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178 Comments
- chrome327, on 07/27/2008, -3/+64And hey - didn't $20M go to the incompetant CEO?
- RedPhalanx, on 07/27/2008, -1/+48The bill isn't to keep poeple from avoiding foreclosure; it's to keep these two companies from going under.
Those 400k will still likely foreclose, with or without this bill. But now the Banks won't go down with them. - Robjayne, on 07/27/2008, -9/+51Democrats and Republicans in Congress had allot to do with this mess. In 1977 they in acted the CRA which forced lenders to make bad loans. This is not the only cause but a significant one . Government intervention & unintended consequences again. By the way Ron Paul did not vote for this legislation either.
- tajitj, on 07/27/2008, -9/+44Down goes the American peso, I mean American dollar. We need fiscal sanity above all else in the white house. Barr is the only one talking about real spending cuts. Earmarks and porkbarrel that McCain keeps harping is about 50 billion a year. That will not put a dent in the 3.2 trillion dollar budget.
Pledge to donate to Bob Barr August 5th.
http://www.barrbomb.com/ - SheilaNoya, on 07/27/2008, -13/+43I can understand not wanting to let Fannie Mae and Freddie Mac crumble because of the huge negative impact it would have on financial markets. However, the math doesn't add up.
This bill is supposed to help 400,000 people avoid foreclosure (even though we expect about 2 million to be in trouble). The money provided by this bill ($400 billion) would only allow $1,000 for each of the 400,000 people it's supposed to help. Yet it doesn't even do that. It allows the federal government to purchase stock in these companies (which also makes no sense).
How in the hell does less than $1,000 per family keep them from going into foreclosure? Am I missing something here? - kemp34, on 07/27/2008, -0/+27Their executives made HUGE pay. Ridiculous. They should have to pay it all back to taxpayers who are now backing the company.
- brad3378, on 07/27/2008, -5/+30As somebody who is passionate about this issue, I hate to admit it, but this needs to be buried as inaccurate.
The cost of the bailout is expected to be $400 BILLION - not $400 Million as the website suggests.
If the cost was "only" $400 million, the cost to the average citizen would only be $1.33
It is indeed $1300 per citizen.
As a worst case scenario, it could be up to $3300 per citizen:
Shameless plug: http://digg.com/politics/Fannie_Freddie_bailout_co ... - brad3378, on 07/27/2008, -4/+29I keep a VERY close eye on the national debt clock: http://www.brillig.com/debt_clock/
This bailout has not yet been added to our current debt of "only" $31354 per citizen.
Anyway, I give the Barr campaign credit for reporting this number conservatively.
Other sources such as this one are estimating a bail out cost up to $1 Trillion or $3300 per US Citizen.
http://www.clusterstock.com/2008/7/fannie-fnm-fred ... - HxChris91, on 07/27/2008, -8/+31Of course Paul didn't, he's the only one in congress with a brain.
- JD52, on 07/27/2008, -2/+25So we the taxpayers are supplying the money to buy stocks in these companies. So if by some chance those stocks appreciate beyond what we payed for them will we be seeing the profits? After all it is technically our government and our money.
(Rhetorical questions) - Vocklery, on 07/27/2008, -3/+25I can see how this helpd FanM/FreM, but who receives the charity? How does this really help the borrower? Does it make their payments for them? Is anyone's accounts credited (besides FanM/Frem, that is)? Are their payments lowered or reduced? Do they still have to pay the total loan amount plus interest to the lenders?
Or did FanM/FreM just get a wad of free money? - inactive, on 07/28/2008, -1/+21Where exactly is this $400 billion going to come from??? This country is already almost $10 trillion in debt. If my own personal finances were in such shape, I would probably jump off a building.
I guess we can add this to the hundreds and hundreds of billions Obama wants for "another round of stimulus" and "federal healthcare" or the hundreds of billions more McCain will spend in a war with Iran.
This nation is... *****. - junkstuff1, on 07/27/2008, -7/+25If it's really supposed to help 400,000, that's actually $1 million per person.
- thegrantman, on 07/28/2008, -1/+18What part of "stop spending money" do they not understand?
- Aldanga, on 07/28/2008, -1/+18Kucinich has at least half a brain, if not more.
- NorthMass, on 07/28/2008, -5/+21Our congress is out of control and I fear they are doing this to crash the economy so they have an excuse to bring upon the North American Union which has been talked about by Ron Paul and Tom Tancredo. The only other reason I can think of is they are just so corrupt and greedy that they don't care about the debt. At this point I really have no idea, all I know is our economy is going to completely fail and socialism is NOT the answer.
- jfreeman, on 07/28/2008, -3/+19I don't care about the "huge negative impact" it will have on the financial markets. That's how a free market is supposed to work! The only ones who will lose money are the ones who made stupid bets! Don't reward malinvestment, it will only breed more. Is there anyone with any sense in the economic world?
- brad3378, on 07/28/2008, -0/+15I was thinking more along the lines of prison time.
- SheilaNoya, on 07/27/2008, -1/+16The bill was heavily touted as saving 400,000 people from foreclosure. That was it's big selling point in Congress when they pushed it through. That's also what they all went on the news and bragged about as soon as it was passed.
It still doesn't make a lot of sense, but I'm glad they won't fail now (for a while anyway). I just can't believe we're going through this same bank failure crap again just like we did when Bush Sr. was president. Like father, like son. - akchrs, on 07/28/2008, -9/+24Another piece of legislation that Obama will vote "present" on.
- brad3378, on 07/27/2008, -2/+17You forgot to mention buying votes in November.
They just lost mine. - msjacoby, on 07/27/2008, -4/+17I can't imagine how we got into a situation like this when our citizens can't figure out the difference between writing out 400 million vs 400 billion. American public school FTW.
- kemp34, on 07/27/2008, -1/+14This corporatist rationalization is used constantly to add more interventions to the market, causing further interventions, which causes further interventions, and so on and so on, amen.
You, dear sir, are operating in the land of minimal awareness. - infinitus64, on 07/28/2008, -0/+12they work the system just like the riaa saying that they need to support the artist but the artist never sees a cent from the money they collected from the lawsuits.
- tajitj, on 07/28/2008, -0/+12He is trying. Paul has hinted at endorsing him. We will have to wait until Sept for Paul to officially do something. Although we all want Paul to somehow be nominated from the floor at the convention, that is not going to happen.
Barr to me is the next best thing. He has fought with Paul on issues for years in congress. Yes his voting record is not the best. But atleast he has changed his ways and realizes his mistakes. I wish the GOP would change their mind and come to Barr's conclusions. - muckemuck, on 07/28/2008, -0/+11 .. the two parties don't want you to know that if the Libertarians get a certain percentage of the polls then they get into the Presidential debates. Democrats - if you want to see McCain lose votes big then you need to push to have Barr in the debates.
They also don't want you to know that in many states the Libertarians have to spend tons of resources each election just to get on the ballot.... but ... if they get over a certain percentage of the vote then they're automatically on the ballot. So a vote for Barr gives the Libertarians a much better shot at the next election. - GorfTron, on 07/28/2008, -0/+11The part where they have to stop spending money.
- skyshock1, on 07/28/2008, -0/+10Makes no sense to me either. If they're going to socialize losses, they should be socializing profits too.
wtf. - georgemason01, on 07/28/2008, -1/+11Indeed he is. Good times: http://www.chbn.com/Clip.aspx?key=8BF2D6BFC8CACD0C
- Patrikc325, on 07/28/2008, -1/+11This bill is the result of BankofAmerica's Lobbying. Why you ask? BankofAmerica bought out Countrywide which holds a ton of bad debt from foreclosures. This does more to help lenders. Obama voted for it. He has a sweet loan from a lender that does not get the press it deserves.
- pyronik, on 07/28/2008, -0/+9"I'd like to see you say that once the Dow starts trading at 5000 and your dad loses his job due to massive lay-offs."
The economy is cyclical, if you prepared yourself with well planned out investments and savings funds that are diversified you will weather the rough times. If your just an idiot in the first place and the economy tanks well tough luck... don't come asking me to fork over my money to save your ass. - inactive, on 07/28/2008, -0/+9He's no Ron Paul, but he's the best thing going right now.
A vote for Barr is simply a vote to break the two-party stranglehold on the election process. - SwedishNinja, on 07/28/2008, -3/+12So is Bob Barr our new Ron Paul now?
- Jallegretta, on 07/28/2008, -0/+9Our economy is a lot closer to a collapse than everyone thinks. Our national debt is not money that our country owes to itself or a meaningless number like a lot of people think, it's actually the amount of money that the U.S. owes overall to other countries in the world. Each year the U.S. government borrows billions from other countries like china, Russia and many from the E.U. and pretty soon the interest payments on our loans are going to exceed the GDP. The question is not whether our economy will fail, but rather how the rest of the world will react when we start defaulting on our debts to them.
- Hangly, on 07/28/2008, -0/+8Keynesianism at its finest.
- Hangly, on 07/28/2008, -1/+9Freddie and Fannie are also the nations biggest money laundering operations. If they failed, all kinds of garbage would come spilling out, and that just can't happen.
- zer0nix, on 07/28/2008, -0/+8precisely. this is the one and only time i have ever wanted to take up arms against the government. seriously, ***** this *****.
- tajitj, on 07/28/2008, -1/+8That was a movie. You people do realize that. Borat is a character. I see the Borat thing brought up alot. Now, it was freakin hilarious.
Barr handled it like a nice guy. - YodaJones, on 07/28/2008, -4/+11So why doesn't Dumbya just give every American a billion dollars? *****, it doesn't cost him anything and all the Federal Reserve has to do is print it.
- brad3378, on 07/28/2008, -0/+6Do you realize that wars have started for less?
We MUST remain credit worthy to the rest of the world!
We MUST keep paying or face the consequences.
However, we don't need to keep up the big government spending. - compulsive1, on 07/27/2008, -7/+13The figures at this time are pretty much meaningless. No one in financial world expects the debt to ever be paid off. The debt has to grow in order for the system to remain stable. Once the pool of money on the books stops growing the system collapses- because it is based on loans and interest. The money for the interest on previous loans has to be constantly added into the economy (through new loans and government debt) or the banks end up owning everything once old loans are paid back. So, just stop thinking of the future burden- it's just a number. We as a country can't go bankrupt because that means the banks and rich people lose everything as well and people turn to anarchy. And they will not let it happen. Not at least until all the private fire arms are off the streets.
- ryan83189, on 07/28/2008, -2/+8Don't worry, this won't cost you one cent.
We will simply print out 400 billion dollars.*
*Individual results will vary. - brad3378, on 07/28/2008, -0/+6The first word
- jfkdem, on 07/28/2008, -4/+10Bob Barr seems to be the only one who see this whole mess for what it is.
Barr/Root '08
http://www.bobbarr2008.com - statc, on 07/28/2008, -3/+9Does that mean I don't have to pay my mortgage now?
- inactive, on 07/28/2008, -1/+7It's all a part of learning your role as a serf to the Federal Reserve. Our country has been sold and you are now chattel. If you don't like it? DO SOMETHING. Otherwise, STFU and continue grazing and being prepared for shearing and the eventual slaughter.
- synarchy, on 07/28/2008, -0/+6"personal" greeting card from Bush to Root? Like 50 million of those must have gone out.
- Noncentz, on 07/28/2008, -0/+6Every time I read about this crap I just get pissed off. I tried to explain to a friend what exactly is going on here, the whole government purchasing the stocks with the weak ass dollar and all........ They couldn't care less,
Government Bailout = Bad Mojo - bmatherlyjr, on 07/27/2008, -3/+8Government controlled institutions will never go under. After all they use the following motto religiously "When in doubt, print more money."
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