Congressman John Campbell (R, CA, 48th Dist) indicates late Thursday that, regarding the $700 billion dollar bailout deal in Washington, it didn’t happen.
There was no agreement amongst the leadership or the two presidential candidates.
There is no proposal that currently has a sufficient number of votes in the House or Senate to pass.
Campbell is proposing that, instead of the government purchasing all the bad mortgages, everyone would have to buy mortgage backed securities. The government would be paid up front for a guarantee of value — government insurance, if you will. It is an “insurance model” instead of a “purchase model.”
Paulson and Bernanke spent the past two days together in meetings, but the major question asked is: Is this the right thing to do, and is this amount of money necessary?
Eric Cantor (R) from Virginia is leading the “insurance model” initiative.
Tomorrow morning’s opening bell, however, might foreshadow some low volume and dips. Folks are going to get rattled.
There will be no vote tomorrow on any package and perhaps not even this weekend as well.
How the market runs on Friday will have a great deal to do with the response of Washington. Doom and a “Come to Jesus” moment — or. . . ?
BZ
This is a chance for some serious Conservative leadership to be brought to the forefront, business as usual will NOT get it done this time…
The American economy may very well be about to take a HUGE hit but it’s time that some of these assholes, and I include Congress, the Senate and George W. Bush as well, it’s time they and their business partners take the blame for the total fucking they have given this nation…
And yes, I DID say Bush as well… Don’t be surprised, once the dust settles, for there to be information to surface with his name, or perhaps Cheney’s name, all the hell over it…
I know the bastard didn’t do it all by himself, he’s not that smart, but he may very well be implicated in much of it, I’d be pretty surprised if he wasn’t…
And I’d be ticked to hell and back if he could be proven guilty of felony charges…
Yeah, I know, some of the Bush Bots are going to rag on about how much of a libber I am, but anyone with a grain of sense knows I’m not a libber, I just happen to believe that Bush 43 is the biggest moron we’ve ever had in office, including Jimmy Peanuts…
Of COURSE Bush is complicit. He spent like a drunk thief AND allowed ILLEGALS to continue their rapine of our programs to INCLUDE the mortgage industry.
But comparing GWB to JC — I still WON’T go there. I believe that, to this point in history, Carter is THE worst president in our history. He gave AWAY the Panama Canal AND allowed every damned Marielito INTO this country — I can still recall “lipping” Cubans when I worked the jail in the early 80s. That and his essentially NON-response to the Iranian hostage crisis.
But I STILL blame FORD for his EO 11905 and its resulting EO 12333 under Reagan.
BZ
BZ
what about CLinton, back in the late nineties, getting kudos for encouraging people who can’t afford homes to get them and encouraging lenders to comply? That’s worth mention, isn’t it, as long as we’re passing guilt around?
The whole thing STINKS and, when this crisis is over, I BEG for term limits. THEn, maybe these dopes can do something FOR US rather than their doing nothing but posturing to look good in order to get elected next time. $$$$
I’m in Loudoun County Virginia, ground zero for illegals *and* sub-prime lending. It has flattened out here and has done so the last three months. Home sales are picking up, prices are inching up and the only thing left is to enforce the residency laws to get rid of the illegal’s flophouses and the violence that goes with them. Yeah, the County Michelle Malkin rags on for its asinine laws… guess what? The sub-prime loans are getting washed out here, without a dime of federal cash.
Sub-prime loans were never a large part of the housing market and residential real estate is a small part of the real estate market as a whole. This is only ‘huge’ to those who unwisely chose to do the ‘upgrade often’ deal… those who had over-priced homes in this area know that holding on to their place so close to DC is a long-term winner.
Flooding the market with assurances and/or cash does *not* get rid of the underlying legislation that caused this. That has to go. That is why people don’t want a ‘bailout’ plan: parts of the federal backing must die. And our government accept responsibility for acting in an authoritarian way by forcing those loans to go out the door.