700 billion plan in the works for months
Are you kidding me? I am so over this White House.
Fratto (White House Deputy Press Secretary) said it would be “unthinkable” for Congress not to pass legislation this week, asserting the result would be a “very, very serious situation” for the U.S. economy.
“It shouldn’t take much analysis to remember what happened last week, which was a very serious freeze-up in our credit markets,” Fratto said. “Our financial markets right now do not need uncertainty, they need increased certainty as to how this rescue plan is going to go forward — and that they can be sure that there is a plan to go forward — and that will begin the correction in our financial markets.”
Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.
Is anyone else feeling set up?
Tags: Bush's Fubar Economy
This would be the set up of the century if not for the Iraq war and FISA.
“Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials”
They had a contingency plan for the failure of multiple investment banks all at once at the same time the housing bubble decided to crash? Boy, Bush must be prescient!
Just saw you commented on this on another thread. Want me to pull this post? Frankly, just writing it pissed me off!
I believe the first time around with the Patriot Act was on the same time schedule.
Fine, let’s see the committee meeting minutes with attendees and dates please. I call bullshit.
I do believe you are right, Nemski. I am rapidly reaching the point where we should consider not bailing them out.
What would happen if we didn’t write the check? What would happen if we do write the check? Does anyone really know?
Oh, Duffy. I’m calling bullshit as well.
I think this script was written before Bush took office. They began writing it as Nixon was evacuating the White House.
I think they wrote it because they knew sooner or later a failure was going to occur. It’s a big giveaway to Wall Street.
I’m feeling a little more hopeful because it looks like Democrats are not walking into the trap. Schumer is suggesting $150 B now, look at it again soon. That still a lot of money but at least we will get to see if this plan is working or not.
Also, why haven’t there been calls for Paulson to step down? If they’ve been planning this, then he’s been lying every time he’s told the American people things are looking up.
I’m calling bullshit too.
Remember that this was the first draft of their plan.
This really isn’t a plan, it is a power grab with a price tag. No way this took months to do. They probably have a template for the crap around somewhere.
It was anticipated that Bush would do something deplorable before he left the White House, but we expected war with Iran (that could still happen). Maybe it was this — war with the Middle Class of America!
Sounds like a real set-up. Anyone for a revolution? Non-violent, of course!
Well I’ll be damned.
They are buying this toxic stuff at its “hold-to-maturity” (read: full) price. Almost full price. Which means that taxpayers pay for this plus interest for decades. And the banks just get recapitalized with no penalty.
Of course we don’t have time for the democratic process.
Soon Tom Carper will tell us he’s for it as the appropriate follow-up to FISA….
Everything I’m reading suggests a pretty big backlash of Americans from all ends of the spectrum who are not buying “pass it now or we’ll all die poor”–liberals, conservatives, and libertarians alike.
Has anybody actually seen any serious vote-counting to suggest whether there are votes out there in the House or Senate to stop the logroll?
As was so aptly commented here a few days ago….this is a set up like the Partiot Act.
Good Job DE Lib. I hadn’t heard about this.
If the freakin’ DC DEMs don’t force this back down Bushco’s throat….
the fact that Paulson is a Goldman Sach’s man isn’t escaping anyone’s attention. Remember how former CSX chief-turned-Bushco cabinet secretary John Snow tried to force through a deal with his Dubaian pals to sell them our ports? Ad nauseum with this White House.
Who’s getting the 700 billion? Seriously, where will this money end up? In whose hands?
smart people
so shut up
they know what they are doing
this is a set up like the Partiot Act.
And remember, Congress is mostly the same bozos who passed the Patriot Act WITHOUT READING IT.
If the administration did not have a contingency plan the same folks here would be calling Pres. Bush an idiot.
Agree or disagree on the stabilization effort, doing nothing is not an option. There are always contingency plans for all sorts of things whether it is military contingencies or diplomatic events.
For instance, I am sure there is one in place when Israel attacks Iran’s nuclear plants.
Having a contingency doesn’t mean you want to use it but you better have one. For those who wonder what will happen of we do nothing imagine living with no ability to borrow, have a checking acount or invest in any way.
The Wall Street system provides the capital in people, ideas and capital. The essentials of a functioning economy.
If this year was an election year this package would be passed and done with by now.
That’s funny.
Thanks for addressing the question, Mike.
We could replace you with the Protack Always Believe What the President Says Speech Generator and get better input.
You better not ever show up here talking about getting government our of our lives after this pitiful display.
Is Protack getting paid to follow the DEMs around like this with total bullshit drivel?
Paid by the sentence, idea, rebuttal?
How much flip flopping is Protack having to do to justify the McInsanity he’s pushing. He once had a fairly decent platform and a fairly solid handle on conservative values. This bailout is anything but conservative.
If Bush says so, Mike says so. No matter what.
Suspicious timing…..OMG hurry, hurry pass this thing before the session ends so you can all go home & campaign….wouldn’t want to miss that….
Oh & btw, need a little extra money for your campaign?….come here, let’s talk….
The banking/investment lobbiest are going crazy in DC right about now….”who needs money to get re-elected??? Boy do I gotta deal for you!!”
Marcy Kaptur, D-Ohio, lays it on the line.
http://www.youtube.com/watch?v=S27yitK32ds
I think that Protack is getting those Green Stamps that the McCain camp is giving out to acolytes who dare to blog on liberal sites.
lol!
Great video P!!
What an amazing Bushism quote at the end…..I actually don’t think that was a slip-up….just a rare glimpse of the truth!!!
Let’s not pick on Mike Protack. I think he must be pretty busy keeping up with McCain’s position-of-the-moment campaign. It must be exhausting!
And yes, I believe Bush is an idiot no matter whether he had a plan or not. But seriously, who has a contingency plan in case of the next Depression?
The only thing that keeps me awake at night is President SARAH
This is such bullshit, for 700 billions our country could solve so many legitimate problems. These fucks………let em rot