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Bush, Iraq, and the financial industry bailout - 11/19/2008 5:51:10 PM

rulemylife

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I initially supported the bailout, but having seen the course it has taken I was struck by how similar it was to the way the Bush administration handled Iraq.

We were told in both cases of imminent danger and the need to act quickly. without adequate confirmation or investigation.

Also, in both cases, the original reasons and solutions have changed into something far different than was originally presented.

Ohio.com - Bailout backtracking rattles investors
Nov 19, 2008 ... Akron, Canton, Cleveland and Northeast Ohio News, ... Published on Wednesday,
http://www.ohio.com/news/nation/34726339.html Robert Eisenbeis, a former Atlanta Fed economist now with the hedge fund Cumberland Advisors, likened Treasury's piecemeal approach to water torture and said it hasn't helped business or consumer attitudes.
Because ''scare tactics were used to stampede a vote'' on the bailout legislation, Eisenbeis said, Treasury's turnabouts suggested ''a lack of understanding of what the problems were to start with.''
''If the program has morphed so rapidly, it really implies something about credibility,'' he said.
Paulson, on Capitol Hill on Tuesday for a hearing of the House Financial Services Committee, was lambasted by lawmakers for his stewardship of the program.
''You seem to be flying a $700 billion plane by the seat of your pants,'' Rep. Gary Ackerman, D-N.Y., told him. ''It seems to be the second-largest bait-and-switch scheme that history has ever seen, second only to the reasons given to us to vote for the invasion of Iraq.''

< Message edited by rulemylife -- 11/19/2008 5:53:41 PM >

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RE: Bush, Iraq, and the financial industry bailout - 11/19/2008 5:54:54 PM

slvemike4u

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I have been reliably informed it all comes down to perpetuating a system whereby we "reward failure".I have been told this so often that I have decided to respond to every thread in this manner.

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RE: Bush, Iraq, and the financial industry bailout - 11/19/2008 6:08:36 PM

DarkSteven

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I was (and am) dumbfounded that any Congress, let alone one that was elected with a mandate to stop Bush's insanity, would have rolled over on the bailout. I am firmly convinced that the bailout is counterproductive and will result in credit being frozen longer than otherwise.

Now the entire capitalist system plutocracy is gathered at the trough, hat in hand, while still blowing through money like free air.

Government with no sense of honor, meet CEOs with no sense of pride.

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RE: Bush, Iraq, and the financial industry bailout - 11/19/2008 6:20:29 PM

slvemike4u

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Well in a surreal moment on the hill today that same Congress lambasted the CEO's of the big three,who had all flown to Washington ,hat in hand asking for help,by private jet....Priceless.

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If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4

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RE: Bush, Iraq, and the financial industry bailout - 11/20/2008 12:09:05 AM

TheUtopian

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quote:

ORIGINAL: DarkSteven

I was (and am) dumbfounded that any Congress, let alone one that was elected with a mandate to stop Bush's insanity, would have rolled over on the bailout. I am firmly convinced that the bailout is counterproductive and will result in credit being frozen longer than otherwise.

Now the entire capitalist system plutocracy is gathered at the trough, hat in hand, while still blowing through money like free air.

Government with no sense of honor, meet CEOs with no sense of pride.

I'll tell ya what.....It speaks volumes when guys like Limbaugh and Savage repeatedly say that Wall Street is running/ruining the country, and Paulson, Cox and Bernanke oughta be in Pelican Bay at the mercy of Bubba and the brown-eye squad....

- R

< Message edited by TheUtopian -- 11/20/2008 12:10:24 AM >

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RE: Bush, Iraq, and the financial industry bailout - 11/20/2008 2:03:23 AM

atursvcMaam

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quote:

ORIGINAL: slvemike4u

Well in a surreal moment on the hill today that same Congress lambasted the CEO's of the big three,who had all flown to Washington ,hat in hand asking for help,by private jet....Priceless.

Yeah, ya think they could have carpooled.

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RE: Bush, Iraq, and the financial industry bailout - 11/20/2008 2:17:09 AM

tweedydaddy

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Bit of a difference between going in to give an already defeated enemy an unecessary kicking prior to hanging him, and saving your entire economy from total collapse I feel.

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RE: Bush, Iraq, and the financial industry bailout - 11/20/2008 2:46:01 AM

rulemylife

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quote:

ORIGINAL: tweedydaddy

Bit of a difference between going in to give an already defeated enemy an unecessary kicking prior to hanging him, and saving your entire economy from total collapse I feel.

I was presenting the similarities in the ways the two situations were handled, not comparing them.

If you read the link then you realize the initial bailout was intended to stabilize the banks by the government purchasing the risky loans they undertook that eventually failed. This is not what is happening. In fact, no one is sure what is happening, other than the banks that have been given money have used it to acquire other banks at virtually no cost due to the bailout funds and the subsequent tax breaks that the Treasury Dept. surreptitiously enacted.

Is this a case of an imminent economic collapse or one last jewel in Bush's crown of mismanagement and malfeasance?

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