Lou Dobbs on the "Bailout" - The Orange Mane

Garcia Bronco · 09-30-2008, 11:14 AM

A good read:

NEW YORK (CNN) -- CNN's Lou Dobbs is no fan of the $700 billion bailout plan that went down to defeat in the U.S. House of Representatives on Monday. He spoke with Kiran Chetry of CNN's "American Morning" on Tuesday about how he thinks there are better ways to solve the financial problems plaguing the U.S. economy.

Lou Dobbs: Americans "don't want to hear this nonsense about $700 billion to bail out financial institutions."

Kiran Chetry, CNN anchor: CNN's Lou Dobbs joins us this morning from Suffolk, New Jersey. You expressed delight I guess you could say, at the fact that it did go down yesterday in defeat. We saw the largest point-drop on Wall Street ever.

What happens now?

Lou Dobbs, CNN host of "Lou Dobbs Tonight": Well, what happens now is that it sounds like the same fools who brought you this effort are going to try again.

Henry Paulson saying he's going to come right back, suggests he's not learning. And he's not paying attention to the Congress. These Congress people are all at home in their home districts, nearly every one of them and they're hearing an earful. The American people don't want to hear this nonsense about $700 billion to bail out financial institutions. Frankly, Kiran, they don't need it.

Economist after economist, with whom I've spoken, CEOs, they acknowledge that there are far better ways to deal with the issues confronting our financial system than this bailout. And it's absolutely obscenely irresponsible of House Speaker [Nancy] Pelosi, Treasury Secretary [Henry] Paulson, President Bush, Sen. Harry Reid, the leader of the Senate; for these people to be clucking about like hysterical -- so hysterically. It really must stop. And to hear there -- go ahead.

Chetry: I was just going to ask you --

Dobbs: Go ahead.

Chetry: You say that there's other ways around this. One of the things that everyone keeps talking about is the fact that credit markets are frozen and there has to be some way to free that up so that everyday business from Wall Street to Main Street can continue.

Do you buy that?

Dobbs: No, not at all. And neither do most of the CEOs and economists with whom I'm speaking certainly. The real issue, they say, is liquidity. The Fed has injected more than half a billion dollars in liquidity into this banking system. Watch Lou Dobbs and economists discuss bailout effort »

What we are watching are business -- quote, unquote -- leaders who won't surface and put their faces before the American public who are hysterical. Absolutely hysterical. These are not leaders of moment. They are not leaders of great character or vision. Only Warren Buffett has had the courage to step forward. And that's after he puts $5 billion into Goldman Sachs.

To watch our political leaders, they have no idea in the world, Kiran, what they're doing. Literally. And the arrogance with which this administration asks for, not only money, almost $1 trillion, and surely more in the months ahead. But the absolute power for Treasury Secretary Paulson. Give me a break. The American people want this stopped. Those Congressmen and women at home right now, in their districts, are getting an earful because this is an absurdity and it has to end.

Chetry: So in one way, you're knocking Congress. But on the other way you're saying that, I guess the system works in that the brakes were pulled. Whether or not you agree with the reasons why it didn't go through. So, weren't they doing their job and showing leadership?

Dobbs: Let me be clear, Kiran. I'm saying leadership -- I'm saying the Democratic leadership of this Congress was absolutely in the same situation as this president.

They don't know what they're talking about. They're trying to ram this thing down the people's throats and Congress. And those House Republicans and House Democrats who voted against this bailout deserve a great, great expression of thanks from the American people. Absolutely.

Chetry: What do you think if you were up there making decisions? What do you think we need to do?

Dobbs: Well, the first thing we need to do is return to a traditional role of regulation. ... The problem here is not simply the housing market. ... But $700 billion and nothing in that bill deals with the foreclosure crisis, if you can imagine that. That's arrogance. That's stupidity. That is your leadership in Washington, D.C. Democratic leadership in Congress and Republican leadership in the White House.

So that's an absurdity. The first thing that has to be dealt with is mitigating the foreclosure crisis, period. Secondly, in terms of instilling confidence in the banking system and in our credit markets, the first thing to do is to deal with those institutions that are wildly out of balance, whose balance sheets, frankly, are a joke. And the regulators who should have been tending to them over the years are also a joke.

It's time to end the joke. That means aggressive regulation. It means aggressive intervention on an institution-by-institution basis.

Chetry: All right. Well, they're going to take this up again today, or throughout the week as they try to figure out what the best course of action is. Maybe they should listen to you a little bit more.

Dobbs: They'll be back Thursday.

Chetry: Right.

Dobbs: They'll be back Thursday to try this nonsense all over again, Kiran.

Dudeskey · 09-30-2008, 11:37 AM

I've always liked Lou... One of the few Republicans I can agree with on some things...™

Garcia Bronco · 09-30-2008, 11:39 AM

Quote:

Originally Posted by Dudeskey

I've always liked Lou... One of the few Republicans I can agree with on some things...™

He has been after both Obama and McCain and I quote:

How can anyone in America consider either one of these clowns?"

Dudeskey · 09-30-2008, 11:42 AM

Quote:

Originally Posted by Garcia Bronco

He has been after both Obama and McCain and I quote:

How can anyone in America consider either one of these clowns?"

Yep, and I'm beginning to wonder the same myself to be honest.

Oh and just to correct myself- Dobbs was a Republican. I guess he's recently went independent. I wonder if Cafferty followed suit...™

DenverBrit · 09-30-2008, 11:44 AM

Quote:

Originally Posted by Garcia Bronco

He has been after both Obama and McCain and I quote:

How can anyone in America consider either one of these clowns?"

Good for Lou.

For a long time, he was one of the few journalists doing his job.
He was criticizing the Bush administration while most others were silent.

Denver Crush · 09-30-2008, 01:21 PM

I agree with you all about Lou, he is really one of the few talking heads that Ive seen seriously challenge this thing.

Drek · 09-30-2008, 02:16 PM

Lou Dobbs is a cranky old GOPer who picked up the "I'm an independent" flag so he could sell his shtick more easily.

And this is a great example. More talking about the bill Paulsen proposed over a week ago completely ignoring the bill that they actually voted on which only authorized $250 billion initially, has significant oversight over the treasury, and has multiple parts that address people facing foreclosure, not to mention giving tax payers at least some legitimate hope of return.

I'm sure all his old GOP buddies love having him pat them on the back on CNN though.

TheDave · 09-30-2008, 02:24 PM

Quote:

Originally Posted by Drek

Lou Dobbs is a cranky old GOPer who picked up the "I'm an independent" flag so he could sell his shtick more easily.

And this is a great example. More talking about the bill Paulsen proposed over a week ago completely ignoring the bill that they actually voted on which only authorized $250 billion initially, has significant oversight over the treasury, and has multiple parts that address people facing foreclosure, not to mention giving tax payers at least some legitimate hope of return.

I'm sure all his old GOP buddies love having him pat them on the back on CNN though.

Thank You...

This "Bail Out" has people so upset at such an emotional level no one is paying any attention to the facts of the situation.

elsid13 · 09-30-2008, 02:30 PM

Quote:

Originally Posted by TheDave

Thank You...

This "Bail Out" has people so upset at such an emotional level no one is paying any attention to the facts of the situation.

Hot emotions and sound policy usually don't mix. And it not about liquidity it about credit, liquidity doesn't solve that problem. If was about liquidity then people wouldn't be running toward T-Bonds.

frerottenextelway · 09-30-2008, 02:30 PM

It was swank when he called Condoleezza Rice a cotton picking politician.

Bronco Yoda · 09-30-2008, 02:34 PM

Who is this Dobbs feller you speaketh of anyway?

TheDave · 09-30-2008, 02:39 PM

Quote:

Originally Posted by elsid13

Hot emotions and sound policy usually don't mix. And it not about liquidity it about credit, liquidity doesn't solve that problem. If was about liquidity then people wouldn't be running toward T-Bonds.

This whole thing is just weird... We've got an entire thread dedicated to who the government is trying to **** us by miss labeling the "Bail-Out" bill. Turns out they just attached it to an older bill to adhere to parlimentary procedure and get this to the floor more quickly.

Guess it's just another day in the WRP's forum.

My fear is that the country as a whole is just as irrational right now.

Hotrod · 09-30-2008, 02:42 PM

Quote:

Originally Posted by TheDave

This whole thing is just weird... We've got an entire thread dedicated to who the government is trying to **** us by miss labeling the "Bail-Out" bill. Turns out they just attached it to an older bill to adhere to parlimentary procedure and get this to the floor more quickly.

Guess it's just another day in the WRP's forum.

My fear is that the country as a whole is just as irrational right now.

A few public hangings and I think people would settle down some.

elsid13 · 09-30-2008, 02:50 PM

Quote:

Originally Posted by TheDave

This whole thing is just weird... We've got an entire thread dedicated to who the government is trying to **** us by miss labeling the "Bail-Out" bill. Turns out they just attached it to an older bill to adhere to parlimentary procedure and get this to the floor more quickly.

Guess it's just another day in the WRP's forum.

My fear is that the country as a whole is just as irrational right now.

The University of Chicago School of Economic always proposed that consumer will always act in rational manner to protect their interest and ensure the market act according. I have always argued that it's the exact opposite ~ that the consumers will more likely to act in irrational manner because of group/herd behavior and the market is the only thing stop them from doing something extremely stupid.

elsid13 · 09-30-2008, 02:52 PM

Quote:

Originally Posted by Hotrod

A few public hangings and I think people would settle down some.

I make sure it on the top ten things to do, when we declare martial law

ak1971 · 09-30-2008, 03:00 PM

Quote:

Originally Posted by TheDave

This whole thing is just weird... We've got an entire thread dedicated to who the government is trying to **** us by miss labeling the "Bail-Out" bill. Turns out they just attached it to an older bill to adhere to parlimentary procedure and get this to the floor more quickly.

Guess it's just another day in the WRP's forum.

My fear is that the country as a whole is just as irrational right now.

If we only had The Impaler in power.

elsid13 · 09-30-2008, 03:10 PM

Quote:

Originally Posted by ak1971

If we only had The Impaler in power.

We're in luck: He running!

http://jonathontheimpalerforpresident2008.blogspot.com/

Bronco Bob · 09-30-2008, 09:24 PM

Quote:

Originally Posted by Hotrod

A few public hangings and I think people would settle down some.

That's sort of the reason this bill failed. Not enough hearings, it was
just trying to be rushed through. And people said "Wait an minute"
just what am I spending $700 billion of my tax dollars on anyway?"

Has nothing to do with Nancy Pelosi being mean to the Republicans.

L.A. BRONCOS FAN · 09-30-2008, 09:29 PM

Quote:

Originally Posted by TheDave

Thank You...

This "Bail Out" has people so upset at such an emotional level no one is paying any attention to the facts of the situation.

I don't think this can be said re: all the professional economists who oppose the plan - most of them are setting forth very well-reasoned arguments as to why the plan is a scam and won't work.

L.A. BRONCOS FAN · 09-30-2008, 09:32 PM

Quote:

Originally Posted by Bronco Bob

That's sort of the reason this bill failed. Not enough hearings, it was
just trying to be rushed through. And people said "Wait an minute"
just what am I spending $700 billion of my tax dollars on anyway?"

Has nothing to do with Nancy Pelosi being mean to the Republicans.

Bingo.

Every time Bush tries to rush something through, something really bad always happens.

Those who fail to learn from history are doomed to repeat it.

BroncoInferno · 09-30-2008, 09:52 PM

Lou is a xenophobic racist who has lead the anti-Mexican charge. Punks like him get no quarter with me.

epicSocialism4tw · 09-30-2008, 09:56 PM

Quote:

Originally Posted by elsid13

We're in luck: He running!

http://jonathontheimpalerforpresident2008.blogspot.com/

09-30-2008, 11:14 AM	#1
Garcia Bronco Hokie since 1993 Join Date: Apr 2001 Location: Denver, CO Posts: 45,991 Adopt-a-Bronco: Tom Jackson	Lou Dobbs on the "Bailout" A good read: NEW YORK (CNN) -- CNN's Lou Dobbs is no fan of the $700 billion bailout plan that went down to defeat in the U.S. House of Representatives on Monday. He spoke with Kiran Chetry of CNN's "American Morning" on Tuesday about how he thinks there are better ways to solve the financial problems plaguing the U.S. economy. Lou Dobbs: Americans "don't want to hear this nonsense about $700 billion to bail out financial institutions." Kiran Chetry, CNN anchor: CNN's Lou Dobbs joins us this morning from Suffolk, New Jersey. You expressed delight I guess you could say, at the fact that it did go down yesterday in defeat. We saw the largest point-drop on Wall Street ever. What happens now? Lou Dobbs, CNN host of "Lou Dobbs Tonight": Well, what happens now is that it sounds like the same fools who brought you this effort are going to try again. Henry Paulson saying he's going to come right back, suggests he's not learning. And he's not paying attention to the Congress. These Congress people are all at home in their home districts, nearly every one of them and they're hearing an earful. The American people don't want to hear this nonsense about $700 billion to bail out financial institutions. Frankly, Kiran, they don't need it. Economist after economist, with whom I've spoken, CEOs, they acknowledge that there are far better ways to deal with the issues confronting our financial system than this bailout. And it's absolutely obscenely irresponsible of House Speaker [Nancy] Pelosi, Treasury Secretary [Henry] Paulson, President Bush, Sen. Harry Reid, the leader of the Senate; for these people to be clucking about like hysterical -- so hysterically. It really must stop. And to hear there -- go ahead. Chetry: I was just going to ask you -- Dobbs: Go ahead. Chetry: You say that there's other ways around this. One of the things that everyone keeps talking about is the fact that credit markets are frozen and there has to be some way to free that up so that everyday business from Wall Street to Main Street can continue. Do you buy that? Dobbs: No, not at all. And neither do most of the CEOs and economists with whom I'm speaking certainly. The real issue, they say, is liquidity. The Fed has injected more than half a billion dollars in liquidity into this banking system. Watch Lou Dobbs and economists discuss bailout effort » What we are watching are business -- quote, unquote -- leaders who won't surface and put their faces before the American public who are hysterical. Absolutely hysterical. These are not leaders of moment. They are not leaders of great character or vision. Only Warren Buffett has had the courage to step forward. And that's after he puts $5 billion into Goldman Sachs. To watch our political leaders, they have no idea in the world, Kiran, what they're doing. Literally. And the arrogance with which this administration asks for, not only money, almost $1 trillion, and surely more in the months ahead. But the absolute power for Treasury Secretary Paulson. Give me a break. The American people want this stopped. Those Congressmen and women at home right now, in their districts, are getting an earful because this is an absurdity and it has to end. Chetry: So in one way, you're knocking Congress. But on the other way you're saying that, I guess the system works in that the brakes were pulled. Whether or not you agree with the reasons why it didn't go through. So, weren't they doing their job and showing leadership? Dobbs: Let me be clear, Kiran. I'm saying leadership -- I'm saying the Democratic leadership of this Congress was absolutely in the same situation as this president. They don't know what they're talking about. They're trying to ram this thing down the people's throats and Congress. And those House Republicans and House Democrats who voted against this bailout deserve a great, great expression of thanks from the American people. Absolutely. Chetry: What do you think if you were up there making decisions? What do you think we need to do? Dobbs: Well, the first thing we need to do is return to a traditional role of regulation. ... The problem here is not simply the housing market. ... But $700 billion and nothing in that bill deals with the foreclosure crisis, if you can imagine that. That's arrogance. That's stupidity. That is your leadership in Washington, D.C. Democratic leadership in Congress and Republican leadership in the White House. So that's an absurdity. The first thing that has to be dealt with is mitigating the foreclosure crisis, period. Secondly, in terms of instilling confidence in the banking system and in our credit markets, the first thing to do is to deal with those institutions that are wildly out of balance, whose balance sheets, frankly, are a joke. And the regulators who should have been tending to them over the years are also a joke. It's time to end the joke. That means aggressive regulation. It means aggressive intervention on an institution-by-institution basis. Chetry: All right. Well, they're going to take this up again today, or throughout the week as they try to figure out what the best course of action is. Maybe they should listen to you a little bit more. Dobbs: They'll be back Thursday. Chetry: Right. Dobbs: They'll be back Thursday to try this nonsense all over again, Kiran.

09-30-2008, 02:34 PM	#11
Bronco Yoda Stokley once... ...saved me from a beating Join Date: Aug 2001 Posts: 7,244	Who is this Dobbs feller you speaketh of anyway? Last edited by Bronco Yoda; 09-30-2008 at 02:49 PM..

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09-30-2008, 11:37 AM	#2
Dudeskey Ring of Famer This space for rent Join Date: Jun 2005 Location: Colorado Springs, CO Posts: 4,314	I've always liked Lou... One of the few Republicans I can agree with on some things...™

09-30-2008, 01:21 PM	#6
Denver Crush THC Content Analyst Bad Moon Rising Join Date: May 2001 Location: Purple Mountains Majesty Posts: 1,462	I agree with you all about Lou, he is really one of the few talking heads that Ive seen seriously challenge this thing.

09-30-2008, 02:16 PM	#7
Drek Ring of Famer Join Date: Mar 2004 Posts: 12,316	Lou Dobbs is a cranky old GOPer who picked up the "I'm an independent" flag so he could sell his shtick more easily. And this is a great example. More talking about the bill Paulsen proposed over a week ago completely ignoring the bill that they actually voted on which only authorized $250 billion initially, has significant oversight over the treasury, and has multiple parts that address people facing foreclosure, not to mention giving tax payers at least some legitimate hope of return. I'm sure all his old GOP buddies love having him pat them on the back on CNN though.

09-30-2008, 02:30 PM	#10
frerottenextelway █████ █████ Join Date: Dec 2002 Location: █████ Posts: 7,888 Adopt-a-Bronco: ██	It was swank when he called Condoleezza Rice a cotton picking politician.

09-30-2008, 09:52 PM	#21
BroncoInferno Ring of Famer Join Date: Dec 2002 Location: South Carolina Posts: 12,999	Lou is a xenophobic racist who has lead the anti-Mexican charge. Punks like him get no quarter with me.