What is Digg?149 Comments
- jiqiren, on 09/29/2008, -5/+61Bring on the recession. Screw bailing out Wall Street.
- 0zzy, on 09/29/2008, -2/+21Man this sucks. Can't vote for Obama nor McCain. Many people say "lesser of two evils", but it's still evil, and I'm still screwed. "What torturing device would you prefer?"
- ultraJesus, on 09/29/2008, -3/+19Only the Sith deals in absolutes.
- Rustymetal, on 09/29/2008, -1/+17yeah our economy is crashing real fast with the lowest gas prices in 6 months.
Bailout is ***** that will start runaway and stagflation. Bailout will basically destroy the dollar, or whats left of it. Theses banks collapsing is a good thing. Not handing out credit to every single person is a good thing. - RJBURLE, on 09/29/2008, -6/+21Keep fighting.
I love how conservatives and liberals can put aside differences to stand against this corruption. We must not let Wall Street and the Federal Reserve do this to us! - Richandler, on 09/29/2008, -6/+21For all you Warren Buffet fans: "Warren Buffett is simultaneously advising Obama to support the deal, while he himself is investing in the company that stands to make the most off the deal."
First good Huff Po article in a long time. - Moodswung, on 09/29/2008, -7/+21I stopped trusting Pelosi when she said impeachment was off the table.
- dreamtiger, on 09/29/2008, -3/+16The analogy to kiting seems apt:
"When an individual consumer uses a new credit card to pay off astounding debt from an old credit card, it's called kiting, and in many cases, it is illegal. Apparently, though, when the government does it, it's billed as Serious Public Policy. Because that's what this supposedly prudent bailout bill would do: Force taxpayers to borrow $700 billion from foreign banks to pay off the bad debt of Wall Street banks. At a moment when everyone is ultimately worrying about preventing destructive interest rate hikes, nobody has been able to explain how adding almost a trillion dollars to the interest rate-exacerbating national debt would do anything other than undermine the plan's underlying objective. Worse, the U.S. Treasury Department itself admits that the $700 billion number is "not based on any particular data point" - that is, they created it out of thin air because "We just wanted to choose a really large number." Slapping that amount of money onto the national credit card when our government can't even justify the amount is beyond absurd - it is insane."
To avoid immediate calamity by creating a bigger calamity later is lazy & irresponsible to say the least. Wouldn't it be better to buckle up, dig in, and work our way out of this, while letting the fat cats taste the fruits of their greedy and unsound fiscal policies? We are here now because of the Neocon coup d'etat which was nothing if not an attempt to keep us in the 20th century economy of Oil, Drugs & Weapons a few years longer by any means necessary. There is a vibrant new economy just around the corner-based on clean energy, amazing technology, sustainable living, and social justice. Keep your eyes on the prize & work like hell to supply what this new world needs, and you will be on top when this is over. - BloodWenis, on 09/29/2008, -6/+19So confused....actually agreeing .....with a Huff post article.....
- marksven, on 09/29/2008, -1/+11Contrary to the view of this administration, recessions are a necessary and natural part of the cyclical economy. It cleanses the system, leaving only the strong to survive. It also teaches everyone how to live within their means and find happiness outside the emptiness of consumerism.
- VBDon, on 09/29/2008, -5/+15How did Huff and Puffington Post let this one slip through. An article that supports conservative Republicans. Its only error is that McCain sided with the House Republicans against the bill and forced Pelosi, Reid, and dear Barney to back down on the worst parts of their plan. I wouldn't be surprised if Huff and Puff pulls this article in the morning.
- RizenBB, on 09/29/2008, -2/+11I don't think that buying illiquid assets that no one else is buying with taxpayer dollars is an appropriate response to this situation.
I also am not sure a devalued dollar is better than a credit crunch. - diggproof, on 09/29/2008, -4/+13That's great! One problem though: WE CAN'T VOTE ON THIS.
- rv361162, on 09/29/2008, -1/+9Here's what you'll get, zombie, if this bill passes:
1 - Wallstreet bailed out for $700B
2 - Dollar devaluation and runaway inflation
3 - Everyday products and food prices rise
4 - Those who were scraping by on their housing loans now default
5 - The loans who were supposed to be "toxic" have already gobbled up the $700B from step 1
6 - Wallstreet ***** their pants as they see round 2 of the toxic mortgages showing up on the books and balance sheets
7 - They cry that "WAAA! We're totally screwed again, Government, save us!!!
8 - Go to step 1 above, and repeat.
So anytime you want that type of ass-raping, either I can call in Bevo the horseman, or you can keep chearleading this ***** bailout and not understand that we HAVE to go through a recession/depression for a year or two for our asses to be saved, or else you'll have a decade long depression due to the cycle I just outlined above. - rv361162, on 09/29/2008, -2/+10How ***** hard is it to understand that this will cause MASSIVE inflation?
Hello 4 dollar loaf of bread, 8 dollar gas and 240 dollar whores...
***** expensive whores....what don't you get about this!!!??? - rizzo2008, on 09/29/2008, -4/+11Send this to your congressman/senator
then call them and bitch and moan
“Dear Senator/Representative:
You MUST reject the Paulson/Bernanke plan for bailing out and propping up reckless banks at taxpayer expense. This is madness to ask us, the taxpayers, to cover the liabilities of Wall Street. We are tired of being fleeced. If you vote to support this plan, I will do everything in my power to remove you from office before you can give away any more of our money to failed businessmen.
Thank you, [Your name]” - crowbar77, on 09/29/2008, -0/+7You mean the same "experts" who told us Iraq had wmds? Despite what much of the MSM media and the white house is saying, their are a ton of experts out there who disagree with this plan.
- RizenBB, on 09/29/2008, -0/+7I'm sorry, but I'm not going to support propping up this failed system with more tax payer dollars. They don't know how much money this is going to end up costing, and tacking on another 1-5 trillion dollars to our national debt as a band-aid fix for a whole slew of companies who tried to play with fire and got burned is not the solution I want to our economic problems. I would much rather let the market sort this out, as it should, than have my tax dollars go to bail out people who essentially tried to cheat and scam the system. Even if they bail them out, there is no guarantee we won't see a recession or depression - most likely this will simply delay it, not prevent it. And there are risks to both sides. This is certainly not something that should be rushed through Congress in a week.
- slvrbullet87, on 09/29/2008, -0/+7You know something is wrong when a republican president and a democratic congress are pushing for something, and republicans in the house are saying its a bad idea.
"Any time is hear that there is a bipartisan plan in Washington I know i am getting ***** twice as hard"
-George Carlin - inactive, on 09/29/2008, -5/+11Mccain's campaign currently employs over 177 lobbyists.
Of those 177 lobbyists 83 of them are tied directly to wallstreet and the current economic meltdown. (These are people who will benefit directly from the bailout bill.)
Here are a few on his payroll. Take a look for yourself.
Phil Anderson: American Council of Life Insurers, Aetna, AIG, New York Life, MassMutual, VISA
Rebecca Anderson: Aegon, American Council of Life Insurers, Cigna, Barclays, Credit Suisse First Boston, HSBC
Stanton Anderson: The Debt Exchange
David Beightol: Allstate, Amerigroup, Charles Schwab, HSBC
Rhonda Bentz: VISA
Wayne Berman: American Council of Life Insurers, AIG, Americhoice, Shinsei Bank, Blackstone, Carlyle Group, Broidy Capital Management, Credit Suisse Securities, Highstar Capital, VISA, Ameriquest Mortgage, Fannie Mae, Freddie Mac, Fitch Ratings
Charlie Black: JP Morgan, Washington Mutual Bank, Freddie Mac, Mortgage Bankers Association of America, National Association of Mortgage Brokers
Judy Black: Colorado Credit Union League, Genworth Financial, Bay Harbour Management, Merrill Lynch
Kirk Blalock: Credit Union National Association, Financial Executives International, American Insurance Association, Mutual of Omaha, Zurich Financial Service Group, Fannie Mae, Federal Home Loan Bank of San Francisco
Carlos Bonilla: Financial Services Roundtable, Freddie Mac
Christine Burgeson: Citigroup
Mark Buse: Freddie Mac, Goldman Sachs, Manufacturers Life Insurance Company
Nicholas Calio: Citigroup, Managed Fund Association, Fannie Mae, Merrill Lynch, The Investment Company Institute, TIAA-CRE, Securities Industry and Financial Markets Association
Ben Nighthorse Campbell: Amscot Financial Corporation, Community Financial Services Association, Fidelity National Financial
Andrew Cantor: American Insurance Association, Merrill Lynch
Alberto Cardenas: Fannie Mae
James Courter: Goldman Sachs, Donaldson Lufkin & Jenrette, Investment Company Institute, Merrill Lynch
David Crane: Financial Services Roundtable, PriceWaterhouseCoopers, Deloitte & Touche, KPMG, Ernst & Young, Bank of America, Association of Corporate Credit Unions, Freddie Mac
Dan Crippen: Merrill Lynch, National Multi-Housing Council
Arthur Culvahouse: Fannie Mae
Bryan Cunningham: Arch Capital Group
Alfonse D'Amato: AIG, Freddie Mac
Doug Davenport: Federal Home Loan Bank of San Francisco, Goldman Sachs, VISA
Ashley Davis: Prudential Financial, American Financial Group, American Premier Underwriters, Great American Insurance Company
Mimi Dawson: MassMutual
Melissa Edwards: Freddie Mac, National Association of Real Estate Investment Trusts, Access to Capital Coalition
Chris Fidler: American Bankers Association, Milcom Venture Partners, National Association Real Estate Investment Trusts
Samuel Geduldig: American Bankers Association, American Institute of CPAs, America Gains, Berkshire Hathaway, Consumer Bankers Association, Ernst & Young, Financial Services Roundtable, Investment Company Institute, PriceWaterhouseCoopers, Prudential Financial, Sovereign Investment Council, Fidelity Investments, FMR Corp.
Benjamin Ginsberg: Massachusetts Mutual Life Insurance, AIG Technical Services
David Girard-Dicarlo: American Financial Group, American Premier Underwriters
Juleanna Glover Weiss: RJI Capital, American Institute of CPAs, BNP Paribas, Ernst & Young, PriceWaterhouseCoopers
Slade Gorton: Allstate Insurance, Hannan Armstrong Capital
Phil Gramm: UBS Americas
John Green: Laredo National Bank, Alternative Investment Management Association, AIG, Blackstone Group, Carlyle Group, Citigroup, Credit Suisse Group, Fannie Mae, Icahn Associates, FMR Corp., AFLAC, VISA
Janet Grissom: American Institute of CPAs, NYSE, Merrill Lynch
Kristen Gullott: San Diego Credit Union
Kent Hance: Stanford Financial Group, Municipal Capital Markets Group, Inc.
Vicki Hart: American Financial Services Association, Citigroup, Investment Company Institute, Lehman Brothers, Merrill Lynch, New York Stock Exchange, VISA, Carlyle Group, Credit Suisse, Federal Home Loan Bank of Indianapolis, Goldman Sachs, Stanford Group, Lloyd's of London, National City Corp.
Richard Hohlt: Capmark Financial Group, Fannie Mae, JP Morgan Chase and Co., Student Loan Marketing Association, Washington Mutual, Guaranty Bank & Trust, Peachtree Settlement Funding, Dime Savings Bank of New York
Gaylord Hughey: Heartland Security Insurance Group
Kate Hull: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Zurich Financial Services, American Insurance Association, Financial Executives International
James Hyland: American Insurance Association, Seattle Home Loan Bank, Self Help Credit Union, National Association of Bankruptcy Trustees, Merrill Lynch, Mortgage Investors Corp., Federal Home Loan Bank of Indianapolis, Freddie Mac, New York Stock Exchange, Citigroup, VISA
Aleix Jarvis: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Financial Executives International, Mutual of Omaha, American Insurance Association, Zurich Financial Services
Greg Jenner: American Council of Life Insurers, JG Wentworth, UBS, VISA, PriceWaterhouseCoopers
Frank Keating: American Council of Life Insurers
Steven Kuykendall: California Bankers Association
William Lesher: Chicago Mercantile Exchange, Commerce Ventures, Rabobank International
Thomas Loeffler: Citigroup, Fannie Mae, Investment Company Institute, World Savings and Loan Association, United Services Automobile Association (USAA)
Kelly Lugar: RJI Capital Strategies
Peter Madigan: Arthur Andersen, Bank of New York, Broadridge Securities Processing, Charles Schwab, Deloitte and Touche, Goldman Sachs, International Employee Stock Option Coalition, Mastercard, NYSE, Fannie Mae, Merrill Lynch, PNC Bank
Mary Mann: MassMutual
Paul Martino: Morgan Stanley, Baker Tilly
Jana McKeag: Venture Catalyst
Alison McSlarrow: Fannie Mae, Hartford
Mike Meece: Georgetown Partners
David Metzner: Ernst & Young, Harbinger Capital Investments, Prudential, Public Financial Management, Western Union
Susan Molinari: Freddie Mac, American Land Title Association, Association of Consumer Credit Unions, Beacon Capital Partners, College Loan Corp, Coventry First, E-Trade, Financial Services Roundtable, Rent-A-Center
John Moran: Cerberus Capital Management, American Council of Life Insurers, Accenture
John Napier: Freddie Mac
Susan Nelson: AIG, San Antonio Credit Union
Paul Otellini: Ernst & Young, Financial Services Forum
Steve Perry: Charles Schwab, Hoover Partners, HSBC, National Stock Exchange
Nancy Pfotenhauer: American Land Title Association, Mortgage Bankers Association
Elise Pickering-Finley: Credit Suisse, DE Shaw, Hartford Financial Services, Research In Motion, Retail Industry Lenders Association, URL Mutual
James Pitts: Advanced Association for Life Underwriting, AETNA, American Council of Life Insurers, AIG, Council of Insurance Agents and Brokers, Debt Advisory International, Financial Services Coordinating Council, GE Financial Assurance, Hartford Life, Jefferson Pilot Financial, Kenwood Investments, MassMutual, Mutual of Omaha, New York Life, UNUM Provident, VISA, PMI Group
Tim Powers: AP Capital, Genworth Financial, Retail Industry Lenders Association, E-LOAN, General Electric Mortgage Insurance
Walter Price: Wachovia
Sloan Rappoport: Friedman, Billings, Ramsey Group, Inc. (FBR), Trafelet Delta Funds
Hans Rickhoff: Capital One, Investment Company Institute, United Services Automobile Association (USAA)
Kathleen Shanahan: New York Stock Exchange
Andrew Shore: Accenture, Retail Industry Lenders Association, Barclays, Bond Market Association, Credit Suisse, TPG Capital
Katie Stahl: Alliance for Investment Transparency, Ares Management, Fairfax Financial Holdings, Uhlmann Financial Group
Milly Stanges: TIAA-CREF
Aquiles Suarez: Fannie Mae
Don Sundquist: Freddie Mac, The Hartford
Peter Terpeluk: JP Morgan Chase, Ernst & Young, Prudential
Fred Thompson: Equitas
Jeri Thompson: American Insurance Association
John Timmons: National Association of Federal Credit Unions
William Timmons Sr.: American Council of Life Insurers, Citigroup, Dun & Bradstreet, Freddie Mac, Vanguard Group
Vin Weber: Agstar Financial Services, AKT Investment Corp., American Institute of CPAs, Ernst & Young, Freddie Mac, Louis Dreyfus Corp, PriceWaterhouseCoopers
Jeffery Weiss: JP Morgan
Tony Williams: Russell Investment Group, American Life Inc., Northwestern Mutual
So much for being a "Maverick" and wanting to reform lobbying. - algaeturd, on 09/29/2008, -1/+7Wall Street is having a PARTY tonight, fellas! FREE 700 BILLION DOLLARS from the poor and middle class to keep financing those yachts and private jets, all night parties, coke, hookers and penis enlargement operations.
THANKS, MIDDLE AMERICA!!!! - ProximoAZ, on 09/29/2008, -1/+7The economy is going to collapse anyway- passing this bill is the last bit of looting from the peons, before the end of our economic lives as we know them.
- inactive, on 09/29/2008, -8/+14Maybe you democrats will finally realize your *leaders* have sold their souls as have the republicans. Either you're with us (We the People) or you're with the terrorists (DC).
Decide and make your stand. - Ymeg, on 09/29/2008, -6/+12Little late.
- AWBoy666, on 09/29/2008, -9/+15Things to remember about this package:
1) The taxpayers are buying assets with it. These assets will be sold later on. We are not spending $700B....the actual cost to the taxpayers will only be a tiny fraction of that or perhaps none at all if the treasury does its job right. The law expires two years from now which means that all of that increased debt will be gone 2 years from now.
2) The yield on treasury securities right now is at historically low levels. Lower yields mean higher bond prices. That means that the treasury can issue debt very cheaply. This is the cheapest it has been for the government to issue debt in decades! After all the securities are liquidated, the proceeds will be used to pay off more expensive debt, thus reducing our interest tax expense. End result: a lower overall national debt!
3) Your money market funds, pension funds, mutual funds, and 401ks hold debt in all of the companies that hold these securities. More than likely, those accounts also hold the securities themselves. This $700B will be going directly to protect American savings and investment. It is not going to be used to line anyone's pockets and it is not going to be put towards bonuses. It is there so that you will actually be able to use your credit card and not see losses on your most secure investments.
4) The entire point of this bailout is to create liquidity, which is the root source of the current economic problem. Banks fund themselves overnight meaning they have to get new loans approved every single day. If they do not have enough cash on hand, they cannot get approved, which means they will have even LESS cash on hand. Hence the spinning deathwheel that took down Lehman. The $700B used to buy these securities will create liquidity meaning that corporations like your employer, your grocery, your gas station, your pharmacy, your day care center, and every other business you interact with on a daily basis can continue to exist and operate. They set up lines of credit from these banks precisely so they can continue on a day to day basis. If the banks go belly up, these corporations that rely on them will too.
Hence, increase the liquidity, get past the crunch, pay off the more expensive part of the national debt, and probably make some money for taxpayers. It goes against everything I know as a fiscal conservative, but considering the alternative, I'd much rather see this. - locojones, on 09/29/2008, -0/+6Why wouldn't RJBurle have cash when he goes to the ATM? The deposits linked to his debit card are FDIC insured, so regardless if some fat cats on Wall Street go belly up, nothing will happen to his accounts. Quit trying to retread the same fear-laden talking points that are being used to force passage of this atrocity of a bailout.
- rv361162, on 09/29/2008, -0/+6Nysus, you're a ***** shill who just spouts CNN.
Ever heard of looking up theory and understanding economics. Hint, it's not that hard to understand that creating credit out of thin air, in MASSIVE amounts like this will do and add on top of that the ***** that's already passed, welcome to double priced EVERYTHING in about a years time. - WoodenKimono, on 09/29/2008, -3/+9Funny...I can think of 700 Billion reasons to vote against it.
- inactive, on 09/29/2008, -0/+5Yes. But I personally have a really hard time locating Nanci Pelosi and where does she really stand politically. She is just everywhere...
- Stochio, on 09/29/2008, -0/+5There are lots of people with MBAs in finance that disagree with you.
- AWBoy666, on 09/29/2008, -2/+7Goldman holds less than $12B in subprime or Alt-A mortgages, which is a drop in the bucket. They've already sold off everything they have. Goldman won't make ***** from this deal. Typical HuffPo conclusion without any logical support.
- opticwind, on 09/29/2008, -0/+5I moved to Japan some time ago and...I get the feeling that things aren't as bad as the digg community makes it sound there.
- radu79, on 09/29/2008, -0/+5True, let's not forget about the previous bailouts, and the ones to come when they realize that 700B is not that much to save those poor companies.
- locojones, on 09/29/2008, -0/+5Well according to the article, nysus, there are 200 economists, and several world renowned experts who say this plan won't work and that it will only delay the inevitable or make it worse. So why shouldn't we listen to them?
Moreover, if "no one said it was guaranteed to work," then why don't we try to find a solution that is guaranteed to work instead of the first supposed solution thrown on the table in the midst of a panic by the same people who couldn't see this whole mess coming yet seem totally confident telling us what doom and gloom will happen if it doesn't pass?
Let them fail. Credit will go to those who have good credit, and the rest of the people will learn to live within their means. Besides, the last two times we rushed into something based on fear, panic, and misinformation, we ended up in Iraq (oops, no connection to 9/11, and no WMD) and got saddled with the Patriot Act (trust us, we'll never use it on Americans....oops, nevermind). - Stochio, on 09/29/2008, -0/+4You mean the radicals that were right? Those radicals?
- GiganticLeopard, on 09/29/2008, -4/+8Great Article. It is strange that some people (yes even some in the middle class) actually support giving more money to the elite, while stripping money from the middle and lower classes who are already struggling already with this over taxation.
- AWBoy666, on 09/29/2008, -2/+6LOL
- rv361162, on 09/29/2008, -0/+4Oh, Nysus, you mean economists from MIT and Harvard, etc?
***** yeah, those ***** whack-job right wing idealogues! You go get'm tiger, grrrrrr.
*****, go do some research before spouting that ***** to me. - imightbewrong, on 09/29/2008, -3/+6someone finally frames the debate properly
- mydjtl, on 09/29/2008, -2/+5Finally an article that breaks it down right...
- tkstock, on 09/29/2008, -0/+3The bailout failed the House - Republicans killed it, thank you!
- tubariceroni, on 09/29/2008, -2/+5First huff post article I've bothered reading. It didn't have mccain, palin, or obama in the title!
- radu79, on 09/29/2008, -2/+5Exactly, that's why Obama is not a viable choice. Yes, he is slightly better than McCain, but considering that he is standing for this bailout, voted for retroactive immunity for the spying telecoms, voted to give Bush money for the war and so on, I don't see how someone who opposes those things can vote for him.
3rd party FTW! - GroundhogBoy, on 09/29/2008, -1/+4It won't matter how cheap gas is if you can't get paychecks to use to buy it. Gas might get back to $1 and it'd still be more expensive than you'll be able to afford if the credit markets don't get unfrozen.
- RizenBB, on 09/29/2008, -0/+3What makes free market people "radical", because they are the minority? Last time I checked appeal to popularity was a logical fallacy. There are a lot of popular ideas that are idiotic.
- inactive, on 09/29/2008, -1/+4For someone to claims to have an MBA, I'd expect you to oppose this bailout on common sense alone. But I guess you can pretty much say anything on the Internet and not have to worry about being called on it.
- GroundhogBoy, on 09/29/2008, -0/+3How much do you think is in the FDIC reserves? Washington Mutual had more in deposits than the $140 billion set aside for bank failures itself.
It's honestly quite frightening that so many people have such strong opinions with so little facts. - inactive, on 09/29/2008, -0/+3Didn't Clinton point out that the previous bailouts actually turned a profit?
http://www.cnsnews.com/public/content/article.aspx ...
And it's not $700B at any one time. Initially it will be $350B at any one time.
Phillip. - Rendonsmug, on 09/29/2008, -0/+3I'd take being beat up over the slicing of balls. I don't see why almost anyone wouldn't.
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