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  • rjd27

    Good speech. Too bad he didn’t have time to mention that Fannie and Freddie were also at fault.

  • Wubbies_World

    The thing here is that people knew these toxic assets were out there 4 tears ago, and did nothing. Those who did act, did so to shield efforts to fix it. They stood in the way. (reference the now famous YouTube video)

    Who will answer for those crimes. No one I am certain.

    A lot of people hung out the American people to dry in the name of “not being called racist” or to get reelected, or to dole out more gravy to voters.

    Are there any men or women of character left who will not behave this way anymore?

  • Leon_H_Wolf

    even after the part where he said that Paulson would be given the kind of power that Stalin and Mao killed for. I think I deserve a medal for that. After that, I heard him talk a bunch about some plan which may or may not be better, but which has zero chance of passing in time to make a difference.

    So, yeah, six months from now I hope we’ll all be able to offer snippets of this speech to pay our mortgages with. And I hope suppliers will take nice sentiments and clever rhetoric as payment for services rendered.

    McCotter continues to demagogue and reinforce the false perception that the government is going to be driving $700B in cash to various Manhattan locations to line the pockets of Wall Street traders. That’s helpful. Way to inflame popular sentiment with demonstrably false implications at the cost of the American economy, Thad.

    Sheesh.

  • Maggie_in_Indiana

    ha ha ha he says it like it is. Wish there were more of him. No dash and cash for the Wall street geed machine.

  • Jack_Savage

    But Leon, I can’t help but agree with the people that oppose the bailout.

    In my experience, whenever someone tells you must hurry and make a decision, the first thing you ought to do is slow down.

    I am tired of profits being privatized and losses being socialized.

    The people who are telling us that the world may end are the same people who told us everything was OK a very short time ago.

    And the only way this thing works – the only way- is if the taxpayers OVERPAY for the assets.

    Thad may be slightly over the top, but I am kinda glad he is.

  • SAZMD

    You’re a stronger man than I. I stopped it right after the Stalin and Mao part. Regardless of the merits of the bailout, that was pure demagoguery. Shame on him.

  • ronalddaniels

    We don’t need to rush into such a committal of tax payer money. This sort of thing should be deliberated for awhile.

    Make the stance known we won’t let the country fall to the world, but don’t just rush into the first solution you see. That’s insane and irresponsible.

  • JWhitacre

    Or are the banks loathe to actually hold onto them a little bit and deal a little more on the defaulted loans?

    Regardless, spot on speech by McCotter and I hope that the conservative wing of the house doesn’t crack under the Bush-Paulson-Pelosi-Frank crack quartet of stupidity.

    For as much as the left likes to bash the Bush administration, why is it that every time we have a crisis and the administration cries wolf, the left keeps channeling Princess Leia… “Help me Bush Kenobi, You’re Our Only Hope”. Holy crap, think for yourselves for once.

  • OCBill

    The original 3-page version gave the Secretary of the Treasury unlimited power to spend the $700 billion as he saw fit with no oversight or appeal, judicial or otherwise.

    The extra 97 or so pages may have altered that to some degree, but the original would have made Paulson the envy of every kleptocrat and tin-horn dictator in the world, very few of whom have $700 billion to distribute among their friends.

  • BigGator5

    And you are still wrong and McCotter is right. Paulson and Bush has tried to push this $700 Billion Bailout Of WallStreet down the thoats of the American people in under ten days!

    Now I might have understood your point of view, but everyone agreed with McCotter before he said anything.

  • hogiewan

    I loved the disgust with which he said, “I yield back”

  • dbecraft

    government could actually come up with this plan? Just what kind of democracy do they think they are part of?

    Well, it is scary that they would even try this… but maybe it is just a preview of things to come.

  • hughman

    he rightly blames “this administration” (AKA Bush) and thus the Bush/McCain regime. he did good.

  • gnu2u

    We’ve put in several offers on foreclosed properties and the banks refuse to deal. Why? They think that the gummint will buy the defaluted loans at face value and they’ll be flush with cash again. (one bank flatly told us this…) This is one of the things that infuriates me about this bill – it will simply, as Congressman McCotter so aptly put it, reinflate the housing bubble. It is a huge mistake to dole out hundreds of billions of dollars to the very morons that came up with these brilliant schemes in the first place. Why should I pay to bail out those who can’t make a wise decision?

    Just imagine the “economic stimulation” if the money were divvied up amongst bill paying, mortgage paying, taxpaying citizens to spend, rather than handed over to Wall Street to plunder.

  • JWhitacre

    Having dealt with the servicers for these mortgages in an intimate (meaning, I’m on their side) basis, you give them way too much credit.

    Most likely they’ve hired some con artist who lives in the area where the property is located and have convinced themselves if they pay that guy $50 a pop to drive by the property and give them a valuation, and they’ll live and die with that value.

    Or there is already an insurance policy on the loan that prohibits them liquidating the property in the way you asked them to liquidate it.

  • RandomGuy

    I’m honestly mixed on the bailout. I really don’t know what to think. But your zealousness against McCotter is downright weird and unnatural.

    Don’t try to deny there is something personal here for you. Tell people what it is.

  • Leon_H_Wolf

    I work about as far from Wall Street as you could imagine, and my direct interests don’t involve MBSes at all. My interest in this comes from the fact that I have a basic understanding of credit markets, and knowing that if some form of bailout doesn’t pass soon, my family (and your family, but frankly I’m less concerned about that) are going to have trouble eating.

    So yeah, it’s personal. It’s personal to you, as well, you just don’t know it yet.

  • shawng

    Rep McCotter, I salute you for representing the American people faithfully. The disdain shown for the bailout in his speech is utterly appropriate.

    I’ve never bought the drama with which this was passed off. I’ve never bought that this ‘solution’ actually represents one. And when 166 economists across the country say this plan ‘will not work’ that OUGHT to be taken seriously.

    Shawn