Tag: Finance

House Votes today. OR Theives at it again.

House Votes today. OR Theives at it again.

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Wait till the shoe drops, the market will go up for a day or two, then BANG the bottom will fall out again then what?

House plans second vote on $700 billion bailout

WASHINGTON (AP) – Rejected once amid public fury about bailing out reckless financiers, a $700 billion rescue package is getting a second chance in the House as voters anxiously ponder an economic meltdown that could wipe out their ability to borrow, plunder their savings and put them out of work.

Republicans and Democrats were jumping aboard the bailout as the House sped toward a make-or-break vote – a much-anticipated do-over after the plan met with a stunning defeat Monday, triggering a historic stock market plunge.

It was still unclear, though, whether leaders would have the dozen or so supporters needed to pass the measure.

The plan lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets from troubled financial institutions. If it works, advocates say, that would allow frozen credit to begin flowing again and prevent a serious recession.

Black lawmakers said personal calls from Democratic presidential nominee Barack Obama helped switch them from “no” to “yes,” as Republicans and Democrats alike said appeals from credit-starved small businessmen and the Senate’s addition of $110 billion in tax breaks and other sweeteners had persuaded them to drop their opposition.

“I hate it,” but “inaction to me is a greater danger to our country than this bill,” said GOP Rep. Zach Wamp of Tennessee, one of the 133 House Republicans who joined 95 Democrats in rejecting the measure Monday, sending the stock market plummeting.

The real dollar amount is closer to a TRILLION dollars, AND it has so many bullshit “Sweetners” in it that it should be a Nazi Bill. A socialistic society does this type of thing NOT a OPEN Democracy.

I am waiting for the bill to pass, I am almost sure it will pass because I have been listening to C-Span this morning, I NEVER listen to this crap, and I am reminded why now.

I am very angry about this particular bill, I am not angry about Government doing something. I think something needs to be done. I think when congress has to be bribed with these so-called “Sweetners” the bill is BAD. IF it was a good bill why would you need to add anything? And adding 300 BILLION dollars in wooden arrow/rum/Racetracks or whatever else the senate did to it is WAY TOO MUCH…The Democrats would get a 100% vote if they gave more to ACORN I am sure.

I am very pleased to hear SOME Democrats talk about responsibility of the HOMEOWNER as well as the lenders. I am starting to think ALL Democrats aren’t RATS… There are a few decent ones.

Go back to the drawing board, start with a blank and if the bill takes up more than three pages vote NO!

New age Grasshopper

New age Grasshopper

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Very interesting and a MUST READ!

The Ant and the Grasshopper, 2008 edition
by Michelle Malkin

With what looks like imminent passage of the Mother of All Bailouts (following on the heels of a year’s worth of government-funded rescues of private homeowners, lenders, insurers, and the automakers), Washington has turned Aesop’s famous fable about prudence and hard work on its head. The time is ripe for a revised 2008 edition of “The Ant and the Grasshopper:”

In a meadow on a hot summer’s day, a Grasshopper was chirping and carousing his time away. He watched scornfully as an Ant nearby struggled to store up large kernels of food and build a secure nest. The Ant pulled overtime shifts to pay off his loans and accumulate retirement funds for the future.

“Give it a rest,” the Grasshopper said. “Why bother saving and slaving and toiling and moiling? Let’s party!” The Ant demurred: “I am planning ahead for winter and you should do the same.” The Grasshopper blew off the Ant, squandered his supplies the rest of the season, and abandoned his home while on vacation (paid for by tapping every last cent of his home equity gain) instead of holding down a job.

When winter came, the Grasshopper’s pantry was empty and his shelter ruined from neglect. The Ant, weary from planting, harvesting, and stocking up for months, was dining comfortably in his nest.

Cold, hungry, jobless, facing foreclosure, and up to his two pairs of eyeballs in debt, the Grasshopper limped to the Association of Community Winged Insects for Rescue Now and demanded recourse. The office was swamped with thousands just like him. ACWIRN immediately put the Grasshopper to work registering dead ants as new voters.

Funded with tax dollars from the rest of the meadow’s residents, ACWIRN organized mass protests at the Bank of Antamerica, ambushed its top officials at their private homes, harassed their children, and demanded that the meadow’s politicians halt all foreclosures (”We must keep Grasshoppers in their houses!”) and outlaw discriminatory lending practices against starving, homeless Grasshoppers (”Well-stocked shelters are basic insect rights!”)

The banking industry capitulated; the Orthoptera Lobby secured hundreds of millions of dollars in housing earmarks and grants and counseling subsidies to support the Grasshoppers with the shadiest credit and employment histories. Antie Mae, the meadow’s government-backed home lending giant, fueled the push for increased insect homeownership in the name of biodiversity. Its executives cooked the books and headed for the hills. Katie Cricket and the Mainstream Meadow Media joined the grievance-for-profit circus, profiling Grasshopper sob stories and drumming up ratings as bewildered Ants wondered who was looking out for them.

The banks drowned in toxic debt. More Grasshoppers fell behind on their mortgage payments. Bailout mania and panic gripped the meadow.

Our little Ant, minding his own business, heard a knock on his door one late winter night a year later. It was his old, sneering Grasshopper neighbor. With ACWIRN’s presidential candidate, Barack Cicada, now in office, the Grasshopper had been hired by the meadow as a tax collector.

“I’m here to take your provisions,” the Grasshopper cackled.

But it was the Ant who had the last laugh. “I’ve learned my lesson,” he told his shiftless friend. “Why bother saving and slaving and toiling and moiling? I’ve spent all my savings. I’m walking away from my mortgage. Thrift is for suckers,” the Ant said as he headed out the door, leaving the Grasshopper empty-handed.

Michelle Malkin NAILED it with this one, I know some of my friends don’t particularly care for her but on this occasion she hit a homer.

This bailout is a direct result of the do nothing congress we put in office in 06, it is a direct result of the DEMORAT “Affordable housing initiatives” the “Taco Bell Loans” and the lack of oversights due to being called “Elitists” IF you voted against any of the Demorat led “Give me’s” you were branded with a “racist” or “Elitist”  or the ever present “Big Business lover”

There is a reason we are in this mess and it has it’s origins in the Clinton era, but it gained steam with the DEMORAT Do nothing congress of 2006….The worst LEADERSHIP the world has ever seen has been brought to you by the Education system of the USA.