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Chip
10-03-2008, 02:07 PM
WASHINGTON (AP) - With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.

The final vote, 263-171 in the House, a comfortable margin that was 58 more votes than it garnered on Monday. The vote capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

Bush was poised to make a statement on the historic vote.

Well folks, That's it. The US government now on the path to socialism. We have been betrayed by both the Republicans and Democrats all for the mighty dollar.

"How can we have capitalism on the way up and socialism on the way down," said Rep. Jeb Hensarling of Texas, a leader among conservative Republicans who oppose the central thrust of the legislation—an unprecedented federal intervention into the private capital markets.

Simple... you can't.

Pelosi said, "We must win it for Mr. and Mrs. Jones on Main Street."

You should have thought of this before we got into this situation you dumb :censored: :censored: . Instead when it was brought up several times in teh past years your side called them racist and claimed they were trying to lynch people. You and your ilk should be a shamed of yourselves.

Rep. Elijah Cummings and Donna Edwards, both Maryland Democrats, were among them. They said Obama had pledged if he wins the White House that he would help homeowners facing foreclosure on their mortgages. He also pledged to support changes in the bankruptcy law to make it less burdensome on consumers.

"It's not too often you get the future president telling you that his priority matches your priority," said Cummings.

You stupid :censored: :censored:!! If you listened to Obama, every GD thing is a priority to him when he wants something done. I swear some of the people in teh black caucus are F stupid.

They have betrayed the American people, our children and the principles of the founding fathers. Elections are coming up and this betrayal will not be forgotten.

Alaric
10-03-2008, 02:12 PM
This country is fisked up. I want to move to another one. The only thing that's keeping me form packing my bags and saying good-bye is that others are even worse.

OmegaBob
10-03-2008, 03:21 PM
I enjoyed the additions of the funds for rum research and wooden arrows that were added to the legislation.

yay

gorilla325
10-03-2008, 03:41 PM
lol, i was wondering what those two things, rum research and wooden arrows, i remember there's another one, for?

*delete most of my old post for i was frustrating at that time about some other things... talking about something i do not totally understand...horrible mistake...

Moopheus
10-03-2008, 03:52 PM
I want to throw up. Not only is there an inflation tax with this - devaluing the dollar by an estimated 33% - they will probably push for more income taxes in the future to pay for it all.

They specifically and diabolically targeted each representative that voted No with 'bill candy' to get them to vote Yes. And by voting Yes, they ignored their constituents who were overwhelmingly opposed, whether they were republican, democratic, independent, green, or constitutionalist.

Kosmo
10-03-2008, 11:39 PM
It's such a shame that our tax-and-spend President was so gung-ho for the bill. What we need is someone who's fiscally conservative . . . hey, wait a minute . . .

kyleh
10-03-2008, 11:50 PM
It doesn't even matter anymore. This money will never be paid back, it will be used as an excuse to raise taxes that will never be repealed. It's always the same thing.

Wyrmlord
10-04-2008, 12:04 AM
Don't worry too much. Everyone ends up paying their bills. You can not suppress the invisible hand of fate.

Yeah it's bad that the common man is about to bear a heavy burden, but the people responsible will and have faced the consequences. Many big CEOs have had their net worth diminished. All the investment bankers who did such a poor job of rating securities have finally seen their handiwork. And the people who approved this bill, eventually they too will face the consequences of this. The trickle-down effect of the economy.

And when everyone starts understanding what is being done wrong, they'll start doing it right, and start over. The balance will restore itself. Things will sort themselves right.

At school, several days ago, they showed us the movie Wall Street in the auditorium. After the movie, there was a presentation by the teachers, who discussed this movie in context of the ongoing financial crisis. Much like the accounting executive in the movie, the investment bankers who gave AAA ratings to riskily leveraged securities also went for the quick, easy, and manipulative way. And that accounting executive was eventually swatted down, as have been those people IRL.

kyleh
10-04-2008, 01:29 AM
You might be right with the karma stuff, but believe me this isn't going to do anything to stop the rich from getting richer and the poor from getting poorer. There will be some sacrificial lambs with golden parachutes, but there will be no repercussions other than a massive tax spike and an american dollar that's worth less than ever before. People whining about the job market over the last 5 years better learn how to eat grief.

The only thing that can set this right is a time machine.

stingray
10-04-2008, 02:12 AM
Look at it from the bright sight, at least that money won't be invested in another unnecessary war.

Alaric
10-04-2008, 07:51 AM
Karma my ***. Most serious debts are never repaid. For example if the US was to miraculously receive all the money that other countries owe us, we'd just pay off all our debts and have some money left for ice cream.

Wyrmlord
10-04-2008, 08:49 AM
Not karma. Just the principles of the free market. IMO.

Moopheus
10-04-2008, 02:01 PM
But they refuse to allow the market to correct itself by perpetuating more of the same, by interfering in the market, which in hand will just make the depression even longer and more devastating. If you want interfere in something - interfere with the Federal Reserve System - which SHOULD BE controlled and regulated by the U.S. government. No private corporation should be controlling our money supply. These are the same people that came up with this bailout.

I recommend reading this article on the Truth About Money (http://www.usgoldcoins.com/information/articles/truth_about_money.html). It goes over the history of the Fed, and why our founders and the people rejected the idea of having a central bank that controls the money supply.

Wingnut
10-05-2008, 12:11 AM
Blah, blah, blah. Its not changing many votes. People are going to suck it up and vote for their preferred ticket because they are scared the other side will win. Why should they care what you think? STFU, GBTW and pay your taxes.

Moopheus
10-06-2008, 09:00 PM
Figures.

According to Ron Paul: "The new bailout version had new taxes, so according to the Constitution it should not have originated in the Senate."

Source (http://www.house.gov/htbin/blog_inc?BLOG,tx14_paul,blog,999,All,Item%20not%20 found,ID=081006_2459,TEMPLATE=postingdetail.shtml)