If Obama & the Dems do not DICTATE the terms of this bailout -

[debbierlus]

The American people are going to be royally screwed.

This can't be a giveaway, a rescue for the fuckers who gambled away people's savings and insurance.

First, Obama should state unequivocally, that the GOVERNMENT will dictate the terms on the loans. The banks and lending agencies don't comply, no money. Period. We aren't Santa Claus, and this isn't shouldn't be about what they want. If the Republicans DARE to try and challenge this - Obama should come out in a fury and expose this scam to the American people - tell them they are putting us into pure financial ruin by providing any concrete regulation and terms, and all we will end up with is a huge bill that the American people can't afford to pay back. People are pissed. There is NO political gamble for Obama here. People want to know that this will in some way provide real benefit and protection, not just a free pass for the financial institutions to write off bad debt.

The vast majority of the expense should be burdened by the top 1% who did this to us.

There should be a mass criminal investigation for fraud and abuse, and the government should state that any institution receiving money should not only be required to keep all books open to the government, PAST, PRESENT, & FUTURE. If it incriminates some of the corrupt thieves, so much the better. The criminals who did this to us should have all their assets seized, and all their money funneled into paying out the bail-out.

I am no financial wizard, but this whole thing stinks to high heaven. And, the timing couldn't be funnier. Think about it. They crash the system right before the election while a Republican President can still hold some sway to save their sorry asses. It seems to me they are trying to scare the living shit out of Congress to make them go along with a quick bail-out package before they realize what they really are agreeing with....

This is horrifying. We stand so close to post WWI Germany, I don't think most people even realize it. This may hold us off for a couple months, but it will not stop the final crash without huge interest rate increases to stem off the value of the falling dollar. If we don't accept that brutal step, we will be burning our dollars for heat this winter.

Remember whose administration hired Bernacke & Paulson...Remember who they represent....

http://rawstory.com/news/2008/Rescue_plan_seeks_700B_to_buy_0920.html

[mdmc]

1. the terms of the loan will be dictated by corporations

The trick for Obama will be to continue to take their money while tying McCain to Bush, Bush to deregulation. Both ruling parties get most of their cash from corporations. The trick will be to keep the economy going while making the case for regulation and oversight.

McCain and Bush have always been against oversight, regulation, big government. Now they must turn to big government because of "greed" in the private sector. Profit is nothing more then legal greed, more or less.

[bbgrunt]

6. Unfortunately, the Dems will

be painted as CAUSING the problem if they do not hop to and agree with the bailout terms of this administration's plans. I have a nasty gut feeling that this is why it happened now instead of after Nov 4. And given their penchant for "bipartisan" caving, I hope to heaven that Obama's success will give them a little bit of spine. (watch out for Shumer's gulps)

[mdmc]

16. I really hope that the dems can get out the following message

1. our economy is based on trust
2. the correct financial crisis is caused by the lack of trust
3. US policy must foster trust

if we can get this across to the people, we can then take steps that will encourage trust, like ensuring through strict regulation that the there is a fair playing field.

[lurky]

17. There is a lot of anger about this.

I don't think the Dems will suffer politically for demanding a fair deal for taxpayers. However, based on their behavior during the Iraq War Resolution, Telecom Immunity vote, various PATRIOT Act votes, and so on, they will probably just sell the people out again as usual.

[tbyg52]

2. K&R. I've already been screaming to my rep. I think I feel an LTTE coming on. nt

[Eric J in MN]

3. I don't think it's a loan.

My understanding is that the federal government would use the $700 billion to buy worthless mortgages from companies who want to dump worthless mortgages.

[tbyg52]

4. Whatever it is, it's guaranteed to be a screwing for the middle class and below. nt

[calmblueocean]

24. They're not buying mortgages. They're buying mortgage-backed securities. Totally different.

If they were buying mortgages, they'd also be buying an equity position in these homes, and could refinance the mortgages and make them affordable.

But these mortgage-backed securities are just a sort of financial container for mortgage payments. You buy the right to someone's mortgage payment, but that's it. If they can't pay, you just bought a big load of nothing, which is exactly what we're doing.

I don't think the American people are really going to understand this disaster until months or years from now, when it's too late.

[watrwefitinfor]

5. But but but Nancy has already said she won't allow anything

to get in the way of a Quick Bailout - there will be no unnecessary fluff on this bill.

I saw her on tv last night and that is what she said (paraphrased by me). She kind of used the same tone as when she said Impeachment is Off the Table.

Wat

[debbierlus]

9. She is so entrenched in the one party system, what a disappointment

[Hutzpa]

7. If Obama team has been listening

to all these supercilious advice they would not be where
they are today, my advice is they do know what they're
doing, let us minions sit still and give them a chance.

[debbierlus]

8. Sorry, I am not sitting still on this - every American needs to get their ass on the phone

And, say, NO.

We are not going to give carte blanc to criminals and thieves.

Sorry. No deal. And, Obama needs to hear from the American people. This is OUR campaign, right?

[Hutzpa]

13. What is Obama saying no to

the Bailout... WHAT????

[debbierlus]

22. He is saying no to a bailout without law - no to a bailout that solely is a write off

For corporate debt...

And, this could very well happen.

Basically, the lenders and insurers treated our money like gambling chips at a casino. They played. They lost. And, now, they want to hand us the bill for the debt they created, and they are trying to do it with no repercussions to themselves. There are plenty of things that the dems can do to stop this from being a complete theft of our treasury.

If they simply go along with Bernacke & Paulson, we will be left with NOTHING but more debt with no protection. In order to prevent that - Obama and the dem leadership needs to unite and DEMAND for the American people, protections that will generate the beginning of a real recovery. The people do not to bail out these bastards in the first place. All the dems need to do is say, NO. We will not allow the same people who brought you this disaster to now write off debt with no oversight or responsibility. The American people will not be further abused and financially ruined because we lose our heads on this package.

If the Republicans say the dems are blocking saving the financial system, all they have to say is that the Republicans are the ones that broke the damn thing, and they are not going to let them simply get a blank check to bail their cronies out. The people are with the dems on this one.

If they simply yield, the consequences will be enormous. Obama needs to lead now. He will win in a LANDSLIDE, if he does.

[spanone]

10. 700 FUCKING BILLION???? NO FUCKING WAY

[flamingdem]

11. Chris Dodd is a part of this plan

I hope he can control the excesses ..

[debbierlus]

12. I like Dodd. I don't know how strong he is - or how capable he is off getting any real regulation

Without mass backing from Obama and the people.

[gulliver]

14. Real teeth need to be in the laws for this Enron ilk.

There needs to be jail time. These GOP-supporting thieves just cost us $700 billion. I'm betting all the perps are still going to be living in McMansions and driving jags when all the dust is settled. They need to be in jail with twice-daily canings. Christmas off, of course. But then right back to the canings.

[LiberalAndProud]

15. They've planted the flag and are taking our money.

Dictate schmitate. We've been drugged, robbed and left for rubes.

[debbierlus]

18. If the dems fight, they could win this battle - only problem is they never seem to...

The powder is so dry it turned to dust and blew away like a tumbleweed.

[LiberalAndProud]

29. It shouldn't be only Dems fighting.

This is as anti-Republican -- I'm speaking of the true (small government, fiscal conservative) Republicans -- as it gets.

[gulliver]

19. Add a special prosecutor. Open the books. Jail some people.

I'll bet the Republicans would faint.

[IndianaGreen]

20. This is no bailout, but a mass transfer of wealth from working class to ruling class

This so-called bailout should be rejected outright!

[debbierlus]

23. The only problem is that the financial system will indeed completely collapse

And, take us all down with it.

Something needs to be done, but not this giveaway.

[IndianaGreen]

25. It is capitalism that is in jeopardy, not the working class

Let it die!

[debbierlus]

31. Upon having some time to think this over, I think you are right

This is bullshit.

[avaistheone1]

32. There are even bigger financial disaster around the corner- the derivative bubble

Cost of the coming derivative bubble estimated at 45 to 100 trillion dollars!!

Let the system collapse. We need to build a new financial system not one that behaves much like a Las Vegas casino. We need a new system that has transparency and accountability and where ordinary Americans can share in its wealth.

[AzDar]

21. K & R ...

:kick:

[aint_no_life_nowhere]

26. No, let's just give the Chimp another blank check

He's done so well already with previous blank checks like the Iraq War Resolution and the Patriot Act. Give a chimpanzee another loaded gun, and get him drunk to boot. How bad can it be?

Incidentally, it looks like ChimpCo intends to privatize this process. The Treasury Secretary is going to have the authority to hire private firms to carry out the purchase of the bad securities and loans. I wonder which Bush crony will reap the benefits and the high CEO earnings:

"...It remained unclear how the government would manage the assets it buys. But Paulson would have authority to turn to private financial institutions to carry out the operation or create other bodies to purchase mortgage assets and issue debt. ..."

[Froward69]

27. restore the bill Grahmm killed in 1999...

Glass segal act...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4022668

[stillcool]

28. I can't believe Chuck Schumer..

led the charge. That was horrific. Talk about selling out the American people. I'm sure that if Obama and Biden vote against whatever scheme the U.S.Congress cooks up, there will be plenty of cover by the Democratic Party to make sure it passes, if that is what they want. I emailed Harry and Nancy already, and I'll be phoning my Senators and Congressman on Monday. For them an email just won't do this time.

[Top Cat]

30. We have been screwed for the last 8 years