“This is a major, major change,” Speaker Nancy Pelosi said on Sunday evening as she declared that negotiations were over and that a House vote was planned for Monday, with Senate action to follow.

My Comment: Nancy Pelosi is a shill for President Bush.

It is virtually impossible to know the ultimate cost of the rescue plan to taxpayers, but Congressional leaders stressed that it would likely be far less than $700 billion. Because the Treasury will buy assets with the potential to resell them at a higher price, the government might even turn a profit.

My Comment: CARL HULSE and DAVID M. HERSZENHORN, writers of the NY Times article are as clueless as beached whales to even begin to think there can be a profit. The treasury will keep reloading debt at absurd enough prices to make sure it cannot possibly happen.

Congressional Budget Office Review

The congressional budget office provided its Review of the Emergency
Economic Stabilization Act of 2008. Inquiring minds will want to take a look.
http://globaleconomicanalysis.blogspot.com/

Pelosi voted for deregulation which led to problem
http://www.youtube.com/watch?v=INjmbomxk_4...feature=related

THE SUBPRIME MORTGAGE WOES ARE NO ACCIDENT

August 7, 2007

In 1995, a senior Clinton Administration official shared with me the Administration's targets for Fannie Mae and Freddie Mac mortgage volumes in low- and moderate-income communities. We had recently reviewed the Administration�s plans to increase government mortgage guarantees � most of these mortgages would also be pooled and sold as securities to investors. Even in 1995, I could see that these plans would create unserviceable debt loads in communities struggling with the falling incomes expected from globalization. Homeowners would default on mortgages while losses on mortgage-backed securities would drain retirement savings from 401(k)s and pension plans. Taxpayers would ultimately be hit with a large bill . . . but insiders would make a bundle.

I looked at the official and said that the Administration was planning on issuing more mortgages than there were houses or residents. �Shut up, this is none of your business,� the official snapped back.

Recently, we have seen numerous press accounts of bank and hedge fund losses from sub-prime mortgages. Remarkably, these reports imply that the losses are the result of a market downturn or contracting credit cycle. But there has been no mention of the extraordinary profits that were generated or who reaped them. There is no mention of who is poised to make a fortune on the bubble collapse. Even the most sophisticated commentators of our day are describing this financial coup d'etat as the unintentional consequence of "market forces."


http://solari.com/news/announcements/08-07-07/

is there anyone in the Republican party you don't like?

Pelosi might as well be a member of the (P)irate party.


She (in addition to impeachment) lacks the following dialog to bring TRUST back to the markets.

1. Force all off-balance sheet "assets" back onto the balance sheet, and force the valuation models and identification of individual assets out of Level 3 and into 10Qs and 10Ks. Do it now.
2. Force all OTC derivatives onto a regulated exchange similar to that used by listed options in the equity markets. This permanently defuses the derivatives time bomb. Give market participants 90 days; any that are not listed in 90 days are declared void; let the participants sue each other if they can't prove capital adequacy.
3. Force leverage by all institutions to no more than 12:1. The SEC intentionally dropped broker/dealer leverage limits in 2004; prior to that date 12:1 was the limit. Every firm that has failed had double or more the leverage of that former 12:1 limit. Enact this with a six month time limit and require 1/6th of the excess taken down monthly.

I wouldnt vote for anyone in the Republican Party...and my Congressman told us that the House has a problem with Blue Dog Dems who vote like Republicans...

We have a split in the Dem Party...and its about time you all face it.

Who would be your congressman? BTW I just think railing against Pelosi is silly unless your someone who can vote her out, just my opinion though, but I'd much rather see them rail against the Republicans who brought us here.

(Cough)

Cindy Sheehan is running against her.

Ask me if I thought sweet Nancy would ever do anything but to get the signatures of a few Repiggies. Sorry if I'm cynical but we really expected more back in the '06 election.

They are taking our money and are buying worthless mortage backed securities and leaving 4 million more mortgages about to "adjust" and leave familes homeless. October will be the biggest month so far for readjusts and forclosures.

Why don't they just let bankruptcy courts determine the real, not inflated values of homes and issue 30 year fixed mortages? I don't get it? What do Democrats stand for?

62% of the subprime mortgages were completely unnecessary. The loosened rules just allowed financiers who were not even bankers to sell the junk and get e.g. $20,000 commisions on $400K homes. Thom Hartman was talking about it this morning in the first hour -- you can download the podcast or mp3 for free this evening on www.WhiteRoseSociety.org .