For better or worse,  Nancy could not resist a partisan speech just before the house vote that soured at least 12 GOP votes.

She really is stupid.

ok, I finally fixed the link I think

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is ours.

I work in the financial sector and everything that has happened this last year or so is a direct consequences of the crazy previous 7 years and the crazy deregulation of Newt's era.

So, let us face our own mistakes. Take the blame like men. Find a new leadership who are not crazy religious or ideologue and try to take Congress and W.H. Because my friend, we are going to be in the minority for a long long time. We'd better get used to it.

That same old lame-ass shit is so old brother.  That's used on Sean Hannity, Rush Limbaugh and Michael Medved  and you get busted all the time bro.

The community re-investment act on steroids  is what did this and who pushed that?  You dumb-assed dems thats who.

The brave and courageous GOP tried to stop you corrupt jerks but your man Barney spitswhentalks Frank and chris snappingpoodle Dodd and that stupid bitch Maxine Waters and Fuck U Schumer bought tooth and nail along with Greg Meeks, Arthur Davis and Lacy Clay.  They're all vermin shit-for-brains and corrupt.  You have a nice day shithead I mean ShanH.

eom

Sorry, i thought i was talking to a respectable human being, but i was mistaking.

If you want a proof of my republican pedigree, i send my picture with Ronald Reagan in 1988 in a fund-raiser in San Diego, California.

You know why our party is in such a disarray? It is because of myopic ideologue like you.

And please do not talk about things such as financial affairs which you obviously totally ignore.

who brought you Fannie and Freddie's ever-expanding balance sheets and pushed no-down-payment lending onto the mortgage industry. These guys are complete clowns. Together, they're the two worst financial bunglers in the history of our government. Their accomplices in crime were Messrs. Franklin Raines and Jim Johnson.

In previous posts I stated this crisis is a longtime coming when the Republican Congress and a Democratic President passed the Private Securities Litigation Reform Act of 1995. Second they repealed provisions in the Glass-Steagall Act of 1933. The repeal of this law in 1999 allowed investment lenders Citigroup etc. to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles.

I'm afraid this financial fiasco was a bi-partisan effort my friend, and it was not because of "crazy religious or ideologue". It was greed.



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Ideologues as those who believe in total and complete deregulation and very little oversight. I work in the financial sector and i know that with no regulations and oversight, we would eat each other and the market would go crazy.

As for the main cause, i would put it squarely on the repeal of the G-S Act. We wanted it and we forced it down the throat of most democrats and even republicans such as Specter. I remember back then that Clinton wanted to amend it, but the GOP in the senate wanted a total repeal otherwise most of his agenda would be blocked. I personally was for repealing the act. I cheered it, but in late 2000 when the economy slowed down it became obvious that the leveraging process was getting out of control. Debt was bought and sold and bought again and again several times because there was too much money and the only vibrant sector (sector making money) was the real estate. And so it began as they say....

We have to go through a serious deleveraging process. It is going to be painful, very painful. And we are going to be blame for it and i take the blame. We had oversight powers for 8 years and we didn't do our job.

So I'm supposed to understand that at LEAST 12 members of the GOP though the legislation was for the good of the country but decided not to vote in the country's interest because Nancy Pelosi made a speech?

Are you kidding?  Either the legislation is good or bad.  It's going to help or it's not going to help.  The argument is absurd on its face, the Republicans know how to play politics rougher than the Dems.

If their leadership screwed up its whip count that's their problem. I'm not even arguing whether the bailout is good or bad.  I'm only pointing out that saying you're not going to vote for a bailout designed to avert an financial crisis because Nancy Pelosi is mean is just plain weak.

of the global financial system. Now I am not in the financial business but what I see is a global run on the bank. It's hard to know what will break next, but the Goldman fundraising and the failure of AIG have convinced me it's going to get worse, probably no matter what the government does.

This Warren Buffet deal last weekend supposedly was a sweet deal Goldman Sach's would not have agreed to do if it was not desperate. In other words this means Goldman's "marks" – the value of the assets on its balance sheet – are not nearly as good as it claims. Is that right? Again, I'm  hearing a lot of jargon which I do not fully understand.

The failure of AIG means the credit default swap market – global credit insurance – has been completely destroyed. London Interbank Offered Rate has been increasing which means that banks do not trust other banks to pay back their loans. Yep! it sure looks like Glass-Steagall could really help.

By the way the Democrats have been richly rewarded by the repeal of the Glass-Steagall Act including Clinton. So please stop with the religious and anti-Republican rant, it makes me question your objectivity. Clinton afterall is on the payroll of the Dubai Sovereign Fund which has interests in Citigroup and Goldman Sachs. And who used to work at Goldman Sachs yes that's right ex-sec. of Treasury Robert Rubins who now works at Citigroup.

FRankly, Hank Paulson is a socialist Democrat and how President Bush has him on his payroll disgusts me.





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of the Republicans and roughly 90 Democrats. HOuse.gov website has crashed so I don't have the most accurate numbers. Either way those Republicans and Democrats who voted against the bill are now my heroes and should start a third party.

Rep. Pelosi does annoy me as do Messrs. Barney Frank, Chris Dodd.

The problem with the foreign sovereign funds is that they are not willing to extend credit lines anymore because they don't trust our financial sector. They don't want to invest in a bank/financial institutions that holds back assets. Moreover, the problem is that no one really knows the extent of these bad assets, and who is holding them. This is what this bill was supposed to do: clear the airs and unclog the pipes for more investment.

You are right the interbank rate overseas has increased lately, which means that banks do not trust each others anymore because, again, they don't know what each one is holding.

I didn't say anything about religion in my previous post. I did say, however, that our party has become overly religious in last decade. The house was ran by a religious zealot and ideologue (Tom Delay) for a long time. Newt was good, but the guy has very little charisma and personality and he was always bullied and overruled by Delay. Look i am not a born-again kind of republican. You can qualify me as a Goldwater republican and Goldwater hated the religious wing of our party and so do i.  

The question is what next? First, tomorrow is going to be a bad day. I am looking right now at the Asia markets and it is already bad over there. I also suspect that after the recess when the democrats come back, they will to put together a bill, a far more liberal bill, which will satisfy the 95 democrats who jumped ship. This bill, i suspect, will include things like prerogatives for bankruptcy judges to renegotiate mortgage terms, stringent limitations on CEO compensation packages and pay (which i am not opposed to, to be honest with you), equity ownership schemes, total ban of shorting, and so forth. A bill like that will not need the help of the republicans to pass. It will be slightly modified in the Senate and the president will sign it because there is no other alternative.

And you know what? A bill like that would probable work and it would calm the market. On the other hand, whoever gets elected in November will have a huge inflation on his hands, and will be forced to ignore it and keep interest rates low. So, it is going to be old Keynesian kind of fiscal policy for a while.

Tell you the truth Breaker I'm glad the thing didn't pass.  The more I read about it, the less I liked it.  Seems like the oversight was weak and the limits on CEO pay was a joke.

I'm not carping about the fact that it didn't pass, I'm just saying Boehner's rationale was bogus.  He's a lousy minority leader.  He couldn't stand up and say that in the cold light of dawn the bill was bad because he had obviously told the Dems he could deliver the votes.  When the votes didn't materialize he hid behind this ridiculous excuse that his caucus couldn't vote for the bill because Nancy Pelosi is mean.

have retracted on monetary policy pushed interest rates up and Bush/Congress should have reined in spending a long time ago. You did not badmouth religion but you did blame the republicans for the repeal Glass-Steagall. I bet you didn't know about Robert Rubin?

By the way I am an Eisenhower/Nixonian Republican. Eisenhower inserted the words "under God" to the Pledge of Allegiance in 1954, and in 1956 adopted "In God We Trust" as the motto of the US, and its 1957 introduction on paper currency. Eisenhower always put America's interests first.

By the way if you are Republican as you claim you do, then how could you like Ronald Reagan who was a devout Christian.

Even those who disagreed with Reagan, liked him. The guy was likable and it is hard to hate him really.

Indeed he was a devout Christian, but he didn't wear it on his sleeves. That's what bothers me the most because the most openly religious folks are the most deviant behind closed doors. We need to go back to those values really of keeping the fringes away from influencing policies.

To be honest with you, losing this upcoming election is the best thing that can happen to the RNC. We need a good beating to get our acts together and start thinking rationally and calmly. And we also need to open up our party. For god's sake, our convention hall looked like a Florida retirement home.

Hank Paulson has exposed his socialistic tendencies. Again, this financial fiasco is bi-partisan which is what I have been explaining in my above posts. Both parties, but especially the Democratic party are beholding to the financial interest in Wall Street. The vote on this bill has firmly divided the country into these factions:

(A) On one side of the Democratic aisle you have the Catholic lunch pail workers who go do their jobs and like a honest day's pay for a honest day's work. These Democrats voted against the Bailout.

On the same Democratic aisle you have the pinstripes i.e. the newly minted Harvard Grad who drink lattes and talk Global Warming. They voted for the bailout. These are your Nancy Pelosi's, Harry Reid's, Barney Frank and yes Baarck Obama.

(B) ON the Republican aisle you have two sets of voters as well. On one side you have the small business owner, God-fearing , flag waving, Home Depot shopping, pull yourself by the bootstraps main street republicans and these guys voted against the bailout. Then you also have the Country Club Republicans who disdain God and look down on us slobs but tolerate us because we vote. These guys voted for the bailout.


Today the lunch pail worker and the main street Republicans voted against the bailout and this is your third party.



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You're not a Goldwater Republican or a Reagan Republican or any kind of Republican.  You are a democrat.

BreakerMorant exposed you.

If you are GOP, you are not being honest by placing all the blame with us.

Fannie and Freddie are such important parts of this, and they are so tied with the Dems, that you can't say it all goes to the GOP. The whole idea of encouraging sub-prime loans, which is at the core of this, was to give loans to people who were not traditionally "credit worthy," often to spur property purchses by minorities.  

Also, in 2005, a GOP plan to reign in these loans was defeated.

To say all the blame goes to GOP is not honest, if you really are GOP.

Then hang all of the middlemen from it. Then take all of the speculators and hang them from it. Charge congress with treason and have a trial, then hang the those convicted from the gallows. Those actions should clear up all this economic bullshit.

I agree. There should also be a number of CEO's and CFO's et al at the business end of the rope too.


Thank You
XLIII = 4

The man is a fucking idiot!!!

At least the Republicans put their Whip to work. The Dems admit that they didn't even task their Whip to increase support.

ALL 12 Dems on Barney Frank's banking/finance Committee voted NO.

The Dems in tight races were given the OK to vote against it.

The ENTIRE Black Caucus voted NO. Gee BHO also returned to D.C. before hand and participated (just like McCain). Why does McCain take the heat but not BHO? Because BHO didn't even TRY? You'd think he could have gotten a few black votes for this, right? Where's his leadership?

I'll tell you where it wasn't. The Dems WANTED this to fail. They'd rather have the issue. They'd rather have the market lose Trillions rather than lose power. And if it was going to pass, they wanted it to look like it was the Republicans that pushed it over.

Doesn't seem possible.

Not that repealing Glass Steagall can be blamed for this mess.

republican.

put Franklin Raines, Barney Frank, Hank Paulson, Robert Rubins, Jim Johnson and the CEOs you mentioned in Federal Custody and freeze their assets. That should be a start.