Where Did The Bailout Billions Really Go?

CBS Evening News Exclusive: Were Bank Bailout Winners And Losers Cherry-Picked?

(CBS)  When Congress passed the $700 billion dollar bailout, the whole idea was to buy failed mortgage assets.

But once the bill became law on October 3, Henry Paulson's Treasury Department moved quickly on an entirely different front: Give bailout money to select banks to help them buy competitors. It was largely under the public radar, with only anonymous government officials acknowledging the strategy, CBS News investigative correspondent Sharyl Attkisson reports.

During the hearing on Nov. 13, Sen. Chris Dodd, D-Conn., called it "confounding to me."

Rep. Dennis Kucinich, D-Ohio, said it "breaks with congressional intent."

But CBS News has learned the banking industry was clued-in from the start.

Listen to what BB&T Bank's chief executive told analysts in a conference call shortly after the bailout passed. He's not talking about using bailout funds to help with mortgages or consumer credit - but to buy other banks.

"This is a relatively inexpensive way to raise capital for acquisition opportunities," said John Allison, CEO of BB&T.

A month later, they got $3 billion in bailout money.

Just look at all the banks we found that have gotten taxpayer bailout funds, and are gobbling up the competition:

Bank of America received $15 billion dollars and bought Merrill Lynch, which got $10 billion even as it was up for sale.

Morgan Stanley, the recipient of $10 billion, is buying Chinatrust Bank.

A half dozen more - including M&T, Capitol One, U.S. Bancorp, Hampton Roads Bankshares and PNC - got bailout money and are buying other banks.

Nobody from the Treasury Department would respond to CBS News' questions. But some analysts say the idea is to strengthen the banking industry by giving strong banks the means to take over weak ones.

It's not necessarily working out that way.

Some banks judged by federal regulators as "strong," like Merrill Lynch and Provident Bancshares, are the very ones getting bought out.

And some in Congress are upset that the Treasury Secretary is hand-picking winners and losers.

---

Read more at Couric & Co. Blog: Bailout "Bait And Switch?"

---

In a November 14 hearing, Rep. Darrell Issa, R-Calif., said: "Hank Paulson gets to decide who lives and who dies? Who buys whom?"

Take PNC Bank and National City. Both wanted bailout money but only PNC got it: Then, it bought National City.

Rep. Kucinich is from Cleveland, where National City was based. He grilled the Treasury official in charge of the bailout, Neel Kashkari, saying in the Nov. 14 hearing: "You picked a winner, PNC, and you picked a loser, National City Bank."

Kashkari responded: "With deep respect, it is not appropriate for me to speak about an individual institution, but I can talk generally about …"

"Well, with deep respect, you know, you put 4,000 people out of work in the city of Cleveland," Kucinich said. "You're, you know … are you taking a Fifth Amendment here?"

"No, sir," Kashkari said. "I don't think it's a good use of taxpayer money to put taxpayer capital into a financial institution that's going to fail."

"Boy, you know that statement that you just made you will hear about for the rest of your career," Kucinich said.

With billions going to banks and so far not helping with the mortgage crisis, congressional leaders this week said no further bailout money will be given to Treasury without much stricter conditions.


© MMIX, CBS Interactive Inc. All Rights Reserved.

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by billpl-2009 January 12, 2009 7:33 PM PST

Congress is just trying to cover their own A$$

this whole mess is their fault and Barny Frank should be impeached

Reply to this comment

by stinginrich January 12, 2009 7:34 PM PST

The Federal Reserve Air Money Bank of Criminal Zionists has been shoveling money into high-placed Criminals Pockets??? There has to be some mistake...

Reply to this comment

by rhs648 January 12, 2009 7:51 PM PST

The Federal Reserve Air Money Bank of Criminal Zionists has been shoveling money into high-placed Criminals Pockets??? There has to be some mistake...
Posted by stinginrich at 07:34 PM : Jan 12, 2009

Paulson is NOT a Jew.

But then, Paulson is not the head of the Fed.

What religion is Barny Frank again? I forgot already.



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Posted by repo_man_08

Hey - Another International conspiracy by Jewish Bankers. What nonsense. You guys never give up.

Reply to this comment

by jsd330 January 12, 2009 7:52 PM PST

The money went to high end vacations, and bank accounts in Grand Cayman.

Reply to this comment

by trillion1 January 12, 2009 7:54 PM PST

I can see a video of paulson now walking around his office. Looking under his desk "no money here.", looking behind a curtain "No money here."

Reply to this comment

by rhs648 January 12, 2009 7:58 PM PST

The Federal Reserve Air Money Bank of Criminal Zionists has been shoveling money into high-placed Criminals Pockets??? There has to be some mistake...
Posted by stinginrich at 07:34 PM : Jan 12, 2009

Paulson is NOT a Jew.

But then, Paulson is not the head of the Fed.

What religion is Barny Frank again? I forgot already.



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Posted by repo_man_08

Hey - Some of you make rotten decisions, get yourself into financial trouble, spend the equity in your homes, don''t save anything for emergencies and retirement, and max out your credir cards. Then you lose your job. After all of your stupidity, you blame the bankers and belive you are vitims of an international Jewish conspiracy. What losers.

Reply to this comment

by garyl615 January 12, 2009 8:02 PM PST

Just when you think the crooked repukes in the "W" administration can do no more wrong, the traitors prove you wrong.

Reply to this comment

by stinginrich January 12, 2009 8:08 PM PST

Posted by repo_man_08 at 07:44 PM : Jan 12, 2009
+ report abuse

Posted by rhs648 at 07:51 PM : Jan 12, 2009
report abuse

Please get your GED''s, Wingnuts....



Fed Refuses to Disclose Recipients of $2 Trillion

Mark Pittam - Bloomberg News
Friday 12 December 2008

The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.

The Fed responded Dec. 8, saying it''s allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.

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by cjs_cnet_xyz January 12, 2009 8:14 PM PST

Some banks were saved by Paulson while others were doomed. Absent saving all banks equally, it is questionable as to what the criteria of saving one bank over the other might be. Were Democratic-leaning banks allowed to fail while Republican banks were saved? Since I don''t know the political makeup of these institutions it is hard for me to make that determination. If the basic Republican principles of a free market control of who lives or dies was disregarded by the government stepping in, does the political saving of one bank over another for political reasons mean that the administration orchestrated a financial coup to affect future generations politically? It is clear that we will never know this because the media is being channeled into fluf news stories that offer up tidbits affecting a relatively small number of people (e.g. Burris, Caylee, Madoff) while ignoring the bigger financial picture overall. So much for preserving the ideals that this nation was supposedly founded upon.

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by hilglaw252 January 12, 2009 8:23 PM PST

Obama and his people should make it clear to Congress that they (Congress) already have all the leverage they need to discover where past TARP monies have gone - regardless of what is stated by the NYT, Pols, or the pundits on Cable that it is not %u2018tracked%u2019 or even traceable (that by itself is laughable). No one can be that stupid. Of course it can be tracked, but the financial institutions themselves must be given an incentive to do so. So give it to them %u2013 "no more money until we have a full and complete accounting (to the penny)." Of course, once they understand they''ll do so, but it will also mean more work for the SEC/AG. With time, hopefully, the public will see the accountability that they/we so richly deserve, that is, in the form of a lot more suicides and jail-time. In my opinion, it will take about 300 or so suicides or jailbirds before the public finds the "confidence" that everyone talks about. Otherwise, the public will itself exact punishment on the ruling class and wealthy by holding out even longer. If money has been sitting in a vault, terrific... "now use it according to the latest requirements and mandates"; the monies were "diverted"... hmmm - jail anyone? The point is that the apple is rotten to the core, smells corrupt, is corrupt, and too many deals have been made; the question is, and it must be answered "this time", by whom? Let''s pray and hope Obama isn''t in on it too (and has the courage of his convictions). Anyway, just my two cents..

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by legacyabq January 12, 2009 8:28 PM PST

This whole process has been a revolting scam from the beginning.

TIME AND TIME AGAIN, the U.S. government USES the emotional state brought by some crisis or another to implement terrible legislation that directly benefits the friends of whoever happens to be in power, or their agendas.
This bailout has been a joke, it''s really unbelievable that they can pull a SCAM like this RIGHT IN FRONT OF US, and we remain powerless, utterly powerless to do anything..
After 911, we got war and the PATRIOT act because of emotional reactionism. After this supposed "crisis" in the banking industry, the biggest banks in the world get free and open access to the US Treasury, and what do they do with the money??????
Make themselves bigger!! Richer!! Grow grow grow the bottom line boys!!

This is wholesale theft! This is fascism! Rule by the corporate elite! There is no distinction anymore between the corporations of the world and the U.S. Federal government! From the military, to the money system, corporations ARE the u.s. government..

What a wonderful world!

Reply to this comment

by the74blaster January 12, 2009 8:29 PM PST

Hey - Some of you make rotten decisions, get yourself into financial trouble, spend the equity in your homes, don''''''''t save anything for emergencies and retirement, and max out your credir cards. Then you lose your job. After all of your stupidity, you blame the bankers and belive you are vitims of an international Jewish conspiracy. What losers.

Posted by rhs648,

Yeah, everyone could be more responsible when it comes to these decisions. Given the nature of your post I can see that you are one to hold others accountable for thier decisions.

Remembering that do you care to comment on how well the Bush adminstration has run the country, managed foreign policy, Iraq and the public debt?

Considering his job performance you must be ready to go postal on him!

Take it easy, not everyone is as responsible as you are.

Reply to this comment

by liberalme January 12, 2009 8:33 PM PST

But once the bill became law on October 3, Henry Paulson''s Treasury Department moved quickly on an entirely different front: Give bailout money to select banks to help them buy competitors. It was largely under the public radar, with only anonymous government officials acknowledging the strategy.


Thus, Paulsons demand to handle the $700 billion without oversight---that alone was suspect and still no oversight from our government---they ALL ought to go to jail!

Reply to this comment

by stinginrich January 12, 2009 8:37 PM PST

Despite the varied theories espoused by many establishment economists, it was none other than the Federal Reserve that caused the Great Depression and the horrific suffering, deprivation, and dislocation America and the world experienced in its wake. At least that''s the clearly stated view of current Fed Chairman Ben Bernanke.

The worldwide economic downturn called the Great Depression, which persisted from 1929 until about 1939, was the longest and worst depression ever experienced by the industrialized Western World. While originating in the U.S., it ended up causing drastic declines in output, severe unemployment, and acute deflation in virtually every country on earth. According to the Encyclopedia Britannica, "the Great Depression ranks second only to the Civil War as the gravest crisis in American history".

What exactly caused this economic tsunami that devastated the U.S. and much of the world??

In "A Monetary History of the United States", Nobel Prize-winning economist Milton Friedman along with coauthor Anna J. Schwartz lay the mega-catastrophe of the Great Depression squarely at the feet of the Federal Reserve.

Bernanke:

"Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna, regarding the Great Depression, you''re right, we did it. We''re very sorry. But thanks to you, we won''t do it again...

(Oh, we believe you, Benny)......LOL

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by lorinkundert January 12, 2009 8:47 PM PST

Where do you think the money went once it was put into the hands of this corrupt and criminal administration?

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by terrorislame January 12, 2009 8:48 PM PST

Einstein Says ~
After all of your stupidity, you blame the bankers and belive you are vitims of an international Jewish conspiracy. What losers.
What is he a vitim of ? I belive so !

Reply to this comment

by walt1944-2009 January 12, 2009 8:58 PM PST

The soon-to-be Ex-Great Emperor Bush II is pleased that he, together with his financial "gang" Ben "Fuzzy Face" Bernanke, and Hank "Old Baldy" Paulson, have perpetuated such a huge swindel on Congress and the average taxpayer!

Not only was there no intent to use the money for what it was supposedly intended, but there was going to be the usual "Oversight? What Oversight?" mentality that has been a hallmark of the Bush era for the past 8 years!

So, the Congress and the American public have been "stung" once again by the "3 stooges of Finance" who will walk away from all this secure in the knowledge that the Great Emperor Obama will look "FORWARD, NOT BACKWARD", and patting themselves on the back for a huge, sucessful, well-done "CON JOB"!

SIG HEIL, MY FAVORITE MOVIE IS "THE STING"!!!, BUSH!!!

Reply to this comment

by flsunjnky January 12, 2009 9:00 PM PST

It''s pretty obvious. Taxpayers were tricked again. The money was given to the people that caused a big part of this mess. From a behavioral standpoint, they were rewarded for their behavior. Thanks Bush!

Reply to this comment

by stinginrich January 12, 2009 9:02 PM PST

Many naive persons think of the Federal Reserve System as a part of the United States Government, which it emphatically is not. Probably this is because the only money we have nowadays is marked "Federal Reserve Note". The Federal Reserve is a privately owned and privately managed institution. Those who can remember the 1960''s can recall that there were one dollar silver certificates as well as United States Notes, the descendants of Lincoln''s greenbacks, in several denominations. But after the Kennedy assassination, the private Federal Reserve established a monopoly on printing American money, shutting out the US Federal Government from this important function.

In this way the Federal Reserve System violates the letter and spirit of the United States Constitution. There, in Article I, Section 8, Clause 5, we read that the Congress shall have the power "to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures".

Kennedy was murdered shortly after signing Executive Order #11110, returning to the Government the power to create and issue it''s own currency without going through the FED.

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by debinok1 January 12, 2009 9:08 PM PST

Before I say what I am going to say let me say that I voted for Obama. However, I think he is wrong for not looking backward on this. These people deserve to be prosecuted and the American people deserve justice.

Reply to this comment

by hiproductions--2008 January 12, 2009 9:13 PM PST

We told EVERYBODY in the Senate and EVERYBODY in the House that we didn''t trust this "bailout" it was a ridiculous scam by profiteering banks to get even MORE money from us, the people. Our congressmen and senators told us "No one will get loans if we don''t approve this bailout" These senators and congressmen ignored the onslaught of phone calls and emails against giving our tax dollars. They did a quick "rework" which did nothing to change the wording, voted it quickly into law without giving us an opportunity to protest. Now these banks are STILL not giving loans and are using our tax dollars to line their pockets and put smaller institutions out of business. Fire everyone in Congress and EVERY Senator. Put Paulson in jail.

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by stinginrich January 12, 2009 9:16 PM PST

Just five months after Kennedy was assassinated, no more of the Series 1958 "Silver Certificates" were issued either, and they were subsequently removed from circulation. Perhaps the assassination of JFK was a warning to all future presidents not to interfere with the private Federal Reserve''s control over the creation of money. It seems very apparent that President Kennedy challenged the "powers that exist behind U.S. and world finance". With true patriotic courage, JFK boldly faced the two most successful vehicles that have ever been used to drive up debt:

1.) War (Viet Nam)

2.) The creation of money by a Privately Owned Central Bank. His efforts to have all U.S. troops out of Vietnam by 1965 combined with Executive Order #11110, would have destroyed the profits and control of the private Federal Reserve Bank.

Executive Order #11110 has never been rescinded....

Reply to this comment

by donbl1 January 12, 2009 9:22 PM PST

A little misconception.....

The banks were not "given" money.

The US government bought preferred stock from the banks at some interest rate. The US government has made about $6B so far from what I have read on that preferred stock purchase.

The same deal was done by Buffet with GE. He bought preferred from GE.

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by misha128-2009 January 12, 2009 9:24 PM PST

Posted by DebinOK1 at 09:08 PM : Jan 12, 2009

I believe Obama''s and Biden''s statement was that the investigations and any prosecutions considered appropriate would be handled by an independent DOJ in the best tradition of the country. I believe this is important that the President, VP, Cabinet members in General and others Outside the DOJ, FBI and others charged specifically charged with these tasks not become partisan in terms of the whether or not there is a prosecution. I further hope the Attorney General will be empowered or authorized when appropriate (and he requests) the option of special prosecutors where appropriate to investigate critical agencies like the FBI, DOJ, etc that cannot effectively investigate themselves.

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by rparn January 12, 2009 9:28 PM PST

This story highlights the ongoing transfer of wealth in this country from the poor and middle class to the very rich. The conservative revolution fostered, encouraged, and legalized the greatest ripoff of all time in the name of the trickle down theory. We were all duped or too stupid to catch on in time. This lesson should jolt us all out of our political lethargy to rediscover the responsibilities of citizenship in a representative democracy.

Reply to this comment

by rparn January 12, 2009 9:29 PM PST

This story highlights the ongoing transfer of wealth in this country from the poor and middle class to the very rich. The conservative revolution fostered, encouraged, and legalized the greatest ripoff of all time in the name of the trickle down theory. We were all duped or too stupid to catch on in time. This lesson should jolt us all out of our political lethargy to rediscover the responsibilities of citizenship in a representative democracy.

Reply to this comment

by excoachken January 12, 2009 9:33 PM PST

Apparently "Trickle Down" was the theory that if you give arich man $1,000 he will invest it in the economy because he doesn''t need it to survive and so he can "play" with it. But, if you give that same $1,000 to a poor man or a middle class guy wouldn''t he spend it just as fast or ever faster, getting it into the economy much quicker than the wealthy guy. Maybe some Reaganesque neo-con can clarify this for me.

Reply to this comment

by tiktin January 12, 2009 9:34 PM PST

Where did the money go? Henry Paulson gave it to his pals on Wall Street.

Reply to this comment

by wardoglrs January 12, 2009 9:37 PM PST

"Sometimes it is said that man cannot be trusted with the government of himself. Can he, then, be trusted with the government of others? Or have we found angels in the form of kings to govern him? Let history answer this question." Thomas Jefferson: 1st Inaugural, 1801.


Anyone giving up there income to occult that pretend''s to be a good government is a fool.

The US government is a Terrorist organization of unimaginable horror on the people.

American Leadership is nothing short of a *** with aids.

The people have been lied to and used for there wages to create a military so powerful that no nation would dare to match.

Israel owns the US in every way and if you all dont wake up this reality soon you will be hunted down just like Gaza citizen from your own military.

Abe Lincoln killed 650 thousand citizens and Obama admires him.

Be afraid your soul will be sacrificed on the alter of war like so many in the past dieing for there country only to find they died for an Occult to bring the human mind under there domain with fear and chaos.

Reply to this comment

by vdema-2009 January 12, 2009 9:40 PM PST

Does anyone care that this is the greatest transfer of taxpayer (wealth) in the history of the world! Billions of taxpayer dollars to a few banks, friends of the Washington crew. Now we are told that our taxes must be raised because of a crisis!We have the most corrupt congress in the history of our country and no one seems to care! So be it,welcome to National Socialism,please remember what NAZI meant,because we are on the way there.

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by excoachken January 12, 2009 9:41 PM PST

repo man: A man of few words and even fewer I.Q. points. How about a rational complete sentence to defend Reagan''s Ripoff of the middle class?

Reply to this comment

by stinginrich January 12, 2009 9:41 PM PST

Maybe some Reaganesque neo-con can clarify this for me.
Posted by excoachken at 09:33 PM : Jan 12, 2009

Sure, I''''d be glad to .

UP YOURS.



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Posted by repo_man_08 at 09:36 PM : Jan 12, 2009
+ report abuse

Neocon Rule #73:

"When confronted with overwhelming proof of your Stupidity, simply hurl insults and continue your Inane postulations".....LOL

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by stinginrich January 12, 2009 9:44 PM PST

How about a rational complete sentence to defend Reagan''''''''s Ripoff of the middle class?
Posted by excoachken at 09:41 PM : Jan 12, 2009

Whatever Reagan did wrong, Clinton had eight years to fix it.

If you want to bring up the past, focus on Clinton.

He was the last "popular" president we had.




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Posted by repo_man_08 at 09:43 PM : Jan 12, 2009
+ report abuse

...."and,...and,...he got a BJ".....*sniff*....

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by vdema-2009 January 12, 2009 9:48 PM PST

How many of the promised 3.5 million jobs have been created by throwing away 350 Billion dollars? When small banks are acquired people are fired.When banks buy out brokerage firms,hundreds of people are fired.Please keep voting in our current congress such that they can complete the destruction of this economy, Only then will enough voters say "enough" and throw them all out of office.

Reply to this comment

by flsunjnky January 12, 2009 9:51 PM PST

I really don''t give a hoot about Clinton''s personal life. But he left America in the black. Erased the red that was left by daddy Bush. And now where are we?

Reply to this comment

by b4ucmyi January 12, 2009 9:54 PM PST

Since the middle-class no longer has money to steal in the form of taxes, the rich are now inventing money to give to themselves. Poof, here''s $700 B from thin air. Poof, now it''s in David Rockefeller''s bank account. Poof, the middle-class can''t eat the debt. Poof, f*ck the middle-class.

Reply to this comment

by stinginrich January 12, 2009 9:54 PM PST

I told you he was popular!

I''''m not sure about him sniffing things, though




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Posted by repo_man_08 at 09:47 PM : Jan 12, 2009
+ report abuse

Somewhere deep in the recesses of your clouded 59 IQ mind, I''m sure all these things you imagine are stone-carved absolutes, (just like when Dad (Brother) and Mom (Sis) got together at the single-wide and created little repoboy)......

Reply to this comment

by allzwell January 12, 2009 9:55 PM PST

This is Republican governance in the raw... the willful destruction of the middle class so as to turn us into the servants of stock brokers and money wizards that rip us off and create nothing tangible except pain. Remember them as they drive by you in their beemers, hummers and mercedes on their way to their McMansions. They''re laughing at us because they think they''re so smart because we didn''t "invest" correctly and they did with their insider information. No matter. I''m an optimist, and I believe we''re living in a target rich environment... fattened cows waiting to be harvested. Hmm... steak is never a mistake.

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by flsunjnky January 12, 2009 9:56 PM PST

I don''t suppose that G. W. embraced the idea of "trickle down" economics, now did he?

Reply to this comment

by stinginrich January 12, 2009 9:58 PM PST

I don''''t suppose that G. W. embraced the idea of "trickle down" economics, now did he?


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Posted by FLSunJnky at 09:56 PM : Jan 12, 2009
+ report abuse

No, this entire thing is Clinton''s fault.....just ask the Drooling Wingnuts here.....LOL

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by flsunjnky January 12, 2009 9:59 PM PST

Ha Ha Allzwell, I LOVE steak. Maybe it''s time for the slaughter.

Reply to this comment

by flsunjnky January 12, 2009 10:01 PM PST

Rush kinda looks like he might have a few swine in a pin in the backyard. Maybe start there?

Reply to this comment

by stinginrich January 12, 2009 10:02 PM PST

Somewhere deep in the recesses of your clouded 59 IQ mind, I''''''''m sure all these things you imagine are stone-carved absolutes, (just like when Dad (Brother) and Mom (Sis) got together at the single-wide and created little repoboy)......
Posted by stinginrich at 09:54 PM : Jan 12, 2009

You''''ve been drinking Cisco, I can tell.

you aren''''t making any sense at all




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Posted by repo_man_08 at 09:58 PM : Jan 12, 2009
+ report abuse

Reading Comprehension: Yet another item to add to the long list of your personal failings.....LOL

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by kazoodan January 12, 2009 10:03 PM PST

Whatever Reagan did wrong, Clinton had eight years to fix it.

If you want to bring up the past, focus on Clinton.

He was the last "popular" president we had.


Posted by repo_man_08 at 09:43 PM : Jan 12, 2009

It seems he DID fix it, only to have Bush come along and break it again.

Reply to this comment

by flsunjnky January 12, 2009 10:04 PM PST

Nice repo_man, I know that. But, ya know, I''m gonna be right there with ya when the Dems dig a hole they can''t get out of. I''m an Independent, and so is my thinking. Hey, if your right, your right. If your wrong, well?

Reply to this comment

by arthurcl1 January 12, 2009 10:04 PM PST

This is exactly why the "fired" Generals on the ground objected to putting more troops in Harms Way and why they are dubious about "partnering" with the IRAQI troops - This was probably an inside job!
The Military Brass want to hide these events to try and distort the realities of this Civil War in IRAQ. US TROOPS are viewed as "occupiers" no longer liberators... and thus, just as much a problem as the insurgents to the ultimate stability of their country!
These are IRAQI citizens people and whether you want to label them "yankess" or "rebs" neither of them are Americans and it is their destiny to decide the fate of their country!
You read the reports about IRANIANS traing Shia Militia and in IRAN and the other 100 Muslim Nations you read about the US Training Shia Security Forces - PLEASE TELL ME THE DIFFERENCE!!!
This is the type of deceit that Bush has been shielding from America for over four years in order to keep US Support behind Keeping our Soldiers in HARMS WAY - with Cheerleaders like Cheney saying on CNN - that we are making enormous progress in IRAQ - STATE of DENIAL!

How Tragically SAD!

Reply to this comment

by u-r-right January 12, 2009 10:04 PM PST

And yet, Bank of America has the chutzpah to send my 77 year old mother a late fee of $35 because she forgot to pay her credit card bill on time. The first time she has done this since being a good paying customer for years.

This greed has got to stop and I mean now.

Reply to this comment

by flsunjnky January 12, 2009 10:06 PM PST

That''s right kazoodan, and I don''t think he really likes the way that history is going to reflect the "accomplishments" of his presidency.

Reply to this comment

by stinginrich January 12, 2009 10:07 PM PST

Whatever Reagan did wrong, Clinton had eight years to fix it.

If you want to bring up the past, focus on Clinton.

He was the last "popular" president we had.


Posted by repo_man_08 at 09:43 PM : Jan 12, 2009

It seems he DID fix it, only to have Bush come along and break it again.


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Posted by kazoodan at 10:03 PM : Jan 12, 2009
+ report abuse

But he got a BJ!!!.....from a FEMALE WOMAN!!!...(*Yuk*), the worst offense imaginable on Planet Neocon Toe-Tapper.....

Reply to this comment

by stinginrich January 12, 2009 10:14 PM PST

But he got a BJ!!!.....from a FEMALE WOMAN!!!...(*Yuk*),
Posted by stinginrich at 10:07 PM : Jan 12, 2009

What, do you have some problem with women?

Oh, I get it. YOU voted for Barny Frank.

HAHAHAHAHAHA


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Posted by repo_man_08 at 10:08 PM : Jan 12, 2009
+ report abuse

No, WE get it....in addition to being uneducated and quite deluded, you''re also a closeted, self-loathing, "Family-Values" Toe-Tapper.......you should join the Democratic Party - they won''t judge you for who you really are......LOL

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[billpl-2009]

Congress is just trying to cover their own A$$

this whole mess is their fault and Barny Frank should be impeached

[stinginrich]

The Federal Reserve Air Money Bank of Criminal Zionists has been shoveling money into high-placed Criminals Pockets??? There has to be some mistake...

[rhs648]

The Federal Reserve Air Money Bank of Criminal Zionists has been shoveling money into high-placed Criminals Pockets??? There has to be some mistake...
Posted by stinginrich at 07:34 PM : Jan 12, 2009

Paulson is NOT a Jew.

But then, Paulson is not the head of the Fed.

What religion is Barny Frank again? I forgot already.



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

Posted by repo_man_08

Hey - Another International conspiracy by Jewish Bankers. What nonsense. You guys never give up.

[jsd330]

The money went to high end vacations, and bank accounts in Grand Cayman.

[trillion1]

I can see a video of paulson now walking around his office. Looking under his desk "no money here.", looking behind a curtain "No money here."

[rhs648]

The Federal Reserve Air Money Bank of Criminal Zionists has been shoveling money into high-placed Criminals Pockets??? There has to be some mistake...
Posted by stinginrich at 07:34 PM : Jan 12, 2009

Paulson is NOT a Jew.

But then, Paulson is not the head of the Fed.

What religion is Barny Frank again? I forgot already.



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

Posted by repo_man_08

Hey - Some of you make rotten decisions, get yourself into financial trouble, spend the equity in your homes, don''t save anything for emergencies and retirement, and max out your credir cards. Then you lose your job. After all of your stupidity, you blame the bankers and belive you are vitims of an international Jewish conspiracy. What losers.

[garyl615]

Just when you think the crooked repukes in the "W" administration can do no more wrong, the traitors prove you wrong.

[stinginrich]

Posted by repo_man_08 at 07:44 PM : Jan 12, 2009
+ report abuse

Posted by rhs648 at 07:51 PM : Jan 12, 2009
report abuse

Please get your GED''s, Wingnuts....



Fed Refuses to Disclose Recipients of $2 Trillion

Mark Pittam - Bloomberg News
Friday 12 December 2008

The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.

The Fed responded Dec. 8, saying it''s allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.

[cjs_cnet_xyz]

Some banks were saved by Paulson while others were doomed. Absent saving all banks equally, it is questionable as to what the criteria of saving one bank over the other might be. Were Democratic-leaning banks allowed to fail while Republican banks were saved? Since I don''t know the political makeup of these institutions it is hard for me to make that determination. If the basic Republican principles of a free market control of who lives or dies was disregarded by the government stepping in, does the political saving of one bank over another for political reasons mean that the administration orchestrated a financial coup to affect future generations politically? It is clear that we will never know this because the media is being channeled into fluf news stories that offer up tidbits affecting a relatively small number of people (e.g. Burris, Caylee, Madoff) while ignoring the bigger financial picture overall. So much for preserving the ideals that this nation was supposedly founded upon.

[hilglaw252]

Obama and his people should make it clear to Congress that they (Congress) already have all the leverage they need to discover where past TARP monies have gone - regardless of what is stated by the NYT, Pols, or the pundits on Cable that it is not %u2018tracked%u2019 or even traceable (that by itself is laughable). No one can be that stupid. Of course it can be tracked, but the financial institutions themselves must be given an incentive to do so. So give it to them %u2013 "no more money until we have a full and complete accounting (to the penny)." Of course, once they understand they''ll do so, but it will also mean more work for the SEC/AG. With time, hopefully, the public will see the accountability that they/we so richly deserve, that is, in the form of a lot more suicides and jail-time. In my opinion, it will take about 300 or so suicides or jailbirds before the public finds the "confidence" that everyone talks about. Otherwise, the public will itself exact punishment on the ruling class and wealthy by holding out even longer. If money has been sitting in a vault, terrific... "now use it according to the latest requirements and mandates"; the monies were "diverted"... hmmm - jail anyone? The point is that the apple is rotten to the core, smells corrupt, is corrupt, and too many deals have been made; the question is, and it must be answered "this time", by whom? Let''s pray and hope Obama isn''t in on it too (and has the courage of his convictions). Anyway, just my two cents..

[legacyabq]

This whole process has been a revolting scam from the beginning.

TIME AND TIME AGAIN, the U.S. government USES the emotional state brought by some crisis or another to implement terrible legislation that directly benefits the friends of whoever happens to be in power, or their agendas.
This bailout has been a joke, it''s really unbelievable that they can pull a SCAM like this RIGHT IN FRONT OF US, and we remain powerless, utterly powerless to do anything..
After 911, we got war and the PATRIOT act because of emotional reactionism. After this supposed "crisis" in the banking industry, the biggest banks in the world get free and open access to the US Treasury, and what do they do with the money??????
Make themselves bigger!! Richer!! Grow grow grow the bottom line boys!!

This is wholesale theft! This is fascism! Rule by the corporate elite! There is no distinction anymore between the corporations of the world and the U.S. Federal government! From the military, to the money system, corporations ARE the u.s. government..

What a wonderful world!

[the74blaster]

Hey - Some of you make rotten decisions, get yourself into financial trouble, spend the equity in your homes, don''''''''t save anything for emergencies and retirement, and max out your credir cards. Then you lose your job. After all of your stupidity, you blame the bankers and belive you are vitims of an international Jewish conspiracy. What losers.

Posted by rhs648,

Yeah, everyone could be more responsible when it comes to these decisions. Given the nature of your post I can see that you are one to hold others accountable for thier decisions.

Remembering that do you care to comment on how well the Bush adminstration has run the country, managed foreign policy, Iraq and the public debt?

Considering his job performance you must be ready to go postal on him!

Take it easy, not everyone is as responsible as you are.

[liberalme]

But once the bill became law on October 3, Henry Paulson''s Treasury Department moved quickly on an entirely different front: Give bailout money to select banks to help them buy competitors. It was largely under the public radar, with only anonymous government officials acknowledging the strategy.


Thus, Paulsons demand to handle the $700 billion without oversight---that alone was suspect and still no oversight from our government---they ALL ought to go to jail!

[stinginrich]

Despite the varied theories espoused by many establishment economists, it was none other than the Federal Reserve that caused the Great Depression and the horrific suffering, deprivation, and dislocation America and the world experienced in its wake. At least that''s the clearly stated view of current Fed Chairman Ben Bernanke.

The worldwide economic downturn called the Great Depression, which persisted from 1929 until about 1939, was the longest and worst depression ever experienced by the industrialized Western World. While originating in the U.S., it ended up causing drastic declines in output, severe unemployment, and acute deflation in virtually every country on earth. According to the Encyclopedia Britannica, "the Great Depression ranks second only to the Civil War as the gravest crisis in American history".

What exactly caused this economic tsunami that devastated the U.S. and much of the world??

In "A Monetary History of the United States", Nobel Prize-winning economist Milton Friedman along with coauthor Anna J. Schwartz lay the mega-catastrophe of the Great Depression squarely at the feet of the Federal Reserve.

Bernanke:

"Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna, regarding the Great Depression, you''re right, we did it. We''re very sorry. But thanks to you, we won''t do it again...

(Oh, we believe you, Benny)......LOL

[lorinkundert]

Where do you think the money went once it was put into the hands of this corrupt and criminal administration?

[terrorislame]

Einstein Says ~
After all of your stupidity, you blame the bankers and belive you are vitims of an international Jewish conspiracy. What losers.
What is he a vitim of ? I belive so !

[walt1944-2009]

The soon-to-be Ex-Great Emperor Bush II is pleased that he, together with his financial "gang" Ben "Fuzzy Face" Bernanke, and Hank "Old Baldy" Paulson, have perpetuated such a huge swindel on Congress and the average taxpayer!

Not only was there no intent to use the money for what it was supposedly intended, but there was going to be the usual "Oversight? What Oversight?" mentality that has been a hallmark of the Bush era for the past 8 years!

So, the Congress and the American public have been "stung" once again by the "3 stooges of Finance" who will walk away from all this secure in the knowledge that the Great Emperor Obama will look "FORWARD, NOT BACKWARD", and patting themselves on the back for a huge, sucessful, well-done "CON JOB"!

SIG HEIL, MY FAVORITE MOVIE IS "THE STING"!!!, BUSH!!!

[flsunjnky]

It''s pretty obvious. Taxpayers were tricked again. The money was given to the people that caused a big part of this mess. From a behavioral standpoint, they were rewarded for their behavior. Thanks Bush!

[stinginrich]

Many naive persons think of the Federal Reserve System as a part of the United States Government, which it emphatically is not. Probably this is because the only money we have nowadays is marked "Federal Reserve Note". The Federal Reserve is a privately owned and privately managed institution. Those who can remember the 1960''s can recall that there were one dollar silver certificates as well as United States Notes, the descendants of Lincoln''s greenbacks, in several denominations. But after the Kennedy assassination, the private Federal Reserve established a monopoly on printing American money, shutting out the US Federal Government from this important function.

In this way the Federal Reserve System violates the letter and spirit of the United States Constitution. There, in Article I, Section 8, Clause 5, we read that the Congress shall have the power "to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures".

Kennedy was murdered shortly after signing Executive Order #11110, returning to the Government the power to create and issue it''s own currency without going through the FED.

[debinok1]

Before I say what I am going to say let me say that I voted for Obama. However, I think he is wrong for not looking backward on this. These people deserve to be prosecuted and the American people deserve justice.

[hiproductions--2008]

We told EVERYBODY in the Senate and EVERYBODY in the House that we didn''t trust this "bailout" it was a ridiculous scam by profiteering banks to get even MORE money from us, the people. Our congressmen and senators told us "No one will get loans if we don''t approve this bailout" These senators and congressmen ignored the onslaught of phone calls and emails against giving our tax dollars. They did a quick "rework" which did nothing to change the wording, voted it quickly into law without giving us an opportunity to protest. Now these banks are STILL not giving loans and are using our tax dollars to line their pockets and put smaller institutions out of business. Fire everyone in Congress and EVERY Senator. Put Paulson in jail.

[stinginrich]

Just five months after Kennedy was assassinated, no more of the Series 1958 "Silver Certificates" were issued either, and they were subsequently removed from circulation. Perhaps the assassination of JFK was a warning to all future presidents not to interfere with the private Federal Reserve''s control over the creation of money. It seems very apparent that President Kennedy challenged the "powers that exist behind U.S. and world finance". With true patriotic courage, JFK boldly faced the two most successful vehicles that have ever been used to drive up debt:

1.) War (Viet Nam)

2.) The creation of money by a Privately Owned Central Bank. His efforts to have all U.S. troops out of Vietnam by 1965 combined with Executive Order #11110, would have destroyed the profits and control of the private Federal Reserve Bank.

Executive Order #11110 has never been rescinded....

[donbl1]

A little misconception.....

The banks were not "given" money.

The US government bought preferred stock from the banks at some interest rate. The US government has made about $6B so far from what I have read on that preferred stock purchase.

The same deal was done by Buffet with GE. He bought preferred from GE.

[misha128-2009]

Posted by DebinOK1 at 09:08 PM : Jan 12, 2009

I believe Obama''s and Biden''s statement was that the investigations and any prosecutions considered appropriate would be handled by an independent DOJ in the best tradition of the country. I believe this is important that the President, VP, Cabinet members in General and others Outside the DOJ, FBI and others charged specifically charged with these tasks not become partisan in terms of the whether or not there is a prosecution. I further hope the Attorney General will be empowered or authorized when appropriate (and he requests) the option of special prosecutors where appropriate to investigate critical agencies like the FBI, DOJ, etc that cannot effectively investigate themselves.

[rparn]

This story highlights the ongoing transfer of wealth in this country from the poor and middle class to the very rich. The conservative revolution fostered, encouraged, and legalized the greatest ripoff of all time in the name of the trickle down theory. We were all duped or too stupid to catch on in time. This lesson should jolt us all out of our political lethargy to rediscover the responsibilities of citizenship in a representative democracy.

[rparn]

This story highlights the ongoing transfer of wealth in this country from the poor and middle class to the very rich. The conservative revolution fostered, encouraged, and legalized the greatest ripoff of all time in the name of the trickle down theory. We were all duped or too stupid to catch on in time. This lesson should jolt us all out of our political lethargy to rediscover the responsibilities of citizenship in a representative democracy.

[excoachken]

Apparently "Trickle Down" was the theory that if you give arich man $1,000 he will invest it in the economy because he doesn''t need it to survive and so he can "play" with it. But, if you give that same $1,000 to a poor man or a middle class guy wouldn''t he spend it just as fast or ever faster, getting it into the economy much quicker than the wealthy guy. Maybe some Reaganesque neo-con can clarify this for me.

[tiktin]

Where did the money go? Henry Paulson gave it to his pals on Wall Street.

[wardoglrs]

"Sometimes it is said that man cannot be trusted with the government of himself. Can he, then, be trusted with the government of others? Or have we found angels in the form of kings to govern him? Let history answer this question." Thomas Jefferson: 1st Inaugural, 1801.


Anyone giving up there income to occult that pretend''s to be a good government is a fool.

The US government is a Terrorist organization of unimaginable horror on the people.

American Leadership is nothing short of a *** with aids.

The people have been lied to and used for there wages to create a military so powerful that no nation would dare to match.

Israel owns the US in every way and if you all dont wake up this reality soon you will be hunted down just like Gaza citizen from your own military.

Abe Lincoln killed 650 thousand citizens and Obama admires him.

Be afraid your soul will be sacrificed on the alter of war like so many in the past dieing for there country only to find they died for an Occult to bring the human mind under there domain with fear and chaos.

[vdema-2009]

Does anyone care that this is the greatest transfer of taxpayer (wealth) in the history of the world! Billions of taxpayer dollars to a few banks, friends of the Washington crew. Now we are told that our taxes must be raised because of a crisis!We have the most corrupt congress in the history of our country and no one seems to care! So be it,welcome to National Socialism,please remember what NAZI meant,because we are on the way there.

[excoachken]

repo man: A man of few words and even fewer I.Q. points. How about a rational complete sentence to defend Reagan''s Ripoff of the middle class?

[stinginrich]

Maybe some Reaganesque neo-con can clarify this for me.
Posted by excoachken at 09:33 PM : Jan 12, 2009

Sure, I''''d be glad to .

UP YOURS.



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

Posted by repo_man_08 at 09:36 PM : Jan 12, 2009
+ report abuse

Neocon Rule #73:

"When confronted with overwhelming proof of your Stupidity, simply hurl insults and continue your Inane postulations".....LOL

[stinginrich]

How about a rational complete sentence to defend Reagan''''''''s Ripoff of the middle class?
Posted by excoachken at 09:41 PM : Jan 12, 2009

Whatever Reagan did wrong, Clinton had eight years to fix it.

If you want to bring up the past, focus on Clinton.

He was the last "popular" president we had.




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

Posted by repo_man_08 at 09:43 PM : Jan 12, 2009
+ report abuse

...."and,...and,...he got a BJ".....*sniff*....

[vdema-2009]

How many of the promised 3.5 million jobs have been created by throwing away 350 Billion dollars? When small banks are acquired people are fired.When banks buy out brokerage firms,hundreds of people are fired.Please keep voting in our current congress such that they can complete the destruction of this economy, Only then will enough voters say "enough" and throw them all out of office.

[flsunjnky]

I really don''t give a hoot about Clinton''s personal life. But he left America in the black. Erased the red that was left by daddy Bush. And now where are we?

[b4ucmyi]

Since the middle-class no longer has money to steal in the form of taxes, the rich are now inventing money to give to themselves. Poof, here''s $700 B from thin air. Poof, now it''s in David Rockefeller''s bank account. Poof, the middle-class can''t eat the debt. Poof, f*ck the middle-class.

[stinginrich]

I told you he was popular!

I''''m not sure about him sniffing things, though




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

Posted by repo_man_08 at 09:47 PM : Jan 12, 2009
+ report abuse

Somewhere deep in the recesses of your clouded 59 IQ mind, I''m sure all these things you imagine are stone-carved absolutes, (just like when Dad (Brother) and Mom (Sis) got together at the single-wide and created little repoboy)......

[allzwell]

This is Republican governance in the raw... the willful destruction of the middle class so as to turn us into the servants of stock brokers and money wizards that rip us off and create nothing tangible except pain. Remember them as they drive by you in their beemers, hummers and mercedes on their way to their McMansions. They''re laughing at us because they think they''re so smart because we didn''t "invest" correctly and they did with their insider information. No matter. I''m an optimist, and I believe we''re living in a target rich environment... fattened cows waiting to be harvested. Hmm... steak is never a mistake.

[flsunjnky]

I don''t suppose that G. W. embraced the idea of "trickle down" economics, now did he?

[stinginrich]

I don''''t suppose that G. W. embraced the idea of "trickle down" economics, now did he?


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

Posted by FLSunJnky at 09:56 PM : Jan 12, 2009
+ report abuse

No, this entire thing is Clinton''s fault.....just ask the Drooling Wingnuts here.....LOL

[flsunjnky]

Ha Ha Allzwell, I LOVE steak. Maybe it''s time for the slaughter.

[flsunjnky]

Rush kinda looks like he might have a few swine in a pin in the backyard. Maybe start there?

[stinginrich]

Somewhere deep in the recesses of your clouded 59 IQ mind, I''''''''m sure all these things you imagine are stone-carved absolutes, (just like when Dad (Brother) and Mom (Sis) got together at the single-wide and created little repoboy)......
Posted by stinginrich at 09:54 PM : Jan 12, 2009

You''''ve been drinking Cisco, I can tell.

you aren''''t making any sense at all




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

Posted by repo_man_08 at 09:58 PM : Jan 12, 2009
+ report abuse

Reading Comprehension: Yet another item to add to the long list of your personal failings.....LOL

[kazoodan]

Whatever Reagan did wrong, Clinton had eight years to fix it.

If you want to bring up the past, focus on Clinton.

He was the last "popular" president we had.


Posted by repo_man_08 at 09:43 PM : Jan 12, 2009

It seems he DID fix it, only to have Bush come along and break it again.

[flsunjnky]

Nice repo_man, I know that. But, ya know, I''m gonna be right there with ya when the Dems dig a hole they can''t get out of. I''m an Independent, and so is my thinking. Hey, if your right, your right. If your wrong, well?

[arthurcl1]

This is exactly why the "fired" Generals on the ground objected to putting more troops in Harms Way and why they are dubious about "partnering" with the IRAQI troops - This was probably an inside job!
The Military Brass want to hide these events to try and distort the realities of this Civil War in IRAQ. US TROOPS are viewed as "occupiers" no longer liberators... and thus, just as much a problem as the insurgents to the ultimate stability of their country!
These are IRAQI citizens people and whether you want to label them "yankess" or "rebs" neither of them are Americans and it is their destiny to decide the fate of their country!
You read the reports about IRANIANS traing Shia Militia and in IRAN and the other 100 Muslim Nations you read about the US Training Shia Security Forces - PLEASE TELL ME THE DIFFERENCE!!!
This is the type of deceit that Bush has been shielding from America for over four years in order to keep US Support behind Keeping our Soldiers in HARMS WAY - with Cheerleaders like Cheney saying on CNN - that we are making enormous progress in IRAQ - STATE of DENIAL!

How Tragically SAD!

[u-r-right]

And yet, Bank of America has the chutzpah to send my 77 year old mother a late fee of $35 because she forgot to pay her credit card bill on time. The first time she has done this since being a good paying customer for years.

This greed has got to stop and I mean now.

[flsunjnky]

That''s right kazoodan, and I don''t think he really likes the way that history is going to reflect the "accomplishments" of his presidency.

[stinginrich]

Whatever Reagan did wrong, Clinton had eight years to fix it.

If you want to bring up the past, focus on Clinton.

He was the last "popular" president we had.


Posted by repo_man_08 at 09:43 PM : Jan 12, 2009

It seems he DID fix it, only to have Bush come along and break it again.


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

Posted by kazoodan at 10:03 PM : Jan 12, 2009
+ report abuse

But he got a BJ!!!.....from a FEMALE WOMAN!!!...(*Yuk*), the worst offense imaginable on Planet Neocon Toe-Tapper.....

[stinginrich]

But he got a BJ!!!.....from a FEMALE WOMAN!!!...(*Yuk*),
Posted by stinginrich at 10:07 PM : Jan 12, 2009

What, do you have some problem with women?

Oh, I get it. YOU voted for Barny Frank.

HAHAHAHAHAHA


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

Posted by repo_man_08 at 10:08 PM : Jan 12, 2009
+ report abuse

No, WE get it....in addition to being uneducated and quite deluded, you''re also a closeted, self-loathing, "Family-Values" Toe-Tapper.......you should join the Democratic Party - they won''t judge you for who you really are......LOL