Comments on: $700B Bailout Won’t Be Used As Planned

By: proreason

proreason — Thu, 13 Nov 2008 21:44:34 +0000

“MAYIBUDIN

November 13th, 2008 at 1:00 pm
Paulsen is simply incompetent and that is the message he is sending to all the world. Until he resigns or gets replaced by a competent person”

The problem isn’t Paulsen, it’s Central Planning.

We got into the mess in the first place because a handful of idealogues “centrally planned” mortgage breaks for deadbeats. Now we have Paulsen making unilateral decisions. He might as well be playing craps with the wealth of the country. Soon it will be Obamy, who has never held a job, managed an employee, or run a business.

Markets always beat individual decions because markets constantly adjust to changing conditions. The fools should have not interfered with the mortgage market in the first place, but once the enormity of their folly became apparent, they should have got the f**k out of the way.

Now we have a disaster. Massive layoffs are beginning. Trillions of wealth has disappeared. We will be lucky to avoid a Depression.

And a Socialist idealogue will be making the decisions. Gee, I wonder how he will play it.

By: Grassy Knoll

Grassy Knoll — Thu, 13 Nov 2008 21:33:24 +0000

I was just reading on the ABC News site that if you want some TARP (Troubled Asset Recovery Program) you can go online and apply for some. The government should just get Matthew Lesko to advertise for them: “Want to start your own business?! Get a degree?! Pay for a degree you already have?! Buy some troubled assets?! Want to buy a stake in a bank??! Buy my book! I’ll show you how!” Hey, maybe Lesko could be Secretary of the Treasury? His business plan is: “I get stuff for free and I sell it for as much as I can get.”

By: Colonel1961

Colonel1961 — Thu, 13 Nov 2008 19:44:37 +0000

D’oh!

By: 1sttofight

1sttofight — Thu, 13 Nov 2008 19:38:20 +0000

WTF has changed in the last 3 weeks?

By: MAYIBUDIN

MAYIBUDIN — Thu, 13 Nov 2008 18:00:34 +0000

Paulsen is simply incompetent and that is the message he is sending to all the world. Until he resigns or gets replaced by a competent person (here is for high hopes) the world and the american investors will not trust our economy. Don’t forget that Paulsen used to work for an investment bank and all his decisions are based (biased) on making his friends happy. He is even suspected of trading insider information with his buddies by some of the NYC press. All of his actions will do no good to this economy and this country simply because you cannot trust an incompetent fool. Here is a simple plan:
lets ride this recession, tighten our belts, pay our debts, pick the pieces and get back to work by investing American first, the rest we shall see.

By: electionhangovervictim

electionhangovervictim — Thu, 13 Nov 2008 15:38:02 +0000

Liberals Demise, I’m wondering the same thing! Seems we don’t matter anymore…who gives a cr*p what the people want? They don’t know what’s good for them anyway. Let the liberal judges and politicians and the ACLU make all the decisions! They know what’s best for us!
Seriously, what’s the point in putting things up for a vote anymore when things like Prop 8 are being contested and people like Al Franken are gonna re-count their way into office?

By: 1sttofight

1sttofight — Thu, 13 Nov 2008 15:36:24 +0000

Most people who buy a new car/truck dont care what the interest, price or number of payments are. All they are concerned about is , What is the monthly payment.

By: EvaTheFrisbeeDog

EvaTheFrisbeeDog — Thu, 13 Nov 2008 14:58:54 +0000

Anonymoose: Securitizing debt isn’t a bad thing; in fact, it should be a good thing, i.e. distribute risk, access to investment, etc. The problem is that when the govt backs these securities, as Fannie and Freddy did, there’s not much down-side to making bad loans. If we don’t let businesses fail, i.e. let the market find a bottom, nothing will change.

Now we hear that “Bush ruined the auto industry!” Recently Holman Jenkins wrote back-to-back Wed columns briefly explain the problem and Paul Ingrassia wrote two in depth articles in the WSJ. You can blame the UAW, poor management, and govt regulations, i.e. two-fleet CAFE standards, but this has very little to do with the current financial panic.

By: RightWinger

RightWinger — Thu, 13 Nov 2008 04:35:38 +0000

Here are the next candidates I foresee in getting a piece of the bailout pies.

NY Times and every other liberal fish wrap, Err-America, George Soros, Hillary Clinton, AFL-CIO, ABC-NBC-CBS-MSNBC Nightly ~~Propoganda~~ News, Jesse Jackson’s Rainbow Coalition and just about every business that donated heavily to the Dimocrats.

By: JohnMG

JohnMG — Thu, 13 Nov 2008 03:00:56 +0000

….”Does anyone remember the Community Reinvestment Act?….”

‘Once upon a time, in a land far, far, away………..zzzzzzzzzzzzzz.’

A sad commentary on the attention span of the average voter.

By: Professor_Repulso

Professor_Repulso — Thu, 13 Nov 2008 02:55:57 +0000

Does anyone remember the Community Reinvestment Act?

By: BigOil

BigOil — Thu, 13 Nov 2008 02:07:34 +0000

Paulson worked for and ran a company where they were always considered “the smartest guys in the room.” Now he’s been given the keys to the kingdom and looks like a deer in the headlights. How about a little out of the box thinking Henry. Turn the money back over to the government and cut our taxes about 700 billion dollars.

Just wait until The One gets his hands on the 700 billion. Once he’s done paying off mortgages held by deadbeats, ACORN and every left wing fringe group will be flush with cash.

By: DEZ

DEZ — Wed, 12 Nov 2008 23:58:23 +0000

Whats next, bailing out the “checks for cash” crowd?

By: Professor_Repulso

Professor_Repulso — Wed, 12 Nov 2008 23:45:19 +0000

“Banking establishments are more dangerous than standing armies. …The issuing power [of money] should be taken from the banks and restored to the government and to the people to whom it belongs. If the American people ever allow banks to control the issuance of their currency…the corporation that will grow up around them will deprive the people of all their property, until their children will wake up homeless on the land their fathers conquered.”

Thomas Jefferson

“You bankers are a bunch of vipers and I will rout you out. If the American people ever find out how you operate, there will be a revolution before morning.”

Andrew Jackson

By: wardmama4

wardmama4 — Wed, 12 Nov 2008 21:46:20 +0000

These crapweasels have caused this and true to the entitlement mentality that is sweeping this nation – they even got reelected despite causing this, passing a pork filled massive expenditure bill (that will make it worse) and electing a freaking radical who will just continue to make more decisions that will make this whole thing even worse.

All on the taxpayers back, wallet and dime.

By: Anonymoose

Anonymoose — Wed, 12 Nov 2008 18:54:03 +0000

Paulson said that 40 percent of U.S. consumer credit is provided through selling securities that are backed by pools of auto loans and other such debt.

Waitaminutenow…….wasn’t what got us into this mess in the first being high risk home loans being pooled together and marketed as securities? So now we have auto loans and “other debt” being used as securities to back credit cards? That makes as much sense as telling someone youi’ll lend them $100 because someone else is supposed to pay you $100 with money they’re borrowing from yet another person.

Talk about a house of cards……and he wants to keep supporting it?