Daily Real Estate News | September 26, 2008 Congress Divided on $700 Billion Bailout Plan Congressional negotiators resumed meetings on Friday to revive or rework the proposed $700 billion financial bailout plan. On Thursday, the word was that the group of lawmakers were near “fundamental” agreement on the bailout of the U.S. financial sector. But that consensus fell apart Thursday night, with Democrats blaming the House Republicans for the apparent stalemate. Conservatives, however, have... Read Full Story
How Wall Street and Its Backers on Capitol Hill Silenced a Critic Calling for Greater Regulation of Derivatives From Democracy Now!: Last month, when the a subcommittee of the House Financial Services Committee held a hearing on the derivatives market, Robert Johnson was the only non-industry expert invited to speak. The former economist at the Senate Banking Committee and the Senate Budget Committee was invited just sixteen hours before the hearing. His testimony was cut short after five... Read Full Story
The ABC News digital sign in Times Square announces the stock market plunge September 29, 2008 at Times Square in New York City. The market took a plunge after announcements that the House did not pass the $700 billion proposed bailout. (Photo by Rick Gershon/Getty Images North America) Let's do a little exercise. Take out a piece of paper and a pen. Now draw a wiggly line from the upper left to the lower right. Congratulations, you've just graphed today's stock market. Every measure of... Read Full Story
USA GET YOUR ECONOMY IN ORDER & PROTECT OUR ASSETS OR WE WILL SIEZE FORT KNOX On a day when major Headlines read GM, FORD, & CHRYSLER SEEK BAILOUT, little China is flexing its financial muscle. China lectures US on economy The US was lectured about its economic fragilities on Thursday as senior Chinese officials urged the administration to stabilise its economy, boost its savings rate and protect Chinese investments. The message went to Hank Paulson, the US Treasury secretary, in... Read Full Story
George W. Bush, I abandoned free-market principles to save GM & Chrysler, handed over $17.4 Billion to the Auto-Makers, Ford said, "No Thanks." I wonder which stock pick would be the best bet in the long term, Ford? GM? or Chrysler? HMM . . . that is easy, how about the one with no federal bailout. The funds are part of the $700 Billion of TARP. The New York Times label the bailout as a temporary life-line. Does the NYT know that this is already a failure? WASHINGTON — President Bush... Read Full Story
U.S. Speaker of the House Rep. Nancy Pelosi (D-CA) (C) celebrates as she signs the H.R. 1424 Emergency Economic Stabilization Act of 2008 during a news conference as (L-R) Rep. Chris Van Hollen (D-MD), Rep. Barney Frank (D-MA), House Majority Whip Rep. James Clyburn (D-SC), House Majority Leader Rep. Steny Hoyer (D-MD), Rep. Rahm Emanuel (D-IL), and Rep. John Larson (D-CT) look on October 3, 2008 on Capitol Hill in Washington, DC. The House has passed the financial bailout bill 263 171... Read Full Story
Say it ain't so George, "the fox will come in sheep's clothing. . .", George W. Bush is going out with a bang a big socialist bang. The President has shown his true colors, he is bypassing Congress to extend $14 Billion to US Auto Makers. Socialist Bush is not what I voted for as a conservative. President Bush is the one who got this bailout mania rolling, and there is no end in sight. Last night the Republican SHUT IT DOWN for a moment, but now George W. Bush is flipping on previous... Read Full Story
If you read through hundreds and hundreds of complaints on the web about the economic crisis, you will realize at some point that there is a common denominator between most of the complaints. Most of the people who are angry about this debacle are as confused as they are angry because they are not sure exactly who did this, or how it happened. I told my buddy yesterday, "the most striking thing about this financial catastrophe is, there is no way to blame a 'rogue' trader or a 'rogue' bank... Read Full Story
By the time you see the news tonight, President Obama's address to Wall Street this morning will have been analyzed, sifted through, taken apart and put back together again - by the same brilliant members of the punditocracy who interpreted what the last president really meant. The real political narrative is wider and broader than anything these columnists want to deal with - their editorial and aesthetic constraints force them to deliberately focus in on the three soundbites that can be... Read Full Story
The Snowball has turned into an avalanche, thus the term "Snowball Effect", the process that starts from an initial state of small significance and builds upon itself, becoming larger, graver, more serious, and in the end disastrous. Bailout Mania has hit the United States hard, what started as a $700 billion bailout package has turned into $3.45 Trillion Dollars, yes, $3.45 trillion has already been spent, as Bailoutsleuth.com details:
$2T Emergency Fed Loans (the ones the Fed won't... Read Full Story
