“…Monster Ate-Up Wall Street…”

Bailout: Today’s Papers at Slate Report Things Fall Apart

today’s papers, Things Fall Apart By Daniel Politi,Posted Friday, Sept. 26, 2008, at 6:48 AM ET

“… Who’s to blame for the breakdown? The Washington Post doesn’t mince words and declares right off the bat that a “renegade bloc of Republicans” managed both to surprise and to anger administration officials as well as congressional leaders when they “moved to reshape” the bailout. The Wall Street Journal reports that talks are set to resume this morning “without House Republicans.” Meanwhile, lawmakers received a crude reminder of the fragility of the U.S. financial system last night as federal regulators seized Washington Mutual and immediately sold the bulk of its operations to J.P. Morgan Chase in what amounted to the largest bank failure in U.S. history.”

“…So how did we get from deal to no deal so quickly? Well, all that optimism quickly disappeared when the House Republican leader, John Boehner, laid a bomb by flatly declaring that rank-and-file members of his party were unable to support the bailout plan. And he wasn’t talking about making an amendment or two—Boehner didn’t like the idea of the government buying distressed securities from troubled financial companies. And as those following from home should know by now, that’s pretty much the entire basis behind the administration’s plan.”

“…You know it’s a big news day when the largest bank failure in U.S. history gets relegated to second-tier status on the front pages of the newspapers. After seizing Washington Mutual, which was the country’s largest savings-and-loan institution, federal regulators immediately turned around and sold much of the company to J.P. Morgan Chase for $1.9 billion in a deal that will create the nation’s largest bank in terms of deposits. WaMu depositors have nothing to worry about because their cash will be secure, even those with deposits larger than the federally insured maximum. Shareholders, on the other hand, aren’t likely to see any money. The good news out of the “historic two-step,” as the WP describes it, is that the federal insurance fund won’t have to dig into its own pockets to cover WaMu’s deposits, which totaled $188 billion in June.”

“WaMu’s board was “kept completely in the dark” about the deal, and its chief executive, Alan Fishman, was actually in midair when the deal finally came through. Fishman shouldn’t feel too bad, though. He has been on the job for only 16 days and “is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus,” says the NYT.”

‘And while the failure of WaMu might be the most visible sign of the financial troubles facing the nation, it’s hardly the only one. The NYT reminds readers that even as some people wonder whether the Bush administration is exaggerating the possibility of an economic collapse, “the reality of tight credit already is limiting daily economic activity.” Many analysts continue to fear that unless financial institutions find a way to get rid of their toxic securities, they’re likely to continue to “hoard their dollars and starve the economy of capital,” which could “pin the nation in distress for years.” And we won’t have to wait long. The WSJ ominously warns that “inside markets that are hidden to most Americans … action was unfolding that will soon affect how companies meet payroll, pay vendors and make investments.”

The WP’s Steven Pearlstein writes what TP thinks just might be the most concise and easy-to-understand case in favor of the bailout. Addressing those who are angry at the deal, he writes that we have to make a choice between preventing a financial collapse or teaching Wall Street a lesson, because “you can’t do both at the same time.” Pearlstein even mentions an intriguing idea of how to structure the rescue package “around a new government-owned corporation” but does so to emphasize why it’s important to give the Treasury flexibility. “Just as we entrust generals to fight a war, we are going to have to trust the Treasury to find a way out of this crisis.”
Daniel Politi writes “Today’s Papers” for Slate. He can be reached at todayspapers@slate.com.

Article URL: http://www.slate.com/id/2201006/
Slate
Copyright 2008 Washingtonpost.Newsweek Intera

Financial Crisis Solution

1. Send Iraq a bill for liberating their country. About $1 trillion should be about right to cover our costs. We are a generous country so we won’t charge them for the loss of our soldiers lives or the work our country did in freeing them.

2. Send Mexico a bill for taking care of their illegal invaders. About $500 billion should be about right. As with Iraq, we can bill them at cost for all the free services we provided and won’t charge for the social losses we endured or ask for any profits.

Give Iraq and Mexico 30 days to pay. During this time we will work out the terms of payment since they don’t have the immediate cash. We will accept either free oil until the debt is paid, or arrange for their oil to be sold on the open market and the proceeds be paid to our treasury to reimburse taxpayers for the services provided.

Things have changed. We need to run the country like a business. Any businessman knows that in times of financial difficulty the first thing you do is tighten up on collecting money due to you. This will bring in at least $1.5 trillion that is long overdue. That would probably cover the current financial challenge and possible more.

If the ungrateful bastards in Iraq and Mexico don’t like it and refuse to pay, send in the Marines and seize the oil wells to pump it until we are paid back. (The nice thing is we already have the Marines in Iraq, so that’s a slam dunk.)

by DiamondRain, Matchdoctor

Solution For Financial Crisis

So which candidate would agree with this:  Heck – Vote For DiamondRain

September 25, 2008

1.
Send Iraq a bill for liberating their country. About $1 trillion should
be about right to cover our costs. We are a generous country so we
won’t charge them for the loss of our soldiers lives or the work our
country did in freeing them.

2. Send Mexico a bill for taking care of their illegal invaders.
About $500 billion should be about right. As with Iraq, we can bill
them at cost for all the free services we provided and won’t charge for
the social losses we endured or ask for any profits.

Give Iraq and Mexico 30 days to pay. During this time we will work
out the terms of payment since they don’t have the immediate cash. We
will accept either free oil until the debt is paid, or arrange for
their oil to be sold on the open market and the proceeds be paid to our
treasury to reimburse taxpayers for the services provided.

Things have changed. We need to run the country like a business. Any
businessman knows that in times of financial difficulty the first thing
you do is tighten up on collecting money due to you. This will bring in
at least $1.5 trillion that is long overdue. That would probably cover
the current financial challenge and possible more.

If the ungrateful bastards in Iraq and Mexico don’t like it and
refuse to pay, send in the Marines and seize the oil wells to pump it
until we are paid back. (The nice thing is we already have the Marines
in Iraq, so that’s a slam dunk.)

by DiamondRain, Matchdoctor

Spread The Message

TIME is of the ESSENCE!

TAXPayers: Start your United Taxpayers Peaceful Network Force by putting this message in every blog across the internet. Use whatever legal, peaceful method available to you to spread this message to as many as possible. Let us all do our part!
This is our only course of quick action…we need to get our message out there in front of all of America to let our government know where we stand: We Can Do This! Our future generations are depending on us. Let us spread this message across America through our blogs on the internet. Our Blogs can be used as a United, Peaceful, Network Force for the Taxpayers.

“Enough is Enough!
We The People of the United States of America are coming together as a UNITED, Peaceful, Network Force; Demanding Clean-Up, Change, and

Accountability from our President, his Administration, and all Elected Public and Financial Officials. We will no longer remain apathetic

to YOUR senseless, self-serving, greedy, dishonest, criminal behavior. The Party is Over!
It is time you are reminded that you work for The American People. We The People are not happy with your job performance, and demand an

independent, honest; Selected Board of Mainstream Honest Taxpayers to oversee our government and questionable significant others.

This is not a request, this is a requirement. The elite, wealthy, and self-serving, dishonest, criminal people need not apply for the job.

We as a Network of United American Taxpayers are tired of watching you walk down the “Yellow Brick Road” and the “Path to Self-Serving,

Dishonest Riches” at our expense. It appears that we as taxpayers now have what will become over a trillion dollar bill to pay as a

result of your greed and incompetence. We come United as your employer, demanding Legal Accountability. No more passing the buck and

sweeping the “Filth” under the carpet.

Effective Immediately: Those political, governmental, financial and wealthy people involved; You have just received YOUR PINK SLIP.

Let it be known that We The People have sent a firm message to the upcoming elected presidents, administrations, and wall street (as we know it in the past and as of today);

and “ALL” CEO’s, and the financial, political conglomerates and lobbyists…We The People of America have spoken as a peaceful, united, network demanding

legally enforced clean-up, honest change, and accountability! We will not tolerate being treated like stupid, apathetic, helpless people anymore – we are not your slaves.”

The Taxpayers of The United States of America

FBI Investigates Financial Crisis

FBI to investigate mortgage mess
While Congress debates and the stock market reacts, the Federal Bureau of Investigation is looking into transactions at four companies whose collapse contributed to the credit crisis.

The FBI is investigating potential fraud by Fannie Mae (FNM, news, msgs), Freddie Mac (FRE, news, msgs), Lehman Bros. and American International Group (AIG, news, msgs), according to published reports.

More than 20 companies linked to the crisis have now been mentioned as focal points for the FBI.

“…Skeptics believe the automakers will be the next in line for an all-out bailout.”

Bush: Bailout Trust Issues

“As much as I admire Secretary Paulson and Ben Bernanke, this administration has no credibility at all,” said veteran liberal Democrat Rep. Jim McGovern of Massachusetts. “I wouldn’t trust them to tell me the correct time.”

One of the problems is that Treasury Secretary Hank Paulson faces a credibility gap on Capitol Hill that many trace to the Bush administration’s handling of the Iraq war, launched long before Paulson signed on in 2006.

Hoyer states problem with, “…the Bush administration’s arguments for the bailout bill were “their rationale”…”

“As modified by Frank, the bailout bill would provide $700 billion to buy distressed assets from banks and investment firms. In addition to the so-called toxic debt, the Treasury would get warrants that would give the federal government a potential ownership stake in such firms if they take part in the bailout.”

“It’s the same as with the Iraq war, the administration saying ‘Trust us, give us everything we want,’” McGovern said.