Bush’s Legacy Of Squandering Taxpayer Money
Bush’s Legacy Of Squandering Taxpayer Money
Yesterday, President Bush announced his $700 billion plan to buy out troubled financial institutions. Demanding enormous faith in his administration’s stewardship, the plan “would place no restrictions on the administration other than requiring semiannual reports to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt,” and to hire outside firms “to help manage its purchases.” Further, the proposal provides no oversight mechanism:
Sec. 8. Review: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Bush is demanding unprecedented control over billions of dollars — with no oversight. His history of mismanaging taxpayer dollars should make Americans skeptical of his buyout plan:
IRAQ RECONSTRUCTION
-$142 million wasted on reconstruction projects that were either terminated or canceled. [Special Inspector General for Iraq, 7/28/08]
-“Significant” amount of U.S. funds for Iraq funneled to Sunni and Shiite militias. [GAO Comptroller, 3/11/08]
-$180 million payed to construction company Bechtel for projects it never finished. [Federal audit, 7/25/07]
-$5.1 billion in expenses for Iraq reconstruction charged without documentation. [Special Inspector General for Iraq Reconstruction report, 3/19/07]
-$10 billion in spending on Iraq reconstruction was wasteful or poorly tracked. [GAO, 2/15/07]
-Halliburton overcharged the government $100 million for one day’s work in 2004. [Project on Government Oversight, 10/8/04]
KATRINA
-Millions wasted on four no-bid contracts, including paying $20 million for an unusable camp for evacuees. [Homeland Security Department Inspector General, 9/10/08]
-$2.4 billion in contracts doled out by FEMA that guaranteed profits for big companies. [Center for Public Integrity investigation, 6/25/07]
-An estimated $2 billion in fraud and waste — nearly 11 percent of the $19 billion spent by FEMA on Hurricanes Katrina and Rita as of mid-June. [New York Times tally, 6/27/06]
-“Widespread” waste and mismanagement on millions for Katrina recovery, including at least $3 million for 4,000 beds that were never used. [GAO, 3/16/06]
DEFENSE CONTRACTS
-A $50 million Air Force contract awarded to a company with close ties to senior Air Force officers, in a process “fraught with improper influence, irregular procedures, glaring conflicts of interest.” [Project on Government Oversight, 4/18/08]
-$1.7 billion in excessive fees and waste paid by the Pentagon to the Interior Department to manage federal lands. [Defense Department and Interior Department Inspectors General audit, 12/25/06]
-$1 trillion unaccounted for by the Pentagon, including 56 airplanes, 32 tanks, and 36 Javelin missile command launch-units. [GAO, 5/18/03]
Given Bush’s history of gross fiscal mismanagement — including an unprecedented number of no-bid contracts and Bush’s resistance to closing fraud loopholes or increasing oversight of contracts — why should Americans trust another $700 billion to his care? Paul Krugman writes, “Let’s not be railroaded into accepting an enormously expensive plan that doesn’t seem to address the real problem.”
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And McLame and McPalin will make that look like fiscal responsibility. This country deserves the financial ruin we will experience if we elect those two.
September 21st, 2008 at 2:35 pmTax & Squander REPUBLICANS.
September 21st, 2008 at 2:38 pmNo, he is not asking for control of billions of dollars.
There is actually no ceiling on the amount that will be ultimately needed.
Given BushCo’s history of inaccurate estimating, we are safe in believing the final amount will be well in excess of $2 trillion, yes I said TRILLION.
It is imperative that each of us take immediate action. Write and call your senators and congresspeople. Write letters, send e-mails, spread the word to everyone. Letters to the editors.
We are about to fulfill Osama bin Laden’s intent on 9/11. We are watching our entire nation implode.
One nation, under water, under Bush.
PEACE
September 21st, 2008 at 2:39 pm“Demanding enormous faith in his administration’s stewardship…”
Bush: “Trust me…heh heh heh!
September 21st, 2008 at 2:39 pmGOP the party of fiscal responsibility. I guess we won’t hear the phrase “tax and spend democrats” anymore.
September 21st, 2008 at 2:41 pmPresident Eisenhower once said only Americans can destroy American. Well, it only took one American to destroy America and his name is G.W. Bush.
September 21st, 2008 at 2:43 pmI think this all was pretty much their plan.
September 21st, 2008 at 2:47 pmAll I need to $9,000 to pay off my credit card–we got in the hole, took out a second and still haven’t recovered from $90,000 in medical bills for my son. C’mon, Mr. Decider!
September 21st, 2008 at 2:48 pmits amazing that there are idiots out there who thinks he did a “good job”… continue that for another 4? lol, hellfukno!
September 21st, 2008 at 2:49 pmFriends here,
Seriously, this is potentially devistating.
No cap on money, and no oversight! No one is even allowed to ask anything!
Outside, still unnamed, entities will have oversight responsibility.
I mean, WTF?
The Iraq war was supposed to pay for itself and last six weeks. Here we are, five and half years later, 4,200 dead and tens of thousands permanently disabled, and costs around $1 trillion.
We simply cannot allow this to move forward. To say I don’t trust these bastards is such a stark understatement, I can’t find the right words.
PEACE
September 21st, 2008 at 2:50 pmI realize that the economy is the focus right now, but this has to become part of the political dialog. I am sorry this is off topic, but honestly…this needs to get out there!
After watching 24/7 coverage of Wright, what I find a total abomination is that they are letting Palin’s own words about prophecies and revelations and a paster who gave her a Big Thank You right after discussing the end of times and that Alaska will be one of the places of refuge for hundreds of thousands of people once hell on earth breaks out (yes, he said End of Times), I want to know why the media is blacking this out?
On Friday night, Olbermann did a piece on the witch hunting pastor who blessed Palin, but Olbermann, too, glossed over his guest addressing Palin’s end of times philosophy. These are PALIN’S OWN WORDS!
PLEASE read End-Times Prophecies and More: How Electing Sarah Palin Endangers Your Life and watch all the videos to fully appreciate how far into the violent, lunatic fringe Palin’s beliefs are.
Please share this post (it is very long and has many, many videos). Every voter needs to know this.
September 21st, 2008 at 2:52 pmWe simply cannot allow this to move forward. To say I don’t trust these bastards is such a stark understatement, I can’t find the right words.
PEACE
PEACE maybe a thing of the past if this bullsh*t is allowed to go through.
September 21st, 2008 at 2:53 pmI don’t care who is in charge: You ALWAYS HAVE CHECKS AND BALANCES!
What is so hard about that concept?
September 21st, 2008 at 2:53 pmsamsuncle Says:
GOP the party of fiscal responsibility. I guess we won’t hear the phrase “tax and spend democrats” anymore.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Yes we will. The total insanity of a talking point, the fact it is completely repudiated by facts and reality is never any impediment to the rightwing repeating it endlessly, these are zombie memes. There is no way to kill them what with wingnuts being immune to facts and reality.
September 21st, 2008 at 2:54 pmThese Republican scum need to crawl back under the rocks they came from and let the grownups fix this mess.
“Republicans are for privatizing the profits and socializing the losses.”
September 21st, 2008 at 2:57 pmSec. 8. Review: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
How convenient for Paulson that would be! Unlike, say, Gonzales, he wouldn’t even have to pretend he’d forgotten how he spent the money. Is there anything in the Act saying he can’t give a billion or so to the McCain-Rove-Palin campaign?
September 21st, 2008 at 3:09 pmIf you have a strong stomach, try reading Charles Krauthammer’s benediction on Bush. I’ve long known that Krauthammer was a nasty little neocon, but I didn’t realize how completely delusional he is.
September 21st, 2008 at 3:11 pmUnder Bush, government is but a tool to enrich his friends. From Medicare Part D to the Iraq War to building bridges/highways, BushCo looks out for his base, corporate interests. The heck with the taxpayer.
We’re not buying troubled institutions, but their bad assets. I’m waiting to see a list of products Uncle Sam will prop up. If credit derivatives are on the list, I’m going to be angry. Buying distressed hard assets is one things, buying highly leveraged wagers is plain wrong.
Don’t forget Bush’s other gifts, like the feds taking on pharmaceutical product liability. That gift from the taxpayer to big pharma was done less overtly.
September 21st, 2008 at 3:13 pmSec. 8. Review: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
It’s understandable that he’d want to ride out of office on the same sort of baloney as Bush v. Gore.
How will he adust to life as a mere mortal?
September 21st, 2008 at 3:15 pmBy any chance is this how the Bushies are going to carry out the Norquist program of shrinking government down to the size where it can conveniently be drowned in the bathtub? The Iraq war helped a lot but it obviously didn’t go far enough.
September 21st, 2008 at 3:16 pmAt this stage of the Bush criminal conspiracy I really don’t think they care how obvious it is about them stealing our money. Now they do it in the open in broad daylight. The only unbelievable aspect about it is that everyone in Washington just stands around with their finger up their asses and lets it happen!
September 21st, 2008 at 3:20 pmBy any chance is this how the Bushies are going to carry out the Norquist program of shrinking government down to the size where it can conveniently be drowned in the bathtub?
Fill the house with red ink, and you don’t have to drag it to the tub…
September 21st, 2008 at 3:20 pmI can only hope that this version of the bailout proposal is meant as a negotiating ploy. After it’s rejected, Version 2 (which will be merely outrageous) will sound almost acceptable by comparison.
September 21st, 2008 at 3:21 pmgum, that passage you quoted reminds me of the ridiculous plot point in the movie Clerks, where some bureaucrat hands the guy behind the counter a summons for selling cigarettes to a five-year-old, and the bureaucrat says something like “this cannot be contested in any court of law”.
It was funny then. Now, not so much.
September 21st, 2008 at 3:26 pmWorst President Ever. By far.
And Charles Krauthammer is a delusional little Nazi freak.
September 21st, 2008 at 3:28 pmAnd where are all the rock-ribbed paleo-cons? Has someone forgotten to wake them?
[A strange muffled sound, coming from their trailer...]
Oh no! Their house has been ransacked, and they’re lying trussed-up on the floor! What a shame! We warned them about taking in those neos – and now their ideology is gone (most likely to be found at the nearest pawnshop).
September 21st, 2008 at 3:29 pmDid you see Paulson on Press the Meat blaming unscrupulous borrows? Give me a freakin’ break.
September 21st, 2008 at 3:36 pmThe problem with this is, they are completely happy with the outcomes. They money went to the people the money was meant for. Even the 3 mil that disappeared. You better believe that money got to who it was supposed to get to.
They shouldn’t get another opportunity with immunity.
September 21st, 2008 at 3:36 pmGreat resource TP…
As many radio talk show hosts refer to Thing Progress for their source of info,
Such as:
Thom Hartman
Peter B Collins
Rachel Maddow
Mike Malloy
Ray Taliaferro
Ed Schultz
Stephanie Miller
Mark Green
Jon Elliott
Mike Papantonio
Robert F Kennedy Jr
Carl Wolfson
Christine Kraft
John Rothman
others….
this article too may be used as a resource.
this to will be mentioned.
September 21st, 2008 at 3:37 pmultimate plan..
to lay all of this,
on the next president, and the next administration..
go back in history a little bit..remember karl rove?
he was known to destroy his enemys..
this is how they will destroy democracy,
and the middle class.
first the elderly, and disabled people..
then take control of the middle class..take away their future plans or homes, force them out of their homes, into foreclosures..into tent cities..like in seattle and reno?
and do you know who will buy these homes? the super rich, with the golden parachutes…next, leave the entire mess into the next administration for them to take the blame..
that, was his plans..from the very beginning..
speaking of that guy..karl rove, notice how he sort of “disappears” right before elections all the time? This fellow operates, “out of sight, out of mind” behind closed doors..with no one looking over his shoulders..
that is how you get the attention away from you, and get the press from hounding you also..
yes sure, it sounds like a far fetched, conspiracy theory?? but look at what is happening all around the world, as the dollar (fiat currency) is having having trouble around the world..
follow the money..look at who owns the government..banks..
not controlled by the people anymore…the money men of wall street..credit card companys who charge mega interest, to the people who try to survive making minimum payments just to survive.
But,
dont forget who put us all in the poor house..karl rove, dick cheney, and all those rich cronies….dont forget these guys..
follow the money…
-$$ka-ching$$-
September 21st, 2008 at 3:37 pm.
Q U E S T I O N:
With all this abuse of power and irresponsibility by this Administration, what use is this Congress who’s supposed to have the authority of oversight when they obviously prefer to turn a blind eye?
.
September 21st, 2008 at 3:38 pmand this will continue under
McCain’s Economy!
newe spot coming this week!
gv
September 21st, 2008 at 3:39 pm# 28
this to will be mentioned. not supposed to be in post and … too instead of to
September 21st, 2008 at 3:41 pmThe Republican Financial Hurricane is here. Their solution to the rising tidal surge putting individuals and corporations underwater? Save the buildings at the expense of people.
September 21st, 2008 at 3:45 pmTP,
September 21st, 2008 at 3:47 pmis it possible to have an edit post mode?
Texas Rangers..losers. Sorry but all Texans are losers for delivering this loser on the rest of the populace
September 21st, 2008 at 3:47 pmWhile Bush can waste money to beat the band, he’s far more dangerous in creating a landscape for corporations to shaft the consumer.
In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government’s actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.
Guess who wrote the above? Eliot Spitzer in a Washington Post op-ed, published Feb. 14, 2008. Six months later, we have the Bush financial debacle and rich man’s bailout.
September 21st, 2008 at 4:00 pmNow this is what I’d call a “Faith Based” initiative.
September 21st, 2008 at 4:01 pmJust say no to the latest Bush attempted highway robbery of the American people – the proposed 700 billion theft of our money. Paulson is a large part of the problem (he is a former high executive of Goldman Sacks), he is not part of the solution…
Oh dear, oh dear, the sky is falling, the sky is falling.
Oh dear, oh dear, the stock market is falling, the stock market is falling…
The latest proposed gift of $700 Billion dollars to the ruling class, the so-called “bailout” – the $700 Billion dollar one -is just a massive theft from the poor and the middle classes to our ever-greedy ruling class. We need to demand a return to stiff and comprehensive regulations of our financial markets, first. Second, we need to demand that all these greedy incompetent (sic) CEOs be fired immediately without any “golden parachutes.” This bailout/gift should be paid for by a special surcharge on the incomes of the wealthy top two percent, since they are largely benefiting from it.
This whole show is rigged by the Bush & Co. gangsters. Just more fear-mongering by the Bush corporate crime family. The financial system is not collapsing, just because some of the bigger greedier financials got hoisted on their own petards. We should also demand that bank credit card and rates and bank mortgage interest rates be cut in half before any bailout of the top players… The Bush gangsters just want to hogtie Obama for 2009…
September 21st, 2008 at 4:04 pmStep one: Get out of Iraq. No delays. No studies. Sorry Iraqis, we can no longer afford to prop up your government; We have our own problems. Ultimately it’s going to be a Shiah theocracy anyway. We are only prolonging the inevitable.
September 21st, 2008 at 4:06 pmfrom the republican perspective bush is a huge, HUGE success. He’s squander taxpayere’s money on all their favorite things: war, no-bid contracts to cronies, privatization of government services, buying off the religious whack-jobs, etc. while blocking all efforts to help Americans.
After inheriting a uge surplus form Clinton which was going to pay down debt and facilitate universal healthcare, bush cleared out Clinton’s surplus and then preceded to run nation into unrecoverable debt. In essence, bush has accomplished exactly what norquist wanted: strangled the government and with the Wall St. bailout will proceed to drown it.
September 21st, 2008 at 4:08 pmwhat the latest bush engendered crises means:
Americans get all of Wall St.’s crap junk instead of universal healthcare.
September 21st, 2008 at 4:10 pmHere’s Spitzer’s closing paragraph:
When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.
September 21st, 2008 at 4:11 pmblue state bob Says:
And McLame and McPalin will make that look like fiscal responsibility. This country deserves the financial ruin we will experience if we elect those two.
That’s Monday. By Tuesday it will all change. They operate on the “position du jour” theory of campaign management.
September 21st, 2008 at 4:12 pmIf the past is instructive, BushCo needs a huge distration, one that will bolster the McCain camp’s chances at the White House. That means sex or violence.
War or whore? An attack on Iran or a high level Democrat’s daliance? What will it be?
September 21st, 2008 at 4:13 pmIt’s not much but, I have written my reps. and demanded they include oversight measures in anything Bushco does before they’re gone. Many times. And I include a request that they not approve funding for anything but emergency needs while Chimpy remains in office.
Frankly I trust neither this administration nor this Congress with anything of much importance or long-term effect. The combination of the two seems, based on past record, virtually guaranteed to take the worst possible actions.
And if Bushco accomplices are put in charge of “regulating” a river of cash so large? It will just provide bags of, near worthless, U.S. Dollars that various cronies will use as “packaging” when they pack their households for moves to countries without extradition treaties. And America’s last remaining capital will be sold to “outside interests” at pennies per share.
You can damn well bet that anyone with a personal “in” with Bushco is opening offshore accounts in gleeful anticipation of the coming bonanza. One, hopefully, last present from the Worst President Ever to the criminals who helped him destroy so much that was once good. One more big feeding frenzy before the parasites kill the host.
September 21st, 2008 at 4:21 pmWell, if there ever was a time for the Democrats to demonstrate their leadership, this is it. They need to stand up to the Republicans and not give them a blank check to take over these companies.
I’m betting the Republicans are telling the Democrats “if you don’t agree to this and act quickly, we will blame you if the market crashes completely.”
September 21st, 2008 at 4:27 pmEven without the litany of Bush wrongs and waste, and even though I am glad the market didn’t tank, I have some misgivings about the govt bailout.
Coming from tax dollars, this means that the people making minimum wage (and unlikely to own stock) will be subsidizing the bail out. Meanwhile, the CEOs walk away with a nice check.
September 21st, 2008 at 4:28 pmGo Obama. Speak loudly for us, the little taxpayers whose money they will take WITHOUT accountability. Yes, Obama will win the election as any patriotic American can forecast. So let the man speak for us as we go forward. Protect the taxpayers with some common sense stipulations in this ‘eminent domain political action’.
September 21st, 2008 at 4:35 pm$700 billion – no strings attached – check.
No congressional oversight – check.
No judicial oversight – total immunity from prosecution – check.
Total Administrative discretion – check.
List of countries which do not allow extradition – PRICELESS.
September 21st, 2008 at 4:36 pmLet’s not forget the over 500 troops killed in Afghanistan! The MSM hardly ever mentions that toll!
September 21st, 2008 at 4:52 pmI guess it’s much too hard for their one-track minds to keep up with two wars, a crashing economy, and complete disregard for “The Rule of Law!”
As for the Faith Based initiative, Pastor John Hagee is on TV saying “Have no fear”, “Don’t worry”. Behind him are bucking horses, trying to throw their riders.
His theme fits with this week’s wild ride on Wall Street. In his closing prayer he cited the fear of fiancial disaster and atomic warfare now threatening the world, amongst others.
I believe they call it vectoring, multiple messages from numerous sources.
September 21st, 2008 at 4:54 pmThe american eagle may still fly, but it no longer soars like it once did. Bush and his disaster capitalism has crippled the america we once knew.
Now I look at countries like France, they have quality of life over there. The may have their problems. But the people’s voice is heard loud and clear. Excellent healthcare coverage and employee benefits renders the middle class vested in a very productive way.
Their system works and compared to the US at this point they are the real red white and blue.
America’s red white and blue is tarnished, maxed out, played out, and full of greed scattered all over. Compelled to carry criminal wars NO MATTER WHAT! Bravo Idiot!
September 21st, 2008 at 5:05 pmI love when the traveling sideshow, McStain & Pallid ride into each town with their motto, “Country First”
what a friggin joke.
these 2 charlatans should be hung out to dry.
September 21st, 2008 at 5:11 pmSorry about the OT but, if one can stomach it, Daryll’s friends at Rapture Ready sure are devoting their imaginations to fantastic ideas of what Sen. Obama will do as President.
Please keep in mind that these people can not be reasoned with. I was banned before my first comment was even posted when I first stumbled upon the site. And frankly I’ve never found it worth the effort to try and engage them since.
However, I find it interesting to keep up with the extreme wack jobs, just in case one of their fantasies gains a mainstream credibility. And, it’s valuable to realize that there is a certain number of Psychochristians who must be outnumbered. Plus it’s amusing in a sad and frightening way.
It’s a good reason to gently urge acquaintances who may be apathetic, misinformed or discouraged, to vote. I figure that, if one can convince a sane person to vote? It’s a score for the “good guys”.
http://www.rr-bb.com/showthread.php?p=777479#post777479
September 21st, 2008 at 5:16 pmstateofthedivision Says:
Under Bush, government is but a tool to enrich his friends. From Medicare Part D to the Iraq War to building bridges/highways, BushCo looks out for his base, corporate interests. The heck with the taxpayer.
We’re not buying troubled institutions, but their bad assets. I’m waiting to see a list of products Uncle Sam will prop up. If credit derivatives are on the list, I’m going to be angry. Buying distressed hard assets is one things, buying highly leveraged wagers is plain wrong.
Derivatives CANNOT be on the list as it is estimated that the Derivative Contracts already written account for $450 TRILLION, yes TRILLION. More than all the money in the world counting all houses and governments.
Have a nice day. Just tell me where to tie the rope to hang bush from. I WANT THAT F UCKER DEAD!
September 21st, 2008 at 5:20 pmFLAG JBADDO!!!
I don’t care if this is a case of name jacking or not. I sincerely hope I never have to read your crap again.
September 21st, 2008 at 5:20 pmYou too Alecto. If it’s really you, you know better.
September 21st, 2008 at 5:22 pmJust say, “NO!” This is “Starve-the-Beast” endgame!
September 21st, 2008 at 5:23 pmpete,
I am done. I called Schumer and Clinton’s offices on Friday and LACED it into them to not let booooosh the tratior pull another patriot act scam. I am sick of it. The utter contempt for the working class. F UCK THEM. PAY OFF MY DAMN BAD CREDIT. How about that. Want to see the economy rebound, yeah go pay off ALL people who have made their mortgage payments, have kept their credit lines solvent and clean. See what kind of SPENDING BOUNCE you get when 250 Million people get freeded from the burden of the BULLSH|T credit agencies.
Let Wall St. flop. We are no longer the center of world finance. Who cares if the investment houses flop. There will be other companies created to fill the voids and buy off the products that the regular people have invested in, and pay it out. Only the CRAP will be forced to go. The largess that is WALL STREET BROCKERAGE HOUSES.
I for one WAANT to see a NEW WORLD ORDER…one without the bush clan. Hang them all.
September 21st, 2008 at 5:31 pmAND BTW
Sec. 8. Review: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
ALL LAWS passed by congress are adjudicated by the Supreme Court. THere is NO LAW that even could be passed that changed that REALITY. It would take a Constitutional Amendment to not have judicial oversight. No law, by itself, can negate the Constitutional mandate.
Just saying…They are SOOO Desperate for total control. They are out to plunge the ramining pica into the Bull that is the United States Of America.
September 21st, 2008 at 5:38 pmI truly want to see the bush clan dead. I don’t care if it is a terrible accident in Kenibunkport, or in Washington, or Connecticut. I want all bushes dead.
They are and have been tratiorous beasts since Prescott. Kill the traitors.
September 21st, 2008 at 5:39 pmTP….Clean up and delete #58….Blessings
September 21st, 2008 at 5:41 pmAdd #67 to the delete and clean up list TP…..Thank you…
September 21st, 2008 at 5:42 pm#62 Relax don’t squak
September 21st, 2008 at 5:45 pmI can’t disagree, Alecto. And it’s long past time for We The People to reclaim control. The things I wish done to the guilty parties are literally unfit to print. I also think it does no good to express death threats on a political blog. It can’t do anyone any good.
And it lends a certain minuscule credibility to the constant hate speak of the Reichwhiners. Why spoil a good argument, that just might get through to someone who’s simply misinformed, with a couple angry words?
I don’t think there are many posters here who would be able to restrain themselves if given the chance to deliver personal justice to the criminals who have seized our country. I just think that crude expressions of those desires are counterproductive.
September 21st, 2008 at 5:46 pmAlecto, I share your frustration. But my concern is credit default swaps, a form of credit derivative, not all derivatives. I wrote my Congressional reps to find if swaps are included in “mortgage related securities”. I hope not. I’ll let you know if they reply with an intelligible answer.
September 21st, 2008 at 5:49 pmThe WSJ has a piece on credit default swaps. The SEC launched a probe into their trading.
http://online.wsj.com/article/SB122186940987359037.html?mod=googlenews_wsj
Looking over Lehman’s annual reports from 2004-2007, it seems their largest risk (by far) is a collapse in various derivative markets. If the credit based derivatives tanked, on top of unmarketable mortgage backed securities, a company like Lehman could crater overnight.
I don’t want my tax money bailing out some money house’s failed dice rolling.
September 21st, 2008 at 5:56 pmI want to see them DEAD is NOT a death threat. I make no claims as to MY WILLINGNESS TO CARRY ANYTHING OUT. I JUST WANT TO SEE THEM DEAD.
September 21st, 2008 at 5:56 pmLehman had 768 BILLION In Deriviative alone, and that was more than the whole frigging company was worth. Derivatives are kept OFF the balance sheet. THey are the playground of the rich. They make VAST amounts and in the process put the rest of the company from within they are they doing the derivative swaps at risk. Ergo, Lehman. No one wanted it, becuase of the deriviatives it held.
September 21st, 2008 at 5:58 pm“I want to tse them DEAD” is similar to saying
“I WANT THE SKY TO BE GREEN”
My desiring it is not going to make it happen. Now packing the car….THAT is over the top. IN my eyes.
September 21st, 2008 at 6:00 pmDerivatives
September 21st, 2008 at 6:02 pmhttp://www.marketoracle.co.uk/Article6275.html
Worse than we thought. Right now on “Crooks and Liars” blog: During an interview on “This Week”, Paulson told George S. that foreign companies would be included in the bailout.
Have I wandered into a Monty Python skit?
September 21st, 2008 at 6:03 pmAlecto, I noted Lehman’s growth in derivatives from $470 billion in 2005 to $740 billion in 2007. Obviously they kept rolling the dice to reach the number you found. Like you said, that’s more than Lehman’s total assets.
Note the lack of clarity as to why the Lehman house of cards fell. Also, note the lack of specificity from BushCo as to exactly what they plan on buying. Thus, my letter to my Congressional reps as to whether credit default swaps are included. I don’t expect honesty from Senators Cornyn, Hutchison or Rep. Mike Conaway (a CPA).
September 21st, 2008 at 6:06 pmAlecto, thanks for the link to the Market Oracle piece. Highly informative. It answers a number of my questions. I’m looking forward to answers from my elected reps.
September 21st, 2008 at 6:10 pmThis bailout is the biggest scam ever perpetrated on the citizenry of any republic, anywhere at any time. Paulson is a sleight of hand artist par excellence. He’s stacked the deck and is playing blind man’s bluff with an ace up his sleeve. 700 billion. When all the bailouts are added up 1.3 trillion will be sucked up by the financiers and banksters. Whose going to see this money? What use will it be put to? It will be used to grease the wheels of these scumbags BMWs so they can roll over us stupid idiots who will allow this grand larceny to proceed.
September 21st, 2008 at 6:12 pmI wouldn’t trust chimpy with the refund money from bottles.
September 21st, 2008 at 6:12 pmDid anyone count the money spent on the mars thing?
September 21st, 2008 at 6:13 pmThat is the big question, state o d.
If the credit purchased is solely bad paper? The bail-out is equivalent to “creating” the funds by printing more cash, and burning it. It’s going to take smart, efficient, administration; two things which are in short supply, to keep the Dollar from plunging.
Ironically, the fall in oil prices makes it even worse but, that’s a separate conversation that depends on too many hypothetical scenarios.
September 21st, 2008 at 6:16 pmAlecto, currently @76:
True enough, and maybe the
September 21st, 2008 at 6:19 pmsame even goes for (61) “Just tell me where to tie the rope to hang bush from.” But when you say (65) “Hang them all” or (67) “Kill the traitors” — to whom are you talking?
Will the Pelosi, Reid and the other Republocrats stand up and be counted? They oppose the war but vote to fund it. They oppose FISA but vote to approve it. They attack the Patriot Act but vote to renew it. They assail Bush but take impeachment off the table. And on and on and on. Know the bailout. Watch them roll over and play dead.
September 21st, 2008 at 6:20 pmHey pete, but I got “bad paper” so let us all burn some bad paper. That is the slimest of explanations. Why are YOU coming up with it, and not them? It is not as easy as you claim.
September 21st, 2008 at 6:20 pmSend Bush, Paulson, every CEO and bankster to a Chinese labor camp and feed them Chinese baby formula.
September 21st, 2008 at 6:21 pmFZ,
“But when you say (65) “Hang them all” or (67) “Kill the traitors” — to whom are you talking?”
See the beauty of nebulous statements. No one knows, but can make whatever connections they wish.
September 21st, 2008 at 6:21 pm“See the beauty of nebulous statements. No one knows, but can make whatever connections they wish.”
Almost like… biblical passages
September 21st, 2008 at 6:23 pmZooey Says: Tax & Squander REPUBLICANS.
Tax-shift, squander, pocket and lose.
Im surprised they havet taken to sneaking into peoples houses.
BTW How is 6′5″ guy and you doing Zooey?
September 21st, 2008 at 6:26 pmHey, where is KKKarl Rove in all this? Hmmm, I haven’t heard his malevolent voice.
September 21st, 2008 at 6:35 pmBarack Obama said today:
If we grant the Treasury broad authority to address the immediate crisis, we must INSIST on independent ACCOUNTABILITY and OVERSIGHT. Given the breach of trust we have seen and the magnitude of the taxpayer money involved, there can be no blank check.
http://dailykos.com/storyonly/2008/9/21/135938/882/500/605634
September 21st, 2008 at 6:39 pmBadger, I really fear for Barack’s safety.
Speaking truth to power, when there are trillions of dollars Bush, Cheney, their Wall Street BFFs and the Bilderbergers are all scrambling to stash away, is dangerous business, and I don’t put anything past these bastards.
Yes, bastards and capitalist pigs!
PEACE
September 21st, 2008 at 6:46 pmAs the Democratic Party’s presidential candidate, Barack Obama needs to present his alternative bail-out plan tomorrow.
He needs to tell the Democratic leadership in Congress what he, as our next president, requires on the first day in office, not what the lame-duck, criminal Republican President Bush wants.
We already know that Bush’s plan will bail-out the few at the expense of the rest of us, with no guarantees put place (regulations) that might just stop this from happening again.
So, Barack Obama, if he doesn’t want to be handed a pig in the poke after being inaugurated, needs to make quite clear what specific “Main Street” provisions MUST be in any bail-out bill up for consideration.
September 21st, 2008 at 6:46 pmSen. Obama issued a 7 point rejoinder to the Bush/Paulson bailout plan..including:
The American people need to know that we feel as great a sense of urgency about the emergency on MAIN STREET as we do the emergency on Wall Street. That is why I call on Senator McCain, President Bush, Republicans and Democrats to join me in supporting an emergency economic plan for working families – a plan that would help folks cope with rising gas and food prices, save one million jobs through rebuilding our schools and roads, help states and cities avoid painful budget cuts and tax increases, help homeowners stay in their homes, and provide retooling assistance to help ensure that the fuel-efficient cars of the future are built in America.
I am glad Obama is on this. A Rush to judgement gives us diasters like the Iraq War and the Patriot Act.
This bailout plan, if Bungled, could take down the whole economy.
September 21st, 2008 at 6:55 pmFor a trip down Memory Lane, take the S&L Scandal Quiz at TheZoo.
September 21st, 2008 at 6:58 pmThat is the slimest of explanations. Why are YOU coming up with it, and not them? It is not as easy as you claim.
WTF? I just pointed out that the bail-out, if it’s mismanaged as badly as we fear, will serve to devalue the Dollar. Personally, I would have favored an earlier direct payment of one, or more, months mortgage payments for people instead of the recent tax “give away”. Combined with effective regulation the whole mess need never have happened but, I never claimed there was anything simple about it.
And that’s why, under the current political climate, I want them to do nothing but emergency measures and watch every penny.
September 21st, 2008 at 7:20 pmJust checked the Stock Index Futures to see if reality has started to sink in yet. Apparently it has. They are down hard at the open. Dow Futures -201 points, NASDAQ -27.50 Points, S&P500 -19.60 Points.
September 21st, 2008 at 7:29 pm“UPDATE Matt Stoller has some reactions from anonymous Democratic members of Congress.”
So, why are they anonymous?
WTF are they afraid of besides their own shadow?
September 21st, 2008 at 7:37 pmBush is too stupid to have a legacy other than being King of Stupid! He will go down in history as the biggest moronic fool to ever sit in the oval office pretending he understands complex issues. He is still searching for the light switch in the oval office. He has to still call Karl Rove to ask him where the ligthswitch is. Dumb as a box of rocks or dumb as a fence post, you choose!
September 21st, 2008 at 7:41 pmCost of the Bush administration:
1. Cost of the Bush tax cuts over 10 years 2001-2010, 2 trillion dollars
2. Estimated cost of the War on Terror, 3 trillion dollars
3. Cost of the economic meltdown, 7 trillion dollars (5 trillion Fannie Mae/Freddie Mac liabilities, 2 trillion bailout price tag)
Total: 12 trillion dollars and counting
Potential cost of the Palin/McLame administration: priceless.
September 21st, 2008 at 7:53 pmOT, but that son of a biatch (caught in filter) is on “60 Minutes” right now, and he dragged out that dead soldier’s dogtags again! I guess he hasn’t been exploited enough.
What a shameless bastturd (filter again)!
BTW, check out the latest polls:
http://www.fivethirtyeight.com/
PEACE
September 21st, 2008 at 7:56 pmBaddo Says: Texas Rangers..losers. Sorry but all Texans are losers for delivering this loser on the rest of the populace
I live in Texas. Bush was not born in Texas. Many Texans didnt care for Bush. Beside that the Texas Rangers were originally The Washington Senators.
First at war, first at peace and last in the American League
http://en.wikipedia.org/wiki/Texas_Rangers_(baseball)
September 21st, 2008 at 8:16 pmWondering if this bailout is being engineered to hamstring the heath care/energy initiatives of the next administration.
September 21st, 2008 at 8:16 pmAll part of the Wrecking Crew’s plan. Hamstring the federal government with war and corporate contributor bailout, then there won’t be any money for anything but the military.
September 21st, 2008 at 8:18 pmIt’s Grover Norquist’s wet dream.
“If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that ye were our countrymen.”
Samuel Adams, at the Philadelphia State House, August 1, 1776.
September 21st, 2008 at 8:44 pmIt is not just about squandering money – Bush has failed the American people in the hunt for the terrorists who attacked us on 911. ……………….
September 21st, 2008 at 8:53 pmhttp://thefiresidepost.com/2008/09/22/the-iraq-surge-has-not-worked/
As I work my way through 1984 again, for the first time in over 38 years, I can’t help but think of the Ministry of Plenty: the Ministry which in fact keeps the public in a constant state of economic hardship by maintaining poverty and financial shortages.
September 21st, 2008 at 8:54 pm20. Fool Zero Says:
By any chance is this how the Bushies are going to carry out the Norquist program of shrinking government down to the size where it can conveniently be drowned in the bathtub? The Iraq war helped a lot but it obviously didn’t go far enough.
The first year of the Bush/Cheney Administration we get 9-11
September 21st, 2008 at 9:46 pmThe final year we get “economic meltdown”
The result is the American middle and working class citizens are stripped of power (voter purging/caging? Diebold? Patriot Act?)and led to their economic demise like sheep.
Mission Accomplished!
Ever ponder that we would not be doing this right now if Gore or Kerry had rightfully taken office? Not only do the Dems need to stand up to this debacle with real reform but they damn well better start looking at each and every attempt to keep people from voting in this election. I want suits in Colorado, New Jersey, and any other state where illegal suppression campaigns are being conducted. And some real looks at the polling methodology would also be eye opening.
September 21st, 2008 at 10:19 pmIf democracy is to ever make a comeback, there has got to be a change of leadership. That just could not be more obvious. Seeing McCain so close to Obama in the polls is worrisome and disturbing. We just have to hope for democracy to make a comeback.
The greedy neo-cons attacked democracy in the 2000 elections. Ever since then our democracy has been in shock!
September 22nd, 2008 at 12:11 amI’m almost for watching the economy collapse so some of the undecided voters finally get smacked in the head for being so stupid as to not being able to quickly ascertain who has their best interests at heart. The undecided voters should have to feel a little pain for their past inability to make logical cohesive decisions as to the quality of our political leaders. As long as some of them are still trying to decide whether to select our candidate based on how big her boobs are then we are doomed. Our only hope is things get bad for them and they have to decide to finally vote for the smartest guy, instead of the one they want to party with.
September 22nd, 2008 at 12:35 amSeptember 22nd, 2008 at 12:44 am
This is CRIMINAL!!!!
September 22nd, 2008 at 5:36 ambush must have figured out that he has enough socked away overseas now to ‘disappear’ after january. probably in dubai, with darth.
September 22nd, 2008 at 10:49 amAll that talk of who is qualified to be President or capable of being a CEO by HP Caryl pale in comparison to the utter ineptitude of Bush-the guy with the two failed oil (oil!) enterprises.
Hope the country can survive till this guy’s outta here.
September 22nd, 2008 at 11:28 amWhy not let “the Market” decide the true value of the bad mortgage debt? – probably more like 200 billion.
Let the bubble burst. Let the pus out.
This nefarious scheme appears designed to enable corruption on a scale never seen before. Yet another cash siphon from the hard-working producers of wealth to the super rich. Preposterous!
September 22nd, 2008 at 12:40 pmThis is a final “F**K YOU” from the Bush/Cheney team.
Step 1: Induce a panic attack.
Step 2: Scoop up all the money.
Step 3: Kick back on your ranch in Paraguay.
But when you look at the average Jesus-is-coming-back-in-my-lifetime American, it’s exactly what we deserve.
September 22nd, 2008 at 1:04 pmWORST PRESIDENT EVER!!
Major props to movement conservatives, Chris Matthews, Richard Cohen, Maureen Dowd, David Broder, Tim Russert, Kit Seeley, The entire staff at the NYT and Washington Post and many others – you did it people! You succeeded in selling the worst president of all time to us as a “regular guy!”
And special commodations go to all of the above for helpfully explaining to us that Nobel Prize winner and Oscar winner Al Gore was a big, vile creep. Great work!
September 22nd, 2008 at 1:10 pmBush & Chenney and Co. BEHIND BARRS NOW!
September 22nd, 2008 at 3:51 pmThis is another example that the “old world jounalism of Murrow, Cronkite and Rather is dead and buried. In the case of the Time Magazine reporter Ms Tumulty, she seems to think the finding out the who, what, where, when and how have been replaced with a steno pad, which she records what ABC said in rebuttle to the complaint of Congressman Kucinich. There is a great disconnect with what happened and the points made by ABC. She asks little of no questions to ABC. She takes what is handed to her and repeats it vebatim and then calls that reporting. I call is stenography. Lida Sohbet sohbet sesli chat Gelinlik Modelleri
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