Taken from the House of Representative archives:
"For Immediate ReleaseSeptember 25, 2008
WASHINGTON, DC - Today, Congressman Robert C. "Bobby" Scott (D-VA-03) released the following statement on the Wall Street bailout bill:
"As Congress moves forward on the Bush Administration's $700 billion proposal to bail out Wall Street, I feel a key point is being neglected in this debate. Whatever form the bailout plan takes, there should be a provision in the legislation stating that no security should be purchased without a meaningful assessment of the intrinsic value of the security, including its predicted yield to maturity.
"Testifying before the House Budget Committee on Wednesday, CBO Director Peter Orzag said we are facing three problems - illiquidity of credit markets, insolvency of businesses, and hardships experienced by homeowners. If the Federal Government is being asked to provide liquidity to frozen markets, we should be able to infuse money into financial markets by purchasing assets at no more than reasonably assessed intrinsic value, re-establish confidence, and wait for the markets to reinvigorate and buy assets back from the government. If done correctly, the budgetary impact of a liquidity solution would be negligible.
"If the Federal Government is being asked to bail out insolvent financial corporations, we are effectively rewarding the behavior of the bad actors that caused the crisis, and punishing hardworking, American taxpayers. Bailing out insolvent corporations will cost money, and we should consider a separate solution for that problem, if any, with a separate budget to deal with it.
"We must also not forget that we will also have to deal with homeowners whose mortgages are one of the root causes of this financial meltdown. Helping struggling homeowners is also a separate problem that will cost money in the long run, and we should deal with it separately as well.
"As we address these three different problems, we should come up with separate solutions to solve each problem, instead of one solution that tries to solve all three at one time. And until an intrinsic value of the mortgage-backed securities is established, we will not know which problem the $700 billion plan is addressing.
"To my colleagues who suggest that we should be scared of inaction, I answer that the public should be more afraid of a Congress willing to vote to spend $700 billion without knowing what we are buying, especially considering the relative magnitude of $700 billion. For example:
- Cost of the Iraq war so far: nearly $700 billion; Expansion of SCHIP to insure all American children for 10 years: $150 billion; $100 million investment in every VA Medical Center in US: $17 billion; Full four-year public college scholarships for nearly 13,000,000 students: $700 billion; $700 billion bailout plan cost per American Citizen: $2,333.
"In my opinion, the manner in which we appropriate $700 billion is more important than the speed with which we do it. The actions of this Congress and this Administration will reverberate for decades. There are many other issues that must be addressed, such as oversight and transparency, protection of pensions, lobbying reform, and executive pay, but the first step is that we must require that no funds should be spent without knowledge of exactly what we are buying."
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Comments: 25
Invest in warm clothing. Enjoy walking and bike riding, eating fruits and vegetables, reading from the library. The old fashioned way. Pray. It WILL get better, but remember how our grandparents and great-grandparents lived. It will resemble that more than the 21st century.
Whatever happened to the good ole fashioned home family values? They are the best memories I have ever had. You're right. It would be well to return to those.
I was not referring to greeed, lying, cheating and selfishness!
YUCK! YUCK!
Hah!
There would have been more foreclosures anyway. George W. Bush did not care before, did he, and we know about Cheney. What did HE say in response to what the American people would think or feel? So.
People need to get away from credit anyway.
Wells Fargo always was greedy, but that's another story.
stoped by to give you a
Nøbama.......
Lawrence, Despite the 1.2 trillion dollar losses, the BIG BOSS, aka the American People have finally flexed their muscles, and those weasals in D.C., desirous of holding onto their jobs in November blinked, and gave in to the will of the people.
I hope this serves as a lesson to the PEOPLE. Furthermore, after November, if those politicians begin to feel FROGGY, and defy the PEOPLE again, the PEOPLE should REMOVE them from office. It is perfectly legitimate, according to the Constitution, and as Thomas Jefferson said, (Gotta Love that man),
"Governments are instituted among Men,
deriving their just powers from the consent of the governed,
--That whenever any Form of Government becomes destructive of these ends,
it is the Right of the People to alter or to abolish it,
and to institute new Government,
laying its foundation on such principles and organizing its powers in such form,
as to them shall seem most likely to effect their Safety and Happiness.
Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes;
and accordingly all experience hath shewn, that mankind are more disposed to suffer,
while evils are sufferable,
than to right themselves by abolishing the forms to which they are accustomed.
But when a long train of abuses and usurpations,
pursuing invariably the same Object evinces a design to reduce them under absolute Despotism,
it is their right,
it is their duty,
to throw off such Government,
and to provide new Guards for their future security." ~~Thomas Jefferson
_________________________________________________
See, here's the thing, putting Jefferson's eloquent words in the vernacular:
Americans have gone through Hell. Nobody was caring; no crisis then. The Vice President STEALING from us, and then, when asked, his response is, "SO." Bush constantly LYING to us at every turn THROUGH HIS TEETH, while coming at us with that "good ole Boy" demeanor, while our children are dying for OIL. Meanwhile the PEOPLE are suffering intolerably, losing EVERYTHING -- their HOMES, their JOBS, their MONEY, but for the rich ones -- the beat goes on, and there they are, partying with the Saudis, our Young Ones dying in wars, Osama bin Laden (who knows where making videotapes, and laughing at us), Americans in distress, the rich getting richer, and Cheney saying,
SO.
Americans begging for relief, but there is no relief. The cycle goes on, and on, and on. Who cries for us. Where is the . . .CRISIS?
There IS no crisis, because the PEOPLE are not the select few,
so,
The beat goes on . . .
Suddenly,
It breaks down for their friends, and then
Suddenly,
Wooooooo
We have a . . .crisis
Yeah, but we've been having a crisis in my neighborhood for a long, long time
Where you been, Dude?
Jefferson called it, abuses and usurpations.
Look UP at what HE said!!!
The American people have a right.
The American people have a (Patriotic) duty
To remove those who have SCREWED them
and set up NEW GUARDS
Ain't nothing un-Patriotic about it.
How DO I know?
Look up -- cause Jefferson SAID SO!!!
Ron, King George has cried "Wolf" one time too many; the American people have had ENOUGH! His credibility is G-O-N-E, GONE!
Thank you Kathryn! :=)
and as far as YOU go, JEFF, my friend -- check your pings, check . . .your . . .pings!
I got a little something-something, just for YOU!
I don't think Jefferson could have laid it out any more clearly.
The people ARE the BIG BOSS,
just as Constitutional Expert, Barack Obama said, except Jefferson said it first, like this:
Governments (like the United States)
are instituted among Men, (like the Framers and the People)
deriving their just powers (the 3 branches -- Congress, President, Supreme Court)
from the consent of the governed, (We the People)
--That whenever any Form of Government (Congress/Presidency/Supreme Court)
becomes destructive of these ends, ( in the last 8 years, this Country have gone down, down, down)
it is the Right of the People (Constitution provides for this -- not a privilege, but a RIGHT! )
to alter or to abolish it, (it's call CHANGE -- you may modify or totally eliminate it.)
and to institute new Government,
(Aha! YOUR CALL, People. What do you want to do? The Framers provided for posterity, for YOU, so that in the event, SOMETHING like what is happening RIGHT NOW EVER occurred, you had the Constitutional RIGHT to make things RIGHT.
The Framers foresaw this possibility, and are telling YOU -- from their graves -- that they want you to PRESERVE the Union, preserve the Union, that it is your RIGHT and your DUTY. They EXPECT this. They EXPECT Patriotism.)
There is a lot of Bush blaming going on. This did not happen in just the last 8 years or the last 20. They regulations that kept this kind of action down have been slowly relaxed over a long period of time. It accelerated in the last 15 years. I noticed the price of housing rapitly riseing back in 1990. ARMs were introduced at least as far back as the mid 80s. Easy credit has been around longer. I have received credit cards in the mail that I never asked or applied for. Intrastate banks and international banks came into our lives in the late 70s. Not sticking up for Bushy boy just pointing out facts.
THEY are thinking about their own skins, aka THEIR jobs! They see the resolve of the American people -- THEIR bosses, and realize that the handwriting is on the wall, which is:
"Listen to us, do, what WE tell you, or your butt is OUT is November!"
See, it's okay for Americans to get laid off, and lose their jobs, but when that same threat faces them, they ssssshake in their boots.
Quote: "In the face of thousands of phone calls and e-mails fiercely opposing the measure, many lawmakers were not willing to take the political risk of voting for it just five weeks before the elections.
The bill went down, 228-205."
And here is the AP link:
http://news.yahoo.com/s/ap/financial_meltdown;_ylt=AnK8bxArOeHLOfWNEb42anGs0NUE
"House rejects $700B bailout in stunning defeat"
By JULIE HIRSCHFELD DAVIS, Associated Press Writer
Don't be fooled, they still do not care about us, but what they R-E-S-P-E-C-T is that we -- the PEOPLE -- are yet the ones calling the shots, WHEN and IF we decide to do so. It's exactly what Obama means when he says
"FEW OBSTACLES CAN WITHSTAND THE POWER OF MILLIONS OF VOICES CALLING FOR CHANGE."
The "Bailout" should occur, but my question is,
Just who should be bailed out?
My answer: Why, the American people FIRST, of course. If there are any crumbs left over, THEN and only THEN, give them to the jackasses.
I AM proud to be an American!
I DO blame Bush, and Company! All of this happened under his watch; it is the correct thing to do. It's ALWAYS been the trademark of leadership, hasn't it. Whatever happens on YOUR watch, a good leader takes the FALL for what his/her people does, for THAT is what make HIM/HER a LEADER.
Sort of like the Captain who never abandons the ship until all others are off, huh? Bush wants to abandon HIS ship FIRST. Doesn't work that way, Colonel, or at least it's not supposed to work that way.
I've been saying for awhile -- long before any of this started -- that people should buckle their seats belts, because it was going to be quite the roller coaster ride.
Heavens to Murgatroid. I take no joy in saying that, even with all of this, we haven't seen nothing [sic] yet.
. . .and we think things are bad now? Repeat: fasten that seat belt.
Perhaps big business wouldn't need these massive bailouts if they abolished the "golden handshakes". Giving huge sums of money to CEO's who have done more harm than good, and then expecting taxpayers to foot the bill for there mistakes, is just ludicrous!
The majority of Americans agree with you, and I dare say, so does a good part of the world.
Please keep commenting, frequently, and thank you!
_____________________
Sharon,
Thank you!
_________________________
Hi ya donna!
Thanks, all!