It's disgusting, really. I don't care what provisions they got in this bill. All it's going to do is stall Wall Street and the economy's demise. Bush knows this. Congress knows this. Until we fix the root problems of this all (the lack of any kind of regulation whatsoever), it's just going to happen again in the future, and we all know Bush's view of regulation.
This isn't going to turn the economy around, and it isn't going to help all the stupid people who bought up those sub-prime mortgages. It's a temporary prop-up for a failed system. All this bailout does is help the Wall Street companies that created this mess and make sure that the next president has their hands so financially tied that they can't do anything for their first term. I guess that's Bush's last power play since he figures the odds are pretty high of a Democrat getting in office and undoing all his work. This monster bill to the private sector (aside from driving this nation closer to socialism than anything before) makes sure the next president can't really do anything outside legislate.
And there goes our national health care plan..right down Wall Street's pocket. If private industry fu*ks up, it should fail. Period, and consequences be damned. People need to see what greed gets them. But by not letting it happen, all Washington has done is tell the big boys upstairs that they can continue their past behavior and when things get too bad, taxpayers will bail them out. Privatize the profits, socialize the losses. Screw the fundamentals of the economy. The fundamentals of this nation just took a knife to the gut.
*edit*
Ouch. Looks like I just got my wish. The House failed to pass the bill, and now the DOW just plummeted 700 points. I tip my hat to the real conservatives in congress who kept America form unloading Wall Street's debt, even though most of them (on both sides of the isle) only declined to vote since it was so close to an election). It may hurt in the short term, but at least the fundamentals of our nation have been preserved...for now.
2009 is going to be a rough year. Welcome to the neo-depression folks.
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I think something needs to be done, if only to stave off the inevitable so we have time to fix things. I don't know if $700 billion bailouts are the way to do it, though.
Very few did. That was the point. Too much control from too few people over too much money.
I know a way to fix this. Throw Bush out on his ass. I pray the nation can hold together long enough for us to get rid of that bastard who ruined America.
I'm actually surprised the Republicans voted it down. It seemed to be very friendly to executives, it isn't called the "bailout" for nothing, and they're always getting slammed for giving those guys special treatment. On the flip side the Democrats claim they don't want to put even more power into the hands of a smaller number of people yet that's exactly what this proposed bill was going to do. Even an "oversight" committee wasn't really going to accomplish anything. I know they would get their sweeping regulations but it doesn't seem like enough of a trade off to get them to bite.
And Lucas, everybody's to blame for this not just Bush. I'm not gonna defend the man but he was just one piece of a poorly constructed machine. The Clinton administration's push for lower minimum requirements for a mortgage didn't help one bit either, we ended up with a ton of people who had no business buying the houses that they did who are now out on the street. That coupled with Bush's terrible policies will put a good number of those that consistently have paid their bills in the same situation. If either side plays the blame game they're either fools or liars, everyone blew it and no one had the foresight to call it in advance.
Throwing Bush out won't do a damn thing. I really think it is pathetic that people blame Bush. He isn't to blame. Also remember that we voted him in there. It is more our fault than his.
The people of America caused this problem, not our people elected leader.
Amen Vinny. Bush didn't cause this, but his idiot treasury secretary didn't do anything until it's too late, and some of his policies sucked too. As JV said Clinton gets fair blame for those looser regulations on home buying to where people who shouldn't got one anyway. But fair game could be said that this really got rolling as a combo of the backlash of the dot.com bust and then idiots with the Fanny/Freddie housing debacle and stupid banks buying other banks bad loans basically and then stupid AIG insuring trash. Honestly EVERYONE is at fault. You have dumb republicans that de-regulated a little too damn bit much. Then you've had the idiots currently in office basically stalemating anything of value over the last 2 years and that moron Dodd (senate) and Frank (house) ignoring the housing issues instead of searching for a fix until it was too late.
As far as todays fail in the house...the Dems have a considerable majority. Keep that in mind when issuing blame because a large chunk of their own party thought it stunk. Initially less than 10 house republicans were for it, and then McCain sucked in around 90 of them to be in favor of it. When the bill hit the floor, the speaker denied the ability to do any speeches/debates on the matter and instead went off on a rant on blaming bush and the republicans parties incompetence and forcing this issue. If you catched that partisan crap on tv when you see the R's in their seats some look floored, others pissed, and obviously a few then decided to change their mind and vote away from it too along with some democrats.
Everyone is to blame on this for injecting bull**** politics, personal/political attacks, negligence, having ties to the housing issue and trying to ignore that, and more.
Personally if I didn't think we'd end up with soup and bread lines again I'd be for the bailout failing as banks deserve a beating for knowingly issuing crap loans they knew would never get paid off in some cases.
i would give one of my testicles away for $700 billion.
It's not seven hundred billion, but Arizona State University will buy a testicle for fifty thousand bucks.
-off topic
But yeah, this **** isnt looking too hot. I'm genuinely ****ing frightened for how this is going to end.
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It's good. The sky isn't falling, and even if it was, it would only be falling in the financial sector. This bailout would effectively take every negative effect felt in that sector and create a ripple effect throughout the entire economy (and make no mistake, all the ramifications of the irresponsible FR, bankers, and homeowners would still be felt on top of that.) And, by the way, it's not a depression. You've no idea how ignorant and Chicken Little it sounds to claim that.
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