Newt Gingrich: Kill the Paulson Plan. Hard.

plan is good

A few times a century government intervention is absolutely required in financial markets to stop the spread of fear. People who don't really understand are chiming in on an emotional basis.

Opposing this plan is a GREAT idea if you would like a Depression.

Will of MI @ Sep 27, 2008 10:25:23 AM

Bailout plan

Politicians passed a bill that forced banks to revalue their loan securities. This was one of the primery reason that these investment banks failed. Do we really think tjhat these same politicians have a sound economic plan for the bailout?

However we keep voting the same professional politivians back into office and things keep getting worse. The only differance between the politician and those who veted in him is that the politician becomes very wealthy by taxing those who voted him into office.

Regardless of party, throw the bums out,

Hank of AZ @ Sep 27, 2008 01:28:48 AM

Bailout plan

Politicians passed a bill that forced banks to revalue their loan securities. This was one of the primery reason that these investment banks failed. Do we really think tjhat these same politicians have a sound economic plan for the bailout?

However we keep voting the same professional politivians back into office and things keep getting worse. The only differance between the politician and those who veted in him is that the politician becomes very wealthy by taxing those who voted him into office.

Regardless of party, throw the bums out,

Hank of AZ @ Sep 27, 2008 01:27:36 AM

NEWT

Imagine how funny it would be if Obama had to debate Newt, instead of McCain. Newt is a true visionary, with real plans, and Obama is a glorified Al Sharpton, with nothing in his mouth but left-wing rhetoric and an army of mainstream media types trying to convince the American people he's actually saying something.

Eric of CA @ Sep 27, 2008 00:56:20 AM

Conservatives unwise to reject the dire warnings of Paulson, Bernake and Bush

Reading this thread is extremely depressing. I understand the anger. I understand the resentment and even the Democrast-like class warfare resentment of the Wall Street "Fat Cats".

This is not about bailing out "greedy Wall Streeters". it is about saving teh US economic system which is in trouble of a major run on it's commercial banks ( which has already commenced.)

But there is also a fair amount of "greed" and outright fraud at work among BORROWERS who gamed the system.

But all that is irrelevant to the URGENCY at hand. The credit markets are on the brink of collapse.

Do you all know what that means? No credit? No economy. JOb losses increase exponentially. Serious recession if not depression.

There is a desperate need ro liquification of illiquid assets that are NOT "worthless". The US Governement wil lbuy assets on the cheap as JP Morgan just did (again).

The taxpayers are also investors and savers and businessowners and workers.

You al lsound like an angry lynch mob with reason being sacrificed for revenge.

Forget revenge and THINK. I am a professional invesment advisor and have managed financial investments for 27 years.

Ask yourselves this: Except for academics ( tenured), how many folks who are in a position to know what is truly happening have you heard come out and say that the dangers are being exxagerated?

Even populist Bill O'Reilly gets it.

Folks. Wake up. This is serious. This cavalier attiturde of " don;t do anything" will produce a cost tot eh US "taxpayer" far greater than a $700 billion INVESMENT in the US Economy's rescue.

Listen to Charles Krauthammer. Unlike Newt? He gets it.

Charles Krauthammer

Friday, September 26, 2008

WASHINGTON -- Treasury Secretary Henry Paulson went to Capitol Hill seeking $700 billion. He got an earful. Now, $700 billion is a serious sum, and Congress has the fiduciary responsibility to make sure the money it appropriates goes for a good cause. But from the indignant congressional demands for a laundry list of quid pro quos, you would have thought Paulson wanted it for his personal use.

In fact, Paulson is a lame duck. In four months, he is gone. Paulson is asking for the money not for self-aggrandizement but for the same reason Fed Chairman Ben Bernanke and the markets are asking for it: to prevent the American economy from going over a cliff.

Some disdain that assessment as hypothetical. Paulson and Bernanke, who actually peered into the abyss on Black Thursday (Sept. 18), think otherwise. They're not infallible, but prudence dictates not risking the economy on the opposite bet.

The stock market dive and the seizing up of the credit markets convinced them that their ad hoc Bear-yes, Lehman-no rescue of investment firms had not only reached a dead end, but was actually making things worse. It had added uncertainty to a situation in

Steve from Miami of FL @ Sep 26, 2008 23:59:30 PM

This should be a bad dream

USA Today had a list of the campaign contributions from the financial services industry to members of the House Financial Services Committee and the Senate Banking Committee since 1989. Senator Dodd led the parade with over 13 million dollars with Charles Schumer a close second at almost 12.8 mill. Talk about the foxes guarding the chicken coop. (Page 4A 9/25/08)

I also read that Richard Fuld, who oversaw the collapse of Lehman Brothers, will get to keep the $466 million the firm paid him over the years. Is that typical of this mess?

So, the solution is to ask us to buy toxic paper that no one else wants? That's throwing borrowed money after bad money.

Surely someone can come up with a better idea than that. And these deadlines are just an attempt to keep the real story from

getting out. What is the interest on 700 billion? No one will want to invest in America after this.

Any company that wants a bailout should be required to contribute their ill gotten gains. I am sure these folks all have plans to leave the USA for greener pastures. $466 million would be a good start

on buying up these toxic mortgages.

I am an old man with little time left but I feel for our young people who will have to bear the consequences of all this greed.

Jim of MA @ Sep 26, 2008 23:47:36 PM

Bailout of Criminals All

What did you say COMRADE?

Neit!

Opagene of MA @ Sep 26, 2008 21:44:34 PM

bailout

Newt for President! Why should we bail out a bunch of corrupt and greedy banks, and a bunch of stupid people who should have known they couldn't afford their McMansions? Let them go under and let the economy take its lumps. It will happen sooner or later anyway. Lets get it over with and maybe we can make a better start after the dust settles. This has been coming for many years and the longer it takes, the harder the fall will be.

ronnie smith of KS @ Sep 26, 2008 19:50:05 PM