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Wow! What an excellent discussion of the current financial crisis.. I didn't get the names of all the participants but their imput was invaluable in trying to create understanding where there is only confusion.
Probably the most profound statement - or certainly one that appealed to me was from a Professor Hudson who said, "No one has said this (huge bailout) will solve the problem."
He also proposed that those embattled financial institutions should, instead of the proposed bailout, be "LOANED" the money to restore their companies.. Do loans they have to repay, he stressed.. "Put them in a responsible position!" he said.. (That sounded good to me!) He noted that in 40 plus years he's heard this song before - they want and need to bail out their friends..
He also noted that already the big institutions, Fannie and Freddie *have* been rescued and that Merrill-Lynch and Morgan Stanley have buyers, one to a Japanese firm - although for cents on the dollar..
And as Paul Krugman said "we don't have to do it now, now, now"! He added what was needed was "better faith dealings" -- I assume from the Fed who wants total control of this multi-BIllion dollar bucket of *our* hard-earned funds.. The ones who are screaming the loudest, now, now, now seem to be the wall street guys..
What a fri**ing mess... Who do you believe?
BTW - We're still borrowing money for our company!
I want to see an "Enron" type of investigation from the Justice Dept. If the books were cooked ala Enron, I want to see major jail time by the heads of these agencies.
I understand that there was one whistleblower accountant that went to Raines (?) years ago and asked for an explanation of the cooked books. Sounds like Enron to me.
WASHINGTON-- One of the giant mortgage companies at the heart of the credit crisis paid $15,000 a month to a firm owned by Senator John McCain’s campaign manager from the end of 2005 through last month, according to two people with direct knowledge of the arrangement. The disclosure contradicts a statement Sunday night by Mr. McCain that the campaign manager, Rick Davis, had no involvement with the company for the last several years. Mr. Davis’s firm received the payments from the company, Freddie Mac, until it was taken over by the government this month along with Fannie Mae, the other big mortgage lender whose deteriorating finances helped precipitate the cascading problems on Wall Street, the people said
Ya know, two years ago the Republicans tried to regulate Fannie and Freddie and the Democrats blocked it.
The bill that you are talking about was first introduced in 2003 when republicans were in charge of Congress and the White House. Freddie Mac, Fannie Mae Bill in Senate
This bill was reintroduced every session since then. It died in Republican run committees every time. If finally passed in July 2007 under Democratic control of Congress.
Get your facts right - or at least get some facts. Or do you just enjoy lying?
Congress made the Feds look like little kids today Seriously, has anyone seen any of the video clips. They put them in their place. Thanks, Congress, for once, for showing a backbone.
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Seriously, has anyone seen any of the video clips. They put them in their place. Thanks, Congress, for once, for showing a backbone.
