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Former President Bush's 700 Bailout

Discussion in 'Political Zone' started by ABQCOWBOY, Mar 10, 2009.

  1. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    Do most of you believe that Bush's 700 Bailout Bill was necessity or do you believe that the Bill was for something other? Do you believe that the Bill was passed to protect the Federal Reserves and prevent a run on the Banks or was it something other?
  2. Cajuncowboy

    Cajuncowboy Preacher From The Black Lagoon

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    I don't think it was necessary since it obviously didn't work and now we had to go and do it all over again to the tune of 1 Trillion.

    It's all a bunch of stupidity.
  3. Dallas

    Dallas Old bulletproof tiger

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    FYI: Pilosi is already talking up ANOTHER stimulus bill.



    More to come.
  4. BrAinPaiNt

    BrAinPaiNt Brotherhood of the Beard Staff Member

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    W would never lie...so it had to be necessary. :p: ;)
  5. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    To be honest, I don't think President Bush had much to do or say about the 700. He actually only wanted 400 Billion, based on his original request. His request were based on discussions with the FedResBrd. Basically, they were out of money and needed an infusion of cash to prevent default on Federally Funded Loans. That's where the first part of the Tarp went.

    Do you believe that this was a situation that he had to do?
  6. JBond

    JBond Well-Known Member

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    I think Bush was scared out of his pants by the run on the banks that occurred shortly before he announced TARP. He claims that is what put him over the top to support it. Now why there was a massive run on several banks and if it was orchestrated with the intent to push Bush over the top is a different question.

    We know George Soros is famous for his money games. Joe Keneddy and his buddies were important factors leading us into the great depression, so it's happened before.
  7. Doomsday101

    Doomsday101 Well-Known Member

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    I said here I was against it when Bush was in office and I'm still against these so called stimulus bills that in the end will only sink us further in the hole.
  8. DFWJC

    DFWJC Well-Known Member Zone Supporter

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    There has always been something very dicey about the independence and corruption of the Fed Reserve. Yes 400 Billion was the Bush target but think how obsurd that sounds..."only wanted 400 Billion".

    Having said that, there is giant difference between a bailout of the central bank --which relate to the entire economy--then a bailout that includes entire policy changes while locking in enormous and permanent increases in spending for generations to come.

    In any case, I dislike both bailouts but prefoer the former to the latter.
  9. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    It's was reported that 500 Billion was pulled out of the banking industry just prior to drafting the original 4 page request or whatever it was. That did happen. The question is, did he do the right thing or not? I did not agree with the 700 because there was no oversite. However, I understood why he did it and why he was affraid if it was not passed.
  10. JBond

    JBond Well-Known Member

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    How can Obama not see what happened in Japan during "the lost decade" after blowing $7 trillion with horrible results. Is he stupid or are the crazy right wingers not so crazy and he is going all in with socialism?
  11. Doomsday101

    Doomsday101 Well-Known Member

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    I think we are moving more towards socialistic form of Government where they will be more involved in our lives than ever before.
  12. JBond

    JBond Well-Known Member

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    Being a free market capitalist I was against the bailout from the start for many reasons. There were many other free market solutions he could have taken. My children should not be forced to pay for the greed and corruption of both the bankers and the government that allowed, and at times encouraged, the reckless road we have gone down.
  13. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    Actually, I'm not sure that there were many options he could have inacted immediatly. If, as reported, the FBR were depleated, he would have had to infuse cash from somewhere almost immediatly. I am not an expert on this so perhaps there were other option but I don't know how else you would have solved that except by an infusion of funds immediatly. I don't think we needed 700 and to his credit, he didn't ask for 700. He only asked for something like 350 but the rest was tacked on as it went so.......

    I guess the point I'm trying to get at is, funds Bush requested were not for special interests or not ment for anything other then emergency usage. I don't believe he was trying to pull the wool over on us. I think he was affraid of what would happen if anybody found out and made a run on the banking industry. Right or wrong, I believe that this is what he believed.

    That is not the same as what is going on now. I hear too many people saying that Bush did it first and that is a true statment but, I believe Bush did it to try and head of what he believed to be a disaster. I don't believe that what is going on now is the same thing at all.
  14. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    I agree with your opinion here. It sure would be nice to know what Bush was told by Paulson.
  15. jrumann59

    jrumann59 Well-Known Member

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    Paulson: YOu SOB you want me in charge of all this money, while you get to go off into sunset in a car with blown shocks and 4 flats.

    GWB: Thats right, your doing a good job Paulie.
  16. burmafrd

    burmafrd Well-Known Member

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    Paulson looked to be about out of his depth as much as Geitner does now.

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