Obama embraced the lifting of the FDIC insurance this morning, and John McCain did this afternoon, I believe.

First, I thought the House had to vote first on legislation?

But, anyway, here we go again. To paraphrase someone else in the news lately "you can put lipstick on a pig but its still a pig". This bill was bad yesterday, and it will still be bad tomorrow. They can throw in provisions to appease Main Street, but Main Street is still suffering. And we will be suffering even more two or three years from now when the market is still based on smoke and mirrors, and that 700 billion dollars has miraculously made its way into the pockets of those who got us here in the first place.

I think this $700 Billion dollar bailout bill is crap. I don't believe nor do I trust Bush or Paulson, there last day on the job is 1/20/09. Bush wouldn't sign the Economic Stimulus bill that would send funds to states to rebuild there Infrastastructure like roads & bridges and that means job created right away. Plus the Extension of Unemployment Benefits for the jobless still looking for a job. Bush said the bill is too costly BUT here America I want you to pay this $700 Billion dollar bail out for the greedy corporations????. Bush has no soul.

Looks like the senate will pass it. Both of our wonderful presidential candidates want it to.

I find it absurd that the US government can shovel out billions of dollars a month for this war in Iraq... while its own people are barely making ends meet. This is supposed to be the land of the free and the brave, but quite frankly appears to be the land of crooked government and political scandals. As an American, I feel helpless and defeated watching these "leaders" ruin a country with such potential.

Bringing the troops home will save us trillions of dollars and solve this crisis. Mr Paulson and mr Barnake should suggest President Bush to open up Fort Knox and share out some of those gold bars they have been hoarding for years amongst the ailing banks. Gold rule the world - forget the 700 billion taxpayers cash.

House Democratic Whip James Clyburn, of South Carolina is the vote counter for democrats in the congress. He thought he had enough votes to pass this Wall Street Bail Out Bill even with less than 70 votes from his opponent party. He guessed it wrong.

It turns out, the progressive wing of the House Democratic caucus members were also mad with the following two people:

1) Chuck Schumer
2) Barack Obama

They really wanted $700 billion BailOut Bill to include Credit Cardholders' Bill of Rights (HR5244) and Bankruptcy Reform Act. This may be the best opportunity of the life time to include these two bills. If not, now when?

Chuck Schumer said NO to Credit Cardholders Bill of Rights (HR5244) which passed overwhelmingly in the house by 312-112.

Ask Schumer why he hates HR 5244? This bill will to protect from credit card banks charging outrageous bank rate to 40% and late fees to $70.00.

http://www.latimes.com/business/la-fi-lazarus28-2008sep28,0,3890727.column?track=rss

Barack Obama said NO to Bankruptcy Reform Act Bill? This bill will protect thousands of Americans suffering from various housing and financial crisis. They have no money to make monthly mortgage payment. Credit card companies would not stop calling them 20 times a day even at odd hours. These calls are originated from foreign countries mostly from India. It is very humiliating in front of your kids when some unknown foreigner asks you how much money you have to pay now!

http://www.huffingtonpost.com/2008/09/26/obama-says-bailout-bill-s_n_129482.html?page=3

American dreams are fading away for thousands of law abiding citizens.

The progressive wing of the House Democratic caucus members are ready to protect these main street people rather than wall street. They desperately need help from Schumer and Obama.

How many different ways do Americans have to say, "No." How many different ways do we have to tell our 'representatives' that we don't like this bill. It is an act of desperate, elitist, self-centered, patronizing, out-of-touch bullies to tell Americans what is good for them and stuff this bill down our throats. We don't want to mortgage away the futures of our children and our country to make these wall street punks rich. Thanks, but no thanks to this bailout to nowhere.

The Senate will vote on the damn Bail Out
on Wednesday Night so let's all of us just
flood our US Senators again to say NO DAMN
BAIL OUT STUPID! By all of us calling,
faxing and e-mailing them again shall we?
We need to force both Harry Reid and Mitch
McConnel out of the Senate along with both
Messiah Barack Hussein Obama and John McCain for them Supporting This Bail Out BS
as punishment and pleass also fax,Call and
Email the House and your Congress Person as
that Nutcase Nancy Pelosi is forcing the
House to Vote On It Again On Thursday OK?
Pelosi,Hoyer,Barney Franks,need to go as
well! Vote these crooks out! NO BAIL OUT!

One Fed Up Independent Voter! NOBAMA EVER!

The media bigwigs are complaining that the Congress failed when the bailout bill was defeated. I guess all the rich pigs, in both parties, are just worried about their portfolios. Average people do not want a bailout of any kind. Let the sick banks fail, and let the healthy banks succeed.

The sooner this dirt is washed out of our system, the better off we will be. Housing has to comes to a value determined by supply and demand, and not artificially propped up by the federal government.

Message to rich media pundits as well as rich bankers: conservative, middle class Americans are not going to pay, and their children are not going to pay, to keep you as rich as you are. Take your losses. You gambled and lost.

We will go through a recession as we have before, mainly due to the poor leadership of our government, and we will come out the other side. And we will ALL be poorer, even the rich, because we will not be rolled by the Bush Administration, the Congress, or the idiotic media again.

The revision was lead by Senator Christopher - No Bribe Is Too Small - Dodd?

Heaven help us all.

NO BAILOUT FOR WAR PROFITEERS!! Don't let up! Contact your representatives today! I did. Remind them who their employers are: the American people, all of us, not just the ones in the top 1% economically, who think they own us> These corrupt jerks are trying to sell us out again! No surprise there> Full story at Salon.com; check out Glenn Greenwald's excellent coverage of this and other offenses perpetrated on the American people or in our name! Don't cave in to fearmongering & propaganda pressure through vehicles like Times (LA/NYC), Post, CNN, Fox, etc. The President has manufactured one last disaster to crush the independent spirit of the 99% of American voters who resist the treasonous corruption of these hacks for the corporate/military/industrial/media/energy complex. You forced the pols to listen to the outrage of the citizenry. Hit the Senate, too! They don't care about the Constitution or you, but you are not doomed to accept their relentless power grabs! YOU ARE FREE MEN AND WOMEN! CONDUCT YOURSELVES ACCORDINGLY! If they refuse to listen to your voice, TAKE IT TO THE BALLOT BOX & UNSEAT THESE CORRUPT TRAITORS.... LET WALL STREET WAR PROFITEERS & LOAN SHARKS BURN! PUT M IN CHAINS & LET M SWING!!!!

Exactly, this is crap. If they listened to their constituents they would not be trying another version of the pig with different colored lipstick. One that "they" can agree on.

This bailout makes the Fed look like the sugar daddy investor of last resort. It will only encourage terrible - and dangerous - risks and risky investments in the future.

Second, lets put this in context: 1) the US spends 500 Billion on defense alone. So you want to tell me that we are spending 20% more on the bailout?

Third, this is absolutely a double standard to say the least. Washington won't give us free healthcare because that would be socialized medicine. BUT they want to socialize the economy because we need to? We ALSO NEED HEALTH CARE!!!

WAKE UP!

Iranian Ajax

What % of our population does the 250K insurance apply to???

Household Incomes 2005 (latest figures available)
$0 to $25,000 (28.22%)
$25,000 to $50,000 (26.65%)
National Median $44,389
$50,000 to $75,000 (18.27%)
$75,000 to $100,000 (10.93%)
$100,000 to $149,999 11,194 9.89%
$150,000 to $199,999 3,595 3.17%
$200,000 to $249,999 1,325 1.17%
$250,000 and above 1,699 1.50%

I want:

5 year extension of E-Verify

Mandating E-Verify for ALL employers, for ALL employees, at a faster rate than the SAVE ACT

Money for Completion of the 800 miles of the LEGISLATED double-layered fence.

Restoration of the 287g authority and budget for the employer raids

Funny. Up till yesterday, the MSM called it a "bailout" package. Now its a "rescue" package. What's changed?

NO! NO to $700B!!

What lost September 29’s vote was the current speaker (Nancy Pelosi)! What possessed her to lambast the republicans prior to this critical vote is totally beyond me, BUT SHE IS NO LEADER! Through her partisan speech today, she set up some members who may lose on November 4 -- not against them as much as there will be a vote against HER!!

The current plan provides bucks to folks who made BAD DECISIONS in the past; fails to provide detailed accountability; and fails to punish those who got us in this mess at the onset! Too many politicians take the public as IDIOTs!
The politicians in Washington should read the polls: they (both parties) have ZERO credibility with the majority of the citizens, AND EVEN LESS TRUST! I am truly beginning to doubt their ability to govern!

There is enough blame to go around on this fiasco. The Financial Services Modernization Act of 1999, started the ball rolling. And while there is a lot of blame to be placed on the Administration for not ram rodding more regulation through, there is a lot of culpability in Franklin Raines (former Clinton OMB Chief and CEO of Fannie Mae who was ousted for ‘improper accounting’), Jim Johnson (Obama’s initial VEEP selection committee chair), and Jamie Gorelick (held numerous positions in the Clinton Administration including DOD and Justice – to name two), and they had their cheer leaders in Congress as well! Candidly, it is probably time for a new chair of the banking committee. Barney Franks provided a lot of cheerleading to keep lose credit going, as did Chris Dodd in the Senate, who had some sweetheart arrangements with Countrywide! Oh it smells bad!!!

Point being, it is time for new leadership in the House and Senate. We cannot afford the current speaker any longer. In the largest vote of her career -- she lost! 40% of the Democrats DID NOT VOTE FOR THE BILL!! Historians will ask the rhetorical question: WHAT WAS SHE THINKING?????

Maybe we'll see the war end because we can't afford it. Something's got to give. I do believe that the tax benefits are a good move-especially for alternative energy usage. Oil prices and shortages can shut us down just like failed banks.

The defeated bailout bill represented a plan with a scheme attached.

The scheme consisted of removing assets at above fair market value from the banks in exchange for cash from the treasury. This scheme increases bank equity and helps existing bank shareholders.

An additional scheme was brought forth today to relax mark to market accounting. This also helps with the scheme as it allows banks to keep the assets on the balance sheet at a higher than market price. Thus, this should increase their take if the scheme moves forward once again.

A strait plan without a scheme would be to keep mark to market accounting in force. Then, the treasury could inject cash into the nearly insolvent banks in return for an equity interest.

The latter allows the treasury to receive value for the cash infusion. The former allows existing shareholders to benefit over taxpayers.

Screw wall street, screw Bush, screw congress, screw the republicans, screw the democrats, screw obama and screw mccain.

Did I forget anybody?

screw - I was going to say screw the american people, but we're already screwed.

Here we go, more tax breaks for the corporations. to appease the Republicans who don't want regulation, which nearly brought down the house...
Sheesh

screw

Yes, Chuck Schumer.

He wants $700 billion BailOut Bill to New York but NO to Credit Cardholders' Bill of Rights (HR5244) which protects average JOE from these greedy banks.

Isn't it funny that obama said he supports raising the fdic insurance to 250,000 . I thought he was a democrat ,but I guess I have not been watching since he said republicans have better ideas, because the republicans proposed that over the week end, admitted by clyburn.

Bush and Paulson have been threatening a Veto if Paulson doesn't get those outrageous powers and /or if the Executive Pay packages are effected. Both those are still in the Bill no matter what anyone tells you. Sure there have been some cosmetic changes to try and fool the public but that's all they are, tricks.

Many of those that voted No will still vote No over these 2 things. And well they should.

Obviously the "New Measures" are a DECOY-a trap-a Red Herring to induce Bush Bailout opponents to support it.

The BBC describes it "some new measures to ease its passage through Congress".

When Senior Democrats pledged to find a bipartisan solution, they cease to be Democrats.

This is the case of House Speaker Nancy Pelosi, who jointly with Repugnant Senator Harry Reid wrote to Bush saying they expected a bipartisan rescue plan to soon be approved.

arney Frank should be questioned about his House Bill, H.R. 3838, that is clearly designed to keep Fannie and Freddie afloat as long as possible despite all the signs that there was serious trouble ahead. But all his bill did was make the hole bigger in the side of the Titanic. Basically all H. R. 3838 did was: “To temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, affordable loans, and for other purposes.”

Barney Frank and his counterpart in the Senate, Chuck Schumer, (D-N.Y.) did everything they could to delay and cover-up the outright fraud and book-cooking that was going on within Freddie and Fannie.

As far back as 2003, Freddie and Fannie were $9 billion dollars in debt because of bad loans that continued to be accepted on a daily basis. Pressure from liberals in Congress to continue giving out bad loans was relentless and for years it continued with CEO’s, who happen to be friends of Dodd, Frank, Schumer, and Clinton, leaving with millions in their bank accounts as the companies they ran went under.

any bailout should be linked to bringing the troops home.
then we can simply divert the money from Halliburton to Goldman Sachs.

We did everything we were supposed to do; we went to college and saved our money to buy a home and then have a child. Now, neither of us can afford to quit our jobs. Whether we call it a “rescue,” an “investment,” or a “bailout,” it is, what it is – corporate welfare. We do not have a small business and raising the federal deposit insurance limit from $100,000 per account, to $250,000 per account, does not do a thing for us considering our extra money goes to making ends-meet.

Yesterday, September 29, 2008, Federal Reserve Chairman Ben Bernanke and his colleagues pumped an extra $630 billion dollars ($630,000,000,000) into the global financial system. Now, our politicians are pushing for a $700 billion dollars ($700,000,000,000) to bailout American and non-American financial institutions and/or businesses. That comes to a total of $1.3 trillion dollars ($1,330,000,000,000) of taxpayer money pumped into the financial system in less than a week.

Wall Street's five biggest firms paid more than $3 billion dollars ($3,000,000,000) in the last five years to their top executives. Merrill Lynch & Co. paid its chief executives the most, with Stanley O'Neal taking in $172 million dollars from 2003 to 2007 and John Thain getting $86 million dollars, including a signing bonus, after beginning work in December. The company agreed to be acquired by Bank of America Corp. for about $50 billion dollars on Sept. 15. Bear Stearns Cos.'s James ``Jimmy'' Cayne made $161 million dollars before the company collapsed and was sold to JPMorgan Chase & Co. in June. Our current U.S. Treasury Secretary pushing for the bailout, Henry Paulson, former Goldman Sachs Group Inc. CEO, received about $111 million dollars ($111,000,000) between 2003 and 2006.

We feel betrayed, we feel lied to and we want those financial institutions and individuals responsible for this mess to be held accountable. If our politicians want to let them off the hook by giving them our money, our $700,000,000,000, then we need to hold those politicians accountable when we vote this November.

I just love Perlstein's way of putting; "It's a bailout for all of us". Shout it from the rooftops. People are just too stupid to understand that it's a winning proposition for EVERY single person in America. Nobody losses.

We are making progress....first we had financial instiutions that were too big to fail and now we have allowed them to create super-financial institutions that will be "too big to save".

Tax breaks for a bill we will have to borrow the money to fund! Nice to know some things stay the same.

Nothing for the millions of mortgage foreclosures, many if allowed to be renegotiated could be "non-toxic"... but no, that would reward those horrible reckless borrowers who after all must have had the power to create their own loan instruments and loan terms - no financial institutions would be so reckless!

So lets continue to reward the bad behavior that is causing this frozen credit crisis, give more tax breaks to those who have already walked aways with their million dollar bonuses and lets give them further tax breaks against any losses they may have suffered as well! The homeowner trying to save their house?.... we have to skip them, after all the taxpayer can only fix so many problems and our priority are those with the power and the money, not those that make up the backbone of this country - you know the beloved taxpayer that they all claim they want to protect!

BI-PARTISAN CAPITAL HILL to BETRAY the AMERICAN PEOPLE!

And, it won't be the first time.

Barrack McSame and John Obama share the blame!

jjtwo is correct! Article 1, Section 7 of the Constitution clearly states that all bills to raise revenue must originate in the House of Representatives. The Senate may attach amendments to them but the legislation must originate in the House and be passed by the House. Com'on people, let's finish shredding the Constitution! The present administration has started the process and congress is following along like a group of sheep! Let the big profiteers bail themselves out with their own money, not with my tax money!

Folks have the mistaken idea that this is a bailout that gives away the govt's (your) money. That's not true. Financial assets based on troubled mortgages are being bought, freeing the banks to continue loaning money (with some new controls) as they have in the past. Remember that there is a physical house underlying the troubled mortgages and these are worth something. The govt will recoup most (maybe all, maybe more) of the outlay. A treasury bond is floated for a few percent, the mortgage the govt is buying will pay something more than that. The profit the govt makes covers the mortgages that actually fail (not that many). So, most of the $700B going out will come back sooner or later.

Everyone of these add-ons benefits those making $125,000 up--the top 10 or 15 percent of the population or the rich. Is it really a surprise that the middle class, those making around $60,000 are so utterly incensed?

The red voters are not racist. They think that Obama simply represents the wealthy of Arlington and Montgomery counties, and they naturally are against him for they think he is dishonest on his economic promises. Maybe he will surprise them and not follow Larry Summers and the Post and renege on middle class tax cuts and health care as Clinton did.

don't sell our kids future you rich bastards!!

to "not a finance expert" (obviously) - without going into too much detail about why those mortgages failed (primarily because of an artificially inflated housing market), if those mortgages were so valuable the financial institutions would not be having so much trouble unloading them.

Tonight, just before 8 pm, Sept 30, Fox, MSNBC, and AP all announced that Sen Hillary Clinton had suggested that the Senate vote first, in order to take the electorate heat off the shorter-term Congresspersons. Reid (Dem) and Mitchel (Rep) agreed to attach the bill to one already passed by the House, and hold a vote tomorrow night.

It is hoped that Congress can tell their constituents "It was halfway there; I didn't want to hold up credit resources required to run the economy from Main St on up." There should also be another "new" item or two included, all to help save face/provide cover for those up for election in this tricky-topic timeframe.

So be it. Thanks Hillary Clinton, Thanks Harry Reid, Thanks Mitch O'Connel, and others whose names we shall find out tomorrow or soon. This bi-partisan and bi-House (bicameral) coordination and assistance is just what we asked for. And deserve.

not a finance expert, but knowledgeable

Your little brian is dangerous to your own health.

No one knows (including Paulson, Bush or any CEO of these banks) what's on the balance sheet of these assets.

They may be just paper assets like treatment of goodwill like on the balance sheet as assets.

They may have certain tangible physical assets which are inflated at pie in the sky rate. Example, if you just sold your house for $300,000.00. However, they may have your niegbour's foreclosed house valued at $800,000 on their books. Do you really think your house will worth $800,000 in next 10 years. History is not on your side.

why isn't there any media that says why we shouldn't bail out. Does this sound like WMD again??

I find it truly scary to see how quick many of our elected leaders are to toss aside even the most basic notions of accountability. This really is a "bailout" of deadbeat homeowners and greedhead lenders. Let them reap the consequences they have sown for themselves. If we end up in a depression as a result, so be it. I find that far more palatable than the idea of forking over my hard-earned money to help them out of the hole they have dug for themselves.

It's impossible to solve a problem using the same level of consciousness that created it in the first place.

Bloomberg the Billionaire is getting term limits repealed and running for a third term. Corzine was Goldman Sachs, wasn't he? Dick Gephardt lobbies for Goldman in many states for privately owned roads. Paulson is a Republican appointee from Goldman.
When the hell is America going to rise up?

If it took $4 gas to wake up on energy, don't they think $700 Billion (plus) is going to lead to a shakeup?

I am outraged. Picket. Write. Call.

Never Forget.

When we have schoolteachers and firemen working two jobs to make ends meet and greedy Wall Street CEOs get Hundreds of Millions for bankruptcy, we need a Second Civil War (peaceful change, DHS monitors of free speech).

The reason for some of the "poor bill provisions" is, in addition to needing to be acceptable to Dems and Reps, and their constituents, is that there is simply not enough time to write the elusive "perfect" bill. Not enough time, either, to work on a time machine and turn back the clock a few years.

As Mark Twain included at the end of an extremely long Christmas letter, "If I'd had more time, I'd have written less." And, more precisely, more succintly, more intelligently.

Some of the bill's anguage is vague; we will have to do the details later. This is if it is possible to get the credit flowing again before we all lose our jobs, our homes, our insurance, our grocery stores, our small and large business, our military, our local and state governments....all of those things that require the credit keep flowing.

Nouriel Roubini has a pretty good summary of the IMF's analysis of 42 systemic bank failures across the globe and the actions taken to mitigate their damage. basically, 7 of the 42 involved buying up non-performing assets. these 7 were some of the longest, most painful recoveries (Japan, Mexico). the least painful recoveries were the scandinavian countries' approach which involved direct investment and extending lines of credit but DID NOT involve buying up toxic/non-performing assets.

please read Roubini and educate yourselves and then write your Congressman- there are alternatives that they refuse to present to the public. the Treasury/Wall Street solution is not the only solution... and it's actually a very poor solution.

Shame shame shame obama use your judgement say no. Do the people have any leader? What is the point you are all the same I'm staying home on election day. It doesn't really matter, our country is lost.

I just saw this article on the influence that lobbyists had on the draft of the bill that was defeated. Read it - it is guaranteed to fuel your cynicism. It appears that it takes an avalanche of e-mails and calls at a level that crushes the House communication systems to prevent the lobbyists from watering everything down to their benefit.

http://online.wsj.com/article/SB122273248271788271.html#articleTabs%3Dcomments

My name says it all! Good Luck U.S.A. You'll need it!

The rich get richer! The bail out is a Joke and everyone should tell there representatives not to vote for it or they well be voted out of office.

There they go again!! The American people have already said "NO". But these dunces don't listen.

we the people need the help.not banks moragage co or wallstreet.we need jobs help with intrest rates .hlep the people that are just going to be left hung out to dry if you bale out the big guys

we the people need the help.not banks moragage co or wallstreet.we need jobs help with intrest rates .hlep the people that are just going to be left hung out to dry if you bale out the big guys

ALL APPROPRIATIONS must begin in the House!
U.S. Constitution
Section 7 - Revenue Bills, Legislative Process, Presidential Veto

"All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills."

No one in Washington acts within the Constitution. NO WONDER these thieves are not to be trusted!

NO BAILOUT. NO EXTORTION. SAY HELL NO TO FOREIGN BANKS GETTING ANY OF THE MONEY.

VOTE OUT ALL INCUMBENTS.

I will not be panicked into supporting a scheme which privatizes profits and socializes losses. The US taxpayer does not want this bill. The "goodies" to entice Republicans just makes it worse.

We want action, yes. We want unscrupulous, unethical lending practices reined in. We want effective financial regulation. We want bank depositors protected by the FDIC; they had no voice in these risky schemes. We want unhealthy financial firms which took inappropriate risks and are now failing to be seized and rehabilitated or liquidated. We want the people who repacked junk mortgages as AAA-rated derivatives prosecuted for fraud. What we do not want is to reward wrongdoers or prop up an unhealthy housing bubble with our hard-earned money.

what part of NO don't you get! Don't destroy our country!

why would they even help them its the banks own faults. Now the government is helping out the banks even though the government denied all the other buisnesses the help that they needed and then turn around and bail out the banks its just rediciulous

John has a good point. It's incorrect to characterize this crisis as the fault of a few 'corporate bigwigs.' 'They' had a role, to be sure, but for every irresponsible loan lent by financial institutions, there were almost as many irresponsible borrowers. Sure, there are some people who had a medical emergency, lost their job because of an injury, or some other truly unforseeable disaster that sent them into a spiral of debt, but by and large, too many Americans bought more than they could afford, and banks foolishly enabled that behavior. $700b hurts, but could be a lot cheaper than the losses incurred by a credit meltdown. Credit is everything. Even healthy, responsible corps use it to pay their employees on time; I'm presuming people like to get paid.

I am glad my representative from my district voted "NO" against this Rip-Off-The-American-Tax-Payer Bill.

He is also crook. It is good thing he was on some drug that day.

So What Part of NO BAIL OUT Doesn't Both
John McCain,Barack Hussein Obama,Speaker
Nutcase Nancy Pelosi,Steny Hoyer,Barney Franks,Harry Reid and Mitch McConnel NOT
GET HERE? NO MEANS NO BAIL OUT! GOT IT
NOW STUPID? Let's Flood the US Senate and
US House and the White Houses AGAIN with
all our calls,faxes and e-mails and tell
all of them "WE SAID NO BAIL OUT NOW OR EVER!" The US Senate Votes On It Wednesday
Night and Nutcase Nancy Pelosi Is Making
The House Vote On It Again On Thursday so
please get calling,faxing and e-mails going
again right now! Thanks! NO BAIL OUT EVER!

$700 billion is about the amount to dump into the mortgage crisis for rescue. It is the number of households in the US * 200k average property values * 50% of the payout of the mortgage * 3-4% default in mortgage.

It is surely the problem cause by the wall street, but it is going to leak into the mean street.

To thankgodileftamerica, don't kid yourself, there ain't nowhere to run, the whole stinking mess is globalized. The virus may take a few months to spread, but it will eventually infect everyone.

Let's just say that every time I watch Rocky IV, I find myself cheering for Ivan Drago more and more each time.

Paulson and the Bush administration want free reign to remake the economy as they see fit, and they want to do it with borrowed money that younger generations will be paying off for a lifetime. Left, right, or center, it's time to remind them that American government doesn't work like that. Contact your legislators today and say "Just Say No" to the bailout.

If credit is not flowing it is not because of ordinary taxpayers. From individual taxpayers alone there are more than $300 billion from ordinary paychecks flowing into banks every month. Add in business's deposits and easily there are a trillion dollars a month flowing into the banking system.

This is not 1929. Money is not being stuffed into mattresses. It is going directly to the banks. They have the cash--as liquid as it gets. We are still being sold a pack of lies.

VOTE! VOTE HELL NO!

It's the FORECLOSURES, congress!! Wake up. All you need to do is:

1) Freeze foreclosures for six months
2) Renegotiate loans so people can stay in their homes--even if they end up paying more in interest.

This does not cost $700 billion and it helps the people who are the victims, not the people who are the theives.

Your short article mentions "numerous business tax breaks" to appease conservative Republican lawmakers. Does the rest of the country have a stomach for that right now?

este es un recordatorio para tantos de los que pensaban que bush era onesto salio todo lo contrario toda su precidencia acidode mentira coruto delo unico si estoy seguro que nos llebo la major cricis de la istoria tanbie tiene una gerra injustificable otra mentira de su inectitudy estupides

I for one will be voting out any incumbent congressman or senator on Nov 4.

The Democrats are trying to steal the country, take away our freedoms and blame Republicans. Democrats hate free enterprise and the US way of life.

If you hate the US, vote for Obama,

If you want to lose your freedoms, vote for Obama.

If you want socialism, vote for Obama.

Hedge funds. Derivatives. Spin, spin, spin. It's a web that most Americans can't even get their head around. Economists have been warning the government about what would eventually happen with the 80/20 morgages being offered based totally on anticipated appreciation in homes. We did this in the late 80's and early 90's. History repeats itself until someone finally gets the message. Washington still hasn't got it. We need to shout our wrath from the highest mountains and DEMAND an apolgy, accountability and action that is reasonable, common sense and in the hands of people we can trust. There's not one person in Washington that I can honestly say I trust.
If we're going to bail out the bad loans at 30-50 cents on the dollar, offer every American mortgage holder the same deal. Let the investment begin with them, not on wall street.
There's no one watching the hen house and there's a rooster running amuck. Let's get the rooster.

I just wish there had been the same opposition to this bill as when they attacked Iraq maybe we wouldn't be in this mess now.

The bailout is a band aid. The companies will go through it, but the core of the problem won't be fixed.

Banks are worried that ordinary citizens will start pulling out their money from investments, savings accounts, etc. What we have to remember is that FDIC still covers the same things as before.

Those who invested did so at a risk. Those who ran the comapnies that caused this mess did so with greed as a driver.

I am 100% AGAINST the bailout. I do understand some viewpoints for it, but capitilism is what they cite as resons for NO universal healthcare, NO affordable government subsidized daycare, NO free college educations.....

Why not invest the $700B in things that matter to the people?

How to fix US economy..

1. Stop export $700 Billion USD for foreign oil per years.
2. Do trade but for durable goods only.
3. Cap Lawyer salary
4. Stop medical scram to the health insurance by certain hospital and doctors
5. Cap executive pay, stop pay out stock.
6. Kick illegals out. Secure border.

Hi. I am the dummest guy on this planet. I know nothing about economics. I am a complete moron.

Although, I am smart enogugh to listen to Warren Buffet. He made billiions of dollars from $1000. He is for the bailout package and so am I.

You can guys can be dumb but not that dumb! Listen to worlds greatest investor of all time!!!

Bob

If you want to bomb bomb your own pocket book, vote McCain.

If you want to bomb and wipe out your human race, vote McCain.

What in the world is wrong with you ppl! the PROBLEM is that all you people with credit card debt that you aren't paying and upside down 120% home mortgages on an ajustable rate, that you couldn't afford to begin with! have now screwed the rest of us who don't buy things we can't pay for! plan and simple, down and dirty! DUH! now you're screaming to regulate the banks that loaned you the money or gave you credit??!! PAY YOUR BILLS PEOPLE! DONT LIVE ABOVE YOUR MEANS! and i nor my children would be stuck paying for your "keeping up with the Jones" attitudes!

What is this 700 Billion supposed to buy? Bad investments on mortgage backed securities? Bad loans? Are these like worthless stocks or hard-value assets that the banks cannot get rid of? So that is the case, let there be a federal commission or grand master, and evaluate each of the banks....and the fed can simply let them get rid of it from their balance sheets, while letting government take over these toxic assets....let the feds have them for free.... I think that would be the best that can be offered to those banks. Why does the Fed have to spend money buying from the banks on something they don't even want?

Perhaps it is time for the American people to speak with their votes,because this bill WILL pass in some form similar to the original proposal. Republican, Democrat and every citizen who doesn't feel their voice is being heard by those who were elected to represent us - Vote third party for president, vote to throw out the Senators & Representatives who do not listen to the overwhelmingly UNITED voice of the majority of the citizen's in these United States. SPEAK WITH YOUR VOTE. THE BILL WILL BE PASSED IRRESPECTIVE OF THE VIEWS OF THE PEOPLE OF THE UNITED STATES OF AMERICA. Afetr all, the Golden Rule is - He/She who has the gold-rules.

...A Betrayed Barack Supporter...

Four chicken attacked a monkey in New York while attending a free Blue Oyster Colt concert. Three time the chickens shwaggled the monkey, and the monkey smile in amusement. Upon this discovery, the chickens attacked. The Monkey slipped and fell however, after crushing one chicken to death, he converted to becoming chicken lover.

Finally, the chicken jumped up and down and laid 5 eggs each. The monkey being a chicken lover ate all the eggs. Each day this happens somewhere. Why, I don't know, maybe so, wagler toe.

I have been running Public service announcements (PSA'S) on my various Radio stations heard all over North America:

Alerting fellow AMERICANS of this up coming vote!

I have been asking our listeners all over America to take action first thing in the morning get on the phones to our 'so called' 'leaders' NO BAIL OUT or 'RESCUE PACKAGE!

I have been advising the listeners the new Bushco- Wall street marketing SPIN of calling this a 'rescue package'..... it's STILL the BAIL OUT package and do not be TRICKED by the fraudsters!

David Frantz WWRB

You dumb ass American people caused your own demise living by credits.. You will see Asia raise, and your finance market will not affect Asia anymore!!! Keep sending your US dollars to us!

IMPEACH THEM ALL!!!

It is time for Henry "Toxic Hank" Paulson to resign. Or be fired. He is doing everything he can to help his old buddies.

I am letting my two Senators know that if they vote for a package that uses the taxpayer’s money to buy the mistakes of Wall Street I will vote for their opponent, even if that opponent is Alfred E. Neuman. This bailout is a pig in a poke, and this pig isn’t even wearing lipstick. If you want to keep the economy out of a recession give $700 billion directly to the taxpayers to spend instead of the pockets of the fat cats on Wall Street.

I am mad as hell and I won’t forget how they vote. Let your Senators know not one penny for toxic mortgages.

Todd H

Let's see Warren Buffet will invest his $55 billion on this bailout plan. We need one more attachement with this bill.

Now, we need to look for $645 more billion investors like Warren Buffet and then we are done.

Ever notice how Congress doesn't listen.
Just as serial rapists don't get it. They just keep on imagining that they are irristable and the victims just can't live without them!!!
I think the Congress has helped far, far to many times already and that they should stop. Now!!!

Where is your pride, America?

Welcome to WMD Part2; only now instead of "democracy for all", it is "housing for all".

Well, I guess if I were only to go by comments, and not by those who checked their retirement funds lately - for example - we are all doomed. No really, that also means YOU!

Here's a quiz: explain how the overnight lending rate by the fed controls the inflation and deflation of the economy. (By the economy I mean what is jokingly called 'Main Street'). Now, once you have done that, explain again why it is good that the entire capitalist system is broken? Cause it don't work know more!

Oh my point: if you can't explain how money and debt work for this world, you probably should read up on it. This is not WMD, it is all out there and public. And it really is worth knowing right now.

Ever notice how Congress doesn't listen.
Just as serial rapists don't get it. They just keep on imagining that they are irristable and the victims just can't live without them!!!
I think the Congress has helped far, far to many times already and that they should stop. Now!!!

err... 'know more' = 'no more'

but still it is worth knowing more too...

I don't say it is good. I say it is how it is.

Wall Street and the government are only fooling themselves. They keep kicking this can further down the road. The longer they wait to REALLY fix this economy, the more painful it is going to be when they finally do. NO BAILOUT BAND-AID FOR THE ECONOMY. This economy needs major surgery.

Neil - I'd like to "know more" about what you are trying to say. Are those of us that are against the bailout the ones that need to know more? Or those that are for it? Your post is not clear.

What in the world would make those idiots include tax cuts?

Have they even considered the fiscal ramifications of such an act, at this time?

Utterly worthless Congress, worthless.

why did congress not work today and why they need to revote on thursday.i believe country loyalty is first and then is religion.those who are cause of this financial mess should be sent to jail so that in future no body will hurt americans who pay 25percent doun payment and work 2 jobs to make money and are qualified for loans.

Section 7. All bills for raising revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills. Article 1, US Constitution

Yes to HR5244 Credit Card Bill of Rights and allowing Bankruptcy Judges to modify homeowners loans.

Yes to nationalizing the Federal Reserve

Yes to Firing Paulson and Bernanke

Yes to enforcement powers to the Inspector General and GAO on auditing any bailout package with injunction capability. In reality, what has the GAO or any inspector general been able to do about Bush the past 7 1/2 years.

Yes to a Marshall Plan for Financial Reconstruction.

Yes to eliminating the phrase "without admitting or denying guilt" when prosecutors settle cases against corporate crooks who only pay a fine for their malfeasance.

Yes to making the Sovereign Wealth Funds of industrialized country partners share the load.

Dear Senator:

What part of "NO" do you not understand?

More phone messages, emails, and faxes are in order. Get busy and stay busy. The US dollar is in dire jeopardy. If the dollar collapses, the nation is in a world of hurt. I shudder to think about it.

I am wholly against the bailout, and against the media that is now calling this scheme a "rescue."

Yesterday the stock market fell 777 points. A trillion in paper wealth was wiped out. And just today, the market rebounded--all by itself, without government intervention. How is it that there was a trillion to be lost if they need 700 billion of our money so bad? And who is it that had the money to bring the market back up today? Again, do you really think these folk need our tax dollars? Or are we all being herded like cattle?

The sky is not falling. These banks don't need our tax money. Let the speculators who made huge profits off us all summer in oil be the ones who "rescue" their buddies. Where are the regulations we were promised by a Congress to slow to pretend to act or care in the first place? Nowhere yet. Don't hold your breath.

If we the People continue to allow the Congress to circumvent the Constitution, we and our children will have to fight a Second Revolutionary war to get our freedom back. But we now have a public accounting, via the first vote in the House, of who it is we should target when we the People finally say enough is enough and march on Washington. And we won't be going there to have tea on the White House lawn either.

No means no. Let the free market regulate itself. Let Paulsen and Bernanke crawl back under the rock from whence they were spawned. I have had enough of this scheming BS. I am more than ready to throw the bastards out of Washington, physically if necessary. I won't see my child enslaved to them, any more than I'll see myself, my friends, or my neighbors working their fingers to the bone so the rich can continue to eat caviar and sip champagne. I'm tired of being referred to as the stupid taxpayer behind my back by those who would hoodwink us all. I am neither stupid, nor helpless, nor unarmed. I also vote.

ah, I just figured out how they can get away with the Senate voting first. The constitution says that bills that "raise revenue" shall originate in the House. Well, you could certainly argue that this bill is about as far away from raising revenue as you can get.

Hey you SELFISH BASTARDS worrying about your own ass in 'retirement'

YOUR children ,Grand children & GREAT GRAND CHILDREN will be paying the price of DEBT SLAVE & SERFS for YOUR 'cushy' 'RETIREMENT!

For GOD'S SAKES stop acting like WALL street fat cats that care for NOTHING but themselves!

bail out for crooked wall streeters to let them do it again is stoopid..but then i never said we were smart did i?

Buffet is a capatilst and knows how to make money. Buffet feels that tax payers will benefit in the longrun from these purchased properties.

The population is always growing. God does not make any more land. These houses and distressed properties can be sold in the future for a profit for tax payers.

Right now we can not have our banks freeze up credit, etc. People rely on their 401k investments etc to live. That money then trickles down to other people. If 401ks shrink in value, that will reflect on everyone.

Again, I am not an economist, but I have common sense. I am smart enough to listen to a man who made billions from nothing. We can buy these properties at a discount now and sell them later. It is a very old addage "buy at funerals, sell at weddings"

Todd H.

Letter to my Congressman

I am writing in regards to the proposed bailout plan presented to Congress by the Bush administration. It certainly appears that a number of banks and other financial institutions are going to fail; however, I cannot believe that this administration is capable of creating a plan that has the best interest of the people of the United States in mind. They have consistently crafted legislation favoring the ultra-wealthy over the average working man and I can only believe that they will continue to do so.

The irresponsible behavior and the complete lack of transparency demonstrated by the Executive Branch necessitates that any decisions made on the way forward in this crisis are at least crafted by Congress, and better yet, delayed until the next administration is in office. The Crash of 1929 occurred long before the depths of the Depression were hit in 1933, we have the time to consider a plan that isn’t just an abuse of the American people.
Is Congress acting in our best interest or at the behest of the head of the big financial institutions like Goldman Sachs?

Here are a few of the options and actions that need to be discussed prior to releasing any funds:
• Reject the idea that we buy the bad paper representing mortgage bundles of unknown value. Instead, buy equity in the companies receiving the money, like any rational capitalist, and invest those shares into the Social Security Retirement Fund.
• A moratorium on home foreclosures until legislation can be crafted that converts the sub-prime mortgage into a fair deal with respect to both the lender and borrower.
• Aggressively pursue the details of the collapse of our economy. Punish crimes where they can be proven. Determine who is responsible for the repeal of the Glass-Steagall Act protections. Why were the sub-prime loans allowed to be made and why were those mortgages allowed to be bundled and sold to other institutions in a reckless fashion? Might be nice to know about the Cheney energy bill and the start of the Iraq War while we’re at it. We need transparency. We need an open discussion of who is benefited and who feels the pain by any action that is taken.
• Pursue transparency in the private sector. Why were so many brilliant financial wizards “taken in”? Is the American public being plundered? Who is pressuring our Congressmen into writing this legislation?
• Present the numbers regarding the value of the bad debt and the magnitude of the moneys necessary to avoid a seize up. How did the number $700,000,000,000 come up? By purchasing equity in the institutions we are bailing out, we can avert the accumulation of the banking industry into even fewer institutions and the government can spin off banks at a profit. Calculate the value of what our money will buy.
• Define legislation that adequately protects against the rapacious nature of big business. Given the opportunity, the ultra wealthy will usurp power at all levels of government and use it to their advantage. It must be matched by a government that is dedicated to safeguarding the opportunity and rights of all citizens.

I must reiterate. This administration cannot be trusted. Do not accept their plan. Discard it and craft your own after proper and due consideration. I am counting on you to protect me and my interests in this negotiation with the moneyed class of this nation. Please, do not let me down.

Zymurgy's First Law of Evolving System Dynamics : Once you open a can of worms, the only way to recan them is to use a larger can. (Old worms never die, they just worm their way into larger cans.)

This bailout sounds like a can of worms to me.

Hey Congress - Pull the policies that got us here in the first place and you got a deal.

Thanks for your service,
Average Guy

Let us all wake up to the "REAL Truth". This

bailout bill is not about real estate mortgages or

sub prime mortgages. It's about the toxic

derivatives that all those Investment Banks

created with the Bankers who received like powers

from our former esteemed president Bill Clinton

when he signed the legislation to repeal the

Glass-Steagall Act. An act passed by Congress in

1933 that prohibited commercial banks from

collaborating with full-service brokerage firms or

participating in investment banking activities.

Once the banks got the powers to gamble like the

big investment banks everything was a go.

The bankers were playing catch up since 1933 to

get their paws on the lucrative and profitable

investment banking business.

Well folks they certainly are doing just that and

now they want the taxpayers to assist them in the

final takeover. What has transpired over the last

few weeks has been the systematic takeover of all

the investment banking operations that have been

on Wall Street for over a century. The remaining

banks, Bank of America, Citicorp and the infamous

JP Morgan Chase will be in complete control of all

investment and banking operations in the United

States with the invaluable assistance from their

buddies The Federal Reserve Bank and the former

CEO of Goldman Sachs Henry Paulson.

Where is the outcry from our Justice Department

about monopolies ?

What the bankers failed to accomplish during the

panic of 1907 and the Great Depression are now

near having complete control of all of us. Most of

the citizens of the United States have no savings
but, plenty of DEBT. We have become the Banker's
slaves and now with the bailout they want us to

help them destroy the fabric of our CONSTITUTION

by creating fear in the hearts of everyone that

our financial system is on the verge of collapse
if they don't get some more taxpayers money.

Let's think about the proposal and that they keep

telling us that the 700 billion is going to buy

mortgages.
That is a lie!

The bankers are holding

trillions of toxic paper called derivatives.
JP Morgan alone has 90 trillion. Are we expected
to bail them out also?

The only way our country has any chance of

recovering from the bankers and their plan of

complete dominance over everything is to return to

our country's basics. Those basics are spelled out

in the US Constitution. Congress has the only

right to coin or print currency. Now since, 1913
the Private Banker organization called the Federal

Reserve Bank is doing that and we all are

suffering the consequences of putting the Fox in

charge of the chicken coup.

If there ever has been a time in our country's

history for the silent majority to wake up and
rise to the occasion to save our country from what

is happening it is NOW! Call/write your

representatives in Congress and tell them that you

are MAD AS HELL AND I WILL NOT TAKE IT ANYMORE!!

We need to remember our great country's history and what the BANKER's have done before to understand what they are doing now! GOD HELP US ALL!

As a matter of fact, why not ask the American People what they think of the bill? We've got an election coming up. How hard would it be to add that one simple question to the ballot?

Not hard at all. You'd think if our senators and representatives were truly interested in our opinion of the matter, one of them would've thought of this first. The fact that none of them has suggested it tells you everything you need to know.

Hey, I saw this coming :-)

I just wrote my first ever e-mail to my Congresswoman in my entire life to support the financial rescue plan. She voted yes and I commend her for doing so, but i encourage her to convince her colleague in Illinois to do the right thing, i.e. to pass the bill. $1 trillion has evaporated in the stock market on Monday and this madness has to stop. My family has lived through the financial crisis that sweep across Asia just a decade ago and understood what it meant to live in a recession, and see your friends or fellow citizens go bankrupt or commit suicide on a daily basis. Living too comfortably, some Americans have become reckless.

NO TO THE BILL! NO NO NO! Let them collapse - their GREED is the cause. The bill will change nothing, will make the rich richer - it is like a drop of water in an OCEAN of CORRUPTION!

hac129 - maybe if you learned english you would understand what we were all saying here. fool.

here is a good video you should watch this guy did his homework.It tells it how it is. if it moves to fast just pause it and read it. its good.
http://www.youtube.com/watch?v=1RZVw3no2A4&feature=iv&annotati

I have no doubt that we will be sold out. It is just a matter of time. The press is converting those of weak intelligence with constant fear mongering. The House of Reps are being subverted or aided (which-ever way you want to look at it) by the Senate. The Administration has nothing to loose, which works fine as a scape-goat for those who pass this bill. If you want to see how it works, look at the War. Many in Washington will say,” I voted against it before I voted for it."

My questions are these: Where are these politicians going to be when the blood-thirsty IRS comes after us with the bill? Will they try to bail us out as they take our homes and garnish our wages for excessive taxation? Or will they act as though the IRS isn't their attack dog? - Which it is!

The Orange Revolution required citizens to get out in the streets and take physical action. That too was a democratic election rife with corruption. I fear that it has come to the same point here in America. When so few can go against the public trust of so many for the benefit of so few, it is not treason to cry revolution. Rather, it is patriotic.

“Timid men prefer the calm of despotism to the tempestuous sea of liberty.”
-Thomas Jefferson

what we need to say to our congresspeople:

If you vote for this bill, you will NOT be re-elected. If you vote against it, and let the market adjust as it needs to, and it collapses, you won't be re-elected, but if it recovers, you will. You choose.

That all men are created equal is easy to accept; it's trying to keep them equal through artificial programs such as the Community Reinvestment Act that has brought this country to the present financial crises. Congress recognized this problem but for fear of racial recrimination chose to ignore it. This is government by intimidation. But this is just the beginning. Obama is carrying so much baggage just waiting in the wings that his administration will function solely by intimidation, because anything that he proposes that does not pass will be put forth as a racial issue. Obama will do more harm to this country in the first 30 days than can ever be corrected in our lifetime. It will be worse than Maynard Jackson did in Atlanta by one thousand fold.

To correct one of the first posts. There is no gold in Fort Knox. It was spent long ago paying off national debt. Its history, just as our $700b will be soon. People should take to the streets, this is absolutely no different than feudal Lords levying a huge tax on the people to pay for a huge party that recently ended.

The arrogance of our government to believe it has the power to reverse this economic collapse astounds me. President Bush's "stimulus" checks did not prevent this inevitable outcome. Why should taypayers buying "toxic" investments reverse the inevitable. We've got tought times ahead, with or without wasting $700 billion. Wall Street has killed itself. Don't be asking me to pay $700B for emergency surgery on a corpse.

It is time for the United States to adopt a Constitutional government. But first, we must eradicate the old one. Vote Libertarian in 2008 and restore liberty to Americans. 'McBama' is too much of the same old thing... an ever expanding government and diminishing freedom.

Why does everyone continue to place primary blame for these bad mortgage loans to people who were in all probability unable to repay them on the lending institutions, when it was primarily the fault of a congress that passed legislation forcing them to do so???

There are two items missing from the bill that would make it worthwhile:

1. Require any bank desiring to be bailed out to fully document its losses before coming to the state for recapitalization.

2. For each dollar invested in a bank, we should require bank shareholders to also invest in the bank. This ensures a commitment from shareholders to make the bank successful and requires shareholders to share in the pain for their bank's failure and recovery.

Anyone who thinks that by "screwing" wall street, is doing well for himself, is misinformed. If history is to teach us anything, it is that a secured bailout (in effect not much different than a bond, and helped in getting the country out of the great depression), will stabilize the situation and in the end come back in full to the government.

The legislature has seen that clearly more regulation is needed - no point in tanking the economy just to help people get some sense of revenge.

No bail out, no rescue, no passage of the bill, simply put, if you want to help America; why don't you use the 700 billion dollars to "bail out" the numerous Americans that are having trouble making their mortgage payments, this too will boost the economy and the mortgages will all be paid - in effect - saving these companies that need to get their heads out of where the sun don't shine.

How much money has been spent on War?

Stay home on election day.

Staying home on election day.

Why don't you people listen to guys like Buffet or Jim Cramer.

Everyone benfited from the housing bubble one way or another. As citizens we should have done something about these rediculouse mortgages.

How stupid can you be to get into an ARM mortgage. If you are able to pay interest only now, how were these people planning on paying their mortages in the future. These people should have put off their lofty ambitions for a time when they could afford it. Unless, you had a master plan and were working towards strinking it rich, well maybe you would have shot at affording the expensive house in the future. However, most of people are dumb and do not know how to make money, yet they want to live like all the rap stars on MTV.

Again, everyone benefited one way or another from the housing bubble. We should have stopped bankers from granting these loans a long time ago, but no one said anything when thier home values were going up. People took out home equity loans and spent that money in our economy. Everyone benfited one way or another.

Unfortunately, it now time to pay the pied piper. Everyone who is against it is selfish and ignorant.

The crooked wall street guys will all get itin the end. All you crooked people and you know who you are will get in the end. God has his way of taking care of you.

No to the taxpayers bailout-unless the U.S. taxpayers are provided with an emergency Bill/Law to write off the $2,300 as 'Gift Money" in 2009. This would mean that whoever it is supposed to get our money, would also write off this money as a 'Gift'. I suggest our Politicians get up to God-speed with protecting the citizens in the U.S. And what was it that Senator Jeff Sessions stated in the U.S. House on Friday, Sept. 26, 2008? On C-SPAN2--"The United States has consistently advised other countries not to bailout the private sector; and this is what we are doing." Paraphrased.
This is not, I repeat, not a battle between Wall ST. and Main ST. The real battle is with the wealthiest of the wealthiest behind the scenes. Does anyone do their homework anymore? History people, know your history. Find out the real history of what and who the Federal Reserve System are. It was established in 1913---by the wealthiest of the wealthy, and Politicians. Do your homework, follow the money trail. This post is for those who are playing the blame game and for people who 'think' the battle is between Wall St. & Main St. According to the "Bailout Bill" in it's current form, it is a lose-lose situation for the American people. The risk is 110%. Hello?
If the wealthy people want help, it is a fact that their peers/coherts in crime have more than $700 Billion to bail them out.

Let the system fall down. The justice that is done will only come about by natural means. Legislation at this point will only attempt to rescue those who need to learn from their mistakes. Life will go on and those responsible will pay heavier this way than with any legislative attempt. This will be much more surgical than legislation... those gambling and playing high stakes finance will have to face the music. The cry from Wall Street is like the cry from a drug addict manipulatively threatening suicide to get sympathy. Things will be harder for a while but it will not be impossible for us. Lets clean up afterwards as necessary... but certainly not now!

Hillary-let's not skip steps in the process of voting, please. "...the Senate vote first..." Everything is going to work out in the end, good and/or not so good. This whole thing is a lose-lose for the American taxpayers.

All you bailout haters, why did'nt you say anything when your home values went up. It is everyones fault and unfortunately in order to save our selves we must pay!!!

Bush is an idiot, but Warren Buffet is a genious. I would do almost anything that guy told me do.

Again, why did'nt you write your congresmen sooner and complain about these idiots who purchased homes they could not afford. YOU PROFITED THATS WHY !!! NOW ITS TIME TO PAY THE BILL BUT EVERONE CLAIMS THEY DID'NT EAT !!!

Oh please people, you all say NO, but in your hearts you KNOW, the 700 billion Bailout...er Rescue... will pass, and you'll be told the same old lies, it will increse and save jobs, and lower taxes, your children will be safe again to live in a 'Home' that is their's without fear of being in the street...blah, blah, blah. and most of you will nod your heads yes, Bush and horde are right....and the rich will laughingly walk away even richer and then....dumb de dumb dumb.....another trillion dollars will be needed to rescue the rescuers from before, and you'll be told, our children's future depends upon swift action so they will be safe in their homes free from the threat of living on the street....blah, blah, blah; and Bush will be out of office, boozing it up on the Mediterranean beaches, living the good life. You fools will debate all the details, policies, the whos and articles.....and your money will be ...gone, into the rich pockets of Bush et al.; the rich being chauffered to their golf course with the million dollar fees, and you will be at Mickey D's scarfing down a fetal burger, wishing you had a job.
The time of the true statesman is gone, never to return.
http://www.theodoreroosevelt.org/life/quotes.htm

DIA fell 7% and recouped most of it. who lost money? why is sky falling? where is it falling?

There is no crisis. They are cranking you in to panic mode, holding a gun to you head to give them our money.

This is high way rubbery.

No Rescue package, No bail out. It was a bad bill yesterday, it is a bad bill today, it will a bad bill tomorrow.

No means No. What part of we don't want you to bail them out, you don't understand ?

At this point in time, I urge the politicians to vote "noe" to the "Bailout Bill". In today's International Herald Tribune, the Foreign Markets are anticipating the vote for this bill. It seems as though many Americans just don't get it, and the same is true of many politiicans. Thank you Representative Peter Welch for voting "noe". Please vote for whatever it is that makes sense on behalf of the U.S. Citizens. Thank you!

Theodore Roosevelt:
"This country has nothing to fear from the crooked man who fails. We put him in jail. It is the crooked man who succeeds who is a threat to this country."
Memphis, TN, October 25, 1905

All you bailout haters just answer "why did'nt you say anything sooner" You should have written to your congresman and told him that your new neighbor, a data entry clerk without a high school education just moved in next to your $275,000 home because Joe Mortgage guy spent the money he made from your dumb neighbor to buy widgets at your company store, therfore you were able to able to make that $2500 a month mortgage.

EVERYONE BENEFITED. SOME ONE PLEASE TELL ME HOW THE HOUSING BUBBLE IN ITS PRIME CAUSED YOU BANKRUPTCY!

In the military when communicating over the radio, especially during a combat atmosphere, your superiors are supposed to talk in calm and reassuring tones to convey that all is well and issues will resolved most expiditiously. Why is it our congressmen are acting like complete children at a time when calm, reassuring, and bipartisan support is needed. What a complete lack of leadership in Washington. NO bailout at least in is current form. I do not have issue helping institutions who are not over-leveraged, have impeccable records, and stellar business practices. However, any institution who fails to meet these criteria should be allowed to fail.

Question? Didn't the FED pump 630B into the financial system yesterday and the market still crash? Funny how much they injected, pretty close to the initial bailout fgure. The market reaction was an emotional one. Please keep flooding these idiots with emails & calls and let them know how short they're going to be in the positions they're in!

Here are my two biggest concerns with this bailout/rescue/whatever you want to call it:

1. From what I have read there is absolutely NO guarantee that this would have the desired consequences and prevent a deeper economic downturn. Yes, it could get bad stuff of the books of those financial institutions that participate but will that be enough to avoid recession? I am inclined to say no.

2. My mind keeps going back to those stimulus checks that many, but not all of us received earlier this year. Were those not meant to avoid some imminent economic doom? And yet here we are (again) receiving messages of doom and gloom and imminent economic disaster.

I'm sorry, I just don't buy what any of these "leaders" (BOTH parties) are saying. They are either lying or have ZERO clue what to do (my guess is both).

The only guy that has any credibility on this particular issue is Ron Paul. He may be a total kook on some issues, but he does understand economics, markets and how they function. He is totally opposed to this type of program, saying that it does not address the disease and that ultimately it could make things worse.

Certain current events bring to mind stories about the death of China's first emperor, Qin Shi Huang.

The ailing emperor was traveling through the country searching for an elixir of life which might grant him immortality.

Surrounded by masses of soldiers, he traveled invisibly from village to village in one of several identical coaches.

Somewhere deep inside his kingdom the emperor failed his quest and succumbed to mortality .

His entourage returned to the palace, all the while absurdly concealing the fact the emperor they carried was now a corpse.

Somewhere along the two-month long journey the emperor began to stink, badly.

Fearful of a panic and revolt, those in charge of the secret, grim procession came to the rescue and solved the problem of unwanted questions by calling for an addition to the caravan: two carts filled to the brim with rotten fish.

HAL

P.S. I am also reminded of "Weekend at Bernie's".

Sure moron. How rich is Ron Paul. The only one that knows anyhting is Warren Buffet. The second richest man in the world who made it all from nothing and is going to give at all to charity. The rest of them I would'nt trust as far as I could throw. I do trust Warren Buffet!

YOU ALL ARE BUNCH OF GREEDY FOOLS WHO EAT DINNER BUT DON'T WANT TO PAY FOR THE BILL.
LEACHES OF OUR SYSTEM THAT BENEFITED FROM THE HOUSING BUBBLE BUT NEVER SAID A WORD WHEN THE GOING WAS GOOD!

Annon: We still trusted them - let's face it - we were wrong, badly wrong. Now they pursue their agenda by branding again the scarecrow of fear - years ago we were told the war in Irak is necessary to dismantle the mass destruction weapons - which WOW have NEVER been found - how many trillions were spent on this war - which brought enormous financial benefits to some companies- while for us it is the gas oil price skyrocketing. Now the scarecrow cries out loudly - the crisis - Well the economic crisis has been here for long years - when they started delocalizing jobs and closing down thousands and thousand of factories - Cadillac is now manufactured in China!!!! If you call Eartlink to get technical assistance you speak to a guy in India who barely speaks and understands English (no matter, he is paid in cents). WallMart sells 100% items made in China. HOW will they bring back all these jobs stolen from the American people and scattered around the world? This is the real CRISIS - There are no more jobs for the American people as we produce nothing to sell. And consequently we do not have money to pay for our houses. What about the Apartheid imposed by the Health Insurance companies? It is unacceptable that these crooks use our money and deny medical care to those who pay high premiums. Humana has the guts to write in their web site. Quotation: "Not all individuals qualify to get medical health insurance". How come this DISCRIMINATION is allowed? Over 47.000.000 Americans have no insuranxce at all, and some other 20.000.000 are underinsured.
Who is the 700 billions dollar rescue? Not you, not me, not the American people!

I want every Congressperson who received money from Wall Street Firms, Fannie Mae, and Freddie Mac and then did their bidding to pay these bribes-contributions into the U.S. Treasury immediately and then resign. The political system in this country is as corrupt and greedy as Wall Street.

And the Health Insurance companies - they use our money to make investments and gamble in Wall Street while denying medical care to those who pay them. This criminal monopole which causes the death of over 120,000 Americans every year because they were denyied medical care, while others are forced to file banckrupcy for medical bills, or taking secondary morgages on their houses to pay the medical bills, this criminal monopole has to be STOPPED - as it is at the root of the crisis. It is not 700 billions dollars that will do away with the crisis - the economic crisis is at its beginning, and nothing will stop it if we let them do their tricks - wake up people. The 700 billion bill is a cosmetic patch applied to a corpse.

The bailout of Wall Street is nothing but wholesale thievery of the taxpayer's hard earned dollars. The Wall Street crooks got themselves into this mess through their own unlimited greed, why should we pay for their sins? Two days after the Congress voted down this farce, the World hasn't collapsed and the banks are still there..that proves this ripoff was never needed. As Nancy Reagan wisely told us: "Just Say No". Any politician that votes for thistravesty should be given the bum's rush out of Washington and thrown out of office.

Let me make this "clear". This bill is not going to help people that are affected by this crisis by no fault of their own. There is only one good thing coming out of this bailout proposal, we are now going to see who actually are representing the people and who aren't. Now we are going to see who the bums really are and throw them out of office. Obama is going to look like a fool if he approves this bailout.

the dems just put more pork in the bill ill tell you there all real happy at capitol hill. they dont have to here your phone calls because they turned them off there computers are down more like turned off 300 to 1 in calls against this mother of all pork bill there is no credit crises you can still get a house a car anything you just need good credit just like it should be. this is not going to stop anything fanny and freddy will still give loans to those with no credit or bad credit they are not fixing anything there throwing gas on a fire

Still nothing for homeowners? Once we go through the 700 billion, and foreclosures continue to increase as we KNOW they will, we will be needing another 700 billion in about 6 months to a year WHICH WE WONT HAVE! The fact that congress ignores the people's needs, even when foreclosures are the root cause and EVERYONE KNOWS THIS, is unbeleiveable. This is an attempt to maintain the status que for another 6 months and let the fat cats back up their finances before the real collapse occurs not an attempt to fix the problem. I cannot beleive how irresponsible the congress is (I expect this from Bush and his administration, but not from congress). So now they add corporate tax breaks?

The class war is on - can the rich pay the police to beat down the poor when they are starving? Find out in 2009.

I didn't write, just sharing it :)
The Birk Economic Recovery Plan

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 bona fide 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 billion 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 have $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, The Birk 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.

Kindest personal regards,

T. J. Birkenmeier, A Creative Guy & Citizen of the Republic

Let's see, President and his Treasury Secretary Paulsen, wants to Bailout Wall Street's Finacial Institutions. They will either have to borrow from other overseas banks, or better yet print more money. ARE WE NUTS? I can't believe that there are actually Senators and Congressmen, that think that this is OK. With 99.9% of the American public against this Bailout Package, is there any need to deabte and vote on this. So much for Democracy.

Those of us that behaved responsibly are being overlooked and screwed by this bailout. Greedy Wall Street banks, investors and irresponsible home buyers artificially drove the housing prices in our country to extraordinary and unsustainable levels. This caused millions of hardworking Americans to be priced out of the market and denied their chance at home ownership. Many were forced to put their dreams of home ownership aside and rent or dramatically down grade the home they could purchase. There were also many responsible home owners and renters who watched as their neighbors abandoned reason and cashed out the phony equity in their homes with risky no document and adjustable rate loans so they could purchase their fancy cars and other luxuries. But the conscientious Americans that made the tuff fiscally responsible decisions and controlled their spending are once again getting the shaft. Our elected politicians want to use our taxpayer dollars to support those who created the crisis to stay in their homes and keep their banks afloat, but it does absolutely nothing for the responsible citizens who did the right thing. This bill denies the fact that the housing market is still way to high and needs to be allowed to fall back down to where it should have been. It also rewards those that caused this tumultuous economic upheaval and gives tens to hundreds of thousands of dollars to undeserving homeowners in the form of loan forgiveness. This is so incredibly outrageous and no one seems to care. This has certainly proved to me that it does not pay to do the right thing in this country.

Being 5:30 Pacific, what does night mean in D.C.?

Congress could have suspended the defective accounting requirements on the banks on Tuesday morning with no bill. Newt Gingrich outlined this action. That would have done a lot without taxpayer pork.

Wall St Chicken Littles and their Paulsen puppet want more cash to loan to deadbeats and make MORE bad loans! No! People who qualify are still getting loans, there is NO shortage there. Turn off the tap to over-extended deadbeats who chase credit and loans like crack addicts! Enough is enough!

Im from Brzail and i want that this pass.. the whole contry is suffering cause of this trash Bush economy.

However you classify this bill--they are putting quite a "spin of fear" on the American public. For the American public to support this bill, they need to have a balanced approach top-down & bottom-up legislation. Anything less than that does little to help people RIGHT NOW. I repeat, people need help RIGHT NOW. I fear if this legislation passes and "business as usual" continues--can you say BACKLASH?

NO BALE OUT. IT DOESN'T HELP THE PEOPLE WHO PAID THEIR BILLS ON TIME OR THOSE WHO DIDN'T LIVE ABOVE THEIR MEANS, EVEN THOUGH THEY WANTED TO HAVE LARGER HOUSE ETC.

STOP GIVING THE PEOPLE ON WELFARE FOR YEARS MONEY. STOP GIVING THOSE STIMULUS CHECKS. YOU GAVE CHECKS TO PEOPLE BELOW A CERTAIN AMOUNT BUT DIDN'T TAKE INTO CONSIDERATION WHERE THEY LIVED AND THE COST OF LIVING THERE. SOMEONE IN CALIFORNIA, NEW YORK, BOSTON, NEED MORE TO LIVE THEN SOMEONE IN NORTH DAKOTA, OHIO ETC. THAT WAS A JOKE.

WHAT BANKS ARE YOU HELPING? WACHOVIA? NO NOT THAT BANK WHERE MY ACCOUNT IS, ONLY BANKS THAT HELP YOU.

IT SEEMS KINDA FUNNY THAT THE TWO PEOPLE WHO RAN FANNIE MAY AND FREDDIE MAC INTO THE GROUND, ARE WORKING FOR OBAMA. WHAT DOES THAT TELL YOU.

STOP HELPING THE RICH GET RICHER, AND THE POOR GET RICHER DOING NOTHING AND HELP THE MIDDLE CLASS AND SENIOR CITIZENS WHO WORKED HARD FOR THEIR MONEY AND DIDN'T TAKE FROM THE GOVERNMENT BECAUSE THEY HAD PRIDE.

NO BALE OUT.