Congress Approval rating just 10% As Bush Goes From 'Lame To Dead Duck'

[Psychoblues]

"Dead Duck", interesting!??!?!?!??!??!??!??!?

Source: The Guardian

The controversy over the failure of the Bush administration's unpopular financial bail-out is infecting every aspect of government and the presidential election campaign.

Eminent reputations lie in ruins; the august institutions of Congress, the treasury, the Federal Reserve tremble; the presidency itself is shaken. In America's year of living dangerously, few will emerge unscathed.

The consensus view, if there is one in so divided a nation, is that the US has suffered a calamitous, across-the-board failure of leadership. The bankruptcy is political as well as economic. This conclusion is widely held among both supporters and opponents of the bail-out.

"Monday's crash and burn of the Paulson plan on Capitol Hill reveals a Washington elite that has earned every bit of the disdain that Americans have for it. This crowd can't even make sausage," snarled a Wall Street Journal editorial yesterday. Black Monday's shambles marked a "historic abdication".

Republicans and Democrats in the House of Representatives were excoriated for political cowardice, childish disputatiousness, and a selfish desire to get re-elected next month at any cost. It's clear, whatever they do next, the public simply does not trust them to do it right..............

More: http://www.guardian.co.uk/world/2008/oct/01/georgebush.congress

Ain't it amazing!!!!!!!!!!!!!!!!!

:salute::cheers2::clap::laugh2::cheers2::salute:

[Kathianne]

Yet considering today's market reports after the 'failure' the minority is coming up with an alternative:

http://www.cnbc.com/id/26962690


GOP Members Forging Alternative Bailout Plan
GOP, REPUBLICANS, GASPARINO, MARK TO MARKET, ACCOUNTING RULES, FDIC, BARNEY FRANK, FEDERAL DEPOSITARY INSURANCE, BANK CRISIS, DEBT
By Charles Gasparino,
On-Air Editor
CNBC.com
| 30 Sep 2008 | 09:10 PM ET

A group of House Republicans is cobbling together a proposal to stabilize financial markets that can serve as an alternative to the plan proposed by Treasury Secretary Henry Paulson, legislative sources have told CNBC.

The failure of Monday's vote on the $700 billion bailout package—which these Republicans doubt is likely to cause an economic "doomsday" scenario—emboldened the group to press forward with its own plan, sources said.

The group pressing the alternative plan is doing so for largely ideological reasons: They're opposed to the federal government taking a large role in financial markets, sources say.

Components of the alternative plan including the following, according to sources:
# Require the Treasury Department to guarantee, at up to 100 percent, bank losses resulting from failed mortgage-backed securities originated prior to the plan's enactment. Such insurance, supporters say, would provide immediate value to the securities and a foundation for which they could then be sold. The Treasury Department would finance that insurance by assessing a premium on outstanding mortgage-backed securities.
# Allow companies to carry back losses arising in tax years ending in 2007, 2008, or 2009 back five years, generating a tax refund and immediate capital
# Allow a "repatriation window" for profits earned by U.S. firms overseas. Such repatriation amounts would not be taxed if invested in distressed debt (as defined by Treasury) for at least one year.
# Allow banks to treat losses on shares of preferred stock in Fannie Mae and Freddie Mac as ordinary losses, not as capital losses
# Suspend the capital gains tax rate for two years
# Limit backing of high-risk loans by Fannie Mae and Freddie Mac
# Schedule Fannie and Freddie for privatization
# Suspend "mark-to-market" accounting until the SEC can issue new guidelines that will allow firms to mark these assets to their true economic value
# Stabilize the dollar by repealing the Humphrey-Hawkins Full Employment Act, which alternative bailout supporters say diverts the Federal Reserve's attention from long-term price stability to short-term economic growth
# Require the Treasury to write rules prohibiting excessive compensation or golden parachutes to executives of failed companies.

The development of the alternative plan comes as members of the Senate consider voting on the original financial rescue plan as soon as Wednesday evening. The $700 billion rescue bill may be attached to a tax plan that included relief to taxpayers paying the alternative minimum tax, or AMT....

[No1tovote4]

I'm liking it better already. I'll have to read it all and get it in my head.

[Psychoblues]

It'll be tough for you, nofucks.


I'm liking it better already. I'll have to read it all and get it in my head.

But I've got confidence in you far exceeding any you admit to having in me!!!!!!!!!!!!! Dig on in and have a GOOD TIME!!!!!!!!!!!!

Can I get you a refreshment!??!?!!?!?!?!?!?!?!?!?!?

:salute::cheers2::clap::laugh2::cheers2::salute:

[Kathianne]

I'm liking it better already. I'll have to read it all and get it in my head.

Actually I'm coming back to my original position, more of Manu's and yourself. Leave them alone, let those that should fail, fail. I think the US can take it, at least long enough to have Europe and others fall. Then deal with it, if necessary.

[No1tovote4]

Actually I'm coming back to my original position, more of Manu's and yourself. Leave them alone, let those that should fail, fail. I think the US can take it, at least long enough to have Europe and others fall. Then deal with it, if necessary.
That one is better than billions in direct corporate socialism.

[Psychoblues]

Corporate socialism is something you just have to understand, nofucks.



That one is better than billions in direct corporate socialism.

It's been going on as long as there has been corporations and their power to dictate public policy. Didn't you know?

:salute::cheers2::clap::laugh2::cheers2::salute:

[stang56k]

# Require the Treasury Department to guarantee, at up to 100 percent, bank losses resulting from failed mortgage-backed securities originated prior to the plan's enactment. Such insurance, supporters say, would provide immediate value to the securities and a foundation for which they could then be sold. The Treasury Department would finance that insurance by assessing a premium on outstanding mortgage-backed securities.

Sorry, with this it is still detrimental to the free-market...They can still make risky loans and not have to worry.