In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.
Democratic and Republican leaders alike pledged to try again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. The House was to reconvene on Thursday instead of adjourning for the year as planned.
The stock plunge began even before the 228-205 vote to reject the bill was officially announced on the House floor. The decline for the day surpassed the 721-point previous record, on the day after the Sept. 11, 2001, terror attacks, though in percentage terms it was well short of the drops on Black Monday of October 1987 and at the start of the Depression.
In the House chamber, as a digital screen recorded a cascade of "no" votes against the bailout, Democratic Rep. Joe Crowley of New York shouted news of the falling stocks. "Six hundred points!" he yelled, jabbing his thumb downward.
Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home. Not enough members were willing to take the political risk just five weeks before an election.
"No" votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill.
The overriding question for congressional leaders was what to do next. Congress has been trying to adjourn so that its members can go out and campaign. "We are ready to continue to work on this," said Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.
"The legislation may have failed; the crisis is still with us," said House Speaker Nancy Pelosi, D-Calif., in a news conference after the defeat.
"What happened today cannot stand," Pelosi said. "We must move forward, and I hope that the markets will take that message."
At the White House, Bush said, "I'm disappointed in the vote. ... We've put forth a plan that was big because we've got a big problem." He pledged to keep pressing for a measure that Congress would pass.
Republicans blamed Pelosi's scathing speech near the close of the debate — which attacked Bush's economic policies and a "right-wing ideology of anything goes, no supervision, no discipline, no regulation" of financial markets — for the vote's failure.
"We could have gotten there today had it not been for the partisan speech that the speaker gave on the floor of the House," Minority Leader John Boehner said. Pelosi's words, the Ohio Republican said, "poisoned our conference, caused a number of members that we thought we could get, to go south."
Rep. Roy Blunt, R-Mo., the whip, estimated that Pelosi's speech changed the minds of a dozen Republicans who might otherwise have supported the plan.
Frank said that was a remarkable accusation by Republicans against Republicans: "Because somebody hurt their feelings, they decided to punish the country."
The presidential candidates kept close track — from afar.
In Colorado, Democrat Barack Obama said, "Democrats, Republicans, step up to the plate, get it done."
Republican John McCain spoke with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke before leaving Ohio for a campaign stop in Iowa, a spokeswoman said.
Monday's action had been preceded by unusually aggressive White House lobbying, and Fratto said that Bush had been making calls to lawmakers until shortly before the vote.
Bush and his economic advisers, as well as congressional leaders in both parties had argued the plan was vital to insulating ordinary Americans from the effects of Wall Street's bad bets. The version that was up for vote Monday was the product of marathon closed-door negotiations on Capitol Hill over the weekend.
"We're all worried about losing our jobs," Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. "Most of us say, 'I want this thing to pass, but I want you to vote for it — not me.' "
With their dire warnings of impending economic doom and their sweeping request for unprecedented sums of money and authority to bail out cash-starved financial firms, Bush and his economic chiefs have focused the attention of world markets on Congress, Ryan added.
"We're in this moment, and if we fail to do the right thing, Heaven help us," he said.
The legislation the administration promoted would have allowed the government to buy bad mortgages and other rotten assets held by troubled banks and financial institutions. Getting those debts off their books should bolster those companies' balance sheets, making them more inclined to lend and easing one of the biggest choke points in the credit crisis. If the plan worked, the thinking went, it would help lift a major weight off the national economy that is already sputtering.
More than a repudiation of Democrats, Frank said, Republicans' refusal to vote for the bailout was a rejection of their own president.
But has Mr. Bush agreed to disassemble the Empire?
lets not forget that the financial industry has been the #1 campaign contributor/lobbyist/advisiors to political campaigns over the past 20 or so years, now that wall street is in trouble -(or so we have been told)- the same politicians that have been kept in office are the same ones that are gonna bail them out, sounds like the financial industry is getting a pretty good return on its investment
Disassemble is good ! We should start with the Democrates who knew this was going to fail and prosecute them all. Pelosi, Frank, Rainey, Todd and lets not forget who was the #2 acceptor of campaign contributions from Fannie, Freddie -----OBAMA This is nothing more than a scandel of huge Democratic proportions.
Lets take the 7 billion and give it to American tax payers then we can pay on our mortgages that will give the mortgage companies the money they need while giving all of us tax payers a break for a change Lets pay off main street . I'm tired of our leaders spending our money like its nothing- giving it to wall street is not the way I want my tax dollars spent. when we lose our jobs we don't see millions of dollars in a walkout package..........
Ok that is 2333 dollars ffor every person in the country. You aren't going to pay too many mortgage off with that unless you have a really crappy house.
The idea is not a sound one on many levels.
It was right not to approve the bailout of bad debt. All investment contains risk. If you try to eliminate the risk, you don't have a free market. Instead, you'd have socialism or communism.
In a free market, bad ideas fail and sound ideas flourish. Let's let the sound ideas rise to their proper position without all the government intervention and manipulation. Otherwise, economic disasters will occur again and again ad nauseam.
The next step is to eliminate the cause of it all: The Federal Reserve.
Should we believe him? His words fall on deaf ears and has been the world's biggest fear monger so why should we take what he says as truth... It just strikes me as odd that this market destabilization is happpening now. As they are leaving office it seems that these people are trying to get the very last few dollars out of the US Treasury and our 401K's along with the oil and gas companies... Somthing is very fishy. Buch's legacy is that "he fiddle while Rome burned" He will be known as King George, and Nero.. I don't think this qualifies for a Presidential library or a monument of any kind. Maybe we can turn the page on all of this with the new administration.
Lets hope so...
I guess you heard Bush is not running again, ergo, a new administration.
Doctor Larry,
"I guess you heard Bush is not running again, ergo, a new administration."
Not if McCain wins, he'll just be another Bush. Funny that the Dixie Chicks were almost run out of the country not that long ago, and shunned because one of them said she was embarrassed that Bush was from Texas. Seems kind of petty now compared to some of the things being said today!
And don't forget those "Freedom Fries", the congressional snub of the French who didn't hop on board the "Shock and Awe" express! I guess we showed them didn't we?! ;)
But the economy is very sound. It is those democrates that are just trying to scare you. I am telling you the truth. We can not bail out those loans on those home for those dumb people that took those good loans from those trustful loan officers. Gosh those demmy always want to give away things. Goly they think we are in a socialist country. We need to make sure those working, God loving people have their own retirement accounts, health insurance, and an owner society. We can not be helping all those people. You are just a country of whinners.
Oh you mean it is my friends that need a hand. The rich made a few mistakes. Well yes we need 700 billion to help all these people out. They might not be able to buy a second house. And remember they are my backers.
Why the call for approval? He ignored the U.N before invading Iraq- ignored the, then pope, plus numerous world leaders who did-do not agree with military action in Iraq- there were global protests against him- fricking global protests- now there are thousands of dead(DEAD) military men and women in Iraq some shipped home to their graves; and billions, billions spent a month in country that is continents away- plus a projected deficit in the trillions. And he wants the public to care about congress? Hunh? Why ask- please. and god bless Sarah Palin and her ever so intelligent war (police action) propoganda. PLEASE. Quarntine the problem and the institutions crumbling- isolate the situation and let the institutions which are not flailing survive. He and the republicans are going to kill us.
I hope John McCain's estates are still at market value; the rumor is nine? Whose your agent?
I personally think Bush and the executive branch are overstating the seriousness of this crisis in an attempt to create hysteria and shock in the public. I think they want to create confusion and high-strung emotions around this election to try and grab as much power as they can before the electorate kicks them out and replaces them with a true populist leader in Obama.
You are a conspiracy theorist?
Do you think Warren Buffet is just trying to exaggerate the problem?
The 3 month tbill yield was essentially zero at time this week and people couldnt get enough of them. They were wiling to take no interest just to be guaranteed to get their money back.
It is incredibly difficult to get a business loan these days. The free flow of moeny through the credit markets is essential to our economy.
I'm not saying the situation isn't serious, but why should we take any calls to urgent action from executive branch at face value? Has Bush and company not proven that they will blatantly lie in order to advance their agenda?
A serious economic situation that has taken years to develop will not be satisfied with a $700 billion band-aid. Until Democrats and non-partisan experts have a chance to come to the same conclusions as Bush's cabinet, I don't think we should give them an inch beyond what they currently have to manage the situation.
It isn't just Bush's cabinet. It is the congress, investors, mccain, obama, pelosi, dodd, and a slew of others. wachovia goes bankrupt the day the deal dies shortly followed by other large banks. There is no money being lent right now and it is critical for the economy that the credit markets open up. The credit markets are dry, the president and his cabinet can't be "rigging" this. Nobody has come out and said there isn't a problem or that the problem isn't grave, nobody. Interest rates are near zero, there are no other available means to free up the flow of money available. If Congress were to announce nothing was going to be done, the market would drop 2000 points.
Here is what Buffet said,""Buffett told us the financial system was on the brink of collapse last week before Paulson and Bernanke went to Congress with their plan. And he warns that last week will "look like Nirvana" if a bailout plan isn't passed by Congress."
But it will still taste better than the alternative.
Warren Buffett is an Obama supporter and he agrees with the Bush characterization.
Correct.
So let me get this straight, as I show my lack of business finesse.
We got in trouble by borrowing money (for home loans etc.) we couldn't afford to repay. So the way out is to "free up the credit markets" for more borrowing, because the only way business can survive is to take out big loans?
What am I missing? (and please, spare me the "a brain" remarks. Heh;-)
OK, so Buffet thinks a bailout is necessary. That's one tick in the non-Bush column. I'll still be on the lookout for several additional voices to second the Bush administration's recommendations before my support is given.
Yes part of the problem, hence Fannie Mae and Freddie Mac got hammered.
However the trouble was compounded from the derivative financial instruments, the MBS bonds.
So if I am a company holding a bunch of MBS, I paid out my cash for them and now I have an asset, I have bonds. The value of those bonds has decreased. In fact, for practical purposes, the market for selling those bonds has disappeared on me. So unless I can ride it out until the bonds mature, those bonds are worthless because I can't find anybody to buy them. Furthermore, the cash flow from these bonds is significantly less than I anticipated. I have to write down the value of my impaired assets, the bonds. So now my books look like crap. Depending on how deep I am in my liabilities can approach or exceed my assets. Furthermore, who will loan me money, nobody because my books look like crap and even my written down assets are still hard to value without a market for them. Also because my cash flow is reduced and my cash is tied up in bonds, I don't have any money to loan to you, so that hampers me from making money on interest on loans. Basically I am screwed. If my liabilities do exceed my assets I have to file for bankruptcy. Big loans, little loans, loans are how companies in this country get a large amount of their capital that is used for investing in things like property, plants, equipment, materials, etc.. We do need the banks for the economy to function and we do need them to loan money.
So if the government can create a market for my MBS' then I can sell them at a reasonable price, take some loss, but not total loss, and I get cash that I can then loan out and make money on it. My books no longer look as crappy. They may show a loss but it is now possible to value my company correctly as the MBS are not part of the equation any more.
AIG got in trouble by insuring the MBS.
Other than people such as Ron Paul and Richard (Dick) Shelby types that are opposed to a bailout on general principles not based on the necessity of it (in other words people that believe the market willself correct so let the chips fall where they may), who do you have that says we shouldn't do this bailout?
-O- I dont know..... Just 90 percent of the population in the USA.
Really I know nobody that doesn't agree that this needs to get done. Even if they don't understand the situation they know the drop in the stock market will cost them more than the bail out. People that don't think the bail out should happen clearly don't understand what is going on and don't understand the importance of banks in the economy.
Actually, that is exactly backwards. It is obvious that the Dems are being partisan and trying to keep this front and center as long as possible since they feel it helps Obama.
Bush is going against many in his party on principle, not politics. Take off your blue-shaded glasses.
Wow. That is one of the most ignorant staements I have ever heard and being I look at Newsvine a lot, that is really saying something.
All of the Bush Administration catastrophes all had prior warnings.
The American people will have no choice in this matter. There will be a bail out. I've writtin 2 senators and one congressman in my state, saying no bail out, even without knowing what side of the fence was best, bail out or no bail out. We have been in a recession. This bail out will not correct it. The recession will continue. I assume the bail out is to stop a full blown depression.
I can only hope that the American people stay focused on what has just happened and demand answers to why it happened in the first place.
I can tell you part of what caused this to happen. Distribution of income shift to favour the wealthy. No real increase in minimum wage and cheap illegal labour.
During the President Clinton Administration--The truth happens to hurt--but it does involve an "agenda", where there was a "Push it thru Drive'" at that time. A "Bill" was proposed in
Congress--that more 'Renters in America' should be able to 'Buy their Own Home'-- So "that
Bill" went thru Congress, enforcing that Loan Institutions "Had to Find a Way" to make loans
availuable to 'all persons' that applied--without a 'Hint of Discrimination'. In the Bill was a
penalty-clause against any Company that did not comply... So the Loans were made, "No
Down Payments, no serious Ability to Pay Credit-Checks, No Credit-Histories etc. Because
of the increasing Sales of Homes, Prices were Over-valued by liberal Appraisers & all homes
went up & Up!! The houses were then over-valued as much as 25%. Banks & Mortgage Co's
then sold these Loans to "Fannie-May" & Freddie-Mac". Houses normally valued at $100,000
were now $150,000. Now, many speculators entered into the market. (Make the 'big money'
while you can--you can become a 'Millionaire' in six-years at this rate!!) This was over-done by
"Late-nite" TV commercials--- And 'They' drove the housing market up another 25%. The
$100,000 house was now valued at $150,000. And then came the housing market "slump"--
too many houses, besides the one's being 'Fore-closed' because he lost his job, or drugs. And
now, you've got the "BIG PROBLEM"!! 1 Million homes being fore-closed, where the Federal
Govt. only guaranteed 80% of the Loan-- You got a $140,000 Loan--and can't sell the house
now for only, $105,000!! What happens NOW--let's guess? Can you see the problem getting
bigger & bigger? Can you see how this Government Law trying to improve everybodys' welfare comes out--especially where you "FORCE" all 'Lending-institutions' to forget common-sense
"Business-Principles"?? So suddenly, Uh, We get this Financial Company "Melt-Down", but it's
gradual, it's not all-of-a-sudden!! Do you-all understand it, Now?! Am I Wrong on What Hap-
pened!? Let's hear your truthful views--without the 'name-calling'... Before I quit on this, the Democratic and the Republican Parties in Congress are "both" equally to blame for passing the Bill, and President Clinton did SIGN it, but he's not solely to
blame either! Both Parties bear "Equal-Guilt"--! In 2000, as I understand it, President Bush did request Congress to 'propose' a Bill, which
would place some restraints & place some regulations on these loans. Mostly, he was ignored,
or the proposals were tabled & defeated at the 'committee-level'. In 2005, McCain did enter a
Bill, which proposed some "Loan Regulations", but it also was 'Tabled & Killed' in committee.
The Presidents DO NOT LEGISLATE--that JOB BELONGS TO CONGRESS!! And it takes the
Majority of Congress to pass a BILL to the President! FACTS ARE FACTS!! Am I Being Fair?!
'53 Korean Vet-527282,
Can you name the bill?
Yes, Bush deregulated FURTHER. Freddie and Fannie were fine under Clinton's bill. Bush tipped it over the line.
The only person more annoying than Barney Frank is a well-know purple dinasour of the same name. Are they one in the same? You never see them at parties together. Just a thought.
Is it just me, or does Barney come off as Milton from "office space"???
LOL... whatever you do, don't touch his stapler.
The caption for picture 70 is ..."Can you hear me now?"
No BAILOUT im glad we are standing our ground!
It aint over yet. I'd say 50% chance it still gets through the house today.
Im glad congress is taking a stand against this bill, NO BAILOUT!! They are just going to put us into more debt that we have to pay so that wallstreet has money to play with. Take your money out and stuff it under the matress!!
The bill should get passed. If you listen to the financial experts the economy will fall apart without it. When it comes to listening to experts vs. our government I will choose the experts! When do the politicians stop thinking about being politicians and do the right thing for the country. I do agree that the government normally should not bail out corporations but I don't see any other solutions at this time to save our economy.
The GD Republicans are playing politics as usual. They do not care if they finish wrecking the country. Believe me, if the market crashes, and unemployment skyrockets, you will be wailing about how the government has let you down. This HAS TO BE DONE. Boehner turned traitor again after promising to deliver the votes to pass this. Turns out that he has been talking it down behind the scenes. Thanks, Republican idiots for screwing us once again!
It's not the Republicans who started this mess or scandel I should say This has roots deep in the Democratic party. Barney Frank, Pelosi, Rainey, Dodd and so on. Don't forget the #2 acceptor of campaign contributions OBAMA. Prosecution of those listed is what the American people should see.
It really is shameful that the Powers that be have wrestled this fraud so that there is no help for the folks who are having problems with their mortgages. Things will only get better and change in the most minor of ways, should the morons who call themselves "King" manage to pursued you to do this at all. And as for the "All" - All of you on Capitol Hill and all of you on Wall Street need to remember the overwhelming outrage that has and is occurring. It is not over and none of you are safe from what will follow. Any empire built on greed and corruption always fails. This is OUR money - not yours. This is Our Country - not yours. You were suppose to be the "Stewards" of the ship - not the Captains. You are not entitled to own this Country or its Treasure nor to direct the "peasants" as to what is best for It and for US. Most of you are liars and thieves and some, even murders. And those are your best qualities. When you take the "Three Quarter of a Trillion Dollar" figure that this is suppose to finally cost, divide that by 200,000,000 tax payers. Send each one of us a check for $ 250,000, and watch the economy fix itself from the bottom up in about one week. That $ 250,000 figure is not based on the math, it's based on your pattern of deficit spending. And being that it's OUR MONEY you are going to spend, we probably would collectively do a better job with it than you have so far, or ever will. If you're not going to HELP - then get the HELL out of the way. Time for all of the "Lambs" to become "Lions. This is the stuff revolutions are made of. John B
Yellow Barking Dog, New Mexico 0!#1 - Mon Sep 29, 2008 1:01 PM MDT
Right on.
Here I sit in the basement of Wachovia's St. Louis' operation and I'm wondering where it will all end. Wachovia's stock last year was around $55. Today it went under $1. I talked to a guy today who lost $4500 in his 401k since Friday and he said, "That's what you get when you listen to the company."
The odd part is that I left Citimortgage to work at Wachovia.
There's a part of me that thinks today's defeat of the bailout is a good thing. As an average American, I'm tired of seeing people get tens of millions of dollars in golden parachutes. Our local paper ran a story yesterday about which local executives made the most money last year (stltoday.com is you want to see it). And it's not just the CEO types. I don't want to see companies rewarded for bad behavior either. Why should Joe Blow's small company go under when a large one gets bailed out? It's unfair and somehow unAmerican.
On the other hand, I know we have to fix the problem. People are losing their homes, their jobs with not much hope for the future. European banks and lending institutions are going under now, too. I think maybe it's a good thing that we are taking our time to get a bailout bill that will be fair to the American taxpayer because eventually, they are the people who will foot the bill.
And let's not forget that whatever bailout bill we end up with will be a legacy to the next President and Congress. I hope it is a substantially different group.
What we absolutely HAVE to learn from this is that de-regulation does not work. For all you supply siders out there, this means you. DEREGULATION DOES NOT WORK.
There, I said it.
Charlie M.
stlouisactor.newsvine.com
People aren't losing their homes. The bank, or other lender owns the house until the borrower pays for it. When people make loans they can't repay, that's a bad debt and they never owned anything.
Over-regulation is much worse than under-regulation, because now the government is taking a bigger and bigger chunk of stockholder's money just due to regulation, not to accomplish any real earnings.
I don't think everyone understands this bill (it's an emergency "no wallstreet crash" plan because if wallstreet crashes than we are all F@%K)...anyone who has watched the markets for the past few weeks can see that the economy is failing. My bank (WAMU) has already failed, I couldn't even get a 2,000 dollar loan for school and I have a credit score of over 690. Congress needs to remember who they are, representatives of this nation whose job it is to make laws that help the nation. All this congress is doing is thinking about the vote and yes some of you may loose your seat but would you rather loose your seat because you saved the nation or because you helped send it into another depression. I would like to remind congress that if this bill does not pass and we go into a depression than you WILL loose your seat in the house for not stopping this disaster when you had the chance to.
To my fellow Americans......
*I'm against the $85,000,000,000.00 bailout of AIG.*
Instead, I'm in favor of giving $85,000,000,000 to America in
a *We Deserve It Dividend*.
To make the math simple, let's assume there are 200,000,000
bonafide U.S. Citizens 18+.
Our population is about 301,000,000 counting every man,
woman
and child. So 200,000,000 might be a fair stab at adults 18 and
up..
So divide 200 million adults 18+ into $85 billon that equals
$425,000.00.
My plan is to give $425,000 to every person 18+ as a
*We Deserve It Dividend*.
Of course, it would *NOT* be tax free.
So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their
pocket.
A husband and wife has $595,000.00.
*What would you do with $297,500.00 to $595,000.00 in your
family?*
*Pay off your mortgage - housing crisis solved.*
*Repay college loans - what a great boost to new grads*
*Put away money for college - it'll be there*
*Save in a bank - create money to loan to entrepreneurs.*
*Buy a new car - create jobs*
*Invest in the market - capital drives growth*
*Pay for your parent's medical insurance - health care improves*
*Enable Deadbeat Dads to come clean - or else*
*Remember this is for every adult U S Citizen 18+ **including
the folks*
who lost their jobs at Lehman Brothers and every other company
that is cutting back. And of course, for those serving in our
Armed Forces.
If we're going to re-distribute wealth let's really do
it...instead of
trickling out
a puny $1000.00 ( "vote buy" ) economic incentive that is being
proposed by
one of our candidates for President.
If we're going to do an $85 billion bailout, *let's bail out
every adult U S
Citizen 18+!*
*As for AIG - liquidate it.*
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it
up.
*Here's my rationale.* *We deserve it and AIG doesn't.*
*Sure it's a crazy idea that can "never work."*
But can you imagine the *Coast-To-Coast Block Party*!
How do you spell* Economic Boom?*
*I trust my fellow adult Americans to know how to use the $85
Billion*
*We Deserve It Dividend* more than I do the geniuses at AIG or
in Washington
DC.
And remember, this plan only *really *costs $59.5 Billion
because $25.5
Billion is returned
instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
*PS: *Feel free to pass this along to your pals as it's either
good for a
laugh *or a tear or a very sobering thought on how to best use
*$85 Billion!!
Before you post the rants of another financial idiot, do the math.
$85 billion divided by 200 million is $425. Period. Isn't that exciting?
IT IS EXCITING AND THATS WHAT IT SAYS.....IF YOU WOULD READ IT!!!!
To my fellow Americans......
*I'm against the $85,000,000,000.00 bailout of AIG.*
Instead, I'm in favor of giving $85,000,000,000 to America in
a *We Deserve It Dividend*.
To make the math simple, let's assume there are 200,000,000
bonafide U.S. Citizens 18+.
Our population is about 301,000,000 counting every man,
woman
and child. So 200,000,000 might be a fair stab at adults 18 and
up..
So divide 200 million adults 18+ into $85 billon that equals
$425,000.00.
My plan is to give $425,000 to every person 18+ as a
*We Deserve It Dividend*.
Of course, it would *NOT* be tax free.
So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their
pocket.
A husband and wife has $595,000.00.
*What would you do with $297,500.00 to $595,000.00 in your
family?*
*Pay off your mortgage - housing crisis solved.*
*Repay college loans - what a great boost to new grads*
*Put away money for college - it'll be there*
*Save in a bank - create money to loan to entrepreneurs.*
*Buy a new car - create jobs*
*Invest in the market - capital drives growth*
*Pay for your parent's medical insurance - health care improves*
*Enable Deadbeat Dads to come clean - or else*
*Remember this is for every adult U S Citizen 18+ **including
the folks*
who lost their jobs at Lehman Brothers and every other company
that is cutting back. And of course, for those serving in our
Armed Forces.
If we're going to re-distribute wealth let's really do
it...instead of
trickling out
a puny $1000.00 ( "vote buy" ) economic incentive that is being
proposed by
one of our candidates for President.
If we're going to do an $85 billion bailout, *let's bail out
every adult U S
Citizen 18+!*
*As for AIG - liquidate it.*
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it
up.
*Here's my rationale.* *We deserve it and AIG doesn't.*
*Sure it's a crazy idea that can "never work."*
But can you imagine the *Coast-To-Coast Block Party*!
How do you spell* Economic Boom?*
*I trust my fellow adult Americans to know how to use the $85
Billion*
*We Deserve It Dividend* more than I do the geniuses at AIG or
in Washington
DC.
And remember, this plan only *really *costs $59.5 Billion
because $25.5
Billion is returned
instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
*PS: *Feel free to pass this along to your pals as it's either
good for a
laugh *or a tear or a very sobering thought on how to best use
*$85 Billion!!
How many Democrats does it take to change a lightbulb? 318, because 100 of them are occupied at all times blaming Bush for everything - especially the things they screwed up themselves.
Blaming Bush is ridiculous. He is pushing this and the Democrats are in the majority in Congress (and have had the majority the past two years as this thing got worse and worse). Dems just want more financial welfare and to get more government control over business and especially a huge chunk of change.
Check back and see who, partywise, pushed Fannie and Freddie, and who has benefited financially from their excesses. It is the Democrats. And now they want the same people that made the mess to regulate it.
Sheesh!
In the last 2 years the GOP has filibustered more than any congress in history.The GOP administration got us into this mess by deregulating the financial system in this country and letting their appointed friends run it into the ground.They also deregulated the newsmedia so Fox News could buy the Wall Street Journal another reason why everything was "just fine" until a week ago.If a tree is about to fall on you and you don't move out of the way then you are an idiot and you deserve what you get.
Amen
So should we gobble up some cheap stocks or is everything just going down the toilet?
Bush has cried wolf so many times we don't know what to believe. But I'm one who lives from paycheck to paycheck and hopes my 401K isn't disolving. I have children in college and we like to eat. I think this bill needs to pass so that we can rest a little easier .. Damm that Bush he has absolutely ruined our economy!!!
What gets me is the fact that congress is in a hurry to adjourn so that they can go out and get re-elected to office. The fact that they are more worried about that, than the economy of the United States, tells me that all the incumbents need to be voted out. They only care if they have a job, what about the American People who need jobs, and can not get those jobs without a better economy? Both the Republican and Democratic Parties have failed the American people in the worst possible way. I think it is high time the American people took the government back from big business, and put real people in office.
Actually? I think it's just an excuse to get a break so that tempers can possibly cool a bit before trying again. If they were REALLY serious about "going out and running" it'd be a whole lot longer then 3 days.
Hell, even HIGH SCHOOLS enforce the "3 day rule" between fighting students.
Nancy Pelosi used her bully pulpit to play politics today and for her actions she must deal with the consequences. If she were a halfway decent Speaker she might have been able to get her Democrat collegues in line and vote yes, but that didn't happen. This matter could have been resolved last week on Democrat votes alone but the cowardice in the House didn't want that...they wanted to lay blame and wave their fingers in a partisan manner! President Bush can be blamed for many things but not the mess we're currently in - for that we need to go back to Jimmy Carter and all that has transpired in the 30+ years of the financial antics of this government and Wall Street. Freddie, Fannie, Dodd, Frank, Schumer, Reid and Pelosi...as well as Obama talk out of both sides of their mouth! The Senators and Congressmen all talked glowingly about Fannie and Freddie some 3 years ago while McCain was being told to sit down and shut up when he voiced concern. something is very wrong in Washington!
Why should the Democrats go this alone. It is very common what happened today. The problem is that the House Minority Whip didn't do his job and that caused Pelossi to give out too many passes.
Why should something as important as this, be affected by what Nancy Pelosi says? Think about it. Who's is REALLY using this situation as a political field of play?
The economy was doing well, when Clinton left office, ... except for a few stains of heathenism in the Oval office. What has Bush done that is going to be considered positive, while he was in office? Bomb the heck out of Iraq?
Regardless, I can't believe grown adults would stand there and say that they wouldn't vote for the bill, cuz Nancy Pelosi said something that made them mad, at the last minute.
Who's lives do you think you are playing with?????????????????????!!!!!!!!!!!!!
iceman, yeah, it does kind've sound that way to me: "We're going to punish all of the people that voted for us because we didn't like what YOU SAID! And they're all gonna blame YOU 'cause YOU made me DO IT! NAH-NAH-NYAH-NAH-NAH!"
These Republican sociopaths have stood with Boy George for the last eight years - now, with an election coming up, all of a sudden they break ranks? Where were they for the first six years, as the Bush tax cuts for the wealthy pissed away the projected surpluses and led to record deficits? 700 billion dollars is a drop in the bucket compared to the total deficits rung up by the Republicans when they had total control of the government from 2001-2007.
Remember when Cheney said, "So?" when he was told that 2/3 of the public wanted the Iraq war ended? Where were all these righteous right-wingers then? Why weren't they listening to their constituents? Did any of them so much as tell Cheney to shut his stupid, arrogant mouth?
Once again, the Republican Big Lie Machine will depend on the ignorance and short memory of the voters. Might as well - it has worked so far.
Oh! Mr Bush is disappointed???????? We have been disappointed for the ""PAST 8 YEARS""!!!!!!!!!!!!!!
LIVE WITH IT!!!!!!!!!!
LOL! Good one!
So, ... they say that the world economy could implode. They say that this is a serious situation. They say, that our future depends on it....
Then why would you base your decision to decline on the bill, on a speech given by Nancy Pelosi, that didn't amount to anything but her opinion and pointing a finger? To me, this indicates that we have a lot of rich, snobbish, emotionally driven, illogical, and immature human beings in Washington, who treat these decision making processes as if they were a side event to what their major reason is for being in congress, ... which is to have some fun.
How can you say, with a straight face, that you voted no, because Pelosi said Bush was part of the problem? HE IS PART OF THE PROBLEM! What? You didn't want to come to terms with that? You don't like to think that a republican president messed up BIG TIME? Well, it is not for you to decide on THAT one. Ask the people.
We put you all in your positions, and we can vote ya out.... except for Bush, of whom was placed into his position by the Supreme Court, and not by popular vote.
No wonder this country is so messed up. You GOP people have not a clue of what to do, and what's going on, outside of your swimming pools and your BMWs.
YOU ARE SUPPOSED TO BE VOTING ON THE ECONOMIC BILL, AND NOT WHETHER OR NOT YOU LIKED PELOSI'S SPEECH.
Very well said.
By excluding any democrats in her assment of the blame, she implied that Bush and the Republican party were 100% to blame for the problem, not just part of the problem. She also portrayed herself, Barney "The Dinasaur" Frank (he is more annoying than the dinasaur) and company a knights in shining armor riding on their pure-white and very-very-high horses to save the day for average Americans. If I was a reluctant Republican ready to sign on, I would likely have changed my mind too. It was rediculous, unnecessary and self-serving political posturing.
When all is said and done, some very prominant backers of both political parties will be heavily sanctioned and/or thrown in jail.
I have a question... why is Nancy Pelosi blaming Bush and siding with him at the same time? She says it is all his fault and she also supports his solution? Logically that makes no sense. She should be calling for a delay until after the election when Barack Obama can fix it like he is going to fix everything else. It doesn't matter how bad things get, Barack Obama will bring the hope and change necessary to tackle any problem of the "last eight".
Vote out all these @!$%#s!!!!
Rep. Paul Ryan (R-WI) is afraid of losing his job in 5 weeks if he votes for the bailout, even though he feels it's necessary. Remember Mr. Ryan, you have to have a valid address to register to vote in this state. How many votes are you going to lose because people have lost their homes due to this financial crisis?
Sara, frankly? We were ALREADY going to see a depression due to all of this bailout or no. The question is how bad is it going to get? Our only hope to get out of this mess is to do what was done before: but certain quarters think that those ideas are just a little too "commie pinko" or whatever word it is they're using these days and that made it nearly impossible for anyone to do what needed to be done properly.
This bill was bad news towards all of that so we can only hope now they'll go back to the drawing board and write the bill they SHOULD have in the FIRST place!
Just finished listening to the Democratic news conference on CNBC. Its amazing that all the blame is being placed on the GOP for the failure to pass this bill. The GOP leadership "failed" in its agreement to deliver the votes. WHAT ABOUT THE 98 DEMOCRATS WHO VOTED AGAINST THE BILL!!! The Dem's have control the legislature and don't have to worry about a veto, so if all the Dems had voted yes it would have passed. Pelosi and her stooges are a joke! JUST AMAZING THE SPIN THAT THE DEM'S PUT ON EVERYTHING. The idea of putting everyone in a house was started by Carter and enhanced in 1995 by Clinton (who acknowledges it may have been a mistake). Both parties have screwed up! The people know it and that why the legislature is being bombarded by messages not to vote for the bill. Have you heard of one politician that says that we can pay for this financial mess by reducing spending! Novel thought!!
What about them? It was a republican president asking for this it is up to the republicans in the house to support it at least somewhat. Second, the 98 were probably given passes based on the Minority Whips pre vote count, then the Republicans backed out at the last minute.
Absolutely right. So many in her own party are against this plan and all she can do is point her finger across the isle. Maybe the non-partisan opposition are on to something.
Yes, John McCain said it during the debate and he was ridiculed for it on Liberal radio and TV, even though he is right. Cutting spending is the ONLY way out of this in the long term, but that is not something Liberal Democrats will ever endorse, because it will alienate their voting base.
Ok lets see your spending cuts. What are they and for how much?
I will lead off. We can cut 100billion a year from the DOD budget. We can cut 120B a year by withdrawing from Iraq. We can cut 18B a year by not allowing private insurance companies to administer Medicaid (like Obama said). Ok I have just delivered 238B/yr. What cuts do you propose?
BTW, at this particular moment, cutting spending would not be a good idea. We need to stimulate the economy, not retard it.
This is true if you believe Government spending stimulates the economy better than private sector spending. But it is a fact that in order to balance the budget we must raise revenue and/or cut spending. In reality, we will have to do both. Is there another option I'm missing? I do not believe that increasing business taxes in order to fund more government spending is the proper recipe for economic growth and, thereby, revenue growth. If it is, then the best solution is to nationalize every US business and make them all part of the federal government, resulting in a 100% tax rate and creating more government employees flush with money to stimulate the economy.
I think the cuts you propose should be considered, as long as they do not compromise national security. The 18B for private insurance to administed medicaid for sure. Off the top of my head, I would also propose cutting ALL funding for the NEA, NEH, Planned Parenthood, much of the DEA's budget (let's face it, drugs are everywhere anyway and those who want drugs will get drugs no matter how much the government spends trying to stop them... legalize and tax would be my solution, which would increase revenue and cut spending) and certain education programs that have proven not to have any effect on results. Obviously, each program would have to be considered individually and I amnot an expert onthe federal budget, but I know when I spend more than I make, there is trouble brewing. I can't see why it would be different for my Government.
Naftel,
"This is true if you believe Government spending stimulates the economy better than private sector spending."
Not in the least but if the private sector isn't doing it then the government has to step up and toe the line or we all starve dearheart because let's face facts, if no one has any money, then no one has any money and money isn't getting spent. Not on you and your job not on me and mine- not on anyone's. You can make the cheapest shoes in creation sweetie but if no one's got the money to pay- we're ALL going barefoot!
Exactly, and it certainly stimulates it more than not spending.
I am disgusted with every DEMOCRAT and REPUBLICAN who voted against this bill! There will be time to debate who got us into this mess and how to prevent a similar crisis in the future, but NOW is the time for ACTION not stalemate. Something memebers on congress on both sides of the aisle seem to have forgotten. How is it possible that the most fiscally irresponsible congress in the history of the US, suddenly on the eve of the most important vote on the largest financial crisis since the great depression SUDDENLY gets religion. Everyone agrees this is a horrible bill. BUT IT’S BETTER THAN NOTHING. The resulting shotgun wound to the economy of NOT passing this bill will cost the overall taxpayer FAR in excess of $700B, and individual citizens their jobs and livelihoods. Its like the economy is drowning in the middle of the ocean in a hurricane, and we are quibbling over whether or not we should be rescued in a life boat. Is a lifeboat the best vehicle to be stuck in during the hurricane? Clearly not, but it’s better than swimming!!! For those congressman who say their constituents are all against this bill (but who secretly hope it will pass, so long as they don’t have to vote for it), I say this… you need to explain to your district’s voters why not passing this bill will hurt them. You asked for great responsibility when you ran for congress and have spent years voting for funds to study the mating habits of bald ostriches and other absurd earmarks (democrats and republicans). Its time to man (or woman) up, pinch your nose and vote for this bill for the good of your COUNTRY!
Unfortunately Dave, you and I are in the minority. However, our leaders are supposed to do the right thing even if it is unpopular. They have failed the country once again.
However, I bet this thing still gets done.
Finally, someone who speaks with common sense. Lets drop who got us where and fix it. Then we can go back to politics as usual.
gopetitioncom/petitions/vote-against-bail-out-supporters-in-congress.html. Here you can find who voted for the bill. Lets vote them out put a dot in front of com. This site won't let you put links in.
Bush is not trusted and now McCain can join him. Dinner was more important on Saturday night than working on the bailout.
At least Bush was an unskilled politician whose mistakes were as clear as the nose on his face.
McCain is all politician. He is evil, tricky and clearly NOT A LEADER even to his own party. PLEASE PLEASE PLEASE do NOT ELECT him.
We need leadership. OBAMA for CHANGE!
Does Obama represent change? What change? Has he ever changed anything? What suggest he will make a change in the White House? Anyone who had to resort to getting lawyers to throw all other opponents off the ballot to win by default in Chicago most likely represents a change contrary to American Ideology. In fact, his record as a Senator shows that he follows the direction of the Democratic Party very closely, a real party puppet, not much change there, just politics as usual... McCain on the other hand follows what he believes is right regardless of the political norms of his party.
One could make a very good case that the ONLY change Obama would represent is a Black Man in the White House! I guess he's a novelty of the guilty minded white man, what other merits dose he have? Community Organization? Reading from a teleprompter? Just let it stop working and you'll be amazed at the empty head! I say, with no record of change or experience at all, Obama is dangerously under qualified! He would be strictly a Party surrogate. To vote for Obama, while touting "change", being such an under qualified candidate, in light of his lack of economic, military or foreign experience, is to vote based solely on his race. That makes you a racist if you vote for Obama! Making decisions based only on race. Shame on you.
What does race have to do with it?The GOP had 6 years with COMPLETE control.LOOK WHAT HAPPENED! McCaine was part of the GOP wasn't he?Who said"if it walks like a duck and talks like a duck..."?
By the way who seeded this? there are 130 images that download everytime you load the page. It isn't like the pcitures add any value whatsoever!
The Taxpayer is going to buy back from the bank some 700 billion Bad mortgage back securities from the banks which in the first place should have done there due diligent but instead of doing that they were greedy and made the fast buck and turn around and sold the paper before the ink dried.
Who fault is it....Big Business...Government..Greedy upper management of the banks... Realtors/Brokers who after this bailout will get paid millions on making the bad loans which this mess happen.... and the leading of recession and credit crunch....
The bailout should be aim towards the people who had the bad mortgage..instead of them going to foreclosure and bank will not neogiate with them..because they don't care...because they problem is going to transfer to the taxpayers expense.....and thanks for the millions of dollars parachute.... Paulson who made millions himself comes from this mentality...........the little guy suffers again at the sake of big money and interest....
Bailout the people who this is really effecting ...and make the banks neogiate with them or even write some off so they can afford the mortgage due to the over inflated housing prices.... subprime loaning.... so from the realtor agent all the way up to the Bank CEO ..PROFITS.. on the backs of the poor working stiff...living in America is great...long live the capitalism..
If they just Don't rubber stamp Bush/Paulson recommendations... God Bless them...Question it and re-examine it....instead of pushing thru quickly a bailout which may or may not help us in the long run....
Fault and greed have nothing to do with it at this point. Now we need to deal with straightening out the mess. I don't care if the execs of every bank in the country walk away with 20 million dollar golden parachute, all I care about is stabilizing the markets and getting the banks making loans again so that the world's economy doesn't go any further down the crapper. Even when the banks go bankrupt the execs still get their packages.
Furthermore, in your list of blame you forgot to mention all the people that took on mortgages that they couldn't afford. They were just as greedy. They were just as speculative, betting that their house would go up in value enough so that they could refinance before interest rates reset or betting that interest rates would remain low.
Look at this mess the Democrats have got us in! That sub-prime loan program Jimmy Carter started and Clinton enforced has proved it's worth! The Bush Administration attempted to curtail it's devastating effects but the Congressional Democrats block the attempt. Economic hard times makes the Democrats look good in the ballot to ignorant people. And all the while they stand smiling in front of cameras putting their blame on President Bush!
It's just so hard to believe people are so gullible in this day and time! The truth is there for you if you care to see it.
Search YouTube for "Burning Down The House: What Caused Our Economic Crisis? V2"
So even with a veto proof Republican congress, Bush couldn't reverse the "devastation" caused by the Democrats?
Yes, it is hard to believe people are so gullible.
The home for everyone in America mentality was a vote generating machine. If the Government wants me to have a house, then damit, I'm getting one. Ultimately, Bush just bought into it because it got him votes too.
I am so angry!!...I know that this is not our fault, it's the greedy A$$holes on wall streets fault..but i was hoping for this bill to pass...I am a struggling homeowner..but I make the sacrifices that i can to pay my house...with the foreclose rate high in my neighborhood the value of my house has fallin..and now and paying more then what my house is worth....i was hoping to refinance with the new FHA plan..but now i guess that's shot to hell now that their isn't a bank out their that i can finance with now that they are all going to go out of buseiness...which in turn will in a month or so have me lose my job and then my house!
thanks republicans for putting political interest 1st before American interest!!
You need to thank Pelosi and her partisan attack at the closing of the vote! She wanted this, so you got it!
View YouTube "Burning Down The House: What Caused Our Economic Crisis? V2"
Time to come out of the 80's and look at the truth.
You need to thank Pelosi and her partisan attack at the closing of the vote! She wanted this, so you got it!
sorry but if the republicans feelings got in the way of American interest then boo hoo!! you shouldn't be in office is you can't take the heat!!
It's hard to believe that faced with the reality of losing your home you have time to give props to the GOP...Better send them more campaign money to show your support.
It's hard to help people who can stare facts in the face and still believe a lie!
Our current state of economy is a direct result of the Democratic Party's social engineering efforts! To not acknowledge that is proof of your choice to take the country down with a dying Party! History will make it clear, it's just too bad that the narrow minded drones the Democratic Party attracts can't force their selves to take responsibility and say enough is enough sooner than later!
Stop social engineering, it wont work in our society! Save that for the Nazis, Communist and Socialist around the world!
If you can't afford a house, improve your education, job and income until you can! That is how it works! This housing fiasco the Democrats have forced upon us is proof of the fact that even if you force lending institutions to give under qualified people loans, it still won't work, that is not the solution.
A better economy, a better education, a better job is the way to the American Dream. We get there by encouraging business investment, grow the economy! Vote Republican, it is the only hope at this point!
And for God's sake, do not vote for Obama! He has social engineering plans that dwarf the cause of our current problems!
NoBama, NoBama, NoBama!
Ah yes, give business money and tax breaks, eventually it'll make it's way to the working class.
Maybe. Sorta. Some of em, anyway.
And fill the GOP sheep's ears with fears of 'social engineering'!
Nah, really, what I'd prefer is we blame both parties and MOVE ON FROM BLAME. and find some real answers. It's much easier to finger-point and foment fear, though, isn't it?
How can we vote for either of these Bozos. They both said it doesn't matter what the people want we need to vote for this bailout. This is not how our representitives should act. Wake up people neither of these idiots will help our country. Vote third party before its too late.
Hey Dawn, here are the facts 60% of the DEMS voted for it 33% of the Republicans did not; Bush is such a lame duck even his own party won't stick up for him. As far as going back 30 years to blame Carter; now you sound like McCain living in the past.
The vote occurred today on the failed programs of the Democrats! That's pretty current.
View YouTube "Burning Down The House: What Caused Our Economic Crisis? V2"
Nancy, it may be along time before most people understand what you have done. You played their hand, and kept all those dead President stacked between the pages in the good book where most of us keep our little stash. You put on your best dress, looked pretty, and turned around and told Bush, it is going to cost you if you want to touch this.....thank you as an American for doing that for all of us. No one can say the Dem's turned this down, you went over the fifty-yard line for us.....we can now cheer up the Neo-Con's by looking at this clip of their own girl up for V.P. until Thursday.....they can debate how many homeless Veteran's she can kill when Alaska is succeeded for the U.S.: http://www.funnyordie.com/videos/7f0711d7fb
Pelosi would be proud of you, keeping your head planted firmly in the sand where she wants it.
View the truth and be set free from your sand trap! http://www.youtube.com/watch?v=NU6fuFrdCJY
This economic failure is the flowering of Reaganomics. Greed for greed's sake with a complete lack of concern for the good of the nation. Moving your products to the communists for a few extra bucks. And we call it patriotic????? What a farce the leaders of this country have perpetrated on the public. What a shame that moral citizens fall prey to a wolf in sheep's clothing. The right wing "morality" is a mask for personal greed. Do we really want a member of the Keating 5 to lead us out of a banking crisis????? WAKE UP America! What should happen with the banking crisis is that the poorly defined loans should be re-evaluated and re-financed on a long term basis with the interest going to the govt. I hate the thought of the govt being in the banking business, but, obviously the bankers don't know how to do it. Only those loans that are in the process of collapse should be re-negotiated. The CEOs of these banks should pay back every penny they have been compensated in the last 8 years. Let's return the golden parachutes to the investors. These friends of the politically powerful need poverty to cleanse their greedy souls. Join the rest of the people you have now put out of work.
If you study political economics you'll find that it normally takes about 10 years for a President's economic policies to be fully felt on the economy. This means Clinton enjoyed the fruit of Reaganomics and G.W. Bush is suffering the effects of Clinton's failed policy.
I am glad to see you do realize the root of the problem being these failed sub-prime loans Carter started and Clinton forced. The market can only consume so much of these before any change makes it crash (rising home valuation, slowing economy, weak dollar...).
As noble as it was to offer the American Dream (home ownership) to everyone, it has proven to be short sighted. There is a reason these people could not get a loan before, and now we see why. This whole program needs to be scrapped.
http://www.youtube.com/watch?v=NU6fuFrdCJY
Can someone tell me how I can get the vote –exactly who voted for this and who voted against it. I am very upset with the speaker, while trying to get this volatile bill passed that she is supporting, getting up right before it comes to vote and alienating the republican members of congress. But more than that I am upset with the republican members who allowed this disrespect to change their votes. Whether it is the speaker or the republicans, no member of congress should ever put their feelings above the good of the country. For anyone that voted against this measure because they did not believe the “bailout” was a good thing, I believe they are wrong and might not vote them back in office again. For all them that voted against this or created an environment that led to others not voting for this measure just because of wanting to get a few shots in or not being able to take those shots, I call for their immediate removal. We can impeach a president for less why can’t we remove a congress man or woman for being incompetent. We as American citizens need to stand up to the children that are in charge of Washington and tell them to either get something done or get out of town.
ask and you shall receive.
Bail Out Roll Call Vote
Sometimes you just have to prune the tree of its corrupted branches before the good fruit will grow. Prune the corrupt branches of our economy and the whole tree will be healthier in the long run. Write your congressmen and tell them it's still NO ON THE BAILOUT! Don't let them sneak it by on Thursday!
You'd better hope that there is still an economy to be saved by Thursday. Looks to me like the economy is on life support.
Vivent la résistance!!!! Write your congressmen and let them know who's boss in this country!
What happened to free market capitalism?Did the Fed step in when Wall Mart was killing entire towns?If you can't keep up get out of the way.Thats what they used to say before it was their ass in the fire.Now it's the end of the world if we don't bail out a failing system.How is this bail out going to do anything but prolong the inevitable?What about the huge amount of inflation this will cause?How will we pay for the bailout when we can't afford to eat?You think the cost of living is high now?Just wait until the bailout kicks in and your dollar bill is worth about 25 cents.
Yes, Wall Street is in dire straits, and yes, it's going to have an unprecedented negative effect on credit markets if this bailout doesn't pass. Most Americans don't understand the complicated mechanics of the bailout...but main street America is simply fed up. They can't imagine that anything good can come of this, no matter what the politicians say.
Bail out Wall Street at taxpayer expense? Sounds fishy to most people. Sounds downright stupid. Americans are tired of watching their prosperity go down the toilet under this arrogant administration. They are distrustful and hesitant to continue trusting (and electing) leaders who allowed such a horrendous mess to happen in the first place. Can anyone blame Americans for that?
This administration has been asking for a reaction like this for the past 7 years. I'm sorry people aren't as informed as they need to be, but at long last, voters are paying attention and demanding their representatives do what theyre elected to do...REPRESENT THE PEOPLE! Sorry congress, but you got too confident and comfortable. America is pissed and wants some explanations. What did you expect...that no one would notice?
where were the financial experts when this was all starting out? i`ll bet they were first in line at big meetings saying We`ll make lots of money by doing this. now we got all kinds of financial experts telling us only this will work? i`m sick of financial experts.if these people knew how to actually work for a living and not come up with schemes and deals we would not be in this mess. we need to flush both parties right down the toilet! can`t even get together to figure something out to help the country. just point a finger and blame the other guy. politics(poly=many)(tics=small blood sucking insects)
I was thinking the exact same thing. This crisis didn't appear overnight. Hillary spoke during the primaries about a bailout and was ignored. Now, the mortgage crisis "suddenly" appears.
None of the power players seemed concerned when houses in CA, FL and NV were selling for ridiculous amounts. I remember being utterly amazed that people were willing to pay 300K for glorified trailers in Las Vegas. The evening news had a stream of stories about the million dollar condos selling like hotcakes in Miamai. I knew the housing market would have to burst soon. In my ignorance, I had no idea that the fallout would threaten our entire economy. If I knew that those glorified trailers were waaaaay over-valued, why couldn't the financial experts see the same thing? Why didn't the banks tighten lending BEFORE the housing market collapsed?
As for the bill today....it wasn't good enough. I was shocked though that both sides were more worried about covering their azzes and finger pointing than at helping the country. Both Democratic and Republican lawmakers should be ashamed of themselves.
Without a doubt they should...but they won't be, unless American voters continue to call their hand and demand better. It does my heart good to see that finally happening. It's about time.
Someone gave the vote to the wrong people. Its not congress who should be voting on this matter, its the american people who should be voting. We should be writing the bill and voting on it and congress should just turn themselves into the FBI, confess their evil crimes against US citizens and go to jail (no get out of jail free card this time) and stay there until they pay their debts to america. Let them sell their houses and treasures bought with out money. That would probably be enough to bail the world out of the mess they got us into. Goodness, i feel sick. :(
To the gutless politicians who voted no to the bailout in order to get re-elected for their own political gain, I raise my middle finger with the only proper salute!
Well said!!!!
Should we bail out any one? My business is failing I dont get money to pay employees but corprate AMERICA does hhhmmmmmm?
Lets not bail out no one and let the chips fall they will get bailed out by other corps buying them up who have money on books........................
how many years are you willing to let the suffering go on in order to achieve your market based correction? Everyday that loans aren't being made small business go out of business. The same goes for medium and large businesses but they can withstand more pain, they just layoff, and defer investment in new areas.
Look around you and drive though America how many banks were built in your community in the last two years they must have assets ?
Democrat or Republican, it doesnt matter. We have had a Republican Administration and Democratic Congress for several years now. The president cant create and pass a bill on his own. Both are responsible for the current situation as is the American public for thinking it can afford a $150000 home loan on a $2500/mo gross salary. The current situation is out of our hands. The officials voting on it are already in office. The best thing we, the people, can do to fix the problem is VOTE in November. Our only other option is a revolt, and I'm not really keen on that idea.
VOTE! VOTE! VOTE!!!
And yet here we are, a day after the market falls 777 points on the news of no bailout, it climbs back 485 points today, (still no bail out). Just what the heck is going on here?
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