Jay Beckingham

Webster's

absurd; ridiculous

That's a good fit to describe the bailout.

I'd just like to share a few Tasty Tibits from CNNMoney's "Special Report,"

Bailout:Will it Work?

Just my opinion, but we should have known THIS before we passed a $700 Billion piece of legislation, don't you think?

Get this;

"Financial institutions have become paralyzed with fear and though they have plenty of cash on hand, they have been hoarding it."

This comment makes me very angry. Haven't the media outlets been reporting that the banks were going to fail and they were all broke. Now it's they have "plenty of cash on hand," so why are we giving them more?

I just want to scream!!!!!

"Treasury Secretary Paulson has up to 45 days to devise a plan to purchase the assets."

There it is, there currently is NO plan!

If this had been reported before the vote(s) do you think it would have passed? Think about it, 45 days just to devise the plan. We were told this is urgent, but apparently not.

"The plan did little to allay the fears in the stock market, which sold off once the House approved the bill."

I guess that speaks for itself!

I feel like we've been duped, deceived, conned!!!

And before someone comments, "that I obviously appear to be frustrated over this," please spare me, because I'm not frustrated, I'm;

"Pissed off!"

ps; excuse the choice of terms, "pissed off," but nothing else seemed to express it properly!

If the elections weren't so close the bailout would have passed. There's little doubt in my mind.

Fortune reports that calls to Congressional offices are running overwhelmingly against the bailout plan.

Because of the upcoming elections our elected reperesentatives were;

Forced to Listen!

That's if they would like to continue to be our representatives.

I was especially entertained by the whinning of Barney Frank. That would be the Chairman of the House Financial Services Committee. Congressman Frank has bailed us out previously twice that I can recall. We have FHA secure, a plan that didn't/doesn't work, and our new improved FHA bailout which the investors just responded to by saying, "thanks, but no thanks."

Frank is the classical example of an elected official who was suppose to monitor these institutions to make sure we didn't end up in the position that we are currently in, and now would like to point the finger at somebody else, anybody else.

Hey Barney, get a mirror!

We are being told that the markets cannot correct themselves and are being rushed into supporting a proposal that we don't know much about. There are claims of transparency, so why can't we see/understand the details.

I saw a news show this AM where the moderator was essentially stating the we don't have the capacity to understand the problem. I understand that I'm not anxious to be railroaded into supporting a $700 Billion program without knowing what it entails.

I would like, once again to ask a simple question, but this time I'll address it to Congressman Frank.

Hey Barney, Who's gettin the dough?

The time to get the answers to our questions is now. While our representatives are;

Forced to listen!

Okay, you've gotta know. You hopefully didn't just pull this number, 700 Bil, out of thin air, or did you?

So who gets what? How about a little breakdown. Let's just start with the top 5.

You know, like 5 Bil to ______?

25 Bil to _______?

Share this info with us please.

We'd like to see if any of this is payback for previous loyalties or favors.

You know a little somethin before you and Georgie leave office.

So give us a breakdown, okay.

Because, well because;

It's OUR $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

By the way, I pity the poor sucker, I mean candidate, who wins and gets stuck with this mess.

Good luck to them, whomever!

Okay, you've got a customer who needs a loan BIG TIME!

I mean that they're on their last leg.

They've made some really, really bad financial decisions, so they won't qualify for a loan through conventional/traditional sources.

They're defaulting or soon will be defaulting on their financial responsibilities.

It's questionable as to if they have the capacity to repay the loan.

So they accept a loan which is priced 8 points above the 3 month Libor.

Doesn't that look like a subprime rate?

Actually doesn't the borrower look like a subprime borrower?

Meet their lender, The Fed, or maybe it's the taxpayers.

Meet the borrower, AIG.

Anyone see 85 bil around here.

Welcome to the newest subprime lender;

The Fed!

CNNMoney.com reports that 91,000 families lost their homes in August. I really have no foundation, nor concrete data to make this statement, but I think that's BS!

Here's why.

Let's start with a definition;

family- parents and their children; all those decended from a common ancestor, lineage

I have dealt with quite a few foreclosure sales and live in an area of high foreclosure activity, that being Southwest Florida.

I think the following;

Many of the houses, not homes, which are foreclosure sales have NEVER been occupied! This sounds more like it was owned by an investor or speculator.

To take that a step further some of these homes are/were owned by businesses at the time of foreclosure, I don't think that they fit the definition very well.

Many of the foreclosures, without question were owned by investors/speculators looking to flip the properties for profit. In this case the investor could own many properties, 25 or 30 or more for example.

Then we have the area where the house may be owned by a family, but was a second home. This loss is certainly not the same as losing their homestead.

Then we actually have circumstances where people/families did lose their homes.

We don't know how many because there isn't any data being provided here!

You would think that in today's world that that data could be gathered, separated, and analyzed, but it would then need to be separated from all of the data, since these properties were never owned by families.

The problem is that it wouldn't be as sensational, and the national media loooooooooooves sensational.

Maybe they would like to consider RESPONSIBLE for a change!

Nah!

Our national media is reckless and out of control and will print/spin anything that is selfserving.

Welcome to the age of;

The Reckless Media!