$700 B Bailout

On CNN they are reporting that the house and senate have announced agreeing upon the principles of the bail out (http://money.cnn.com/2008/09/25/news/economy/deal_reached/index.htm?postversion=2008092513). Amazing how fast these clowns can start working together when money is involved.

What I don't understand is how this whole thing has gone so far and unnoticed by so many people. You have the president, congress, all the other people in Washington but then more shocking is all the people on Wall Street which did not see this coming. I'm not talking about the people who profitted from this but all the annalist who study this stuff day after day.
everyone, and i mean everyone, was making money( and tons of it) ill bet you cant find one member of congress that had not taken money from Fannie or Freddie. everybody getting paid, who is going to be the hero? none of those clowns that we've elected.

everyone, and i mean everyone, was making money( and tons of it) ill bet you cant find one member of congress that had not taken money from Fannie or Freddie. everybody getting paid, who is going to be the hero? none of those clowns that we've elected.

I'll bet take that bet about congress taking loans from Fannie or Freddy. How much?

What kills me is the ZERO Accountability that has been observed in this situation. Everybody just talking about what a crisis this is and no one wants to go after those responsible. The only plausible reason for that is that our legislators ARE some of the ones responsible, either by direct intervention or inaction due to lobbying.

What kills me is the ZERO Accountability that has been observed in this situation. Everybody just talking about what a crisis this is and no one wants to go after those responsible. The only plausible reason for that is that our legislators ARE some of the ones responsible, either by direct intervention or inaction due to lobbying.
What laws where broken. Just because someone did a poor job and gave out a bunch of bad loans does not make it illegal. Is your stock broker breaking laws when he invest your money in poor stocks an you loss money? No. Have laws been broken? At this point we don't know but I'm sure we as tax payers will pay for a big long investigation into al of this.

What laws where broken. Just because someone did a poor job and gave out a bunch of bad loans does not make it illegal. Is your stock broker breaking laws when he invest your money in poor stocks an you loss money? No. Have laws been broken? At this point we don't know but I'm sure we as tax payers will pay for a big long investigation into al of this.

Paying for an investigation into this is the one thing I approve of them spending my money on. If this was just a matter of a big "mistake," that's one thing, not that it removes accountability. BUT- if it turns out (and it will) that these firms were intentionally employing shady business practices that resulted in the collapse we've seen, I want those responsible held accountable. Jailed, assets confiscated, the whole 9 yards. Will it happen? Not in a million years. Maybe one or two examples will be made, but by and large I can't see any true measure of punishment coming down on "all" of those responsible.

Well one of the issues they're having is actually pricing the bad loans. In other words determining how much they're worth or how worthless they are. So from an accounting standpoint it's tough to add that type of asset to your sheets.

Their are all types of challenges with this crap.

The cost of insuring the loans would almost certainly be less than 700 billion. If it costs 500b then we saved 200b. The caveat has to be that the gov't gets the properties that defaulted. Banks get thier money. The gov't gets the houses and sells them off.

What kills me is the ZERO Accountability that has been observed in this situation. Everybody just talking about what a crisis this is and no one wants to go after those responsible. The only plausible reason for that is that our legislators ARE some of the ones responsible, either by direct intervention or inaction due to lobbying.

EVERYONE was responsible. Banks, legislators and regular people. We all share in the blame on this to varying degrees.

I'll bet take that bet about congress taking loans from Fannie or Freddy. How much?
over the last 10 years lobbyists from Fannie and Freddie have dished out approx. 170 million to anyone that would listen. let me guess, you think the old maverick hasnt touched any of that tainted money?

over the last 10 years lobbyists from Fannie and Freddie have dished out approx. 170 million to anyone that would listen. let me guess, you think the old maverick hasnt touched any of that tainted money?
I was not even thinking along those lines. I thought you were saying they borrowed money from them but now I see your talking donations it makes more sense. The Maverick did some 4 to 5 years a go introduced legislation to have more over site on Fannie and Freddie which did not get passed so he did try.