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| Bush swiftly signs economic bailout package |
| 2008-10-04 |
| U.S. President George W. Bush on Friday signed a mammoth economic rescue package aimed at saving troubled U.S. banks and easing a credit crunch that he warned could spell disaster for the U.S. public. |
| Posted by:Fred |
| #11 "Every Senator and every Representative that voted for this legislation is a criminal, in my book. They have subverted the fundamental principles of this Republic." Easy, killer. If you don't like government now, wait until unemployment hits 20-30%, then you'll get government coming out your wazoo. You won't be able to take a crap in the forest without a government permit first. Do you really want to risk that? No? Then let the bailout pass, fix the problem, and move on. Or....you can always start a rebellion. But you go first, okay? |
| Posted by: L1011 2008-10-04 18:29 |
| #10 Let me put on my Joe hat there John - >BUSH II=DENETHOR II< ouch, that hurt. |
| Posted by: Procopius2k 2008-10-04 18:03 |
| #9 Anyone have any idea why Bush initiated this other than to stop the Donk looting of the government coffers? |
| Posted by: JohnQC 2008-10-04 14:49 |
| #8 So the Dow went up after the initial House vote against the bailout bill. The Senate got it and added much pork (O.K. sweeteners), passed it 2/3/ to 1/3 and the stock market went down after being up. The House then got the bill and passed it and then the market went down again. Maybe the moral is that government shouldn't mess with the markets. |
| Posted by: JohnQC 2008-10-04 14:42 |
| #7 The $100 billion in goodies was a bribe to The thing that made me absolutely furious was a 400+ page document that was NOT allowed any time in the light of day before it was passed. We may just have to pass some kind of appropriation, but we need a bit of public review. This bailout legislation was the same modus operandi as the so-called immigration reform bill. By their actions, Congress has made a permanent enemy out of me, and millions of just plain Joes like me. This bailout is just the tip of the sh*tberg. There will be more and more, done with money we don't have, further devaluing the Dollar. Every Senator and every Representative that voted for this legislation is a criminal, in my book. They have subverted the fundamental principles of this Republic. |
| Posted by: Alaska Paul 2008-10-04 13:34 |
| #6 I was talking to a girlfriend last night, a market research manager at a Fortune 500 company. She has long assumed that her retirement income will result entirely on her savings and investments, that whatever pittance she might get from Social Security, Medicaid, etc will be taken back in taxes. We grew up on the stories of old people living on dog food, and the lesson we drew was that we would have to make our own arrangements... and that we might have to support our parents in their old age as well. I grant that a sample size of one is not statistically valid, but I've also read that 30% of those aged 65-69 are still/again working, and 10% of those 70-75. Most of them seem to be cashiers and baggers at my grocery store, and they love to chat while they ring up my bananas and rye bread. The entitlements are definitely a lump-in-the-snake problem, but I don't think there will be riots in the streets if the younger generations get considerably less back than their Silent Generation and Baby Boom elders. Even if it is discontinued completely except as a safety net for the very poorest retirees. |
| Posted by: trailing wife 2008-10-04 12:55 |
| #5 US stocks end lower after bailout passes It's nice to see that the Israeli press is just as market ignorant as the American press is. |
| Posted by: Mike N. 2008-10-04 12:50 |
| #4 This was triage. First you secure the airway and stop the bleeding, then you figure out what went wrong and go to work on that. If we have a President McCain, we might actually figure out what went wrong. Fixing it is another matter. If we have a President Obama, we'll never get a handle on what went wrong. |
| Posted by: Steve White 2008-10-04 12:26 |
| #3 After the major dramatic drop in the stock market by the panicked, the speculators dumped their money in causing the rise by seeking safer havens for the immediate time. With the bailout, they can now pull that out to seek another market to The bailout kills any serious approach to reforming Social Security because the 'system' can't work without confidence that markets be permitted to operate. The central government will in the end 'guarantee' the outcome of such proportions and everyone else will once again pickup the bill for any loses. It also undermines objections to capital gains taxes as it will constitute the 'royalty' fee paid by American business players for using the treasury of the population for their own gains, but never their losses. |
| Posted by: Procopius2k 2008-10-04 09:35 |
| #2 US stocks end lower amid worries after House okays plan |
| Posted by: g(r)omgoru 2008-10-04 07:01 |
| #1 (Insert crude comment about Dem treason and Rep cowardice here.) To say I'm angry about this is to be guilty of gross understatement. Every last American has been hurt by this debasement of our currency and our elected representatives don't care. Bastards. |
| Posted by: Jolutch Mussolini7800 2008-10-04 01:50 |