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The US is not a superpower. The US is a financially dependent country that foreign lenders can close down at will.Washington still hasn't learned this. American hubris can lead the administration and Congress into a bailout solution that the rest of the world, which has to finance it, might not accept.
Paul Craig Roberts
The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.
Nouriel Roubini
I opposed No Child Left Behind, I opposed the Medicare prescription drug bill, I opposed the Wall Street bailout. What the American people are starting to see is that Republican, Republicans on Capitol Hill get it and the Democrats, from the White House to Capitol Hill, just don't get it.
Mike Pence
I didn't know you were Catholic. (to Treasury Secretary Henry Paulson as he got down on one knee to beg Pelosi to find Democratic support for the bailout bill)-2008.
Nancy Pelosi
Let's remember one thing, folks, while we go forward. Not one Republican voted for this bailout. Remember way back in the fall, not one Republican voted for the TARP bailout, and this was why.
Rush Limbaugh
The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk. In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check.
Mitt Romney
If the population allows it to proceed, it's just going to go on and on like this. Until the next crash - which is so much expected that credit agencies, which evaluate the status of firms, are now counting into their calculations the taxpayer bailout that they expect to come after the next crash... Everywhere you look, policies are designed this way, which should come as absolutely no surprise to anyone. That's what happens when you put power into the hands of a narrow sector of wealth, which is dedicated to increasing power for itself - just as you'd expect.
Noam Chomsky
I can tell you, and tell you now, that I am prepared to veto any bill that has as its purpose a Federal bailout of New York City to prevent a default.... It encourages the continuation of "politics as usual" in New York, which is precisely not the way to solve the problem.
Gerald Ford
I opposed the Medicare prescription drug entitlement. I opposed the Wall Street bailout. I opposed the stimulus bill.
Mike Pence
The blowback against a bailout of Lehman would have been fierce. It is often forgotten, but the prevailing wisdom the day after Lehman fell was that its collapse was a good thing.
Andrew Ross Sorkin
Barack Obama likes to point to General Motors as the poster child for the job creation success of his economic policies. However, whatever your sentiments about the government's bailout of General Motors, for every job Barack Obama 'saved-or-created' in the U.S. there were two jobs off shore.
Bob Beauprez
California is going to take themselves off the cliff culturally and economically, fiscally. They are going to be at the trough in Washington wanting a bailout.
Jim DeMint
Any bailout of a private company is a bad decision by our federal government. Private companies have the right to succeed, but they also should have the right to fail.
Matt Salmon
Don't reward bad behavior. It is one of the first rules of parenting. During the financial cataclysm of 2008, we said it differently. When we bailed out banks that had created their own misfortune, we called it a 'moral hazard,' because the bailout absolved the bank's bad acts and created an incentive for it to make the same bad loans again.
Eliot Spitzer
Capital has just become completely disconnected from the people. Labour was born in the world to resist the domination of capital. That's our thing. So we say that five percent of the bailout should be used to recapitalise local banks. It's our money anyway. Those local banks should only lend in the area that they're in. Germany's a very successful, a very, very successful example of how this can work.
Maurice Glasman, Baron Glasman
Over a period of 500 years the City has supported deregulation at every turn. The consequences of this are massive. You had fraudulent products – the cause of the crash – debt being repackaged as an asset and then being used as leverage. The assets they held and credit they generated were on a ratio of 50-1. There was no effective regulation of this, no effective oversight. They have been exposed by the bailout. They have refused more than ten years of requests from us [London Citizens UK organisation] and suddenly they agree to meet. I think they are concerned that the political parties will move to a more manufacturing, less financially-based economy.
Maurice Glasman, Baron Glasman
I would suggest that we use 5% of the bailout money to endow the Banks of England, which would be established in the counties and cities of England and would be constrained to lend within the county or city. The principal of the endowment would be in trust to the people of that county or city, in perpetuity so that it could not be liquidated by its members, and the balance of power in its corporate governance will be held by a third being held by the Bank of England, a third by its workforce and a third by the civic institutions of the locality. These newly constituted ‘Banks of England' are one of the essential feature of Blue Labour statecraft built upon endowment and institution building.
Maurice Glasman, Baron Glasman
Both Mitt Romney and Newt Gingrich supported the Wall Street bailout.
Michele Bachmann
If your bank took bailout money, take your money out of that bank and put it in a credit union. Credit unions are owned by the people who have their money in the credit union.
Michael Moore
The bank bailout should have been more focused on helping small and medium sized banks, on helping homeowners. I think the trade agreements are a disaster.
Joseph Stiglitz
Remember the Tea Party movement didn't get started in September of 2008 when the bank bailout was passed. It really began on Feb. 19th, 2009 when a television commentator named Rick Santelli stood up and said what the hell are we doing bailing out people who couldn't afford a mortgage by taking money from people like me who are prudent?
Karl Rove
State constitutions typically provide that the state first has to service its debt, then make it pension payments, and then pay for services. What we don't know is whether that order will be enforced. And ultimately, the busted state is going to be looking to the federal government for a bailout. Think Greece, but on a much bigger scale.
Eugene Fama
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