Random Thoughts From The News About The Bail Out

ABC News

ABC News’ Tahman Bradley and Arnab Datta Report: Former House Speaker Newt Gingrich, R-Ga., on Sunday described Treasury Secretary Henry Paulson’s request for billions of dollars to buy debt from struggling Wall Street financial firms as “un-American” and said the secretary should have stepped down.

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CNN Money

Stocks skidded Monday, with the Dow slumping nearly 778 points, in the biggest single-day point loss ever, after the House rejected the government’s $700 billion bank bailout plan.

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Bloomberg

“You let essentially Lehman Brothers go bankrupt but you save AIG and you save other brokers by merging them with banks and then you come with a bailout plan that should be paid by the taxpayer, when Wall Street last year in total received a compensation of $69 billion – $38-39 billion of which were bonuses paid to the executives essentially of Wall Street.”

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Daily Newscaster

“I have been thrown out of more meetings in this capital in the last 24 hours than I ever thought possible, as a duly elected representative of 825,000 citizens of north Texas.” Said Congressman Burgess.

Burgess asks the Speaker of the House to post the bailout bill on the internet for at least 24 hours instead of passing the largest piece of legislation in US financial history in the “dark of night.”

The most frightening part of Rep. Burgess’ one-minute floor speech is when he says, “Mr. Speaker I understand we are under Martial Law as declared by the speaker last night.”

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Life After The Oil Crash

Last week, according to Reuters, “U.S. banks borrowed a record amount from the Federal Reserve nearly $188 billion a day on average, showing the central bank went to extremes to keep the banking system afloat amid the biggest financial crisis since the Great Depression.”

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Guardian

A shattering moment in America’s fall from power

The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over

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