Warning on economy from the President

Full story: WIVB Buffalo 20
President Bush is warning Americans not to expect immediate relief from the 700 billion dollar bailout bill he signed Friday. Full Story

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#1 Oct 4, 2008
Why should the American people bail-out these free market capitalist institutions, when they would certainly foreclose on any one of us, as homeowners or business owners, if we became insolvent, forcing us into bankruptcy???

Nobody forced these greedy gambling institutions to make bad loans!!!

Why should we puchase their trash to the tune of $700,000,000,000+???

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."-Thomas Jefferson, 1802

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#2 Oct 4, 2008
America is bankrupt; it simply hasn't registered with most people yet!!!

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."-Tho mas Jefferson, 1802

It isn't over yet, not by a long shot; this bailout
will only prolong the inevitable (Great Depression II), taking (creating) money from the taxpayers to give to the rich, thereby fueling inflation.

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#3 Oct 4, 2008
The banks could have said no to government interference and made the American people understand that it was a plan (making loans to those not able to pay) not based upon sound business principles. They (banks) didn't do that and let greed cloud their judgement, so, IMHO, they, along with their political lapdogs (politicians) are responsible, not the American people. Do you feel responsible enough to cheerfully pay higher taxes and higher prices, due to the Federal Reserve creating more and more money out of thin air, by fiat, for years and decades to come??? Do you enjoy knowing that our children and grandchildren will be saddled with this huge economic burden??? When I was young, America was a net creditor nation (other nations owed us), but we became a net debtor nation for the first time in the 1980's owing a then unprecedented 1 trillion dollars to other nations when Ronald Reagan left office, but now our debt is nearly 10 trillion dollars, ten times the debt!!! When will this insanity end? We need a third party in American politics, because both the Democrats and Republicans are in bed with big business and not loyal to the American people any longer. That is why I was a supporter of Ron Paul, when he was running for President, and it is why I now support Chuck Baldwin of the Constitution Party.

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#4 Oct 4, 2008
Henry Merritt "Hank" Paulson Jr.(born March 28, 1946) is the United States Treasury Secretary and member of the International Monetary Fund Board of Governors. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs. Henry Paulson has been the chief lobbyist, even going so far as to beg Nancy Pelosi on bended knee, to fund the $700,000,000,000+ bailout the stupid arses of his banking buddies on Wall Street with taxpayer dollars and rising inflation!!!

The individual taxpayer and voter has very little influence over the Congress-critters, unlike J.P. Morgan, Citi Group, Wells Fargo, Bank of America, and Goldman-Sachs do!!!

This all could have been avoided if the bankers had only used their persuasive powers to convince Congress and the American people that sound business principles preclude making loans to those known to be unable to pay. Unfortunately, greed clouded the judgement of the bankers and bleeding-heart liberalism reigned over Congress.

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#5 Oct 4, 2008
Our own Treasury Secretary, Henry "Hank" Paulson lobbied on his knees in front of Nancy Pelosi for the banking/investment houses.

I wonder just how much dirty money went to congressmen from the banks and their lobbyists to get this theft from the American taxpayers passed???

You know, in the past nations which were abused and taxed without representation have had revolutions, like the following: American Revolution, French Revolution, Russian Revolution, etc.

I believe it could very well happen again!!!

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#6 Oct 4, 2008
Our own Treasury Secretary, Henry "Hank" Paulson, former Chairman and Chief Executive Officer of Goldman Sachs, lobbied on his knees in front of Nancy Pelosi for the banking/investment houses.

I wonder just how much dirty money went to congressmen from the banks and their lobbyists to get this theft from the American taxpayers passed???

You know, in the past nations which were abused and taxed without representation have had revolutions, like the following: American Revolution, French Revolution, Russian Revolution, etc.

I believe it could very well happen again!!!

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#7 Oct 4, 2008
"Posted on October 4, 2008
Congress doesn’t live in the real world
Instead of American companies supporting the U.S. economy, they opted to move overseas to avoid paying taxes. Corporate America is still screaming for more immigrant workers while hard-working Americans are pounding the pavements looking for work and struggling to keep their homes
The events on Wall Street have forced this senior citizen to come to terms with a multitude of feelings. Shock, fear and uncertainty were soon replaced by reality and anger. After a lifetime of working hard, saving wisely and planning for a good retirement, it could all be for naught.

Why? Because our government “of the people, by the people and for the people” is anything but. Be it Republican or Democrat, it makes little or no difference. Instead of addressing the problems, members of both parties were too busy shifting the blame away from themselves.

I certainly have no experience in government, politics or world finances. But I do live in the real world. In the real world, we work for a living. We work to feed and clothe a family, put a roof over our head and perhaps manage a few luxuries. One would expect that our elected officials would be supportive.

In their desire to stay in office, Democrats and Republicans alike have become the shills of Big Business, Big Banking and Big Oil. Of course, they refer to it as progress, free trade and globalization. The reality is they took our good-paying jobs away from hard-working Americans and handed them to China and India, etc. Even some X-rays are being read abroad and even tax returns are sent overseas. Instead of addressing the impact mass immigration will have on our economy, our government continues to export jobs and import cheap labor."-National Policy Institute
Apocalypse

Williamson, NY

#8 Oct 4, 2008
Agreed...the American dream is dead!!

People spread the word Democracy is dead.

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#9 Oct 4, 2008
Few people realize that Congress has always been faced with two choices about money:

1. Have the government create our money and spend it into circulation as a tax-free, interest-free dividend in the form of assets created, such as rebuilding the public infrastructure, thus benefiting all the people of the United States .

or

2. Allow the Federal Reserve and the privately owned banks to continue to use the government's own power to create money, free of charge, and then loan our own money back to us with an interest charge attached.

INCREDIBLY, Congress has always chosen choice #2.

Consider this question: "Why does our government choose to borrow money from private banks at interest when it could create all the interest-free money it needs itself?"

I will let the late Congressman Wright Patman, Chairman of the House Banking Committee, answer that question. He said,

"I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money. It is absolutely wrong for Government to issue interest-bearing obligations. It is not only wrong, it is absolutely unnecessary. I believe the system should be changed. The Constitution of the United States does not give the banks the power to create money. The Constitution says that Congress shall have the power to create money. I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with this Congress for sitting idly by and permitting such an idiotic system to continue."

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#10 Oct 4, 2008
WASHINGTON Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Franks efforts to deregulate Fannie Mae throughout the 1990s.

So did Franks partner, a Fannie Mae executive at the forefront of the agencys push to relax lending restrictions.

Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannies assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.

Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.

"Its absolutely a conflict," said Dan Gainor, vice president of the Business & Media Institute. "He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?

"If this had been his ex-wife and he was Republican, I would bet every penny I have - or at least whats not in the stock market - that this would be considered germane," added Gainor, a T. Boone Pickens Fellow. "But everybody wants to avoid it because hes gay. Its the quintessential double standard."

A top GOP House aide agreed.

"Cmon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?" the aide told FOX News. "No media ever takes note? Imagine what would happen if Franks political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxleys wife or [GOP presidential nominee John] McCains wife was a top exec at Fannie for a decade while they wrote the nations housing and banking laws."

Franks office did not immediately respond to requests for comment.

Frank met Moses in 1987, the same year he became the first openly gay member of Congress.

"I am the only member of the congressional gay spouse caucus," Moses wrote in the Washington Post in 1991. "On Capitol Hill, Barney always introduces me as his lover."

The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses "helped develop many of Fannie Maes affordable housing and home improvement lending programs."

Critics say such programs led to the mortgage meltdown that prompted last months government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.

Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.

Three years later, President Clintons Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of todays economic crisis.

"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac," Clinton said recently.

Bill Sammon is FOX News' Washington Deputy Managing Editor.

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#11 Oct 5, 2008
How is it that decent Americans keep electing the same criminals and out of touch whackos, the incumbents, like: corrupt homosexual Jewish democrat Barney Frank, drunken brain tumor addled killer (drunken vehicular manslaughter) of Mary Jo Kopechne Senator Ted Kennedy, do nothing carpetbagger Hillary Clinton, gun-grabber Chuck Schumer, liar about his Vietnam record to get elected President John Kerry, etc, etc, etc???

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#12 Oct 5, 2008
Our own Treasury Secretary, Henry "Hank" Paulson, former Chairman and Chief Executive Officer of Goldman Sachs, lobbied on his knees in front of Nancy Pelosi for the banking/investment houses. I wonder just how much dirty money went to congressmen from the banks and their lobbyists to get this theft from the American taxpayers passed??? You know, in the past nations which were abused and taxed without representation have had revolutions, like the following: American Revolution, French Revolution, Russian Revolution, etc. I believe it could very well happen again!!

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#13 Oct 5, 2008
Americans need to wake up and throw the non-performing incumbents out on their ear and get new blood into government, or replace the existing government by bloody revolution!!!

"God forbid we should ever be twenty years without such a rebellion.
The people cannot be all, and always, well informed. The part which is
wrong will be discontented, in proportion to the importance of the facts
they misconceive. If they remain quiet under such misconceptions,
it is lethargy, the forerunner of death to the public liberty....
And what country can preserve its liberties, if it's rulers are not
warned from time to time, that this people preserve the spirit of
resistance? Let them take arms. The remedy is to set them right as
to the facts, pardon and pacify them. What signify a few lives lost
in a century or two? The tree of liberty must be refreshed from
time to time, with the blood of patriots and tyrants.
It is its natural manure."

by: Thomas Jefferson
(1743-1826), US Founding Father, drafted the Declaration of Independence, 3rd US President
Source: November 13, 1787, letter to William S. Smith, quoted in Padover's Jefferson On Democracy, ed., 1939

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#14 Oct 5, 2008
immature

Buffalo, NY

#15 Oct 5, 2008
we will not forget

“Go ahead, make my day.”

Since: Jul 07

Tonawanda, NY

#16 Oct 5, 2008
immature wrote:
we will not forget
Good, but what are you prepared to do about it???
immature

Buffalo, NY

#17 Oct 5, 2008
I HAVE A VIVID IMAGINATION. ONCE IN A WHILE, IMAGINATION NEED NOT APPLY.
Apocalypse

Buffalo, NY

#18 Oct 6, 2008
...as the global economy continues to derail. The bail-out was a little to late to stop this mess that our elected politician have caused do to greed.

People wake up...it is no longer we the people any more, but we the people with money have full control!
Apocalypse

Buffalo, NY

#19 Oct 6, 2008
Dow falls under 10,000 points...ebay to let go 10% of its workforce. This is just the beginning, I hope all who read this have been saving money for a rainy day...cause you are going to need it!
Apocalypse

Buffalo, NY

#20 Oct 6, 2008
AP--

"Here's a safe bet for uncertain times: A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion rescue plan to restore order to the financial industry.

The biggest questions are how many will perish and how they will be put out of their misery, whether it's outright closures by regulators scrambling to preserve the dwindling deposit insurance fund or in fire sales made under government pressure.

Weakened by huge losses on risky home loans, the banking industry is now on the shakiest ground since the early 1990s, when more than 800 federally insured institutions failed in a three-year period. That was during the clean-up phase of a decade-long savings-and-loan meltdown that wound up costing U.S. taxpayers $170 billion to $205 billion, after adjusting for inflation.

The government's commitment to spend up to $700 billion buying bad debts from ailing banks is likely to save some institutions that would have otherwise died, but analysts doubt it will be enough to avert a major shakeout."

...so the bail-out is only for those with friends in Washington.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Buffalo Discussions

Title Updated Last By Comments
Happy Liefless New Year 44 min GUMP 7
I mite knot no grammer and speling but....... 59 min Lake Carp 2
NEW Lief Coach posting 3 hr Loco Motion 3
Stop all this SOUR TALK 3 hr Lake Carp 3
Why won't LIEF COACH die? 3 hr Loco Motion 12
The 25 Most Dangerous Cities in the U.S. Are Mo... (Nov '10) 3 hr Bently 19,568
merry carbunclemas 4 hr Lake Carp 2
Buffalo Dating
Find my Match
More from around the web

Buffalo People Search

Addresses and phone numbers for FREE

Buffalo News, Events & Info

Click for news, events and info in Buffalo

Personal Finance

Mortgages [ See current mortgage rates ]

NFL Latest News

Updated 11:44 am PST