The 'bailout' is about people whose votes have been bought stay bought

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Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
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Here it is in a nut shell and acorn nutshell. Rush Limbaugh has got it right!
Fannie mae and Freddie Mac were turned into some kind of wild west hedge funds by the democrates
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So what got us here? Well, you can say "white guilt" got us here, political correctness got it here, or a combination of all those things. Democrats' desire to socialize the country got us here. Efforts to stop it failing -- and we're on the verge of even more of it, ladies and gentlemen. Stanley Kurtz has been researching Obama, and he has a great piece today. Let me just give you a couple excerpts. "What exactly does a 'community organizer' do?" and one thing a community organizer does, if he's Barack Obama, is pressure banks to make bad loans. Obama's fingerprints are over this, too, because his group ACORN is all involved. The Community Reinvestment Act "was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now), and a group that is constantly engaged in illegal voter registration, among other things.

"That has provided an opening to radical groups like ACORN ... to abuse the law by forcing banks to make hundreds of millions of dollars in 'subprime' loans to often uncreditworthy poor and minority customers. Any bank that wants to expand or merge with another has to show it has complied with [these community redevelopment things] -- and approval can be held up by complaints filed by groups like ACORN. In fact, intimidation tactics, public charges of racism and threats to use CRA to block business expansion have enabled ACORN to extract hundreds of millions of dollars in loans and contributions from America's financial institutions." Think of ACORN as a thousand Jesse Jacksons, in terms of shaking down companies and institutions.

"Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets," and by the way, speaking of that, Obama did it again in the debate (which we're going to get to). He said that our reputation in the world, I think everybody would agree, is not what it once was. He said it in Berlin' he said it to a seven-year-old kid asking him why he wants to be president. Frankly, I am fed up with it. Because, folks, if you want to know our reputation around the world -- to the extent that it is -- is in disrepair, you might take a look at the fact that a bunch of foreign banks were lied to by US institutions who said these subprime loans were AAA paper. You can buy 'em up. Do you know where bailing out foreign banks that do business on the United States on this basis because they bought up some of these assets?

So all this talk about how our image in the world has been dinged or damaged, let me tell you: to the extent that that's true, people in financial institutions around the world are saying, "What have you done to us? You've made us take on this worthless garbage paper. What have you done to us? What are you doing to your financial system?" It ain't about Iraq. It ain't about the war on terror. So there is Obama running around talking about how we've lost our esteem. That aggravates me like you cannot believe. We're going to analyzed the debate as things shake out as the program unfolds before your very eyes. Of course Obama is as close to ACORN as anybody can be, closer to ACORN than anybody ever seeking the presidency. And ACORN went out and put their own pressure on these banks and lending institutions, political correctness pressure -- take it, you know, whatever it is -- to spread this misery far and wide under the terms and definitions of things like affordable housing.

I think there's something more devious than that going on. We know several things institutionally. We know that's left wants as large a government as possible. We also know the left wants as many citizens in this country depending on government, not just for their needs but for their wants as well, but particularly their needs. We also know that owning a home in this country has been one of the most desirable things people have had. Many people, most people work themselves to the bone to be able to save up for a down payment, to be able to qualify -- and all of a sudden, the Democrats and the Clinton administration came along and said, "Why make it so hard on people? It's unfair. Let's just get 'em into homes. Let's threaten the lending institutions to loan 'em money they can't pay back. As long as home prices keep going up, this is not going to be a problem. It will be fine." Well, everything goes up goes down eventually. It's galled gravity. It's called supply and demand. It's called economic cycles, and we're where we are. So now the bailout is about making sure that all these people whose votes have been bought stay bought.
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House of Reps. Bailout Vote is TODAY -- Call Your Congressman NOW to Say NO BAILOUT:

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ALERT: Our Congressmen and Senators spent all weekend cooking up a "bipartisan compromise" BAILOUT bill -- and they want YOU AND ME to pay for it, for the next few DECADES!

WE MUST STOP THEM TODAY!!!

The Federal Reserve's ("Fed's") recent bailouts of Fannie Mae, Freddie Mac, and AIG have cost American taxpayers hundreds of billions of dollars, and the price may ultimately be in the trillions.

The current economic turmoil is a direct result of the Federal Reserve's artificial lowering of interest rates -- which spurred major banks and other corporations to back bad mortgages.

Now, Treasury Secretary Henry Paulson (former CEO of Goldman Sachs) and Federal Reserve Chairman Ben Bernanke want American taxpayers to take on $700 billion in these bad mortgage-related assets…

And our spineless, gutless, poor excuses for “leaders” on Capitol Hill are ready to SELL US OUT, and drive the U.S. economy into the dirt for YEARS to come --

Unless WE stop them, TODAY!

TAKE ACTION: The Federal Reserve's authority to use taxpayer money to bail out Wall Street must be revoked and the "Fed" must be held accountable. We, the people, need to let OUR REPRESENTATIVES in Washington know that it is time to END the Federal Reserve's stranglehold on our economic future!

THIS IS AN EMERGENCY. The House of Representatives is supposed to vote on this "Bailout Bill" TODAY. DEMAND that they reject the Paulson and Bernanke plan to prop up reckless banks at YOUR expense. Please call the Capitol Switchboard number below NOW to tell YOUR Representative to REJECT the Paulson and Bernanke plan to prop up reckless banks at your expense:

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I agree Mr Zimmer your comments about why the bill has failed makes good sense.
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Shocked the Bailout Plan Failed? You Shouldn't Be.
Posted by Robert Zimmer on 09.29.2008

Common sense about the roots of the bailout's failure in Congress, and how to move forward.

Many in the media and political establishment are shocked that the economic bailout plan failed to pass the House of Representatives today. They shouldn't be. Pundits seem puzzled by what happened and I've heard precious little talk of how we salvage things and go forward. Anybody with a pulse on the wrist of the average person in this country senses why public opposition to the bailout is so overwhelming. Those that don't get it are failing on a basic level to understand the mood of the country. Here's why the bill failed:

1. A revolt among conservative ideologues. For this group, this bailout was dead on arrival as it represents a death blow against the principle of unregulated free market capitalism, in favor – as they see it – of out-and-out socialism. They are sick of Bush's runaway spending and his sellout of conservative principles. This group is composed of the far right wing of the Republican party, plus the few libertarians left in the party (the Ron Paul wing).

2. It failed the bullshit detector with blue-collar voters. Those who are living this tough economy every day in their lives, who don't own day trade or large investment portfolios, fail to see the connection between the abstraction of Wall Street and stock market troubles and the kitchen table economic issues framing their lives. All the bailout looks like to them is more idiotic government spending to bail out corrupt rich people who got themselves into this mess and want to stick the taxpayers with the bill. This group includes plenty of Republicans, Democrats, and independents, and it's the largest public constituency that opposed the bailout.

3. Revenge of the anti-Bush left. Some pure ideological leftists simply oppose on principle any expensive proposal, domestic or abroad, brought forth by President Bush and accompanied by the worn-out "just trust us" line from the White House. Bush is dead to them. These folks tend to be more affluent, and are less connected to the average blue-collar American. Anything that stinks of Bush, whether a good idea or not, causes violent opposition with these leftists.

Combine these three groups and it's easy to understand why members of Congress were deluged with phone calls, e-mails, and faxes opposing the bailout as voted upon. Without a doubt, political shenanigans within and between the two political parties had something to do with the bailout's failure, but in large part voter pressure on Congressional members up for re-election is behind what happened today.

Meanwhile, the stock market lost 777 points today, the largest loss in American history. In more concrete terms, this represents a loss of hundreds of billions of dollars in American investments. While not all Americans have stock portfolios, a large percentage do have 401(k) plans that took a huge hit today and lost significant value. Wachovia (my bank, incidentally) failed today. We will be in a deep recession by next year -- not a mental recession, but a very real one, bailout or not.

Congressional action is imperative and leaders of both parties need to set aside the partisan garbage and get legislation passed by the end of this week, no exceptions. What a disgraceful performance by the legislative branch over the past few days. Obama and McCain should both step up and lead, or get out of the way. If Congress at large doesn't pass a new bill, they should all lose their jobs. Members should pledge to their constituents back home that they will resign if a new plan, with overwhelming bipartisan support, isn't on the president's desk by Friday night.
But lets not leave out of the plan legislation to repeal the bad legeslation that congress has passed that brought about this fabricated crisis. Remember congress
is to blame for the mess. Fannie mae and freddie mac were turned into wild west hedge funds run by the democrates for votes. This is a fact and the truth.

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Congressman Mike Pence has a good answer for this crisis

PENCE OPPOSES BAILOUT
"There are no easy answers, but the American people deserve to know there are alternatives to massive federal spending

Congressman Pence was the first lawmaker to oppose the Bush Administration's proposed bailout plan and continues to maintain his opposition

Republican Study Committee Alternative Plan


Washington, Sep 29 - U.S. Congressman Mike Pence gave the following speech from the floor of the U.S. House of Representatives today regarding the bill to bailout the financial services sector:

“I rise in opposition to the Emergency Economic Stabilization Act, and urge my colleagues, respectfully, to oppose it.

“Our nation has been confronted by a crisis in our financial markets. The President and this Congress were right to act with all deliberate speed in addressing this crisis.

“And we now have a bill that promises to bring near-term stability to our financial turmoil, but at what price?

“Benjamin Franklin said in 1759: ‘They that can give up liberty to purchase a little temporary safety deserve neither liberty nor safety.’

“Economic freedom means the freedom to succeed and the freedom to fail.

“The decision to give the federal government the ability to nationalize almost every bad mortgage in America interrupts this basic truth of our free market economy.

“It must be said, Republicans in this Congress improved this bill, but it remains the largest corporate bailout in American history, forever changes the relationship between government and the financial sector, and passes the cost along to the American people. I cannot support it.

“There are no easy answers, but the American people deserve to know there are alternatives to massive federal spending.

“The Bush Administration and this Congress have acted quickly but have largely ignored free market solutions to this crisis. The House Republican plan, as a solid alternative, would have set up an FDIC-style mandatory insurance program in which Wall Street firms would have paid to insure their mortgage-backed securities. Doing so would have made Wall Street pay the cost of this rescue, instead of Main Street.

“And while there is an option for an insurance plan in this bill, it falls far short of the substitute that Republicans desired.

“The House Republican plan would have injected liquidity into our markets through fast-acting tax strategies, releasing the economic power inherent in the American economy.

“Temporarily reducing the repatriation tax, as we did in 2005, would have brought hundreds of billions of dollars back into this economy, and the other business deductions would have helped the financial sector back on its feet.

“There were alternatives.

“So, I say to my colleagues, before you vote, ask yourselves why you came here, and vote with courage and integrity to those principles.

“If, like me, you came here because you believe in limited government and the freedom of the American marketplace, I urge you to vote in accordance with your convictions.

“Duty is ours, outcomes belong to God.

“The American people and our posterity deserve to know that there were men and women in this Congress who opposed the leviathan state in this hour.

“And if you do this, I promise you, I will stand with you and I believe with all my heart the American people will stand with you as well.

“Stand up for limited government and economic freedom. Stand up for the American taxpayer. Reject this bailout and vote ‘no’ on the Emergency Economic Stabilization Act.”

PENCE OPPOSES BAILOUT