186 k per second

The ink is barely dry on the bailout funny money the banks received and we have our 1st hearings on the money being misused.

Congress sets hearing on banks’ use of bailout money - Openers - cleveland.com

WASHINGTON — The House Financial Services Committee will conduct hearings on whether banks are misusing federal bailout money on November 12 and 18, Bainbridge Township GOP Rep. Steven LaTourette announced Thursday.

Gee….who would of thought the money would be “misused”? I’m SHOCKED!

Congressman Steven C. LaTourette Serving Ohio’s 14th District - News Room

U.S. Rep. Steven C. LaTourette (R-OH) today announced that the House Committee on Financial Services will hold hearings on November 12th and November 18th into the potential misuse of bailout funds, including the purchase of National City Bank in Cleveland.

LaTourette, a senior member of the panel, spoke to Chairman Barney Frank (D-MA) on Monday and urged an investigation after it was revealed that $7.7 billion in federal bailout money was used to help Pittsburgh-based PNC buy National City at a fire sale price. National City had been denied bailout money.

“The government should not be able to use taxpayer money to destroy banks, irreparably damage shareholders and cause the loss of thousands of jobs,” LaTourette said.

House Financial Services Committee

“I am deeply disappointed that a number of financial institutions are distorting the legislation that Congress passed at the President’s request to respond to the credit crisis by making funds available for increased lending. Any use of the these funds for any purpose other than lending—for bonuses, for severance pay, for dividends, for acquisitions of other institutions, etc.– is a violation of the terms of the Act.

Bailout funds being spent in ways Congress never foresaw

“I could say I told you so,” said Rep. Joe Barton, R-Texas, who helped lead a revolt against GOP leaders and sunk the $700 billion plan on its first pass. “It was so open-ended and we put so little accountability into it, they can basically do whatever they want to with the money.”

bailout, congress, economy, crime, barney frank, pnc bank

NBC scours the web in order to remove all traces of the Saturday Night Live bailout skit ripping the Democrats for their part in the mortgage and financial meltdown.

Why Did NBC Censor SNL on the Web? - Mashable

It seems that NBC might have a double standard, though, when it comes to where their viral video hits come from. A number of mostly right-wing political pundits are noting this evening that Hulu, NBC, and YouTube have all pulled what was an incredibly hilarious video lampooning the bailout bill announcement from CSPAN.

- clip -

What makes things look even worse for NBC in this case is that they’re not only going about the business of removing the clip wherever it showed up, but they’re also removing any comments that inquire as to what happened to the clip and why it was removed.

Date

Technorati Tags: nbc, saturday night live, snl, video, democrats, bailout

Somebody FINALLY has the stones to call out Barney Frank on his soaking incompetence and connections to the Fannie Mae and Freddie Mac fiasco.
Bill O’Reilly blasts Barney Frank as Frank outright lies about his involvement in the Fannie / Freddie meltdown.

Video Stolen from Hot Air

Barney Frank and his Fannie and Freddie ties have crossed over the ethics line long ago and has arguably become nothing short of criminal.

Technorati Tags: barney+frank, democrats, fannie, freddie, mortgage, meltdown, bailout, corruption,

Debacle of Democrats Dodd & Frank on Fannie  Freddie Failure.

As Hot Air points out the silence of the Main Stream Media regarding the involvement of Democrats Barney Frank and Chris Dodd in the Fannie Mae and Freddie Mac failures has been deafening but expected.

Hot Air - Where was Dodd during the Fannie Mae collapse?

At least one media outlet wonders where Chris Dodd went while Fannie Mae went belly-up on its binge of bad mortgage paper. Unfortunately, that curiosity is limited to Fox News Channel, which almost guarantees that other mainstream media outlets won’t cover it.

Technorati Tags: media, democrats, bailout, mortgage mess, fox, dodd, frank

Uh…Oh…..

Bailout fail!
Share holders bail!

Boehner says Speaker Pelosi’s rant on the floor lost the votes needed. Pelosi is the definition of ignorance and incompetence.

TheHill.com - Republicans fault Pelosi for bailout’s failure

Deputy
Minority Whip Eric Cantor (R-Va.) held up a copy of Pelosi’s floor
speech at a press conference and said she had “failed to listen and to
lead” on the issue

Pelosi cant keep her mouth shut:

The Republican House leadership blamed Speaker Nancy Pelosi for giving a partisan speech before the voting that alienated House Republicans.

While thanking Treasury Secretary Henry Paulson for negotiating on the bill, Pelosi said that the Democrats had insisted that the bill “protect the American people and Main Street from the meltdown on Wall Street.”

“Pelosi’s hyperpartisan floor speech infuriated a lot of our members and it has torpedoed this bill,” one Republican aide said.

Vote Roll Call

Pelosi and Barney Frank are blaming Republicans yet 95 Democrats voted NO vs 133 Republicans?

Dow plunges 700 as House votes on bailout - Yahoo! News

NEW YORK - The Dow industrials have fallen more than 700 on fears bailout package vote will fail.

Wall Street fears the government’s plan to buy up toxic debt wouldn’t be sufficient to resuscitate nearly frozen credit markets.

Dow plunges 700 as House votes on bailout (AP via Yahoo! News)

Markets slide before crucial US bailout vote (AFP via Yahoo! News)

Bush urges passage of $700B bailout - Bizjournals.com

Fortis admits strategic errors, after Benelux bailout (AFP via Yahoo! News)

Bush confident bailout bill will stabilize economy (AP via Yahoo! News)

Is Bailout Bill Likely To Pass? - NPR

CEO pay takes a hit in bailout plan (USA Today)

Bailout follows the 10 normal principles for how our Government … - Salon

Bank fears slam Wall Street as bailout vote nears (Reuters via Yahoo! News)

House is set to vote today on bailout plan (AP via Yahoo! News)

Does the Bailout Ignore Homeowners, Execs? - ABC News

No love for the bailout (CNN Money)

World stocks slide on bailout doubts (CNN)

US Seals Bailout Deal - Wall Street Journal

On Bailout, Candidates Were Surely Themselves - New York Times

After Bailout, Economy Will Still Be Lousy - U.S. News & World Report

Stocks Plunge on Financial, Bailout Worries - BusinessWeek

Bailout Bill Poses Whipping Challenge for Both Parties (CQPolitics.com via Yahoo! News)

House to vote on $700B bailout - USA Today

Bailout Plan in Hand, House Braces for Tough Vote - New York Times

Technorati Tags: economy, congress, stock market, bailout

The Wall Street Bailout Debacle.
Emergency Economic Stabilization Act of 2008

SUMMARY OF THE “EMERGENCY ECONOMIC STABILIZATION ACT OF 2008″

I. Stabilizing the Economy

The Emergency Economic Stabilization Act of 2008 (EESA) provides up
to $700 billion to the Secretary of the Treasury to buy mortgages and
other assets that are clogging the balance sheets of financial
institutions and making it difficult for working families, small
businesses, and other companies to access credit, which is vital to a
strong and stable economy. EESA also establishes a program that would
allow companies to insure their troubled assets.

II. Homeownership Preservation

EESA requires the Treasury to modify troubled loans - many the
result of predatory lending practices - wherever possible to help
American families keep their homes. It also directs other federal
agencies to modify loans that they own or control. Finally, it improves
the HOPE for Homeowners program by expanding eligibility and increasing
the tools available to the Department of Housing and Urban Development
to help more families keep their homes.

III. Taxpayer Protection

Taxpayers should not be expected to pay for Wall Street’s mistakes.
The legislation requires companies that sell some of their bad assets
to the government to provide warrants so that taxpayers will benefit
from any future growth these companies may experience as a result of
participation in this program. The legislation also requires the
President to submit legislation that would cover any losses to
taxpayers resulting from this program by charging a small, broad-based
fee on all financial institutions.

IV. No Windfalls for Executives

Executives who made bad decisions should not be allowed to dump
their bad assets on the government, and then walk away with millions of
dollars in bonuses. In order to participate in this program, companies
will lose certain tax benefits and, in some cases, must limit executive
pay. In addition, the bill limits “golden parachutes” and requires that
unearned bonuses be returned.

V. Strong Oversight

Rather than giving the Treasury all the funds at once, the
legislation gives the Treasury $250 billion immediately, then requires
the President to certify that additional funds are needed ($100
billion, then $350 billion subject to Congressional disapproval). The
Treasury must report on the use of the funds and the progress in
addressing the crisis. EESA also establishes an Oversight Board so that
the Treasury cannot act in an arbitrary manner. It also establishes a
special inspector general to protect against waste, fraud and abuse.

Barney Frank lies about where the money is going to go?

House Committee on Finance Services

PDF copy

Technorati Tags: congress, bailout, wall street, bill

Thanks to Red State for this video

What was the Democrats role in the current financial and mortgage crisis our nation is facing?

The Democrats?

1. Created this financial crisis
2. Were warned about this financial crisis
3. Did nothing to help stop this financial crisis
4. Covered up this financial crisis
5. All of the above

Watch the video for the answer.

Technorati Tags: mortgage mess, banks, bailout, democrats, fannie, freddie

Follow the Leader: America sees leadership in John McCain as he goes back to Washington to deal with bauilout mess as Obama looks for someone to tell him what to do as he follows McCain back to Washington.

Zogby International

Zogby Poll: McCain Recovers as Contest Takes Dramatic Turns; McCain 46% - Obama 44%

And…

Gallup Daily: Race Back to a Tie at 46% Each

John McCain has gained ground and is now tied with Barack Obama among registered voters in the latest Gallup Poll Daily tracking update for Sept. 22-24, with each candidate getting 46% support.

At Bush’s request, Obama will attend Washington meeting Thursday -  Detroit Free Press

Democratic presidential nominee Barack Obama will go to the nation’s capital Thursday after being asked by President Bush to attend a meeting on a solution to the turmoil in America’s financial markets.

It comes just hours after Republican presidential nominee John McCain asked Bush to call a meeting of congressional leaders, as well as the presidential nominees, to reach some sort of bipartisan solution to the impasse over a $700-billion bailout plan for Wall Street.

Technorati Tags: politics, polls, bailout, mccain, obama, morgage meltdown

You SIR, as a United States Senator have NO right or business going back to Washington DC !

You know McCain made the right call in going back to Washington because the left, CNN, MSNBC, Chris Matthews and David Schuster are going CRAZY!

And later this evening McCain’s move will show it’s brilliance even further when Olbermann and Maddow devote their entire shows to it.

Perhaps McCain has earned himself a Speshul Komment!

Jonathan Martin’s Blog: McCain wants to delay Friday debate, focus on economic crisis - Politico.com

John McCain is calling for a postponement of the first presidential debate, scheduled for Friday in Mississippi, and is urging Barack Obama to join him in Washington for a high-level meeting of congressional leaders to address the financial crisis.

McCain said in New York today that he is suspending his campaign tomorrow and will return to Washington.

“I am calling on the president to convene a meeting with the leadership from both houses of Congress, including Sen. Obama and myself,” McCain said this afternoon. “It is time for both parties to come together to solve this problem.”

Oh….. and Mr. Worse Congress in history told McCain “don’t come back”

A Democrat tells ABC News that in a phone call late this afternoon, Senate Majority Leader Harry Reid, D-Nev., told Sen. John McCain, R-Ariz., that it would NOT be helpful for him to come back to Washington, DC, to work on the Wall Street bailout bill.

Hot Air has a rundown of events.Technorati Tags: 2008, bailout, mccain, 2008, obama, senate