WALL STREET BAILOUT

GOD BLESS THIS WOMEN!!!! :cheers:


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hsnap:

George Bush today urged Congress to swiftly push through the bail-out bill that would authorise the government to buy $700billion (£387bn) of "toxic" debt.

The bill is an attempt to restore confidence in beleaguered markets on both sides of the Atlantic and clean up the US financial system.

In a brief statement - aimed both at the politicians who will begin debating the measure later today and the public - the US president said support for the deal would "send strong signals to markets both home and abroad".

"A vote for this bill is a vote to prevent economic damage for you and your communities," he said.

Congress is due to begin debating the 106-page bill on the controversial financial sector rescue package today, with the Senate expected to schedule a vote on Wednesday.


Suzanne Goldenberg reports on the compromise deal between congressional leaders and the White House Link to this audio The debate follows a week of intense bargaining to produce a more accountable package.

Political reaction to the proposals has been mixed. Democrats have been more supportive of the need for a rescue plan, while Republicans were quick to reject the initial proposals.

However, their backing for the latest package saw the bail-out bill pass its first major hurdle.

Concerns over the legislation's passage through Congress hit stock market confidence today.

London's FTSE 100 index dipped more than 3.5%, with banking shares particularly affected, while Wall Street was expected to suffer when trading opened.

Bush said he was confident that the new version of the bill would be backed by Congress, and told US voters the rescue plan was the right step to take to prevent the financial crisis from spreading across the economy.

He admitted that the bill was bold and would be a difficult vote - especially during an election year - calling it "an extraordinary agreement to deal with extraordinary problems".

"With this strong and decisive legislation, we will help restart the flow of credit so American families can meet their daily needs and American businesses can make purchases, ship goods and meet their payrolls," he said.

The president argued that the checks written into the legislation would ensure US taxpayers benefited from a number of safeguards.

He said he expected "much, if not all" of the $700bn cost to the taxpayer to be paid back.

Nevertheless, he warned that, even with a bail-out, the US would still face serious challenges as the housing market crash continued to put pressure on the economy.

"I'm confident that, in the long run, America will overcome these challenges and remain the most dynamic and productive economy in the world," he said.

Bush praised leaders "on both sides of the aisle who came together when our nation was counting on them" during the "sometimes difficult" negotiations.

The final proposal would allow the US treasury to buy up distressed mortage-backed securities held by financial institutions. The government would later resell the assets after they had recovered much of their value.

Nancy Pelosi, the House speaker, said the treasury would post details of all transactions on the internet within 48 hours.

In a major concession, the bill will set limits on salary packages for Wall Street executives whose companies benefit from the legislation.

The Democrats have the votes to push the measure through Congress - but that could be politically risky in an election year.

Public resentment at the idea of a rescue package for Wall Street is growing, but leaders are arguing that a bail-out will benefit ordinary Americans.

 

i dont know how i feel about this. i do not know the pros and cons of going through with it versus not going through with the government buyout, or whatever. from what i gather about this loan buy out, is that the dollar would be worth even less, and could potentially make things much worse than it is. the bailout was already shot down from what i read though.

i believe that if companies go down, that is their own fault. many of the loans that were given, should not have been given out in the first place. but people bitch about being prejudice or racist, but the banks refused the loan because the person could not afford it, not because their background or ethnicity.

(mind you i didnt watch the video because my work computer doesnt have sound)

 

Ron Paul Owns Bernanke

Wait till you Get Home then Watch the Video

Your Gonna Love Her Views.

Here is Congressman Ron Paul lectures Bernanke on the flaws of the bailout plan and the hazard of the attempt to fix prices versus letting them correct naturally in the free market at the Congressional Hearing today (9/24/08). Ron also questions Bernanke's authority and constitutionality of using the printing press to generate all this extra money needed for the bailout.

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im not sure who is actually controling the country. i mean they pretty much fail as leaders. wtf. i could go on and on about the state of the US, and the gov. seems out of control at times...people always tell me that im living their dream living in Japan, or im so lucky to not be there anymore. but above all i feel i am truely blessed to be away from the gov that the american people have very little control of. i can imagine a collective snicker from around the world of people who are tired of hearing about the problems of "the most powerful country in the world." that comment is directed toward the gov not the people of america btw.

my wife and i watched that Micheal Moore movie "Sicko" the other night. i suggest you all watch it too if you havent. we really like his movies because they bring into the light the things that so convieniently never get talked about on the nightly news. or any other news for that matter.

 

I can't watch the videos at work, but I'll definitely watch them when I get home.

I'm not sure how I feel about it yet, but how can we pay for this? I thought we were in trillions of dollars of debt because of the Iraqi/Afganistan war? Is the government just printing monopoly money now?