Thursday, September 25, 2008

Bailout Bill Halted by House Republicans as Government Seizes WaMu

As I sit here on my perch from left-wing Massachusetts, I am flabbergasted that it is House Republicans that have to scuttle a deal between the DEMOCRAPS and BUSH!! Have they learned NOTHING?!!!

Sometimes I rage because I because of the disillusionment over false-friend Democrats and the "liberal-left," etc. I'm not going to do that here, because the rule now is LATCH ON to WHATEVER CAUSE will help PREVENT TYRANNY no matter WHICH SIDE of the AISLE!!!

"Bailout deal stalls as GOP lawmakers revolt

WASHINGTON (AP) — A Republican revolt stalled urgent efforts to lash together a national economic rescue plan Thursday, a chaotic turnaround on a day that had seemed headed for a success that President Bush, both political parties and their presidential candidates could celebrate at an extraordinary White House meeting.

Weary congressional negotiators worked into the night, joined by Treasury Secretary Henry Paulson in an effort to revive or rework the $700 billion proposal that President Bush said must be quickly approved by Congress to stave off potentially "a long and deep recession."

They gave up after 10 p.m. EDT, more than an hour after the lone House Republican involved, Rep. Spencer Bachus of Alabama, left the room. Democrats blamed the House Republicans for the apparent stalemate.

Blamed them?!!! They OUGHT to be THANKING THEM!!!!!!!!

Those conservatives have complained that the plan would be too costly for taxpayers and would be an unacceptable federal intrusion into private business.

Talks were to resume Friday morning.... but conservatives were still in revolt, balking at the astonishing price tag of the proposal and the hand of government that it would place on private markets. Sen. Richard Shelby of Alabama, the top Republican on the Senate Banking Committee, emerged from the session to say the announced agreement "is obviously no agreement."

One group of House GOP lawmakers circulated an alternative that would put much less focus on a government takeover of failing institutions' sour assets. This proposal would have the government provide insurance to companies that agree to hold frozen assets, rather than have the U.S. purchase the assets.

Rep Eric Cantor, R-Va., said the idea would be to remove the burden of the bailout from taxpayers and place it, over time, on Wall Street instead. The price tag of the administration's plan to bail out tottering financial institutions — and the federal intrusion into private business matters — have been major sticking points for many Republican lawmakers.

"I'm feeling somewhat puzzled at this point," said Rep. Barney Frank, D-Mass., the Financial Services Committee chairman who has been leading negotiations with Paulson. "We're closer to a deal among the House Democrats, Senate Democrats, Senate Republicans and the administration. ... We seem further away with the House Republicans."

"Sen. McCain and the president between them ought to be able to get House Republicans back to the table," said Frank.




So what does the fscista government do in response? SEIZE a COMPANY!!!

"Government Seizes WaMu and Sells Some Assets" by Eric Dash and Andrew Ross Sorkin

Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night, in what is by far the largest bank failure in American history.

The seizure and the deal with JPMorgan came as a shock to Washington Mutual’s board, which was kept completely in the dark: the company’s new chief executive, Alan A. Fishman, was in midair, flying from New York to Seattle at the time the deal was finally brokered, according to people briefed on the situation. Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates.

Let the LOOTING BEGIN, 'eh?!!!!

Federal regulators had been trying to broker a deal for Washington Mutual because a takeover by the F.D.I.C. would have dealt a crushing blow to the federal government’s deposit insurance fund. The fund, which stood at $45.2 billion at the end of June, has been severely depleted after suffering a loss from the sudden collapse of IndyMac Bank.

Translation: the FDIC ain't gonna do POOT for you, folks!!

Those deposits you thought were insured? Nope!

Until recently, Washington Mutual was one of Wall Street’s strongest performers. It reaped big profits quarter after quarter.


How's that butt-hole feeling, 'murka? Quite a reaming you are getting.