CHESSNOID

Even though I don’t share most of the Republican’s views on most issues, I am glad they held steady against the 3 stooges Bush, Bernanke, and Paulson and stopped the FRAUD BAILOUT of $700 BILLION.  Of course, if it had been approved the next step would have been to ask for more.

WASHINGTON (AP) – A Republican rebellion stalled government efforts Thursday to avoid economic meltdown, a chaotic turnaround that disrupted the choreography of am extraordinary White House meeting meant to show joint resolve from the president, the political parties and the presidential candidates.

After six days of intensive talks on the $700 billion financial industry bailout proposed by the Bush administration, with Wall Street tottering and presidential politics intruding six weeks before the election, there was more confusion than clarity.

The reason there is more confusion than clarity is because the plan doesn’t make sense. The plan is insane. On top of that, the 3 morons don’t realize we are already in a recession caused by a housing bust they created, sky high oil prices they created, and job losses they created. They keep saying if we don’t do anything these things will happen. Don’t they read the papers? This has been happening for the past year. The American people are already living the financial meltdown they think is coming. Hello,  It is already here!

If we are going to spend $7,000 for every American, we don’t want it to go to the fraudsters who created this mess.  We would rather pay ourselves.  It would make sense to just give this tax money back to the people directly to spend.  That would get the economy thriving again. Giving it to wallstreet would just be the greatest magic trick ever by making $700 billion disappear right before our eyes.  Of course, they will still try to steal the taxpayers’ money.

For the last 5 years, as the housing bubble ballooned up, wall street packaged and sold this crap for a ton of money and paid themselves accordingly.  Here is a quote from Bloomberg about that crazy compensation:

Sept. 26 (Bloomberg) — Wall Street’s five biggest firms paid more than $3 billion in the last five years to their top executives, while they presided over the packaging and sale of loans that helped bring down the investment-banking system.

Merrill Lynch & Co., once the largest U.S. brokerage, paid its chief executives the most, with Stanley O’Neal taking in $172 million from 2003 to 2007 and John Thain $86 million after a month’s work last year. The company agreed to be acquired by Bank of America Corp. for about $50 billion on Sept. 15. Bear Stearns Cos.’s James “Jimmy” Cayne made $161 million before the company collapsed and was sold to JPMorgan Chase & Co. in June.

Democrats and Republicans in Congress are demanding that limits be placed on executive pay as part of the $700 billion financial rescue plan proposed by U.S. Treasury Secretary Henry Paulson. The former Goldman Sachs Group Inc. CEO, who received about $111 million between 2003 and 2006, said in testimony to Congress on Sept. 24 that he would accept such limits as part of the plan, after initially opposing them.

“Shareholders and boards should have done something about this a long time ago,” said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware in Newark. “They justified these levels of pay on the idea that they’re all geniuses. I think that balloon has burst.”

Wall Street firms have shared profits liberally with employees. The five biggest — Goldman, Morgan Stanley, Merrill, Lehman Brothers Holdings Inc. and Bear Stearns — paid their 185,687 employees $66 billion in 2007, as problems with subprime mortgages mounted, including about $39 billion in bonuses. That amounts to average pay of $353,089 per employee, including an average bonus of $211,849. The five firms had combined net income of $93 billion during the five years through 2007.