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Interesting post. I have always tried to stay away from politics as I never had much faith in our decision maker's motives.

I think you have something wrong here. It would not be socialism. It would be fascism because not only would they be government controlled they would be controlled by a single person in charge of all the economic decisions. I find it hard to believe the Bush administration would want socialism. There is much more to this than trying to blame the left or pin this on the left. There was a recent post on here http://activerain.com/blogsview/703919/It-was-a-good.

Just read that and tell me it has to do with socialism. Centralizing power is not socialism that is fascism-FAR to the right.

It seems to me that Berneke, Paulson and Congress are on the way to bail out their buddies on Wall Street and leave us twisting in the wind. I fail to see how the proposed bailout will help the average person taxpayer investor. It only perpetuates the Wall Street wealthy walking away with bonuses and finances intact while we stand to lose a large amount of money through the devaluing of our investments. In some other Countries the people in charge of this fiasco would be facing criminal charges by their Governments.

Jim, It is absolutely correct to be raising the issue everywhere we go, and thanks for reminding us again. We're being asked to cede power to make huge financial decisions to the very same people who got us here in the first place. The old cliche comes to mind; "fool me once, your fault; fool me twice, my fault."

I just dont see this as a bailout. It was a plan that was laid out a long time ago.

Start by ripping off as many Americans as possible. Then bankrupt your businesses.

Don't worry we won't prosecute anyone we promise!

Then we disguise it all as a bailout and pretend we are helping the American people.

When someone has the documents prepared before something happens it is a plan. They are just seeing it through.

I agree with you completely Jim.  When I read the proposed bill, I just couldn't believe it. It was calling for a financial dictator. 

One person who saw this coming and who has been preaching about this for years is Ron Paul.  Hopefully more people are waking up and starting to understand the system we have and how it works.  Hopefully we can have a peaceful revolution and really get things changed.  But I can't see McCain as doing anything significant.  He's part of the system.  It's like when Bush first took office.  He was going to cut spending, reform social security and quit policing the world.  I won't get fooled again by shallow words.  We really need to clean house and start over while we still have a chance. 

Hi Jim . ..  Good Post.  I agree with you 100%  Lies Indeed. Hey . . .   whats the climate lie in your neck-of-the-woods?  Here on Kauai we have very few sales and Sellers are still entrenched in their concept of the old prices. Its a battle of wills at this point.

Aloha

Jim

Jim,

The truly scary part now is that these unelected government officials, Bernanke and Paulson specifically, are trying to wrest much of the financial control to their institutions, using this emergency as an excuse to act promptly. Fortunately it looks as if Congress is smelling something and will do debate over what they are proposing. To get it right is more important than just putting something together hastily. These are the same individuals who largely got us here anyway, so clip their wings.

I hope it's not too late.  I think they have been trying to sweep everything under the rug for so long that it's now coming back to bite them in the rear and the American people are going to pay for it and we can't afford it.

Jim :

I understand, we should of not got here to begin with. However, if they put the right brains in charge the government could turn this around and even get the money back with a profit.

I know it sounds preposterous, but this could work if they get footings under the market.

Richard

Vickie Nagy, Realtor, Specializing in San Ramon, Danville & the Tri-Valley! (Empire Realty Associates)  It really has nothing to do with politics.  It is about acting responsibly.

Eau Claire Wisconsin Real Estate Agent & e-PRO® Realtor® Shane O'Gorman (Eau Claire Realty, Inc.)  I am not disagreeing with that.  So what are you doing to make your representatives and officials accountable.  The words Greenspan, Bernake, and Paulson all used recently for chances of any recession: remote, slight, slowdown.  If they knew differently...then under oath they perjured themselves.  How does slight chance of a recession, slowdown or remote translate into imminent death if you do not sign here now?

Richard Halpern (Coldwell Banker Commercial NRT)  Only Martha Stewart can serve jail time in America.

Richard Iarossi (Long and Foster® Real Estate, Inc.  It is our fault alone if this passes.

Eau Claire Wisconsin Real Estate Agent & e-PRO® Realtor® Shane O'Gorman (Eau Claire Realty, Inc.)  It stinks it is so dirty!

Tim Maitski "Secret Agent Guy" (HomeAtlanta.com)  Clean house at every level after we have prosecutions and investigations!

James Pycha (R) - REMAX KAUAI  Thanks!   Sales here are off by almost 40% in single family homes, and prices moving much lower.

Esko Kiuru - Las Vegas NV Mortgage Consultant (Sinifox Financial)  Greenspan was a lying piece of junk who bailed when he saw the lights of the train coming at us at full speed.

David Slavin, ABR, SRES RE/MAX Grand, Katy, TX (RE/MAX Grand)  This is just an incredible event and no accountability.  It was caused absolutely by the same persons offering us a way out of the buring fire they set!  They lied, misled and decieved!  Now we are to beleive them?  They want to try to fix the economy with 700 Billion?  Try?

I am talking accountability. I think they should all be in court right now every single one of them defending themselves. If our courts wont try them fire our courts. We need to gut this system. Its corrupt from the bottom to the top.

I just read an interesting article describing how people emulate leaders. It is interesting to see the effect our leadership has had on its people. We do react regardless of what people want to think.

This same hurried approach was done for the patriot act. It worked then. You scare the @#^@ out of the people and they start to revolt if elected officials dont do what they think it is they want the officials to do or what they were told is best for them. How can they not react this way when they have many media sources to do the work for them. I am lucky to be from the state that the one person who refused to sign the patriot act was from. The one person who took the time to read it.

David Slavin, ABR, SRES RE/MAX Grand, Katy, TX (RE/MAX Grand)  This is just an incredible event and no accountability.  It was caused absolutely by the same persons offering us a way out of the buring fire they set!  They lied, misled and deceived!  Now we are to beleive them?  They want to try to fix the economy with 700 Billion?  Try?

Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates)  I could not agree with you more.  In the meantime, who would be so stupid or foolish to sign this?

Eau Claire Wisconsin Real Estate Agent & e-PRO® Realtor® Shane O'Gorman (Eau Claire Realty, Inc.)  The only thing we have to fear is fear itself!  Great thought!

Jim, sadly they have already exercised many of those powers. Bernanke and Paulson have acted out of haste I think a little too often and the White House has pretty much looked the other way. I guess we don't need an election now. It appears we already have a president and veep.

Scary, very scary and all we can do is sit back and watch. Armageddon may sound extreme, but I really think the public is growing very anxious and very frustrated.

Bo

Jim, it is sad to see what has happened to the Economy in the USA since President Reagan left his legacy.  Anti-Trust Laws have fallen by the wayside allowing the merger and acquisition folks to wreak havoc on companies and people.  In my opinion such actions have contributed to create a less diverse economy with less competition (i.e., more Cartel and Monopolistic behavior by key industries) over a long period of time.  Much must be cured!  -- John

Jim

Much of what we are seeing today was just a small snowball sitting on the very tip top of a mountain thirty years ago. It just kept rolling faster and farther down hill and every administration over the years put their own brand of "Band-Aid" on the problem. Most just wanted to stop the bleeding and figure it out later , but other bureaucratic issues kept getting in the way.

The only one "good" thought I had when all of this starting hitting the papers was hopefully the AIG bailout would create a steady stream of income into our flailing Social Security coffers. One heck of a way to reform the SS cashflow problem.

Right , wrong or indifferent we are here and it is going to take a a combined and concentrated efforts to move us forward without collapsing our way of life and / or  the global economy.

Bo Hussung/ Title services in all 50 states (Cogent Closing Associates)  Don't be a defeatist!  Bo we need to call them and bring their deeds into the light!

Alexander ∞ Slocum Real Estate Team - Vancouver WA Homes (RE/MAX equity group, inc. - Vancouver)  It has been said the beasts are empires.  This is one - a global financial beast.

Laura Gray (RE/MAX Realty Group)  You could not be any further from the truth...that is how much damage they are hiding.

France will be our Country model. Socialism is finally here.

the one thing that is scary to me is the utimate control the large banks will have.  With ownership in most of the independant Wall Street brokerages houses can control our stock market.  With small mortgage brokers bearing the brute of additional regulations, many will go out of business, leaving the banks as the only players in the mortgage markets.  And with the government literally saying that if the banks make bad loans, the government, through Fannie, Freddie and FHA will make them whole.  Add student loans, car loans, etc. and the banks will make monster profits in the near future.  There was a reason that the money changers were kicked out of the temple.

Steve Harless "Your Las Vegas Real Estate Connection" (REALTY WORLD LUXURY HOMES - 702.217.1680)   Only if we let them!

Home Realty Group  Why would I want to ever buy a stock again?  Obviously this proves nothing is safe.

More and more freedom slowly taken away.  We are on the slippery slope and no end in sight as I see it.

Jim,

First this week it looked like the bill was set for a quick passage, but it looks like the uproar about it will put the bill passage in jeopardy.

I think this rescue plan can help, if the problem is as stated. My concerns are first that it is not necessary and the dire straits are misrepresented.

The debate should be first focused on the need for this action, and if the impact of this action on our future economy.

Second that the idea of paying more than market not be accepted. That thought seems absurd.

Third, you are right. I do not trust anyone involved in the debate.

That is scary to me.

Richard

Jim - Each one of your posts about this financial crisis we are facing are right on the mark.  It is frightening to think that one branch of the government will hold this absolute power over all of us without some having some kind of accountablility for those who had a bird's eye view into exactly what was heading our way.

John Walters (Specialized Real Estate)  Actually there seems to be a major backlash taking place.  It is all over the Internet.  People are jamming their electred representatives phones and giving them a piece of thier mind.  This bail out is being referred to as.."biggest con job ever' on taxpayers."  People are fed up!

Richard Smith Mortgages Home Loans FHA TN GA AL (American Acceptance Mortgage, Inc)  It is scary when those testifying last month said no problem, not to worry, chance of a recession and this week it is sign in blood real quick and no questions asked!

Donna Bigda, Realtor®, ABR, SRES, e-PRO Branford Connecticut Real Estate (RE/MAX Alliance)  Go on the Internet,  An uproar has  occured.  I was speaking to a few of my friends today that tried to call into their representatives offices, and the phone lines were jammed all day!  We all need to do our part and keep the pressure up on our Senators and Representatives.  People are pissed ticked off!

BY THE WAY...DO MOST OF YOU KNOW SMALL REGIONAL BANKS DO NOT QUALIFY FOR HELP UNDER THIS BILL?  IT DEALS WITH THOSE THAT WERE MARKETING THE CDO, SMO..you know the crap paper! 

So, like I said a few days ago this is a "BIG BOY'S BAILOUT!"  This bill will not prevent small local banks from troubles from bad loans. 

Jim -

Do you realize the powers that the Federal Reserve is requesting?   Yes.

There are many organization collecting signatures to prevent this. I signed one today. It's not too late.

Hi Jim:  Interesting perspective.  I am not sure about exchanging capitalism into socialism as I am never big on politics.  I definitely think the socialism are moving into capitalism. 

I think the whole country should rethink and reinvent.  We became the world leader after the industrial revolution and we let the world in our technology and invention.   We strayed into fast money and a whole generation decided it's more profitable to learn about finance, investment, and abandoned the hard core technology advancement.  Look at all the stock brokers, investment bankers who dreamed up ways of making big money in a blink of eyes.

Yes we still lead in some fronts but the other countries are fast approaching and suppressing us.  And we OUTSOURCE.  We find different ways to make a quick buck or enjoy something with nothing.

I think that's what's wrong here - the fundamental belief of hard work and go back to the basics, rather than a magic formula for rich and fame.   

This is for now.

Kathleen Daniels (San Jose ~ Silicon Valley Real Estate )  I know.   We can assist change in many way, and including maintaining the status quo!  I am very vocal.

Sylvia Barry, Marin, Sonoma, S.F. Realtor (Frank Howard Allen Realtors)  Fast money has pulled us off track.  NAFTA, WTO, free trade has allowed our leaders to forget those that paid the way with overtime, taxes, dirty jobs, education, manual labor... They do not want to see their way of life disappear.  They are not concerned about us.  There is nothing rescuing the homeowner losing their home in this bill.  There isn't even assistance for local governments that will lose their tax dollars.  No mney for your small local builder that has a lot of outstanding loans.  What will they comeback and ask for next week?  They just bailed out Fannie Mae and Freddie Mac just a few weeks ago.  That was supposed to be a fix.

Jim,

Thanks for the post. I have been watching your posts on this subject. This one is edgy. Keep them on their toes andmaybe honest in the process.

William Collins, Broker Associate (ERA Queen City Realty  We all need to know what is happening, and get our representatives on board!

Someone Shared a Great Video with Me on Another Blog!  It is a Must to See!

VIEW VIDEO!

Jim.... This bailout should have every American up in arms and in direct, constant contact with their elected representative... this is a farce of a plan.  Give Paulson control of 700 billion?  Who in the name of all things holy could possibly think that's a great idea?  These are the people that can't seem to manage the funds they're ALREADY in control of.  Give them more?  Like hell I say.

Fairbanks Real Estate Broker Jesse Clifton   Ok, this plan does not cover your local banks at all.  Who will help them?  What about the insurance industry?  The Airlines?  The Auto Makers?  When would it end?

Bear Sterns?  AIG? The senators are more afraid of their way of life ending than ours!  They cannot dream of being without money, and power.  It is an addiction to them.  We have been without power most of our lives.  Do you think most of these representatives worry about paying their mortage on one of their 5 homes?  Maybe they will not be able to take a Christmas vacation to Aspen while we wonder can we pay the fuel bills to heat our homes.  I've known families that have forgone medical treatment because a lack of coverage.  The answer is "NO! NO! AND NO!"  They need to do without the same way we have most of our lives.

Bailout Paulson's company because they made shady loans?  Last month he said no recession this month "Houston we have a problem?"

Jim,

Thanks for sharing the clip of Rep. Marcy Kaptur. Her delivery is right on point.

William Collins, Broker Associate (ERA Queen City Realty  She was refreshing.  My congressman in Georgia is also very good.  Tom Price.  I am happy to see some persons are getting this.

Fantastic Post.

Wow, Marcy Kaptur for President!

Just the fact the Bush administration/Paulson/et al  proposed a rushed $700 Billion blank check bailout initially is grounds for breach of fiduciary responsibility and removal from office. This is a slap in the face to all Americans. Yes we need Drastic measures like having the government recapture the salaries/income from all Wall Street firms executives involved in mortgage reselling for the last ten years and use it towards the bailout,  hold the last 30 years of deficit spending congressmen presonally accountable by liquidating their assets as well, etc. then use taxpayer monies for a bailout/equity position in what remains. I am dead serious. Really.

I believe in paintball justice... Each year all Americans get 10 paint balls/ea to shoot at idiots who have avoided punishment for being jerks, but deserve to have their but kicked. If at the end of the year you have more than 30 paint ball stains then you get jail time! Too many con men/liars get away without just punishment. 

Phil   Wasn't her video great?  He is saving the banks!    He cannot guarantee real estate assets will put any of that 700 billion back in the treasury again!  Prices of the assets are declining.  This is why the new banking rule to mark bank assets correctly was postponed until next September.  All lies to bail the banks!!!

Let's not forget what this really is.

Us, loaning big banks money so they can in turn loan it back to us for a profit.

You can't make this up! We are about to take our money and loan it to someone so we can buy it back. I have read the new 450 page house bill, which has now been increased to total over $850 billion dollars. In it there are tax cuts for companies that manufature wooden arrows for children. $192 million for puerto rican rum manufactures and an undisclosed amount for wool research.

In addition, there is a provision in the bill that states before any profits go back to the american people "no less then 20%" of profits from the bailout must be pre-directed to invest in special interest groups like ACORN. Now for those of you that don't know, ACORN is the group that forced the government to deregulate the home loan industry and provide low income borrowers, illegal aliens and 0% down loansthrough the CRA (Community Reinvestment Act). The very loans and institutions that created this entire mess.

I have phoned my states senators and congressmen and informed them that if this vote goes through, I will not only never vote for them again, bit I would contribute to and work for any canidate that run aganst them when their term is up. We need to wake up, America is under attack from the very people we have intrusted to protect it.

Alan The loss to the taxpayers from the RTC alone was 150 Billion dollars!  The point is, we will never be repaid back.  Let's really call it what it is! A loser!  Congress can't even keep Social Security solvent, they cannot secure the border, and they will not do any different here.