Breaking News: Bailout agreement Reached

Sandra Rose September 25, 2008

Still no word on whether Sen. John McCain will show up in Mississippi tomorrow night to debate Sen. Barack Obama.

But Obama aides say Obama plans to turn the debate into a town hall meeting if McCain doesn’t show up.

Congressional Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry, and said they would present it to the Bush administration in hopes of a vote within days.

Emerging from a two-hour negotiating session, Sen. Chris Dodd, D-Conn., said, “We are very confident that we can act expeditiously.”

“I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president,” said Sen. Bob Bennett, R-Utah.

The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan. (Source)

http://www.myspace.com/hune916 HunE916

Good. Now no more chicken sh!t excuses from McCain!
http://myspace.com/bwcoop Coop

@Sandra

So is the debate back on???

Please put this up.

http://www.youtube.com/watch?v=KOenqv5JjwQ

http://www.youtube.com/watch?v=OdP4UBUEWCc
missnee

LMAO Sandra you are a fool for that picture!!!
candi21

Aint that a B****……Is this the reason Bush been touting for the past 2-3 months we arent in a recession when we actually were, now if the house didnt approve this bailout, it woulda been the fault of the lawmakers creating a recession not approving this trillion $$ bailout??!!!!! Instead of the War and major banks and companies creating and making bad financial decisions. Those top CEO’s of the companies requiring bailouts salaries are in the multi-millions and 1 of them topped 100mili…….
LovelyLady

His azz betta show up
http://www.myspace.com/docjam1 Doc Jam

I hope Palin shows up…with something sexy on…and don’t forget the pumps and lipstick
Kymystry

Hold on .. wait a min .. when the average Joe files Bankruptcy .. he is assigned someone to oversee his meager finances .. once he’s got a handle on them .. he’s can carry one buisness as usual with higher intrest rates and other penalites …. And hopefully becoming more fiscally responsible in the process…

Soooo ..let me get this straight … these companies were handling billions of dollars .. and mis-managed the money .. so what do you do .. let the CEO’S keep their exhorbant salaries .. they are also benefitting from the tax breaks for being in the 1% of the wealthy … so they keep their salaries … and your give them MORE money to mis-manange withOUT a check and balance system to insure this dosen’t happen again? ? ? ?
MzTee

I wonder what excuse McCain will come up with next. If he doesn’t show up, it just gives more leverage to Obama for his willingness to address the American public.
candi21

He wont show…..
toosexy

I guess this good.
http://myspace.com/dannyblaq dblaq

@ Kymystery – don’t it suck to be a regular citizen????? We get fired we have security escort you out of the building immediately and then you have call about your last paycheck and sometime you even get fired if you do a to good of a job and make your superiors look bad.

There is a whole nother world out there that we have NO clue about. The rich will stay rich no matter what that is how they got it set up, thats why Bush and McCain said that we are doing great because they are, they don’t live in the world we live in. They got gas, their money in their accounts keep growing. Bill Clinton even said that on Larry King.
Kymystry

I didn’t see the Larry King Interview .. I did Catch Bill on John Stewart ..

and YUP it does sugg to be joe average …
and when I see McCain supporters in Gwinnett county (like why should I be suprised) .. it literally makes me scratch my head and wonder if they pass the same gas stations and pay the same for everyday living as I do ? ? ?
candi21

On The View this a.m, Whoppi said Palin showed up to a world leader dinner for Women in power last night and breezed through the place like a whirlwind without saying one word,then this morning on the cover of a newspaper I think it was the NY post stating Palin brought the women world leaders together showing a pic of her with 2 women Prime Ministers when she didnt even say a word and was only there for less than 5 minutes.

Why are they scared for Palin to speak and why does it appear McCain is dodging the debate when 2 weeks ago he challenged Obama to the debate and tried to make it appear Obama didnt want to do it??!!!
starr

Gurl, if u live in ny, u know da post is the written versio not faux……u knoiw how dey do
starr

As for Mcsame….i’d be really shocked if he doesn’t show up for the debate. Seriously…..i can be objective, and i am doing that rite now…but i’d be really be surprised if he doesn’t show….

I just read that they aren’t committed to the debate…….guess we’ll see
kwallace577

i wish if he did not show up it would be the same as winning for obama. if you don’t show up your opponent automatically wins!
Tasha

lol So much for McCain’s stalling tactic? Now what excuse is he gonna come up with?
http://www.myspace.com/hune916 HunE916

kwallace577 Says:

i wish if he did not show up it would be the same as winning for obama. if you don’t show up your opponent automatically wins!
______________________________________________

Girl, this ain’t Pop Warner footbal! lol
candi21

No, I dont live in NY, I live in Cali, so Ive never read the NY Post. I think we could get it out here though with a subscription. So they are Biased News/newspaper like Fox News Ch.?
Krysi J

see deh….he don’t want none.
PAGESINADIARY

THOSE PEOPLE IN MISSISSIPPI HAVE SPENT ALOT OF MONEY IN PREPRATION FOR THIS EVENT. THE SHOW MUST GO ON!!!!
http://myspace.com/bwcoop Coop

McCain still won’t say if he will be at the debate he’s such a chicken s**t

http://www.news.yahoo.com/s/ap/candidates_financial_meltdown
The Divine Ms. K

Well, I would figure McCain would show up since his whole lie, um, I mean premise for cancelling the debates was that he needed to go help them hash out the specifics of the bailout.

Guess we’ll see on Friday…wonder if Princess Palin will be there. Someone else referred to her as Caribou Barbie on another blog I read. LMBAO
iscream

I think NY post is owned by Fox.. Hate that racist paper. I remember once there was a picture of LL flashing the peace sign and the caption read. Rapper LL cool J flashes a gang sign… huh? Isn’t the peace sign yall shyt.

Somebody help me understand where all this money is going? Are the people in foreclosure going to not have to pay their mortgages now? Are the hundred of thousand people who lost their jobs going to get their jobs back. Seriously where is this money going?
PAGESINADIARY

im tripping causethose banks be charging them high azz nsf fees and those atm fees too. thats nothing but gravy for a bank. where did that money go?
katgirl33

Candi said:

Why are they scared for Palin to speak

___________________________________________________________

Cause they know she don’t know shyt about the specific issues facing America, besides the war…..I guarantee, she’s gonna fukk up and say some bogish shyt about a large city.

They den already said Chicago is a corrupt political machine….and referred to the former Secretaty of Commerce under Clinton (Daley, the mayor’s brother) as a lobbyist….

LMAO our mayor was pissed o rama, basically said, “Don’t be making up shyt about my brother, say what you want about me, I’m right here”
katgirl33

Did y’all know that the FBI is investigating them companies they already helped, AIG and them?
Charles

Most of you should go take a economics class or rather listen to GWBs speech when he addressed this issue, its fairly easy to understand that the consumers(you and me) or just as much to blame as the large corporations.

Learn Economics and stop blaming “the man”
Kymystry

@katgirl .. this is the same FBI who ran out of money to continue their wire tapping program
LovelyLady

Charles Says:

Most of you should go take a economics class or rather listen to GWBs speech when he addressed this issue, its fairly easy to understand that the consumers(you and me) or just as much to blame as the large corporations.

Learn Economics and stop blaming “the man”
—————

Help us out and explain it to us then ?????????
LovelyLady

Hey Kym,

I missed yall I haven’t been able to comment as much , Master tryna block sites and shyt now…glad I got da sidekick
iscream

Yes explain it… by the time I finish the class this to shall have passed.
Kymystry

I was wondering where your tail has been LoveyLady … glad you can get here
Kymystry

This is the same “man” who couldn’t understand the phrase “throwed” off on a different post.. and Now he gonna be Mr. Greenberg and give me a econ lesson …

Shim PLEASE ….

Next
prynsexxx

#28 said:

the consumers(you and me) or just as much to blame __________________________________________________________

Pump yo’ brakes pahtna and speak for yourself. I didn’t contribute to this mess…………….Well, then again maybe I did, I do pay taxes.
prynsexxx

Economics class? How about English 101……..with spell check tutorials.
http://myspace.com/akiey5 akiey

Charles, Economics classes or Economics itself have nothing to do with this mess. You should familiarize yourself with CORRUPTION. It stinks the same way if you spell it backwards mister!

30 yr mortgages are a rip off and with 700 B to play with, nothing will change!
People should have started questioning this whole mortgage bullcrap the very 1st day folks were told to sign 30 yr mortgages. Where else in the world does such stuff happen.

Simple math: If we get a mortgage at 30 yrs of age. We “should be done” paying for it at 60. All along we claim that we ‘own’ the house. What crap when the bank owns it all along and you’re just a tenant waiting to die so you could pass the debt on to your children who are also strapped in their own impossible mortgages.

Show me any 10 people who’ve finished paying their mortgages before they turned 50 while working a regular $30-$40K job. Any ten people that YOU know personally, not some folks from the other side of town.
kalvonel

listen to GWB’s speech? what for? to just be told the SAME BS over again? Please. Not to offend Charles, but that comment was just the same type of rhetoric the GWB administration has been handing out for 8 years. Please leave a comment with substance if you’re going to imply that others aren’t as “educated” as you are. This bail out, as needed as it is – is still just a patch over the larger problem of this administration’s utter failure.
prynsexxx

#37 said:

Show me any 10 people who’ve finished paying their mortgages before they turned 50 while working a regular $30-$40K job. Any ten people that YOU know personally, not some folks from the other side of town.
______________________________________________________

Not at 50, but my brother and his wife (who is a few years younger) retired at 53 and built a house and its paid for, 250k to be exact. I’m not saying thats all big and whatnot. But you did ask.
The Divine Ms. K

prynsexxx Says:

Economics class? How about English 101……..with spell check tutorials.

____________________________________________________________

Thank you! lol I think he meant “are” just as much to blame.

And since I have a BA in English and hated my econ classes with a red-hot passion, please break it down for us, Charles, seeing as how you understand it so well.
candi21

The consumers cant take the blame for this bailout, not the regular folks anyway ! The banks took advantage of people by corruptly and legally through a loophole approved lending to people that couldnt afford the homes they bought(hense the foreclosure nightmare, they payed for about a year then stopped,got layed off,ect,,,) They didnt check incomes,credit worthiness, and ability to pay the loans back thoroughly, and they allegedly approved applications with hardly any money down,Now if someone wants to buy a house you have to have aa++++ credit and atleast 20% down to get a loan. AIG the insurance company made bad investments such as payed 1billion $$ for a billboard at some baseball stadium,the former CEO Greenberg said he believed the company began investing in credit swaps tied to mortgages,among a host of other things.

Sandra, Charles is only here to bring drama and discourse to the family. Almost all his posts are annoying and in some fashion disrespectful.Charles is a spammer or troll…
LovelyLady

Charles is a spammer or troll…

LMFAO

Agreed
Charles

YAWn i wont resort to diatribe but i will educate here goes.
Charles

For more than a decade, a massive amount of money flowed into the United States from investors abroad, because our country is an attractive and secure place to do business. This large influx of money to U.S. banks and financial institutions — along with low interest rates — made it easier for Americans to get credit. These developments allowed more families to borrow money for cars and homes and college tuition — some for the first time. They allowed more entrepreneurs to get loans to start new businesses and create jobs.

Easy credit — combined with the faulty assumption that home values would continue to rise — led to excesses and bad decisions. Many mortgage lenders approved loans for borrowers without carefully examining their ability to pay. Many borrowers took out loans larger than they could afford, assuming that they could sell or refinance their homes at a higher price later on. (LITTLE PEOPLE MADE THIS PROBLEM)

Optimism about housing values also led to a boom in home construction. Eventually the number of new houses exceeded the number of people willing to buy them. And with supply exceeding demand, housing prices fell. And this created a problem: Borrowers with adjustable rate mortgages who had been planning to sell or refinance their homes at a higher price were stuck with homes worth less than expected — along with mortgage payments they could not afford. As a result, many mortgage holders began to default.
Charles

These widespread defaults had effects far beyond the housing market. See, in today’s mortgage industry, home loans are often packaged together, and converted into financial products called “mortgage-backed securities.” These securities were sold to investors around the world. Many investors assumed these securities were trustworthy, and asked few questions about their actual value. Two of the leading purchasers of mortgage-backed securities were Fannie Mae and Freddie Mac. Because these companies were chartered by Congress, many believed they were guaranteed by the federal government. This allowed them to borrow enormous sums of money, fuel the market for questionable investments, and put our financial system at risk.

The decline in the housing market set off a domino effect across our economy. When home values declined, borrowers defaulted on their mortgages, and investors holding mortgage-backed securities began to incur serious losses. Before long, these securities became so unreliable that they were not being bought or sold. Investment banks such as Bear Stearns and Lehman Brothers found themselves saddled with large amounts of assets they could not sell. They ran out of the money needed to meet their immediate obligations. And they faced imminent collapse. Other banks found themselves in severe financial trouble. These banks began holding on to their money, and lending dried up, and the gears of the American financial system began grinding to a halt.

More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession.
Charles

So the bailout plan was implemented there you go easy to understand if you wouldve watched GWB you would understand this the man was not lying
Charles

ANd how does a bank who is giving easy credit take advantage of someone who is buying a house that they know they cannot affford, that is not predatory lending whatsoever that is a consumer biting more than they can chew!!!! It would be like me goign to a ferrari dealer and some how securing enough ccredit to buy a car i know damn well i cant afford than when i default on the loan the bank has to take it back. I am far form a spammer or troll

“hey didnt check incomes,credit worthiness, and ability to pay the loans back thoroughly, and they allegedly approved applications with hardly any money down,”

I think you as a consumer know what you can and cannot afford at the simplest level but hedging on many factors eventually leads to bankruptcy and banks getting screwed over by the loaners. Which is why bankrupty laws were changed in 2003.

My father is a bankruptcy attorney and i seen it all and i know what im talking about!
The Divine Ms. K

Charles, I get what you are saying, but the banks decide who they loan money too and how much money they loan out and if a consumer comes in to borrow money and the bank is not responsible enough NOT to give it to them…
candi21

For the first time Charles is making himself not seem trollish. You seem well versed and appear to know what you’re talking about BUT what made you wanna join SR are you the POPO? This site is an urban one if you didnt know.Yea I know its not my decision to approve or ban members but for the future you should be aware black women DON’T PLAY!

As far as consumers digging their own grave,I dont agree,it was predatory lending on the banks part and none of this would’ve happened if they stuck with the tried and true way of lending. Everyone is in an uproar because NOW its affecting yt folks rich and poor.Its affecting us all let me correct that, but when Becky cant get that college loan ,Bob and Wendy the parents dont like that.Did ya’ll see yt folks standing in line on tv for all hours tryin to get their accounts under 100k so that they will be protected in the banks failing and insured under the FDIC??!!!

It is NOT the small people that caused this collapse it is without a doubt the big corps that took the chance to make billions and it backfired in their wallets..
The Divine Ms. K

Amen @ Candi

This really has me worried about my youngest sister, as she is ready to begin college next year and I’m wondering what loan programs will be there to help her. My great-grandmother is 93 years old and has told me enough horror stories about living through the Depression (horse meat, ya’ll) and I pray that the country does not descend into that again.
http://myspace.com/akiey5 akiey

candi21, I am of the same mindset as you regarding predatory lending. That’s why much as Charles keeps on blaming the small borrower, I too agree this mess wouldn’t be there if banks didn’t conspire to live off high interest from unable borrowers.

And someone please answer my Q regarding this not happening in many other nations around the world. I’ve been to many cities in different nations and I’m well versed in different economic systems and I bet you this would only happen to systems that allow predatory financial practises.

I wouldn’t lend money to someone I KNOW cannot afford to pay me back. Why would banks with all their sophisticated systems play the co-victim now? Who are they fooling? I have proof in audio form of several banking personnel detailing how they were pushed by their companies to give out loans, as many as they could so they could meet their quarters. They didn’t care if it was Kwame, Jenny, Pookie or Enrique, loans had to be dished out knowing banks will revel in the interest, late payments, etc

If someone defaulted on their mortgage, the ‘sensible & obvious’ thing would always be to take their home and sell it to the next punk, and the chain gets longer…and of course all of them defaulters would still owe on their houses for the rest of the natural lives.

Any wonder why folks are agitated? It’s called Common Sense, not Economics.
Charles

“Why would banks with all their sophisticated systems play the co-victim now?”

Sophisticated, all they look at is your credit score assets and collateral, how is that sophisticated LOL???

“I too agree this mess wouldn’t be there if banks didn’t conspire to live off high interest from unable borrowers.”

High interest you are crazy it has been 0% interest programs and no money down etc, and there was no conspiracy at all and im sure when you sign a note to take out any form of credit YOU KNOW WHAT YOUR INTEREST RATE IS!

“I have proof in audio form of several banking personnel detailing how they were pushed by their companies to give out loans, as many as they could so they could meet their quarters. They didn’t care if it was Kwame, Jenny, Pookie or Enrique, loans had to be dished out knowing banks will revel in the interest, late payments, etc”

Really where?

There is no conspiracy, i already explained in detail how this happened it is what it is and it can happen in any free market economy.

“And someone please answer my Q regarding this not happening in many other nations around the world. I’ve been to many cities in different nations and I’m well versed in different economic systems and I bet you this would only happen to systems that allow predatory financial practises.”

What countries? id like you find a country with a better economy than ours, if you want to see corruption go to DRC(Democratic Republic of COngo), MExico, Cambodia, China etc……………..
candi21

^^I SEE YOU ARE A BUSH SUPPORTER AND PROBABLY A BIG CORP. INVESTOR, YOU WILL NOT BE AGREED WITH HERE IM WILLING TO BET.IF YOU LISTENED TO BUSH YESTERDAY DURING HIS SPEECH YOU WOULD HAVE RECOGNIZED HIS LINGO OF NOT BEING DIRECT WITH HOW THE BIG PAYOUT WILL FIX THINGS AND HELP THE ECONOMY. HOW ONCE THE $$ IS APPROVED CEO’S “SHOULDNT” BE PAYED THEIR ENORMOUS SALARIES NOT A DEFINITIVE (THEY WONT BE PAYED) WITH THIS PAYOUT OF “TAX-PAYER DOLLARS” ECT,,.ONCE APPROVED ITS A BLANK CHECK FOR THE SECRETARY TO BAILOUT COMPANIES AND MAKE THEM POWERFUL AGAIN ON OUR BACKS.WHILE WE (MIDDLECLASS FOLKS WITH NOT SO GREAT CREDIT) CANT GET APPROVED FOR CAR LOANS,CANT AFFORD TO SEND OUR KIDS TO COLLEGE,WILL NEVER GET OUT FROM UNDER OUTRAGEOUS CREDIT CARD DEBT, I COULD GO ON.

IM DONE WITH THIS BECAUSE YOU ARE LIKE A MOLE OR SOMETHING,I CANT BELIEVE YOU ACTUALLY KEEP TRYING TO EXCITE PEOPLE ON SR TO CHALLENGE YOU ABOUT THE ECONOMY AND UNDER- HANDEDLY TAKING SWIPES AT OUR CULTURE AND BLACK WOMEN IN GENERAL.

HERE’S A LITTLE FROM ROSIE O’DONNELL BLOG

HOW TO NOT ANSWER A DRECT ?
09.25.08 at 1:18 pm in in the news

the woman who would lead us …
like a kid who crammed for an oral exam
robotic replies
“my understanding is…”

“again my understanding is…”

good god !!!!!

1.9 TRILLION DOLLAR ILLEGAL WAR

700 BILLION DOLLAR WALL STREET BAIL OUT

do the math

again my understanding is …

sick – the whole thing is sick
Charles

“SEE YOU ARE A BUSH SUPPORTER AND PROBABLY A BIG CORP.”

HARDLYYYYYYYYYYYYYYYYY

“NOT BEING DIRECT WITH HOW THE BIG PAYOUT WILL FIX THINGS AND HELP THE ECONOMY.”

Actually he was check the transcript

“HOW ONCE THE $$ IS APPROVED CEO’S “SHOULDNT” BE PAYED THEIR ENORMOUS SALARIES NOT A DEFINITIVE (THEY WONT BE PAYED) ” A CEO makes a portion of the companies net income its standard practice the bigger the company the more money, but also becoming a CEO takes a lot of time and the job security is less than what you think.

“WHILE WE (MIDDLECLASS FOLKS WITH NOT SO GREAT CREDIT) CANT GET APPROVED FOR CAR LOANS,CANT AFFORD TO SEND OUR KIDS TO COLLEGE,WILL NEVER GET OUT FROM UNDER OUTRAGEOUS CREDIT CARD DEBT, I COULD GO ON.”

UH BULLSHIT thats why we are in the situation we are in now, and if you have outrageous credit card debt you created that for yourself!!!!!! And the college thing i could debate but i wont because you will attack me

ROsie o Donnell is RICH so really why would i care what she thinks do you think she is affected by this at all?
http://myspace.com/akiey5 akiey

Charles, you may be in total denial but you sure do exhibit many traits of a Bushie. Read over your comments again and then check what how they frame their arguments on Fox news and similar outlets and you’ll notice you take the script right from them.

Here is the audio proof I’d mentioned:
http://www.thisamericanlife.org/Radio_Episode.aspx?sched=1242
Listen to it in its entirety since you assumed I was just talking for the sake of it. Unlike the Conversative Republicans, I do stand by my word and when I know something I say I know it and when I don’t I humbly beg to be schooled.

For someone claimining to know about economics I am utterly surprised that you still assume this one here is the most strong economy!! The US economy has taken a backseat to China & Japan since 2001 and soon the UAE’s Dubai bank will also be cashing in big time as many loans have been advanced to sort out the tattered economy we’re still trying to talk about.

The DRC, which by the way I have studied in depth since 1999 (my thesis was in Peace Keeping & International Conflict Management so I know what am talking about) was a nation going through a protracted civil war. You cannot compare its economy to any nation which has been internally at peace.

How about you compare the 80 Billion surplus Iraq has…and you and I know they haven’t experienced peace since the 2003 invasion that greatly contributed to the current US economy’s wheelbarrow situation, right? Compare that the trillions in deficit the current admin has bestowed on us.

You KNOW there are hundreds of nations worldwide with similar quality of housing like the US market and folks aren’t staggering with 30 yr mortgages there! Come on!
In Kenya, there are simialarly beautiful houses going for just about 25,000 USD and folks pay it off in 14 yrs. AND…if you have money issues all you need do is consult your mortgage manager and they get you a 3 month grace period to sort yourself out and you’re back with more favorable terms.

Same thing happens in Tanzania, Botswana, Luxembourg, Portugal, lower Spain, Taiwan and Bolivia. I would know.
You show us any other 5 nations with 30 yr mortgages that aren’t flexible and where foreclosures are as pandemic as they are here. Back to square one: Predatory Lending and deceit are the main reason.

Kindly listen to the confessions on the audio link I just shared. May help you see clearer. Btw, I respect how you state your points. We’re on opposite ends of this debate but wouldn’t mind picking the tab if we were talkin this biz over dinner, bruh.
Kymystry

aikey … you are so poised and well versed … kudos and a good old fashioned (((HUG)))
LovelyLady

Auntie are you still blocking people sheesh. Where da fluck did all these NEW people come from? Where is the old Fam (crying) Why da hell did you open registration back up. Get on your job and get da banning mofo’s got dammitt.
https://sandrarose.com Sandra Rose

LovelyLady Says:
Auntie are you still blocking people sheesh. Where da fluck did all these NEW people come from? Where is the old Fam (crying) Why da hell did you open registration back up. Get on your job and get da banning mofo’s got dammitt.

*****************************************************

Lol, I didn’t open registration back up. The newbies are people who were lurking for a long time. I welcome them and their opinions.
LovelyLady

^^^ Mannnnn (pouting) aight then

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