We need a detailed blow by blow that leads us from unscrupulous mortgage lenders to the present need for $700Billion.
Reuters: Rep. Frank says bailout funds would be phased in
The chairman of the House of Representatives Financial Services Committee said the $700-billion authority that U.S. officials want for a financial services bailout will be phased in rather than granted all at once.Reuters: Lawmakers reach bailout deal
Lawmakers declined to provide details of the plan, but it is expected to include limits on executive pay and strong oversight provisions.
...General Electric Co, widely seen as a bellwether of the U.S. economy, issued a profit warning, citing "unprecedented weakness and volatility" in the financial services market.
2 comments:
It's just more smash and grab from these pirates. What else can they wreck on the way out? The Dems. might win in Nov. only to acquire the country buried in debt and bankrupt to boot. Privatized! Mission Accomplished!! Isn't that what the right's larger Project these last 40 yrs. has been about? They set out to reverse everyone of the "New Deal" regs., laws , agencies etc. They almost got SS as well but it seemed on that one the Dems. drew the line for some reason?
I just saw Obama on boob TV talking live with Wolf Blitzer and it seems that he along with the rest of the Demo. leadership is being buffaloed into action or is that herded toward the cliff by the Rethugs? It's funny they don't even smell the trap here. Dumb ass herd animals. Off the cliff they fly and at the bottom will be the Rethugs ready to butcher them. We all expected some kind of crisis to appear this fall most of us thought Oct. but maybe this is just the start of a series of them? It should be a Demo. yr. but if the Rethugs can suck all the air out of the political room they just might pull off an upset. Why not they've managed twice in the near past. In fact they get better and better at getting what they want. As for Governing they never had any intention of doing any governing remember they don't believe in that. These are modern day pirates on a Int'l scale. Targets of opportunity are their whole modus operandi.
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