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  1. #1 Bush: Financial rescue plan will take some time 
    Senior Member LogansPapa's Avatar
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    By JENNIFER LOVEN – 12 minutes ago

    SAN ANTONIO, Texas (AP) — President Bush says the $700 billion plan to save the teetering U.S. economy will take some time to work.

    After meeting with small-business owners at an old-fashioned soda shop in San Antonio, Texas, the president sought patience from a jittery country.

    Congress last week approved a massive plan of federal intervention that allows the government to buy up devalued assets from financial companies in hopes of unlocking frozen credit lines.

    Bush said he signed the bill last week, but that "it's going to take awhile" to get the program working fully and effectively. He called it a big step toward solving the problem.

    http://ap.google.com/article/ALeqM5h..._HVuwD93L3E9O0


    (clueless to the end. well, at least he didn't say it was going to be "hard work.")
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  2. #2  
    Senior Member LogansPapa's Avatar
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    Germany takes hot seat as Europe falls into the abyss

    We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.

    By Ambrose Evans-Pritchard
    Last Updated: 11:05AM BST 06 Oct 2008

    http://www.telegraph.co.uk/finance/c...the-abyss.html
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  3. #3  
    CU Royalty JB's Avatar
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    Thank you Barney Frank and every useless Dem that got us into this mess.
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  4. #4  
    Quote Originally Posted by JB View Post
    Thank you Barney Frank and every useless Dem that got us into this mess.
    No, I think the blame falls on all of them not just Democrats but Republicans as well......good part the rich are in trouble but with Bushes plan now they won't have to stand in the unemployment line its a shame too they should see how the average American feels when they are out of work............
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  5. #5  
    Senior Member LogansPapa's Avatar
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    A credit default swap (CDS) is a contract in which a buyer pays a series of payments to a seller, and in exchange receives the right to a payoff if a credit instrument goes into default or on the occurence of a specified credit event (such as bankruptcy or restructuring). The associated instrument does not need to be associated with the buyer or the seller of this contract.

    Originally used as a form of insurance against bad debts, these instruments became a tool for financial speculation when the Commodity Futures Modernization Act of 2000 specifically barred regulation of these trades.

    Definition

    A credit default swap (CDS) is a credit derivative contract between two counterparties, whereby the "buyer" pays periodic payments to the "seller" in exchange for the right to a payoff if there is a default[2] or credit event in respect of a third party or "reference entity".

    In the event of default in the reference entity:

    * the buyer typically delivers the defaulted asset to the seller for a payment of the par value. This is known as "physical settlement".
    * Or the seller pays the buyer the difference between the par value and the market price of a specified debt obligation. This is known as "cash settlement".

    http://en.wikipedia.org/wiki/Credit_default_swap

    Reference '60 Minutes' last night for a real eye-opener.;)

    http://www.cbsnews.com/stories/2008/...=mostpop_story
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  6. #6  
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    Quote Originally Posted by JB View Post
    Thank you Barney Frank and every useless Dem that got us into this mess.
    I think Jimmy Carter was the last guy in the oval office who said people would have to live on less and within their means.

    It is an unelectable platform until it is shown as the only platform.
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  7. #7  
    CU Royalty JB's Avatar
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    Quote Originally Posted by LogansPapa View Post
    Bush said he signed the bill last week, but that "it's going to take awhile" to get the program working fully and effectively. He called it a big step toward solving the problem.

    (clueless to the end. well, at least he didn't say it was going to be "hard work.")
    This is hardly clueless. Did you expect to wake up today and find the problem had disappeared?

    Everytime you make a post that puts this on Bush, I'll be there to put it on the Dems.

    I haven't seen a more corrupt gathering of individuals like todays Dems since the five families gathered together in Godfather I.
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  8. #8  
    Senior Member LogansPapa's Avatar
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    Quote Originally Posted by JB View Post
    Everytime you make a post that puts this on Bush, I'll be there to put it on the Dems.
    McCain won’t do one thing different than his predecessor. Nothing.

    We’re just going to get more of the same. The same hasn’t worked. In fact, its been an a complete and embarrassing failure, around the world. John has no idea of what the fundamentals are, even as the financial markets collapse around us.

    OBL gets a second victory and our grandchildren get to pay for our overseas idiocy that has acted as the tipping point for this present situation. We are no longer capable of fighting a multi-front war, militarily or financially - hence the public retreat of our allies all over the globe.
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  9. #9  
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    Quote Originally Posted by LogansPapa View Post
    McCain won’t do one thing different than his predecessor. Nothing.

    We’re just going to get more of the same. The same hasn’t worked. In fact, its been an a complete and embarrassing failure, around the world. John has no idea of what the fundamentals are, even as the financial markets collapse around us.

    OBL gets a second victory and our grandchildren get to pay for our overseas idiocy that has acted as the tipping point for this present situation. We are no longer capable of fighting a multi-front war, militarily or financially - hence the public retreat of our allies all over the globe.
    You don't think McCain would work to cut spending, even though he has a track record of doing so? Do you think Obama would? The high cost of the war surely contributed to these problems, but that is by no stretch of the imagination the primary factor.
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  10. #10  
    Senior Member Molon Labe's Avatar
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    Quote Originally Posted by Lager View Post
    You don't think McCain would work to cut spending, even though he has a track record of doing so? Do you think Obama would? The high cost of the war surely contributed to these problems, but that is by no stretch of the imagination the primary factor.
    But lets be perfectly honest. Couple a 700 billion dollar bailout with another 600 billion dollars for the GWOT. Just where does this money come from? I certainly haven't paid more taxes this year to fund any of this. It's being intellectually dishonest to suggest that our entire federal system...defense as well as domestic social spending, is the problem. The Iraq war is as much a primary factor as anything.
    The fact is that this bill is coming one way or another. It might be our grandchildren that end up with the mess. The current mess might be the "good ol days".
    Gun Control: The theory that a woman found dead in an alley, raped and strangled with her panty hose, is somehow morally superior to a woman explaining to police how her attacker got that fatal bullet wound - Unknown


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