Do you support the financial rescue package passed by the Senate Wednesday?

Did they remember to Thank "DEREGULATION MCCAIN" for getting us into this mess in the first place???  Hopefully!  Him and his repulican friends deserve al the Credit :)

I don't even know how politics got mixed up in this economic disaster.

Because of the election....

This is a disgrace!  I haven't seen one poll on any of the large sites (cnn/msnbc/fox) that dosen't show overwhelming opposition, and in the most part wants the market to work it out.

The farmer walks into the hen house sees the wolf with the last chicken in his mouth, what's he do, feeds the wolf.

I consider myself a democrat but at this point i am so fed up with the whole system i can't stand it. It seems like every choice now is the lesser of 2 evils. Either you go with the War Mongering Republicans who want to invade everyone, or i stick with the Bleeding heart Dems that think the answer to everything is to throw money at it. We have spent almost 1.2 trillon in the last month on bailout/fannie & freedie/AIG where does it stop?

This is the problem with our system, it's one or the other, we need a 3 or 4 party system. We vote once every 4 years and then go home, while at the same time our Congress is owned by every corporation in the world.

We need an armed revolution folks, we never had any say in foreign policy, now we have lost control of our domestic politics!!!!!!!!!!!!!!!!!!!!!!!

Do you really think not passing this bill hurt the "Wall Street" fats cats in any meaningful way?  Sure some banks might fail, but the people responsible have already walked away with millions. The investors in those companies are not guilty of anything and they will be the ones hurt (i.e., virtually everyone).  The world is not fair so get over it, not doing something will hurt every 401K, IRA, pension plan out there and most likely cause massive job losses.  Is it worth taking that risk?

VOTE THIRD PARTY!!!

VOTE THIRD PARTY!!!

VOTE THIRD PARTY!!!

YOU CAN DO THAT!!!

You are a @!$%#ing idiot anti-Semite. DIAF.

You should run for the SENATE.!! Maybe SOMEONE will listen to the poor & middle income in the country!! It seems the only people the SENATE listened to last night was the RICH in the country.. Do NOT support this bill..!! I hope the HOUSE sticks to their courage that they showed on Monday, but, I FEAR they will CAVE IN to the POWER BROKERS instead of showing true GRIT and standing up for their principles. The reason the RICH want this so badly is because they want to stick it to us TWICE.!! Isn't anyone looking at the ratio of how when WALL ST is crashing the COST of a barrel of CRUDE OIL is sinking thru the FLOOR Boards.!! It was WALL ST that also SPECULATED on the OIL market and drove the COST of OIL up to $ 150.00 a barrel.. NOW with WALL ST crashing the COST of OIL has fallen dramatically.!!

Politics entered this mess when the Republicans insisted on deregulation of the same banks, brokerage houses, and mortgage brokers. Just remember, the Republicans had the majority in both the Senate and the House for 10 years except for the last 2 years. We must vote out ALL the encumbents and replace them with responsible people that represent US. My question is WHY should we give our hard earned money and bail these crooks out of a problem they greedily created?

Pam - This is a public blog. Your disgusting comments will be removed. Why don't you remove yourself and find another country!!

Do you have any real understanding of how the credit market works or are you just jilted that a few people on wall street made a killing selling credit to main street?  Or how a vast majority of small businesses meet parol demands or revolving lines of credit so that thier employees are not reduced to the unpredicactability of waiting for accounts receivable to mature?  The word of the day should be externalities, which is precisely what the government's role actually is in a market that does not have perfect information.  A prime example of the externality problem is the fact that the lack of diligence by congress, and other,  in getting some relief to the credit markets and banking industry cost the american public invested in the stock market $1.4 trillion on Monday alone, most of which directly compromised the average american's retirment portfolio.  People who believe that this is not a main street problem are kidding themselves. 

Damon - any real understanding of the credit markets and the entire modern banking system would make the general public even less interested in this bill. The reason credit isn't moving is as a direct result of th implicit weaknesses in the Federal Reserve "system" (and the other central banks) which is little more than a gigantice pyramid scheme anyway - with us as the marks.

The reason we need to "bailout" the banks is that we have become wholly dependant on credit for running our homes, businesses, government through intermediaries (banks) who lend us money issued by our government on our behalf for a fee - which is transferred to the wealthy shareholders - it is the ultimate business model => zero production costs, unlimited demand, unlimited supply, unlimited margins .... no competition

The only 2 things they've needed to do is: manage the risk of defaults toppling the pyramid, and make sure that the rest of us never figure out that its a scam. With this Bill, they've clearly failed #1, but with a littl more #2 they may actually get this thing on for another bite at the apple.

The gov't should not buy this garbage paper, if the mkt says its worthless, its worthless - and you can certainly raise the price for it by paying too much for it (for a while) - but isnt that what got us in the real estate mess to begin with ... take an equity stake in the companies if you must, using pref shares or warrants if common equity is too risky - but stop telling us this is the only solution .... Id like to have the treasury buy my Enron shares, and maybe a few Worldcom too - and it would certainly help my balance sheet! Sorry that was the last time we had these problems - like so 5 years ago!

Currently the consumer economy is crashing because of lack of credit and rising unemployment, and your solution is to cut government spending further contracting the economy.  If your goal is to turn us into a banana republic faster I think you have hit on a solution!

quantumbreak,

If you're worried about the economy collapsing, then you should be against this bailout. Not only is this bailout doomed to fail in its proclaimed results, instead, destroying the very dollar that the Federal Reserve is suppose to be protecting, but it is also hastening the ushering in of a fascist dictatorial state, a.k.a., Banana Republic. I cannot see how a few weak taxpayer protection provisions in this astronomical economic nightmare, provisions which will be broken before the ink is dry, will be of any consolation to us when the house of cards falls.

I've read much about the middle-class and the rich, 401Ks and IRAs, but it is the working poor who will be hardest hit by this legislation. We are already struggling due to 8 years of the Bush administration, and now you wish to heap this on our backs and make the few dollars we may have utterly worthless.

I am very angry at these Senators and Congressmen saying we the people do not understand what is going on. Its worse with the Big Wig networks like CNN and MSNBC and CNBC they say we the people who are against this don't even understand it at all and treat we the people like children.
Well I have news for those congressmen, senators and the talking heads of the big corporate media... We do understand what is going on. We Vote. And We will vote everyone who votes YES out of office come election day.
We the People will take any Yes vote as a Sign that the Senators and Congressmen do not want to run for re-election and we will vote them out of office.
Its as simple as that!!!  And WE VOTE!!!

Write and Call your Congressmen and Senators and tell them WE the people Do understand what this 700 Billion Dollar Corporate Welfare Bail Out of Wall Street is all about and if they Vote Yes for this bail out we will vote them out of office!!!

riverstomp,

The markets are already voting against your contention this bill will destroy the dollar.  What will destroy the dollar is if the world looses complete faith in our economy and financial system.  The working poor will be hurt far more by a complete lack of credit (and rising interest rates) than any future tax implications.  I hate the fact we have allowed our government to accumulate a nearly $10 trillion dollar national debt (Thanks to the Republican pay latter philosophy), however, if we do nothing this debt will only get larger because of reduced tax revenue caused by job loss and economic contraction.

Democrats did this? They voted in large majority for the first version. Which I didn't support, but at least it wasn't laden with pork. The added pork is to get the republicans on board. Democrats didn't cause all of the deregulation that led to this mess in the first place. The Republicans have had plenty of time to fix this mess. Instead they've made it worse.

You have it backwards....the Republicans added the pork....NOT the Democrats. If this bill isn't voted down, we will be asked to throw more money into the bottomless pit in a very short time. We don't have the money to give the banks and brokerage houses the $850 Billion they want now. Let them fail....we'll survive. Americans are a lot stronger than our non-representative Congress thinks we are.

Its the Democrats AND the Republicans. It's politics and politicians. And for the first time in a long, long time, it appears the people of this country are not going to stand for it. Apparently though, we need to speak even louder. Have you written your representatives today?

Of the three politicians who supposedly represent my district, one Democrat voted AYE in the House, one Democrat voted AYE in the Senate and one Democrat voted NAY in the Senate, but only because she has her own "plans" which she would like to implement, not because her constituents overwhelming told her to vote no. (To her credit, she did recognize the fascism inherent in this legislation; however, she doesn't understand the free market any better than the other two and socialism is her answer to every question.)

It wasn't that long ago, when the majority of politicians didn't dare utter the D word, Depression. According to them, our economy was strong, although all signs were that the market was attempting to correct itself after a Government and Federal Reserve created housing bubble burst. Our all-knowing representatives' (you know, the guys and gals that are smarter than you) solutions were to throw more money at the problem--this is always one of the results of their knee-jerk reactions--throw money, OUR money.

I agree, Fisherman, Americans are truly much stronger than our Government thinks we are; we're also a heck of a lot smarter than we're given credit for and what we don't know about a subject we are willing to learn. Because we are willing to learn, because we DO learn, we can make informed and intelligent decisions on the problems we face. It is suppose to follow that our representatives in Congress vote according to his or her constituents demands, not according to their own wishes. However, it seems that for the majority of us, also because we learn, the illusion that Congress represents us is shattered--for some of us, it was smashed to smithereens a long time ago.

WANT CHANGE?

VOTE THIRD PARTY!!!

TIRED OF ALL THE BULL?

VOTE THIRD PARTY!!!

Are you sure that is was Democrats that put in the pork or are you just guessing! I HAVE A FEELING THAT IT WAS THE REPUBLICANS! But before placeing blame maybe we both should look at the bill and see who did it! As the Pork was put in to get more Republicans to vote for it!

None of your ideas will have any effect on the credit markets!  Go out and try and get a new car loan, or finance a small business right now.  Without credit our economy will crash to a halt and everyones job will be at risk.  Or consider what happens if farmers can't finance their operations causing food shortages.  Its worth risking some money now to hold of disaster until a new administration can get into office and come up with a real solution.

SOMEONE WILL ALWAYS GIVE CREDIT.I LIVE IN A POOR COMMUNITY AND THREE HOMES HAVE SOLD IN THE LAST TWO WEEKS.AUTO LOANS ARE GIVEN EVERYDAY.NISSAN HAS JUST BUILT A HUGE LOT.AND MY BOSS JUST STARTED HVAC COMPANY FOR THAT YOU HAVE TO HAVE CREDIT. NO ONE HERE IN POORVILLE TN IS IN JEPARDY. ALL JUST FEAR THE GOVERNMENT TO PERSWADE YOUR VOTE.HENCE ELECTION DAY AROUND THE CORNER.

VOTE THIRD PARTY!!!

hasn't anyone thought about the possibility that it is all this easy "credit" that has gotten us into part of this mess--we are such a consumer driven nation that we buy just for the sake of buying and we buy things we really can't afford ON CREDIT!! what would be wrong with buying in cash and only if your really NEED a new car- house--shoes--nic-nack- not just buying because you WANT it

This is not the time or the place for this.

If this isn't the time or place for this, then the Senate should not have added this provision to the bailout bill.

I think that you have no understanding of what mental health pork will do to the health system.  None of this add on stuff should have been attached to this bill.  It's sticking it to us behind our backs and more than once.  Anyone who truly believes that one party is responsible for this mess needs to go back and do their homework.  Everyone wanted deregulation to bring down prices......well look what you got.  The Republicans are not to blame, we all are to blame because we all got greedy.

Amen. This bill should have no pork and this has been a problem looming since Clinton was in office. We all buried our heads in the sand because we could get easy money for our cars, houses, credit cards... spend, spend, spend... and we wonder why the same thing is happening in Washington? We Americans have turned in to lazy, greedy people looking for the fast buck. That is, until it has to finally come out of our pocket to pay back the debt.

There is an alternative, do what our founding fathers did when bridled with tyranny, The few, stood up against the mightiest country on earth and her King. Then they beat their a**es. All we need is a new independent party called The American Patriot Party, a centrist independent party of the American people without the career seeking politicians in it. C'mon join hands and lets start a new American Revolution, right here, right now, tonight and throw these left and right wing bums out of our government. Ask yourself this right or left wing...would our founding fathers have stood by and let this happen to their America? NO WAY! so lets take it back before it is sold in lots to foreign powers.

We don't deserve a revolution, after all it was "the people" who voted George W Bush into office twice .  We need to suck it up and attempt to fix the credit markets by passing the rescue package.  What's another $700 billion when three REPUBLICAN administrations have cause $7 trillion in debt (Regan, Bush 1, and Bush 2) combined.  Or consider the cost of Iraq over $1 trillion and rising, is not worth at least that to save our nations economy.

WAKE UP ---- Twas the liberal Dems who engineered this financial problem with Fannie and Freddy --- GIVING welfare houses to people who could not make their mortgage pymts.  Then expecting working Americans to pick up the financial loss of fin institutions via their payments.  Barney Franks and associates should be in cuffs this day ... much worse than any ENRON. 

Vote all 535 out of office.  We need new blood.  These INSIDER need to know "We The People" are in charge.  Replace all of them.

Where do I sign up and appear with my pitchfork?  I'm ready, vote Independent

Where do I sign up? I am so sick of the politics as usual where either nothing gets done or we get this 451 page Bail out Bill full of pork! Somewhere along the line our representatives in Washington have lost their way. Perhaps blinded by all the special interests groups, lobbyists, greed and power. I know I plan to vote against anyone from my State who voted yes! If this bill is passed, I think we the American people need to demand some answers as to why.

Would you really like to live in Mexico?  If not, why not?  If so, emigrate.

I've never been to Mexico so I cannot comment on the economic savvy of its people but I have studied economics and think it should be noted that you are incorrect. There was a 137 billion dollar bailout in Mexico in 1994 after the peso crashed. The US and the IMF pitched in an additional 50 billion. Though there are complaints about corruption and misuse of some of those funds most experts agree that without the bailout the economy would have completely destabilized.

EVER TRIED VOTING FOR A THIRD PARTY!!!

Where is Ross Perot.  He needs to run again.

Very well said.

Absolutely! There is nothing added to the new bill that protects a majority of the people who struggle day by day just to pay their house payment or put food on their tables! I say the rich people should put their own millions or billions on the table to bail these banks out...they should give back a little instead of taking from us who just try to make it to the next paycheck!  Consider it an investment for them! And leave US out of it!

I believe the "Tax & Spend" logo belongs to the Dems. 

It used to. Not any more. It is the BORROW and SPEND Republicans.

Like Ronald Regan said years ago, I didn't leave the Democratic Party...they left me.

Well tonight I didn't leave the Republican Party...the Republican party left me tonight.

When November 4 arrives, I shall cast ballot, as has been my practice for 38 years. However, this time the ballot will be blank. Because, as I see it, other than abortion, there is no difference between Democrats or Republicans....you both spend like drunken Sailors on leave.

Our national deficit has grown about 7 TRILLION dollars since DuhW took office--REPUBLICANS! were in control and started this mess.  Look at their voting records and documented responses to these issues.  The Republicans DID ELIMINATE PROTECTIVE REGULATIONS!  That is a FACT.  Instead of acting like sulky children, I would really, sincerely like them to stand up, take responsibility for bad judgement and policies and then shut the heck up.  The Democrats don't have all the answers--but the problems are so large and complex now I doubt anyone has good answers.  NOW Congress wants Credit for fixing it??  First--it ISN"T FIXED, just bought out and delayed again, Second--I am DISGUSTED by all of their self-congratulatory speeches after the Senate vote passed.  Congress and the Presidency are the very people who led us down this rabbit hole by partisanship and "game playing" with the CITIZENS lives and futures.  THIS is what our American Dream has become--what our children, grandchildren, and many generations ahead will be facing the consequences of.  I was previously worried about re-gaining America's respect with other countries and repairing the reputation that has been so horribly damaged these last 8 years.  Now our leaders' mistakes are affecting worldwide financial markets.  We can't pay for their messes, are going into more debt to do Something, but now everyone GLOBALLY is paying the price and worried also.  This is not the hard-decision-making and forward thinking that our Founding Fathers used to form a new Democracy.  This is NOT what America (and Americans) should be about.  Can any of you even imagine living in a world without financial crises in our homes, nationally, and not have federal deficits and debt that doesn't rise every year?  Where local, state, and national goverment agencies are not having to freeze budgets, eliminate programs, release workers, reduce necessary personnel including police and fire fighters, "stop" the government because there is no money to pay people who depend on those incomes and have the legitimate right to expect to work and be paid.  I could go on, but...  where will it end?

VOTE THIRD PARTY!!!

VOTE THIRD PARTY!!!

VOTE THIRD PARTY!!!

THEYVE BEEN HERE AND THEYVE BEEN LISTENING...

Wake Up 2 Reality:  Not so fast - only part of your comment is true.

Fannie Mae Easy Credit:

By STEVEN A. HOLMES

Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring. 
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

g

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer (and current Obama advisor) . ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

AT A TIME WHEN WE HAVE TO GET MONEY GOING AGAIN the banks have stoped lending

because people don't have the down payment on houses or closeing costs, your fica

score is to low, the real problem is how long these buyers have been paying bills on

time for electric, gas,rent without fault, have proved that they can handle bills over a

period of 2 years should be able to handle a mortgage, car payment, without a

problem, if these people don't get a chance we are all in deep trouble, .

get rid of all ceos, these axe men have been the problem from the start$$$$$$$$$$$

I believe its the government as whole. The back patting lobbiests, the pork-belly, the (as you stated) self serving little gods, who deceive the public to get a vote then do as they please to pad their economic lifestyles. Like a Roman Leader once said to another, " Do you believe in the gods?" His reply was this, " Privately, I believe in none of them. Publicly, I believe in all of them."  VOTE NO!  Let it implode! NO CASH=NO CANDY!!!

You Chris, are ignorant. Adding about 6.7% more of the very upper middle class into the legislation to total about 17% of the total population seeing any benefit whatsoever, will not fix crap. It may make it better for YOU if you are in that ~17%, but for the rest of us we're still JUST as screwed as before, plus the added benefit of rewarding some fat cat in Wall Street, and helping a few very overweight cats keep thier 401K's. 

Not to mention an overabundance of pork barrels added as the senate work to "gain support" for the bill costing us taxpayers, those of us in the lower 3/4 of the earnings that percentage wise pay more or our income than the rich in this country in taxes already by double or more in many cases, an even larger chunk of our meager checks.

You are either ignorant of the facts or just don't care.

Chris, I just don't agree that this is a good thing.  People across all socioeconomic scales made bad decisions, were misinformed, or were just plain greedy.  I lost my 401(k), too. I don't have a house, I have a trailer...because that is what I can afford.  But if we agree to this, our taxes will be so high we won't be able to put anything in a 401(k). And neither will the next generation or the generation after that.  On Monday, the powers that be were were screaming that we were facing Economic Armageddon...and the sun still came up Tuesday morning. The fact that they are pushing every panic button they can get their fingers on makes me very, very wary.  They are trying to scare us (once again) into making a rash and ill-informed decision. It is insulting that they think us too stupid and herd-minded to know any better. You mention your great-grandparents and the Great Depression - obviously, they made it through or you wouldn't be here.  And we have failed to learn the lessons they left us. I am willing to take my lumps now and all at once (roughly).  I don't want to drag it out for the next xxx years, and I certainly don't want the government managing it. 

@Chris G

Your faith that the politicians who got us into this mess will get us out is ludicrous.  Paulson and Bernanke were telling you a few short weeks ago that the economy was strong.  You bought into that lie also.  You as a taxpayer are being thrown overboard while the rich are thrown a life saver.  Exponential growth of credit and a linear non-productive economy was obvious to many, but ignored by you, the rich and their cronies.  The bankers knew the government would bail them out if they threatened economic Armageddon.  Ignorance is bliss, and you are very blissful.  Now you, your kids,  and your kids' kids just need to pay up.  Then we'll be back to normal. 

YOUR TELLING ME THAT YOU WANT TO VOTE THIRD PARTY,THEN DO SO ON ELECTION DAY!!!

VOTE THIRD PARTY!!!

LISTEN TO YOUR HEART,YOU WANT A COMPLETE CHANGE.YOUR TIRED OF ALL THE LIES.

If the senerio is life support...understand that the patient is not American taxpayer.

Chris...........think about the fear they are using, think about how fear has been a card in the strategic deck, and then decide it is ok to face down the fear and stand up with the same courage previous AMericans have.

NO MORE FEAR TACTICS.........let them cry wolf.  We can take it, we always have.

Then Dan, poor guy, you are what we call "Sheeple." Our elected officials are the reason for the DEREGULATION that lead to this mess.  Go ahead and trust....Good Dan. That's right---Trust and Obey!  Good Dan.

Sorry, singlemom, but we've been on the road to socialism since before 1913. The bailout is the door of fascism opening much wider on us.

VOTE THIRD PARTY!!!

VOTE THIRD PARTY!!!

VOTE THIRD PARTY!!!

Has anyone else been reading through this and wishing that the screaming bold and CAPS from michaelrgriggs would stop? Give us a reason instead of repetition. Cheese and rice.

I'm sorry - but if a business has to take out CREDIT to pay for PAYROLL - there is a serious problem there! Why do I have to bail out that business because they can't get CREDIT to pay the employees - apparently they are over extending themselves in other areas! They need to close their doors!

The need for credit to cover payroll and other operating costs largely has to do with assets tied up in inventory and accounts pending. Businesses often have balanced books with large assets to liabilities ratios but lack liquidity. Business is done commonly on credit. Small businesses could not get the start up capital needed for equipment and inventory without credit. Imagine a world where when you went to buy any moderate to high priced item where material costs were a large part of the total cost, you were asked to make a large deposit to cover material costs and to wait a month while the materials were ordered and your item was manufactured. That my friends is a world with out credit.

I am poor and I almost do live in a world without credit.  I didn't get a subprime mortgage.  I am buying an owner-financed mobile home because that is all that I can afford but that is not credit as we know it here in the U.S.A.  I have no credit cards and my vehicles are old but we own them free and clear.

My husband works in a technological field and only gets twelve dollars hourly, while our "house" and land rental payment costs about $600 monthly.  Almost every month, the utility companies threaten to shut our utilities off.  I lost my job a couple of months ago because I could not, on a day's notice, make a change of childcare arrangements and transportation arrangements to suit them.  I have been looking for work since then but I have not found anything yet that would be after my husband returns home from work or pay enough to get ahead after paying for childcare. 

I am sure some judgemental people out there will find some way to say that I deserve to be in this position.  However, I KNOW that the greedy people who caused this fiasco deserve to be in the poor house.  The sad truth is that they probably never will be and I might always be there. 

Guess what?   If our economy fails ENTIRELY, my family will not be *much* worse off than it already is.  However, maybe, *just maybe,* the evil bloodsuckers will be MUCH worse off than they are now!  I would love to see the playing field levelled for the next generation. 

Do I have an overdeveloped sense of vengeance?  Yes.  Do I feel bad about that?  No.  The greedy CEOs of corporations have never felt bad for me and my family. 

When I search the kitchen, wondering what the heck my son is going to eat for the next week because we have no money left again (oh, and my husband's employer managed to forget to add his recent $2 raise that came with his promotion to his last paycheck-- something that we were counting on-- and yes, that means he used to make $10 hourly,) the part of my soul that has been dying for the last decade or so, fantasizes about having everyone else brought down to our level.  I am not cruel.  Even though I cannot afford it, I do sometimes make pitifully small contributions to charities helping those who are worse off than we are.  Still, I'm inclined to watch the economy crumble.  I am not interested in helping out those who are better off than I am...and I am sure not interested in hearing any trickle-down economic theories either.