Slashdot Mirror
$700 Billion Bailout Signed Into Law
Many readers reminded us of what no-one can have failed to hear: that the Congress passed and the President signed a $700B bailout bill in an attempt to avert the meltdown of the US economy. The bill allocates $700 billion to the Treasury Department for the purchase of so-called "toxic assets" that have been weighing down Wall Street balance sheets. This isn't particularly a tech story, though tech will be affected as will virtually all parts of the economy, and not just in the US. Among the $110B in so-called pork added to the bill to sway reluctant legislators are extensions of popular tax benefits for business R&D and alternative energy, relief for the growing pool of people subject to the alternative minimum tax, and a provision raising the FDIC's ceiling of guaranteed deposits to $250,000. Some limits were also imposed on executive compensation, though it's unclear whether they will be effective.
And he's working for Obama. Sickening.
He's the guy that cooked the books and made $100 million off fanniemae options.
Where is the media. Nowhere.
.
I'll remember that while my neighbors are trying to survive an upstate New York Winter on HEAP, Food Stamps, a Medicaid HMO and SSI.
I was looking forward to having you as my neighbor
Now if only the millions of illegal aliens come in every year could be as easily discouraged as you...
I'm a registered Republican and made the mistake of voting for Bush once.
So in other words, you have really bad judgment.
And anybody that was stupid enough to vote for Bush the first time was still that stupid 4 years later. He was elected again, after all. You seriously expect us to believe you are one of the <1% of the Bush voters that somehow grew a couple of brain cells? Come on.
If you are going to admit to voting for Bush the fist time, you might as well just own up to voting for him a second time. Because voting is anonymous so everybody is 99/100 sure you did anyway.
all the politicians in Washington has just changed their profession to Soviet pig farmers. for now on the abbreviation is USSSA = United Soviet Socialist States of America...
the US Gov is pack of commie rats thats been gaming the system for so long it finally came back to bite em on the ass (at the tax payers expense of course)...
Politics is Treachery, Religion is Brainwashing
Because it isn't. There are multiple causes, but it's ridiculous to talk about the free market causing the problem when two of the elephants leading the stampede were the government-sponsored enterprises, Fannie Mae and Freddy Mac.
Suspending mark-to-market accounting for bad debt and increasing the FDIC limit to $250,000 aren't the kinds of things which will come back to bite us in a month. Maybe 6 months, maybe a year or two, but eventually the banks won't be able to credibly maintain high enough ficticious values for the securities, and they'll start failing again -- and the $250,000 limit will deplete the FDIC fund even faster.
This comment will be unpopular in this forum, but here goes: The government is out of control. Rather than specifically blame Bush or someone else, I think it's better to blame everyone in Washington right now. There are checks and balances that are supposed to prevent this sort of thing from happening, but somehow the government is working around those things right now. Plus, there is an election coming up Real Soon Now and, let's face it, you either vote Obama/Biden or you vote McCain/Palin. No third-party or independent candidate has a prayer of a chance of winning the presidency. Now look at my sig -- don't think for even one moment that I think McCain is anything special. My vote will be going to him only in the hopes that he will actually appoint Palin to some task that involves cleaning up the shit that's happening in Washington. I believe that if she gets such an appointment, she will make a tremendous difference, even if it's only a small percentage of the total waste going on right now (because a tiny percentage of trillions if still billions of dollars). About Obama -- he looks sharp, dresses sharp, has a great haircut, and speaks marvelously, but although he touts "Change" and "Hope" I really think he's more of the same bullshit we've seen from Washington. He's just really awesome at marketing himself. Kind of like the way Microsoft is really great at marketing their "more of the same" products that everyone continues to buy when better alternatives are out there. The testament to Obama's marketing prowess is how many people are enamored with him, but I know there are certain facts behind the scene that negate the marketing bullshit. With McCain -- let's just say that until he brought Palin in, I thought this election and what followed was going to suck no matter who won. Now I think there's a chance. Because this country needs more people like Palin in Washington -- people who don't know that things are supposed to be corrupt and fscked up over there, and therefore will help clean up the mess. In this upcoming election, we really need to think about who we have in office, not just in the presidency, but across the board. And I think that as many incumbents as possible should be changed for new people who haven't been to Washington yet. McCain in the presidency only because Obama is the worse choice (I know this is making me unpopular but look beyond the great looking guy and see what he really stands for) and nobody else has a chance. Bottom line, I'm voting McCain/Palin to get Palin into Washington and because Obama, although excellent at marketing himself,
McCain/Palin '08. Now THAT's hope and change!
well, that was a well thought out response, with direct clash on points that continues the discussion in a logical, thoughtful way...
unfortunately I have to fold on this one b/c I just don't have time to find links for you...
here's what I've got: I'm not in favor of this 'bailout'...for me, the Bush administration's incompetence has brought us to the position we were in...a choice between a shitty 'bailout' and or possible economic collapse.
Thank you Dave Raggett