[Plantagenet]

I'm already sick of Paulson, Barney Frank, Bush, Dodd and all the other slimeballs in DC cooking up a scheme to steal taxpayer money to bail out the banks.....the banks that were stupid enough to make bad loans should go bankrupt.

Housing prices, especially in California and New England, were in a bubble. The bubble has burst. Its nuts to tax everybody in America to "bail out" banks and and prop up the housing bubbles in California and other over-priced housing markets.

[Loki]

And by "all the cash in America" I assume you mean all the cash we can borrow from the Chinese?

Socialism for the rich, "market discipline" for everyone else. This is just a particularly obnoxious example. Besides, what's a few hundred billion between friends?

[seldom_seen]

One question I haven't heard yet is what will the banks do with all the .gov money that Paulson would like to give them? Will they wipe their brow and say "phew!" Then balance the books and start providing honest upstanding banking services?

I'd say hells no...they'll probably pump all this money to offshore accounts in the caymans and probably start betting on commodities and driving up the cost of food and energy. Or they'll invest it all in Dubai or some petro-state. There's a 1000 different ponzi schemes they will probably dream up to blow this money too.

Bob Marley said "we need to chase those crazy baldheads out of the town." I think he was referring to Paulson and Bernanke.

[jboogy]

These banks do not deserve a bailout, no doubt. But the alternative, ( letting them fail), would have been disastrous. These are not little Mom and Pop, 10 million in deposits, regional banks. These are huge banks, and AIG insured a lot of other huge banks. If these institutions had failed then all banks would have had runs and none of them had the cash on hand to cover the withdrawls. They would have shut their doors and if that had happened then it would have been too late for a bailout, people would have been scared crapless and would not have been satisfied until they got their cash. It would have brought all economic activity in this country to a complete stop. But, all they have done is put another band-aid on top of all the other bloody band-aids, the infected boil is still there, and it will have to be lanced eventually. Hopefully they use this borrowed time to try to minimize the pain and bleeding when they do finally drain the pus. Regardless, this is going to leave the mother of all scars when it's all said and done.

[mklkatreeandleaf]

Nothing will work now, eventually the stock market will break its face.

[Roy]

[Delphis]

http://en.wikipedia.org/wiki/Henry_Paulson

Thought I would start a discussion on who the man is that the Fed is trying to give unilateral decision making power that cannot be reviewed by any court of law,

Let's roll...

http://www.gambling911.com/business/fin ... 92308.html

This is getting very interesting, especially the part where they are going to us eour money to pay the banks wholesale par value for the bad loans, imagine making a profit on a really baaad decision!

I want that job...your thoughts?

[FreedomSlave]

Where's the rope?

[Madpaddy]

Is anyone listening. I welcome our new Christian Science overlord. I won't make any negative comments against him After all apparently he believes in global warming and love nature so he must be great.

PS: I may need a VISA to work in the states sometime so forgive my lack of objectivity.

[Plantagenet]

The Paulson plan sounds like an email scam from Nigeria: "Just give me $700 billion dollars and I'll fix the economy"......

Sure he will.

[Plantagenet]

On Tuesday, Sen. Shelby (R-Al) left Treasury Secretary Henry Paulson stuttering in an attempt to defend the proposal.

"What if it doesn't work?" Mr. Shelby said. "You assume it will work, but you can't assure us that you know it's going to work, because you thought some of the other plans were going to work."

Later, Mr. Shelby said, "there was no satisfaction from my questions that this will be the end of it. They wouldn't say that -- because they don't know."

[smallpoxgirl]

$this->bbcode_second_pass_quote('jboogy', 'T')hese banks do not deserve a bailout, no doubt. But the alternative, ( letting them fail), would have been disastrous. These are not little Mom and Pop, 10 million in deposits, regional banks. These are huge banks, and AIG insured a lot of other huge banks.

[gnm]

$this->bbcode_second_pass_quote('smallpoxgirl', 'A')s best I can see, the government is trying to merge all of these companies and create an even bigger time bomb. I don't see anybody trying to fix the actual problem here. This is just a gigantic wealth transfer from me to a bunch of billionaire f---kers on wall street as best as I can see. It changes nothing about the fundamental problems.

[seahorse2]

test

[Ludi]

$this->bbcode_second_pass_quote('smallpoxgirl', ' ')This is just a gigantic wealth transfer from me to a bunch of billionaire f---kers on wall street as best as I can see.

[doodlebug2]

The guy is somewhat Ok in my eyes, he is a birdwatcher

[Cashmere]

$this->bbcode_second_pass_quote('seahorse2', 't')est

[RedStateGreen]

From that Wikipedia link:

$this->bbcode_second_pass_quote('', 'T')here has been some criticism of Paulson, with suggestions that Paulson's plan may potentially have some conflicts of interest. This since Paulson is the former CEO of Goldman Sachs, a firm that may benefit from the plan.

[lawnchair]

Just so you know who he's looking out for:

$this->bbcode_second_pass_quote('', 'C')hina is regarded as a more reliable partner, with a greater desire for global stability. Treasury Secretary Hank Paulson has intimate relations with the Chinese elite, dating from his days at Goldman Sachs when he visited the country over 70 times.

Brad Setser, from the US Council on Foreign Relations, said the Chinese have a stake in upholding Fannie and Freddie, not least to ensure that their loans are "honoured on time and in full".

[dinopello]

$this->bbcode_second_pass_quote('RedStateGreen', 'B')esides, he's got weird eyes. Kind of scares me.