I Agree With Macsmind - OUTRAGED! UPDATES Below The Fold

~Snooper~

Earlier today on my BTR program, I read Macsmind's post in regards to absolutely insane federal bail out of people that have made a complete mess of the economy. In part, with emphasis added as my own:

[...] For years there has been gross mismanagement and flat out fraud. Why is there not a criminal investigation being called? Why are we not readying jail cells for all of these corrupt politicians and CEO’s that robbed these GSE’s blind and have now left us liable for a TRILLION dollars in debt? Why are we bailing them out? Certainly not bailing them out would cause massive financial problems for this country and this world - but so what. It would be temporary as the market rights itself. And now there are ramblings of bailing out U.S. automakers. [...]

And now, the text of the bail out...with discussion at Memeorandum...is absolutely UNACCEPTABLE. Like Macsmind says, I want people indicted, arrested, tried, sentenced and in prison. What in the hell has ever happened to personal responsibility? Why should I have to pay for this crap? And, if I have to pay for this crap, where is my cut - my percentage? Why should the CEOs and political hacks be able to keep the millions they have bilked the government and the people? What in the hell is that all about?

To my utter disbelief, I have to agree with DarkSyde at the KOSMONOFF site! Somebody get me a doctor!

This can't mean what it looks like it means. Because if it does, it's pitchfork and torch time, and I think I can say, based on the diverse political inclinations of the people who have emailed it to me, handing out 700 billion dollars under this deal could result in a fully bipartisan, mass public lynching: [...]

As we say here in Texas...GIT A ROPE! The government started this crap and let it go unchecked. When President Bush and John McCain tried to call attention to the mounting problems, NOTHING was done or the actions to investigate were stopped. WHY IS THAT? Are we to believe that creating yet ANOTHER agency is going to fix it? Who is going to watch dog the watch dog? I don't see that in any of the "draft verbiage", folks.

[UPDATE 1] with more discussion at Memeorandum
Paul Krugman:

I hate to say this, but looking at the plan as leaked, I have to say no deal. Not unless Treasury explains, very clearly, why this is supposed to work, other than through having taxpayers pay premium prices for lousy assets. [...]

Absotively...and Mark Levin explains the crisis here...(click to listen)

Community Reinvestment Act...Under President Carter, pressured by ACORN

The Community Reinvestment Act (CRA), enacted by Congress in 1977 (12 U.S.C. 2901) and implemented by Regulations 12 CFR parts 25, 228, 345, and 563e, is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate. In this section of the web site, you can find out more about the regulation and its interpretation and information on CRA examinations.

IBD Editorials: HT Newsbusters

To hear today's Democrats, you'd think all this started in the last couple years. But the crisis began much earlier. The Carter-era Community Reinvestment Act forced banks to lend to uncreditworthy borrowers, mostly in minority areas.

Age-old standards of banking prudence got thrown out the window. In their place came harsh new regulations requiring banks not only to lend to uncreditworthy borrowers, but to do so on the basis of race.

These well-intended rules were supercharged in the early 1990s by President Clinton. Despite warnings from GOP members of Congress in 1992, Clinton pushed extensive changes to the rules requiring lenders to make questionable loans. [...]

Failure to comply meant your bank might not be allowed to expand lending, add new branches or merge with other companies. Banks were given a so-called "CRA rating" that graded how diverse their lending portfolio was. [...]

In the name of diversity, banks began making huge numbers of loans that they previously would not have. They opened branches in poor areas to lift their CRA ratings.

Meanwhile, Congress gave Fannie and Freddie the go-ahead to finance it all by buying loans from banks, then repackaging and securitizing them for resale on the open market.

That's how the contagion began.

With those changes, the subprime market took off. From a mere $35 billion in loans in 1994, it soared to $1 trillion by 2008.

Holy Cow! We are to pay for these bad business and bad government risks? BLOODY HELL!

The Foundry also has the text of the draft...the WaPo has a good piece but they only go back 12 years, imagine that? Protein Wisdom carries the torch here. In another WaPo piece, they call the linking of Czarbie to the Wall Street quagmire as racist. More at Memeorandum. An idiot says that BUSH DID IT...moron.

This ain't over folks...