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Government asks Congress for $700B for bailout - USATODAY.co

usatoday.com — The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression. The plan would give the government broad power to buy the bad debt of any U.S. financial institutions for the next two years. It also would raise the statutory

Who dugg this? Made popular Sep 20, 2008

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  • jaxontyler, on 09/20/2008, -7/+243Can the government give me $20,000 in student loan bailouts please?
  • inactive, on 09/20/2008, -4/+196This was an amusing Onion article. Oh wait...
  • jessetessej, on 09/20/2008, -12/+193Stop your ***** war. We can't afford it.
  • th3heretic, on 09/20/2008, -12/+143Were not in a recession *plugs ears* LALALALA - Administration
  • quicker1212, on 09/20/2008, -6/+83It is one thing to protect the capitalist system, another thing to protect fraud. Are these financiers setting us up for a takeover?

    Sue them, prosecute them, imprison them.
  • pier2, on 09/20/2008, -3/+79Corporate socialism. The whole administration and all their wall street banking cronies should have to forfeit every dime they made over the last few years and all go to Guantanemo. They are a bigger threat to our country than anyone locked up there. Phil Graham, who loosened regulations in 2000, should be dropped off about 100 miles out at sea and have to swim there. Disgusting.
  • dsmx, on 09/20/2008, -2/+73That offer will only make the dollar worth even less, imagine 700 billion dollars just tossed onto the open market...
  • Alex2, on 09/20/2008, -4/+70National debt clock now at 9.7 trillion dollars. What difference does another 700 billion make?

  • StabmasterArson, on 09/20/2008, -4/+67***** it. What's another 700 billion?

    /sarcasm
  • t3rmv3locity, on 09/20/2008, -1/+55Another example of Corporate Socialism at it's best.
  • RIB08, on 09/20/2008, -13/+64The American people say NO. Every day Ron Paul looks more like a prophet!
  • xjonnyx134, on 09/20/2008, -7/+47Do not want. I actually cannot believe we voted people like this into power.
  • imnojezus, on 09/20/2008, -0/+39I'm not that great at math, but I'd venture to say the difference would be about 700 billion.
  • vankho, on 09/20/2008, -2/+41$700,000,000,000 sounds like a number Dr. Evil would say.
  • theberlindoctor, on 09/20/2008, -4/+42You know, I thought the Iraq war was the biggest way the administration could just hand over cash to private industry. I guess I was wrong.
  • iofthestorm, on 09/20/2008, -0/+37There have been many Texans with drawls in Iraq, but I don't see how that's relevant.
  • algaeturd, on 09/20/2008, -2/+38It's a shame they don't ask the American people how they feel about their tax dollars bailing out corporate, greedy, corrupt banks that have helped cause this ***** collapse.
  • lead2thehead, on 09/20/2008, -0/+32That's $2,300 for each U.S. citizen.
  • korea, on 09/20/2008, -0/+32If its any consolation, it's just under 500 billion in 2002 US dollars.
  • locojones, on 09/20/2008, -0/+30I love how over the past 8 years they kept telling us we couldn't afford universal healthcare, or couldn't find the money to fix Social Security and Medicare, and that there was no money for social programs to help those in need of assistance most, ad nauseum.

    Yet, when the decision is made to purcahse toxic debt assets that are the result of criminally reckless business management, somehow we manage to have nearly a trillion dollars at the ready?

    I know the Republican party is founded on a platform of railing against Democratic socialism, so I guess the hypocrisy doesn't count when you're just giving handouts to big business.

    Heck, at least when Hugo Chavez wants to nationalize an industry, he just takes it, he doesn't waste his tax payers dollars on bad investments.
  • InetRoadkill, on 09/20/2008, -3/+33[quote from the bill]Decisions by the Secretary pursuant to the authority of this Act are *non-reviewable* and committed to agency discretion, and *may not be reviewed by any court of law* or any administrative agency.[/qoute]

    So Bush wants nearly a trillion dollars to play with, with no accountability and no oversight whatsoever. Let me think about this for a second... A retarded chimp with a history of running business into the ground, who has the fiscal restraint of a drunken sailor, and who has mismanaged the economy from day one and now wants the keys to the US treasury. How about this for an answer: "Go ***** Yourself and let someone who knows what they are doing address this crisis."

    January can't come soon enough.
  • bigfatphony19, on 09/20/2008, -3/+32You're right, because all US citizens begged for that war.

    Who the ***** are you gigantically laughing at?
  • inactive, on 09/20/2008, -2/+29They'll be rotating into Afghanistan next.
  • Phalanxia, on 09/20/2008, -2/+28I'd laugh that the CEOs are finally getting their comeuppance (177 times the salary of the average worker? Ugh.) but the fact is this going to affect the American taxpayer (I.e. you) and ripple throughout the world economy (i.e. me). Damn it.
  • xbytes, on 09/20/2008, -0/+25$700BN! whoa that will only get you a couple of pints of milk and loaf of bread in a few years.

    /drags suitcase of money to recycling plant
  • Fedaykin311, on 09/20/2008, -5/+29Sure, bail them out financially. Otherwise worse will happen.

    However, along with the bailout needs to come massive ***** cannings and potentially criminal charges (to the tune of investor fraud) of all the idiots that engaged in the sub prime loan greed.
  • inactive, on 09/20/2008, -4/+28Bailouts are going to keep happening until the economy completely collapses and we are in breadlines and traveling to california for work.

    ***** sad.

    Anyone that claims to be a bush supporter, or even a McCain supporter at this point needs to get a quick kick in the taint.
  • unfairunbalance, on 09/20/2008, -1/+24The Private Bankers caused this mess. They want to buy the remaining assets a penny on the Dollar. Now they want the American Public to pay for it. U.S. government needs to take direct control of the Private Bankers that run the Federal Reserve and arrest them for this fraud. Send this crooks to prison. But what does Bush do? Offer money to save their institutions. He is a puppet of David Rockefeller and the CFR who runs the Banking - Military - Industrial Complex - Shadow Government.
  • Alex2, on 09/20/2008, -6/+27Why not?

    Each citizen's share of the national debt is $31,723.56 .. so you'd just be getting your own money back.


  • Tyrghast, on 09/20/2008, -5/+25DONT WORRY GUYS THE MARKET WILL CORRECT ITSELF!!!
  • snotrokit, on 09/20/2008, -1/+21The arrogance of these ***** just astounds me. Almost as much as the apathy of the average American voting citizen that has no ***** clue how bad we are getting completely screwed while these corporate ***** get away with not just tearing the guts out of our country, but making us pay for their greed and failure.
  • jessetessej, on 09/20/2008, -1/+19You assume I wasn't asking before. I'm an american and never supported our gov doing anything you just said.
  • JuanBSU, on 09/20/2008, -0/+18Oh, we will get something...we will get a huge ass debt for our grandchildren.
  • ArmchairEcon, on 09/20/2008, -2/+20To the Bush Administration:

    Way to head off any possibility of nationalizing health care, or any type of social program!

    Bravo!!!
  • georgemason01, on 09/20/2008, -1/+18Even worse is that the "open market" in America is really just a pyramid scheme with the Federal Reserve at the top.
  • EarlOfLade, on 09/20/2008, -1/+18You live in the wrong country.
    If you had lived in Norway, you could have taken a well paid job in one of the more remote areas and for each year, the government would cut your debt. After a few years of work, you could have gotten rid of all of the debt and benefited from lower tax brackets. Of course, you would not need to take up such an amount of debt in order to go to school there..
    But, this is USA...

  • inactive, on 09/20/2008, -4/+21We haven't had a free market in a long time; this has been crony capitalism morphing into communism.
  • inactive, on 09/20/2008, -1/+18ALL WE HAVE TO DO IS MAKE MORE MOOLAH. WE CAN NEVER RUN OUT AS LONG AS WE HAVE PAPER. MWAHAHAHAHAHAAHA
  • inactive, on 09/20/2008, -3/+19On the bright side, if we do this, how are we going to fund another war?
    On the... dark... side, if we do this, how are we going to fund ANYTHING?
  • krebcycle, on 09/20/2008, -2/+17that's not what the money is for, it's for the poor corporations who invested in the hedge funds that those mortgages were securitized into
  • inactive, on 09/20/2008, -1/+16Where's Batman?

    Or V?

    Or even just Mark Wahlberg?
  • d3sapar3cid0, on 09/20/2008, -0/+15"I actually cannot believe we voted people like this into power."

    Speak for yourself. I know I didn't vote for them
  • mfc5200, on 09/20/2008, -4/+18I don't expect anything from the Republicans nowadays, (except for the likes of some such as Ron Paul).

    Based on their rhetoric, one should expect a lot from the Democrats, but they never deliver.

    20 bucks says they are willing to prostitute themselves now, and vote for this, if they are given "compromises" such as more food stamps/welfare or some other ***** that helps them get elected.

    Its like the Iraq war. If they get what the want in terms of pet projects, they will continue to fund it, and not stand on principle.

    Vote 3rd party.
  • milkmit, on 09/20/2008, -2/+16Three cheers for corporate welfare while the rest of us are *****.
  • inactive, on 09/20/2008, -0/+14Rich people rule the world
  • mfc5200, on 09/20/2008, -2/+16or even an Obama supporter, who not only favors these bailouts, but would like to see more in terms of "helping homeowners" keep their homes.
  • AmericanParty, on 09/20/2008, -1/+15it wont if we keep bailing people out...
  • Fogdelune, on 09/20/2008, -0/+13I can't decide if it's corporate socialism, or corporate fascism. Maybe, it's corporate national socialism.
  • Liability, on 09/20/2008, -3/+16Don't forget the 5 trillion from Fannie and Freddie
  • the2989, on 09/20/2008, -0/+13That's 7 times higher than anything Dr. Evil ever said.
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