Ok’¦by now enough people have talked about the 700 billion bail out. But why?..how did this happen?
McCain said it was greed …right out of the gate’¦how did he know this?…Because he tried to stop in 2005’¦and the Democrats blocked it.
Obama blamed the failed policies of the Bush administration and ideology of the republicans’¦the same Bush administration that tried to stop this in 2001’¦and the democrats blocked it.
Normally I would blame Clinton’¦but it turns out he tried to stop it 1999’¦.but he was stopped by’¦you guessed it’¦the Democrats.
So how did this happen’¦well the banks that supply the loans would only give to people who can prove they can pay it back’¦.they went a little overboard and disallowed whole zip codes based on actuary tables’¦so President Carter’¦’¦Wait’¦..this will be faster:
* quick disclaimer : These are facts…every single one…not your truth or my truth…just the facts
*First video Removed ….here is the new one
So to wrap it up…Democratic regulations forced local lenders to do crap loans or face federal lawsuits…So now you see why the Democrats are not blaming the Republicans in front of any cameras’¦.But rest assured videos like these could be an October surprise of a monumental scale.
As far as the bail out’¦it needs to be done’¦.the only real item of contention is when the government sells the ‘˜better rated’™ crap loans and ‘˜completed’™ crap loans back to investors where will the money go?
I don’t have a solution’¦general fund(Bush and Paulson Plan) is as good as any..but neither side wants to give that golden egg to another administration. So we will have a stale mate for a bit’¦but rest assured waiting a week will be very bad indeed, market-wise. We need to cut out the cancer so the lenders can get back to lending.
As for me’¦I say let em burn’¦Fannie/Freddie need to go down’¦cut up and sold for parts’¦.same with AIG’¦.It’s called a correction in the financial model subscribe to.
Update: 12pm PST ‘“ 9/29/08
The democrat drafted Bill hit the House today’¦and it failed.
The have the Majority’¦how come it didn’t pass? ..I present to you Nancy ‘œmy approval rating isn’t low enough’ Pelosi’¦.Proud Californian:
Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the “failed economic policies” of the last eight years.
“When was the last time someone asked you for $700 billion?” she asked. “It is a number that is staggering, but tells us only the costs of the Bush administration’s failed economic policies – policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system.”
That partisan hack could keep her mouth shut’¦and lost 94 committed Demos and 12 Republicans’¦..Way to go Nancy!
P.S. the bill was shit anyways, no republicans were involved in the draft’¦but would have passed if she kept he hippie mouth shut’¦so technically’¦she did me a favor’¦and cost the market 500 points.