The Bailout Defeat: A Political Credibility Crisis

[strmrdr]

http://www.time.com/time/nation/article/0,8599,1845655,00.html?imw=Y

"Asked to take a leap of faith regarding a dizzyingly complex problem, a critical mass of voters refused to trust their leaders, turning down the medicine that was offered."

Do you trust the president and congress to do the right thing?
My answer is no because they are listening to the very same experts that caused and or let the problem happen in the first place.

 

[Dancing Fire]

IMO...whatever the lawmakers decide to do is only a band aid. will not fix the problems.

 

[Ellen]

Date: 9/30/2008 10:21:24 AM
Author:strmrdr
http://www.time.com/time/nation/article/0,8599,1845655,00.html?imw=Y

''Asked to take a leap of faith regarding a dizzyingly complex problem, a critical mass of voters refused to trust their leaders, turning down the medicine that was offered.''

Do you trust the president and congress to do the right thing?
My answer is no because they are listening to the very same experts that caused and or let the problem happen in the first place.

strm, normally I would agree with you, and did in the beginning. But I am hearing so many "other" financial experts agreeing it needs to be done (though they clearly do not like it). You know, "little people". So, it makes me wonder.....And I don''t know enough to know who to believe.

 

[MoonWater]

Can those in the know post the pros and cons to this bailout? A huge part of me is against it. I just hate the whole idea. But I think I'm biased because I only have one credit card which I always pay off and I'm not trying to buy a house for a few years. But I know little to nothing about finance(lol i typed fiance originally, see where my brain is) so can the experts chime in with the Pros and Cons? I need an education here.

 

[movie zombie]

Date: 9/30/2008 11:22:02 AM
Author: Ellen

Date: 9/30/2008 10:21:24 AM
Author:strmrdr
http://www.time.com/time/nation/article/0,8599,1845655,00.html?imw=Y

''Asked to take a leap of faith regarding a dizzyingly complex problem, a critical mass of voters refused to trust their leaders, turning down the medicine that was offered.''

Do you trust the president and congress to do the right thing?
My answer is no because they are listening to the very same experts that caused and or let the problem happen in the first place.

strm, normally I would agree with you, and did in the beginning. But I am hearing so many ''other'' financial experts agreeing it needs to be done (though they clearly do not like it). You know, ''little people''. So, it makes me wonder.....And I don''t know enough to know who to believe.

i so agree with Storm. paulson was ceo of goldman sachs.....just who is his loyalty to? the US taxpayer or to Wall Street? he has contributed to this mess in a big way. why trust him with our borrowed $ that our great grandchildren will have to pay back? the system was self-regulated without outside oversight....and he wants to continue it that way. no, the time for regulations being put in place is now, not later after they''ve [the industry] has gotten what they want.

give them what they want now, again, after they''ve gotten everything they asked for over the years? they wanted a lack of regulation and they got it and look where we''re at now.

movie zombie

 

[Harriet]

If it's a question of loyalty, what about Professor Bernanke?

 

[HollyS]

I have to agree with you, Karl.

I''m rather surprised that the Democrats did not figure out a plan of their own, rather than the reluctant "okay" they gave to the slightly reworked Bush/Paulsen piece of poo. And I applaud the 95 Democrats who decided to vote with the American public on this one, rather than let someone tell them what to do.

There are other options; and at this point, I don''t really care who''s name is on the best plan. Let''s just get one, shall we?

And somebody find Pelosi a cork. And Barney a sock. He''s too much of an idiot to figure out that 12 of the Democrat NAYS were on his own committee!

 

[strmrdr]

Date: 9/30/2008 12:10:35 PM
Author: MoonWater
Can those in the know post the pros and cons to this bailout?

I read it and its a bad bill and a monster.
It sets up a government and industry ran committee to buy up the mortgages and "SECURITIES" within 90 days.
One huge huge problem is it isn't limited to mortgages they can also buy up securities that were based on the mortgages many of which were phantom securities ie: they only exist on paper.
So they could buy the same mortgage separate and as part of a security bundle several times over.
The only ones to decide is the members of the committee if any given action is double dipping.

Found a further description here:
http://www.time.com/time/business/article/0,8599,1845816,00.html