HOUSE REPUBLICANS PUT UP HISTORIC FIGHT!

[Dos Equis]

If more banks start failing and your money is lost.. How will you spin that it's somehow the democrats fault then? While I don't support bailing out companies whom fail, this could very well be the decision that causes our economy to fail.

As one of the few OC Liberals (with a capital L please) - I simply wonder what the economy "failing" looks like. Maybe we need a picture of the Treasury with the word "FAIL" on it for the fail thread.

What happens if we don't buy bad debt from banks? They have to declare Chapter 11, and become insolvent? The FBI files hundreds of cases of fraud based on the method the bank used to hide the amount of leverage they were carrying? Is that a bad thing?

That may not be a bad thing. Pull a caravan of paddy wagons up to Wall Street and start filing them in.

[Yeager]

If more banks start failing and your money is lost.. How will you spin that it's somehow the democrats fault then?

Stop focusing on blame.  The whole damn system gets credit for this.

[crockett]

Well, I'm sure you'll note that Pelosi couldn't resist getting one last shot in at Evil Boosh before the vote. Pissed off enough Republicans that it failed, at least that's what the talking heads are saying right now. WTG Pelosi eh?

I wasn't for it as written. Because this version failed doesn't mean there will be no bailout. What it means is that there's going to be a better version that protects the taxpayer to a larger degree and allows Richie Rich and his pals to take a double dose of the pain themselves. God forbid they have to sell the yatch! How will they get out to their private islands in the Med?

Now that the attempt to railroad this through on the backs of the Average Joe has failed, perhaps they'll settle down and write a fair bailout bill that doesn't punish the taxpayer for Richie Rich's screwup.

It's getting railroaded in on the back of the Average American one way or another. Either we pay for it now or we pay for it when the economy tanks and we end up in another depression. You think the rich are really going to suffer much in a depression? Hell no, but the average American sure will.

[Hangtime]

As one of the few OC Liberals (with a capital L please) - I simply wonder what the economy "failing" looks like. Maybe we need a picture of the Treasury with the word "FAIL" on it for the fail thread.

What happens if we don't buy bad debt from banks? They have to declare Chapter 11, and become insolvent? The FBI files hundreds of cases of fraud based on the method the bank used to hide the amount of leverage they were carrying? Is that a bad thing?

That may not be a bad thing. Pull a caravan of paddy wagons up to Wall Street and start filing them in.

A liberal with a brain engaged! refreshing! 

[Charon]

I'm sure I'll be called a liberal or some other O'club right winger choice insult of the day, however I will be interested to see in a few months if things turn south more than they are today. How will you guys try to blame it on the Democrats.

Just as a bipartisan effort got us into this mess, arguably one with a few more Democratic fingerprints than Republican (but not enough to really assign blame with the asleep-at-the-switch, bought and paid for Govt.), apparently a bipartisan effort defeated the bill:

The House vote: 228-205 against the measure, with members of both parties reluctant to approve a deal approved by their leaders. Ninety-five Democrats and 133 Republicans voted no.

A better queston might be: When will Crockett see that the Democrats are every bit as screwed up as the Republicans?

Charon

[Hangtime]

It's getting railroaded in on the back of the Average American one way or another. Either we pay for it now or we pay for it when the economy tanks and we end up in another depression. You think the rich are really going to suffer much in a depression? Hell no, but the average American sure will.

Crockett, the money is gone. This bill will not make it re-appear. If you lost money personally... you were speculating in a volatile market valued beyond reality. And you deserve to have yer bellybutton handed to you... just like if your bet paid out, you deserved to win handsomely.

Take yer lumps, we'll take ours.

[Stringer]

I know they say it would take too much time, but doing something similiar as the RTC is the most appropiate course, IMO.  I think the government even made a profit on the RTC.

[Mr No Name]

What happens if we don't buy bad debt from banks? They have to declare Chapter 11, and become insolvent? The FBI files hundreds of cases of fraud based on the method the bank used to hide the amount of leverage they were carrying? Is that a bad thing?

That may not be a bad thing. Pull a caravan of paddy wagons up to Wall Street and start filing them in.

I'll be a S.O.B.  I said it couldn't happen - but i actually agree with you here.  I think there are several people who should be in jail over this mess.  The economy will recover quickly IF the government just gets out of the way.  Allow dying industries that are reeling from overtaxation and over regulation recover and thrive... This puts people to work and keeps our money here and not in a communist chinese bank.

[crockett]

Stop focusing on blame.  The whole damn system gets credit for this.

Just so long as you understand everyday this goes on and every day that another bank fails, I hope you understand that you are paying for it. The question is how long can the market sustain it's self with out giving out loans? How many more banks will fail, that you will end up paying for before congress can approve something?  Then of course there is the question mark of how much time do we have before the system it's self can't sustain it's self making any rescue plan irrelevant.

This is one of those things that has a limited time before it can't be recovered. The bail out might have been a bad deal for the tax payers but what could come with out it maybe worse. Only time will tell.

[Hangtime]

Just so long as you understand everyday this goes on and every day that another bank fails, I hope you understand that you are paying for it. The question is how long can the market sustain it's self with out giving out loans? How many more banks will fail, that you will end up paying for before congress can approve something?  Then of course there is the question mark of how much time do we have before the system it's self can't sustain it's self making any rescue plan irrelevant.

This is one of those things that has a limited time before it can't be recovered.

Until the banks that have the bad paper tank and fail.. as they should, there will be no large scale credit. The federal bailout keeps the bad paper in the system. That won't free up the credit... only when the banks with the terminal disease of bad mortgage paper die off will the healthy banks start loaning again.

let it run it's course.

[Mr No Name]

Crockett, the government caused this with easy money...  We can get ourselves out of it if you reintroduce RISK back into the market... removal of the risk caused the banks to have an orgy of irresponsibility

[Kaw1000]

GO Republicians!! Don't give that money away!!

Democrates love to do that sort of thing.

[Toad]

I know they say it would take too much time, but doing something similiar as the RTC is the most appropiate course, IMO.  I think the government even made a profit on the RTC.

Yes, it made a profit.

There's no rush. This is a liquidity crisis. There's absolutely NOTHING stopping the government from LOANING these clowns money, even at 0% interest. Even at 0%, we'd get our money BACK.

But Noooooooooooooooooooooooooo.. .. they don't want a loan; they want a GIFT.

Screw'em. There are people in the House that know the right thing to do. DeFazio, Paul, others. This can be fixed without GIVING these Richie Rich clowns a TRILLION FORKING DOLLARS.

[Mojava]

 WTG Republicans for voting against a plan that you created.  

[crockett]

Until the banks that have the bad paper tank and fail.. as they should, there will be no large scale credit. The federal bailout keeps the bad paper in the system. That won't free up the credit... only when the banks with the terminal disease of bad mortgage paper die off will the healthy banks start loaning again.

let it run it's course.

You are missing the bigger picture.. Of course the banks that cause the mess should be held responsible, however unfortunately it don't work that way. No one really knows who holds bad paper because the system isn't open partially due to the deregulation. If people lose faith in the banking industry, it matters little if your bank had good loans or bad.

If people lose faith in the system they start pulling money out of the banks. With out that money even a good bank will fail. Like it or not, this bail out wasn't as much about "bailing out" banks but rather keeping confidence in the system. You sound like you are more worried about punishing the ones that did bad, rather than looking at the bigger picture of the stability of the US economy.

Not bailing out these banks regardless of what they may or may not have done wrong, might just end up costing the tax payer even more in the long run.