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The Bush administration, through Hank Paulson, has just proposed a massive bailout of the financial industry. The proposal is blatantly unjust, since the taxpayers do not get value for the money. The proposal also incites massive corruption, by combining massive opportunities for insider dealing...

Eva, the discussion you cite is directed at the AIG and Fannie/Freddie bailouts. It doesn't cover Paulsen's proposal to give him a 700 billion blank check with no limits and no oversight until the election is over, he has spent all he wishes, and he is days from leaving office.

NSR, Paulsen is authorized to buy mortgage-related assets. The bill is incredibly vague and may not *prevent* him from doing AIG-style bailout, but it absolutely does not make him. The clear implication is that he will buy MBS at above-market rates and the sellers will reap 100% of the resulting...

Was this still going on Friday? Wednesday and Thursday we were in a liquidity trap, meaning that (essentially) all possible loans were expected to be worse deals than holding cash. That hadn't happened since the Great Depression. The massive worldwide central bank liquidity release, money market...

I'd have to give her a pass on defining "Bush doctrine" because I'm a political junkie and I couldn't define it either. What *does* disturb me is that she doesn't have anything cogent to say on the issue underlying the Bush Doctrine, which is when we should go to war. It means she hasn't thought...

<blockquote>She did not demand that books be banned from the Wasilla library. Some of the books on a widely circulated list were not even in print at the time. The librarian has said Palin asked a ?What if?? question, but the librarian continued in her job through most of Palin?s first...

Actually Obama has been trying to stop the mortgage fraud with a bill for aggressive enforcement since 2006. Had he been president there would have been far less fraud in 2007-2008 and a number of institutions, including WAMU, Fannie, and Freddie, all of whom are going down now because of vast...

Bush had no choice on the takeover. He was forced to do it by our Chinese paymasters who were getting upset that their Agency bonds were dropping so much in value. An inevitable consequence of his 5 trillion dollar debt and 600 billion/year deficits. He cut rich people's taxes so we'd have to...

<blockquote>The government will be one of their shareholders now so taking on or reworking the toxic loans would be counterproductive.</blockquote>In an economic sense, but the government isn't run for economic goals. It's very much in the Bush administration's interest to have the GSE's hoover...

Raines is a crook and should be in jail (along with dozens of other CEOs; you'll find no group with more examples of unpunished criminals). But Fannie and Freddie didn't cause the bubble and crash, and Raines' policies didn't get Fannie wrapped up in it either. The bubble was caused by...

My partner and I dropped by Stadium Lofts to take a look after our next door neighbor raved about them. Like many developments, they were good designs for somebody who wanted a certain kind of lifestyle but they were ridiculously overpriced. The complex feels like an ultra-deluxe apartment...

No_Vas speaks truth. My partner and I love our house, love the area, bought in 1997, have it almost paid off, and can easily afford the payment. You don't get a better situation for staying than that. All the same, I'm going to kick myself for the rest of my life for not having sold around 2006...

No VP nominee - ever - has needed to hide from the press while he/she "coordinated messages" with the nominee. Sarah Palin's not even ready to be interviewed by Bob Schaeffer - and people are trying to claim she's ready to negotiate with Putin, Hu, or Abdullah? And if she doesn't have at least a...

Neither Bush, Obama, nor McCain have any choice but to support this. The foreign central banks that are funding the government's massive deficit are also the ones who would be clobbered by a F&F debt haircut. Although the FCBs deserve to take a hike, no president can tell them to because a...

McCain has not flipflopped on abortion, which he has always opposed. He *has* flipflopped on repealing Roe v Wade: <blockquote>But on Sunday [August 22, 1999], in an interview with CNN's Wolf Blitzer, McCain said he favors the ultimate repeal of Roe vs. Wade, "but we all know, and it's...

McCain's shocking error isn't really about Bristol's pregnancy. Palin has an entire closet of nasty skeletons - Troopergate, book suppression, pork barrel politics, leaving Wasilla with a MASSIVE new debt, flipflopping on the bridge to nowhere, etc. Bristol's pregnancy and the weirdness around...

Any tax increases because of this bailout are Bush tax increases. Now that he's guaranteed their debt, future Presidents and Congresses will have to pay for it. It doesn't matter who gets elected. From the WaPo and NYT accounts it's not yet been announced who is getting how much of the...