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Posts Tagged ‘bailout

Despite bailout, stockmarkets fall faster than Bush’s popularity. “The economy is going to be just fine”: Bush

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Cincinnati, OH, October 6th, 2008, (Reuters).- The bailout plan that the

At the end of the conference, president Bush played the guitar for some coins. "The way things are going, none of us might have a job soon," he commented.

At the end of the conference, president Bush played the guitar for some coins. "The way things are going, none of us might have a job soon," he commented.

president just signed, created the opposite desired effect, a sell off that triggered losses in all markets in the world, including a drop for the Dow Jones that hadn’t been seen since 2004. This was in addition to an unprecedent streak of bank closures, mergers and sell offs.

The president made some unscheduled comments both in San Antonio and in Cincinnati to soothe the markets and breath confidence back into American financial institutions.

“Frist of all, I don’t see America having problems. The economy is growing, productivity is high, trade is up, people are working. It’s not as good as we’d like, but  — and to the extent that we find weakness, we’ll move.”

“I believe that in the long run, this economy is going to be just fine.” Pointing to some business owners that were with him, he added, “The bill I signed is a big step toward solving this problem. Had we not done anything, people like these folks would be a lot worse off. As it stands, they are just bad and miserable. Fellas, I know how hard it is for you to put food on your family.”

He also spoke to some reporters and citizens gathered to show that he cares. To a divorced mother of three, he said “You work three jobs? Uniquely American, isn’t it? I mean, that’s fantastic that you’re doing that.”

To a banker who asked him if the bailout would be enough, he answered, “We got plenty of money in Washington. What we need is more priority.”

As a closing statement, he added, “Let’s make sure that there is certainty during uncertain times in our economy.”

Written by Flippyman

October 6, 2008 at 10:57 pm

Mortgage forgiven for woman, 90, who shot herself. “We figured she won’t be paying anyway,” Fannie Mae.

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Akron, OH, October 5th, 2008, (Reuters).- Mortgage finance company

Vice president Dick Cheney expressed his opposition to the forgiving of the mortage. "It'll just encourage people to avoid their fiscal and financial resposabilities by shooting themselves."

Vice president Dick Cheney expressed his opposition to the dismissal of the mortgage. "It'll just encourage people to avoid their fiscal and financial responsabilities by shooting themselves."

Fannie Mae said it is forgiving the mortgage debt of Addie Polk, a 90-year-old woman who shot herself in the chest as sheriff’s deputies attempted to evict her.

Fannie Mae announced later that it would dismiss its foreclosure action, forgive Polk’s mortgage and allow her to return to the Akron home where she’s lived since 1970.

“Given the circumstances, we think it’s appropriate,” Fannie Mae spokesman Brian Faith said, “we don’t think she’s going to pay us anyway as the hospital bills will steal all our, I mean, her money.”

Polk remained in Akron General Medical Center and was expected to recover from the chest wounds. Robert Dillon, Polk’s longtime neighbor and the one who took her to the hospital visited her today. “She said it was a crazy thing to do, now that she’s had time to think about it,” Dillon said. It’s not clear whether it was a reference to the shooting or to the government’s approval of the $700 billion bailout plan.

Bush signs historic bill. “well, ok, if it really means so much to you,” says Congress.

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Washington, D.C., October 3rd, 2008, (Reuters).- With the economy on the brink of meltdown and elections

Bush signing the bailout bill with BIG LETTERS so as it's clear he did sign it.

Bush signing the bailout bill with BIG LETTERS so as it's clear that he did sign it.

looming, a reluctant Congress abruptly reversed course and approved a historic $700 billion government bailout of the battered financial industry.

“This is just exaclty how taxpayer’s money should be spent, in only supa-dupa necessary expenses like this,” said Bush as he signed the bill with his $10,000 dollars Montblanc pen.

“We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country, we saved our CEOs” Bush said shortly after the plan cleared Congress, although he conceded, “Our economy continues to face serious challenges. For example, private swimming pools are still not tax deductible.”

The 263-171 vote capped two weeks of tumult in Congress and on Wall Street, punctuated by urgent warnings from Bush that the country confronted “the gravest economic disaster since the Great Depression if lawmakers failed to act.”

“I have no idea how this happened, but we either spend billions on this bailout, or the American taxpayers and citizens could end up losing a lot of money.”

The rescue didn’t stop the Dow Jones from dropping 157 points. In addition to that, the Labor Department said earlier in the day that employers had slashed 159,000 jobs in September, the largest cut in five years.

“Let’s not kid ourselves: We’re in the midst of a recession. But it’s necessary to avoid a recession.” said Rep. John A. Boehner, R-Ohio, the minority leader, as he prepared to cast his vote for the most sweeping federal intervention in markets in decades.

Treasury Secretary Henry Paulson pledged quick action to get the program up and operating. “We can’t have bankers go without purchasing power for Xmas presents this holiday season,” he commented.

White House asks Americans go to into a $700B debt to help Americans who are in debt.

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WASHINGTON – The Bush administration is asking Congress to let the

President Bush speaking about his plan. "It's clearly a budget. It's got a lot of numbers in it."

President Bush speaking about his plan. "It's clearly a budget. It's got a lot of numbers in it."

government buy $700 billion in toxic mortgages in the largest financial bailout since the Great Depression, according to a draft of the plan obtained by The Associated Press.

The plan would give the government broad power to buy with tax payer’s money the bad debt of any U.S. financial institution for the next two years. It would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue. The proposal does not specify what the government would get in return from financial companies for the federal assistance. When asked about this, the president said “Oppsie!”

“We’re going to work with Congress to get a bill done quickly,” President Bush said at the White House. Speaking fast so as not to discuss the details of the plan, he said, “This is a big package because it was a big problem. There’s no need to worry now on who’s to blame for this economy crisis, which really isn’t a crisis because the economy is sound solid, but we’ll manage to blame it on the terrorists eventually.”

Administration officials and members of Congress were to negotiate throughout the weekend in a non-disclosed spa-resort with casino on how to best use the taxpayers’ money in order to avoid dire economic consequences.

Bush said he’s making average citizens take on the biggest debt since the depression because he’s worried the financial troubles could “ripple throughout” the economy and affect average citizens. “The risk of doing nothing far outweighs the risk of the package, and over time we’re going to get a lot of the money back. It shouldn’t take more than 50 or 70 years.”

He added, “For some obscure reason which I can’t begin to phantom, people are beginning to doubt our system, people were losing confidence and I understand it’s important to have confidence in our financial system.”

“In my judgment, based upon the advice of a lot of people who know how markets work because I certanly don’t, this problem wasn’t going to be contained to just the financial community,” the president said. He said he was concerned about “Sesame Street” and that what happens on “Wall Street” affects “Sesame Street” right before one of Dick Cheney’s aides came to correct him.

Written by Flippyman

September 20, 2008 at 8:08 pm