Obama: Don't call it 'bailout'

He is slick. This must be the Change we can believe in. He has changed his mind and decided it is time to inject presidential politics into the situation. How presidential!
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McCain '08

Empty suit talking once more with his Sociaist Change Now-

"Bailout" or "rescue" they are both, Republicans and Democrats, embracing this new term. I think it's just a different shade of lipstick on the pig.

Thanks President Obama for straightforward while the republicans steadily try to hide behind the mess they made in our economy!

Thanks President Obama for being straightforward with the American people while McCane and Palin hide behind the mess republicans have done to our economy. We are in distress people. Thanks to 8 years of republican rule!

Loch ness, you nailed it!

Heck, Bush, weeks ago, regarding the Fannie and Freddie bailout, refused to CALL it a bailout.

Odd that he was ahead of the curve on that one.

It is a bailout. It quacks like a bailout, it costs like a bailout, it has not euity return like a bailout, it is a bailout.

And will folks PLEASE do the math. The majority of republicans were against this (good for them), the majority of dems were for it (boo!), yet somehow republicans are blaming DEMS for the missing votes?

It seems they wanted to claim to vote against it, so that if it failed, it would be a DEM boondoggle. That is playing politics with an important vote. I am against it, but those that voted against it when they wanted it to pass are... well, I cannot say the word, but lets just say they lack more than just a spine.

Let's call it a bad idea and instead increase FDIC funding to guarantee individual accounts when financial institutions file for bankruptcy protection because they issued bad loans!

Okay, let's not call it a "bailout." There are better things to call it, like:
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1. A giveaway;
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2. A handout to the rich;
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3. Corporate welfare;
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4. Subsidies for the irresponsible and greedy;
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5. Supply side socialism; or,
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6. Screwing the little guy;
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- just to name a few.
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Changing its label will not change its substance. Regardless of what you call it, in substance, it will still be taking money away from hard working taxpayers who earned it with the sweat of their brow - for the benefit of those who foolishly entered into contracts they could not keep and for the lazy who tried to satisfy their greed by manipulating the credit and equity markets.

Reminds of when the flat-liners call spending for education - "investment".

Instaed of bialout we call it "throwing $700 Billion "blanking" dollars at a problem because we have no other "blanking" solution for it" Might be a little long for a soundbite?

“It gets me angry. I do talk radio and most talk radio is conservative-dominated ideologues; Kool-Aid drinking idiots. Idiots. Screaming at you that this is socialism, this is this, this is that. ‘It’s Clinton’s fault.’ It’s Clinton’s fault? He hasn’t been in office in 8 years. It’s Bush’s fault! It happened under Bush’s watch.”

-Bill O'Reilly

Have you seen the pundits lately...they think we still don't get it! I say...THEY don't get it!!! WE WON'T BE FOOLED AGAIN!!!

The Bailout and Us

Let’s say that I am of mixed feelings regarding this “bailout.” Wall Street wizards, overcompensated Chief Executive Officers created a problem that we, the taxpayers must resolve on our backs; passing the load unto our children.

We will be unable to solve our economic problems without job creation. A nation that does not manufacture goods is a “One Winged Bird”…..and I have yet to see one fly. Any bill coming out of Congress must contain a job creation feature. The Working Class must be put to work in high paying unionized jobs and the tax base of our nation must be expanded. Let’s not forget that it was the unions that created the American Middle Income group.

The Government should give away solar panels to all homeowners and tie them into the national grid. For the first three years, the homeowners will not see any remuneration until the cost of the panels and their installation have been paid back. The pay-back will be through free electricity received by the regional electric utilities. This would cut consumption of oil by thirty percent (30%) in five to ten years. This would also be coupled this with wind and hydroelectric power.

We could get hydroelectric plants built faster than nuclear reactors due to less legal maneuvering. We could demand that all vehicles built after 2015 be either hybrid or achieving no less than thirty miles per gallon in the city and forty on the highway. This would further reduce oil consumption by an additional twenty (20%) percent over the next seven years.

The “bailout” must also include protecting all homeowners facing foreclosure; ensuring that these homeowners do not lose their homes and stemming mass upheaval of working families. Any “bailout” that protects Wall Street must also protect working families who have been mandated to shoulder the cost burden.

Banks and other institutions that loan money to people that cannot afford to repay these loans must be held accountable for their actions. We cannot blame hard working families that tried to stretch their dollars for a better way of life. They were victims of the banking scam. It was intended to defraud them and they fell for it.

Funds should also be allocated to the re-building of housing stock in New Orleans and the Gulf Coast region to ensure the ability of the internally displaced citizens to be repatriated to their homes.

These are few of the necessary fixes that Congress must add to this “bail-out”.

F. Christophe Silvera, Secretary – Treasurer, International Brotherhood of Teamsters, Local #808
22-43 Jackson Avenue, Long Island City, NY 11101

Grant suggests, "Thanks President Obama for straightforward while the republicans steadily try to hide behind the mess they made in our economy!" Unfortunately, nasty details known as "facts" seem to get in the way of the source of the current economic challenge facing the American economy.

It was the federal government that sowed the seeds in the 1970's for the creation of the current financial crisis by passing the Community Reinvestment Act (CRA) as a response during the Carter administration to various pressure groups (e.g., A.C.O.R.N., Operation PUSH, etc.) who insisted that moderate to low income housing must be made available to those who otherwise would not qualify for traditional mortgage credit and/or small business enterprise credit.

As was so aptly pointed out in a recent National Review editorial, "One of the reasons so many bad mortgage loans were made in the first place is that Barack Obama’s celebrated community organizers make their careers out of forcing banks to do so. ACORN, for which Obama worked, is one of many left-wing organizations that spent decades pressuring banks and bank regulators to do more to make mortgages available to people without much in the way of income, assets, or credit. These campaigns often were couched in racially inflammatory terms. The result was the Community Reinvestment Act. The CRA empowers the FDIC and other banking regulators to punish those banks which do not lend to the poor and minorities at the level that Obama’s fellow community organizers would like. Among other things, mergers and acquisitions can be blocked if CRA inquisitors are not satisfied that their demands — which are political demands — have been met." The feckless Jimmy Carter and his willing democrat accomplices buckled to the demands of the radical leftists and went along with this history-making socialist "give away" program of making credit available where it was not justified even under the most liberal of lending criteria.

The Clinton Administration's regulatory revisions with an effective starting date of January 31, 1995 were credited with substantially increasing the number and aggregate amount of loans to small businesses and to low- and moderate-income borrowers for home loans. Part of the increase in home loans was due to increased efficiency and the genesis of lenders, like Countrywide, that do not mitigate loan risk with savings deposits as do traditional banks using the new subprime authorization. This is known as the secondary market for mortgage loans. The revisions allowed the securitization of CRA loans containing subprime mortgages. The first public securitization of CRA loans started in 1997 by Bear Stearns. The number of CRA mortgage loans increased by 39 percent between 1993 and 1998, while other loans increased by only 17 percent. In short, the federal government began forcing banks to make subprime loans to people who couldn't afford them.

The dollars required to complete the 'bailout' are estimated to aggregate somewhere between $700 BILLION and $1 TRILLION, all of which dollars will ultimately fall on the shoulders of the taxpaying Americans. The needed funds will be advanced initially by the Treasury and thereafter collected from the taxpaying Americans in the form of additional income taxes in one form or another.

During 2006, the Tax Foundation economists estimate that roughly 43.4 million tax returns, representing 91 million individuals, will face a zero or negative tax liability. That's out of a total of 136 million federal tax returns that will be filed. Adding to this figure the 15 million households and individuals who file no tax return at all, roughly 121 million Americans—or 41 percent of the U.S. population—will be completely outside the federal income tax system in 2006. This total includes those who pay no tax, and those who pay some tax upfront and are later refunded the full amount of the tax paid or more.
The added tax burden on the taxpaying citizens occasioned by the proposed bailout will, depending upon the ultimate dollars involved to get the job done, range between $7,600 and $10,700 for each Form 1040 return filed.

One can only inquire: should the taxpaying Americans pay any more attention to Barack Obama's pontifications on the solution to the 'bailout' issues than one might have paid to Typhoid Mary were she offering solutions as to how the epidemic might be cured? Hardly.