Bush Sidesteps Congress? $630 Billion To Be Pumped Into Economy Despite House Bailout

Discussion in 'Politics, Religion, Social Issues' started by MBX, Sep 30, 2008.

  1. leekohler macrumors G5

    leekohler

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  2. Queso macrumors G4

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    #4
    The Imperial Presidency strikes again. Can anybody explain to me how the USA can still be classed as a representative republic, let alone a democracy?
     
  3. Peterkro macrumors 68020

    Peterkro

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    #5
    This is the Federal Reserve pumping money in attempting to keep some liquidity in the system as most central banks are doing in an attempt to stop the whole thing going tits up,this is additional to the 770 billion going to bail out the greedy bastards in the banks.
     
  4. TheAnswer macrumors 68030

    TheAnswer

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    #6
    Actually, this is how the Fed normally works (just at a larger scale). It's troubling due to the scale, but it's a lot different than the bailout bill in front of the Congress.
     
  5. Ugg macrumors 68000

    Ugg

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    #7
    Exactly.

    The Fed isn't bailing anyone out, nor are they buying up bad debt.
     
  6. Anuba macrumors 68040

    Anuba

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    #8
    Democracy? Nah... in a true democracy, each voter has equal power. Since a voter from a populous state is worth less than a voter from a hick state, it's only a quasi-democracy at best.

    Anyway, I wouldn't worry about 'sidestepping congress'. This is happening in all countries right now. Bank of Japan is doing it, the Central European Bank is doing it. It's something they have to do, not something they want to do, anymore than a hospital is thrilled about finding a liver donor for a dying serial killer...
     
  7. nick9191 macrumors 68040

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    #9
    Why were congress so opposed? If what I've read is true then it would of cost a lot more than 630 bill. In Bushes speech he said that the drop had already lost a trillion dollars.

    And of course once they have bought the assets. The value of them will rise, meaning that all the money will be repayed.

    Am I missing something?
     
  8. Peace macrumors P6

    Peace

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    #10
    The Federal Reserve used foreign money to do that.

    "The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed’s emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities."
     

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