Bailout plan leaked

[BumRushDaShow]

Bush asks Congress for $700 billion for bailout
Request is part of the largest financial bailout since the Great Depression

BREAKING NEWS
updated 19 minutes ago

WASHINGTON - The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression.

The plan would give the government broad power to buy the bad debt of any U.S. financial institutions for the next two years. It also would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion — making room for the massive rescue.

A draft of the proposal obtained Saturday by The Associated Press does not specify what the government would get in return from financial companies for the federal help.

More... http://www.msnbc.msn.com/id/26803347/

Raising the debt ceiling to $11.3 TRILLION.

:wow:

The debt had been at $3 trillion and dropping when Clinton left office and now look at it!

http://www.brillig.com/debt_clock/

When will it end?

[gateley]

1. Rachel had a great point --

It used to be that we used the word 'trillion' to relate an amount so huge as to be incomprehensible -- like bazillion.

Now, it's almost to the point where we're so punch drunk, we're going "thank God it's only 11 trillion!"

[BumRushDaShow]

2. I recently learned why the Brits and other Europeans

used "thousand million" for the American "billion" and recently looked up the history of that usage: http://en.wikipedia.org/wiki/Long_and_short_scales

Now this will screw things up even more! :rofl:

[Window]

5. LOL!

[Zenlitened]

3. The next president will have almost NO room to maneuver...

... to implement new policies and programs.

In other words: Mission Accomplished.

:wow:

The one sliver of hope, as another DUer pointed out: This gives our next president (President Obama) the green-light to raise taxes on the uber-rich RIGHT AWAY, and say plain and simple it's being done because Bush wrecked the economy.

First 100 days. Get it done, ignore the squawking from the right-wing. Put this country back on track by investing in the middle class.

And, ironically, the benefits will indeed trickle UP to the wealthiest, whether they'll ever admit it or not.

[BumRushDaShow]

4. Exactly.

There was a post this morning on LBN about Shrub raiding the gold reserves (what little we have left) to support the plan. How frickin' sad!

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3499649

What a mess they are leaving. But then I knew they would go out raiding every cent out of the Treasury and then will slash and burn their way back to their mansions and condos in Dubai and Paraguay.

[stevietheman]

6. Obama should push for a HUGE corporate and upper income tax increase, while lowering...

taxes for the rest of us. A Democratic Congress should pass that.

[BumRushDaShow]

7. For example, any bailout should close the Hedge Fund Manager loophole.

And tax them at the highest rate, not at the 15% capital gains rate. There are just so many damn loopholes to fix and some of the obvious ones need to be fixed immediately!

[Amun-Ra]

8. Who's being bailed out here? Let me get this straight.

Let's see now - I want to be certain I have this right:
executives (deviants) in the home loan financial business rape
home buyers/owners with usury terms attached to ARMS, and make
millions and millions of profit which they pay to themselves.
Their devious plan blows up in their face because they forgot
to use protection, and the rape victims give birth to a
disfigured mortgage industry, right? They get to keep their
jobs, and the rape victims then pay to cover the deviants'
debts. Sounds like Sarah Palin having rape victims in Alaska
pay for the hospital's rape kits.

I guess the deviants forgot to tell the home buyer/owner that
the ARM would also cost a LEG! 

What do I really think? Americans are the stupidest people on
earth.

[BumRushDaShow]

10. The bigger question will be

whether we are prepared to bail out people's retirement funds - the 401(K)s and the big pension funds that invested in the market and have lost much of their value due to the speculation of those deviants.

[high density]

9. Bush admits he had no clue how big the problem was/is:

http://www.msnbc.msn.com/id/21134540/vp/26803614#26803614

[Frank Booth]

11. Who's going to be going to jail for this?

Are we just going to let the people who made millions off these fraudulent real estate loans get off scott free after nearly causing the second great depression?

It's not the $700 billion that bothers me so much (though I'm not too happy about it). It's the fact that there are no consequences for the people who caused this disaster.

So many people near where I live got extremely wealthy from the fraud -- these people are driving Bentleys, Aston Martins, Ferraris.
And they're just laughing at the dumb sap, responsible citizens who have to clean up their shit.

These people should be sent to jail and their illegitimate profits should be taken away. They've caused more harm to this country than almost anyone else.