I hope that no maatter who is elected- that they take this very seriously- Americans are angry that these high paid CEO’s have done this (the experts- with experience) and our tax money is going to save them and of course our financial markets AND the CEO’s walk away. I have heard that the CEO’s of Fannie and Freddie may not get these packages after all- but I bet they walk away with something.

Tonights shows discussed this and compared policies of the two running and which would do better and fix this. I say neither- that is EVERY memebr of GOVT, the House, The Senate, the Executive Branch and Think tanks all need to work together to get it fixed- if they bicker and fight it will not matter which is President.

I also agree that it is not a time to panic- hold on to what you have and just wait it out. I would advise people to start saving more andnot spending all the paychecks.

The CEOs are taking the heat, but they ran those companies the way they were allowed to due to deregulation and lack of oversight.  I blame whoever(s) it was who allowed too much cozy contact between banking and commercial.  In other words WHO watered down the laws and rules governing these dudes?  And WHO Ok’d it?  Back to the CEOs--they had to know what they were doing was bordering on fraud, BUT....they could get away with it (for a while, anyway), because the oversight was sorely lacking.  Who was it who spearheaded the deregulation of rules and laws and dumped oversight?  That’s who I blame--not that it does any good now. 

Surely do agree with you that the next group who wins the White House has a good, solid plan for economic stability and those with ulterior motives can butt out!  No more of the same, please.  We taxpayers can’t afford to clean up your messes!  Your advice about saving as much as possible is right on!  Paying off credit card debt, eating dinner in to save, brown-bagging it for lunch, dumping the expensive coffee, purchasing only necessities, etc all good ways to look out for number one And from the way money is being tossed around, no one’s going to look out for you except for YOU!

Unfortunately, less than 1% of the wage earners in this country save a dime year over year. There will be no end to that. People live paycheck to paycheck and, as long as they have one, it will be spent first on entertainment, then on needs (food, TP, medical, etc.) and, if there’s any left, they’ll pay their bills.

Do you all remember when Clinton was in office? He made it his mission to make sure 60+% of all Americans owned their own home. To that end, it became very easy to get a mortgage. His administration has been praised ever since as being very successful economically. Now, during someone else’s administration, his plan has unraveled. Guess who’s getting blamed, though!? I will make this prediction here and now (this isn’t really going out on a limb...it’s common sense, but no one will see it when it happens!)… IF Obama is elected, the market will recover during his administration and, in fact, thrive. He will be hailed as the savior come to save us all from the Bush administration’s inept policies. He will pour the profits into social programs that will ultimately encourage very little personal responsibility and perpetuate generations of welfare recipients and racial disharmony. His plans will require tax increases that will cause companies to lay off workers and raise prices. Just about the time people have had all they can take of Obama, a Republican will be elected, inheriting Barack’s mess. They will spend 2-3 years of their administration trying to set things right again, the whole while being burned at the stake by the liberal press for causing economic ruin.

Does this sound about right to y’all?

Now, during someone else’s administration, his plan has unraveled. Guess who’s getting blamed, though!?

I’ll take a wild guess at who’s getting blamed, somewhat Clinton, but, more so Phil Gramm (he of the 1999 Gramm/Leach/Bliley Act reducing gummint regs for insurance, banking, investment houses, etc.).  Of course it didn’t hurt that Gramm received over a cool million in campaign contributions over a 5 year period from the very industry he was overseeing as chairman of the Banking, Housing and Urban Affairs Committee.  Just business as usual on Capitol Hill! 

I blame some of both--Dems and Repubs--for what’s happenin’ now, but in all fairness, would this meltdown had happened had that 1999 GLB Act NOT been passed?  We’ll never know, but it looks like someone needs to oversee the overseers!

Seahorse- that is exactly why I am always critiquing Gramm as McCain’s go to guy for economic issues- that is until he made the whiner comment, now its just unofficial. MCCain has said in the past that he was not well versed in economics on so relied on Gramm for his expertise and advice.

That troubles me- and until he can name a new ecom=nomic go to guy for advice- I will still be leary.

Gramm and his wife both made out hugely on his economic legislation.

BUT… the other polticans had to pass the legislation for it to happen- because it was tacked onto something that had to be passed less than 24 hours before the vote- they just trusted what Gramm said.

So while Gramm was the orchestrator of the package and used his influence for it to pass- ALL had to vote it in.

BJG, I feel as you do.  Guess you could call me an equal opportunity whiner

Hey all...haven’t checked but I figure I am probably getting slammed for my comments of (wow what is only) a few days ago...needless to say been a bit hectic and I have not had time to drop by.

Maybe some sanity will return today and I can respond/provide updates....needless to say ALOT has happened in 3 very very long days.

Todays headline- Sept 24, 2008
Palin says there may be another Great Depression?

sorry_ Palin says its possible for there to be another Great depression

On the Bailout and Golden parachutes for the Executives that amde such wise decisions:

The American people are angry about executive compensation and rightfully so,” Paulson told the House Financial Services Committee. “We must find a way to address this in the legislation without undermining the effectiveness of the program.”

The issue has been a much-debated point in the struggle to win congressional approval of the historic rescue of the financial industry, though the “golden parachute” money involved would be relatively insignificant compared with the huge sums being talked about

Please. Please. Please. Send me some of that sinsignificant amount please. Then I can get out of here- maybe even out of the US.

http://hotair.com/archives/2008/09/17/mccains-attempt-to-fix-fannie-mae-freddie-mac-in-2005/

ON SEPT 25th:
After a failed Baillout attempt on the COuntrys financial mess, by the federal Govt, this also was news:

NEW YORK - As the debate over a $700 billion bank bailout rages on in Washington, one of the nation’s largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market.

The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift’s banking assets to JPMorgan Chase & Co. for $1.9 billion.

Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country’s history.

When this is over and done with and the “gobblers” have bought up those who were more on the edge of bankruptcy than they were, what’s to keep monopolies with even more power from springing up and causing the very same scenario somewhere on down the line?  Those in charge seemed to have learned nothing from the Great Depression 50 years after the fact when regulations and oversight were watered down.  I can see this happening again, but not for a while.  Brer’ Rabbit, he lay low

Looking forward to the debate.

Some random thoughts…

a. sorry for the absence...been unable to find time or energy to post.

B. Have to agree with two basic trains of thought here. 1. Repeal of Glass Stegal (sp?) set the stage for this. 2. Bush is catching a lot of heat for something that isn’t entirely his fault.

Greenspan’s 1% interest rate was the match that set the Glass Stegal repeal ablaze. Total lack of oversight and politiicians (Congress/Senate) more interested in re-election and infantile political bickering than the good of the country allowed the problem to burn out of control. So now here we are...in a mess.

C. What sickens me about this is how those very same politicians (Frank, Schumer, Dodd etc) who did so much to be part of the problem are now on TV acting like they will be our saviors. Maybe, just maybe had someone in Washington been awake at the switch, we would not be here.

D. WAMU was one hell of a deal for you and me. FDIC insurance did not come into play. JPM essentially bought it all and just took over all the accounts. Helluva a deal for them too.

E. McCain came away from this week looking like an idiot....or at least he was portrayed that way on TV. I thought he did well in the debate though. Sen. Obama scares the stuffing out of me. How anyone can say this man is ready to lead this country is beyond me.

F. Regarding Graham’s Whiner comment....overhead on “On the Money” (evening CNBC dribble show)...man called in to complain about his losses at IndyMac bank. He was VERY annoyed that it took him THREE WEEKS to get his money back and that he lost $350 (yes $350!!!) in interest during those 3 weeks. His account balance of $100,000 was made whole by the FDIC (you and me)...yet he called to P&M;about $350. Unbelievable!

G. Lots of interesting stuff flying around about this “bailout”. While the delay has been excruiating to live thru, the end result may be a much better plan than the original proposal.

h. Sen. Shelby...on tv. “I have 200 economists who signed a letter saying this bill (stinks)”. Reporter..."I can give you 500 economists that say it is absolutely necessary...including Greenspan, Volker (and others were named)”...Shelby basically says he doesn’t care. Politicians....do they serve any valuable function?

I. Terrible news about Bell Motors in Leonardtown. They blamed inability to get consumer financing as a primary issue. If you believe this “bailout” is only to save the horridly rich on Wall Street, think again.

J. I hope this week goes better.

I agree with most of what you sais shadowdiver and respect you getting up the enrgy to post your 2 cents.

I agree it took a whole Govt and Profiteers and Lobbyists to create this mess- it didnt just happen. Then for them to act the Niave Waif is sickening, but they do it all the time. “Gitmo? Torture- who ever heard of such a thing- it is horrible and we will put a stop to such un AMerican ways"- but they had been fully breifed and knew of it.

Its only when caught that the little boogers try out the innocent lines- doesnt it remind you of elememtary age kids caught in a tale?

The problem is most US Citizens beleive them. Thats why they get elected over and over.