Bailout now expected to cost over $1 Trillion (McCain, Congress, Iraq)

[HubbleRules]

Treasury Secretary Paulson has indicated a desire to have the government bailout of bad mortgage securities be expanded to include foreign banks!!

The estimated cost without the foreign banks was $700+ billion. The new figures I'm reading on the internet if foreign banks are included is over $1 TRILLION!!!

Isn't that just wonderful...

The American taxpayer gets to take on all the junk loans that sit on the balance sheets of U.S. banks, plus those held by foreign banks...

Who died and made Paulson King? And why isn't Congress up in arms about this!!!

Why can't other countries bail out their own financial institutions????

I strongly urge everyone on this forum to CALL your senator and congressman tomorrow and voice your disgust over having the bailout extended to foreign banks.

http://www.nytimes.com/2008/09/22/bu...hp&oref=slogin

HubbleRules

[mrbob]

Does the U.S. government represent us, or the entire world???

We've been the 911 emergency center for the world ever since WWII. Now Bush wants us to make good monetary losses for overseas banks???

I hope Congress puts their foot down and refuses to approve ANY bailout unless provisions for foreign entities are taken out of the bill.

Why don't the governments of those foreign banks pony up to the bar and help their own banks???

Boy - this really P*sses me off!!!

[RLangben]

Our government acts like a 18 year old with a credit card.

[Talibanic]

"Bailout now expected to cost over $1 Trillion"

Wake me up when they admit it's actually in the ZILLIONS. Or better yet, don't wake me up ever again.

[daffysentry]

.....And the Iraq War could keep us there for 100 years.

The real war is right here in this country.....Rich vs. everyone else!

When the new Rebellion starts organizing......show me where to sign!

Daffy

[mrbob]

Originally Posted by RLangben

Our government acts like a 18 year old with a credit card.

I think that's being a little harsh on 18-year-olds, don't you think?

Seriously, we are in a very big economic mess. There's plenty of blame to go around to both parties, but the Republicans deserve more of the blame.

I can't understand Paulson - how stupid does he think we are? Just less than a week ago he said 'the fundamentals of the economy are fine'.

Now, he says the sky is falling and government must come to the rescue.

And, oh yeah, just trust me to do what's right with $700 Billion, you don't need any oversight or visibility into how the money is used!!!

You can't make this stuff up!!!

[EDnurse]

Lets not forget that under the legislation submitted to Congress, Paulson will be the one and only authority to write the checks to the corporations. "No court and no agency" can scrutinize him...at all. I guess he's going to be the "money decider".

Read somewhere that McCain says the bail out is needed. Then he said that he doesn't like the legislation. Which is it?

I don't know where McCain stands anymore. He's flip flopping so fast that I can't keep track anymore.

[calmdude]

Originally Posted by mrbob

I think that's being a little harsh on 18-year-olds, don't you think?

Seriously, we are in a very big economic mess. There's plenty of blame to go around to both parties, but the Republicans deserve more of the blame.

I can't understand Paulson - how stupid does he think we are? Just less than a week ago he said 'the fundamentals of the economy are fine'.

Now, he says the sky is falling and government must come to the rescue.

And, oh yeah, just trust me to do what's right with $700 Billion, you don't need any oversight or visibility into how the money is used!!!

You can't make this stuff up!!!

Agree! That is why some Rep and Dems are trying to get controls from an independent body installed and want to place a limit on CEO salaries etc. Even experts are having trouble navigating out of this huge mess.

[fancofu]

Is this something that will unite Dems and Repubs?

[Yeledaf]

Originally Posted by fancofu

Is this something that will unite Dems and Repubs?

It SHOULD unite them as recipients of the public's obloquy.

But it won't....