wreck, because Barney Frank DID damage wrecks.

[renonv5]

Can''t we just lock him up in a closet somewhere for the next 75 days? It''s too bad Obama can''t kick him to the curb immediately.

[navyjimfl]

this bailout is wrong and may be criminal.....the rich get richer....can''t wait until this terrible president is out of office

[ddaryl1]

if Bush is forcing the bailout money out the door then it is a guarentee that this will be botched.

Which is probably the plan of republicants... make things worse then blame the next president and congress.

[slim1h2o]

Lame Duck Administration Eager To Pump Money Into Struggling Financial System
-------------------------------------------

Of course he is. He hasn''t much time left, so he has to go to "warp" speed to finalize the destruction of the U.S.

The Lame Brain........The man is really "warped"

[hotpaulie]

txgrouch2007 - Stay tuned to all the incriminating documents and bestselling books that will be published detailing so much more cr@p the Bush administration pulled.

[madeupnews]

Bush is not a Lame Duck. He is clearly a quadraplegic duck.

[lochlan-2009]

"at least when it comes to getting the $700 billion financial rescue program up and running."

Don''t they mean the trillion plus $$$ to the bank mafia, before the Dems comes in and stops the final stages of the largest heist in history.
Quick grab the money, grab the money, grab it, get your billions, Quick!!!

This is how justice is served to government organised crime ring administrations in this country.

[lochlan-2009]

"Treasury said it would sell $55 billion in bonds next week, including a reintroduction of the three-year note - all part of a massive borrowing effort required because of the cost of the bailout and a budget deficit that some believe could hit nearly $1 trillion next year."

It is simply amazing the fraud this administration is doing on a global scale. Who''s buying tese bonds, what''s this going to do to the dollars worth?

PUT BUSH AND ADMIN. IN PRISON!!!!!!!!!!!!!!!!