American sentiment, media coverage, and sneaking in through the back door

Three (new) things have been bothering me today in regards to the economy and the bailout.

American sentiment - we've heard about the outrage. We've heard about people contacting their reps. Hopefully many of the ATS Americans have called, emailed or faxed to make their feelings known! We're angry; we're perhaps more angry than we've been since the Vietnam protests, and we're showing it.
As an example, take a look at this page here. (NOTE: some videos on the page have mild coarse language, don't watch at work, if kids are around, or if you don't want to hear the S-word) It's a compilation of videos showing sizable protests at Wall St. against the bailout. They're good protests, too, the kind of protests from the days of yore. Nobody is rioting or looting, nobody is being beaten down or hauled off in handcuffs to temporary detention centers.
That's America right there, if you ask me.

But.
Have you heard anything about these protests? Any coverage on the news?
I haven't.
I'm hearing periodic references to Americans contacting their reps, a general comment that many Americans are against the bailout, but over the past two days those comments have been offset by the talking heads basically saying that the American Public doesn't know what's best for them. "Well, Bob, there's a fair number of people who don't like the idea of this bailout. Now let's talk to our next guest, an EXPERT, who will explain the sheer and utter CATASTROPHE that will happen if we don't pass the bailout bill."
Not a word about the protests. Not a word.

One thing the media has been covering, though, is John McCain's statement from this morning.

Yahoo news

Republican presidential nominee John McCain is urging the Treasury Department to intervene aggressively to limit damage from the financial meltdown, action that McCain says President Bush can take with the stroke of a pen.

McCain said he has urged the Treasury to use its exchange stabilization fund "as creatively as possible" to backstop the market crisis. He says officials also should use the authority granted in a housing bill to purchase up to a trillion dollars in mortgages.

Okay, so...
Wait....what?
"Use the athority granted in a housing bill to purchase up to a trillion dollars in mortgages"????

We've got voter sentiment RESOUNDINGLY against spending this much taxpayer money to bail out irresponsible lenders and investors, and an elected official is encouraging the Treasury to ignore the legislative process?

And we have a housing bill that will let Bush make a "stroke of the pen" to spend a TRILLION dollars on toxic mortgages?
What??
I don't know anything about this housing bill, and I'm trying to find out what exactly we're talking about here.

AP

The GOP candidate also suggested wielding authority to purchase $1 trillion in mortgages. A housing bill Bush signed July 30 included $300 billion in new loan authority for the government to back cheaper mortgages for troubled homeowners.

This is apparently HR 3221 - Housing and Economic Recovery Act of 2008.
I thought this economic crisis was a complete surprise to our elected officials just two weeks ago. Apparently not.

What is HR 3221 then?

themiddleclass.org

The American Housing Rescue and Foreclosure Prevention Act of 2008 establishes a temporary and voluntary program beginning in October of 2008 to allow homeowners who are unable to afford their mortgage payments to refinance into fixed-rate, 30-year mortgages. The program would permit the Federal Housing Administration (FHA) to guarantee new mortgages for primary residences only if the lenders agree to reduce loan amounts to 90% of the current loan principle.

Beginning in October 2008, huh?
Well that's certainly convenient.

The legislation authorizes the program, which would sunset in September of 2011, to insure up to $300 billion in mortgages. Homeowners enrolled in the program must share any future profits from appreciation in home value with the FHA.

Interesting.
Make of this what you will, but something stinks here IMO.

I need to do some more research and see if this $300B is a revolving amount.

reply to post by anachryon


*sigh* ..

That was the most depressing read (except where McCain admitted the PPT existed..) .. I cannot believe one of these complete morons will be President soon..

I only wonder..

How soon can I get out of the country...

sponsored by Nancy Pelosi in 2007.

This is very interesting.

What about this caused you anxiety Rockpuck?

Was it the fact that they knew something was coming or was it something else?

I respect your posts...look forward to reading your post.

[edit on 30-9-2008 by whiteraven]

reply to post by Rockpuck


PS what is PPT? Profesional Poker Tour?

I already commented in another thread and I am just at breaking point. I will have to up my mood status from Angry to FFin furious, now!

It is an absolute outrage and I cannot believe that this thread is not Star and Flagged yet.

There.

Also, everyone should read this as this is the biggest outrage yet. It won't be the last.

Actually, I have haeard about the protests, yeserday and today on Fox News. Unlike ABC, CBS, NBC, and CNN, Fox doesn't put a spin on these stories. Some commentator have supported the bailout, others have been dead set against. And there have been some pretty heated exchanges between guests and anchors.
I know most people on this board don't like Fox, but I get my news from a lot of sources. Fox is the only one I saw that was takin' to the streets to find out how real people feel.