Frank blames House GOP for breakdown of deal

When a person of this depth of knowledge speaks in ominious tones. I think everyone should listen.

Bloomberg is reporting Fed's Fisher Says Bank Rescue Plan Would Worsen Fiscal 'Chasm' Dallas Federal Reserve Bank President Richard Fisher said the proposed $700 billion rescue of financial institutions backed by Fed Chairman Ben S. Bernanke would plunge the U.S. government deeper into a fiscal abyss. The plan by Treasury Secretary Henry Paulson to buy troubled assets from financial institutions would put "one more straw on the back of the frightfully encumbered camel that is the federal government ledger," Fisher said today in the text of a speech in New York. "We are deeply submerged in a vast fiscal chasm." Fisher made the comments as the central bank expands its role in the biggest government intrusion into markets since the New Deal, with Bernanke trying to persuade Congress to approve Paulson's bailout plan. Bernanke has already cut the benchmark interest rate at the most aggressive pace in two decades, invoked emergency powers to loan to securities firms and pumped billions of dollars into banks to try to restore liquidity. Also, the central bank loaned $85 billion this month to American International Group Inc. "The seizures and convulsions we have experienced in the debt and equity markets have been the consequences of a sustained orgy of excess and reckless behavior, not a too-tight monetary policy," Fisher said to the New York University Money Marketeers Club.

The laughing liberal wrote:

I applaud ANYONE & EVERYONE regardless of party for stopping this rotten piece of dung legislation from moving anywhere but the trash can!
13 Reasons to Say NO:

... edited for length ...

#13 - Under the original bailout proposal a large portion of any repayment of the $700 billion would go to Barack Obama’s good friends at ACORN (voter fraud group!) with a smaller allocation to debt repayment. Readers heard Lindsay Graham say it was 20 percent!!!!!
http://matadorpulse.com/10-resons-we-should-s...
http://hotair.com/archives/2008/09/26/the-dem...
http://www.nytimes.com/2008/09/26/business/26...

It's always such an existential moment when I find myself agreeing (for the most part) with a poster whose entire previous body of comments have been a source of vexation.

Just goes to show, people are not either "this" or "that". We're all a bit of "this" and a bit of "that" with sometimes a dash of "something else".

Now, please post something inflammatory and disagreeable so that my reality is restored.:-)

I see that, but what did McCain actually say?

http://www.cafepress.com/figstreetstudio/4122...

What a country! We've taken the self esteem generation to heart and now we've developed new cutting edge financial policy called the "No Company Left Behind". Yes, no more failure for any company doing business with or in the USA. There will be no more accountability, only guilt free bailouts! Feel free to start and business, without any fear of failure, because the US government will coming to your rescue with fistfuls of cash $$$! Don't worry about the cash running out, because we can always print more. U-S-A! U-S-A! U-S-A!!!

they need to stop acting like a bunch of 3 year olds and get down to business. "you did it"..."nuh uh, he did it". their all a bunch of winers worried about how this will make them look. imo...the only way they'll turn out looking good is if they pass no legislation, let credit-happy people and banks go broke and work on regulation. the market will come back up....eventually.

Frank is the one who ‘cooked the books’ of Fannie Mae and Freddie Mac during the last years only to give ‘free money’ to the poor.
There was no deal with Republican House Congressmen as Frank was trying to deal with GOP ‘behind the backs’ of GOP leadership and Senator McCain for the liberal’s political gain.
Evidently, it is Senator John McCain who stands strong for the American people when President Bush comes with devastating threats to the American people that if they will not give him trillion dollars, they will lose their jobs, houses and all the rest.
Clearly, President Bush is clueless loser and distrustful when he suggests that the Federal Government should use the trillion dollars to acquire the bad mortgages and the real estate of about 10,000,000 houses in America.
This is unconstitutional for Bush to seek the ownership of 10 million houses all over America and the American should not trust changes in the US Constitution that prevent the Federal government from becoming a ‘state’ by itself, controlling the other states.
What will the failed government of Bush do after they failed to stop spreading earmarks of hundreds of billions of the American people money like drunken sailors during eight years…?
Will it be another debacle of President Bush like the WMDs and the Katrina Hurricane where President Bush failed the American people?
How will the Feds control or manage 10,000,000 houses when the Feds proved it’s incompetent with dealing with large scale problems?
McCain is right to care for the American people at time of crisis and he should stay in Washington until Republicans come with solution that will serve the needs of the American people.
Clearly, Obama and the liberal Marxist and the liberal socialistic media led by the New York Times and ABC seek the destruction of US corporations and building Marxist economy of the poor and for the poor are enjoying the economic crisis.
Obama is aiming to benefit from the destruction of US corporations as he blame GOP and the Feds for it, although it was the left wing liberal corrupt politicians led by Bill Clintons since 1997 who pushed for bad loans and free money to the African Americans and other minorities as means to buy their votes.
It is time for the Republican Congressmen to come with new solution that will not involve the socialistic taking over of the Feds over 10,000,000 houses of the bad mortgages and will protect the constitutional of the American people from clueless Feds.

pssst ......( whistle blower on the Bill and Malinda foundation...... Merc biogene war and intelligence agencies Seeds of Destruction coming on in minutes live on internet radio.)

right side of page clik on the media player.

www.infowars.com

If the GOP didn't agree, there was no deal to "breakdown"..!

Sheesh, the Dumb-ocrats expects to get everything their way all the time...

Tooth4U wrote:

pssst ......( whistle blower on the Bill and Malinda foundation...... Merc biogene war and intelligence agencies Seeds of Destruction coming on in minutes live on internet radio.)
right side of page clik on the media player.
www.infowars.com

Your picture under your moniker - looks like 2 knights templers on a horse - what does it stand for?

Okie Lobbyist wrote:

What I am seeing on this board is an alarming lack of knowledge about economics.
The economy isn't hurting because of a lack of money. The economy is suffering from a lack of confidence. Confidence is what drives an economy.
When a stock falls, the value of that piece of paper (stock certificate) is what falls, not actual money. Someone bought that paper and gave the money to someone else. That money still exists, it's just in someone else's hands.
So when confidence gets rattled and the price of stock falls, the person holding the stock suddenly has a certificate worth less money, so what does he actually do with the rest of his money? He holds on to so that he can pay for necessities like clothing and food.
Then other people with money see him doing this and start to lose confidence, so they hoard their money too.
Suddenly, less money is getting circulated and that's when depression sets in.
This bailout, as much as I hate to see it, needs to happen in order to restore confidence in the economy. If you'll remember a few days ago, the markets went back up once the government announced a bailout. People felt more confident. This is the key to this. Remember this as you post.

In some other circumstance I would agree with you. But this bail out stinks to high heaven. The market will go up and down regardless of what is done. What needs to happen is a huge correction. Those companies made millions trading worthless paper in good economic times. Now we see that housing went too high too fast, partly because of the over lending to sub prime candidates, and the good times are over for now. The companies are now left holding the bag and they want us to bail them out. Too damn bad. That is what risk is all about. Most of the sub prime loans are not delinquent, only about 5% are being forclosed. If they can't cover the bad debt that they took on without consulting me, then they don't get my money. Let them fail like they should for making bad investments.

Private companies that have the ability to come in and buy up the remains will be there with money in hand. Warren Buffet's Berkshire Hathaway is in for 5 billion to get a piece of Goldman Sachs. JPMorgan is in for 2 billion to scoop up Washington Mutual. They are investing their own money and will see a nice return on that investment. The taxpayers on the other hand are giving away 700 billion and we're not getting one cent in dividends.

We've been through recessions before and we'll go through them again. Screw Bush and his economic legacy. Screw Chris Dodd, Barney Frank, and the democrat sub prime slush funds of Freddie/Fannie. Market fundamentals are still strong and once the panicking weak hands get out there will be great deals for those who saved their money.

We need to demand investigations now and lock up the ones responsible for this fraud. We wasted no time going after Enron and Adelphia. Now it's time for Freddie Mac and Fannie Mae.

Citizen wrote:

Mr. Clinton has repeatedly described Mr. McCain, the Republican presidential nominee, as honest and trustworthy, though the Obama campaign has argued that Mr. McCain’s campaign rhetoric indicates otherwise. Mr. Clinton has missed few opportunities, while allowing that he disagrees politically with Mr. McCain, of Arizona, to say how much he likes the senator and to praise him for his support of Mr. Clinton’s efforts as president to normalize relations with Vietnam and intervene in Bosnia.
Mr. Clinton also went out of his way to praise Mr. McCain’s running mate, Gov. Sarah Palin of Alaska.“I come from Arkansas,” he told reporters,“I get why she’s hot out there.”
As comfortable as Mr. Clinton is in saying,“I like John McCain,” and “I like Sarah Palin,” no one seems to have heard him say the same for Mr. Obama. Instead, when speaking of Mr. Obama, the Democratic nominee, Mr. Clinton has assumed a professorial stance that sometimes drifts toward emotional aloofness and disregard.
Secretly he tells his people to vote MCCAIN/PALIN

You think it might have something to do with Obama implying that that He is a racist? He seemed kind of upset about it.

wyojake wrote:

All polls indicate the American people are not for these bailout. But then we aren't for the war in Iraq either. Maybe it's time we let Congress know - to hell with Bush and the Fed and represent the will of the people or get your ass out.

Right on the money. We need to really put the pressure on Congress. No more will I write emails saying I do or do not support something and leave it at that. All my correspondence now tell them that if they vote for this bailout that I will not vote for them and will campaign to keep them from getting re-elected. If one owned a company and the employees continually refused to do what was asked they would be fired, why should congress be any different.

how bout dodd shovs his acorn up his but

Tooth4U wrote:

pssst ......( whistle blower on the Bill and Malinda foundation...... Merc biogene war and intelligence agencies Seeds of Destruction coming on in minutes live on internet radio.)
right side of page clik on the media player.
www.infowars.com

I've listened to this guy on shortwave. He sounds like a long time ago he started in the right direction then too a sharp turn and drive off the cliff. Sometimes I'll tune in for a chuckle but come on, railroad cars with shackles, gulags, extermination. The way he strings his thoughts together reminds me of Emil Matalik or Francis Dec.

tell me wrote:

<quoted text>
Your picture under your moniker - looks like 2 knights templers on a horse - what does it stand for?

Arrondissement de Guingamp? Or simply, the opposite side of the fence to the Knights of Malta. It is the Emblem of the Knights Templa'.

In fact the descendents of the Order are sueing the Vatican, as I write.

http://en.wikipedia.org/wiki/Jaques_de_Molay

This is the lawsuit posted on NPR website
http://www.npr.org/templates/story/story.php...

Sovereignty wrote:

<quoted text>
I've listened to this guy on shortwave. He sounds like a long time ago he started in the right direction then too a sharp turn and drive off the cliff. Sometimes I'll tune in for a chuckle but come on, railroad cars with shackles, gulags, extermination. The way he strings his thoughts together reminds me of Emil Matalik or Francis Dec.

Its called information overload. He is flooded with information and intell. This guest is who I thought might be interesting for folks to hear on this side of the many layers of intell. Inasmuch as we all get vaccines..... and should be apprised of Babylonian Apocolyptic sciences.

The town has, like many others in the region, a rich and interesting history. This is exemplified in the remains of Guingamp’s three castles, razed to ground level by the order of Richelieu and now reduced to three towers. For lovers of history and architecture there is much to discover in Guingamp.

Barney Frank, now there's a guy libs/dems can really look up to....at least when its his turn to be on top.

Sovereignty wrote:

<quoted text>
I've listened to this guy on shortwave. He sounds like a long time ago he started in the right direction then too a sharp turn and drive off the cliff. Sometimes I'll tune in for a chuckle but come on, railroad cars with shackles, gulags, extermination. The way he strings his thoughts together reminds me of Emil Matalik or Francis Dec.

In fact if I had as many facts he has at the ready in my head..... I would lose sleep altogeather. Alot of work goes into his studies and shows and movies. Most people get off at 5 pm and go home and watch television.