Talks Implode During Day of Chaos; Fate of Bailout Plan Remains Unresolved

Talks Implode During Day of Chaos; Fate of Bailout Plan Remains Unresolved

www.nytimes.com

In the Roosevelt Room after the session, the Treasury secretary, Henry M. Paulson Jr., literally bent down on one knee as he pleaded with Nancy Pelosi, the House Speaker, not to “blow it up” by withdrawing her party’s support for the package over what Ms. Pelosi derided as a Republican betrayal.

“I didn’t know you were Catholic,” Ms. Pelosi said, a wry reference to Mr. Paulson’s kneeling, according to someone who observed the exchange. She went on: “It’s not me blowing this up, it’s the Republicans.”

(visit the link for the full news article)

This is an interesting development, I know that this bill has been beaten to death here, but I don't think anyone has posted where Mr. Paulson was literally BEGGING. I would like to see the bill fixed up and involve more private capital, but something has to be done in my view. I would love though to see private equity etc get in and pool money with the government to prevent us from taking on so much debt.

www.nytimes.com
(visit the link for the full news article)

Somehow i seen this happening theres not going to be a last minute bailout. this has all been a shame. I was never for the bailouts being forced on the taxpayers these CEO's bankrupted there companies they should be held accountable for it.

WAMU collapsed earlier tonight Was seized by the FDIC and is being carved up as we Speak. JPMorgan just aquired 176BIllion of WAMU's assets for 1.9 billion in the deal. what a steal huh? how long till they fold up the tent?

The dems are calling this a rescue plan for McCain but i have yet to see anywhere were this benefits him. its the house Repubs that are blocking this bill and good for them they see this bailout for what it is. a fascist take over of the country.

The dems are point their fingers and playing the blame game but they knew going into the meetings today they didn't have a deal.

[edit on 9/25/2008 by Mercenary2007]

[edit on 9/25/2008 by Mercenary2007]

[edit on 9/25/2008 by Mercenary2007]

What I don't understand is why they came out claiming a deal has been struck only to find out it was not. The markets shot up instantly, but as we can see, there is no deal. Sounds to me like someone said that intentionally.

There has to be something going on for a man to get on his knees and beg. This can't be about the economy collapsing. No that doesn't make a man get on his knees. Something shady is going on.

I myself have flooded my senator with emails and phone calls for three days and I will do so again tomorrow. I do not support this bailout in any way, shape, or form. And I don't buy their scare tactics either.

The whole stock market is like a bloated elephant balancing on a bunch of tooth picks.Let the market crash!! In a free market society the market will correct itself.It might be a little inconvient for us but it will make for a stronger economy in the long run.Also we need to completly disband the FED. They are the crooks that are behind this whole mess.

reply to post by Cowgirlstraitup7

My opinion on the bailout, well, I also have to disagree with the bailout because I feel somehow it won't stop, it'll continue on and on, the $700 billion is just the beginning. You'll probably going to have the buyer's remorse if you do it.

reply to post by Cowgirlstraitup7


This really good article explains why a mini press conference was held
earlier in the day Thursday to announce that a deal had been reached.
www.politico.com...

Apparently the Democratic Senators didn't want a deal to be reached
after McCain arrived at the Whitehouse, because it would look like he
had a major role in the agreement, which would help his image during
the Presidential campaign. So they tried to "force" an agreement
ahead of the Whitehouse meeting where McCain would be present.
The Republicans smelled a rat..plus there were many thousands of
calls and e-mails coming in from their constituants demanding that
they not bail out these institutions with taxpayers $$$. So the
Republican lawmakers crafted an alternative proposal and presented
it at the Whitehouse meeting at 4pm. That's when all hell broke loose
and the Titanic started sinking. Right now, as of 12midnight, she's
taking on water. Friday will be a VERY exciting day of drama.
-cwm

I want to see every executive pay back every penny they received over the past ten years. (They should be locked up for ten years.)

Then - and only then can anyone talk about going any further. Possibly we should make available $50-100Billion in loans at two percent above prime to these institutions, and they should be required to pay back ever red cent.

And for God's sake! Term limits! No more than two terms in the same office! Good men go to Washington, and in no time are as crooked as a dog's hind leg.

I really like how the Chinese do it. They round up those crooked players who had a part in the failure, put a bullet in the back of their heads, and charge the family for the bullet!

You know, they've been around longer than us, and maybe we should . . .

Originally posted by daddyroo45
The whole stock market is like a bloated elephant balancing on a bunch of tooth picks.Let the market crash!! In a free market society the market will correct itself.It might be a little inconvient for us but it will make for a stronger economy in the long run.Also we need to completly disband the FED. They are the crooks that are behind this whole mess.

If we didn't have a strong military, I'd be concerned about Russia, or
some other country attempting to take advantage of us if the economy
crashed. Terrorists though, are another matter. If things get really
bad and Homeland Security's budget is cut, we'll be sitting ducks.
Maybe enough private money can be used to buy the troubled
mortgages, which are the root of all this.

Ladies and Gentleman, this is it.
Look at this for what it is... this was all planned, from republican moles in congress, to a feisty democratic speaker, sympathetic to Bush

The economy right now is resting on this bailout.
Next weeks economic future relies on this bill being passed, last night a CIO said on national Television,

'' if this bill doesn’t pass now, we are all in trouble ''

asked by a reporter:

''Q: If this bill doesn’t pass, are we in a depression? ''

''A: Most definitely ''


But, that’s only bad news for the poor saps, aka you and me.

The United states government, officially wins either way.

If the gullible fools in congress pass this bill, the US government gets to buy up all the assets it wants. I personally see this, as you no longer paying the bank for your house, you pay the government. Its their property, its their land and their assets.

Communism at its highest.

If this bill doesn’t pass? and the Republican moles in congress stir enough trouble to keep it from passing?.. then the economy effectively collapses, the government can declare an economic emergency or bring in the famed NAU.

Lets look at the facts

- This has been known about for almost 12 months. Yet, they are waiting for the final days to try and 'discuss' a resolution?
- The Bush administration, pushed Banks into creating this bubble at the start of the WAR, encouraging banks to hand out sub prime loans to stimulate the economy in order to fund the Iraq war
- The tax cheques handed out to all Americans were nothing but a further attempt to devalue the dollar and create fear


If you have the fix to a major problem do you

a. force it in immediately, and argue later
b. refuse to act
c. show the fix, and allow people to argue about it until its no longer possible to fix it

?

Its sad, because after this week the United States will never be what it was before 2000, not until the current system is destroyed.

No one will invest in the US, no one has confidence or trust in the market any more.

for the 2nd time in history, the USA has crashed taking the world with it.

America, 8yrs we've been warning you about your leaders being fascists, and for 8yrs enough of you didn’t believe us. Now, your ignorance has just dragged my nation down with you.

Its sad, because so many good people in American didn’t deserve this.


[edit on 26-9-2008 by Agit8dChop]

I like the mental image of Paulson on his knees begging, but I'd rather it be before a mob of angry Americans and he be begging them not to pour some moulten gold down his throat.

This smacks of artificial drama.

Something's up and I refuse to believe a single word of anything Paulson, Bernake or Bush have to say about fixing the matter.

I'm glad this current deal is blowing up.

IMO this is :

Fake, acted-out indignation from bought off house republicans to stall the package until after the weekend, thus allowing further banks to go bust and Bush to declare an economic emergency leading to the suspension of elections.

Originally posted by dooper
I want to see every executive pay back every penny they received over the past ten years. (They should be locked up for ten years.)

Then - and only then can anyone talk about going any further. Possibly we should make available $50-100Billion in loans at two percent above prime to these institutions, and they should be required to pay back ever red cent.

And for God's sake! Term limits! No more than two terms in the same office! Good men go to Washington, and in no time are as crooked as a dog's hind leg.

I really like how the Chinese do it. They round up those crooked players who had a part in the failure, put a bullet in the back of their heads, and charge the family for the bullet!

You know, they've been around longer than us, and maybe we should . . .

You obviously have no idea about the workings of Chinese culture...in China it is generally not frowned upon to take bribes. It's just how it is...and I hardly see how taking back all the executive pay is anything but socialism itself. I think we should just tax their bonuses and high salaries heavily. I know that's not exactly a free market, but it could help prevent some golden parachutes.

Paulson most likely has a end-of-3rd quarter deadline, he is facing.


Paulson is demanding that the USA fund his personal 'Marketing Strategy'
to create the illusion these assets are worth something.



see my overview post, link: www.abovetopsecret.com...
dtd today 26-9-08 @ 2:16

reply to post by loam


Yes I agree.
More drama to scare Americans into cowering and accepting.

reply to post by carewemust


You're absolutely right - except one more thing: all Dem's present deferred their comments to allow Obama to speak for the group.

And Obama had received a copy of the Republican plan in advance. He then proceeded to attack it, which sabotaged the meeting.

This according to Bob Schieffer.

Edit: This was more or less in the Politico article you cited.

[edit on 26-9-2008 by jsobecky]

Originally posted by 44soulslayer
IMO this is :

Fake, acted-out indignation from bought off house republicans to stall the package until after the weekend, thus allowing further banks to go bust and Bush to declare an economic emergency leading to the suspension of elections.

No way. It would be impossible to stall this issue for one more week, much less until after the elections.

The fact is, the Democrats have enough votes right now to pass their bill; they are stalling because the want someone to point the blame at when their plan turns out to be a bust.

Are you sure about that, Jsobecky? I think there are some other folks holding it up...

House Republicans pledged to work out an agreement on some kind of financial rescue plan, but vowed to oppose any proposal that bailed out Wall Street.

"America is on the edge of an economic crisis," House Minority Leader John Boehner told reporters. "We believe Congress needs to act and needs to act quickly. But we will not agree to a bill that sells taxpayers out to bail out Wall Street."

www.cnbc.com..." target="_blank" class="postlink">House GOP: We'll Oppose Any Bailout of Wall Street