Most everything that everyone is asking for as a condition to put this together has already been agreed to and is in the bill," he said. He said the "votes are there" for passage in both chambers
Oh really? I doubt that for seemingly just a few finance committee chairs were involved and the people really speaking up were ignored.
Will Update this thread as details emerge.
Update1
Congressman Chris Shays:
The most important thing we need to do is not let the market crash
There is a good chance that the markets may open lower today. General Electric is reporting some pretty crappy numbers and an even more dour outlook. Keep in mind, GE has been on a jihad against producing consumer goods. Most of it's income comes from essentially three sources, GE Capital, it' financial division; it's electric engine/turbine business; and medical equipment.
I'll be honest, I never wanted to write up a diary piece like this. A week ago, like many of you, my feelings on "bailing out" Wall Street was equally negative. Why? Why in the name of all that is decent should we clear up the bad judgment of folks who really do not care about the common folk?
For years, folks who would be identified as the type who would get the jobs of running organizations like Goldman Sachs or Lehman Brothers, were considered "Masters of the Universe." For them, we, you and I, were the dirty lowers against their kind. We existed to supplement their income. But now the veil has been lifted, and we see now that they are not masters of anything but their own greed and stupidity.
That seems to be the motto of Hank Paulson's bail out demands.
Today the Budget office had a Federal Responses to Market Turmoil Committee hearing. Peter Orszag, Director of the Congressional Budget Office, in my opinion, confirmed what the critics are saying, this is not a wise plan. But read more and you decide.
The infamous question pops up again and again, what did they know and when did they know it? So let's apply this question to the fiscal impact of the bail out proposal.
The current debate seems to be centered around whether to spend $700 Billion taxpayer dollars bailing out the Wall Street crooks that have been stealing from us for decades, or to spend a smaller amount.
No one is asking the question of: Will this bailout do any good?
Here's a point you should all understand: We've already spent more than that bailing out Wall Street this year, and we have nothing to show for it. Why should this latest bailout be any different?
Treasury Secretary Hank Paulson thinks the whole problem of the financial crisis is because of the Pricing correction on houses. He just said this in his testimony statement before the House Finance Services Committee.
THAT'S JUST WRONG
People cannot afford these prices because they offshore outsourced the jobs, brought in cheap labor to undercut US workers and their wages and enabled the biggest global wage arbitrage since slavery!
It's also plain wrong on the cause, which is unregulated derivatives and the shadow banking system.
The median price of a home, nationwide is still over $210,000 and the fact is people simply cannot afford that. In cities where the jobs are...it's much higher.
I'm having a rare moment of optimism. Keeping up with news of the coming transformation of the American auto industry has been like trying to drink from a fire hose. The bottom line is this Detroit's got it's mojo back. But the EPA is placing the revival of the American auto industry in jeopardy in order to benefit a foreign competitor, Toyota.
Here's the problem.
The EPA hates American industry.
I swear to God. We finally get a winner in the American auto industry, and the EPA decides to take them out like a rogue quarterback.
The Chevy Volt is a revolutionary vehicle that has the ability to drastically cut US oil consumption. And it's part of new fleets from GM and Chrysler that recognize the new reality. The era of cheap gas is over, and the price we pay for oil is in both blood and dollars.
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