Senators, Bankers Clash Over Bailout

Banks Say Taxpayer Money Not Being Used For Salaries, Bonuses, But Some Lawmakers Unconvinced

(CBS/AP)  Some of the largest U.S. banks sharing in the $700 billion government bailout of the financial industry tried to assure lawmakers Thursday they are using the money to make more loans and help financially strapped homeowners avoid foreclosure.

Barry L. Zubrow, chief risk officer with JP Morgan Chase, told the Senate Banking Committee that a portion of the $25 billion capital infusion it received from the Treasury Department was being deployed to "expand the flow of credit" and to assist with rewriting residential mortgages for up to 400,000 families.

Zubrow and executives with Goldman Sachs Inc., Bank of America and Wells Fargo & Co. told the committee that that none of the $85 billion they have received collectively from the government is being used to pay salaries or bonuses.

"The committee has asked whether (bailout) funds would be spent on executive compensation," said Jon Campbell, regional banking president for Wells Fargo & Co. in his testimony. "The answer is no. Wells Fargo doesn't need the government investment to pay for bonuses or compensation."

But lawmakers said there was little evidence that the bailout money had been used to expand lending as intended, and pressed bank leaders for commitments.

"Let me say as clearly as I can," said committee chairman Sen. Christopher Dodd, a Democrat. "Hoarding capital and acquiring healthy banks are not - I repeat are not - reasons why Congress authorized $700 billion in emergency funding."

With foreclosures still on the rise, Dodd said the bailout has done little to "stop the bleeding," reports CBS News investigative correspondent Sharyl Attkisson.

"It is still confounding to me why the Secretary of the Treasury and others refuse to understand this is the heart of the problem," he said.

Sen. Charles Schumer, a Democrat, said he and other lawmakers are looking at requiring banks to make more loans as a condition for taking part in the $350 billion second half of the bailout. "Any new capital injections must come with tougher requirements," he said.

Treasury has already loaned out or committed $290 billion of the first half. Democrats are working on a bill they hope to pass next week that would devote another $25 billion to the beleaguered auto industry, with the specific intent of helping General Motors Corp. avoid bankruptcy.

Lawmakers hoped that that the infusion of capital to banks would enable them to increase lending. But so far that hasn't happened, lawmakers say.

Sen. Tim Johnson, a Democrat, said he was alarmed by reports of continued generous compensation packages and benefits for executives of companies getting bailout funds.

"The intent of the bailout was to stabilize troubled financial institutions and help those businesses and individuals and Main Street affected by the credit freeze," said Johnson. "Those making the decisions on how to spend the $700 billion, and those receiving the funds, must remember this intended use."

Goldman Sachs and Morgan Stanley have each reportedly set aside more than $6 billion for end-of-year bonuses, reports Atkisson. The bankers promise it's a different pool of money from the taxpayer funds, but some senators remained skeptical.

"It flies in the face of reality that you can somehow draw these bright lines between public monies and private monies and retained earnings when it comes to some of these issues," said Dodd.

Congress can block release of the second $350 billion. It can also rewrite the law to put new conditions on its use.

On The Early Show, Sen. Dodd was asked if he thought bankers who attended Thursday's committee hearing got the message.

"Well, I'd like to tell you they did, but I doubt it," he said.

He blasted bankers for not showing that the billions of dollars in federal assistance that they have received are being put to proper use and accomplishing their intended public benefits.

"If the last two years is any experience at all, I just don't think they seem to understand," Dodd (left) told Early Show anchor Harry Smith. "And it isn't just $700 billion. If you tally up all of the guarantees and other assistance that's been provided over the last number of months one way or the other, it gets close to $5 trillion in support. In fact, as one witness pointed out yesterday, but for that kind of support and assistance, many of those banks wouldn't have been at the table yesterday - they would have been gone by now.

"And the question everyone asks: Where is the commensurate responsibility to mitigate foreclosures, to get money out the door to lenders, to understand you don't give bonuses or necessarily dividends to shareholders? The major job here is to get credit moving. Only one bank yesterday said they even had a committee established to see if they couldn't seek out credit-worthy bowers to get money out to, to start credit flowing.

"There is more than a level of exasperation," Dodd said. "Without any question, I'm tired of the jaw-boning. I started pleading two years ago, then sort of begging them to do things, then jaw-boning on it. but obviously we're running out of patience on that."

In the light of yesterday's depressing foreclosure numbers - more than a quarter of a million houses in foreclosure, and 84,000 homes reported now vacant where their owners have just walked away, Dodd focused on the families who are hurt.

"Put it in these terms: 9,128 foreclosures per day now. That's every single day, close to 10,000 families are adversely affected by this and that is the root cause of our financial difficulties. If you can put a tourniquet on that you really do begin to get to the bottom of this and reverse this cycle."

Dodd said two courses of action need to be taken: rewriting a provision of the $700 billion bailout package which would help families avert home foreclosures, as backed by Federal Deposit Insurance Corporation chairwoman Sheila Bair. "The treasury is still reluctant to move on it as they should," Dodd said.

"The second is, if you have a boat, a vacation home and a principal residence, under bankruptcy law your boat and your vacation home are protected, you get to keep those, but your principal residence goes. Assume you're an American like most people are who only have a principal residence: under that of course the bankruptcy court can take it. Why don't we just change that provision of law? That would get borrowers and lenders to negotiate. Those two things I think would do a tremendous amount."


Hedge Funds Under The Microscope

Separately, the House Oversight Committee met today to examine the role that hedge funds may have played in recent market turbulence.

The broader debate on the use of the bailout fund may not be resolved until President-elect Barack Obama takes office on Jan. 20 and pursues policies for administering the rescue program that are likely to be more closely aligned with his Democratic allies in Congress.

The economic meltdown that Obama will inherit was publicly declared a recession on Thursday by a major global economic cooperative, the Organization for Economic Cooperation and Development, of which the United States is one of 20 members.

The Paris-based OECD said in a statement that the economies of the U.S., Japan, and Europe were in recession, and the developed world's collective economy was on track to shrink 0.3 percent during 2009.

Attkisson reports that the massive taxpayer bailout of the banking system - sold to the American public as transparent - is veiled in secrecy.

Treasury Secretary Henry Paulson announced Wednesday that the administration had decided to scrap what had originally been the centerpiece of the program - a proposal to buy troubled assets to get them off the books of banks as a way of promoting increased lending.

Instead, the government is using tax dollars to buy massive shares in some of the nation's biggest and most successful banks - with virtually no strings attached, reports Attkisson. And that's all allowed under Congress' plan.

Attkisson and the CBS News investigative team decided to ask the banks directly what they are doing with Americans' tax money. Their responses were, on the whole, less than enlightening.

[jmsinil]

why in the world would anybody think that congress and failed instutions want to say where all the free money goes? that''s living in a dream world!!

[tincup356]

What people see transforming before their eyes is the demise of the middle class as we know it.either one of three things is happening right now,either congress does not care what happens to America,or the people in congress simply do not have the skills or integrity to do the job in Washington, or they are simply a party to this massive ripoff. What congress and this president have done is nothing short of TREASON, what would they do to "Joe citizen" if they were making that same charge? We have invested in criminals to lead our country and the only way to get Washington to listen to us is going to be for MILLIONS of Americans to march on Washington now, completely surround capitol hill and remove these white collar , suit and tie terrorists that have taken our country hostage .this is not something that is just going to go away because Americans turn their heads, that will only speed up the severity of the problem because of how corrupt these people are.People better wake up before you see massive amounts of Armed troops patrolling American streets looking for those pitiful low life middle class insurgents that threaten lifestyles of the corrupt and disgusting.Nothing would surprise me at this point , our government is starting to spin out of control.

[tincup356]

whats even harder to believe, the way the media reports Americans are optimistic in light of the situation. A lot of the people are mislead by biased media outlets,which do not really serve the people because of what they don''t tell you.Congress has truly shown their colors to the people of this country , they are not Red White and Blue, They are a shade of Green, just like all the money that is Rapidly siphoning off to the accounts of some unknown someone, whom apparently is getting very rich.If this government thinks they can rob the people, dissolve the middle working class, seize all the peoples wealth,they deserve to to forced out of office and to face charges of Treason against the citizens of this country.It is a fitting charge...look up the definition of Treason,it fits what congress has and is doing to our country.

[liberalme]

Re-Scrutinize? RE nothing---all they did was hand over $700 billion to Paulson and take away his initial rules of no oversight.
There are no committees in place as yet and this guy (now) has no clue as to what to do. (a bad diversion from his "no oversight" plan).

If we as a nation would stop spending---just buy what we need--we would bring these banks and corporations to their knees. We are the ones supporting them--the middle class consumers.

The lenders, speculators and the greedy created this problem by lending money with "no questions asked".

The banks might be hurting, but the CEOs and overpaid executives aren''t. The tellers, loan officers, waitresses, clerks, factory workers and in some areas police and fire have either been laid off or had their hours cut. Some got no raises due to the economy---but these big honcho "think tanks" aren''t having a problem.

The government won''t do a thing---it''s up to us--I have already made calls, faxes and emails.

[trillion1]

You had a chance to fix this problem Nov.4th. but decided to put most of the congressional crooks back in office.

[omega40]

Hahahaha you stupid liberals, too late, the money is all gone. Hahahahahaha

Posted by gop_will_Win

So???? We can just print more, right????? It''s not like we have to back it with anything but our "good" word.

[riddelup]

The bailout relabeled as rescue plan. Was a the sky is falling emergency plan. Then we have the money but we want to wait to decide who we bailout. Next it became a plan if mystery we know but we are not telling plan. now it is a multipurpose rescue we just do not know the purpose. It is in fact a bailout of the rich and slothful, a plan to keep the rich rich regardless of productivity . A transfer of wealth to maintain the status quo in the face of change. The economy has shifted to a slower pace. The slower pace is a natural economic cycle and is needed to get rid of the nonproductive economic entities, much like your employer gets rid of a worker who will not work. The bailout, I am sorry, the rescue saves that worker and rewards him for his inefficiency. America it is time to get rid of these inefficient entities which are clogging and sucking the life out of our economic engine. While it is sad to see them go and we all shed a tear they must go.

[liberalme]

Hahahaha you stupid liberals, too late, the money is all gone. Hahahahahaha

Posted by gop_will_Win

Ahhhhh a voice from the thieving GOP--did you get your Chri$tmas pre$ent from Bush already?

[gop_will_win]

So???? We can just print more, right????? It''''s not like we have to back it with anything but our "good" word.


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Posted by omega40
=====================
Money can only be printed when republicans are in charge you big dummy!

[getoffmine1]

They should change the plan and take all of the money back. Let the banks fail, let AIG fail and let the automakers fail. I thought we were a capitolist country. you cannot have it both ways, either run the economy based on the rules of capitolism (basically survival of the fittest)or have the govt'' take over the businesses and we can become the peoples rupublic of the united states.
It look s like the average person is in for a rough time for the forseeable future, We need to make sure that those that caused these problems lose everything. If the innocent have to suffer the guilty need to suffer times ten.

[liberalme]

Atleast Bush celebrates Christmas! Not like Obama who observes muslim holidays only.


Posted by gop_will_Win at 09:23 AM : Nov 13, 2008

Only an idiot would still spew this garbage---come on big guy---show us where he was raised a Muslim---I''d like to see at least 5 independant links---oh wait--you don''t read and Faux news, Hannity or lintball aren''t smart enough to have any objectivity. Forget it---I know how to find the FACTS and you just stay comfy making an azz of yourself.

[ddaryl1]

everyone needs to put aside dem vs" rep arguments. Us workers need to pull together with common ground and take on government.

the powers that be have us distracted with leftist and rightist arguments and they have successfully divided this country. While we are busy blaming reps or dems the powers that be that could care less about left wing or right wing idealogies are raping the country.

if we the people do not take our heads out of our ***** soon we won''t have much left to argue about.

Both sides need to reel it in and pull together otherwise prepare for the worst.

[getoffmine1]

Someone needs to take Paulson aside and tell him we gave you 700 billion. If the economy is not fixed in 6 months we execute you and put someone else in charge.

[gop_will_win]

Blog Troll Alert. Says things just to try to get a rise. Best Ignored.


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Posted by FloydZeppd
========================
Is Ramadan when you islamic liberals eat salty chinese noodles?

[biblethumpar]

Lets all Pray that the money will go to the homeless CEO...

amen..

[trillion1]

Why do people waste time responding to the moronic trolls? Like a whining baby leave them alone and they will go away.

[renonv5]

Posted by ddaryl1

Your comment is right on the money. "They" have always tried to keep us at each others throats. "They" don''t want us to unite and work together. "They" enjoy the bickering and back stabbing, it keeps us right where "they" want us.

[gop_will_win]

like we need to listen to another pathetic worthless fatazz like you.....yeah you bet clown. typical gop loser, still picking dumbazz limliar as if anyone listens to him!!

ha,ha,ha,ha! what a joke


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

Posted by usadvisor101
==========================
Only a liberal who lives off government handouts would not understand Rush.

[strangeworld]

The world is crashing down upon them, but bush and his republican henchmen are still trying to find ways to funnel more taxpayer money to the wealthy before they are ousted in January. Here''s an idea...fire all the people who work in these banks and help the people who need it directly. Why keep sending tax money to big-business so thaey can pay their executives big bonuses and send them on junkets to exotic locations. If these bums deserved bonuses, their businesses wouldn''t be tanking.

[mytoosense]

Posted by gop_will_Win at 09:49 AM : Nov 13, 2008



like we need to listen to another pathetic worthless fatazz like you.....yeah you bet clown. typical gop loser, still picking dumbazz limliar as if anyone listens to him!!

ha,ha,ha,ha! what a joke
-----
Posted by usadvisor101


Careful Tina, keep your line taunt, adjust your drag, you don''t want to lose him...

[biblethumpar]

mytoosense , Amen brother,
loosing fish is a sin.

[helloall34]

This bailout was shoved down the throats of americans the same way the war in Iraq was, with bad information. The "bailout" was not needed, an infusion of cash was (and is) needed. Poorly managed companies need to fail, we can not prop them up. Paulson now really needs to step down or be fired. We have wasted about a trillion dollars. It''s time to get our fiscal house in order... Clean energy and health care is where the focus should be. The health care industry in this country is a web of bureaucracy, it will fall just as the housing market did. We can step in now, before that happens with massive change. If we don''t it too will come crashing down. We are already seeing the rise in popularity of Us citizens leaving the country for major medical procedures. This is really ridiculous! Medical care should be a right of every citizen in this country, just as free speech is. Call it whatever nasty words you want (socialized medicine), but it''s the right thing to do and it is essential for our economy.

[slim1h2o]

Why is the GOP so stupid? And doesn''''t understand what they are reading.
See reverse for the answer.

Reverse side;

Why is the GOP so stupid? And doesn''''t understand what they are reading.

See reverse for the answer.

[strangeworld]

It will be pretty hard to get back on our feet if we don''t have jobs in this country...and we all can''t be managers, consultants, and "leaders", as seems to be the case in the US for the last 10 years. We''ve been sending our money to other countries, the owners of the companies who have moved are pocketing the cash and not reinvesting it back in the US. The line about big-business not creating jobs in the US if their taxes go up is nothing more than BS...history has shown us that forcing business to reinvest through a high tax rate has worked to grow our economy...allowing them to pay little or no taxes while investing in foreign lands isn''t helping us much. We''re the biggest consumer in the world...we should be consuming our own product - put tariffs on goods that are made elsewhere and you''ll see companies returning to the US. The governmnet should also refuse to do business with companies that have moved off our shores to get out of paying taxes. Halliburton moved to Saudi Arabia, yet continues to get huge no-bid contracts from the bush administration for services that it provides to the military. Cancel the Halliburton contracts and give them to US companies.

[helloall34]

The auto industry is failing because of the poor choices they made. They need to be allowed to fail! We have propped them up before they have failed over and over. They need to go through bankruptcy and then a couple of them need to merge (there are too many player with not enough market). They are trying to hold on until all the pension holders die out, but they have a long way to go. The best thing the government can do is to finally establish global health care as a right of all citizens. This would drastically decrease the health care cost to these companies. Of course it puts health care insurance out of business, but that is a price of progress.

[gop_will_win]

Why just the auto industry? Why not the insurance industry too? Thats what I don''''t understand. Why does a big rich company like AIG get a bailout, and the car companies don''''t?


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

Posted by william82281
======================
Because the insurance companies are like the banks, thwey have people who vote republican working for them. Its important to save them silly.

[generey]

Bailout Plan Under The Microscope
House And Senate Committees Delve Into U.S. Financial Crisis.

What a pile of propaganda. And the PEOPLE believe and have faith in it. LOOK AROUND PEOPLE!

[getoffmine1]

nobody is even mentioning that Bush and the Treasury Dept. gave the banking industry an illegal $140billion tax windfall just prior to passing the bailout plan.
http://www.washingtonpost.com/wp-dyn/content/article/2008/11/09/AR2008110902155.html
It is at the point now I hope all of the banks go under and the CEOs and their families are out on the streets where angry mobs chase them down.
This is total B.S. we the American people have been robbed blind and everyone sits on their hands and does nothing.
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants"
Thomas Jefferson
In this case it definately needs to be the blood of the tyrants, and their families

[strangeworld]

The biggest farce of the whole auto industry debate is the republican BS about the unions causing the problem because the auto companies had to pay bigger wages to manufacture their cars. The foreign auto plants in this country pay a fraction of what our companies did...some don''t even pay a living wage. As Americans, we have to reassess at our expectations - we all think that what we do is worth big money, while those working to make what we use should be paid peanuts. Is forcing people to work two full time jobs to survive the answer to the American dream? If manufacturing workers make less,then they can''t spend, which causes problems in thew service industry. We used to get along just fine making the product here and buying it here until the government allowed companies to run to places that paid 5" an hour while still retaining US tax breaks and the ability to sell their product here without tariffs. Heck, the bush admionistration has so relaxed rules for these companies that they don''t even have to list the country of orgin or the food contents on the wrapper anymore. Someone''s made money under republican rule, but it sure isn''t the average worker...if we don''t start shifting the wealth back to the middle class, we''ll continue to circle the bowl.

[georgiadog8]

What a scam on the American people. Stealing our wealth and having us argue over which piece of Sh%$ party is the cause of this robbery. Someone already pocketed the profits - Who? Who is going to be punished for it? Easy answer: The taxpayer and honest hardworking US citizen!

[getoffmine1]

how are insurance companies in trouble? They collect way more in premiums then they give out in claims. Also unlike a mortgage if someone misses a payment they get dropped, there is no liability on the part of the insurance company at that point?

[berniew4]

Question. Why are TOYOTA,HONDA,Mercedes. DOING OK in THE USA and NOT asking for bailout help. ?? Could it be the unions theyt don''t have / ?? Only steady jobs with good AMERICAN workers But we should get the taxpayers to bailout the auto workerts unions ??

[whatithink10]

"how are insurance companies in trouble?

Posted by getoffmine1 at 11:02 AM : Nov 13, 2008"


Derivatives

[whatithink10]

berniew4,

Japanese companies don''t need unions because the Japanese government does the work that the unions do. Those who want to say bad things about unions miss this point. Japan is more socialistic than the US and they were still able to innovate more. When workers are healthy, happy and well-educated, the entire country benefits.

[steamed2]

It has become painfully obvious that every sitting member of the House and Senate who has been in office for the last ten years has totally abdicated his responsibilities to the citizens of this country. Even a casual observer should realize by now that all of them have knowingly misled taxpayers and assisted in the malfeasance ongoing in the financial sector of America today. Nothing short of a total overhaul of Congress will cure the abomination we are witnessing. Instead, elected officials like Henry Waxman treat us to impotent committees allegedly assembled to investigate such criminal business practices, and as always, no blame is ever fixed, no crime ever prosecuted, no one ever even loses their job, no matter HOW egregious their behavior. I recently found two web sites that list addresses and email for every congressman and senator from every state. I%u2019ve decided to email every one and let them know I intend to seek their removal, regardless of the state they represent, through whatever means available. If you would like to do likewise, here are the web sites to do it. If congress is unable to end the institutionalized graft and collusion, bribes, and legislated incompetence, then the citizens of this country will have to do it. If we elected them, we can recall them too. Send an email and let them know their time is up.
(Congress) https://writerep.house.gov/writerep/welcome.shtml
(Senate) http://www.senate.gov/general/contact_information/senators_cfm.cfm

[paidgopshill]

Could it be the unions theyt don''''t have / ?? Only steady jobs with good AMERICAN workers But we should get the taxpayers to bailout the auto workerts unions ??

Posted by berniew4 a

It is the lazy unions fault, they are keeping America from becoming the free market utopia that Ronald Reagan promised us almost twenty eight years ago. We would have had a city on the hill with streets paved in gold from the perennial benefits of trickle down.

The un-American lazy and poor have virtually destroyed this country by forcing bankers to give them loans they could not afford, and by demanding more than their fair share of the company''s success.

[cjs_cnet_xyz]

If you''re a blue state bank before January 20, 2009, we''re gonna let you go bankrupt. If you''re a red state bank before January 20, 2009, we''re gonna use the government''s money to buy stock in your bank with no strings attached. After January 20, 2009, these rules will be reversed.

[strangeworld]

What we need is for the new president/congress to reinact some sort of federal usery law on the banking system - when banks are able to get money from the government at 1 percent, then turn around and charge 27.99 for it''s use, they are fleecing Americans. Banks are allowed to raise their rates on people who make every payment, yet may be late by a couple days on one payment in a year...they are shifting their loss because of poor lending practices onto the few people left actually paying their bills - it''s nothing more than legal robbery. Another practice that has arisen since the deregulation of the banking industry (pushed by republicans I might add), is charging for electronic transfers and fees associated with using systems like a TYME machine. Young people have grown up with a system where their wages are automatically sent to their bank account...then they are charged fees to access their own money - in many cases charged $2.00 to take $20.00 out of their account, a charge of 10 percent. These modern bankers are nothing more than parasites on the average American and the practices allowed since the industry deregulation are obscene. We need to enact regulation again not only on banks but on every other area in which they were relaxed since Reagan took over in 1980 - especially the food industry, where we now have inspectors who work for the companies that produce the product doing what the FDA once did - it''s not a surprise that some of our food is not what it once was.

[txgrouch2007]

Why are TOYOTA,HONDA,Mercedes. DOING OK in THE USA and NOT asking for bailout help. ?? Could it be the unions theyt don''''t have / ??
Posted by berniew4 at 11:07 AM : Nov 13, 2008

Better quality - lower price.

Better management. Lower workplace safety standards. Less environmental protections and legal protections. Protectionism, including currency exchange rate manipulation.

Take your pick. There''s a MULTITUDE of ways that the USA has been making itself uncompetitive FOR DECADES. Unions are only one small piece of the puzzle.

[element51]

paidGOPshill....I just can''t believe that there still people out there who still believe that "trickle down economics" work. It has been demonstrated that Reaganomics was a massive failure. Evidently you have not spent very much time reading history. If you had, you would know that the American labor movement was a hard fought battle and much blood was shed. The wealthy elite were determined to keep the workers down and to grind them into the dirt. If it weren''t for the labor unions people would still be working 12 hours a day for three or four dollars. There has been an effort for the last 30 years to destroy the middle class. The power of the unions has been weakened and just look at where our good jobs have gone. Remember shill, it is the middle class that creates wealth. Without us there is nothing. While it may be true that it is the rich who create jobs, it is the middle class that provide the wealth for them to do so. I won''t dispute that trickle down does have an affect, I just question what it is that is trickling on us.

[gop_will_win]

Why are TOYOTA,HONDA,Mercedes. DOING OK in THE USA and NOT asking for bailout help. ?? Could it be the unions theyt don''''''''t have / ??
Posted by berniew4 at 11:07 AM : Nov 13, 2008

Better quality - lower price.

Better management. Lower workplace safety standards. Less environmental protections and legal protections. Protectionism, including currency exchange rate manipulation.

Take your pick. There''''s a MULTITUDE of ways that the USA has been making itself uncompetitive FOR DECADES. Unions are only one small piece of the puzzle.



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Posted by txgrouch2007
========================
Foreign car companies are doing just as bad as the big three you sick America hating freaks!

[gop_will_win]

Banks want to insure their money? Why don''''t they instead take better care in who they give their money to?


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Posted by william82281
=========================
Because they can make more in fees this way.

[txgrouch2007]

Can someone please remind me - if this whole "crisis" was a lack of lending capital, then why couldn''t the Fed just ISSUE MORE???

Isn''t that was the Fed does???

If the bailout plan could find the money, why couldn''t the Fed?

[txgrouch2007]

It has been demonstrated that Reaganomics was a massive failure.
Posted by Element51 at 11:34 AM : Nov 13, 2008

That''s YOUR opinion. My experience was the exact opposite.

Reaganomics was VERY VERY GOOD to me.

[txgrouch2007]

Foreign car companies are doing just as bad as the big three you sick America hating freaks!
Posted by gop_will_win at 11:36 AM : Nov 13, 2008

So who''s bailing THEM out? Are THEY being nationalized???

Is Toyota announcing that it will RUN OUT OF CASH NEXT YEAR???

Put your thinking cap on TIGHTER next time.

[strangeworld]

Why are modern republicans so scared of unions that prwesidents since Reagan have done everything in their power to eliminate them? Oldtime republicans like Eisenhower didn''t have a problem with organized labor. Modern republicans want an ever increasing amount of the pie to go to the wealthy, who are their campaign contributors and employers when they get out of office by the way. They see unions as a roadblock to their greed. If you look at recent history, it''s proven that if modern republicans had their way we''d all be working for them for free and cleaning their houses in the evening...all their policies since reagan took office have been designed to shift money away from the middle class and into the pockets of the wealthy.

[andylance1]

Congress is approaching the CAFE gas mileage standards the wrong way. Just create an $8,000 gas hog tax on all vehicles that fail to get 35mpg in the city. If your new car doesn''t get 35mpg city - you pay an extra 8K.

Also, a free marketing tip for GM. Rename all of your cars Cadillac. Call your current Cadillac models - Cadillac Premium. If you can fool Pelosi into giving you billions and billions, you can fool everyone else into believing those cheap Saturn and Chevy models are really Cadillacs.

[strangeworld]

What good will it do for industry in the US to pay their workers poverty wages while allowing said business to take the extra profit made because of low wages and run to other countries? Do you think that America cann be strong economically if most of it''s workers are paid under the poverty limit? C''mon folks...the money is going somewhere if not into the workers pocket - it''s still be made, but going into the foreign bank accounts of big-business. We need more organized labor in this country, not less if we want the economy to grow - middle class workers with more money means more spent in stores, restaurants, etc....Rich people with more money means more money being invested in companies overseas which employ people in China, India, etc.. Which option do you think will help the US at this point in time?

[walt1944-2009]

The Great Emperor Bush II is unconcerned that Congress is investigating what is going on with the $700 billion that it was pushed into approving back in September.

It is becoming increasingly obvious that the Congress and the average citizen were "railroaded" into a situation believing the country would disintegrate in a week and work had to be done to prevent it immediately!

The Great Emperor Bush II and Hank "Old Baldy" Paulson got what they wanted (almost). Two months have gone by, much of the money has not been spent, and the country is still here, BARELY!

It is obvious that we were all victims of a massive "STING" by the administration and much of that money is going to "fall off the truck" when the Great Emperor Bush II leaves. The Great Emperor Bush II shouted that the "sky is falling" and we were all stupid enough to believe him AGAIN!

When will we ever learned NEVER to trust anyone named BUSH!!!!

SIG HEIL, I''M A "CON MAN" AND PROUD OF IT!!!, BUSH!!!

[txgrouch2007]

I remember seeing a youtube video of a corporate executive conference instructing people to only hire illegal immigrants because of the unions.
Posted by william82281 at 11:39 AM : Nov 13, 2008

There are probably DOZENS of reasons why employers want to hire illegal workers. Here are just a few:

- Don''t need to give health insurance
- Don''t need to follow workplace safety standards
- Don''t need to pay minimum wage
- Don''t need to worry about unions
- Easier to make them do illegal stuff for you
- Easier to make them work in inhuman working conditions
- Easier to make them work longer hours for no extra pay
- Less worker complaints in general

The noose of government regulation is much tighter when you hire legal workers. AND OUR GOVERNMENT KNOWS THAT, they want us to be at their mercy.