Slog - Comments on Bailout Deal Imminent http://slog.thestranger.com/2008/09/bailout_deal_imminent Via the New York Times, Wall Street Journal, Bloomberg and the Washington Post: House and Senate negotiators emerged from a closed-door meeting today and said they have reached agreement on basic principles governing a massive financial rescue plan that they hope to pass soon but that is running into stiff resistance from some House Republicans.... Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, told reporters after the three-hour meeting, "We've reached fundamental agreement on a set of principles" to guide the financial rescue plan, and he said Congress could pass a bill within days. He said the... Copyright 2008 Thu, 25 Sep 2008 14:15:03 -0800 Thu, 25 Sep 2008 16:51:36 -0800 http://www.movabletype.org/?v=3.34 http://blogs.law.harvard.edu/tech/rss Comment by Bellevue Ave golob, baby steps. if you aren't going to allow a crisis to happen, you're only going to get baby steps.

]]> Bellevue Ave http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150547 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150547 Money Thu, 25 Sep 2008 14:22:03 -0800 Comment by Bellevue Ave and you really don't want the alteration of mortgages for a two reasons;

1. You place a floor on home prices which keeps new entrants out of the market(And a lot of people that knew better than to believe in the bubble). Should we really support home prices 4-6x median income because a lot of people bought the myth?
2. You aren't saving people from inevitable collapse of their financial position. If people can't afford their payments before the rate went up how is it a salvageable situation.
3. It will require an overhaul of how credit is extended to people based on their history which might be good, but can also be bad.

]]> Bellevue Ave http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150563 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150563 Money Thu, 25 Sep 2008 14:36:06 -0800 Comment by Bubba The Love Sponge Why should people who were fiscally irresponsible get bailed out by the government? Worse yet..why am I ...a fiscally responsible citizen going to pay the tab?

]]> Bubba The Love Sponge http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150573 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150573 Money Thu, 25 Sep 2008 14:44:31 -0800 Comment by Jubilation T. Cornball Judges are not experts at mortgage law or terms...you really want judges making bankers' decisions? I sure as hell don't want a banker running a court room...

]]> Jubilation T. Cornball http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150577 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150577 Money Thu, 25 Sep 2008 14:49:59 -0800 Comment by tomasyalba Your idea has legs, Mr. G. Harper's did a nice cover story back in February suggesting that once this bubble collapsed our panic would keep us from any structural work on the economy that could avoid relying on future bubbles. (The "bailout" seems a long step toward that panic-driven future.) Instead, claimed the author, our economy would take the path of least resistance and seek out the next bubble to pump in speculative private and taxpayer capital and get us irrationally exuberant again. The author predicted it would be a combination of energy and infrastructure. Your idea will complement that really well, adapted of course to the "realities" of the market as it emerges at that time.

]]> tomasyalba http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150578 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150578 Money Thu, 25 Sep 2008 14:50:18 -0800 Comment by Bellevue Ave @5, Cheap money does that.

You can trace every national boom and every bust to credit expansion and then either a crisis of quality of credit or a crisis of there simply not being enough returns from the credit.

Some have said, without the cheap money in 2001, this wouldnt have sploded as much as it did. The entire sub prime fiasco is a culmination of 8-10 different mini fiascos.

]]> Bellevue Ave http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150587 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150587 Money Thu, 25 Sep 2008 14:55:52 -0800 Comment by Andrew We are giving away 3/4 of a trillion dollars. You can say good bye to universal health care even if Obama wins in a landslide, and Social Security? Forget it if you are under 60 years old.

This is game over people.

]]> Andrew http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150592 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150592 Money Thu, 25 Sep 2008 15:02:13 -0800 Comment by Bellevue Ave @7 so when conservatives lose they win.

]]> Bellevue Ave http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150596 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150596 Money Thu, 25 Sep 2008 15:08:11 -0800 Comment by Andrew @8, AMEN! Ain't that the truth. Republicans and corporate America ALWAYS get what they want. And fuck you if you make less that $100K a year!!

]]> Andrew http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150604 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150604 Money Thu, 25 Sep 2008 15:17:26 -0800 Comment by tomasyalba Oo, and now Dodd told Marketwatch the White House meeting was a "disaster" featuring a last-minute Republican/McCain core mortgage plan unveiled the Dems thought was silly. Dodd said he'd pretend the meeting never happened. Funnier and funnier.
http://www.marketwatch.com/news/story/dodd-says-white-house-meeting/story.aspx?guid={F849F192-D0CD-4456-BC50-751A5259D7F4}

]]> tomasyalba http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150620 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150620 Money Thu, 25 Sep 2008 15:32:49 -0800 Comment by Trevor "Why Obama would be siding with congressional Republicans, against helping mortgage holders in bankruptcy court attempting to pull themselves above water, is beyond me."

Maybe because he realizes how much McCain has totally alienated Wall Street by acting like a moron during this crisis? The social conservatives, absent their alliance with corporate America, can't win anything in the Northeast or Midwest.

Not saying Obama should tack to the right. But he does seem pretty skillful at it. He doesn't give McCain anything to attack him with.

]]> Trevor http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150676 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150676 Money Thu, 25 Sep 2008 16:13:28 -0800 Comment by max solomon deal's dead.

bush/mccain/house republicans blindsided the dems at the WH mtg. with a new plan.

frank & dodd are fucking pissed.

WaMu will die tomorrow. so will your 401K

]]> max solomon http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150690 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150690 Money Thu, 25 Sep 2008 16:20:51 -0800 Comment by Bellevue Ave WaMu bought by JPM according to marketplace.

]]> Bellevue Ave http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150715 http://slog.thestranger.com/2008/09/bailout_deal_imminent#c1150715 Money Thu, 25 Sep 2008 16:51:36 -0800