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Democrats won a key concession from the White House on legislation to bail out the financial industry on Wednesday, then sought to scale back the $700 billion price tag, as Republican presidential nominee John McCain inserted himself into high-stakes negotiations on the rescue.
President Bush invited McCain and Democratic presidential nominee Barack Obama, along with congressional leaders, to a White House meeting Thursday to discuss the bailout.
With the administration's original proposal deeply unpopular in Congress, top House leaders issued an upbeat statement at day's end saying that they had made progress toward revised legislation. "We are committed to continuing to work cooperatively and on a bipartisan basis to safeguard the interests of the American taxpayers," said Speaker Nancy Pelosi, D-Calif., and House Republican leader John Boehner of Ohio.
But they offered no timetable on a bailout that the administration said was needed more with each passing day.
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke spent most of the day in the Capitol, shuttling between public hearings on the proposal and private meetings with lawmakers.
Presidential politics intruded, as well, when McCain said he intended to return to Washington and called on Bush to convene crisis meetings until an agreement was reached on legislation.
In their statement, Pelosi and Boehner said, "We agree that key changes should be made to the administration's initial proposal. It must include basic good-government principles, including rigorous and independent oversight, strong executive compensation standards and protections for taxpayers."
Earlier, Paulson agreed to demands from critics in both parties to limit the pay packages of Wall Street executives whose companies would benefit from the proposed bailout.
"The American people are angry about executive compensation and rightfully so," Paulson told the House Financial Services Committee. "We must find a way to address this in the legislation without undermining the effectiveness of the program."
The issue has been a much-debated point in the struggle to win congressional approval of the historic rescue of the financial industry, though the "golden parachute" money involved would be relatively insignificant compared with the huge sums being talked about.
At the same time, Democrats were asking the Bush administration to dramatically cut the size of the rescue and then come back to Congress later if they need more.
Under that plan, which was still emerging, Congress would approve a fraction of what Bush is asking for — perhaps $150 billion or $200 billion — to allow the government to begin rescuing tottering financial companies.
Pelosi has privately suggested the idea to Paulson, according to officials who spoke on condition of anonymity because the negotiations are private.
Sen. Chuck Schumer, D-N.Y., pressed Paulson on the idea Tuesday and was told it would be a "grave mistake."
But some Republicans said they support it as well. "It's highly appropriate for them to come back to us once they see and we see how this is working," said Sen. Bob Corker, R-Tenn.
Rep. Barney Frank, D-Mass., said Wednesday, "Ultimately $700 billion has to be available but ... they are making progress about how to give people some assurance that it is not going to go to $700 billion in one fell swoop."
Frank, who as chairman of the Financial Services Committee has taken a lead in the negotiations, said Paulson also "accepts the fact" that the bill will give the government an ownership stake in the companies whose bad debts are taken over, a Democratic goal.
The heart of the unprecedented plan, dramatically unveiled less than a week ago, involves the government buying up sour assets of tottering financial firms to keep them from going under and to stave off a potentially severe recession and the accompanying lost jobs and further home foreclosures.
Away from Washington, debate over the bailout became embroiled in presidential politics as McCain said he was returning to the capital and was asking Democratic rival Barack Obama to agree to delay their first debate, scheduled for Friday, to deal with the meltdown.
"I do not believe that the plan on the table will pass as it currently stands, and we are running out of time," he said.
Obama said the debate should go ahead and that his campaign staff was working with McCain's on a statement the candidates might make, spelling out major points they believe the rescue legislation must include.
Congressional Democrats dismissed McCain's dramatic announcement as a political ploy and said his involvement in the talks six weeks before the elections would only muddle the extraordinarily sensitive debate.
"With all due respect to my friend John McCain, we're doing just fine. We should not have presidential politics enter what we're doing here," said Sen. Harry Reid, D-Nev., the majority leader. He added that McCain "is trying to divert attention from his failing campaign."
Bush, who says the massive government intervention is needed to stave off economic catastrophe, planned to talk to the American people Wednesday night about how the crisis affects them, said White House press secretary Dana Perino.
Wall Street, down sharply the previous two days, basically marked time, waiting for the next shoe to drop. The Dow Jones industrials declined 29 points.
Lawmakers in both parties have strenuously objected to the plan over the past two days, Republicans complaining about federal intervention in private business and Democrats pressing to tack on help for beleaguered homeowners.
Many Republicans and Democrats appear to be more open to legislation, although on different terms than the White House has proposed.
"There's politically a lot of pessimism because the American people are pushing back," said Rep. Spencer Bachus of Alabama, the senior Financial Services Committee Republican. But, he added, "There's a realization that we have to do something, and that we can't leave town until we do."
Polls in the last several days have provided mixed messages about the public's view.
An ABC News-Washington Post poll said Wednesday the public is split about evenly over whether it supports federal "steps" to handle the financial crisis. In a survey released Tuesday by the nonpartisan Pew Research Center, there was nearly two-to-one support for the government "potentially investing" billions to try securing the markets.
Democrats insist Republican lawmakers must stand up for their own president's proposal, but they appear anything but eager to do so.
"It's a tough sell to most of our members," said Rep. Tom Davis, R-Va., after a closed-door meeting with Paulson and Bernanke. "It's a terrible plan, but I haven't heard anything better."
Compounding the administration's challenge, Republicans and Democrats both say Bush has lost credibility, particularly in cases where he argues there will be dire consequences if Congress doesn't act.
"They sold the war, they sold the stimulus package and some other things. It's the 'wolf at the door'" argument, Davis said.
Democrats are pushing to allow bankruptcy judges to rewrite mortgages to ease the burden on consumers who are facing foreclosure as part of the plan. But Obama told reporters the provision "is probably something that we shouldn't try to do in this piece of legislation."
Other Democratic demands, to give Congress greater authority over the bailout and require that the government help homeowners avoid foreclosures, have already been accepted in principle.
___
Associated Press writers Jennifer Loven, Martin Crutsinger, Jeannine Aversa and Alan Fram contributed to this report.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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 | Analysis: A bailout plan too big to fail | Associated Press | Wed Sep 24 | 4 |
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 | FBI investigating possible fraud by Fannie, Freddie, Lehman, AIG and their executives | The Minneapolis Star Tribune | Tue Sep 23 | 2 |
| FBI investigating companies at heart of meltdown | Associated Press | Tue Sep 23 | 76 |
| FBI investigating companies at heart of meltdown | The New York Times | Wed Sep 24 | 1 |
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{"commentId":3035351,"authorDomain":"rdonaldsnyder"}
The proposal "does not include the necessary safeguards," said House Speaker Nancy Pelosi, D-Calif. She called for "independent oversight, protections for homeowners and constraints on excessive executive compensation."
Yes the rescue plan is necessary, but it must NOT go forward by just the taxpayers writing the Treasury Department a blank check. There MUST be significant Congressional (NOT Executive) oversight!
{"commentId":3035351,"threadId":"364085","contentId":"1894502","authorDomain":"rdonaldsnyder"}
- 10 votes
#1 - Sun Sep 21, 2008 10:18 PM EDT{"commentId":3036517,"authorDomain":"ispeedtoo"}
Did you see this!
"U.S. weighs bailout of foreign banks, too" see iht.com
Eric Dash contributed reporting from New York, Keith Bradsher from Hong Kong and Julia Werdigier from London.
That is right they are going pay off all the other banks of the world. Google the title. Paulson has gone mad! They all have gone mad! Write to your representative NOW and demand CHANGE>
NO DEAL FOR EVERY BANK OF THE WORLD!!!
PEOPLE THEY"RE PLAN is not going to work we have to get our representative to stop the current line of deal making. Call FAX email your representative NOW!
{"commentId":3036517,"threadId":"364085","contentId":"1894502","authorDomain":"ispeedtoo"}
- 5 votes
{"commentId":3037444,"authorDomain":"goldnmypoc2"}
I did this before reading your post, just thought I'd let you know. I emailed 2 VA senators, and congressman. Now I think they should get smashed in the face with a piece of cake and not allowed to eat it.
{"commentId":3037444,"threadId":"364085","contentId":"1894502","authorDomain":"goldnmypoc2"}
- 5 votes
{"commentId":3037686,"authorDomain":"Prilj"}
His name is Henry Paulson...
{"commentId":3037686,"threadId":"364085","contentId":"1894502","authorDomain":"Prilj"}
- 2 votes
{"commentId":3040551,"authorDomain":"LIAMD"}
R.
Help me understand how congressional oversight is any better or different from executive. You make an assumption that congress is better qualified to perform this task, I'd like to understand why you feel this way.
They have both failed. And letting lawyers and career politicans have oversight of my money is a bad idea. The gov't interference is the key reason we're in this mess. Don't start the dems vs the reps crap either, they both screwed the pooch on this one.
{"commentId":3040551,"threadId":"364085","contentId":"1894502","authorDomain":"LIAMD"}
- 1 vote
{"commentId":3071411,"authorDomain":"dcstone01"}
I would agree that the oversight should be with the congress.
If it is stuck at the executive level that is only one person to do the review. Unless he makes another chair at the cabinet level, but still that isn't a 'review' or oversight, that would just be another department.
With the congress, there would be whole committee's set up to do it. The congress has more eyes than just one man.
PS, I at first thought it would be a good idea to do the bailout. But, the more I thought about it and then all these other foreign banks and businesses want to get in on the act. Well, no. And the threat that the FEDS say we will have a depression. And they want the moeny without any review of anykind HA!!!, Guess what? I have already been unemployed for two years now and I have adjusted. Let the Wall Street fat cats learn to live in the real world for a change. I don't want to pay to continue their life style. So, with that in mind I have contacted my two senators and the rep for my area and asked them to vote NO to the bailout. There is no guarentee that the bailout will avert a problem So, let the bad debt go. Don't help them at all. Let those businesses fail. Then we can rebuild from the people up.
{"commentId":3071411,"threadId":"364085","contentId":"1894502","authorDomain":"dcstone01"}
- 2 votes
{"commentId":3099575,"authorDomain":"sjbates"}
aT 700 Billion - We should be burning tires in the street! I every exec in any company that benefits from MY 700 billion to give ALL OF THOSE BONUES BACK!
{"commentId":3099575,"threadId":"364085","contentId":"1894502","authorDomain":"sjbates"}
- 1 vote
{"commentId":3035525,"authorDomain":"thetalkingmule"}
Does it strike anyone as a strange coincidence that 3 months before Obama becomes President, the appointed Fed chairman and the President himself seem to think we absolutely MUST give these banks $700,000,000,000? Weird that this should happen at the 11th hour. How bout we investigate and take back the hundreds of billions of dollars in exec bonuses that have been thrown around the last few years?
{"commentId":3035525,"threadId":"364085","contentId":"1894502","authorDomain":"thetalkingmule"}
- 11 votes
#2 - Sun Sep 21, 2008 10:31 PM EDT{"commentId":3035947,"authorDomain":"jaymack"}
Sounds like a good start to me.
{"commentId":3035947,"threadId":"364085","contentId":"1894502","authorDomain":"jaymack"}
- 5 votes
{"commentId":3036054,"authorDomain":"goldnmypoc2"}
Let's get real here for all those that think we are going to get money from the exec bonuses or any money that was giving to an individual. That is not going to happen.
{"commentId":3036054,"threadId":"364085","contentId":"1894502","authorDomain":"goldnmypoc2"}
- 4 votes
{"commentId":3036145,"authorDomain":"jaymack"}
I can dream, can't I? My gut tells me congress will slink in and feed the sharks once again. Birds of a feather flock together. They are all crooks.
{"commentId":3036145,"threadId":"364085","contentId":"1894502","authorDomain":"jaymack"}
- 5 votes
{"commentId":3035698,"authorDomain":"duncanb7"}
I have no real disagreement with government bailouts. If the financial nitwits who created this crisis were to fold altogether, the economic situation would be nearly untenable. However, I do have serious concerns that the billions made by those same companies or persons will remain where it is. I simply do not wish to see 95% of the population paying for the mistakes of the other 5%. I fully agree with Mr. Snyder that Congressional oversight is essential. It has become readily apparent that trusting the Executive branch with anything more than lunch money is a grand mistake. Personally, I doubt that there will be any major effect before 2012, and I consider that to be optimistic regardless of who wins the White House. Though I can be certain that whomever that may be, they will take complete credit for it.
{"commentId":3035698,"threadId":"364085","contentId":"1894502","authorDomain":"duncanb7"}
#3 - Sun Sep 21, 2008 10:47 PM EDT{"commentId":3036144,"authorDomain":"politicalwhiz"}
So much for the free market. Socialism is so popular amongst the rich, when it benefits them. What was wrong with poorly capitalized banks being forced into bankruptcy and better capitalized banks buying up their best assets? Is there something wrong with the free market, that does not exists when times are "good" or is this sudden change of heart a sign of future philanthropy after all 700 billion dollars in bail outs surely the top 5% will be able to muster up some money for charity... perhaps, forgive some of those mortgages that they forced upon people, misled people to get, intentionally mis-appraised. I am disgusted at this notion of quick action, as if the world would end, because some rich people, screwed up.
The Whiz
{"commentId":3036144,"threadId":"364085","contentId":"1894502","authorDomain":"politicalwhiz"}
- 8 votes
#4 - Sun Sep 21, 2008 11:24 PM EDT{"commentId":3036212,"authorDomain":"goldnmypoc2"}
This blows my mind after reading this. Those financial businesses don't want just their cake, they want a certain type for frosting on it, and they want milk to wash it down, and they want to enjoy eating the cake and drinking the milk, and they don't want to be forced into any time limits on eating that cake and drinking the milk, and they also want their mouths wiped off after they smear that frosting all over their lips. Dah, what is this world coming to?
{"commentId":3036212,"threadId":"364085","contentId":"1894502","authorDomain":"goldnmypoc2"}
- 6 votes
#5 - Sun Sep 21, 2008 11:30 PM EDT{"commentId":3071451,"authorDomain":"dcstone01"}
You forgot something, they don't want the calories with all that cake and milk. .......
{"commentId":3071451,"threadId":"364085","contentId":"1894502","authorDomain":"dcstone01"}
{"commentId":3036265,"authorDomain":"alkimija"}
If life gives you lemons, and this is a helluva lot of lemons, don't waste 'em making lemonade: chuck them at the fat cats on Wall Street who want to play but not pay.
{"commentId":3036265,"threadId":"364085","contentId":"1894502","authorDomain":"alkimija"}
- 7 votes
#6 - Sun Sep 21, 2008 11:35 PM EDT{"commentId":3036296,"authorDomain":"darthmaulrob"}
We need to end this and stop this bailout @!$%#...This is merely a patch that prolongs the inevitable. The only reason Bush doesn't want to wait for a vote on it is because he knows it will not be voted for. He says he needs to act quickly.. yeah right.. Where is the quick action while we are paying $4 a gallon for gas and milk.. What a load of @!$%#! LIES LIES LIES..Heres a good story for some of you about the govt and how they take care of their people...
I am an Active Duty Air Force NCO stationed at Eglin AFB Florida. I am in the 33rd Fighter Wing. Today I learned of an audit done on some of our card holder accounts for generally purchased items like office supplies and such. During this audit they determined that approx. 2 large coolers were bought a year or more ago, that did not have the little drain spouts on them. They then called the E-4 down to question him about this gross misappropriation of funds, apparently, he explained that his boss an E-8 had sent him to purchase them to support P.T. and other sqdn functions. He was then told that he(the E-4) would have to repay the govt approx. $500.00 for this coolers. WOW!!!!
With as much as the govt is bailing people out these days and throwing tax payer dollars around, and they are going to make a service member pay back money for coolers that are used by the unit.. and were originally authorized by his boss. We have some serious problems here. This story needs to be elevated because it is just WRONG... plain and simple. The Air Force wastes millions trying to change uniforms or nonesense like that but they are concerned with the coolers not having drain spouts...And this is the Govt. we go to war for? I am outraged to be a member of the armed forces that has lost so much touch with reality and hangs people out to try like this. If I wasnt a single parent with children and over 10 years of service I would seriously question why I am doing this. Bottom line is the govt. can spend billions of tax payer money to bail out banks for mis-management of funds and mortgages, but has a problem with the $500.00 coolers not having drain spouts. We need a leader somewhere up the chain to get ahold of someone down here and put an end to this nonesense!! Any assistance would be greatly appreciated. I guess you only get bailed out if you are rich or powerful.. Not like the E-4 who has a wife and kids, paying $4 a gallon for gas and milk just trying to make it has any right to be bailed out for a load of @!$%#, by some pencil pushing auditor worried about how we are spending our money.. This country is going to the @!$%#ter FAST!!
{"commentId":3036296,"threadId":"364085","contentId":"1894502","authorDomain":"darthmaulrob"}
- 5 votes
#7 - Sun Sep 21, 2008 11:38 PM EDT{"commentId":3037738,"authorDomain":"twobighands"}
"RIGHT ON" Robert,i couldnt agree with you more.What the Government doesnt realize,is that they are doing things right now,that are making the American people very irate.And people will start raising questions and raising their fists in rage against their own Government.It wouldnt surprize me if there is another civil war in this country.Except this war would be between the American people and their Government.BETTER WATCH OUT WASHINGTON.
{"commentId":3037738,"threadId":"364085","contentId":"1894502","authorDomain":"twobighands"}
- 2 votes
{"commentId":3071470,"authorDomain":"dcstone01"}
That is horrible Robert, I do feel for the person who is getting shafted with that. Please let the person know, it isn't the people doing this to them, its the government.
Thank you for your service as well. Please don't give up. James is right. There are a lot of upset people........
{"commentId":3071470,"threadId":"364085","contentId":"1894502","authorDomain":"dcstone01"}
- 1 vote
{"commentId":3102117,"authorDomain":"bernicebenbow"}
I BELIEVE WHAT YOU SAID WHEN MY HUSBAND WAS IN THE MILITARY ONE OF HIS RESPONSIBILTIES WERE TO BUY SUPPLIES FOR HIS TEAM, THEY WORKED ALL OVER THE USA BUILDING BIG ANTENAS. THEY PAID AS MUCH AS 100 DOLLARS FOR A BOX OF NAILS AND 5OO.00 FOR A HAMMER. OUR GOV. WASTES SO MUCH OF OUR MONEY IT'S A SHAME.
THE NERVE OF THEM TREATING HIM LIKE THIS IS INSANE. I NOW LIVE BACK HOME IN A MILITARY TOWN, HOME OF THE 101st ANYNE FAMILAR WITH THIS AREA WILL TELL YOU ALMOST EVERYBODY HERE IS ACTIVE DUTY OR RETIRED. THE WAY THEY ARE TREATING OUR TROOPS IS D I S G U S T I N G!!!!!! TALK ABOUT HORROR STORIES, WELL I GOT SOME FOR YA! THE FACT THAT THEY NOR THEIR SPONSES CAN NOT SPEAK OUT IS THE WORST ABOUT ALL OF IT, OTHERWISE I DO BELIEVE THERE WOULD BE AN UPRISING AGAINST MR. JOHN McCAIN, BUSH AND THE ENTIRE GOV.
THE NERVE OF McCAIN TRYING TO PRETEND HE IS A FRIEND OF THE MILITARY, HE HAS BECOME THEIR WORST ENEMY!
{"commentId":3102117,"threadId":"364085","contentId":"1894502","authorDomain":"bernicebenbow"}
- 2 votes
{"commentId":3102256,"authorDomain":"bernicebenbow"}
I JUST THOUGHT YOU ALL MIGHT WANT TO HEAR SOME OF PALIN'S INTERVIEW WITH KATIE COURIC, IT WAS ANOTHER BUST! THIS WOMAN IS CLUELESS, BUT OF COURSE SOME WILL BLAME KATIE FOR PALINS FLOP! THIS BY FAR IS THE WORST!
{"commentId":3102256,"threadId":"364085","contentId":"1894502","authorDomain":"bernicebenbow"}
- 1 vote
{"commentId":3104599,"authorDomain":"dcstone01"}
Bernice, While I appreciate your comments here and on other seeds. Please unlock your caps lock key. By typing in all caps you are, in computer lingo, 'SHOUTING'. I have seen other people ask you about this, but you keep doing it anyway. This is also a Code of Honor violation. Please read it again. Otherwise you could be limited as to what you can post on the NV.
As to your question about the 101st (or 102nd?) is that the Airborne Division? My dad was in it at Fort Bragg in North Carolina, I remember living there as a kid.
Thanks for your link also.
{"commentId":3104599,"threadId":"364085","contentId":"1894502","authorDomain":"dcstone01"}
- 1 vote
{"commentId":3104656,"authorDomain":"darthmaulrob"}
I think the 101st is Ft Cambell, KY.. the 82nd is at Ft. Bragg...at least when I left there in 03.
{"commentId":3104656,"threadId":"364085","contentId":"1894502","authorDomain":"darthmaulrob"}
- 2 votes
{"commentId":3104686,"authorDomain":"dcstone01"}
Well, I was a kid. I didn't know the numbers. Perhaps that is where I got the 2? from??. Thanks Robert.
Oh, Robert, you are recent military right? What do you think of the article in THE ARMY TIMES about the US having the 3rd infantry Division 1st Brigade Combat Team serving tours of duty on the 'Homeland'.? Some are implying that this is a way for the military to get a head start on the Martial Law order that will come down soon and cancel the elections and control the masses from rioting. Just what I have been hearing. And would current military personnel really fire on their fellow US citizens?
{"commentId":3104686,"threadId":"364085","contentId":"1894502","authorDomain":"dcstone01"}
{"commentId":3123688,"authorDomain":"darthmaulrob"}
Hmmm.. well that would not be a very good situation for anyone. Usually the states would call the Natl Guard in for that kind of situation, and the states would over see that..They usually use non-lethal means for that, but ultimately the goal is to keep the citizens safe from 'Real' criminal types that would loot personnal property and such. There are some positions that are considered deployed but are located within the U.S. It could be nothing more than that. I dont think most Americans would enjoy a situation we we are faced off with each other..I wouldnt !
{"commentId":3123688,"threadId":"364085","contentId":"1894502","authorDomain":"darthmaulrob"}
- 1 vote
{"commentId":3036313,"authorDomain":"aperspective"}
Wanna hear something scary?: http://www.npr.org/templates/story/story.php?storyId=94369826&ft=1&f=1001
10% of the gross domestic product of the People's Republic of China is invested in Fannie Mae and Freddie Mac.....
Oy veh....
{"commentId":3036313,"threadId":"364085","contentId":"1894502","authorDomain":"aperspective"}
- 6 votes
#8 - Sun Sep 21, 2008 11:39 PM EDT{"commentId":3045627,"authorDomain":"cascadia-development"}
The risk of relying on foreign money is far worse then our current reliance on foreign oil. The intersection between the current administration and Wall Street reminds me of the intersection between oil and Republican administrations for the past generation.
They created the problem, we will pay for it and the side effect is that they have no bankrupted the country for the next administration. When over half of the countries non-discretionary taxes (not SS or Medicaid) is going to the military already (650 billion a year) and you add on top of it this bail-out they will have accomplished their goal of eliminating any other programs.
For a fun cookie by Ben Cohen (yes of Ben and Jerry) using Oreo cookies to describe the budget there is a video at
{"commentId":3045627,"threadId":"364085","contentId":"1894502","authorDomain":"cascadia-development"}
- 2 votes
{"commentId":3036317,"authorDomain":"Ejerod"}
Please listen to me America. DO NOT ALLOW THEM TO RAILROAD US AGAIN WITH FEAR!!! Anytime someone tells us that "we must act now!!!" they are trying to railroad us. Does anyone remember how after 9/11 they wrote and passed the Patriot Act and the National Security Act giving the President all these broad powers in the name of protecting us? We lost all types of freedoms an subjected ourselves to unauthorized phone taps, email taps, we can now be simply labeled a "terrorist" and Haebaus Corpus gets thrown out the window!!!
They had a secret meeting in which everyone there was told something soooooo horrible that they are afraid to repeat it to us, yet they expect us to pay for they excesses of their greed and corruption. Need I remind everyone that Paulson, the current Treasury Secretary was once the CEO of Goldman Sachs? So a Wall Street veteran who claims he is for capitalism, all of the sudden wants a socialists system to bail out his buddies. HELL NO!!!!!
Don't allow them to scare us into giving one man the power to rule the entire financial system. I'm not saying there isn't a crisis, all I'm saying is this time, I want to see the documents posted on the net before my Congressman decides to vote or speak for me.
{"commentId":3036317,"threadId":"364085","contentId":"1894502","authorDomain":"Ejerod"}
- 5 votes
#9 - Sun Sep 21, 2008 11:39 PM EDT{"commentId":3036395,"authorDomain":"Ejerod"}
Write your Congressman today and don't allow this to Happen. NOT THIS TIME. Need I remind everyone that these are the same guys that told us NAFTA was necessary and would improve our lives? Need I remind everyone that these are the same guys that had our jobs shipped overseas? NO. Without "we the people" being able to know exactly whats going on, we should't allow our Congressmena and women to vote on a damned thing. How dare they tell us they MUST pass this by next week or else. OR ELSE WHAT?
Does anyone have any idea how much 700 billion or 1 trillion dollars is? Does anyone understand how much our taxes will increase? Does anyone have any idea how inflation will get even more out of control if we do this? I want heads to roll starting on Wall Street, then March on down to Madison Avenue ( they made up the ads that sold us on these fancy mortgages ) then stop by Washington D.C. Any Congressman or Senator found to have voted for laws that lead to this mess should be thrown under a jail and the lock welded shut!!!
I'm sorry I don't buy it. As the old adage goes. "Always be wary when someone says "I'm from the government and I'm here to help!" Look at the messengers BUSH AND PAULSON!!!! Come on people, Bush can't even spell AIG now he wants us to write a 700 billion dollar check because he understands that its really really bad?
I DON"T BUY IT!!!!!
{"commentId":3036395,"threadId":"364085","contentId":"1894502","authorDomain":"Ejerod"}
- 3 votes
#10 - Sun Sep 21, 2008 11:46 PM EDT{"commentId":3071481,"authorDomain":"dcstone01"}
It comes to about 2,300 dollars for each man, woman, and child in the US.
That is a shame.
{"commentId":3071481,"threadId":"364085","contentId":"1894502","authorDomain":"dcstone01"}
{"commentId":3036419,"authorDomain":"goldnmypoc2"}
I want to know what the Federal government is doing to secure some jobs in this country so that we all don't default on our mortgages so the poor broken banking businesses don't go under? What is happening to those that are caught up in this nightmare without a job, that have high credit scores and are about to lose them, and own houses that have never had a default on a mortgage payment but because of this sour economy, and high gas prices, and the costs of everything going up are having a problem financially? This problem isn't going to end with a bail out, without jobs in this nation that will support existing mortgages you will see more and more people that haven't foreclosed on their mortgages, end up losing their houses and hurt the poor broken banking businesses. Those people that were not a credit risk after many years of paying their mortgage every month on time. This isn't about ARMs any longer, it's about a sour economy. It's not about poor broken financial businesses, it's more about the people, the middle class that can't make it.
{"commentId":3036419,"threadId":"364085","contentId":"1894502","authorDomain":"goldnmypoc2"}
- 3 votes
#11 - Sun Sep 21, 2008 11:50 PM EDT{"commentId":3036595,"authorDomain":"THATSBANANAS"}
Let them fall let them all fall. We as a nation should not bail out all these companies, let them fall into ruins , then the courts can have a fire sale on the remains. there are many companies that would love to have these bad mortgages at a huge discount. Better yet let the people finaly get a jab at these guys they should let us man handle these companys and buy our loans back at a discount. Then maybe they will learn to run better companies, if you dont let them fall the will just repeat this again sooner or later.
{"commentId":3036595,"threadId":"364085","contentId":"1894502","authorDomain":"THATSBANANAS"}
- 4 votes
#12 - Mon Sep 22, 2008 12:06 AM EDT{"commentId":3071485,"authorDomain":"dcstone01"}
I agree. LET THEM FAIL!!!!
{"commentId":3071485,"threadId":"364085","contentId":"1894502","authorDomain":"dcstone01"}
{"commentId":3036686,"authorDomain":"THATSBANANAS"}
lets say we do bail them out that money is just going to give an exec a 5 to 30 million dollar bonus just for asking the gov for help its useless if we must and I mean by the gun to our heads, should we not have some physical over-site like maybe forcing these companies to take on at there expense government inspector/ accountant some made or ex histing position so as to enforce and monitor these run away train wrecks
{"commentId":3036686,"threadId":"364085","contentId":"1894502","authorDomain":"THATSBANANAS"}
- 2 votes
#13 - Mon Sep 22, 2008 12:17 AM EDT{"commentId":3036690,"authorDomain":"ispeedtoo"}
When You finish reading this blog. Go to your Senators web site and send them an EMAIL NOW.
STOP THE MADNESS. Let the Banks Crash!
DO NOT PAY THEM.
DO NOT BELIEVE A WORD THEY SAY!
TELL THEM TO ARREST THE PEOPLE THAT BROKE LAWS!
{"commentId":3036690,"threadId":"364085","contentId":"1894502","authorDomain":"ispeedtoo"}
- 2 votes
#14 - Mon Sep 22, 2008 12:18 AM EDT{"commentId":3040752,"authorDomain":"LIAMD"}
That won't happen because most of Washington will have to go to jail.
The banks can't be allowed to crash, too much of the American's money has been dumped into these ventures and the US will go broke overnight if that is allowed to happen, the great depression will look like a Disney vacation. I'm all for revoking bonuses and prosecuting but who do you prosecute the capitalist who figured out a way to live within the rules and make millions or the politicians who created the rules in the first place. The mandate of the gov't to prosecute banks who didn't lend to deadbeats was the starting point for all this. I say we take a page from France, pull out the guillotine, head to Washington and hold the damn politicians accountable for screwing us all.
{"commentId":3040752,"threadId":"364085","contentId":"1894502","authorDomain":"LIAMD"}
- 1 vote
{"commentId":3036783,"authorDomain":"THATSBANANAS"}
between this bail out the AIG bailout the fannie and freddie bail out we will easily hit the trillion mark and all in a 2 month period how do we recover ill never even pay this debt off in my life time, Kids kids wont pay off the current debt in there life time what kind of future are we leaving for a our decedents.
we might as well let china foreclose on the us and we all go back to Europe, Africa and south America, and Asia seriously by years end Mexicans are going to be jumping the border the wrong way it'll be Mexico wanting to put up the fence.
{"commentId":3036783,"threadId":"364085","contentId":"1894502","authorDomain":"THATSBANANAS"}
- 1 vote
#15 - Mon Sep 22, 2008 12:32 AM EDT{"commentId":3037297,"authorDomain":"67jeepster"}
Quit whining, 11 trillion dollars is only $75,000 per working stiff in America!
So far all of the Fed bailout money puts a band aid on the symptom - Wall Street melt down, and absolutely nothing for Main Street - the disease. And Paulson's new plan does the same.
The financial institutions have been the beneficiary of the worlds larges Ponzi Scheme for years. Now the same profiteers are asking for taxpayer help.
In a real free market, the owner of bad paper would either write off the loss completely, provide new terms for a new loan, or sell the paper a sharp discount. Merrill Lynch sold bad paper for 22% of face value - the Fed should pay no more.
These mortgage holders should offer fixed rate loans for reduced principal to the current homeowners before any Federal assistance.
{"commentId":3037297,"threadId":"364085","contentId":"1894502","authorDomain":"67jeepster"}
#16 - Mon Sep 22, 2008 1:56 AM EDT{"commentId":3037351,"authorDomain":"darthmaulrob"}
Oh but they wouldnt get anything for free then.... Thats what they want a bailout..lol Good suggestion though.. I completely agree with you! Wish someone up there listened...
{"commentId":3037351,"threadId":"364085","contentId":"1894502","authorDomain":"darthmaulrob"}
- 2 votes
{"commentId":3037567,"authorDomain":"ispeedtoo"}
The Fed pays 22% for homes on your street what do you think will happen to the value of the other houses condos on your block.
I had two Fannie Mac homes last month on my block. One got sold for 10% below the market rates last month so this month every body's house is 10% lower. When 20% of the homes are selling below market the market will continue to drop and that means MORE TOXIC PAPER.
This is a death spiral if I have every seen one!
{"commentId":3037567,"threadId":"364085","contentId":"1894502","authorDomain":"ispeedtoo"}
- 2 votes
{"commentId":3064317,"authorDomain":"darthmaulrob"}
No this is what happens when things become too inflated and normal people cant sustain it. This is badly needed to actually bring the housing market back down so people like me can afford to buy a house.. Plain and simple. Recession is a natural part of the economy as well as depression....If the banks weren't allowed to take 100K houses inflate them to 250K then sell them to the people who could have afforded them at 100K using special programs we wouldn't be in this mess. I hope the bottom falls out from underneath so I can get a house for what it is really worth..Look around Wash. D.C. 900K for some connected house with 1200 sqft WHAT IS WRONG WITH YOU PEOPLE TO PAY THAT MUCH.... IDIOTS!! That is the problem and why the bottom needs to fall out from under it....If people would stop selling them and then buying them for that much we wouldn't have this problem.. But when that price is all there is you are stuck between not buying or over paying.. More people need to stick to their guns and refuse to pay that much for houses...It used to be people bought a house to raise a family, not make a million dollars.. GREEDY PEOPLE.. Now people like me, a single parent with 3 boys to raise cant even afford to drive up the damn street between fuel, and food, and houses.. Get a clue people.. Be part of the solution!
{"commentId":3064317,"threadId":"364085","contentId":"1894502","authorDomain":"darthmaulrob"}
- 2 votes
{"commentId":3037450,"authorDomain":"paulpeg1"}
Hmmm? Let`s rush into this faster than we rushed into Iraq! The Prez approves it and we know how smart he is! Cha-Ching! You are not allowed to have an opinion, as long as the American consumers spends his way into bankruptcy all is good.
{"commentId":3037450,"threadId":"364085","contentId":"1894502","authorDomain":"paulpeg1"}
- 3 votes
#17 - Mon Sep 22, 2008 2:33 AM EDT{"commentId":3037467,"authorDomain":"payingattention"}
THINK OUR CONGRESS WOULD TAKE NOTICE OF THIS MESSAGE?
I am have never been so outraged at my government. This plan only ensures more of the same and delays the inevitable. Robert Reich has a simple 5-step addendum to this proposal that would appease my anger. If my country's finances are going to fail, it is going to be ON MY TERMS. I am fired up and I hope others will join. If this proposal is accepted in its original form, I promise I will go to the bank and remove all CD's, Savings, and IRA even at a loss. I would then do whatever is necessary to see that you are never elected again.
{"commentId":3037467,"threadId":"364085","contentId":"1894502","authorDomain":"payingattention"}
- 4 votes
#18 - Mon Sep 22, 2008 2:38 AM EDT{"commentId":3037482,"authorDomain":"WHATTFWTT"}
WHO
{"commentId":3037482,"threadId":"364085","contentId":"1894502","authorDomain":"WHATTFWTT"}
#19 - Mon Sep 22, 2008 2:41 AM EDT{"commentId":3037510,"authorDomain":"goldnmypoc2"}
So they don't get bail out people, they have threatened, they won't give you car loans, and they won't give you mortgages. And after that they won't make money. This is the biggest pile of cuckie that I have seen in my lifetime. Bush needs out of office before January.
{"commentId":3037510,"threadId":"364085","contentId":"1894502","authorDomain":"goldnmypoc2"}
- 2 votes
#20 - Mon Sep 22, 2008 2:51 AM EDT{"commentId":3040881,"authorDomain":"LIAMD"}
Stop the Bush bashing already, this crap goes all the way back to Carter.
{"commentId":3040881,"threadId":"364085","contentId":"1894502","authorDomain":"LIAMD"}
{"commentId":3043767,"authorDomain":"stvglmr"}
No it doesn't it started with Ron Reagan and a Democratic Congress, that de-regulated the S/L's and banking industries in the '70's and '80's, where as just a few years later they created the (then) largest taxpayer bailout in history.
During this bail-out instead of RE-regulating them they continued de-regulating with all of you knowing about it and here we are 20 years later with the exact same problems that created the last one.
Over evaluated real estate mortgages that have been sold ALL over the world, used as collateral, so to create an overly artificial economic growth period for the past 20 years.
It wasn't a matter if this would happen, the only question was when it would happen.
Can you really be so stupid to think that allowing 0 down for a 110% loan with no proof of adequate available income to pay for the debt wouldn't be a problem?
{"commentId":3043767,"threadId":"364085","contentId":"1894502","authorDomain":"stvglmr"}
- 2 votes
{"commentId":3037576,"authorDomain":"JoulesBeef"}
when ever they say "quick action needed" you are pretty much sure you need to stop and look at what youa re about to do.
speed is often critical bu that is no excuse for not doing ti correctly.. just ask a doc.. where speed is often critical.. peopel die when your slow, people also die when you rush too fast.
and really it should scare people if speed is really that critical
{"commentId":3037576,"threadId":"364085","contentId":"1894502","authorDomain":"JoulesBeef"}
- 4 votes
#21 - Mon Sep 22, 2008 3:16 AM EDT{"commentId":3037668,"authorDomain":"teodopm"}
I say we let 'em bail everybody out. America needs to be rebuild from the ground up anyway. We are f-ed. While we're at it, put McCain on the Titanic.
We need a leader like Obama, and everybody will blame him in January when we're in an inevitable Depression.
McCain's stupidity will put America out of its misery faster, and then the real chaos begins...
{"commentId":3037668,"threadId":"364085","contentId":"1894502","authorDomain":"teodopm"}
- 2 votes
#22 - Mon Sep 22, 2008 3:53 AM EDT{"commentId":3040978,"authorDomain":"cyan412000"}
this isnt about Obama and McCain...neither can stop what is happening and neither will...if they would be willing to they would be still crying to close the enron loophole.
neither has, they spoke of it briefly when oil was 147.00 a barrel...now both are mute on it.
This is about powerbankers across the globe. the rest is noise as a distraction.
{"commentId":3040978,"threadId":"364085","contentId":"1894502","authorDomain":"cyan412000"}
- 1 vote
{"commentId":3037844,"authorDomain":"SepticSkeptic"}
As I see it, the taxpayers are taking the risk here, bailout or no bailout. At least if the government buys up that risky debt, they get the potential reward that comes with the risk.
I'm not against some oversight. I am against an oversight system that takes six months to approve the spending of a single nickel. I am against oversight by a bunch of career politicians (executive or legislative) who don't know the first damned thing about banking. Would you trust a congressional focus group to perform brain surgery? Then why in the hell would you trust one to prevent a repeat of the great depression?
I'm also against both presidential candidates using the issue as a political football. Out of everything going on in the world today, this issue is bigger and more important, or at least the consequences of getting it wrong are more important, than this election. It's incredibly selfish for both of them to be more interested in getting elected than in avoiding a total financial meltdown. Shut the hell up, J&B, and let the professionals work.
{"commentId":3037844,"threadId":"364085","contentId":"1894502","authorDomain":"SepticSkeptic"}
- 1 vote
#23 - Mon Sep 22, 2008 5:19 AM EDT{"commentId":3038173,"authorDomain":"westrm"}
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, did not have the guts to weigh in sooner and orchestrate a measured response with due-diligence! Long after the housing/consumer credit bubble burst alarm and Wall Street actually began crumbling was 8 years of utter incompetence motivated to take it on the chin.
So close too walking out the door and leaving the next president with the worst economic disaster since the great depression. Republican or Democrat, President George W. Bush would have gladly tried to avoid ultimate accountability. While Dick Cheney is silent and castrated.
In shear panic reminiscent of Tom Ridge [former head of DHS] freaking out the American public, suggesting we buy duck tape. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke exhibit the fear-based decision-making so commonly associated with the Bush administrations after the fact recovery plans.
President George W. Bush's legacy begins in earnest as America's plans during the next presidency is sadly preempted by lingering effect of Bush's third-term. We do not need a presidential library to reflect on the current administrations gift to America, we will be living it day after day in the future!
There, are you happy now Mr. President?
{"commentId":3038173,"threadId":"364085","contentId":"1894502","authorDomain":"westrm"}
- 2 votes
#24 - Mon Sep 22, 2008 7:34 AM EDT{"commentId":3040896,"authorDomain":"steppin188"}
Two free faxes FaxZero.com
We cannot sit here and wait for Congress to ACT.
WE NEED TO CALL, FAX, and EMAIL TODAY.
We did this before... we need to rally the troops again and get this party started.
Everyone is welcome and encouraged to help.
It's time to start implementing some pre-emptive strikes to put some fires under some POKEY political asses.
Just like we did last time, we need to ALL make at least 10 phone calls a day to those high profile officials (Obama, McCain, Pelosi, Reid, and our state congressmen/woman) using the white house toll free number and start putting pressure on for another stimulus and another extension.
FLOOD THEIR PHONE LINES, FAXES and MAILBOXES TODAY!!!! THE TIME IS NOW!!! WE MUST CONTINUE OUR FIGHT!!!! WE MUST LET OUR VOICES BE HEARD IN ORDER TO TURN THIS COUNTRY AROUND!!!! LET'S GET CALLING!!!!
The White House toll-free number is 877-331-1223... Use this number and let the government pay for your calls!
When the operator answers, ask for your congressman/woman's office.
Say I am calling to urge congress support of our nations's jobless families and vote for another MUCH NEEDED federal extension of unemployment insurance benefits to help the long-term un-employed across this country. This is the 8th straight month the jobless claims have increased and they MUST ACT NOW BEFORE THEY LEAVE ON RECESS!
For those that would like to fax or email, here is the link for contacting congress:
______________________________________—
www.unemployedworkers.org
{"commentId":3040896,"threadId":"364085","contentId":"1894502","authorDomain":"steppin188"}
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