You’ll be able to feel like Nostradamus with great regularity over the next couple years. Just keep re-posting that one weekly, and you’ll be on top of the news.

Wall St. Gets A Major Bail Out & Gives Taxpayers The Bill

http://www.youtube.com/watch?v=bJoikUMBG5U

As a thanks to the so called conservative Republicans who voted for socialized losses of the rich and stupid, I am changing my political outlook from conservative to socialist. Electing a very far left socialist federal government gives me the best opportunity to gain financially.

Donald Trump said the same thing Abdul. Our Seantors are out of touch.

Hey. Give Palin/McCAin a chance. When they get in office and the Repubs sweep congress things will change!!!!!!!! Keep the faith.

There is something seriously wrong about this political bailout porkladen emergency bill. The citizens majority says no to this are being ignored. Call and demand they vote no.

I don’t support pork–ever–but the true story on this bill’s “pork”, or most of it:

These individual items have already been authorized by Congress, and are scheduled to expire soon. Almost all “pork” or “earmarks” have expiration dates–perhaps the only smart thing related to pork.

So now, when Dan Burton or Mike Pence or Andre Carson tell you they’re against pork, if they voted against this paritcular bill, they’re technically right. But if they ever supported it in the past, and they have, they’re not correct.

You see the geniuses who run Congress, on both sides, crafted yet another out-clause for folks to rail against pork while still supporting it on occasion.

It’s insulting our intellegence.

And, technically, if Allison Turbine gets a defense contract, it can be listed as pork for the district representative and both senators…depending on whose definition you use. I don’t necessarily consider that “pork.” Much of the “pork” we hear about is the silly stuff–studying mating habits of insects and such. But I don’t consider defense jobs pork…unless…the overall project is done jsut to appease a powerful committee chair, even if the Pentagon doesn’t want the particular product. And that crap happens ALL the time. Details details.

That said, Silent Bob, you can keep the faith all you want…that’s what makes the world go ’round, but it ain’t gonna happen.
And I love how yuo’ve transposed the ticket–McCain himself doesn’t really scare me, but Sarah Palin is the Queen of Holy Beejeebers. What a dunce.

With all the scrutiny due to the election, you would think these numbnutts would know not to add ANYTHING to this bill. Geeze, McCain’s been complaining about nothing but earmarks for weeks, and he votes for it – he could have not voted for this (took a real stance) and separated himself from Bush, Obama and won the election.

Amen. Senator Obama seems to stand for pounding the status quo, redistributing wealth, and expanding goverment, but he’s been apologetically steadfast about it. McCain has had some opportunities post-Palin: sticking with the bailout negotiations after leaving the campaign trail, assailing Obama’s Fannie Mae and Freddie Mac connections, renouncing government spending as we descend deeper into fiscal hell. Instead, the maverick seems to lack a bold move. All Barrack has to do is stand pat. John’s got to draw some cards or at least bluff.

As they say, nothing like a real crisis to demonstrate character. It is left for each to judge.

Greg is right, but the revisionism or complete lack of paying attention stuns me.

Obama’s Fannie and Freddie connections? Are you serious? McCain’s campaign manager’s lobbying firm has taken monthly payments of $50-250K for over a year, totaling $1.8 million, through August 25.

Four or McCain’s top campaign advisers are longtime lobbyists with a client list that should embarrass them.

One campaign has refused to take lobbyist money and their PAC money since the start. And once he became the presumptive nominee, he demanded his national party do likewise.

That cannot be disputed.

That said, I thought McCain’s “suspension” of the campaign was stupid…but, if he’d have stuck with it, as Taxpayer correctly notes, he’d have distinguished himself from the normal mentality. It would have bene a more-bold move if he’d stuck with it. As it is, it looks like he’s blowing with the wind.

Which isn’t a good palce to be, five weeks out, for the guy running 2-8 points down.

Lots can happen, but this McCain fella is trying like hell to lose it. His campaign structure and most of their maneuvers have been borderline silly. He gets a chance to distinguish himself with a principled move, and he backs off.

I think we’re seeing why most of official Washington can’t stand him. Not that that’s a bad thing.

Obama’s own staff is a long,long way from smelling like a rose. Lobbyists look pretty angelic compared to the loot the post Fannie/Freddie bunch walked with. But, my guess is the political calculation’s been made that if the mud wrestling commences, both get up dirty. Would be a more interesting race if we had the relative media tilt of 20-30 years ago (including radio). THAT would be a fascinating. Such is life.

From an email:
Here is a quick look into 3 former Fannie Mae executives who have brought down Wall Street.
Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae’s accounting activities. At the time of his departure The Wall Street Journal noted, ” Raines, who long defended the company’s accounting despite mounting evidence that it wasn’t proper, issued a statement late Tuesday conceding that “mistakes were made” and saying he would assume responsibility as he had earlier promised. News reports indicate the company was under growing pressure from regulators to shake up its management in the wake of findings that the company’s books ran afoul of generally accepted accounting principles for four years.” Fannie Mae had to reduce its surplus by $9 billion.
Raines left with a “golden parachute valued at $240 Million in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear. http://housingdoom.com/2006/12/18/fannie-charges/ The Government noted, “The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements and inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner.” These charges were made in 2006. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the miss-stated Fannie Mae profits.
Tim Howard – Was the Chief Financial Officer of Fannie Mae. Howard “was a strong internal proponent of using accounting strategies that would ensure a “stable pattern of earnings” at Fannie. In everyday English – he was cooking the books. The Government Investigation determined that, “Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae,”
On June 16, 2006, Rep. Richard Baker, R-La., asked the Justice Department to investigate his allegations that two former Fannie Mae executives lied to Congress in October 2004 when they denied manipulating the mortgage-finance giant’s income statement to achieve management pay bonuses. Investigations by federal regulators and the company’s board of directors since concluded that management did manipulate 1998 earnings to trigger bonuses. Raines and Howard resigned under pressure in late 2004.
Howard’s Golden Parachute was estimated at $20 Million!
Jim Johnson – A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO. A look at the Office of Federal Housing Enterprise Oversight’s May 2006 report on mismanagement and corruption inside Fannie Mae, and you’ll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson’s 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million.” Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae.
Johnson’s Golden Parachute was estimated at $28 Million.

WHERE ARE THEY NOW?
FRANKLIN RAINES? Raines works for the Obama Campaign as Chief Economic Advisor
TIM HOWARD? Howard is also a Chief Economic Advisor to Obama
JIM JOHNSON? Johnson hired as a Senior Obama Finance Advisor and was selected to run Obama’s Vice Presidential Search Committee

IF OBAMA PLANS ON CLEANING UP THE MESS – HIS ADVISORS HAVE THE EXPERTISE – THEY MADE THE MESS IN THE FIRST PLACE. Would you trust the men who tore Wall Street down to build the New Wall Street ?

Thx for the heavy lifting re this topic, Jer. What a debate, huh? I thought enjoyable. I love Gwen Eifel(sp?). Just wish she’d hawk books some other time. Biden was a samurai on his own turf. But, I thought Palin at least held her own and gave a transfusion to McCain’s run – again.

Abdul – your economics 101 is a real book learning example. However this melt-down is man made by bought legislators. The big money “heavies” are crying because they cannot continue to make 20% gains on fradulent loans. They want us to “bail” them out. Horsehockey.!!! They should lose their asses and go bankrupt immediately and maybe be prosecuted for fraud. The MBSs(mortgage backed securities) and security backed derivities should be unbundled and returned to the originators and scrutinized for fraud. Prosecution should follow as well as their being responsible for the monetary losses.

Hmmm you just can’t keep printing money with no assets to back it up. Should the idiots who made this mess be brought to justice? Of course, will it happen not on my life or yours! This silliness will be with us until 2011 or 2012. Maybe not a global melt down but look for a global recession. As for the stock market can you say ‘Go Short’!

Hey Mauri I love the Horsehockey term. How about *%#$!* him and the horse he rode in on”. ;)

Where is this bail out money coming from? Lets get more borrowing to fix a problem that was created by borrowing to start with. The question is with this bail out when will payday come? If this passes it is only a band-aid for the economy. We will be looking at a worst situation down the road in 5 to 10 years because this government and the people will still be in debt that no one will be able to pay for. BTW if you know me or have seen my post I have be saying we were heading this direction for years now.