Rachel Maddow Show: Pat Buchanan on Bailout

[eternalwanker]

Buchanan seems more and more like a benevolent grandfather. What is going on?

[j9zig]

No way. This bill would have been rammed thru already with Dems and the Bush Admin agreeing. It is the House Republicans that derailed the giveaway and McCain drawing attention to their objections.

[j9zig]

Federal Housing Regulatory Reform Act of 2005 S. 190

"For years I have been concerned about the regulatory structure that governs Fannie Mae & Freddie Mac known as Govt sponsored entities or GSEs & the sheer magnitude of these companies & the role they play in the housing market. The report solidifies my view that the GSEs need to be reformed without delay. I urge my colleagues to support swift action on this GSE reform legislation."

John McCain, Senate Floor, 5/25/2006

[waltermh111]

Will businesses learn anything if they know bailouts are always around and CEOs wont have to lose their jobs no matter what they do? and i have yet to hear any politician mention what penalty the leaders of any of the companies will have to pay.

I think most of us know that in fact, in big business, failure is usually rewarded with bonuses.

I say as harsh as it is right now, I would rather pay the price right now while people remember what we are paying for, now later when people have forgotten.

[waltermh111]

But what impact will we all feel in the short term? Nothing. We wont have taxes raised right now to pay it off.

We wont notice that 700B costing us anything until maybe a few years down the line when we run out of credit with some country. Or when budgeting becomes a political issue. But will we remember why our debt is so large?

Do most americans even now remember why our debt is so large?

[waltermh111]

What happens when we bail them out is we simply delay the crashing of our economy for later, because we dont have 700B, and especially not the 1Trillion+ that its likely to cost us.

We will have to borrow it as usual.

That is more debt, one expert even mention the feds having to print even more money. That further weakens the dollar.

Maybe higher taxes in the future for all of us,to pay for it.

Less federal programs as budgets are further cut to pay off debt.

[kargenlewis]

jesus pat. your first sentence is a programmed republican talking point. that was all i had to hear to know this interview is bs. next!

[yetigoose]

Consider the following: McCain blusters about this 'deal', makes a lot of loud noises but accepts the plan virtually unchanged at the eleventh hour. Goes to Mississippi - what is he going to say? Press coverage before and after will be massive. Prepare for the lies of the century!

[waltermh111]

The banks brought this on themselves, they need to pay for it.

Also, people blaming this on the CRA are simplifying the issue to fit their agenda.

Many proponents of the CRA cautioned banks to be responsible about loans.

Banks are on record as fudging the rules for their own gain. Cooking the books/going beyond safe protocal to get loans out.

The CRA did not force banks to give loans to 100% of people that asked for them. The banks just had more leeway to make better deals for loan applicants.

[TheRedPriestofVenice]

I'm an Obama supporter but I do agree with Pat B. -- this bailout plan is a pig. I actually do hope the Rupubs kill it and come up with something better. I have to really question, though, if McCain deserves any amount of credit. He came out in favor of the Paulson bailout on Tuesday, so if he changes his mind about that he's going to look really flaky. Yet again!

[waltermh111]

well, the repubs were for the paulson bailout until just a day ago also.

Even then, it is some republicans were proposed this plan in the first place. So how would the republicans come up with something better.

I do agree though that the bailouts are a bad deal and i am disappointed that Obama is going along with it.

The fact is that we will be hurting whether the bailout happens or not. But the banks will only hurt if the bailout doesnt happen.

[KingQuad75]

Same here, I'm an Obama supporter myself. Right now I'm looking at this as the lesser of two evils and the two "what if's". What if we don't bail out these companies? What if we do? What are the potential consequences of each action? If this is truly necessary and the $700 billion is infused into the system, I want to know that there are provisions to where those CEO's and execs who messed up in the first place won't see any of that money into their bank accounts.

[waltermh111]

All i keep hearing from the democrats is how they want to protect americans while protecting the companies, but i have yet to hear more then soundbites out of them. Maye i missed some detailed explanation they made if somebody has a link, but i still have no idea how they plan to help anybody but the businesses.

the economy honestly needs to crash, sort of a reset. Something we can all hopefully learn from, like the last time.

[PoffyTheCucumber]

Apparently, "suspending your campaign" means "polls are down and I'm too gutless to debate"; means not telling your campaign that you're suspending it; means still running smear ads; means trying to parachute in like John Wayne, while they've teased out a plan before you arrive; means skulking back home with your tail between your legs; means the incumbent party salvaging your necrophilic ass whilst they and you simultaneously jump the shark with your ludicrous, un-sane activities.

[crazytvfan815]

Pat, you mean "telegram", not "telegrams", because you're the only one who still uses them.

[unclejemima83]

did he refer emails as telegrams?

[lobstrosity25]

Telegrams?

[benjamarie]

Did he just say telegrams???

[OBAMACHICK3]

"THE FUNDAMENTALS OF THE ECONOMY ARE STRONG."

- John McCain 9/15/08

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━━━━┃　┃━━━━┗━┳┳━┛No More Bullshit.

_./'\._

*•. .•* *Obama/Biden o8!! Vote4 REAL Change!!

/.•*•.\ ★°° ★°° ★°° ★°° ★°° ★°° ★°°

[CatholicConversion]

@OBAMACHICK3 This economic disaster was created primarily from government intervention because the political class does not have the courage to say that the poor, or disinfranchized deserve a basic income or subsidization for housing assistance ect.

That was the cause along with the Fed printing to heaven, and (drum roll) the bailing out and implicit guarantees of future bailouts creating moral hazards.