MoPo | Geek News MoPo | Geek Arcade Free Flash Games






Unlimited calls to landlines with Skype – any time, day or night. No long-term contract.
Are you for or against the $700 billion bailout?

< View previous topic | View next topic > 

Are you for or against the bailout?
For
0%
 0%  [ 0 ]
Against
90%
 90%  [ 9 ]
Undecided
10%
 10%  [ 1 ]
Total Votes : 10

Author Message
Spike Lee
Premium is Watching
Premium is Watching



Joined: 24 Nov 2006
Posts: 2532
Jobs: Drug Dealer
Location: Ur House
Bank: 0
Rep: 227
Votes: 48
Points: 11535332
Mo-Money: 0.50

PostPosted: Wed Sep 24, 2008 9:37 pm    Post subject: Are you for or against the $700 billion bailout? Reply with quote
Quote:
Bailout Plan Talks Advance in Congress


Article Tools Sponsored By
By DAVID M. HERSZENHORN
Published: September 22, 2008

WASHINGTON — The Bush administration and Congressional leaders moved closer to agreement on a historic $700 billion bailout for financial firms on Monday, including tight oversight of the program and new efforts to help homeowners at risk of foreclosure.
Skip to next paragraph
Enlarge This Image
Brendan Smialowski for The New York Times


But lawmakers in both parties voiced anger over the steep cost and even skepticism about the plan’s chances of success.

As heated debate began on Capitol Hill, Congress and the administration remained at odds over the demands of some lawmakers, including limits on the pay of top executives whose firms seek help, and new authority to allow bankruptcy judges to reduce mortgage payments for borrowers facing foreclosure.

Congressional leaders and Treasury officials also said they were close to an agreement over a proposal by some Democrats in which taxpayers could receive an ownership stake, in the form of warrants to buy stock, from firms seeking to sell distressed debt.

Lawmakers want to require an equity stake, while the administration wants flexibility on that matter, a Treasury official said.

Despite the progress, the rancor in Congress ratcheted up the pressure on Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke, the architects of the proposal to let financial institutions, including some foreign firms, pass their most distressed assets to the United States Treasury.

Both are scheduled to testify before the Senate banking committee on Tuesday morning, where they must now sell the bailout plan to dubious lawmakers and to an increasingly angry public. They will also appear before the House Financial Services committee on Wednesday afternoon.

“I am concerned that Treasury’s proposal is neither workable nor comprehensive despite its enormous price tag,” Senator Richard C. Shelby of Alabama, the senior Republican on the banking committee, said in a statement. “It would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted.”

While Congressional leaders in both chambers said they were confident that they could reach a quick deal, it was also clear that Mr. Paulson and Mr. Bernanke would face rough questioning and that initial support for the bailout had begun to fray. Some Democrats said they simply did not trust the president, and drew a parallel to Mr. Bush’s request for authority to wage war in Iraq.

Some conservative Republicans also expressed outrage, echoing scornful comments by Newt Gingrich, the former House speaker, and Lou Dobbs, the CNN anchor, among other right-leaning critics.

Treasury officials brushed off the protests from influential Republicans like Mr. Shelby and said they were confident that Republican leaders could bring their members along. “We are making progress and have confidence that a plan will pass by the end of this week,” said Michele Davis, a spokeswoman for Mr. Paulson.

The financial markets, however, reacted badly to the wrangling in Washington, with the Dow Jones industrial average tumbling 372 points.

President Bush urged Congress on Monday to act fast. “Americans are watching to see if Democrats and Republicans, the Congress and the White House, can come together to solve this problem with the urgency it warrants,” he said in a statement. “The whole world is watching to see if we can act quickly to shore up our markets.”

The majority leader, Senator Harry Reid of Nevada, said Democrats were prepared to do so. “Democrats in the Senate aren’t going to drag our feet,” he said in a speech on the Senate floor. “We’ll respond with the urgency of action that this situation demands, but after eight years of fiscal dereliction of duty, it’s time for accountability.”

“Should we resolve the issue in one day?” he asked. “I think not.”

Republican leaders who support the administration’s plan warned the Democrats on Monday to exercise restraint and not slow the bailout package, even as they prepared for an aggressive internal campaign to rally Republican support.

“When there’s a fire in your kitchen threatening to burn down your home, you don’t want someone stopping the firefighters on the way and demanding they hand out smoke detectors first or lecturing you about the hazards of keeping paint in the basement,” Senator Mitch McConnell of Kentucky, the Republican leader, said in a speech on the Senate floor. “You want them to put out the fire before it burns down your home and everything you’ve saved for your whole life.”

Mr. McConnell added: “The same is true of our current economic situation. We know that there is a serious threat to our economy, and we know that we must take action to try and head off a serious blow to Main Street.”

House Speaker Nancy Pelosi, after a meeting with party leaders on Monday evening, said she, too, remained committed to getting a bill to the president as quickly as possible.

But powerful lawmakers in both parties said they would not be rushed into granting Mr. Bush’s request.

“I walked down LaSalle Street on Friday, a great street in Chicago lined with banks and big office buildings,” said Senator Richard J. Durbin of Illinois, the No. 2 Democrat. “A lot of people came up and said ‘hi.’ But a lot of them came up and said: ‘Are you really going to do this? $700 billion bailing out the banks? And I said: ‘I don’t know. At the end of the day, I just don’t know.’ ”
Skip to next paragraph
Multimedia
Drops in the Dollar and the DowGraphic
Drops in the Dollar and the Dow

Mr. Durbin, in a speech on the Senate floor, angrily recalled that the administration had similarly requested swift approval of its plan to attack Iraq. “Just as we should have asked more questions about weapons of mass destruction six years ago before we found ourselves in this war,” Mr. Durbin said, “we need to ask questions today about where this is leading.”

Representative Henry A. Waxman, Democrat of California who leads the Oversight and Government Reform Committee, said: “The taxpayer is being asked to risk billions to protect the bonuses of investment bankers.”

The skepticism was equally palpable at the other end of the ideological spectrum.

“This is going way too fast,” said Representative Mike Pence, Republican of Indiana and a conservative leader who said constituents he met this weekend were flabbergasted at the plan. “The American people don’t want Congress to make haste with the financial recovery legislation; they want us to make sense.”

And Mr. Shelby, of the banking committee, said: “Congress must immediately undertake a comprehensive, public examination of the problem and alternative solutions rather than swiftly pass the current plan with minimal changes or discussion. We owe the American taxpayer no less.”

Mr. Gingrich, the former House speaker, said he expected Republican lawmakers to oppose the plan in increasing numbers. “I think this is going to be a much bigger fight than he expected,” Mr. Gingrich said, referring to President Bush.

In a sign of how complicated the negotiations over specific provisions of the bailout could become, Senator Mel Martinez, Republican of Florida, and a member of the banking committee, said that he would strongly support limiting the pay of executives whose firms seek government aid. But Mr. Martinez said he would oppose any effort to change the bankruptcy laws.

In his prepared testimony, Mr. Paulson sought to underscore the huge risks to everyday Americans. “The market turmoil we are experiencing today poses great risk to U.S. taxpayers,” Mr. Paulson plans to testify. “When the financial system doesn’t work as it should, Americans’ personal savings, and the ability of consumers and business to finance spending, investment and job creation are threatened.”

Mr. Bernanke, in his remarks, will implore the Congress to act. “Despite the efforts of the Federal Reserve, the Treasury and other agencies, global financial markets remain under extraordinary stress,” he says in his remarks. “Action by the Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy.”

Early on Monday, Senator Christopher J. Dodd, Democrat of Connecticut, and chairman of the banking committee, introduced a 44-page draft bill that his staff pulled together on Sunday incorporating many priorities of Senate Democrats — a hefty counterproposal to the administration’s initial three page proposal.

Representative Barney Frank, Democrat of Massachusetts, and chairman of the Financial Services Committee, who had already submitted a series of demands to the Treasury, worked Monday to revise his version of the legislation to reflect various agreements with the administration on oversight and other issues.

Officials said that the administration was also prepared to adopt conflict-of-interest rules for any private firms that are hired to help the Treasury manage the bailout program. Some lawmakers were worried that such firms might also own assets that could grow in value depending on how the rescue plan was run.

Officials said there was also a deal to mandate that the government develop a plan to prevent foreclosures by renegotiating any mortgages that it purchases.

Because the markets are eager for a final deal and because Congress is trying to adjourn for the fall elections, lawmakers are bypassing the normal committee process and working toward an agreement in hopes of votes in both chambers within days.

And some lawmakers said it could be done. “We are convinced that inaction could be a disaster,” said Senator Robert Bennett, Republican of Utah. “We don’t believe that inaction is an option, so therefore we are going to do whatever we can to make sure that the action that is taken is as responsible and well thought-out as possible.”


I am against this. I don't trust the people who wrote the bill and I don't trust what these corporations will do with this money with no oversite. Plus I think that in the long run this will hurt the US a lot more. Think of the inflation. It's like giving money to the rich and taking from the poor.
_________________
TenorBetter wrote:
Well, damn, if I knew you were a genie I would have asked for something cool...


Righteous wrote:
I heard some Japanese people thought we were having a big "erection," and thus they understood the big deal about it involving a black man for the first time.


TenorBetter wrote:
It's so worth it dude! I printed them off on photo paper and laminated them (so I can put them in the dishwasher periodically).


Tippy wrote:
I'd hit is so hard... Well, let's just say SpaceGuard would pick me up eight years in advance. Nations would be evacuated, and underground shelters would be built. Movies would be made about it, and scientists would theorize and debate about the nuances of it - whether the damage would be limited or extensive.



"speedycat sure is speeeeeeeedy"
"splendid like a fire"
Back to top
View user's profile Send private message
Righteous
Day Drinker
Premium is Watching



Joined: 06 Jun 2008
Posts: 3787
Jobs: Vice Premium, Premium
Location: Washington, D.C.
Bank: 610
Rep: 574.8
Votes: 79
Points: 4888777
Mo-Money: 97.65

PostPosted: Wed Sep 24, 2008 9:59 pm    Post subject: Reply with quote
Against it.

I pay my fcuk bills. I'm careful not to overextend myself. I don't buy crap I can't afford.

I don't think I should have to pay for the mistakes of people who are too stupid to do the same.
Back to top
View user's profile Send private message AIM Address
Pablo Hunny
VIP
VIP



Joined: 24 Mar 2006
Posts: 12237
Jobs: Premium, Vice Premium
Location: St. George, Ut
Bank: 8
Rep: 1776.6
Votes: 95
Points: 223617
Mo-Money: 8.11

PostPosted: Wed Sep 24, 2008 10:04 pm    Post subject: Reply with quote
i agree, i own my 3rd home, and because of this issue, i lost 60K on my last house...it is bull crap, i will pay the trillion dollars with my taxes...
_________________
Back to top
View user's profile Send private message Visit poster's website MSN Messenger
Righteous
Day Drinker
Premium is Watching



Joined: 06 Jun 2008
Posts: 3787
Jobs: Vice Premium, Premium
Location: Washington, D.C.
Bank: 610
Rep: 574.8
Votes: 79
Points: 4888777
Mo-Money: 97.65

PostPosted: Wed Sep 24, 2008 10:08 pm    Post subject: Reply with quote
Pablo Hunny wrote:
because of this issue, i lost 60K on my last house...


Good God. Sorry to hear that...
Back to top
View user's profile Send private message AIM Address
Pablo Hunny
VIP
VIP



Joined: 24 Mar 2006
Posts: 12237
Jobs: Premium, Vice Premium
Location: St. George, Ut
Bank: 8
Rep: 1776.6
Votes: 95
Points: 223617
Mo-Money: 8.11

PostPosted: Wed Sep 24, 2008 10:13 pm    Post subject: Reply with quote
hey me too...but i hope to gain that back with this house... Confused sadly i just had to cut my loses for the business
_________________
Back to top
View user's profile Send private message Visit poster's website MSN Messenger
Righteous
Day Drinker
Premium is Watching



Joined: 06 Jun 2008
Posts: 3787
Jobs: Vice Premium, Premium
Location: Washington, D.C.
Bank: 610
Rep: 574.8
Votes: 79
Points: 4888777
Mo-Money: 97.65

PostPosted: Wed Sep 24, 2008 10:39 pm    Post subject: Reply with quote
Could have been worse, I guess.

p.s. fcuk a nigga, money make Me cum
Back to top
View user's profile Send private message AIM Address
Pablo Hunny
VIP
VIP



Joined: 24 Mar 2006
Posts: 12237
Jobs: Premium, Vice Premium
Location: St. George, Ut
Bank: 8
Rep: 1776.6
Votes: 95
Points: 223617
Mo-Money: 8.11

PostPosted: Thu Sep 25, 2008 12:01 pm    Post subject: Reply with quote
We're looking for somewhere to post up our Black asses for the night. So, uh, bang bang, skeet skeet, nigga. Just a couple of pimps, no hos.
_________________
Back to top
View user's profile Send private message Visit poster's website MSN Messenger
Midnightrose
Felon
Premium is Watching



Joined: 15 May 2006
Posts: 2957
Jobs: Post Pimp, Gynecologist
Location: Missouri, USA
Bank: 492662
Rep: 11.2
Votes: 36
Points: 96827
Mo-Money: 0.00

PostPosted: Thu Sep 25, 2008 1:57 pm    Post subject: Reply with quote
Righteous wrote:
Against it.

I pay my fcuk bills. I'm careful not to overextend myself. I don't buy crap I can't afford.

I don't think I should have to pay for the mistakes of people who are too stupid to do the same.


I also agree. God knows I don't already pay a crap ton into taxes as it is for both federal and state, but now they expect me to foot the bill now that someone fcuk up. I hope the government remembers this the next time I don't pay my taxes. I will try to have them reimburse me at other taxpayer's expense.

Plus I fail to see how this will save the problem. If you take the pyro out of a buring house, stick him in a new one AND hand him a pack of matches, what to expect him to do? Redecorate the goddamned place?
Back to top
View user's profile Send private message Send e-mail AIM Address Yahoo Messenger MSN Messenger
jarrodn
VIP
VIP
VIP


Joined: 23 Jul 2006
Posts: 3375
Jobs: Drug Dealer, Garbage Man
Location: Loveland, Co
Bank: 16
Rep: 626.2
Votes: 23
Points: 66553
Mo-Money: 0.14

PostPosted: Thu Sep 25, 2008 2:27 pm    Post subject: Reply with quote
I think the whole situation boils down to people not knowing what they were getting into, companies taking advantage of that, and in the end, we are going to have to pony up the dough to bail out all these huge companies......
I think its crap, and Im totally against it.
Back to top
View user's profile Send private message
Supa Mang
Lord of MoPo
Lord of MoPo



Joined: 04 Dec 2004
Posts: 26041
Jobs: Premium, Vice Premium
Location: Canada
Bank: 10000000
Rep: 2336
Votes: 108
Points: 11130728
Mo-Money: 53.38

PostPosted: Thu Sep 25, 2008 7:30 pm    Post subject: Reply with quote
the government is all worried about the economy thats why there is a bail out.


Bail out the american people





I’m against the $85,000,000,000.00 bailout of AIG. Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend. To make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.. So divide 200 million adults 18+ into $85 billon that equals $425,000.00. My plan is to give $425,000 to every person 18+ as a We Deserve It
Dividend. Of course, it would NOT be tax free. So let’s assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam. But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00. What would you do with $297,500.00 to $595,000.00 in your family? Pay off your mortgage – housing crisis solved. Repay college loans – what a great boost to new grads Put away money for college – it’ll be
there Save in a bank – create money to loan to
entrepreneurs. Buy a new car – create jobs Invest in the market – capital drives growth Pay for your parent’s medical insurance – health care improves Enable Deadbeat Dads to come clean – or else Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed
Forces. If we’re going to re-distribute wealth let’s
really do it...instead of trickling out a puny $1000.00 ( “to buy our vote” ) economic incentive that is being proposed by one of our candidates for President. If we’re going to do an $85 billion bailout, let’s bail out every adult US Citizen 18+! As for AIG – liquidate it. Sell off its
parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up. Here’s my rationale. We deserve it and AIG doesn’t. Sure it’s a crazy idea that can “never work.” But can you imagine the Coast-To-Coast Block Party! How do you spell Economic
Boom? I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC . And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.






the above is from an email I was sent
_________________
www.mopo.ca/mang-films.html

crazymofo wrote:
mang sure is dedicated to mopo

skatersedgeusa.com
dogproductions.ca


VOTE for Mr'Green 2012
Back to top
View user's profile Send private message Visit poster's website
Pablo Hunny
VIP
VIP



Joined: 24 Mar 2006
Posts: 12237
Jobs: Premium, Vice Premium
Location: St. George, Ut
Bank: 8
Rep: 1776.6
Votes: 95
Points: 223617
Mo-Money: 8.11

PostPosted: Thu Sep 25, 2008 9:41 pm    Post subject: Reply with quote
reading that made me sick to my stomach, we are getting fcuk...paying to bail out a company that fcuk up...if i fcuk up my business i am opening right now, the government wont do crap for me...bush said he is all for free enterprise, i call bull crap, he is all about making a buck for himself long term...
_________________
Back to top
View user's profile Send private message Visit poster's website MSN Messenger
Righteous
Day Drinker
Premium is Watching



Joined: 06 Jun 2008
Posts: 3787
Jobs: Vice Premium, Premium
Location: Washington, D.C.
Bank: 610
Rep: 574.8
Votes: 79
Points: 4888777
Mo-Money: 97.65

PostPosted: Thu Sep 25, 2008 9:47 pm    Post subject: Reply with quote
tl;dr

Pablo I agree. It all makes me sick to my stomach and not only Bush but all our politicians (Obama & McCain grossly) profited from this crap and now we taxpayers have to clean up the mess.

If there was a better country I'd be living there.
Back to top
View user's profile Send private message AIM Address

 
Jump to:  
View previous topic View next topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in MoPolls in this forum

All times are GMT - 7 Hours