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correcting my comment section
ErnieI can relate to two of your points…..I had to weight those same factors, but I chose freedom over a larger pension,401K, and Social Security check…I took a 5% cut in my pension,15% cut in Security Security (when I became eligible) and a larger 401K by retiring a year early..I never regretted it…Everyone has their own plan.I get angry when I hear lies coming out of McCain’s mouth and his ads are unreal.To Obama’s point: He is saying trickle down economics (supply side) do not work..People are defaulting because of stagnant wages, rising education and health care costs, and high gas prices.That’s a lot of charges against Obama without verifiable proof…I pulled up the contributions given to Obama from Fannie & Freddie…He indeed to #2 but very little PAC money most are contributions from employees….$6,000 from PACs & a little over $120,000 from indivual employees…This just a fewAll Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
Total from PACs
Total from Individuals
Dodd, Christopher J
Bennett, Robert F
Kanjorski, Paul E
Bond, Christopher S 'Kit'
Shelby, Richard C
http://www.opensecrets.org/news/2008/...The Democrats want more oversight as a goal….Regulation will have to be overhauled to include today’s AICPAs technical policies regarding financial accounting and reporting standards.Like I said the FBI is investigating.BTW I read your post on the semi-abortion thread and I commend you for your thoughtfulness in writing that..You scored 100%
We (taxpayers) are partly to blame since many Americans are overextended..A leader has to step up and say tighten the money belt, you can’t have everything you want…Who is going to say that? They will be mocked, tarred, feathered and run out of the country.Yes, government just lent (bailout,* wink, wink*) $25 billion to GM, Ford & Chrysler, without any fanfare the other day, but this $700 billion (they admitted it’s an arbitrary number) is to get the money (credit line) flowing again. The second portion will go to straightening out the Fannie & Freddie fiasco.I some what agree your point of delaying the inevitable, but the Fannie & Freddie Casino has turned in to the US Government run Casino with some oversight…..You might be right and I am seriously thinking about trading IRAs for money markets.
One last word before I have to get back to doing the job from which retirement now appears to be four or five years away now than one.It's making me physically ill to listen to Barack Obama rail against and claim this mess is because of the "failed economic policies of the Bush administration." The audacity of Komrad Obama is absolutely astounding! It is even more astounding that so many voters will buy that this candidate who extolled the virtues of FM/FM, blocked attempts to reverse the failed policies of those organizations, blocked attempts to regulate crooked accounting in those agencies then accepted *millions* in cash and benefits from the very crooked organizations, CEOs and institutions he was protecting is now running on a platform of fixing the very problems he's helped to create and has personally profited from!Democrats scream that the market needs more regulation to prevent a similar disaster but tried their damned level best to lay the blame at the *regulator's* feet when he uncovered the lies and illegalities of FM/FM who they were benefitting from and didn't *want* regulated. And in *that* "we need bipartisan cooperation" mess, they were successful in covering up their and many of the Rep. counterparts' duplicity.That is a crock to end all crocks, Mike, and it's unconscionable!Ernie
Good afternoon, Mike.I'm with you on blaming leadership but for a different reason - we have none.The "facts" of this bil are pretty apparent. They're printed in cold, hard black and white. It's the *effects* of this bill people need to understand and, unfortunately, those are something that are difficult to predict. I have to go with the lessons of history.Our government has a history of rolling small problems down the hill in front of them instead of allowing those small bumps and potholes (of the market) happen. The Fed attempts to "control" the market by manipulating interest rates and therefore the ebb and flow of credit, controlling inflation and stabilizing the market. Those small problems rolling down the hill have snowballed into this mess, we've reached the bottom of the next hill and suddenly found we can't get around the snowball nor muster enough energy (i.e. taxpayer debt) to push the damn thing up the next one.Now congress wants to buy a $700B bulldozer with this bailout and hope the public's attention can be diverted long enough to make them look like heroes. I don't believe we can allow the people who *put* us in this situation pull yet more wool over our eyes so we won't see the ski masks they have over theirs!This *is* about the FM/FM debacle. FM/FM has everything to do with it. The leveraged CDOs and securitized debt instruments had their genesis in free market intervention by the government and those instruments, backed by the "full faith and credit" of the American taxpayer infiltrated the financial sector like a virus infects a computer network.We can no more buy our way out of this mess with borrowed money and more debt than we can drill our way out of the energy crisis. Just like "Drill here, Drill Now" is a stop-gap measure, this bailout simply defers the inevitable. In energy, the crisis doesn't have to be inevitable, borrowing from John Q Public Jr. tomorrow to bail out John Q. Public today will make the inevitable even worse than it is now. Sooner or later these bills *will* come due.Ernie
Hello ErnieI did not blame those house Republicans who will vote for this bill Thursday…I blamed leadership.I still contend if the taxpayers really knew the facts (pros & cons) they would support this bill.This rescue plan is not about Fannie & Freddie (stick with me) it’s about getting credit moving again...We have the FBI investigating ,let the chips fall where ever they fall.This why I blame leadership…If Secretary Paulson would not have tried to pull a fast one with the 3 page bill, leadership would have supported him from the “trust me” start…..I know you hate Bill Clinton ,but he would have leadership locked up in the Roosevelt room ( NAFTA,budget, and welfare reform) until a deal was done…Tom Delay (I don’t like him)would have whipped up the house members, but he would have the two proposals the house members want.A president works until final day like Carter without success in freeing the hostages…Truth is the GOP is mad at the administration, because they cannot run on their policies....Think about it Ernie,every president wants to leave a legacy...If this president would have rolled up his sleeves,learn the seriousness of this problem and used the power of his office,what might have happened.....Leadership
I saw that same conference Vet, when GOP chief Deputy Whip Eric Cantor (R-VA) held up that Nancy Pelosi transcript
.I read that whole transcript; Nancy blamed the policies of George. W. Bush, how is that insulting? I just cant get over it; grown college educated men lying through their teeth, Democrats & Republicans
Their feelings, dont even go there, last night on CNBC, many financial managers were saying the market will stay low for a while, and many old retirees (us) and those wanting to retire in a few years (6 yrs) should get out of the market
. A simple bank deposit or money market will yield just as much, without the risk.I got a couple of emails claiming I was wrong, because the stock market is up 350 points.1) See why we need some charts?2) Stock market gain is from bargain hunters buying the stock in good companies.3) I told them to look at the European markets today.4)They still cant tell Wall Street from small business that need a credit line
This is the time of year they buy the holiday inventories
..Banks are not lending and if they are interest is high reducing profits.We need to get the money flowing again.
Unlike you Mike, I *do* give credit to the Republican house representatives for blocking this disastrous legislation.The difficulty in getting this legislation passed through congress (read, "shoved down our throats") has much less to do with partisanship than it has to do with consternation over the entire congress trying to figure out which disastrous decision will best allow them to cover their collective butts. It's a damnd if we do, damned if we don't situation.The representatives in the House and Senate know they *caused* this disaster in large part. They're simply trying to figure out now whether a short-term fix will precipitate a short recovery that will allow them to appear to have fixed the problem long enough to get re-elected before it happens again or whether to vote against the bailout and appease the 60% of taxpaying voters who are deluging their offices with calls and emails urging them to stop this disaster that would put us one step closer to full blown socialism.Bush is simply, IMO, attempting to avert the disaster of recession/depression long enough to keep it from happening before he runs back to Crawford. Barney Frank, Chris Dodd, Charles Shumer, at least ought to be tried for collusion and corruption for their roles in the FM/FM debacle and covered up their crooked accounting practices while these peole who were *supposed* to be overseeing their behavior expounded FM/FM's virtues and *profited* from same. Every member of the House and Senate Banking/Finance Committees ought to be investigated.Ernie
I watched Boehner talking to the press yesterday and he spoke about getting his "feelings hurt". And that my friends is the least of my concern for them. I don't give a **** about their "feelings", Democrats or Republicans. These idiots are there to serve the people and not their **** feelings. Although the idiot that came out waving Pelosi's speech really made me laugh. What was it when we were kids? Sticks and stones.....
What about the 30 minute tirade that Nanacy Pelosi aimed at the Republicans prior to the vote....THIS IS BI-PARTISAN LEADERSHIP? Perhaps some of the Republicans decided to not take the abuse. Besides the fact remains that this bill is so unpopular with the public that Congressmen on both sides are getting lambasted with displeasure over support for this bill. Then of course someone noticed that the Golden Parachute clause only included new CEO's.....and the benefits for CEO's presently in office as still intact.
People are finally starting to pay attention...Obama is so in bed with Fannie Mae and Freddie and has previous Acorn employees running his campaign.....and I am guessing that is just the tip of the iceburg.
There is also an organized push being started to initiate term limits for Congressmen. I am not optomistic....but one can hope. People are angry as well they should be. The Press has taken a borderline bad situation and turned into a full state of panic and it is backfiring.