Its a shame his speech wont work.
The assholes in congress are only concerned about politics, what will get them more money or elected to a higher chair. If they had any fucking desire to do whats right we would of been out of iraq 2 years ago.

this is how you haggle. you start off with a crazy high-ball offer (700 billion + no oversight) and then you compromise (okay no oversight plus we reduce CEO payouts by 10%) and then congress feels powerful and paulson gets his 700 billion dollar bailout just the same.

how about you just let them go bankrupt and be done with it. the market will recover on its own.

As a Libertarian/Republican I'm horrified by the government ponying up a trillion bucks to rescue a financial system that basically screwed itself over. This isn't the work of a conservative government - this is a massive slide into Socialism.

>> ^ShakaUVM:
As a Libertarian/Republican I'm horrified by the government ponying up a trillion bucks to rescue a financial system that basically screwed itself over. This isn't the work of a conservative government - this is a massive slide into Socialism.


AGREED.

Now we see this Necons are in fact not conservatives. They tell you they are, but they are not. In this situation we need to keep an eagle eye on BOTH parties. When this much cash is being tossed around, everyone's fingers will most assuredly be in the pot.

The only ones that suffer here are the taxpayers. These bailouts are NOT Capitalist in the least.

you got rushed: http://news.bbc.co.uk/1/hi/business/7636542.stm

A leading US senator says both parties in Congress have reached agreement on the outline of a $700bn (£380bn) bail-out plan to revive the finance sector.

Democrat Senator Christopher Dodd said they had reached "fundamental agreement" on the principles of a package though he did not give details.

He said Congress could act in the next few days to pass a bill on the subject.

>> ^ShakaUVM:
As a Libertarian/Republican I'm horrified by the government ponying up a trillion bucks to rescue a financial system that basically screwed itself over. This isn't the work of a conservative government - this is a massive slide into Socialism.


How is robbing the taxpayers of billions of dollars to ensure companies that are failing due to bad business decisions "socialist"..?

Socialism is supposed to shift power from capitalists back in to the hands of the people (eg. Labor unions are a socialist organisation, the willingly strike and endanger their own jobs for the greater good of the whole).

What you have here, Mr. Rebulican/Libertarian, is a government taking money from the people (you know, those things that socialists are fond of) and handing it to the capitalists with no strings attached. Even worse is the supposition that these monies will be used to pay out execs.

That, my friend, is criminal...

Last but not least, the whole stupid bloody market is prompted up on the very thin premise that one of your countries biggest creditors (you know, China... That big communist place, ooh, very scary...) won't just decide to dump your currency at which point the exact sum of the rescue package really becomes immaterial. Doesn't matter if you divide a dollar worth of zero by 700bn or 10 trillion, the answer is still "error".

^socialism is a economic system where the state owns a majority (51%) of the capital.

Like imstellar says, Socialism's primary feature is state-run enterprises. Like, say, Fannie Mae.

"Socialism is supposed to shift power from capitalists back in to the hands of the people"

Riiiight. Socialism is actually about consolidating power in the hands of the few. If you look at the failure rates of corporations since the 1950s, in America nearly all the major corporations back then are out of business now, but in Socialist countries (like France in the 60s and 70s) 80% of them are still around, since the government protects them from competition and failure.

Sounds very familiar to what's going on now, doesn't it?