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October 2, 2008

Sound off on the bailout bill

Posted: 06:04 AM ET

Business Correspondent Jennifer Westhoven

The Senate last night voted to approve the financial-rescue bill for Wall Street that supporters say is vital to saving Main Street. It took a lot of political heavyweights, and a lot of sweetener – $110 billion dollars’ worth of tax breaks and add-ons.

ALT TEXT

The future of the markets is pretty much up in the air.

The question is – what will the House do with the bill on Friday? And will it deliver as promised and head off an economic disaster? Will it defrost the credit markets?

We’ve already got plenty of reports of companies, schools and municipal projects like roads and highways that are in jeopardy because of the frozen credit markets.

Tell us what you think.

What do you want to say about the bailout/rescue plan and the economy?

Has the credit crunch affected you? Maybe you’ve seen a change in a credit card, or had trouble with a loan?

How is all the news about the economy affecting your daily life – are you cutting back on anything or saving more? Do you think this will affect your holiday? Leave your comments below.

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J.   October 2nd, 2008 6:10 am ET

Its not fuzzy math.. PASS THE RESCUE PLAN ALREADY!


Kim Pomana   October 2nd, 2008 6:17 am ET

I agree that most americans are hard pressed to have $100K in the bank right now let alone $250K. I think the money going for the extra FDIC insurance should go for another stimulus package to reach Americans just before Christmas. This will help the average American and many areas of the economy.


ken from east tn   October 2nd, 2008 6:19 am ET

everyone is talking about the financial status with loans, housing and stock market crisis but i would like to see what can be done about the education loan industry. with loan payments being as high as a luxury car payment and intrest rates high and people cannot consolidate more than once. it doesn't seem right and nothing is being done about this. they have us over a barrell and i feel like i am sinking


Anthony Keel   October 2nd, 2008 6:20 am ET

How will credit be effected if the bill is not passed? I believe that things will tighten up somewhat, but it wont be as bad as the financial gurus have stated.


Bill milligan   October 2nd, 2008 6:20 am ET

What about unemployment extension? will it be addressed. the current ext is over in two wk s and unemployment is getting worse and the winter bills are coming along with the holidays! this needs addressed immediately! any news on this pls?


Victoria   October 2nd, 2008 6:20 am ET

What is the truth about the IMF wanting control of world wide financial regulation? It was mentioned on Lou Dobbs last night?

Victoria
New Mexcio


Dave   October 2nd, 2008 6:21 am ET

Isn't this "new" bill by the Senate the same as the old one with the exception of add-ons that have nothing to do with helping the economy, but are just there to make people vote "Yes"??

Why won't people with undervalued homes not be able to pay on their mortgages?

Why can't people with over $100,000.00 put it in more than one bank?

Why can't all the banks not holding "poison assets" make loans??


Robyn   October 2nd, 2008 6:21 am ET

You want my opinion of the bailout bill? Here it is:

1. It's unconstitutional! The tenth amendment clearly states that unless a power has been granted to the government, it has no authority to take an action. Just because congress has ignored this amendment for decades is no reason to ignore it yet again.

2. It's unconstitutional! All revenue related bills have to originate in the House. The fact that the Senate is bending the rules should come as no surprise, but we still should not allow it.

3. It's breach of contract. Our elected officials take an oath to uphold the Constitution – see numbers 1 and 2.

4. It's breach of contract. Our elected officials are elected to represent the will of the people. The people, overwhelmingly, do not want this bill. The elected officials are hired to do as their constituents say – not to do what they want to benefit their friends.

5. If I mismanage my money, I fail. There is nothing wrong with living within your means. There is nothing wrong with having to save for a downpayment, or keeping the same car for 10 years while you save for your next one. This culture of debt that we live in is eating us alive and returning to personal responsibility would be a good thing.

6. Let the chips fall where they may. Pay off the national debt – don't add to it. Let us rebuild with common sense laws and an emphasis on personal responsibility rather than greed.


David Satterfield   October 2nd, 2008 6:21 am ET

It looks to me that there will be further consolidation in the financial market making more "too large to fail" financial corporations. It is a shame that Paulsen is able to negotiate sales of companies like Wamu and Wachovia and Merryl Lynch and then be given $700 Bil to pay the new purchasers back the purchase price through buying the "toxic" securities. The tax payer ends up footing the bill for the consolidation.


Ben Thompson   October 2nd, 2008 6:21 am ET

I sincerely hope that the american people have awaken from their coma to see how our country operates now. Our government is no more than "legal" organized crime. There won't be any accountability because they would have to find "themselves" guilty.
"We The People" must continue to pressure our "elected".... there's another farce... every four years pick the lesser evil, anyhow we need to pressure our government to demand accountability.


Ken in NC   October 2nd, 2008 6:23 am ET

Robin,
You had someone ask why raise the FDIC Coverage from $100,000.00 to $250,000.00.
The reason is to prevent a run on banks. When it was $100,000.00 people would have to begin to run from one back to another to reduce the amount of funds in any given account. By raising the protection limits people have less reason to take their money out of a back. The bank holds you money so not it has money to loan.


Patrick Moran   October 2nd, 2008 6:24 am ET

I have a HELOC (with Bank of America) for $35,000.00 of which $17,000.00 is currently available. Would I be better off to take the $17,000.00 and put it in a savings account or my checking account? My home is paid for and a low ball estimate of it's worth is around $300,000. I intend to use some of the remainder for a small down payment on a car. The rest is for emergencies. Just want to know if they would likely cut my credit line.

Thanks,

Patrick
Naples, FL


Ned Franklin   October 2nd, 2008 6:27 am ET

After a discussion with my friend Rob, he came up with the following proposal. Instead of bailing out banks and other failed financial groups, give 2.5 million to each US citizen above the age of 18. Require them to pay off all of their debts, mortgage, etc. It would be a huge stimulus package that would benefit everyone especially the American taxpayer. The businesses that are failing would still get their money, but not in a direct payment from Congress. It would be a way of eliminating personal debt and people struggling with their mortgages, and also in the end the financial institutions with get paid. The direct payment to US citizens would encourage new growth and new businesses, and also help to stabilize businesses that are struggling.


ken tokar   October 2nd, 2008 6:30 am ET

Sweetners, sweetners you want to talk about sweetners?
Tax breaks for companies that make wooden arrows for kids bow and arrows. Tax breaks for people that buy top loading washers.
What do these things have to do with the bail out of wall street?


ithunder   October 2nd, 2008 6:33 am ET

Our government is out of control with spending our money.
Why can't congress focus? I'm more angry at all the extra billions they have added to this bill. The resque is a no brainer. Do it!


brad nitingale   October 2nd, 2008 6:34 am ET

will unemployment extension be addressed?


Rosie   October 2nd, 2008 6:38 am ET

If you have a credit equity line for emergency and do not tap it, the banks are closing these. We are in real estate and had 3 credit lines, one of which was just for super emergency. We took the money out of the line just on time before Wachovia closed all of our credit line accounts. We have great credit and never missed a payment with them in several years. Believe it would be a good deed for news media to help with changing credit reporting laws so that a bank closed account does not effect negatively on your credit, distinguished from those closed due to non payment. Heard Susie orman? say that it does. Who is working with the credit bureaus to correct this injustice. If you have an unused credit line that you may need, better take the money out now and pay the interest.


Rudy Garcia   October 2nd, 2008 6:43 am ET

Jen: Somehow, in all the bluster about the bailout or rescue bill that certainly needs to be approved, the sloganeering of opponents has given the impression that the banks, big and small, used money they acquired from some unknown source to pay out mortgage money to the builders and developers in the name of the buyers of those properties. Therein the cavalier attitude of many who say that let the banks lose the money given that they made bad loan decisions. The fact is that the banks used depositors money to issue those mortgages. It is what banks do, invest depositors money. Otherwise, how could they pay interest or even their employees? The rescue bill is needed but so is a return to most of the regulations that were put in place by FDR and later as a consequence of the Big Depression. And, of course, there should be a way to put a cap on executive pay. However, the same thing might be considered for the Members of Congress who allowed – in fact demanded – deregulation of most of the financial industry. Perhaps that old comedian, Jackie Mason, had a point when he said that Congressional pay should be on a commission basis – if the country makes money then they would make money.


Jeannie Lay   October 2nd, 2008 6:53 am ET

I think that people who do not own their own businesses just do not understand how important this bail out plan is. I must say that Headline news has been explaining the potential ramifications very well, but people just are not getting it.

I am partial owner in a towing company in upstate New York. Everyone has been watching fuel prices rise for 2 years. There has been no "bail out" for the trucking companies that are trying to make ends meet. WIth insurance rates at an all time high and fuel so unstable, I am struggling to keep the employees that I currently have employed and trying to contribute to some of their health care.

I do not feel like paying for other peoples gross overspending and bad decisions. Unfortunately, I have not only my family to worry about, but the fifteen families that will need to be supplimented by unemployment benefits if this bailout does not get passed.

Thanks for letting me share,
Jeannie
Upstate New York


Damon in Rochester MN   October 2nd, 2008 6:58 am ET

I understand the banks need liquidity. If people not being able to pay their bills ( mortgages & credit cards) is causing a crunch for cash on Wall St, then it makes no sense to give this money to Wall St. The same problems will exist with more on the horizon with heating costs expected to rise for the winter season. If the taxpayer is to be responsible for the bailout, then we should get to use that money FIRST.

A percentage of this bailout would pay off every home in America, give the banks needed liquidity, and leave the taxpayer with a good feeling from all of this. If people are struggling to make ends meet, then how does more money for the banks to loan out solve anyones' problems?


Jan   October 2nd, 2008 7:00 am ET

Currently my family is not affected by the economy, with the exception of our mortgage, we are debt free. We both currently are employed by the DOD and we are retired from the Military.
I feel sorry for the people who have not lived within their means are require loans to live off of, but......... I do not feel that I should be punished for their excesses.


Doug   October 2nd, 2008 7:02 am ET

Why would you bail out the same people that brought you where the economy is now? I love that financial domino effect of incompetent bankers and corrupted politicians, who passed laws about imaginary financial derivatives – pure fiction about turning $trillions:) And to add insult to injury...they are asking us to pay for their lousy work and corrupted ethics!
This bailout plan that they voted on sounds like one great big "robbery" of our "pensions". the American tax payer do not needs a "bail out". "I know" there will not be a single nation or organization that will "bail" the United states out. So our economy will tank and the same "fat cats" by that time would have cashed out of our currency and bought Euros and gold while our dollar and pensions are worth "ZERO".

I'm against the $700,000,000,000.00 bailout.
Instead, I'm in favor of giving $85,000,000,000 to America in a We
Deserve It Dividend.
To make the math simple, let's assume there are 200,000,000 bonafide
U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and
child. So 200,000,000 might be a fair stab at adults 18 and up. So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It
Dividend. Of course, it would NOT be tax free. So let's assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends
$25,500,000,000 right back to Uncle Sam. But it means that every adult
18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family? Pay
off your mortgage – housing crisis solved. Repay college loans – what a
great boost to new grads Put away money for college – it'll be there
Save in a bank – create money to loan to entrepreneurs. Buy a new car -
create jobs Invest in the market – capital drives growth Pay for your
parent's medical insurance – health care improves Enable Deadbeat Dads
to come clean – or else Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces. If we're going to re-distribute wealth let's really do it...instead of
trickling out a puny $1000.00 ( 'vote buy' ) economic incentive that is
being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult
U S Citizen 18+! As for AIG – liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the
private sector bargain hunters cut it up and clean it up. Here's my rationale. We deserve it and AIG doesn't. Sure it's a crazy
idea that can 'never work.' But can you imagine the Coast-To-Coast
Block Party! How do you spell Economic Boom?


Lee   October 2nd, 2008 7:04 am ET

All I can say to the Senate is, thanks for nothing. This bailout plan will be great for the banks that stupidly loaned money to people that they knew could not pay it back but it does not address the root of the problem...American taxpayers do not have enough money to meet their obligations. I know, it's the taxpayers own fault for not managing their money better, but if you want to get out of this problem we are going to have to ease or erase the debt the American taxpayer owes; sort of wipe the slate clean and start again. Expensive? Yes, but not as expensive as the bailout plan and it kills the problem at the roots.


ithunder   October 2nd, 2008 7:05 am ET

WHAT DIFFRENCE DOES IT MAKE?


lady in Louisiana   October 2nd, 2008 7:05 am ET

If Congress was really concerned about "Main Street" taxpayers & passing this bill for the good of America, why have they played politics & added things to this bill? Their actions I hope make them concerned for their job!! We should send them all home & start over.


Philip Lefkoff   October 2nd, 2008 7:06 am ET

RE: The bailout
Have we completely exhausted all our options for this bailout? Here is my proposal: the US Government issues a new Series RR (Relief & Rebuild) savings bond dedicated to financing this Bill. This way the citizens who wish to help can make the investment. Here are some of the features I would set for such a bond: Lowest denomination is $25.00 this would allow small investors to buy them. The largest denomination is $10,000. Any individual US citizen can buy unlimited bonds. No business can buy the bonds, except maybe to work them into a fund for 401k. Forgein investors can only buy a maximum of $100,000.00 bonds and they must be individuals.
The Bond itself would be a face value bond that would double in value on its maturity in 5, 7 or10 years. If the bond is held longer it would accrue interest at 10% per year until cashed in with a maximum life of the bond of 15 years past it maturity. If a bond is cashed in before 5,7 or 10 years (Day 1 – Year 9 day 364) it will only pay interest a 4% per annual. The incentive is to keep the bond the full term or longer. This way the people who want to help can make an investment. Hopefully the CEO who put us in this situation will invest the most. The bonds would be guarantee by US Treasury.
As far as the bailout: Once the money starts to flow in an Oversight committee will have to be formed to deal with the Relief(part of the RR). I think failed properties should be bought on 25 cents to the dollar. The Financial institutions should have to eat the other 75 cents. Disposal of the properties should be done in the fashion of HUD. Properties will be sold off first to owner/occupants who must live on the property for 1 year. Investors will not be allowed to bid until the 3rd round. All investors must be registered and are only allowed to buy 5 properties per quarter. House sold to the public must have 15% cash deposit and only have a fixed mortgage of 15, 20 or 30 years.
More detail can worked out but I see this doing a few things. This way only the people who want to invest and help America will do so. But we can always make the case like we did when we went to war. Promote the patriotism of buying US Savings bonds, like they did during WW1 and WW2. I think more Americans would invest and agree to this plan then what is going on now.

Thank you,
Philip Lefkoff
Atlanta, GA


Virginia   October 2nd, 2008 7:07 am ET

How does adding "sweetners" help the bailout? Doesn't it just add costs? Why can't the bill just address alleviating the credit issue?


Daniel J Davis   October 2nd, 2008 7:07 am ET

I am furious over this bailout bill – If we bailout porr invesment strategy, what makes america think that wallstreet won't make those bad investments again. It's like being in the supermarket and watching a little kid throw a fit until he gets the candy he wants. What do you think he is going to do the next time he is in line?


Albert   October 2nd, 2008 7:07 am ET

Once again the Senate has managed to back a failed president and caused fear and panic throughout our country. Let's hope the House of Representatives does not fall victim to this administrations attempt to bully them to a rush decision. Did everyone forget the scare tactics used to endorse the war in Iraq? We just gave $25 billion for Detroit and if your watching the news they are still failing. Throwing taxpayer money on top of this situation will NOT solve this problem. The people in Washington are politicians not financial executives. Don't let fear tactics support a president who is more concerned about his legacy and not the average american citizen.


Sylvia Wallace   October 2nd, 2008 7:08 am ET

I've heard lots about homeowners, but what about people who rent? My husband and I moved from FL to TN to be near my elderly mom. Rented a home w/a two yr. lease five months ago. Well, three thousand dollars later out of our pocket....we read in our local paper that the house we live in is being sold at auction. We tried to get Countrywide to work w/us to buy the house on a short sale. That was around Aug. when banks were getting scared...since we had only been employed in TN for five months, everyone turned us down. Now we are moving because our lease is worhthless. There goes my deposit, utility deposit...this mess is costing more than homeowners...what help is there for renters caught up in this mess?


Daniel J Davis   October 2nd, 2008 7:11 am ET

The eye comment by the math teacher is a perfect example of the hysteria caused by the government and the media, frankly I am embarressed to be an American citizen right now!


Marty. G   October 2nd, 2008 7:12 am ET

We all know this bailout has nothing to do with helping the people of this great nation so I ask you why then is the government going through with it? We all know that there is only one reason why todays officials want to be in government and that is money. Is there a connection? If our government wanted to help us then they would take that 700 billion and devide to every american CITIZEN that is 18 and above to allow them to pay off thier mortgages and yippeee if they dont have one. Now my goodness we all have about allot of money, the mortgages or paid so the companies wont go under and there will be a ton of money going back into the economy. DUH!!!! We are getting screwed again because we are simply easy targets because we have no way of defending ourselves.


Sylvia   October 2nd, 2008 7:14 am ET

Hi Robin, I think I sent my message to the wrong part of your website.I am concerned about the Bailout somehow affecting those of us who are too poor to pay taxes. It seems when funds are needed, historically, first we go to war, but we're already there and it's only draining money from the US. That money might just as well get flushed. The second thing that happens is that programs for the poor get cut. I am outraged about the raise in protected funds. In spite of the comment about small business, I think it is just another way to help the rich. Who else has that kind of money? If it's for small business short term need for cash, give the protection a time limit.

I had a doctor mess up the nerves on the bottom of both feet by messing up the surgery or the aftercare. Then, when I was in agony from the nerve condition I was left with, I was rammed by an SUV. I was stopped for a light, but the guy in the SUV wasn't; and he was almost on me when he saw the light, panicked and slammed on his gas pedal. That caused the nerve condition to spread like wildfire through my entire body. In addition, I suffered a hernaited disk, severe sciatica, and some conditions I had in mild forms (like fibromyalgia) are now severe. I am unable to take any of the meds specifically for any of my conditions. I often wish I got injured in a hurricane or a floor or something else that injured others besides me. The reason? One examply: I need a special kind of bed that I certainly can't afford, and no programs cover it. I wrote to the company and asked for the donation of a bed. The reply was that they donate to things like those I have listed above, but since my problems are just mine, they can't help me.

I have not been able to go out for a year because the pain is just not worth it. So my fears are very real. Almost forgot, after the surgery, when I became unable to work, I used up all of my savings and IRA's. I was forced into retirement when I was 50. I get SSD, but the amount is slightly over the insane poverty line, and I am afraid that, as I said, some of the programs that help those of us w/ low income will be affected.


Victor   October 2nd, 2008 7:14 am ET

Why should we bail out the banks? Should we bail out the people by dividing the 700 billion among the tax payers (approx. 200million?) This will give each one about 4700 dollars that will stimulate the economy. This money will help people catch up on bills and bad debt.
The money will go to the banks though the people, helping them in the process.


Greg   October 2nd, 2008 7:15 am ET

As long time Dave Ramsey followers, we do not use credit (except for the house).However, I am commuting from Houston to Atlanta because I can't afford to take the loss on my home in the current market.

I am a fan of adding liquidity into the financial markets, however, I thinks it is absurd to think that our bureucrats can manage the mortgage paper that they are taking ownership of. Absurd.

Lastly, the $100B of add-ons show that our legislators are not competent enough to manage the assets.


Libby Pratt- senior at the University of Tennessee- Knoxville   October 2nd, 2008 7:18 am ET

Much of the panic that has spreaded across America is caused largely from misinformed citizens concerning the bail out plan. Most people are panicking and assuming the Senate is acting irrespective of the people. Though I'm not sure if 700 billion dollars will be enough to significantly alter our economy for the better, we have to do something along those lines! Further- citizens should not continue to cast all blame on the government for this overwhelming debt. We are the ones who took out the loans from the bank and continue to use credit cards like cash. Our country advocates for "no government interference unless in a crisis"... we can't just expect federal government to "bail us out" and then disparage and ridicule them for proposing the limited strategies we do have. Pass it and let's move forward.


william   October 2nd, 2008 7:22 am ET

i just can't beleive the attempt by our government to pull the wool over our eyes and tell us that this will not cost us anything, its pork barrel and tax dollars, how does it NOT effect me? Economics 101 give the consumer the money so we can pay off debt and start spending.


Nita   October 2nd, 2008 7:23 am ET

How & when will this bailout help the average Joe that lives paycheck to paycheck on 30,000.00 a year or less? Everyone keeps talking about small business people & people with 100,000.00 or more in a bank to protect, which I fit none of these categories and neither do most people that I know or work with, so needless to say this whole issue doesn't look like it is going to help us at all.


Johnny Bee   October 2nd, 2008 7:23 am ET

God help us all because we will need it! All senators who voted for this bill should be impeached!!!!!!!!!!!


harold kemnitz   October 2nd, 2008 7:24 am ET

THIS BAIL OUT IS A BAD IDEA.. LETS JUST WORK OUR WAY THROUGH THIS .. WASHINGTON CAN NOT BE TRUSTED AS LONG AS THIS ADMINISTRATION EXIST.. 4 MOS. AND THEY ARE GONE...WHO EVER IS NEXT HAS TO BE BETTER....


Gordon   October 2nd, 2008 7:24 am ET

Add a little more smoke and mirrors to the bailout, put a little lipstick on it. Does no mean something else????


Danny Rushing   October 2nd, 2008 7:26 am ET

am agenst bail out of big comp.why dont they give money to the head of house hold to pay off homelones cars and credet cards the lenders would git ther money back and the people would keep there homes and buy more .thank you a vet.


Chuck S. in NC   October 2nd, 2008 7:27 am ET

If nearly 3/4's of Americans are opposed to the bailout. How can our rep's be voting for it? The small percentage of people who caused this crisis are the ones who are pushing for it. The doom and doom that was forcasted to occure if the bailout didn't happen immediately has not taken place. We have been led to believe that we would all be in the poor house by now if this was not past last week. Things will get tighter but the end is not near. This remedy will be worse than the desease for the average american. The people who will suffer most are the ones who caused this. (as it should be) Let the markets deal with it on there own. Bailout the people at the bottom who are trying to pay their mortgages, and let the money trickle up.

A regular American


Bill / OHIO   October 2nd, 2008 7:29 am ET

If the Banks made bad choices based on stupidity or Greed, sorry about their luck. I for one have made mistakes and I have paid for them. Funny thing I didn't make those same mistakes again.


H,OBREGON   October 2nd, 2008 7:30 am ET

WAKE UP PEOPLE!!!!!
THIS IS THE BIGGEST ROBBERY IN HISTORY, THE BUSH ADMINISTRATION IS USING THE SAME SCARE TACTICS AGAIN TO PRESSURE THE AMERICAN PEOPLE TO ALLOW THIS BAIL OUT TO PASS.
THIS HELPS ONLY THE FAT CATS ON WALL STREET AND THE BUSH ADMINISTRATION, THIS DOES NOTHING FOR YOU AND I , REMEMBER WE CAN NOT BELIEVE ANYTHING WE HERE FROM THESE LIARS, WE ARE IN THE SITUATION WE ARE IN BECAUSE YOU LISTENED TO THESE SO CALLED ELECTED OFFICIALS THE FIRST TIME.
700 BILLION DOLLARS COULD REPRESENT FREE HEALTH CARE FOR THIS WHOLE COUNTRY FOR THE NEXT FIFTY YEARS, THINK ABOUT IT.

WAKE UP , WAKE UP, WAKE UP!!!!!!!!!


STEVE HENDRICKS   October 2nd, 2008 7:33 am ET

This crisis has been self inflicted by the money changers.
They knew full well that after years of bilking the American public with trumped up interest rates, predatory lending and gimmicks to lure and trick people out of their money, the next scam would be to raid the US Treasury directly.
And with that done, now the floodgates are open and very shortly you will see other large corporations lining up at the welfare teat: insurance industry, medical groups, the auto industry (done!), the airlines, and the hard working middle class will foot the bill until the last penny has been robbed by the shysters in Congress & their faceless cohorts.


Don   October 2nd, 2008 7:35 am ET

Believe jobs are the answer! Without gainful employment ( good jobs), how will Americans pay taxes? The greed has sent our Nation into turmoil by not simply making a profit but undermining the system by sending our money and tax base out of America.


Jim   October 2nd, 2008 7:37 am ET

What a disappointment. The Senate continues to shaft the American public. Not only did they not know about this problem and we cannot trust their judgement to resolve the problem but they added PORK not as Robin said, "Sweetener".

Imagine Mental Health is being funded in this Economic Recovery bill.

We have over spent and let those that should not have loans have them. We owe it to ourselves to take the pain and let the free market do its job.


UncleD   October 2nd, 2008 7:43 am ET

This bill is exactly the stuff that the hatred by terrorist hate us for. The lies behind this, and the men and women behind it, don't give a rat's @ss about you.
We used to be envied by the world for our health care system - then came health care insurance, Greed has destroied much of what made America great.
This bill doesn't bail out main street!


Buster Shumack   October 2nd, 2008 7:43 am ET

Robin,
With our country in crisis, where is our second-in-command? When a military commander is preparing his troops for a mission, his XO (executive officer/second-in-command) is busting his rear-end with relative and supportive duties. Is Dick on holiday?
Thanks,
Buster Shumack
Master Sergeant (Ret.)


Curtis (Floirda)   October 2nd, 2008 7:44 am ET

I am still trying to understand how the gov't thinks it is OK to bail out industries that have made stupid judegements. When I was growing up I was taught that if you cannot afford you have to wait until you can. We have been preached to since the beginning, "Don't use your credit cards unless it is an emergency". Now they are telling us it is OK to use them because the gov't will bail you out. I say we need to get the "good ol boys" out of Washington. I feel that we are putting up with a bunch of spoiled brats. GET THEM OUT!!


Mike   October 2nd, 2008 7:46 am ET

I never knew when you lost money in the stock market all you had to do was call Washington to get a refund, maybe Las Vegas should adopt that plan as well.
It seemed that the house saw that same problem on Monday, the gang of cons who voted on Wed. with a load of sweeteners ( it was a load of --)
must have had their pot sweetened as well as a direct interest in the stock market.
Wake up America, stop allowing special interest groups to drive the country in the ground. They won't and don't care about middle America as they are there to protect themselves.
Don't give them money for bad behavior, give them jail time instead,
thats what would happen if we did it..


Dave Vann   October 2nd, 2008 7:47 am ET

A bad idea plus $150 billion in pork equals a really bad idea.


Dennis in Illinois   October 2nd, 2008 7:48 am ET

I find myself in a state of continuing anger over the bail-out of stock market. I feel it is truely amazing that no one is addressing the tremendous profits still being taken by the large oil companies. Isn't it amazing that these oil moguls haven't been at all effected by the current Wall Street crises.

Here is an industry that totally destroyed my small business and depleted my life savings and retirement monies. Now they would like me to bail out the banks and mortgage companies that have been robbing people blind for years. INCREDIBLE!!

We have had black mondays before and they have corrected themselves. LET THEM DO IT AGAIN!


Tom Miller   October 2nd, 2008 7:48 am ET

This bailout plan is the result of predatory lending and lending to those who did not have the resources to pay their debts. Instead of pumping more money into a problematic system, we should allow the free market to weed out those businesses and individuals who have made the bad credit decisions instead of them more money which will only serve to enable them. Without bailout legislation the rest of the nation will need to suffer along with them, but we'll emerge a lot stronger and hoefully learn from our experience.

"There are three ways that a man gains wisdom; The first is by reflection which is the nobelist; the second is by immitation which is the easiest; the third is by experience, which is the bitterist." Confucious


Angela Leed Tampa Florida   October 2nd, 2008 7:49 am ET

The Banks are holding their reserves hostage in order to blackmail the gov't into getting a bailout package.

Why people don't realize this tactic the banks are using I'll never understand.

Plenty of banks are making loans and doing business and they are the one's responsible enough to have not been greedy and rake customers on sub-prime loans.

Let the bad banks fail, and we will suffer for not taking an active part sooner.

America too often only responds afterthefact when they knew of this problem years ago, Congress has had hearing on this very issue for years, the media decided not to cover it.


Aaron Azevedo   October 2nd, 2008 7:49 am ET

So with all the billions being spent... How exactly does that help me and my mortgage? Is there a Stimulus for everyday consumers in all these billions..?? Hope so.


Frank W. Dow   October 2nd, 2008 7:50 am ET

For years people, busnesses, and local, state, and Federal governments have operated on money that did not exist, i.e. credit. The bailout bill is nothing less than subsidising a situation which will implode eventually.


Anthony   October 2nd, 2008 7:50 am ET

One of the companies that need bailing out is AIG, the largest insurance carrier in the US. Does anybody remember AIG getting fined almost $100 million in fines by three different countries. $65 million in the US for fraud and bad business practices...


Arlene   October 2nd, 2008 7:50 am ET

As a former commercial credit manager, I see that a rescue was needed and should have been 1) done in phases, and 2) deregulation should have been rolled back to the rules that were in place two decades earlier. Also, to stilulate the economy, allow tax deductions again on credit card debt so bpeople don't risk their homes on e


John Leigh   October 2nd, 2008 7:51 am ET

The “Bailout” is a bad idea. We should not buy the banks BAD paper. But we do need them. If they need help we should loan them what they need. Then jack up the interest till they default. Then take ALL thier assets. It is the deal they have given us for years and, well, Capitalism IS the American way, right??


Albert J   October 2nd, 2008 7:51 am ET

I beliese some sort of rescue plan needs be issued, but not this particular plan. The taxpayers should not be solely responsible, but should take on some of the burden. After all, it is the wasteful spending by CONSUMERS that lead to foreclosures; just because a bank gives you a $500,000 loan, does not mean you take it as long as you can make a monthly payment. I think we need to take responsibility for what happened but only as long as the market is also responsible.

The problem with this current plan is too much power is being placed in the hands of the government, specifically to a small amount of people. First a few billion for Freddie Mac and Fannie Mae, now 700 billion for the banks...is there an end?


Bruce Miller   October 2nd, 2008 7:51 am ET

This is not so much to do with the bailout specifically, but last week congress took a day off for a Jewish Holiday? How many americans get a day off for that? And if congress works in our favor like they say they do, how is it that they give raises to themselves behind closed doors?


Nick   October 2nd, 2008 7:51 am ET

The economy is constant balancing game, its cash flow that is important. The money just got out of balance. Like the gentleman said earlier, we owe that money to ourself, so way not use tax payer money?


Charlie DebtPayer   October 2nd, 2008 7:53 am ET

Our country suffers from a didease of excess, and has for a long time. We're going to have to pay at some point. Personally, I'd rather stop the bleeding now and pay now rather than my children and grandchildren inheriting this debt. We need to quit being so self centered and take our consequences. This bail out is a bad move for the future of our nation. It's only delaying the inevitable.

If you really have to do something, send every taxpayer this money and stimulate the economy that way – at least we could enjoy the fruits of our stupidity for a few weeks!


Pam from Wisconsin   October 2nd, 2008 7:53 am ET

Hyundai is threatening on taking my car away because of 30 days past due. Who is going to help me?????


Robert Farnell   October 2nd, 2008 7:53 am ET

I'm upset about the passage of the bill, but, more than that, I'm saddened that the concept of "representative government" seems to have failed. Hundreds of thousands of voters called their elected representatives. Calls against the bill ran 50-1 over calls in favor, according to the politicians own statements. These "representatives" went against the overwhelming wishes of their constituents and voted for the bill. I only hope we remember to call them on this when we go to the polls in November.


Carter   October 2nd, 2008 7:53 am ET

While I understand people's frustration over billions of dollars being used to bail out large companies, I am amazed when people say things like "If I make a bad decision with my small business, the government won't bail me out." If their small business failings had any significant impact on the larger economy, the government would bail them out. Many Americans are failing to see the big picture.


Arlene   October 2nd, 2008 7:54 am ET

(continued)
Also to stimulate the economy, allow tax deductions on credit card debt so people don't risk their home equity on purchases they need like buying tires or school clothers for kids.


Mike Welch   October 2nd, 2008 7:54 am ET

It doesn't create any confidence in our lawmakers and their judgement when they feel it is necessary and proper to add all those sweeteners to the bailout package in the senate just to get it passed. What about the merits of the bill itself? I will definitely vote against any lawmaker that voted for this bill. This is not necessarily because I think it is a bad bill but I suspect their motives and believe their haste is more important to them than the outcome of our economy.


Bryan   October 2nd, 2008 7:55 am ET

I do not understand how you can give 700 billion to lenders just to start this all over. Also how is it the government is able the give money or tax breaks to everyone else but the comon citizen. I could use part of the 700 billion just a third


Thomas   October 2nd, 2008 7:55 am ET

Robin,
This is a rediculous bailout plan. We could have used this money for health care or other important things that are negatively affecting our country. These CEO's need to be put in jail . Only the poor suffer!


Michael Bruning   October 2nd, 2008 7:55 am ET

Lets face it. This bill is just the last in a long line of measure that prove that we are no longer in a capitalistic system. We let the market go up but not down. We let prices go up but not down. We forget that 50 years ago a minimum wage of$ 3.25 who allow a person to buy a house, car and support their spouse. Maybe they didn't have everything we have today but a person could raise a family. Keep this up and we will be looking at turning our $1 into the new world penny.


thomas   October 2nd, 2008 7:55 am ET

i think they should have just passed the bill as it was and not added the sweeteners...i also think that the treasury, lawmakers and media should have done a better job at explaining what was really happening–that this isn't a "bailout" but rather a stabilization of the economy and will have an effect on people well beyond wall street...
i would hope that despite the sweeteners the house passes the bill and we can get on with a stable but slow economic recovery...


Angela Leed Tampa Florida   October 2nd, 2008 7:55 am ET

Oh BTW just so everyone knows the facts and the truth:

Jimmy Carter enacted the housing initiative during his term that allowed low income individuals to get easier home loans.

Bill Clinton pushed this Jimmy Carter initiative further by instructing Freddie/Fannie Mac to make those loans.

Bush was only stupid enough not to stop it, that was his mistake.

So if you want to blame anyone thanks your Democrat buddies who funded Acorn who strong-armed banks with federal grant money that allowed them to sue banks who didn't make the loans.

Oh didn't Obama belong to Acorn???


Justin Rowe   October 2nd, 2008 7:56 am ET

The real winners of this bailout would be the american people and the average working class not those top executives responsible for the crisis. The CEO's and upper management of these major companies are under investigation and most likely will end up in prison and or paying massive fines. If we were to allow these companies to go under we would be allowing thousands of average americans to lose thier jobs and thousands of more homeowners would suffer. The people responsible for this situation should be the ones to suffer, not the comany and those who deppend on that company.

I say we bail out these companies and attempt to regain the costs from those executives responsible.


Frank W. Dow   October 2nd, 2008 7:56 am ET

I find it curious, and a bit alarming , that in light of the fact that the majority of Americans seem to be opposed to the bailout bill, our government representatives seem determined to pass it. Just who are they representing? Certainly not the people who elected them.


John I.   October 2nd, 2008 7:57 am ET

Good AM Everyone AT CNN/HN:
Great to finally see some progress going forward with our financial system!! We all seem to know more now how this will assist America and our world in the near future. But what about the current credit situation regarding solid hard working Small Business Owners, Home Owners/Renters and Credit Borrowers. What help is there for US with our existing/current debts!

Would it not help all involved if our current interest rate charges were “temporary eliminated” for a period of one year? Allowing us to make only monthly payments without the additional finance charges added on. This way we the people suddenly finding ourselves with only limited income would not have to default on our obligations to our Banks, Credit Unions and Associates! Would this not help US ALL in the end?

How is this not helpful in addition to what we are trying to do NOW!

Keep Up the Great Work you all are doing and reporting!!

Thank You!

John I.


JIM   October 2nd, 2008 7:58 am ET

I have only been effected by the rising price of gas and food.

Is it possible that the politicians are manipulative, out for their own interests and interest and this is an actual “emergency”.

Is the constant blather from the politicians mouths the truth in this case?
The cause should be determined before this deal is done. How can anyone fix something if they do not know or admit knowing the nature of the damage?

These sweeteners are an added insult to the American people. What is the senate thinking? All congress should not be allowed to vote if they have been taking money or peddling influence with the institutions that will be bailed out.
The House will pass this bill or an equally insulting bill in the night or on a weekend. That is when they think we are asleep.


Mike Welch   October 2nd, 2008 7:59 am ET

Have you noticed how quickly banks can be "combined" during these times of financial stress. It now takes only a few hours. I remember when it took weeks if not months to get a decision on whether two banks could merge! If I were a conspiracy theorist I would probably suspect a back room deal here.


Fritz   October 2nd, 2008 7:59 am ET

The reality is to save our economy we are going to have to bail out these banks because our citizens money/savings are in jeopardy. BUT! these "sweetners" that our politicians are adding are beneficial to whom? What exactly are these add ons. "Add-ons" have been a part of this nations downfall many times in our history. That's how interested parties/politicians/major corporations have benefited from sneaking in interest bills. NOW, many interested parties see this as an opportunity to gain financial favors such as tax breaks..... It's about time that Congress stop making deals with the devil and start protecting and looking out for the voters who put them in office. STOP MAKING THESE CORPORATIONS FATTER ON OUR DIME! My husband's company went out of business and he lost his job... no package...no benefits.... where are our sweetners?


Roger Thorn   October 2nd, 2008 8:00 am ET

I agree....

Acorn was given federal money to strong-arm banks into making loans to low income people, and Bill Clinton admitted his part in this.

and

Obama was a member of Acorn in Illinois

So I would say Obama is more to blame than McCain for this mess!


David Pedersen   October 2nd, 2008 8:00 am ET

I can't believe we are about to bail-out greedy CEOs and greedy Americans. This country has turned so far from what we were founded it on its scary. Plus, isn't this what Enron did? Enron pumped money back into its own system and look what happened to that company. If this bail-out plan fails, it certain doom for America. NO TO THE BAIL-OUT.


scott   October 2nd, 2008 8:01 am ET

you folks along with our leaders don't get it!!!! A. It's not they money it's mine. I earned, B. If you are stupid with your money you lose it. Wall strteet and Washington need to take responsiblity.. I'm a small businessman, if I'm stupid I lose EVERYTHING. and so should the Idiots that loaned money beyond any prudent measures. and they should be persecuted as well. C. the same "leaders" that gave us this mess are the same "leaders" that now want to save us. Don't you see a problem with that. D. Anyone with common sense saw this whole thing coming years ago and took RESPONSIBILTY and got rid of they debt. And CANNOT tax and tax andtax andspendandspendandtaxnandspend and not think that at sometime you have to pay the piper. come on robin and crew wake up and come out to main street america and see how we live. prudently and within our means and with common sense. try it, Prudent livingis VERY liberating!!


christina sanchez   October 2nd, 2008 8:02 am ET

I'd like to see all the CEOs of these banks loose their homes. Come on, if this was a small business they would have lost their homes. They are not above the rest of us.


Glenn   October 2nd, 2008 8:02 am ET

Howdy from Nashville Jennifer,
In a generalized attempt to "fix" the economy, I seem to never hear about a duration of recovery period?? In your professional opinion, how long will the American people have to sit at the proverbial dinner table before the "dinner" is actually served, completed....fully cooked...Southern style??
The package, even if passed,will be long term treatment. I AM one of those whose job plumetted, but I'm willing to do anything while the country stands back up straight, but how long should I plan on side jobs to get me thru???
LOVE YOUR ADVICE
Glenn....Nashville


Jim   October 2nd, 2008 8:02 am ET

I lost my job 6 weeks ago. I have 2 kids in college. I have NO debt. House and American made vehicles are paid off. The bailout is a MISTAKE. The economy and America needed this crisis as a much needed wake up call. In a free market economy, the market will determine the winners and losers, not just the whiners. My kids will be responsible for the garbage we buy from the banks at overpriced book value.

NO ON THE BAILOUT.

700 billion reasons to vote out incumbents.

This opinion is from a college graduate with an MBA.


Kent   October 2nd, 2008 8:03 am ET

SOME THOUGHTS ABOUT THE BAIL OUT, REMEMBER IT ON ELECTION DAY, WE DO HAVE CONTROL OVER WHO IS IN CONGRESS.

FIGURES ARE 2007 ESTIMATES

TOTAL OCCUPIED HOUSES IN THE U. S. 111,617,402

HOUSEHOLDS WITH INCOMES OVER 500,000.00 15,052,255
(THEY DON’T NEED THE SMALL AMOUNT ANYHOW)

IMMGRANT HOUSEHOLDS 20,196,555
(THEY ALREADY GET MORE THAN THEY DESERVE)

TOTAL HOUSEHOLDS 76,368,592

THE $700,000,000,000 BAILOUT, WHICH HAS NOW GROWN TO $850,000,000,000 WITH THE ADD ONS, DIVIDED BY THE NUMBER OF OCCUPIED HOUSEHOLDS EQUALS $11,130.23 PER HOUSEHOLD

I AM SURE THE MAJORITY OF US WOULD USE THIS TO PAY DOWN OUR DEBTS, THEREBY GIVING THE MONEY TO THE BANKS IN SOME FORM AND BAILING THEM OUT, AND HELPING US THE PEOPLEN AND BACKBONE OF THIS COUNTRY, OR SHOULD WE JUST GIVE IT TO THE BANKS ALLOWING THEM TO BE REWARDED FOR MAKING BAD DECISIONS AND CHOICES

THINK ABOUT THIS COME ELECTION TIME.


Cathy Weir   October 2nd, 2008 8:03 am ET

WOW!!!

Amazing how people who write in about Acorn's involvement in forcing banks to make low income loans after receiving federal grant money and Obama's involvement with Acorn are quickly moderated off this blog

People don't trust Washington DC and truth the media even less


david campbell sr   October 2nd, 2008 8:03 am ET

I do not support the bailout , markets need a correction and it will be painful, but it is already painful for people getting close to retirement, I have contributed to 401-k plan and i have watched it decrease in value for two years in a row i had planned on retirement , thought i had a little nest egg , have struggled for 25 years to hold onto our home and some acerage counting it to take care of us in retirement only to see it lose all of the equity it had gained in last two years, due to our Greed in Goverment and the Financial sectors Having a free rein with no oversite., The people that created this problem , need to step up to the plate , and revamp our way of doing things, that presently and obviously do not work and will continue , after this bailout as it always has been , the rich get richer and the middle class carries the load.


Working Joe Average   October 2nd, 2008 8:05 am ET

I have been responsible paying my bills/loans on time and keeping my credit card debt very low. I have seen my available credit shrink to almost nothing, killing my debt to credit ratio, sending my credit score to the tank! I have to keep checking who own my bank this week. How does the bail out help me out?


justin   October 2nd, 2008 8:06 am ET

Robin,
I don't mind the bail out, I just don't like how these CEO's can get fired and get millions for their severence pay, How much of the bail out is goin to go to these CEO's? When the average joe gets fired he don't get squat, what makes these CEO's get that kind of money? Should'nt they have to do what the average joe does.


Mark   October 2nd, 2008 8:07 am ET

I'm absolutely opposed to the bailout. If this government
wants to give away $700 billion, then let them divide it up
among the investors who put the money there to begin with....
the TAXPAYERS! If there are 200 Million taxpayers, they would
each receive $3500. Let's give them the money and see
what trickles into the economy. I'd be willing to bet
that ALL of it would go right back into the economy
with little of it going toward paying $10 Million bonuses for
investment bankers/oil execs who have systematically bludgeoned
the worldwide economy for the last 8+ years. In truth, this proposed
BAILOUT will cost about $2 TRILLION or more. If it would
cost that much, each of 200 MILLION taxpayers could get.... $10,000!
Just ask the taxpayers who should get the bailout money.... Have
a referendum and see what they vote for. It is THEIR money after all.


Daniel Stull   October 2nd, 2008 8:07 am ET

Here it is. When we fail to pay our bills, or make the mistake of spending more than we have, or when we make bad investment choices, does the government step in and help us?

Obviously not.

This is a ploy by our fatcat representatives to cover THEIR investments at our expense. These men and women are paid too much to do too little for their constituents. If the bailout came out of their pockets, I'm sure it wouldn't make the Senate floor in any form whatsoever.

Instead, WE have to do it.

I say we need to take this out of the paychecks of the Senators and Representatives. Especially that President of ours. When I was in elementary school, I learned that the President was paid $250,000 a year. Let's take some of his money.


Al   October 2nd, 2008 8:08 am ET

The Senate is saying this is what our "founding fathers" would want us to do for america. Our founding fathers did not believe in taxation and this measure will only weaken the dollar. Are you prepared to pay more to fuel your car or to feed your families? All imports are going to spike and our money will become worthless. Write your congressman and have them vote "NO" on this bailout.


Caleb Konrad   October 2nd, 2008 8:08 am ET

Once again the American people are taken advantage of due to their lack of accountability of welfare. Americans need to take ownership for their future by seeking the knowledge that would instill self-reliance, instead of depending on self- centered industries like the oil, pharmaceutical, financial companies. They make choices for their financial gain no matter how it hinders the majority. Take heed, we are supporting actions that divide the average person instead of uniting us in these uncertain times. Lets not be crabs in a bucket! Blessing!


Steve Moss Washington DC Insider   October 2nd, 2008 8:09 am ET

The level of censorship in the media when it comes to Acorn and Obama's involvement to loans to low income borrowers is remarkable.

The general public doesn't truth its elected officials, nor does it trust the media and its apparent by their reaction to the bailout bill.

The House of Reps wanted to further finance Acorn and it's strong-arm tactics well known in liberal circles especially here in DC, yet no one wants the dirty laundry out in the open.

Why is everyone holding Obama above reproach in all of this???

You'd have to ask the media since they help further problems such as this as they did when this problem broke years ago


JoAnn   October 2nd, 2008 8:09 am ET

Did the banking industry use creative financing with the thought that the government would step in if these loans backfired? Did these types of creative financing lead to the housing bubble allowing families to flock to homes more grand than the traditional stepping up? Will this bill also address the banking industry mismanaging the funds of American depositors?


Joe from Georgia   October 2nd, 2008 8:12 am ET

I cannot believe that the Senate and the House are going to pass this bill. Our economy will right itself on its own. It is such a misconception to think that the government can fix any economic issues. Every time that the government has stepped in and tried to manipulate the economy the results have been, to say the least, less than stellar. I agree with McCain that the fundamentals of our economy are strong, with the fundamentals being the American worker/small business owner and the desire to work and do a good job. That is what drives our economy not the government. But it does look like this bill is going to pass, so like they say at the roller coaster ride, "Please hold on to the bar!" Things are going to get bumpy.


Albert J   October 2nd, 2008 8:12 am ET

Hopefully, this type of problem will allow families to understand the true value of being fiscally responsible. We need to teach our kids that we should not be wastefully spending our paychecks without saving for ourselves first.

My parents taught me the value of money, and being only 28 years old I have seen people in my age range throw away their money and get into these bad mortgages. EDUCATE YOUR KIDS


Barbara S   October 2nd, 2008 8:12 am ET

Why is no one addressing the boards of these companies, and asking them why they allowed the CEOs to take so much of the company with them at bonus time and with their infamous golden parachutes? Isn't it obvious that everyone was paying everyone else off to keep their mouths shut about the complete failure of these companies? Well, it's pretty obvious to myself and everyone else I talk to about this that these gross and embarrassing amounts of money should be given back (or taken?), and the boards (and CEOs) should be responsible for their actions – after all, isn't that what we're supposed to be teaching our kids?.


William (Dallas,TX)   October 2nd, 2008 8:16 am ET

It wont suprise me if the government ends up screwing this up just like the Iraq war. Ever since "W" got in office its been down hill. I wish Hillary..I mean Bill would come back.


Bob Echart   October 2nd, 2008 8:16 am ET

Scare Tactics?

Come on, lets all tell the banks we will accept all their bad debt, while at the sametime those same banks refuse to make us loans.

Gov't is for big business, not the public.

Don't believe that, see if the gov't will let you off if you steal billions and then ask them bail money.

That's what the banks are doing


Ashley   October 2nd, 2008 8:17 am ET

I'm tired of people saying that they don't want a bail out plan when it's clear that it will effect all of us. However, I'm concerned where the 700billion dollars will come from? Are they going to increase taxes? How will that work?


LARRY WILSON   October 2nd, 2008 8:17 am ET

THIS "BAILOUT" NOW INSURES THE 1 WORLD GOV.!!!!!!!!!!!!!!!!!!!
THE GOV. IS COMING FOR US ALL!!!!!!!!!!


Michael   October 2nd, 2008 8:21 am ET

Its our money, so lets act like a true democracy and place it on the November 4th ballot for a vote. Since when do politicians spend our money better than ourselves? These are the same people that failed us the first time around. Our politicians accepted money for their campaigns from Wall Street and did nothing to prevent this collapse from happening.


Gerald   October 2nd, 2008 8:21 am ET

And the Secretary can buy whatever assets (bad debts) he sees fit to buy.
Bet he gets a LOT of new best friends and kickbacks...errr.. 'political contributions'!


Fritz   October 2nd, 2008 8:23 am ET

Robyn,

Another thing, These wall street corporations who the American public is bailing out – are they going to payout their "bonus" to their executives?- what cuts are they going to show to downsize their spending? Or are we going to be paying for their extras as well? AND with the bailout- it would be, more or less, and immediate solution to a frightening problem....but what will the repercussions be for the nation in the future? We understand the "pros" to this bailout, but what are the "cons" which we may face years from now? Has anyone mentioned this?

PS>>> Sweetners are a REAL sneaky approach
FRITZ
PA


LU Hoover   October 2nd, 2008 8:23 am ET

WHAT IS THE EXTRA THAT WAS ADDED ON TO BAIL OUT & WHO DOES IT HELP. DO US SENIORS GET ANY HELP? THANKS LU


Michelle Hisey   October 2nd, 2008 8:25 am ET

I don't know the ins and outs of the bail -out I wasn't privy to the negotations I am just going to pay the bill. That's what our elected leaders are counting on. Normally when I am presented with a bill I have the opportunity to check what I am being charged for. If I have a question about my bill I ask about the charges. The sweetners added to this bailout package are like billing charges, delivery charges, research charges, recovery charges, taxes and fees that mysteriously show up on many of my personal bills each month.
I like millions of other Americans we are trying to struggle with paying our bills. I am paying them. Slow but sure. Our family had financial difficulties 5 years ago & worked out payment plans with our creditors. We have kept our word and it will effect our credit report for the next 7 years. Wall Street over spent, CEO's are wealthy,banks were irresponsible. How are they going to be held accountable? Why don't the CEO's give back their pay pagkages. That would help.
I am 55 working a fulltime job, I've had my stock dividends suspended through my employer, no holiday bonus and I am supposed to increase my sales to my customers 14%. I am furious. I am a tax payer with no voice in Michigan.


Jay   October 2nd, 2008 8:25 am ET

It's really quite simple. Pass and Pay or Don't Pass and Pay.
It this measure fails, banks will fail, markets will fail, and our 401k and other investments fail. If that happens the public will pay in higher taxes, inflation and interests rates. simply put less competition higher bank rates. Out communities will raise taxes to pay for services on money they borrowed at higher rates, tax payers including businesses will raise prices and it goes on. Either way the public pays but the bill defines how much! ....Jay


Seth   October 2nd, 2008 8:26 am ET

This whole bailout has been a pain in the $$$.


Tigger   October 2nd, 2008 8:27 am ET

What needs to be done is when this bailout happens (as it needs to happen or we are all in trouble) the government needs to take control of the assets of the banks to keep people from losing their houses and other such items. Then when the American people pay their mortgages, car loans and so on - that money instead of being kept here in a US Bank send it off-shore to like a Swiss Bank account (or another country that is neutral) where it is protected in case we do have a major crash here in the US that money is protected. I know this may sound Anti-American but right now we have to protect our assets in this country. We are going to have another depression but if we can handle it right this time around and learn from our past mistakes we may be able to soften the blow on the US.


Lou from Illinois   October 2nd, 2008 8:27 am ET

It is interesting that people don't want "the government" to bail out the bank crisis, but at the same time are insisting "the government" bail them out by providing universal health care to people that have not taken care of their own health until it is crisis.


Marianne   October 2nd, 2008 8:27 am ET

You have allowed the Democrats on your program to constantly blame THIS administration for our problems – the repeal of the Glass-Steagall Act, which protected us from this type of situations was repealed AND Fannie Mae and Freddie Mac was "urged" to lower the credit standards to get more people into homes whether they could afford them or not. Both done during the CLINTON presidency. And Obama keeps saying with McCain it will be more of the same? It was the Democrats that started all this mess with their attempts. Granted Bush didn't rectify, but Obama was PART of the problem – ACORD?? Why hasn't the press reported on all that? Pass the bill – what choice do we have – the American people are being held hostage – we have no choice , but to pay the ransom. Thanks to Bill Clinton, Barack Obama, etc.


Seajay   October 2nd, 2008 8:28 am ET

Here is my take on this situation.
One. YOU CAN NOT "BORROW" YOURSELF OUT OF DEBT. this is what wall street is trying to do. Why should we, the tax payers, bail out a lot of bad investments made by people that were in over their head to start with. I say, BITE THE BULLET, TAKE THE LUMPS AND LEARN A LESSON FROM THIS. What will we "bail out next"? The auto industry, the airlines?
Seajay


Brian   October 2nd, 2008 8:29 am ET

First our gov. has turned into one of the biggest maffia's on the planet. Walll street is the second biggest one or at least one of the head crooks. So we have crooks trying to help crooks with the honest Americans money.

Plus how can anyone go broke with misleading contracts and keeping people in dept for the rest of their lives with changing intrest rates, forty dollar late fees, and increasing credit limits to people without jobs?

Hmmm sounds to me they might be wasting alot of money on sending multiple credit offers a day to 10 people in a house, where 9 of them don't have a job in the first place. These people make their riches off the poor and unfortunate. What do they expect when you take advantage of people for so long they will eventually go broke paying the minimum monthly payments.

Sink or Swim they got the money invested in their multi-million dollar homes and jets and properties, sell em and save your buisness or see you in the food lines.


kyle   October 2nd, 2008 8:29 am ET

I really could care less. Bailout or not Ill still be broke and in debt. High interest rates on student loans. College tuition going up. Jobs are even harder to come by these days. Car loans and credit cards. The things you own ending up owning you. Sometimes I think im better off not even going to school and racking up all this debt.


Roger   October 2nd, 2008 8:30 am ET

Your article and statements regarding the auto industry/car sales seems to be very misleading as it relates to the bailout bill.

The factors influencing September auto sales were in place far before the bailout talks. Consumer credit problems in general would be more in line with your statements about buyers having to come up with more money to purchase vehicles. I say this because I had family members and clients purchase and finance vehicles in September who had absolutely no problems purchasing or financing their vehicles.

People aren't going to go try to buy vehicles when their credit is maxed out and they already know there is no chance of a successful purchase. This would also support dealer traffic being down substantially as you report. The bailout plan does very little to help individuals in this situation. The economy in general is also keeping other buyers away.

Could this be the next huge crisis affecting our economy : tremendous consumer debt? ;-) It's already affecting our economy.


watson   October 2nd, 2008 8:31 am ET

I totally agree with the comments of Robyn. Our government is OF THE PEOPLE, BY THE PEOPLE , AND FOR THE PEOPLE. Make the people who made the mistakes pay for the bailout, not the American hard working taxpayer. Political figures were voted in and they CAN BE VOTED OUT. We may need to suffer a little now, but it's better than suffering alot later.
We are self distructing people ,WAKE UP!!!!!!!!!!


jeff   October 2nd, 2008 8:31 am ET

Hello,

First of all, I am tired of listing to ALL the so called experts saying the average American is not wise enough to understand. Well, I and most of the people I speak to , do understand. And we know what is at risk.

I remember Bush spouting out a year ago. "No bailout for the homeowners" What happen to the theory its not the place for the federal government to bail out homeowners who got in over their head. Personally, I felt and still do, It was the best solution. I see this going down in history as the biggest land grab. Think about this, The government buy bad loans at a discount, Investors borrow money from the same banks who got bailed out. Buy the same homes from the government using are money. Is there anything written in this bill to stop this kind of thing? Did any of the so called experts even think of this? I can just see all these real estate investors waiting in line at these treasury auctions. Mean while families are being thrown out of their homes.

No bailout , The terms do not make banks guarantee it will make loans affordable. Not charge high interest rates. I think it is more important to re-write the financial system. than give the same people the money that made the same mistakes. Here is the ironic point, WE are loaning our money with no promises of pay back to banks, who then loan it back to us. They get free money to use, and make money on it at the same time. What moron thought of this??? Does the plan demand a set interest rate, Hmmm,

I cannot wait untill the election. WE NEED AN INDEPENDENT!!!!!!!!!!!!!!!!!!!!!! Everyone one received money from banks, Both dems, and repl. I say vote them all out, what the hell. WE are going to hand over are kids money with foresight. MIght as well vote in some new blood ......


Ray Hulse   October 2nd, 2008 8:32 am ET

Robin, what if the government took on these bad loans and rewrote them with an interest rate of 6.5 to 7.5 % fixed. Then the money that is "tied up" could be freed back to lenders and the government would have a small source of income. If they are truly thinking of "main street USA" then now is the time to start with the little guy and notcontinue with corporate welfare.


Laura   October 2nd, 2008 8:32 am ET

I do not support the ethics behind the bailout as I think accountability is lacking, but as someone who has always lived below their means, saved for children's education and future retirement, most of which is invested in the market, something must be done. I have done all the right things, have no debt other than a mortgage, ......saved, and saved and saved. Now as my children are college age and am in real need of those savings.....Poof! there gone.


Avaa   October 2nd, 2008 8:33 am ET

I have lost nearly half of my uninsured Trust and I don't have 5-10 years to recover the loss. In other words, I am completely screwed. Will we see a Federal rescue plan when Social Security dries up so we can count on SOMETHING when we retire?


Adam   October 2nd, 2008 8:33 am ET

I think the bailout is a fantastic idea. With all the "sweeteners" added in it has to be exactly what this country needs. If Obama voted for it we NEED it. With all this great news i'm going to buy a Ford Truck, V12 edition.

Adam
NY NY


kevin   October 2nd, 2008 8:34 am ET

In my opinion credit has been tight for 15 months or so. Being in the industry the reason for this is poor credit mgmt and overuse. How can $700b fix this? It may be a bandaid, but the issue is consumers/business/govt all living on credit. We cannot spend our way out of this. How about the gov't just give every homeowner enough to pay off 50% of their mtg and recast your payment on the new lower balance. That would help the credit markets by reducing the debts, give investors back some capitol, generate IRS revenue, and consumer confidence not only in the economy but in the gov't. That way we know where the money is spent. Gov't for the people by the people. Not govt for wall st by wall st. Its the trickle up effect!


David P. Vernon   October 2nd, 2008 8:34 am ET

Enough of the theoretical and "moral" arguments. Fact: the economy runs on credit. Fact: that credit comes from leveraging of bank deposits into performing loans. Fact: hundreds of billions of crap "investments" called CDOs were created from an unknown number of mortgages that were imprudent, usurious, or fraudulent, now or soon to be non-perfrooming. Fact: it is impossible to calculate the actual value of these CDOs, so they cannot be sold or borrowed against. Fact: the underlying mortgages cannot be refinanced and are structured in a way that guarantees eventual default. History: if defaulting credit is allowed to deflate at will, it becomes progressive, dragging what would be sound businesses into bankruptcy along with those deserving it. History: business failures from credit shortages lead to large serious recessions and depressions. Fact: messages do not work – no matter what the "message", some will behave prudently while most will behave imprudently, as always. Fact: whoever is holding the paper when the market returns will make whatever profits there are. Bottom line: the Treasury must eat the hole before we all fall in, not with loans or "guarantees" but by buying up all the dubious CDOs. That is the only way foreclosures can be stopped and the taxpayer can be assured of the eventual profits. Morals be damned – this is about money and homelessness.


April   October 2nd, 2008 8:35 am ET

Is there money in this bailout for deporting illegal aliens? Isn't that one of the main problems in our country today? While we struggle paying our bills, illegal aliens are STILL recieving food stamps, getting medicaid, having baby after baby, driving without licneses AND insurance, actually killing people with cars that are nicer than yours and mine. Doesn't anyone in the senate see this problem? While we worry about how to make it to the next paycheck, illegal aliens aren't worried because it doesn't affect them as they aren't taxpayers. In Colorado, this is what we're living with. I vote use a billion of that money and finally get rid of one of the problems we've had for many years. Give us OUR country back!


Gordon in SC   October 2nd, 2008 8:37 am ET

Who do we vote for now that the democratic and repulbican candiates have both ignored the will of the people and voted for the "Bailout"? What else will they ignore if elected?


Greg - Pa.   October 2nd, 2008 8:37 am ET

It seems that alot of the talk in the media is about the irresponsibility of Wall Street and the government. My question is, why are we forgetting to include the irresponsibility of main street in getting in over their heads with credit debt, mortages they can not afford?

Truth is, when the going gets tough its usually the main street folks who can deal with the struggle because they have been there before. It is hard not to see that no bailout will have big and possibly difficult implications, but I think we as a country need to take a step back and take a real hard look at who we have become, this probably is that moment.


Ken   October 2nd, 2008 8:38 am ET

Can I get a bailout, too? I'm unemployed, have filed bankruptcy and have been denied Social Security Disability... even after paying into it for over thirty years. If it helps any, I promise that I may not pay it back either!!


Larry   October 2nd, 2008 8:39 am ET

I don't agree that we should bailout any private company. The nature of free enterprise is to operate without ( or with little ) government interference, even if that means going out of business. Let them file bankruptcy and sell off teir assets just like I would have to.

Yes, the money they lost belonged to us bank depositors, but that is why we have insurance from the FDIC. Raising the FDIC limit to $250K is NOT to help the average Joe, it is to help the small business owner who relies on lines of credit to operate his business.

Until Uncle Sam is ready to bail me out, I'm not going to support it. Politicians got us into this mess in the first place, why should we trust them now?


Dave   October 2nd, 2008 8:40 am ET

I find it incredible that so many people think it is just the big Wall Street firms that will be affected if the bailout fails. If those companies fail they will take our banking and credit systems down with them. That is something that will affect everyone. It already is affecting them, as home loans and car loans are becoming more difficult to obtain. We need Congress to act now to pass the bailout. The Senate was smart enough to pass their version; it's time for House Republicans to stop whining and get on with the business of what's best for their country.


Lisa Ransom   October 2nd, 2008 8:42 am ET

Now I have a 201K!! Wake-up America the fat lady is singing!


Donna Maria @ Indie Business   October 2nd, 2008 8:42 am ET

They're just paving the way for us to go into more debt. Notice how close we are to the holidays? The banks will be able to extend more credit in a few days, and we'll be bombarded with "buy this now" messages, and oh by the way, "Would you like to save $20 today by putting your purchase on our credit card? Approval is instant!" It's ridiculous. The only reason this may pass is because banks and retailers work with Congress to get us to use their money to buy things we don't need, and then chase us down on the back end for the interest. Big retailers don't sell us products anymore. They sell us credit. That's where they make their money. Whether or not this law passes, we can empower ourselves by using cash and resisting the "buy lots and buy now and use credit" messages that got us into this mess in the first place.


Laura   October 2nd, 2008 8:43 am ET

This comment is addressed to Jennifer Westhoven. The reason the bailout is having so many problems is because we do not trust them (Congress, and the media). (Have you ever heard the phrase "Fool me once shame on you, fool me twice, shame on me?" ) That's the way I feel.

For decades Wall Street and Congress on both sides of the aisle have done basically what they wanted and reaped the profits. (Senator Dodd who is head of the banking committee received the largest campaign contributions from Fannie and Freddie, can you say conflict of interest?) How ironic that now they are willing to do the "hard" thing and vote for this bill that they supposedly do not like. (Still didn't stop them from loading it up with more pork). What does mental health have to do with anything anyway? This thing started out three pages, the House voted on a 110 page version, and the Senate approved a 451 page version.

Now that the sky is falling they want us to pick up the tab. Personally I feel that we have been doing that for years. Congress still has not addressed an energy policy (drill now drill here) that the majority of Americans feel is a matter of national security.

In other words, our Government is still not listening. (Neither is the media) I am extremely angry, but I am willing to do the hard things to end our national philosophy of buy now, pay later. We have got to radically change the way we do business, and in my mind that starts with voting out everyone who is now in Government starting with Nancy Pelosi, and Harry Reid.


Zach   October 2nd, 2008 8:44 am ET

I don't think we should help wallstreet. I don't care about them people. (The rich people) There why everything is high in price. like (oil, food.) They never help us.. So for once it's there turn. And I hope there greed kills them or makes them kill there selfs.. like in 1929

So i hope they turn it down. (Let them drown)

May the poor people have a chance.. Every man for them self.


Pat   October 2nd, 2008 8:45 am ET

I say no to the bailout. Let the market take care of itself.


badger   October 2nd, 2008 8:46 am ET

i think the problem could be ...we the people for the most part are not getting all the info on this bailout...or any thing dealing with this years election for that matter....we get the spin,we get distorted biased news these days...we read one small story and then we base our vote on that....amazing.....i will not pretend to know if this bailout is going to be good for us or not.....but i see in this blogger there are many,many experts....and i'm not sure if obama,or mccain is the right one....i do know this country is divided,and the world is watching.both sides of this campaign have been childish...and we the people,have been far worse....this is getting so bad,and people think one man can make it all better......dreamers we are i guess


Bob   October 2nd, 2008 8:47 am ET

The only way to fix the economy would be to replace the entire
congress !!!


John   October 2nd, 2008 8:47 am ET

Bail Out
I think most will agree that we have many do nothing politicians. Here is a great idea to help pay for the bail out. Delaying paying our politicians until the bill is paid


Richard Pook   October 2nd, 2008 8:48 am ET

We heard for months from Bush, Bernanke and Paulson that the economy was sound and the fundamentals were strong. The "crisis" began when the news that there was a crisis, was announced. We are now asked to eat 700 billion "Mud" sandwiches and no one is sure that the change in diet will resolve the problem.

Impeach Bush, jail Bernanke and Paulson for malfeasance, replace them with individuals with integrity and knowledge and I believe we'll be well on our way to recovery. Let those who made the sandwiches enjoy the feast.

Stimulate the credit market and let the chips fall where they may regarding the irresponsible mortgage market.


Linda from Maine   October 2nd, 2008 8:49 am ET

I'm confused. Both candidates tell us that they want to get rid of special interests and pork, and yet the Senate has passed the latest "bail out" package with a whole lot of pork!!!!!! The American people have the lowest confidence in our government "leaders" than ever before, and this is exactly why. Special interests and pork have NO place in this package. Once again, our leaders are
passing something that they probably haven't even completely read, and have put in a bunch of pork that we can't afford just to get the bill passed. That's wrong and irresponsible – but its just more of the same from Washington.


Rick   October 2nd, 2008 8:49 am ET

Privatize profits.
Socialize the loss'?
Who is held accountable?


Jesse Curry   October 2nd, 2008 8:50 am ET

Jennifer, who's paying you to say all this today?

You're saying that the individuals that mismanaged their credit don't deserve a payout, but the banks that did the same thing do?

Why is there a rush to extend credit if the people are just going to abuse it?

This lack of available credit is the market fighting back, the market will always correct these issue if we let it work. Unfortunately we're propping up unsustainable systems.

These bailouts are just band-aids, it's going to be a lot worse when the band-aid falls off.


Chrissy   October 2nd, 2008 8:50 am ET

Thank you for pointing out that it is not just the irresponsibility of the bankers up top. Yes, they made a lot of bad decisions and bad investment decisions. They should lose their jobs, along with any type of golden parachute for it. But, we the American people need to look at our irresponsible decisions. Just because someone said that you can borrow up to whatever amount, it doesn't mean that you need to take it. Did we work on the numbers ourselves? Did we still try to live within our means, although mortgages and credit card companies said were offering all this money to us? No. We all (hyperbole) contributed to this and now we all need to pay for it.


barry pearce   October 2nd, 2008 8:50 am ET

we have a mortgage w/ Indymac. what does it mean that they went bankrupt? our payment is being w/ drawn each month but who gets the money now? do they still hold our deed? is this gov. bailout going to help us? shouldnt we just get our deed since they went bankrupt on the loan? we didnt know who else to ask for a honest answer-as if indimac is going to tell us anything.


Noel   October 2nd, 2008 8:50 am ET

Its not in our best interest to pass a Bailout with no accountability,cupabilty and removing Mark to Market so we get Junk paper for Top Dollar sounds like Wall Street going to get over again!!!!We can Look at other options the Europeans are putting Preasure on our Leaders whos the Boss???Its not smart toblow this its our only chance.


Betty Pearsall   October 2nd, 2008 8:51 am ET

Jennifer,

My husband and I both have our money in Federal Credit Unions.
Why are you not mentioning that Credit Union money is insured by the NCUA?

Betty P.


Scott   October 2nd, 2008 8:51 am ET

Bailout? My opinion is if you bail out the bankruptcy EPIDEMIC nationwide the banks have no problems.We all know what rolls downhill and none of this seems to be what we are looking for.Federal Officials WE NEED YOU and you need us.


Greg fromGa   October 2nd, 2008 8:51 am ET

I find it hard to swallow that grown up "adults" can't vote on a bill because their feelings were hurt over the contents of a speech presented by the Speaker of the House. Where are their priorities? They certainly do not lie in the best interest of the American people. The shame is on you.


Mike Tarnow   October 2nd, 2008 8:51 am ET

I, like so many of my friends are torn over this whole situation. I think if a business has been irresponsible with their money and they get in financial trouble....well, lesson learned. But i also know that in this specific situation, if we do nothing, lots and lots of families, even if they have been a responsible consumer, can be affected. I think we have to do this bailout thing and take steps to try to prevent this kind of thing from happening again.
Mike
from White, GA


Bob Navin   October 2nd, 2008 8:51 am ET

Like everything in life...follow the money. Who benefits? Not me, not Joe Public... It's once again, the FAT CATS. Does the average working class tax payer have over $100,000 in cash in the bank? Does the average tax payer have hundereds of thousands of dollars in the maker? NOOOOOO. We have small 401K's that we're not touching, and still putting money into each week. Has it dropped, YUP. Does this $700B help me one bit? NO. I am so sick and tired of hearing about the colapse of America tomorrow if we don't get $700B into the hands of the banking industry yesterday. STOP IT.


David P. Vernon   October 2nd, 2008 8:52 am ET

Clearly, many respondents either did not study economics or flunked it when they did. Credit is the lifeblood of our economy. We are having an obstruction ( credit "heart attack") because of these stupid CDOs. We can argue as long as we like about who caused this, or why, but it is here, a fact, and must be dealt with. If left to the market, the resulting deflation will put millions of people on the streets, close hundreds of companies for lack of short term loans, and write off a trillion dollars in wealth, most of it OUR wealth (i.e., fatal heart attack.) We have historical experience with this, both the free market and the intervention approach. Many more people are harmed in the free market, whereas the proper intervention can pay the taxpayer investor an eventual profit – it did so twice before – and minimize the number of individuals harmed now in the deflation, which is, of course, inevitable. Furthermore, the only way to rewrite the usurious and fraudulent mortgages to give relief to the suckers who have them is to refinance them, which only the Treasury can afford to do at this time. The bailout saves the economy, the lack of one guarantees a really big recession – take your pick.


Shar   October 2nd, 2008 8:53 am ET

With the new bailout and the FDIC raising their limits...will this be retroactive for those of us that exceeded the maximum when it was at $100,.000 and lost large sums of money??


Danny Rushing   October 2nd, 2008 8:55 am ET

if i ran my bank account like wall street i would be in jail already now we are asked to bail out scumbages with money we dont have to spair just like our gov. help the big boys and screw the little man


Shamim   October 2nd, 2008 8:55 am ET

Jen – Your response to the person who said why not give the money to the American was wrong. You said we tried that in the fact that Americans had access to thousands of dollars. You're are not comparing apples to apples here. When a person takes a LOAN out they are responsible (keyword here) for paying the money back in small increments almost immediately after taking out the loan and have a very specific timeframe for paying it back. IF they do not, it affects their credit, and they can eventually lose whatever item they took the loan out for in the first place. Let's say a house in this case. This bailout is not a LOAN. The banks are not required, as far as we've seen, to pay anything back. One thing everyone has been consistent on is that it is a real possibility the government may NEVER get the money back and no one, from what I've heard, has told us WHO exactly is getting this money and how much are they getting. This is actually a WORSE risk than loaning people money who may and may not be able to afford. This is giving billions of dollars to banks who have PROVEN they cannot handle their money effectively and we're giving them money anyway. The average American who claims bankruptcy certainly does not qualify for a "bailout" loan - let's talk apples to apples here -


Carl Minardi   October 2nd, 2008 8:55 am ET

If they gave the money to the head of each household, they would be able to pay off their mortgages, thus the credit crises would be over. People who do not own homes would be able to buy one, opening up a whole new line of jobs. You say some of us would not be responsible enough with the money, what makes you think that the banks and wall st would be, since they have already proven that they can't be?


Scott   October 2nd, 2008 8:56 am ET

If the feds bought bankrupt homeowners out of bankruptcy wouldnt this bailout our banks and with the government owning the loans they would not only solve the problems at hand with the economy but the investment return to the government would work also. RESTRUCTURE OUR PAYMENTS TO AN AFFORDABLE LEVEL AND ALL IS WELL !


Robert L   October 2nd, 2008 8:56 am ET

Robin, Jennifer was very correct, if the bailout was given to the American Tax Payers, we as a country would just blow it. So who is to say that the same people that are sitting in the top level positions at the companies we are now bailing out wont make the same mistakes again. Perhaps since we ( the American tax payers ) will virtually own these companies until the loan is paid back, Perhaps we should add in the requirement that these top level executives all be replaced, without a severence package. We should not be rewarding these top level executives for putting us in this position.
BTW, Love the show.


Lee   October 2nd, 2008 8:56 am ET

This whole situation was very predictable. Texas is considered a "red" state; the color is appropriate because Bush bled us dry almost, and then the country bought the "hype" that the spin teams delivered and the ...well you know the rest...including chads and all!
All I can say is you get what you pay for, and knowing the average Amerian, you'll do it again. Pay your way; change your spending habits and ride it out. Invest in hard assets, gold , silver.


victor   October 2nd, 2008 8:57 am ET

Robin, seems like every country is having money problems, but I don't hear much about the middle east country's having money problems. They seem to be making it well , why is this not a problem with them.


terri   October 2nd, 2008 8:57 am ET

i am against the bailout. the one's responsible for the shape the country is in,all make multimillion dollars. there isnt anyone on the planet worth 65 million dollars a yers.


stormerF   October 2nd, 2008 8:57 am ET

Bail out is a Hoax. Car dealers couldn't sell car when the gas went to around $4.00 a gallon.People stopped buying due to price of gasoline and the fact that most people have a car thats fairly decent and really doesn't need to be replaced. The car market is flooded with cars just drive by a used car dealership and see how many cars they have. Credit is not a problem if you have good credit you can get a loan,the politicans need to stop lying.If a business needs to borrow money to make its payroll than they don't need to be in business.They just can't stop spending when we are in a crisis why are they adding pork if they really think its a crisis?


James Johnson   October 2nd, 2008 8:57 am ET

Robin,
American's understand the critical nature of this $850 billion dollar bailout, For myself being a 25 college male, we are at this point simply ticked-off that through this entire "massive economy threat" Our Leaders are taking care of Wall Street and will not admit that they have failed to take care of the American People, We show both agencies that we trust them with our money, and when the gas prices uncontrollably increase or like here in South Carolina, you just run out of gas, and the Government comes up with a solution where they'll benefit politically or increase these theives pockets with severence packages. Gary Forsee, former-CEO of Sprint, received over $67 million dollars severence, because of this package and of course economical trouble, They said no to a regular raise to all hourly employees, for the entire year of 2008. It lets us kno that to our Goverment, Our Employers, Our Banks we're a silent voice. We are the inheritor's of this nation and we voice our concerns and ask what incentives do we have to trust you? And in return you give us scare tatics that say if we don't give up our taxpayer dollars ($850billion), our lives and the economy are gonna become a living nightmare in hell. As far as I'm concerned, this bill shouldn't pass, until the government actually helps out every single working tax-paying American who's finding it really hard to live in the "FREE WORLD" because horrible decision makers are in control of our, and everyone's children's future are at risk. We are pissed off at our government and we are embarrased in front of the World. At this point we should take our time, the people to comb through this bailout, and take control as the voters of this nation. Senators and House Members all alike are hearing us say no, but are now deciding that they'll speak for us and change our decisions. If we decide that it will fix the problem, lets actually then go by American's true votes and decide on the issue. When do we actually play a role in situations like this?


Dania   October 2nd, 2008 8:58 am ET

For extreme measures, extreme solutions. The bill was needed because of what we all did with the economy: compromise in loans and credit cards we could not pay, CEO's enjoying the high bonuses with no restrictions, and government going on with no eye on what was hapening. We all had a good time with money, and guess what... is time to pay!!! I definitely agree that after this bill WE NEED NEW SOLUTIONS. They need to come from the government and also the companies. Whatever it takes: restrictions, reformulations, whatever. We all need to be sure that this can never happen again and that we need to recover responsibly.


Larry Westfall   October 2nd, 2008 8:58 am ET

Why not take the money owed the U.S. from Japan, Germany, and other war torn countries, the money borrowed from Social Security years ago and never repayed, the money used for Franking privileges by the government officials, the money Congressmen and senators are forgiven when they write bad checks, put Government Officials on Medicare for their benefits instead of free healthcare, and make them stay in session instead of flying home during the week for a break and so on. Make cuts where they will be felt and help will be on it's way!


jerry   October 2nd, 2008 8:58 am ET

I still say it is unconstitutional. Besids, you still have the same people squandering the bailout money that got us in tthis situation in the first place. Stay out of CEO salary caps. That's the shareholders decision to make not the governments. When our government oversteps it's boundry and regulates what businesses can do and pay, what's the difference between us and socialism? We need to stop special interest groups from running our government, put term limits on Congress and Senate, and elect people that still believe in governing FOR THE PEOPLE not for thier pocket


Blake Walker   October 2nd, 2008 8:58 am ET

What are they going to do about all the senators and reps that also indulge themselves in the greed?


Robert West   October 2nd, 2008 8:59 am ET

As a senior citizen myself, how is it we don't have the funds to aide privately funded and abused social security,yet the goverment can bail out a system that has made so many well-off, while we on fixed income, can't afford food and medicine????
'


shelle, texas   October 2nd, 2008 9:00 am ET

Wow Jen guess you wanted to get more comments....who spent like drunken sailors????

I sent a comment earlier stating that I was intrigued by comments regarding giving each American over age 16 or 18. The cost would be approximately 304,000,000.00, way less than 700 billion. If the million to each American did not work there would be over 600 billion left for the goverment to use.

If each American was given the chance to spend the money, they could choose to invest in companies that handle their money responsibly. They could pay off mortgages, credit etc. the loan payoff's would return money to the banks, the banks in turn would have money to lend.

I think that your comments were directed at the wrong people.

I did, at first, support the bailout. Now I feel that the American people deserve the chance to fix the economy.


Rebecca   October 2nd, 2008 9:00 am ET

Wake up America! Every economic expert is telling you that for the credit markets alone the bill needs to be passed. Its not perfect, but lets get it done.


Rob   October 2nd, 2008 9:00 am ET

The bailout is supposed to loosen up credit. Isn't that how we got here in the first place. Reinforcing bad choices by Wall St and Main St is not the solution, it's time to come back to reality. Our lifestyle is based on over-leveraged credit secured by over-valued assets be it a house, a car, or earning potential. Not everyone can afford a house or a $60,000 SUV but with loose credit, they are easy to get.
Jennifer said Americans could not be trusted to wisely spend a cash stipend (instead of the Wall St bailout). I agree and making credit easily available again will not help our situation either without ratcheting up the risk evaluation.


Dale Kasick   October 2nd, 2008 9:00 am ET

Bailout? Big mistake, in my opinion. Yes it will have a huge impact if it is done or not.
Little story – We have a discover card. Never missed or had a late payment, set up to go out electronically every month. Our reward for being such good customers for years? They raised our interest rate to over 20%. Did we get a letter telling us about this. No. I happened to be going over a statement one day and I noticed it. Do I want to bailout these people? Hell no!
I trust no one in big business. 7 digit and up income figures for the CEO's and other "brass" – no one is worth that kind of money.


Jack Enemehoff   October 2nd, 2008 9:00 am ET

In these troubling times only a barrel roll will save us.


Clark Tesky   October 2nd, 2008 9:00 am ET

Tell me if my math is correct. The U.S. has about 350 million people . If each person got 1 million dollars isn't that 350 billion dollars ? Half of what is bring asked for by the American public. You got to think out of the box.


Tim   October 2nd, 2008 9:01 am ET

While I'm not an economic guru, I would like to see those that make the mistakes pay for the mistakes. I'm aware that americans as a whole are irresponsible financially, and perhaps THAT is the biggest problem. Some financial top-dog on Wall Street who never got smacked for doing something stupid as a kid is now making money decisions for the 290+ million americans... and now instead of paying for their mistakes (again), the government wants to pull $700 Billion tax-payer dollars to ease their pains. If we can pull that much money at the drop of a hat for peoples stupid mistakes, then where is that money for other funding (ie education)? Economic responsibility isn't "everyone's" responsibility, its Yours (meaning You–the one reading this–are responsible for your own finances) we need to grow up and realize that this is MY problem like it is YOURS.


Diana Todd   October 2nd, 2008 9:01 am ET

Our goverment sends us a $300 stimulas check to help "boost" the economy and now that want to spend billions bailing out big business?!?!?! What lesson will be learned by AIG and the others if we just hand them the money to bail them out? I work hard everyday and pay my taxes. The goverment never offers to "bail" me out when I screw up my finances. The money would be better spent and the amount spent would be less if it were given to the poor and working middle class of this country and let US boost the economy. Personally, I am having to hitch rides because my 14 yr old car finally died and I share a house with 2 other adults because our salaries are never increased to meet the cost of living increases. Help the people, not Big Business!!! Another company will gladly buy all the "paper" AIG is holding and business will go on as usual without bailing them out.


Ellen Kennedy   October 2nd, 2008 9:01 am ET

I'm so frustrated watching the stories on the bailout. I agree we need the bailout. I agree at the joint blame for the condition. What frustrates me is that for years we've had so many people encouraging us to spend our money here and there, on things we didn't really need. Those same people are sitting with debt they cannot handle, while those of us who didn't go buy the new car every year or two or buy a home that we couldn't afford are suffering the consequences of their actions, albeit not as extreme. I now find those who are whining the loudest and pointing the fingers the other way are the same people who were living way beyond their means. Will they ever learn? Will the bailout allow them take out more loans and incur more debt and continue the same actions that got us in the situation we are in right now?


Blake Walker   October 2nd, 2008 9:01 am ET

To many crooks creating the bill.


David   October 2nd, 2008 9:02 am ET

Ok Lets say the bailout passes in the House and President Bush signs the bill. Our national debt continues to grow and we continue in this downward spiral. My question is this: Why does the US have to be the big brother of the world. We continue to throw billions of dollars in forgein aid to poverty stricken and war torn areas it is no wonder the national debt is in the trillions. I don't see any of these forgein countries providing aid to us after Katrina , Gustav , Twin Towers or any other disaster that has happened in the US. Lets wake up America and take care of our own. This is supposed to be the land of the free not the land of the subsidized.


TJack   October 2nd, 2008 9:04 am ET

Jennifer responded to those of us against the bailout saying that if it was a couple of banks failing it wouldn't be a big deal. The problem is the all the people, the businesses, the churches, the schools, and the towns who have invested here. Not only would all the banks pay for the this but all these groups as well.

So my question is why? Why? Why? Why?

Are you referring to the investiments in the stock market. I have money invested (diversified but invested) and I know I will lose money. But I knew that when I invested. And truthfully, I am not that worried. Given time the stock market will come back up, even after taking a huge hit. Isn't true that in no 20 year period the market has ever lost value? And it's only lost value in something like one 10 year period.

If this is not what your talking about then explain it to me. Because right now I do not see the point of giving a bunch of tax dollars to a bunch of businesses that made bad decisions, even if it includes the investors such as myself.

The other big problem for those of us against it – it's a bunch of politicians saying, "Trust us – this has to be done." when they are the exact ones that led us to this point.

-TJack

p.s. – Mr. Garcia, those "savings" you mentioned losing are insured.... already guarenteed by the government.


Tracey   October 2nd, 2008 9:05 am ET

What really irritates me is this: When Joe Public says NO to something, and our REPS actually voted they way we wanted them to vote this time, then the "Powers that be" say "Oh, Joe Public just doesn't really understand what this is going to do them. Let's explain it again, only go slower so their tiny brains can grasp it better."

Joe Public DOES get it. We've been living with it for years now. I would rather take less in my retirement than risk this HUGE bailout that we don't even know for certain will work. Yes, some people will be hurt, but maybe they shouldn't have gotten that loan or used that credit in the first place. Sometimes keeping up with the Joneses should have lessons!


kyle   October 2nd, 2008 9:05 am ET

All I want for christmas is an email from Jennifer Westhoven.


Karen   October 2nd, 2008 9:05 am ET

Jennifer kind of made me mad by saying "we collectively" did this. Why should I have to pay for other people's mistakes? I pay enough for my own. It's called "natural consequences". You make a poor choice, you suffer. You make a wise choice, you prosper. If the government would quit enabling people to screw up, maybe we'd all pick ourselves up and become stronger , responsible people. If you bring home $20,000 a year, you better not be spending $21,000.


Jerry   October 2nd, 2008 9:05 am ET

Robin, Jennifer needs to wake up, it was a small few not the collective we. It is my understanding that approx 20% of the loan market was in sub-prime and between the socialist media and non-representative government they have used scare tactics to make the problem worse than it is by continually putting out the gloom and doom that MAY BE to make people react in a negative way. Since "trickle down" supposedly did not work, let the citizens have the bail out dollars and let it "trickle up". I also sincerely hope that the powers to be do not think that the American people are that stupid to believe by changing the name from "bail out" to "rescue" that we think it is now a swan instead of the pig that it still is.


Noel   October 2nd, 2008 9:05 am ET

We are victums of the Biggest Fraud in History The Goverment allowed Banks to Target People with EXCELLENT CREDIT.we were told by the Media {YOU}Homes were Appreciating at 20% a year and a housing shortage exsited Lies that mislead Honest people to Purchase with APPRAISELS that were not true.This was Known at the Housing Departments and it was allowed to Fester! Shame on You !!!!Blaming US we took the information you provided to make a LIFE changing moves some HONEST PEOPLE Got Hurt and are now 300000 negitive in homes The AMERICAN DREAM????Get REAL


Tina   October 2nd, 2008 9:18 am ET

Why cant they just file for a Chapter 11 so the share holders can take care of the problems they wanted to be part of the company so let them take care of the problem!
Thats what the airlines have done in the past..............


Jennifer   October 2nd, 2008 9:19 am ET

"We, the American people" that caused this crisis does not include everyone. Those of us who have not incurred huge debt still bear the burden of bailing out those who did not borrow and spend responsibly. That includes citizens, companies and the government.


Mike Olson   October 2nd, 2008 9:20 am ET

I am curious as to how many politicians have their money tied up in the troubled companies that need the bail-out? The politicians are all suspect to me. Call me paranoid but they are all out for themselves, how much money they can make. This whole mess has been caused by greed. These companies deserve to fail anybody who gives credit to people that are high risk should have know what the outcome would be or are the CEO's of these companies just stupid?


mike hite   October 2nd, 2008 9:20 am ET

IF i have over 1000000 n tha bank do i need to split the money up or keep it tha way it is?


Sheila Castleberry   October 2nd, 2008 9:21 am ET

Rescue plan my a–!! What about REAL hard working people like me who don't have any money in the bank to start with, and weren't stupid enough to sign an ARM? Things are so bad I am having to chose between gasoline or car insurance. I am responsible for my own bad financial decisions –Why should I have to pay for other people's colossal mistakes? Let 'em all go bankrupt ..looks to me like the only people who have anything to gain here are the people who already have something to lose!


Ed Miller   October 2nd, 2008 9:21 am ET

With all the hype on this bail out bill, why haven't I heard ANYTHING as to where the figure of $700B came from? Where is the accountability by whomever first suggested this farce? Talk about Fuzzy Math.
More importantly, where are the safeguards, in this bill, that would prevent banks, after they got their money from this bill, to still hold out in lending, and make it impossible for "main street" to borrow?


paul   October 2nd, 2008 9:22 am ET

when you bail out the wealthy, with our money , we should get more than a job to support them again, so i propose bail them out, but all mortgages now get 0% intrest and we only pay principle, that will help all tax paying amerians , and the money we save, we will spend in the economy and it will grow and small companys can have a chance.


Walter   October 2nd, 2008 9:23 am ET

A few years ago, there was some talk about turning over Social Security to Wall Street. At that time, the talk was that Wall Street had more cash reserves than the Federal Govt. Are these big companies now sitting on cash reserves and getting a Govt. bailout? I hope Bill Gates is healthy and happy, but the proletariat would revolt if he were to get Medicaid to pay for his cough syrup!

p.s. Jennifer does a great a job of presenting "the big picture". Thanks!

Walter


Paula Rinkovsky   October 2nd, 2008 9:23 am ET

So let me get this straight. The government wants to take 700 billion dollars from tax payers to give to the banks so they can open up the credit markets and lend it back to us, so we can buy more stuff on credit which got us here in the first place. This is just a viscous cycle. Why don't the banks let someone like me who lives within her means, who happens to have cash to buy things, buy these mortgages for the 30 cents on the dollar. I want a reward for living the right way for once. But that would never happen. The banks won't invite me to their party.


edward donovan   October 2nd, 2008 9:23 am ET

the bailout is for the extrume rich and well not help the hard working people. when will our goverment realize that what got here was the high price of fuel .


Don Whittemore   October 2nd, 2008 9:24 am ET

This whole mess is all of our fault and people better understand that. If you have any money invested you want maximum return on investment. The same is true for morgages. I can see where people took on morgages that balooned after a few years to have more pocket money. The Wall Street firms are in competition with each other to give us that return, much as the news media is in competition for a maximum audience, and will do whatever it takes to get your money for investment. Shady as it was Wall street only offered what we as investors wanted and now we see the result. Bad as it is we have to have the fix. I for one can't accept another 20% decrease in my 401K like after 9/11. As for the Wall street CEO's and bonouses, I say give it to them but keep it in a separate account. Let them invest it where ever they want but it they screw up take it away and it goes back to the parent company.


Shar   October 2nd, 2008 9:24 am ET

I am living in Las Vegas Nevada and we have had several banks here fail. My husband and I lost a large sum of money when the bank we were with failed and we lost a large sum of money. I am interested to know if there will be a retroactive clause for those of us who have scripped and saved and were told by our bank that we were ok because we had a trust account. By the way there is no such thing.


don nielsen   October 2nd, 2008 9:24 am ET

Robin, on your show this morning you indicated that people are equally responsible for this borrowing mess as they have borrowed irresposibly.That is true, however during this blame game we have neglecrtd to single out another main culprit-the Bush administration! If you look back you will see the Bush white house did everything to encourage borrowing and spending without any regard to the welfare of everyday americans and their future economic security. Bushs economic plan has kept savings rates at all time lows and interest rates on borrowed money at below the rate of inflation which has encouraged people to BORROW and SPEND.


Keitha Morse   October 2nd, 2008 9:24 am ET

Why aren't the perpetrators of the crimes behind the necessity of a bailout bill behind bars???? Embezzelment and fraud are crimes. I think they could also be charged for abuse by a person in a position of trust. Years ago I got laid off, exhausted my savings, and was a single mom. NO ONE BAILED ME OUT!!! And I didn't even make devastatingly bad choices!!!! What B. Frank and others have done is beyond immoral and illegal, and they should all be held accountable!!!!
Thanks.


Michael Wader   October 2nd, 2008 9:26 am ET

To Ken in NC. If your account exceeds the FDIC limits just open a second account at the same bank. Problem solved.


DANNY LONG   October 2nd, 2008 9:27 am ET

why are they helping the rich folks. They sure wouldnt do any thing for people like us. ?


Caroline   October 2nd, 2008 9:28 am ET

This Country and our financial situation have become similar to an addict. As far as the bailout, you can take the addict to rehab as many times as you’d like but until we acknowledge our part in this and how we’re causing the pain for each of us, (hitting rock bottom) we will never “bail” ourselves out of anything! I am an American who has not abused the system, I do not have loans hanging over my head that I can’t afford, I live within my means and I have money left over from my paycheck each week I can’t understand why we as Americans have not seen the future and stopped the madness! We seem to be a greedy group!


badger   October 2nd, 2008 9:28 am ET

hey, greg fromga...i think the point of the palosa speech...was she should of left politicking at the door,and focused on coming together,both sides,not a speech for her buddys in washington...where are her prioriatys


Jennifer   October 2nd, 2008 9:28 am ET

Me and my husband have lived in N.J all our life,We are paying a mortgage, and have 2 boys. We are what they call the working poor. My husband has worked at the same place for 20yrs. Know things are getting so bad he may lose his job,Our generation has no idea what it means to receive any kind of retirement account. We believe the big man or big business and senators have no clue what people who make 40 to 50 thousand a year pay bills(normal bills that everyone has). Maybe we should stop paying the retired congressmen, senators and justices their full salary!! The rest of us have to due without maybe this would put ALOT of money back into the budget. IF WE HAVE TO LIVE ON A BUDGET SO SHOULD THEY!!!!!!!!!!!!!!!!!!!!!


Lawrence Wright   October 2nd, 2008 9:28 am ET

TESTIMONIAL!

I read all of Matt Lesko's books– "Free Money for Business" and "... for a Better Home" plus "Free Government Money, Grants and Loans" and got over 700 billion dollars!– all for just asking!

Thanks Question Mark Guy!

Love
"Hank" Paulson II
Secretary of the U. S. Treasury


terri   October 2nd, 2008 9:29 am ET

i'm glad that the teacher from arkansas had $5000 to take out of her bank, my monthly income is $1012 per month.my problem,trying to figure out which bill to pay and which ones to wait.


Erin   October 2nd, 2008 9:29 am ET

I think that the problems with the economy are horrible for us college students. I can't even afford to take out another loan for school, so I cannot even take classes anymore. I have to work full time for a few semesters just to make enough money to go back. Between tuition, and books, the cost of college is ridiculous anymore! We are supposed to be the future of America. How can we make any difference if we can't even afford to take classes. The whole economy needs to change, and it needs to happen very soon.


Mary   October 2nd, 2008 9:30 am ET

No bailout! And as far as people loosing their homes borrowing money etc. and then filing bankruptcy I bet over half of them did not do it with the intentions of filing bankruptcy they most likely lost their job. And with all of the jobs we have lost and are still loosing who needs credit anyway? Just another scam out of these brilliant minded people running our country! They ALL need to be deeply investigated.


Phil   October 2nd, 2008 9:30 am ET

I think the bailout of these mismanaged companies is a disgrace. We are now going to print more money, devalue the dollar and add to inflation – then we can pay extra for this bailout every time we visit a store or gas pump.
Why should we believe these liars and thieves given their track record?
Let the die fall where it may, I think the financial system needs a sharp shock to get companies and people to use their money in a fiscally responsible manner. If we're going to give money away then maybe some can be applied to reduce my mortgage principal – lol.


Mark   October 2nd, 2008 9:33 am ET

The Senate vote is a crime and a total disregard for the will of the people. They can stand and say that it's a better deal but they don't have the nerve to spell out specifically the real sticking points. How can the treasury secretary be handed over the keys to our economy and with no true oversight. What about the provisions in the plan that call for us to bail out, rescue, or stabalize any bank or investment firm even if they are in another country or actually another country. Finally I am totally against this plan because I got screwed as a young father with a family when they pulled the S&L scandal where John McCain and his cronies along with The Bush family raped the S&L system and everyone rode of into the sunset except the patsies with their pockets lined. There were senators and congressmen and woman who benefited from the scam and bent to the will of these people to make it go away. This may be the greatest nation but I tell you what it's really great for. Bending the rules to help the rich, changing the rules to sustain the wealthy, and moving the goal line when it seems that too many people are closing in on obtaining their american dream. No one should be allowed to create a fast track method to ram important nation changing issues through the house. I say vote against this trash bill again. I don't care about the consequences the media keeps trying to scare people. I'm not scared. If we go into a depression then we can see what this nation is made of, real caring people or is it all a facade like this sham banking system. NO TO THE BAILOUT NOT TODAY NOT TOMORROW NOT EVER.!!!!


Colleen NC   October 2nd, 2008 9:34 am ET

If we're going to bail-out anyone, then the entire penthouse office needs to be cleared out and taken over by someone who will work to turn a profit for the Americans on the lower levels, not purely for themselves and their own greed. When is enough, ENOUGH?


jan   October 2nd, 2008 9:36 am ET

We hear about multi-million dollar payouts to the CEO's of the companies that require the bailout. Why aren't those funds going towards the problem instead of rewarding the people who are responsible for the failure of their companies? It may not solve the problem, but it would certainly help! To qualify for the bailout, there should be stringent salary caps & no bonuses. These millionaires are walking away with huge payouts, yet stockholders have lost everything, jobs are being lost, and our economy is in chaos. In essence, every American is footing the bill for their payouts!


Shawn   October 2nd, 2008 9:37 am ET

I am sitting here listening to the news and want to know why the "rescue bill" has to have sweetners. Sounds like Congress is doing what they always do, get items in that they want that would get a yes vote.

Simple fact, the money from the governmenet should be a loan to these companies with strict guidelines about the payback and a time frame for payback. If the companies need the money they will follow the loan guidelines, just like regular folk who have mortgages, car loans or student loans. Companies that do not take the loans will be on their own.


Shepard Lilley   October 2nd, 2008 9:40 am ET

It shocks me that the government really thinks the American people are ignorant enough to let them get away with this. A lot of people, I'm sure, will buy into it when the politicians say "we really hate to pass this bill, but..." or when the news anchors are trying to say that this is the only solution to our problem [to help save face for politicians], but the majority of us have continued to scream, "NO!". Why isn't Bush listening? Doesn't anyone else understand that what they're doing is the opposite of democracy?
Let's just let the economy run its course. Americans can finally learn to adjust to a simpler lifestyle instead of diving headfirst into tons of lifelong debt. We keep hearing that the world is going to end because credit lines will be lowered...but that just means there's a cap on how far into debt we can go, and the irresponsible spending is what got us into this mess. I'm incredibly proud of the House of Representatives [the honest half, anyway] for being American and caring about the people. I say let's elect more of those and clean out the ones with their hands in the bailout pot.


shelle, texas   October 2nd, 2008 9:40 am ET

Wow Jen guess you wanted to get more comments….who spent like drunken sailors????

I sent a comment earlier stating that I was intrigued by comments regarding giving the money to each American over age 16 or 18. The cost would be approximately 304,000,000.00, way less than 700 billion. If the million to each American did not work there would be over 600 billion left for the goverment to use.

If each American was given the chance to spend the money, they could choose to invest in companies that handle their money responsibly. They could pay off mortgages, credit etc. the loan payoff’s would return money to the banks, the banks in turn would have money to lend.

I think that your comments were directed at the wrong people.

I did, at first, support the bailout. Now I feel that the American people deserve the chance to fix the economy.


Sheila Castleberry   October 2nd, 2008 9:41 am ET

So what if credit standards are "tightened up" What is so wrong with just not buying something if you can't afford it? I have had to do that for years! By the way...where is l this 700B coming from? ...Oh yeah ..that's right ..taxpayers ...people like me ..and my kids ...and their kids ....AND their kids. This bailout will only delay the inevitable.


Lesley   October 2nd, 2008 9:43 am ET

I am tired of hearing that its the "peoples" fault for getting credit cards we couldn't afford or mortgages we couldn't repay. These "experts" who have the money can say it was irresponsible but they aren't the ones who have to struggle to pay their bills every month and live pay check to paycheck. People got these cards and mortgages because of the continuing increase in the cost of living and the lack of increase in pay rates not because we just felt like it. People needed the credit cards and loans to pay bills and live and most of the people who got them more than likely had jobs when they got them and now their jobs have been sent overseas by the people were bailing out and they are now jobless and cant repay. It makes me sick to hear all these so called experts saying its the "peoples" fault.


The Man From Texas   October 2nd, 2008 9:43 am ET

The problem with a lot of people who oppose the bail out is they have not been hit so for by not having a bail out package in force, apparently they have not been listening to the warnings about what will happen if the bail out package doesn't happen, I guess that these people won't mind losing their jobs or standing in bread lines or standing in soup kitchen lines to have something to eat for the day, they just as soon as let their car/truck go back to the Bank or Credit Union because they won't have the money to buy gasoline, food medications (now for the one who said the Oil Company's aren't worried, think about if 75 % of the people couldn't afford their cars/trucks & have no jobs), everyone seems to be worried about the Banks & Lending institutions making bad decisions in lending but what about the consumers that made bad decisions on living outside their means, the consumers that went after the flexible interest rate(& bragged about their low interest rates) & using the low interest rates to buy even bigger, better & more expensive homes because they wanted to keep up with the Jones that lived in their neighborhoods, some of the older people here on this blog are talking about how their 401k's dewindled down so their choice of retiring has to be pushed back, just be glad that you are still working right now because if this package never comes to pass you can kiss retirement good by & start thinking about how your going to live without your job (you think it can't happen, thats what a lot of people thought in 1929 before the great depression), this isn't the first time that the Gov. has bailed out the Banks & Lendening institutions, when FDR was elected President a bail out was put in place, this is how the country started getting back on its feet after 10 years of Depression, bad home loans were bought up by the Gov. & when home values started rising these homes were sold & the money went back in the Gov. & not only paid off the bail out but actually turned a profit for the Gov. ...if you the (Citizen of this country want something to worry about) try this on for size, during the 50's, under President Eisenhower the Gov. started borrowing access money from the Social Security Trust Fund & putting an I O U in the trust fund, now over the years this same action has been done without any of these I O U's ever being paid back & here recently the figure has grown to 292.3 Trillion dollars, now this money belongs to the American worker for his retirement though Social Security, I have tried (in vain) to get an answer to who is responsible for paying this money back & so for no one will even answer me, now if its not supposed to be paid back then as for as I'm concern the money has been stolen by Congress to do what ever they saw fit to use it for & I can truely understand why the younger people of the work force don't want to contribut to the Social Security Trust Fund because they figure there won't be any funds left for them when it comes time for them to retire (the Congress needs to remember that FDR asked the American worker to Trust the Gov. with their money & it would be there when they wanted to retire) but the Congress has failed the American people's Trust by stealing these funds...we should all be concerned that if the Stock Market crashes so does America & for a very long time....from what I was told about the 1929 Depression by my parents, I sure don't want to see this happen again...everyone should see the movie The Grapes of Wrath...it could be like that again.......


Vanessa   October 2nd, 2008 9:47 am ET

I still think the "bailout" is "bullcrap"... I work, I live payday to payday... Give me/joe public the money... I spent it, it goes back into the country one way or another. It goes back to the banks, the banks pay their employees, they pay thier loans...AT LEAST THEY ARE SUPPOSED TO!!!!! Bottom line... The "Fat Cats" got us into this, Please tell me why, we should give it to them, to screw it up again...


Brian   October 2nd, 2008 9:48 am ET

You can only stick so many fingers and toes into the cracks of the dam, so lets jam it with 700 billion of them.

You know what that does don't you? It builds up that much more water to come crashing down when the dam breaks. End irresponsible lending especially to the ones who robbed the US blind in the first place.

Let it go now, lick our wounds take back what the crooks have stolen from the people and gather up the survivors and make sure it dosn't happen again.

These big corporations proffit off the poor in the first place, around 90% of their money is made on people who are struggling to just pay minium monthly payments. Then when it gets maxed out extend their credit limits even if they don't have a job in the first place.

Preditors of the weak should die from the diesease's they started.


Ginger Fasig   October 2nd, 2008 9:58 am ET

WHY WOULD Congress and the Senate SIT DOWN WITH HANK PAULSON, or include Barney Frank or any of the other crooks that got us in this mess, to help negotiate a plan to get us OUT OF THE MESS??? You need to get the wolves out of the chicken coop... THAT IS ONLY COMMON SENSE! VOTE NO on this bailout!

Our representatives keep saying we the people / taxpayers are going to be PAID BACK! How , when, where are we going to be PAID BACK? That questions begs the next question... HOW COULD THEY GUARANTEE US WE WILL BE PAID BACK? And the obvious answer is... OUR GOVERNMENT WILL TELL US ANYTHING but the truth to get WHAT THEY WANT! TRUTH AND THE AMERICAN WAY is not on the minds of our elected officials!

THIS BAILOUT IS WRONG! VOTE NO BAILOUT!

THERE ARE NO GUARANTEES AT ALL where our government is concerned! VOTE NO on this bailout!

Robin, that other woman (SORRY, I DIDN'T GET HER NAME) that was on your program this morning reacting to viewer mail..........should be FIRED for blaming the taxpayer for putting us IN this economic mess and stating WE the people ARE IRRESPONSIBLE and don't know how to manage our money! WHO ARE YOU? WHO DO YOU THINK YOU ARE? HOW DARE YOU INSINUATE THAT we are all idiots? Our government, wallstreet and special interest crooks are responsible, uhhh, rather the IRRESPONSIBLE parties that PUT US INTO THIS MESS! WE the people would ONLY BE irresponsible if WE VOTED THESE PEOPLE that vote FOR the bailout, back into office!

STOP THE SCARE TATICS!

The citizens of this United States have put TOO MUCH faith in our elected representatives. I hope this is a wakeup call for every registered voter... our government isn't interested in DOING THE RIGHT THING FOR OUR COUNTRY...only in covering up their greed and illegal acts of FLEECING AMERICA,,,,,,,,,, so the VOTERS need to do the RIGHT THING FOR OUR COUNTRY and vote these crooks out of office in November!

Ginger F
Registered VOTER


mike in Vermont   October 2nd, 2008 9:58 am ET

I think the bail out bill should NOT pass. If they really cared about the "people" they would never have loaded it up with "sweetners". The Senate makes me sick, They want to bail out wall street let them take the money out of their own pockets. Stop picking the pockets of the tax payers.I would agree to this if they strip out all the pork they just added. No Executive pay outs at all, very strong oversight and there should be money going to the tax payers to help until this top down approach trickles down. Not that any of us in the real world expect that to happen.


Nancy Moore   October 2nd, 2008 9:58 am ET

I have been following the "Wall Street Woes" all summer and so far this fall. I think it is shameful that the only way we could get our politicians to actually try to help out the economy was to add "sweeteners" to a bill that was desperately needed. I am 54 y/o and it has been apparent to me for a very long time that we do not have folks in state and national government who know how to look at the larger picture and make solid "educated" judgements. I love my country, but am sorely disappointed in my elected officials. nj


Quinon Norwood IV   October 2nd, 2008 10:02 am ET

Why not bail out the people that are struggling with there bills. That would also bail out the companies. Everyone would win. And Stop with the rediculus interest rates and formulas. Repair the foundation (the PEOPLE) and the rest will balance out.
OH for Jennifer. A credit line is not the same as giving the people money, because they charge you 3 times as much to pay it back.


Tony   October 2nd, 2008 10:03 am ET

Divide the 700 billion out to the tax payers and have them pay off their debts and close out those outstanding accounts. This will get the money back to the banks and let the American public benefit as well as let the banks off the hook. This is a no brainer. The money will shore up failing hospitals, give Americans money to reinvest in America, or a least let them reap from what they will be paying on for many years anyway


Quinon Norwood IV   October 2nd, 2008 10:04 am ET

Armstong is clean and we know it. I'm just surprised that he is not glowing from all of the cancer treatments.


Laura Durofchalk   October 2nd, 2008 10:06 am ET

I want names.......the names of those corrupt Washington individuals who thought it was appropriate to add the "sweeteners" to this all important bail out bill benefitting auto race tracks (just to name one)!!
Wouldn't you think that this would be the time to do the right thing.....for a change??


Bob Rosser , Kingsport,TN   October 2nd, 2008 10:06 am ET

Does it strike anyone else as frightening that Senate Majority Leader Harry Reid D-Nev is the guy pushing this through , when just 2 weeks ago he was saying "nobody knows what to do" and looking totally depressed by it all ? I suppose he had some economic epiphony that will make all our financial woes disappear – much like my 401K ! I'm not angry but I am frightened by the continued divisive, partisan attitude of our "leaders".


Megan from PA   October 2nd, 2008 10:12 am ET

I am a young, 20 something, who is in debt up to my ears. Even so, I still do not want a bailout! We have become a society of spenders, not savers. It is time for me to take responsibility for my own spending and realize that I need to spend, and live, within my MEANS.

This bailout is our Government's way of spending above and BEYOND their means. We will be borrowing this money, just like we borrowed the money for the stimulus package earlier this year. Let's learn how to be frugal and DECREASE our country's overwhelming deficit!


Dale McNiece   October 2nd, 2008 10:14 am ET

Morning All,
I hear all lot of the blame game going on.
It's president Bush 's policies, or that if the Democrats would have voted for the Freddie Mac & Fannie Mae over haul this mess could have been avoided all together.
That all seems like water under the bridge.
This "Bail out" seems like the only to save our country's economy right now.
My questions to you are,,
" What does this $ 700 billion package do to the value of the U.S. dollar in the world markets now ?"
"What if this plan Is just a band-aid to get us through the next couple of months ?"
"What's next , A trillion dollar bailout ?"
"Where does that leave the value of our once mighty dollar for our children ?"
"Are we playing with their futures too?"

My wife and I both work full-time jobs to make ends meet. It is people like us that are going to get hit the hardest to help clean up this mess. When the people that got us into this problem are going to walk away from all this with fat pockets.
Why shouldn't those people have to pay for their fair share of this disaster ?
Help little people like Me make sense of all this, Please !


Pete   October 2nd, 2008 10:14 am ET

Maybe Bill Clinton should pay this $700 Billion. After all, he recinded the bill that was put in place to prevent this from happening. Besides, the politicians want these companies bailed out because they donate to their campaigns. Meanwhile people have a hard time paying their mortgages, not to mention gas, food, education.....


K.C. Adkins   October 2nd, 2008 10:14 am ET

OK we have to take the bailout. The CEO, CFO, or CCO want a severence so give it to them as stock in their own company and they can't touch it for 265 days and then only one percent every day after.


Patricia Johnson   October 2nd, 2008 10:15 am ET

When anyone tries to scare people into a specific action and immediately they are hiding something. This financial crisis didn't happen overnight, nor will it be solved quickly. If it is too complex as a whole break it down until you can understand what needs to be done.
Now that the "Government of the People" controls Fannie Mae and Freddie Mac has the "subprime lending" bill been nulified? If not, when? This 1999 bill escalated our financial decline.
What about offering the people with the subprime loans this option:
1. A buyout for what they have paid in on their mortgage or pay their bills like the rest of us and take their chances. If they take the buyout the local government can turn the property into: community centers, half-way houses, lawenforcement precinct houses, boarding houses, resale property, or bulldoze them down. Yes the federal government would be respolsible for the rest but it would still be a lessor evil than what we have now.
2.We need to limit terms of members of congress, perhaps a total of 3 terms. There will always be members on a learning curve but that is preferable to the complete disregard of "what is best for the majority" of our country/people. We need to depose our current members of congress, and curtail their "golden parachutes". If I am correct I understand they have a full pay pension for the rest of their life for their service to their country. They need to take their chances with the rest of us, we don't have any guarantees from day to day, much less for the rest of our lives. Give them a 3 year 1/2 pay pension to help them financially until they find their next job or count their income toward their retirement fund.
3. Eliminate gifts to all government workers, however high their status, and eradicate lobbiest out of government, federal, state, and local. When we need to know the facts on a "product" check with the resourcers and then double check with persons we trust that have knowledge/experience with this specific material.
4. Drill for oil everywhere we have legal access to. This will be a 10 year plus endevor. We must have diverse sources/types of energy, this too will take time, paying for it with taxes and royalties. It will probably be necessary to ration gas, as well as other things we cannot produce within our own country. We cannot continue to allow ourselves to be held hostage by foreign governments simply because most of us have forgotten the old adage "if you can't pay for it don't buy it". We must also keep in the back of our minds to have resouces held in reserve for their choices/actions.
Our government officials, corporate officials, need to serve prision time for their acts that put our country/people in harms way, remember the mantra "for the greater good".
Entitlement thinking has to be recognized for the pipe dream that it is.
If I can't pay for it, I simply can' t buy it.
6. We need to find a way to take the political game playing out of our government representatives. One way is to limit funds, public, private,spent on campaigns. Our congress is so busy blaming each other for things that have gone wrong, and supporting their fellow congress person that they lose sight of their job, looking after the best interests of the country/people. I only hope that other citizens will remember this "crisis of leadership" and vote at least a third of congress out of office as quickly as we can and continue to 'clean house" for several terms to come. We will lose a few good people in the mix but the majority were just sitting on their behinds, wasting our time and money and grabbing as much as they dare for their own or their party's enrichment.


Quinon Norwood IV   October 2nd, 2008 10:16 am ET

With todays technology, I believe that the American people should vote on most of the items that go through washington, and foremost be able to read everything including the EARMARKS. Not only to be fair but also 60 million heads are better than 545.


Jenna   October 2nd, 2008 10:20 am ET

Do people realize that taking this bail out is like giving every person 2.3 billion dollars each. Why don't they give everyone a million dollars stimulis check in stead that would really boost the ecnomy. If they were really looking out for the American people then this is a better. The bail out is geared towards all of the upper class people again and leave the ones who are fighting to stay above water nothing but a bigger tax bill to pay. So we can be back in this position again in another 10 years.


diannetanella   October 2nd, 2008 10:20 am ET

While I believe that some of the bill, such as increasing the insured limit to $250,000, should be passed, bailing out the mess that the Clinton administration, Barney Frank, Christopher Dodd and company played an important part in, should not be.
The American public would be better served by knowing "the rest of the story," such as how this subprime mess was started (read "The Rest of the Meltdown Story," by Neal Boortz, or reading about the relationship of Obama to Penny Pritzker (responsible for Chicago's Superior Bank collapse – read:
http://loanworkout.org/2008/03/obama-penny-pritzker/. Obama has the audacity to stand before unknowing citizens and blame the current administration for this failure, when he knows full well how this mess was started!


paul   October 2nd, 2008 10:21 am ET

people ask how did this happen,well heres my pie and these are the people eating it, local,state,federal govt, (taxes) at least a good 3rd of what i earn,mortgage companies, (wow) how is it you buy a house for 150k and you pay 340k? the 150k was over inflated, hmm, oh yeah lets not foget insurance , got to have that health,home,auto,life,fire,flood, wind, hurricane,earth quake, even money insurance, mortgage and insurance is another 3rd , i wonder why ive been unable to save any money , or take my family on that vacation, oh thats right ive been to busy working to pay for freedom ,the american dream has changed.


Nancy to Earth   October 2nd, 2008 10:22 am ET

Senator Bernie Sanders amendment would have perfected the Senate's bailout bill last night. Unfortunately LEADERSHIP was never serious about calling for an accountability vote on the provision instead of the voice vote they used to "set it aside". Please review the provision on the air as it demonstrates REAL SENATE LEADERSHIP. It's on Bernie's website.


willliam a gaige   October 2nd, 2008 10:22 am ET

I think that congress especially democrats should be absolutey ashamed of themselves for passing this bill and i will not vote for anyone who supported this bill. And this idea that i am not savvy enough to understand what is going on is just crap. As a reprsentiteve of the people you (senate) are a very bad joke.


Calleen   October 2nd, 2008 10:22 am ET

Perhaps the problem stems from how credit is determined; and too much money is loaned to people who have credit for awhile until they use it up and keep on spending becoming over extended! Look at how credit cards extend credit – maybe the credit should be issued on those of us who pay our bills and living expenses using what we have earned NOT borrowed!


joyce   October 2nd, 2008 10:23 am ET

wouldnt it have been less expensive to just give each person/family a million dollars and this inturn would flood the economy with funds and morgages would have been paid and banks saved and cost i/10th of the gov bailout


Scott Wilson Sr.   October 2nd, 2008 10:25 am ET

Why is it that we, the small woman and guy American Public always have to bail out, or foot the ball for the above average income makers of america, as is the case with this supposedly bail out of the Wall Street Moguls. They made the problems, and they should be required to fix them, using their monies, not ours. I and my wife are retirees and live on a small fixed income and we do our best to stay within our means, however small they may be. We know that if we screw up and get over budget, Congress and the American taxpayers will not come to our rescue, so why the hell do we have to come to theirs. Everyone of those Senators that voted for this, should be driven from office, the election(s) are coming up and we the American public if we stand together on this can wipe this slate clean and start over!!!


Rich   October 2nd, 2008 10:27 am ET

I oppose this bailout for one simple reason. I am a police officer, and before we put out a warrant on a subject, we do what's known as an "Investigation". Now, how long has this "crisis" been publicized? Maybe a couple of weeks, and I mean "publicized".
Why is Our government so Eager and Anxious to send $700 BILLION to these banks without a Thorough Investigation??? And I do mean THOROUGH.
Good Lord, $700 BILLION is Not Chump Change! And these legislators are so eager to BORROW $700 BILLION to Bail Out, yes it IS a "Bail Out" of these banks, who are really no different than any other "Business" out there.
I would have to believe that a Thorough Investigation would take weeks if not months to completed Correctly.
There is No sense of Urgency as Warren Buffet says...By the way, a Billionaire like Warren Bufett is only looking out for Warren Buffet, in case you haven't noticed. OPEN YOU EYES PEOPLE, PLEASE!


mjames   October 2nd, 2008 10:27 am ET

Can someone explain to me why Paulson is allowed to have ANY input what so ever in this discussion when there is such a gross conflict of interest due to his significant investment in Goldman Sachs? Did I hear $700 million in blind trust plus his families $100 million shares? Why isn't anyone reporting on this?

In addition, there are people responsible that need to be locked up – why aren't we talking about this? Bail out or not, I want to see some heads roll!


Chuck   October 2nd, 2008 10:28 am ET

This bailout plan is rediculous. 700 billion will only add to the nations debt. The bankrupt cooperations have never done anything for me, so why should my tax dollars now save them. I work hard for my money as see no reason to bail out people who have mismanaged theirs. Nothing has been said regarding the pork barrel politics that can and may be going on with a 700 billion dollar bill. I would think that every politician in washington wants a piece of that pie.


Ron Holt   October 2nd, 2008 10:28 am ET

I have been very careful with my mortgages. I have 2 houses one that is full time residence and one weekend/vacation house. I have good equity well had $500,000 a couple years ago. Now I am not sure what the true market value is. The problem is I have always made a good living selling heavy truck. Due to the rising cost of fuel along with the rising cost of truck engines to meet the 2007 emisions sales tumbled. This problem was also compounded by the problems of the new engines. They used more fuel and cost more to maintain. Long story short my income diminished over the last 2 years until I lost my job. Now struggling to start a new career and pay for a daughter in college the mortgage is crippling me. So now faced with selling the cottage for way less then it is worth or even face forclosure. What do I do? I had hopes the cottage would be an asset to sell at time of retirement. Realestate used to be a great investment. any advice?
Thank you
Ron Holt


Cindy   October 2nd, 2008 10:28 am ET

Thanks so much Jennifer for "saying it like it is" about our personal responsibility for the financial crisis. I know it's not politically correct to blame individuals, in part, for the disaster we find ourselves in. However, the fact is that, as a country, we've experienced a societal shift where many people feel they are entitled to have whatever they want and to have it right now, regardless of the cost (reference the explosion in credit card and other consumer debt). Until WE get back to the basics of saving and financial self-control, our country will continue to mortgage its future and suffer the consequences.


teddy robinette   October 2nd, 2008 10:29 am ET

What ever happened to a government of the people by the people for the people? if popular oplnlon is to deny the bailout then why even consider passing it ?You want a sure fix I know of the only one that will work.eliminate all the taxes on everything,then tax 10% on earnings for EVERYONE no loopholes,no exceptions..


Paul Mrozek   October 2nd, 2008 10:29 am ET

It is a disgrace to think that once again pork and wateful special interest is more important that the American people. Wall Street crooks do not need a bail out they need to straight to jail along with half of the sentors and congressmen. Rember the Boston Tea Party when Americans finally said enough is enough.


William   October 2nd, 2008 10:31 am ET

I sent this email to my congressional representative today. Under this plan, the amount would be about half the current package that DC came up with, and it allows politicians the opportunity to truthfully say they know what we are feeling, IF they were to do my plan.
Thank you for taking the time to look it over.
W.B.R.
Saint Petersburg, Florida

I have a better plan for the bailout...700 Billion seems like a lot. There are about 300 million people in America. NOT all are legal, or adults. Rather than giving the CEO's a bonus check, give each LEGAL, ADULT, AMERICAN CITIZEN, $1 million each. Then they can pay their mortgages themselves, with money left over for a new car. If they pay the house and car off, then they can afford $5.00 a gallon gas, and $800.00 30 minute doctor visits, and $125.00 for 30 days of pain medicine.
As for the loans given to illegal immigrants. Well, Washington put the pressure on to the banks to make loans to everyone, so I say that, that money should come from retirement accounts, healthcare accounts, and paychecks, and bonus checks from each and every Senator, Congressman/woman.
Oh yes, if taking it from your pockets hurts too much, then you (Congress) can go after the CEO's that are laughing at how stupid you guys were in the first place.
Please make copies and give to all your buddies up there.

For The People By The People


kyle   October 2nd, 2008 10:31 am ET

I have not heard anyone talk about the "root cause" of the financial crisis all you hear about is wall street and banks, I would think the
largest contributing factor would be the loss of good paying jobs in this country. Where is the foreclosure rate the highest ? Michigan,
whats in Michigan ? auto industry, what has the "big 3" been doing
the last few years ? cutting production, layoffs, buyouts, the loss of
jobs not only affect people that work directly for the "big 3" it probably
affects more people that work indirectly for the auto industry, like
part suppliers, machine tool builders, truck drivers, ect. The job
losses in the auto industry make up just a portion of all the manufacturing jobs we have lost in the last decade. This loss of jobs
not only affect manufacturing it is also starting to affect other businesses as well it's called outsourcing, this country can't afford to
continue to give our jobs away, without a good job you can't afford a house no matter what a bank manager tells you


Patrick Phelps   October 2nd, 2008 10:32 am ET

What guarantee do we the taxpayers have, that these corrupt CEO's will NOT benefit from this bailout in recieving their multi-million dollar bonuses, severance packages and other financial perks?
These are the people that broke the banks, the govt. can't be blamed for the whole mess, and these are the people who should be forced to dump their assets back into their own companies to revive them.
But nooooooooooooooo, the taxpayer gets shafted again.
Fire Paulson and Bernanke, their idea of saving Wall Street is rewarding the OBVIOUS corruption that runs amok there.
Have a nice day.


Richard Neilsen   October 2nd, 2008 10:33 am ET

In a free market society you get what you pay for. We shouldn't be paying for more of the same. The bailout rewards these companies and CEOs for their greed and total disregard for our economy. We need to send a clear message that they will understand. "Don't do it again!!!!"

If it is necessary to stimulate our economy lets pay for something we want. Lets invest in alternative energy (don't forget hydroelectric), nuclear power, and public transportation.

Don't just say NO say "HELL NO"


Jon-Marc   October 2nd, 2008 10:34 am ET

America is getting what it wants. We spend like there is no tomorrow and we wonder why we are in this mess. Why are we still buying cars that look like monster trucks???The problem I have with this bill is that WE(as in the average American person) are taking the burden of this financial crisis. Why are we not more concerned about WHO(as in the not average American person) is gaining new access to use more money to thus start another issue like this in 10, 20, 30 years from now. 700 billion????? why not a trillion??? Cause it is not like WE(as in the average American) are going to get a bailout for all the money helping bailout the NOT average American.


Robbie   October 2nd, 2008 10:34 am ET

It isn't really fair to generalize and blame main street for this, yes there are some who might have fudged some of thier info in order to qualify, but the mortgage companies are supposed to catch that stuff. The fact is that when alot of these loans were made. We were in better shape as a country. In the last eight years we have lost jobs, been tagged with sky rocketing intrest rates, and major increases in the cost of living (gas prices, food prices, energy cost). The mortgage companies duped alot of home buyers with thier "bait and switch " tacktics. The fault here lies with our present government and thier lack of concern for the general public. Our crime is wanting to realize the American Dream.


andy straley   October 2nd, 2008 10:35 am ET

Roll back the price of gas to 1.50 a gal.and freeze it , that will
pull the economy back to good times. People would start
buying bigger cars ,trucks,R.V.s ,boats,. go on vacation,and
spend money again. Things started going bad in this country when wall street and big oil made billions,in profits. the economy went to
h- .


grethel bryskiewicz   October 2nd, 2008 10:41 am ET

Wanted to know why no one has said anything about seniors. Is our social security & medicare ok? We have our checks send directly to our bank every month. What would happen if our banks goes under or is bought out?
Am suprised no one has said anything about that!!! Worried!!!!!
GB


Bob McClure   October 2nd, 2008 10:42 am ET

Bush is crying CRISIS just as he cried WMD. Let's face it, he smells something horribly wrong, but fails again to put it into words. The WMD was embodied in Hussein. The CRISIS is embodied in Credit. If left alone, those with poor credit will wither on the vine. That's the CRISIS, and the withering is the correct answer.

Sure banks and credit are in deep trouble, but the people not involved are the ones really hurting. They don't own houses, they don't have money in the bank, they don't own stocks, they don't have student loans. They are renting a home, working two jobs, have one, two or three children. They have a car that won't pass inspection, and won't pass a gas station. These are the millions that are products of a free society, and are the millions that won't be hurt by a recession. They are already hurting from governmental unconcern.


Nancy Dauer   October 2nd, 2008 10:42 am ET

jennifer, I agree that as Americans we miss-used the credit funds available to us. However, that doesn't mean that we would be any less responsible with a rebate check now. I think we're definitely learning our lesson and that most people would use the funds to pay down debt then purchase only those items that are necessary or put the funds in a local bank. All of those things would loosen credit for local banks, thus stimulating the economy.
Do you really believe that Hank Paulsen and company would be more responsible than the American people? They're the ones who should've know better in the first place and allowed the marketing to the American people encouraging the irrespnsiblitiy and pocketed millions in the process. since they won't be personally responsible for the outcome of this bailout, how can you believe that they'll be anymore responsible than the American citizens with OUR money?


Rick   October 2nd, 2008 10:42 am ET

When I was in my 20's, I overextended myself and ended up filing bankruptcy. I learned my lesson, recovered and rebuilt my credit. I didn't get, nor ask for the government to bail me out because I knew it was my own fault.

These banks and their predatory lending habits are the cause of this. They tried their best to talk me into buying a more expensive home than I had already determined was out of my price range. The told me "Oh sure you can afford that, we'll give you the loan." When I asked if they wanted me to pay the loan back, they just kind of shrugged it off.

All they wanted was their commission for selling the loan. They were going to sell mortgage to someone else, so they had a "not my problem attitude".

Had this been 10 or 15 years ago, I might have believed them, just as many Americans did when they bought their homes.

If the government is going to get involved at all, they need to make the banks re-write these peoples loans to reasonable terms that they can afford. I'm pretty sure this would take less than 700 billion dollars of my money, and it would put an end to most of the foreclosures that are pending.

Sure the banks are going to lose some money, but somehow I suspect they will be alright on the end.

Credit should be difficult to get. We live our lives in debt. It's time that we balance our own budgets, as well as the government balancing the country's budget.

When credit is too easy to get, the inexperienced and uneducated are very likely to dig themselves a hole they can't get out of. Borrow from Peter to pay Paul so there is enough credit available to borrow from Paul to pay Peter. Been there, done that, not going back again.


Richard Neilsen   October 2nd, 2008 10:44 am ET

In a free market society you get what you pay for. The bailout rewards these companies and CEOs for their greed and total disregard for our economy. We need to send a clear message that they will understand. "Don't do it again!!!!"

If it is necessary to stimulate our economy lets pay for something we want. Lets invest in alternative energy (don't forget hydroelectric), nuclear power, and public transportation.


DENNIS   October 2nd, 2008 10:44 am ET

THE DRUNKEN SAILOR WITH OUT OF CONTROL SPENDING IS AND HAS BEEN OUR GOVERNMENT. TO PUT THE BLAME ON THE CITIZENS IS A REAL SLANT ON THE TRUTH. THE SKY WILL FALL IF THIS BAIL OUT IS NOT PAST, SOUNDS A LOT LIKE THE W. M. D. LINE THAT GOT US INTO THIS WAR.

DENNIS, FROM OHIO


katherine lindley   October 2nd, 2008 10:48 am ET

ABSOLUTLEY NO BAILOUT...you have used our tax payers money to bail out the reckless behavior of the rich too many times, while the poor and middle class suffer all the time..if this bill passes i and many other people will not realect the ones that passed it.. this is obsurd...if you just have to spend that money give it to the adult tax payers and they will spend it to help the econemy ourselves..there would be enough money for us to buy homes, cars and many other things and that would help the econemy..i am 53 and i still can't afford to buy a home, my car is 14 years old, i have been sick for 6 years with no health insurance and no diagnosis, I COULD USE THAT MONEY...I REFUSE TO VOTE FOR OBAMA AND ANY OTHER THAT VOTE FOR THIS BILL..ABSOLUTELY NO BAILOUT FOR THE RICH....


John Painer   October 2nd, 2008 10:48 am ET

No bail outs for the fat cats on Wall Street. Let the companies die if they can't run without ripping off the consumers. Why is everyone focusing on the federal government when the state and city governments are still allowed to rip off the taxpayers with continously rising sales and property taxes? Regulate the city/state/county governments as well as big corporations.


Jim Smith   October 2nd, 2008 10:52 am ET

Our elected officials are elected to represent the will of the people.

The people, overwhelmingly, do not want this bill... Period!

DO NOT PASS THIS BILL...

If this bill passes then we truley have a bigger problem!

The government is out of control and turning into a SOCIALISTIC nation…If the Democrats win the election this will be our fate…


Zach   October 2nd, 2008 10:52 am ET

One more thing.. Why give the 700B. when that is just going to move this a few months away. It's going to happen.. better now than in December. and for what so the rich people will have an pay check..
We need to say no and thats it. Stop burning money up by trying to keep changing are minds...there's money that could help feed people here in our own country.
The gov needs to let this happen and then make laws to make sure this will not happen again... No one should be alloud to say.. oh the gal. of gas is worth 2.. well we can make them pay 3 and I get the dollar.. no we need to say . if the price was 99 cents in 2000. they it should not be alloud to go up more then 100% in 10 years.. So it should olny be 1.80 an gal...

And we are at war.. but wallstreet is more of a prob... what a better was to take America down.. bring oil cost up so much that everything has went up 300% .

So here is a fix.. Close wallstreet.. walk away from the war.. let those people overe there kill them selfs and stop supplys to over there or any country.. so there left alone.. if we dont stop them. it will end it's self..
we should not be dieing over there. it's not our prob.

Just like here. give everyone a gun.. crime will end. the down fall goverment will go broke..

Zach


Matt   October 2nd, 2008 10:54 am ET

My thought right now is the officals that WE elect to take care of us don't seem to have the same amount of concern as the average working person across the country! Why aren't they all over this NOW, instead of waiting until Friday? What happens if they can't decide then, take a couple more days off? Maybe their pocket book needs tapped into instead of ours.......I call it motivation!!!!


Barb Robinson   October 2nd, 2008 10:54 am ET

My husband and I are retired and have been watching the growing economic crisis escalate. I used to be in real estate and was amazed that some lenders were writing mortgages at 125% of appraised value! We are both very nervous right now. We are lucky in that we have insurance, have a small mortgage and a diverse portfolio. That doesn't change that we have lost a lot of our retirement investment. Congress has to stop listening to their votes and start thinking about the good of the country. Pass the bailout!!!


Rosie   October 2nd, 2008 10:57 am ET

Hi, It's Rosie again. Earlier I posted that a bank had closed our equity lines, in spite of a perfect credit history with them and that we had taken out the loan on one just on time. You commented that one should be careful in having to pay the interest, etc., but we are putting it into a c.d. with another bank with almost the same amount of interest as what we are paying right now. We can collateralize this c.d. if we need the cash by borrowing at just 2% over what they are paying us, so the end result is that it will be costing us a small fee to at least have that emergency fund available, which we almost lost due to the closing of the credit lines by our bank.

A different comment: So many things are said about these "bad loans" which are mostly the low interest teaser loans where the payments increase (almost double) in 3 to 5 years. Hope the bail out takes into consideration all of the ones that have not come to fruition yet, as there are many out there that start increasing over the next 2 years which will definitely cause the next wave of massive foreclosures. The lenders I know told the borrowers not to worry about the increase in 3 or 5 years because at that time they could refinance the loan again, using the 'teaser' rates at that time as long as payments were made on time. Well, guess what! Those loans are no longer available, even for the people with good credit who are paying every month on time because the govt will "throw the baby out with the bathwater". People who have been promised those loans at the time of "recycling" the interest should still be able to have them, not by refinancing, but by just directly changing the loan terms on existing loans. That way the fact that the property values have changed will not stop the "refinance" from taking place! or the lenders should just "freeze" the low teaser rates to keep these properties from causing the next wave of foreclosures to be a foreclosure sunami.


Michael Nikolaou   October 2nd, 2008 10:59 am ET

Would you bail out Enron "to save the economy"?
I wouldn't either.
Then why bail out our "troubled" financial institutions? We will be far better off to have cancerous cells removed from our financial system than retained. The very idea of the bailout bill to "ensure the ability to lend" for financial institutions that are troubled because of terrible lending practices in the first place is preposterous! And to add insult to injury, the "new and improved" bailout bill, passed in the Senate, proposes to use more, not less, of taxpayers' money! ("I have cut this piece of wood twice, and it's still too short!")
Please, contact your House Representative NOW and express your strong opposition to any bailout bill – particularly the latest one.


Frank   October 2nd, 2008 11:01 am ET

Where is your voting page for the bailout? Last time +70% of the people said no. Why are you not asking this time?
If this will make money for the taxpayers then why is the big buck boys letting us in on it?
Washington bailed Bear, AIG that did not help, why do they think this will help? The 250,000 FDIC is a joke. How many average people have that much in cash? And if you do, all you have to do is put you $ in 3 different banks or different named accounts. What about ACORN, is that still in there? This is such bull!!!


Lori Gudenkauf   October 2nd, 2008 11:02 am ET

How ironic that the Senate side-steps our rules in order to vote on the bailout bill... isn't side-stepping the rules what got us into this mess? I have lost all faith in government and our system.

So government, thanks for screwing me out of some great investments and opportunities for wealth when prices drop – since the bailout keeps them from dropping. Thanks for screwing me by making me pay taxes to support the businesses that have failed. Thanks for continuing to screw me with the predatory lending involved in the servitude loan, I mean student loan industry and their 'dehabilitation loan'.

It seems to me that one can not make the climb from poverty to wealth by following the rules! With the CNN poll showing more than 80% of the population being opposed to this bailout bill, this hardly looks like a democracy... yet we spend billions every month to enforce democracy in Iraq and other places we choose to strong arm.

Its too bad our lawmakers don't see that selling and reselling nothing but credit and the interest it produces results in economic disaster! Maybe the Christians are right, lending with interest is a sin. Look where it has gotten us.

I hope the 81% who oppose this bail out will take their money out of banks and out of the hands of insurance companies and start living on a cash basis – then the people who lend will have less of our funds. I also hope that 81% will vote out all of the politicians who vote to pass this bail out!

Meanwhile, I need to go find out what I have to do to leave this facist country!


steve st.laurent   October 2nd, 2008 11:02 am ET

My web site hypocrisy unlimited-tell you what I think.-The bail out is a mistake as mentioned by your advisor–it only ads to more inflation and more uncontrolable waste–The only programs to be protected were brought out by McCain during his debate with know it all Obama.
We must sustain the VA–Social Security-pensions /funding and lastly food subsidies–Depression will hit us by December and most states will suffer for about 4 to 6 months. We must start over again bringing prices down by 50% or more on everything–Three strikes your out this is the third strike-remember the 80s fuel shortages and wall street turmoil--don't try to change the demand curve it remains constant-only supply and prices change-why do we go to college to learn and later forget basics?????


Doston   October 2nd, 2008 11:03 am ET

Ok my issue with the bail out plan is that they add a billion for small business and middle class . Isnt the middle class 100k-250k a year (if im wrong correct me) . True enough they may need help but what about the unemployed and the average people who only make 20k-45k a year wouldnt their situation seem a bit more dier? Another thing whats the point in fixing the mortgage problem if no one has a job to pay for the home any ways , why give people a pot if they dont have food to cook?


Wanda Bridges Dolin   October 2nd, 2008 11:04 am ET

What ever happened to America is governed by the people, for the people and of the people? I believe once again the working class people are getting the worst end of this bailout. All it will do is bring more hardship upon them with increased taxes. Why shouldn't these executives reap what they've sowed just like we have too? I hope and pray the House votes this bailout down, there has to be another way without the working class taking the brunt of this.


Stan   October 2nd, 2008 11:06 am ET

The bailout looks like a strip mall 'advance til payday' scam on steroids.


Dewey Abbott   October 2nd, 2008 11:06 am ET

I think that the goverment dose not need to pay the bail out for wall street. Because it is not going to stop jobs from being lost and it will not create jobs simply because of the navta bill the jobs are leaving the country and that is why most people have lost their means of pay there bills.So if the goverment want to help the american people stop the jobs for going to china and other countries.Also i would like to say that if the goverment was so concerned about americans that thay would not have past the new law on us get bankruptcy where if you on your home you have to sell it to pay back the people that are now asking us for there mistake which is now the beail out .


Bonnie L.   October 2nd, 2008 11:07 am ET

While I am on the fence as to whether governmental intercession is required, I am disappointed that our lawmakers are foisting such a hastily put together mess upon the American taxpayer. I am not convinced that TARP provides enough oversight to ensure that the $700 billion is spent in the wisest way. I am concerned about how much power that the Secretary of the Treasury will garner in this deal. If there is a need for the government to step in, don't pass a bill just be doing something, give us something real, a solid plan.


Frank   October 2nd, 2008 11:10 am ET

Does this bill address any regulations for Hedge Funds? I understand that if any thing can crash the market it is the Hedge Funds. Am I right?


Peter DeLorenzi   October 2nd, 2008 11:15 am ET

With all the talk focusing on residential home mortgages, it would be interesting to know how much of this "bad paper" is connected to failed commercial projects. Also, as we are a small business for over 30 years, and used to eating beans and rice if necessary to pay our bills and payroll on time, it is insulting for us to have to stomach a bailout when we cannot obtain a mortgage at a decent rate, if at all. We have always had to pay a premium due to being self employed, besides having to jump through other hoops. We have not raised our labor rates nor our lodging rates at our small vacation cottage since 1998, but the insurance and utilities keep going up and up. A lot of those increases can probably be tied to the Golden Parachutes as CEO's take their turn in the Golden Space Capsule.


Lori Gudenkauf   October 2nd, 2008 11:16 am ET

Way to go Bob McClure, I couldn't agree more! Those who are not a part of the system [don't have loans, investments, retirement funds, decent cars, mortgages, etc] won't be hurt by a recession – they'll be hurt by the bailout.

The only ones who will be helped by the bail out are the ones invested in the system. I feel no sympathy for those who complain they MIGHT lose their retirement funds or savings.... at least you have money to lose and apparently had a pretty good life thus far... if you lose it because you backed this con artists, don't expect me to pay it for you... you already have a million times more than I have.


David Guernsey   October 2nd, 2008 11:16 am ET

We are a professional couple that have lived within our means, avoided the conspicous consumption that is rife in our society, remained debt free, and still manage to have fullfilling, productive lives. Now we are being asked to subsidize the aberrent behavior of others that refuse to take accountability for thier actions. We do not believe it is appropriate that our elected government repesentives are making decisions in direct contradiction of the populus opinion. Our government precieves us as unaware children that need to be nudged into good behavior. We are once again being punished for living responsibly.

Robin and Dave in Arizona


Barbara from Arkansas   October 2nd, 2008 11:19 am ET

Why should I (as a taxpayer) have to bail out some BIG business with CEO's that bring in a 6 or 7 digit salary? I will not vote to re-elect anyone who has voted yes to this!! Too bad I can't even get a message through to Senator Lincoln or Congressman Vic Snyder. I suppose they (along with many others) do not care what the people who put them in office want. I agree with many of the other posts on here that want the money paid to the taxpayer. Why not let us pay off our mortgages and debt instead of paying for the debt of those who have already filed bankruptcy or lost their homes? It all makes me angry and I feel that this is a plan to bail out the friends of politicians!!!


Zach   October 2nd, 2008 11:25 am ET

Hey Bard
See it's people like you.. you are living off of us(the poor ) and guess what. I think this is what you need in life. Wake up. you forgot to tell the story of the 125 % up in value.. and how if you were getting 5% well then.. and it when up ..you got paid 125% more than you should have..

Enjoy.. No bail out. And I want to put that on my car in hope that people will do the same.. for once they may have to listen to us..

Cause i look at it this way. My mom Tells me this is the greatest place in the world.. And i was told that all my life. well how do we know if that is true. Maybe we would think something else if we were not born here.
A county that lets a family. with there 1st baby go on the street. no one cares about that.. or how if you have a job,but some thing happens and you need help from the county.(Atlantic and Capmay County NJ) They turn you down cause you make too much. and then you lose everything. because your doing you best. unlike some of the people I have seen who do not care to make any changes in there life and live off the system.

So like i said. and like they said on Titanic..every man for him self.. and so sorry but the rich made there bed now sleep in it..

Zach

one more thing. I cashed my 401k out 3 months ago.. So i got my money. and you sould never count on something that goes up and down.. like that.. you want to save by bonds..


Rob   October 2nd, 2008 11:31 am ET

I'm quite offended by the comment made by Jennifer Westoven in response to the poll that shows 75% of Americans are against the bailout. She thinks that the average American doesn't understand the bailout plan and the ramifications if it fails (because Paulson didn't do a good job of explaining it.) 75% shows a mandate to bury this plan, we're smarter than you think.

This bailout helps the rich, which include most politicians and their friends and backers, so it will eventually pass. What does this do to help the taxpayer on the verge of losing his home? Sure, maybe some homeowners made some bad decisions when they signed-up for ARMs, but how is this different than the bad decisions made by the banks who sold these loans, or the securities investors who bought these loans? The message here is that it's OK to let the little guy struggle, but heaven forbid a rich man become poor.

Fix the problems of the average taxpayers (freeze rates, etc) and the benefits will eventually trickle-up to the rich. The housing market has been artificially inflated for way too long, and when things settle, the economy will start to move again, and many investment opportunities will be available.

Times may be hard for awhile, but we are Americans, we rally during the rough times, and we will survive.


Buddy   October 2nd, 2008 11:31 am ET

BAILOUT, I wish that with that 700 billion they would help me and a few million others soak up this 20% increase in our electrical bills. (TVA – Tennessee Valley Athority) Is suppose to be losing money to cause this increase. But it is just another goverment agency for the fat cats in the goverment to stuff their pockets. Sure bet the kick backs they get by buying a $2.00 item and paying $50.00 for it. is great. Guess i should run for congress or the senate and get my pockets full. Oh by the way TVA is suppose to be a nonprofit organation


George Leith   October 2nd, 2008 11:43 am ET

Good morning Robin thank-you for takeing time to read this.first this Bailout was the worst thing they could have done.seacond the people that where put in these homes 75% where illegaily in this country they used false social securtity the other 25% they made under 65.000 a year you do math .And then you have the liers from wall street and then you have the lenders that had the customers put down false income just so they could get them approved . I was in car sales in westport ct for ten years so i have seen sales people have there customers lie opn there appliacation. so my ? who is checking these applications have we not learnd anything from 9/11? and then the last thing no to the bail out i have bin out work sins 07 and every day i see people in Greenwich Ct moveing out and with out a job. i say to the people we made this monster and live with it .and to the gov and the people in the USA LEAD BY EXAMPLE. And dont cry nobody put a gun your head to buy a house or a car that was more then what your income was. save your money and shame on the obama ond Mcain for passing this bill they let us down 90% off the people in Ct do not want to vote this time.


Nathalee   October 2nd, 2008 11:48 am ET

Please replay the Larry King show clip that shows the suggestion for a freeze on homeowner foreclosures. Let me add that it should be for a limited number of months beginning with 90 days.Small businesses next and so on. Help decent banks to Refinance those loans at subsidized low rate. Let the greedy mortgage hogs to the wall street wolves mplode into themselves........


o.mcminn   October 2nd, 2008 11:58 am ET

Instead of giving these mortage lenders a smack on the wrist why not make them write up new mortages for all the people that have a balloon mortage, or intrest only, or the two mortages at two different rates, and give them a 30 year fixed rate without charging them any fees. I would think that by doing that more people would be able to keep their homes instead of forecloseing or going bankrupte.


Quinon Norwood IV   October 2nd, 2008 12:01 pm ET

I stand corrected. $700billion divided in 220million people(above the age of 20) would only be $3,181. Not alot. huh. Mayber the governement should just pay off everyone's home and car loan(limit 1each) and I bet the people will spend a lot of money for our economy. I'd vote for that . HAHA


PHIL--TEXAS   October 2nd, 2008 12:02 pm ET

----TO THE HOUSE----–
--PLEASE VOTE NO----TOO MUCH BS PORK------

------–JAIL THEM–DON'T BAIL THEM-----–


David   October 2nd, 2008 12:08 pm ET

Robin must listen to Dave Ramsey. I agree with Robin.


Jon   October 2nd, 2008 12:14 pm ET

Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps:

Common Sense Plan.

I. INSURANCE

A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.

B. In order for a company to accept the government-backed insurance, they must do two things:

1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.

2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.

C. This backstop will cost less than $50 billion—a small fraction of the current proposal.

II. MARK TO MARKET

A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.

B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.

III. CAPITAL GAINS TAX

A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.

B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to
stand up, speak out, and fix this mess.


Sophia   October 2nd, 2008 12:15 pm ET

With the cost of living being what it is, people that work as store clerks, waitress, office help and such have no way to get by. You can't afford rent, the rising costs of utilities, groceries, and healthcare (if you can get it),,,,the essentials for living. These people keep saying that people are going to have to start living within their means. The wages have to meet the cost of basic needs or we are going to have so many people homeless and starving. Something has to be done about the average worker wages in America. This is a lot of the reason why there is so much credit card debt because they can't live on their paychecks alone. Not with the high cost of living.


CurtisB   October 2nd, 2008 12:22 pm ET

ABSOLUTELY NO TO THE BAILOUT USE BECAUSE......................
Median annual household income= $54,800...... CEOs averaged $10.8 million pay in 2007, 364 times the pay of typical American workers....Almost as much as in one day as we make in a year.

Corporate chief executives are among those at the very top. CEOs of large U.S. companies averaged $10.8 million in total compensation , more than 364 times the pay of the average U.S. worker, according to the latest survey by the United for a Fair Economy.

Average CEO compensation grew by 3.5 percent last year despite slowing economic growth, falling profits and mass layoffs, according to an Associated Press review published Monday. The review found that the S&P 500 CEO received an average yearly compensation of $8.4 million, up $280,000 (an average raise that is the equivalent of six times the US median household income) during 2006.

Looking at the Associated Press compensation report, one is struck by the apparent correlation between a CEO’s pay and the amount of social harm his or her company inflicts. The bankers who triggered a worldwide financial crisis got the biggest bonuses. Then we have the energy executives, whose compensation shot up some 32 percent last year as gas prices breached $4 per gallon, sharply reducing the real incomes of millions of working people.

ALL THIS, AND THEY PROBABLY SPEND MOST OF THEIR TIME ON THE GOLF COURSE.

Check some of the following links:

http://www.aflcio.org/corporatewatch/paywatch/
http://money.cnn.com/2006/06/21/news/companies/ceo_pay_epi/index.htm
http://www.nytimes.com/interactive/2008/04/05/business/20080405_EXECCOMP_GRAPHIC.html#
http://projects.washingtonpost.com/post200/2006/executives-by-compensation/
http://www.wsws.org/articles/2008/jun2008/ceos-j17.shtml


gene irelan   October 2nd, 2008 12:32 pm ET

looks like the senators looked at what was happening to their stock portfolios an decided that they better do something.....like stuffing a rag in a hole in a leaking boat...will last for a while...but, if can not control price of oil, will not last, mho.....


Rob   October 2nd, 2008 12:41 pm ET

I am against the bailout.
By scanning the other messages on this BLOG, so are the majority of others.
I'm sure there would be consequences that we can't concieve of but I subscribe to the principles of a free-market economy (i.e laissez-faire economics). Let the chips fall where they may. Learn from our mistakes.
Additionally, although I don't like to do math in public, some of the messages here propose the idea of giving $XXX, 000.00 to each citizen over 18. The US population is approximately 300 million and 75% (225 million) of them are over 18. Dividing the "proposed" $700 billion among us equates to about $3000 each. Hardly a windfall or even enough to make a major purchase, especially after taxes.
To the ELECTED officials: hear your constituents. If you think we don't understand the problem well enough, educate us, make your case, don't disenfranchise Main Street in favor of Wall Street. Represent US!


Judy B Vandergrift   October 2nd, 2008 1:05 pm ET

We should vote NO! By the way, I posted this information on the three heros page.
Here is a quick look into 3 former Fannie Mae executives who have brought down Wall Street.

Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae's accounting activities. At the time of his departure The Wall Street Journal noted, ' Raines, who long defended the company's accounting despite mounting evidence that it wasn't proper, issued a statement late Tuesday conceding that 'mistakes were made' and saying he would assume responsibility as he had earlier promised. News reports indicate the company was under growing pressure from regulators to shake up its management in the wake of findings that the company's books ran afoul of generally accepted accounting principles for four years.' Fannie Mae had to reduce its surplus by $9 billion.

Raines left with a 'golden parachute valued at $240 Million in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear.http://housingdoom.com/2006/12/18/fannie-charges/ . The Government noted, 'The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements and inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner.' These charges were made in 2006. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the miss-stated Fannie Mae profits.

Tim Howard – Was the Chief Financial Officer of Fannie Mae. Howard 'was a strong internal proponent of using accounting strategies that would ensure a 'stable pattern of earnings' at Fannie. In everyday English – he was cooking the books. The Government Investigation determined that, 'Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae,'

On June 16, 2006, Rep. Richard Baker, R-La., asked the Justice Department to investigate his allegations that two former Fannie Mae executives lied to Congress in October 2004 when theydenied manipulating the mortgage-finance giant's income statement to achieve management pay bonuses. Investigations by federal regulators and the company's board of directors since concluded that management did manipulate 1998 earnings to trigger bonuses. Raines and Howard resigned under pressure in late 2004.

Howard's Golden Parachute was estimated at $20 Million!

Jim Johnson – A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO. A look at the Office of Federal Housing Enterprise Oversight's May 2006 report on mismanagement and corruption inside Fannie Mae, and you'll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson's 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million.' Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae.

Johnson's Golden Parachute was estimated at $28 Million.

WHERE ARE THEY NOW?

FRANKLIN RAINES? Raines works for the Obama Campaign as Chief Economic Advisor

TIM HOWARD? Howard is also a Chief Economic Advisor to Obama

JIM JOHNSON? Johnson hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee

IF OBAMA PLANS ON CLEANING UP THE MESS – HIS ADVISORS HAVE THE EXPERTISE – THEY MADE THE MESS IN THE FIRST PLACE. Would you trust the men who tore Wall Street down to build the New Wall Street ?

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John   October 2nd, 2008 1:20 pm ET

The Senate is full of liars going for the kickbacks from fat cat wall street. After G. Bush and M. McConnell I will NEVER vote Republician again! This was seen coming 4 mo.s ago and the Pres. did what he has always done............NOTHING!!. I hope the whole Manhattan area goes belly up.......they deserve it!!


Kevin Mesa   October 2nd, 2008 2:30 pm ET

Has anyone asked what the American people about the bailout. If you ask the Average American about this deal using taxpayers taxes to bail out businesses that got rich and didn't stick to the rules of money handling why should we bail them out. If we have to Lets do it by a vote by the majority of Americans not the limited few who think that they represent us as a whole. I believe that some of the Congress People in office heard their constituents and they said no. If the American People say no to a bail out will congress listen or do it the way their hands do in looking for a hand out just to vote the way of the busines that has taken the american people for a ride.


Sharon Elliott   October 2nd, 2008 3:02 pm ET

I am tired of bailing out the government and banks. The Senate and House if full of people who wouldn't know the truth if it came up and hit them. They need to start caring for the people that elected them, and much less about themselves. We are the ones having financial problems now not them.


Randy   October 2nd, 2008 3:25 pm ET

First it was 700 billion and now 1 trillion. Are our leaders nuts or just smoking something? Surely the house will want to be re-elected and vote this down. I haven't found a single person yet that wants to spend this kind of money! They do ask, "How do we fire our elected officals before an election." Does anyone know?


G Ansell   October 2nd, 2008 3:25 pm ET

What return will the taxpayers get out of this the banks using our bail out tax money to help them out. When we ask for a loan from a bank they sure get alot of intrest for their return. and if we go under oh well sorry they grab your car,house, boat etc. Don't spend what you don't have.


Forrest Stoots   October 2nd, 2008 3:37 pm ET

When will we finaly admit that this financial mess we are in is our own fault. We have demanded higher wages, bigger houses faiincer cars,ect for years. Are we so short sighted not to realize there is as top to every mountaiin andd when you reach it you must come down.
Until we are willing to give up some things our situation will only get worse.


Lee   October 2nd, 2008 3:47 pm ET

Im a Texan with the solution to our economic crisis............Get all C.E.O's that raped the working people, All the Billionaires that made a Killing ripping off the general Public, Shareholders that did same. & Politicians who lied to us for years .& passed Bills that made them Rich. Shareholders that never cared & never will Pay the Debt. After all Were the ones that made em rich in the first Place. After that we will all have enuff left over to go to DisneyLand.And Next year we can give em all a 5% increase in pay? Oops I forgot the Oil Companies. They Gigged us too.


Jon   October 2nd, 2008 3:59 pm ET

This whole bailout deal is to help lenders who have loaned money to people who couldn't afford the loan in the first place, to those people who have defaulted on their payments from balloon loan agreements. Now, if the lending companies choose to lend to people who couldn't afford the loan in the first place, to those people who actually thought the future financial situation would get better for them, to be able to pay the ballooning payments; then the problem lies with the lending companies who loaned the money and the barrower who thought the payments were affordable. So, if the problem lies with the lending companies and the barrower's who couldn't afford the payments, then when did that become the American taxpayer's problem?

Next, if Congress creates a bailout plan, the first time, only containing three pages, and it fails to pass; however, they create a "better" bailout plan, containing 450+ pages, with millions in tax breaks and ear-marks, and it passes! What is this to tell the American people, who have a brain and use it? It tells them the Senate or even Congress as a whole, won't pass any bill's or "a plan to help bail out the American people", namely the middle-class, without money going back into the pockets of their constituents. Does that sound American? Does that ring of sound judgment? Will anyone stand up and say, "No"? Plus, how can you give tax-cuts to certain individuals and charging others the bill of $750 billion, is that fair? Of course not, but neither is forcing the American people to pay a bill that is not theirs to pay, especially in a time where unemployment levels are at an all-time high and fuel prices are based more on taxes and greed, than the actually price of the fuel bought.

It’s so simple; I can't believe people haven't thought of it. First, stop judging the economy, lending standards, and market outcomes on "confidence levels", when did something as simple as facts get thrown out the window for a standard of emotion? Second, lending companies put themselves into this mess, by lending to those people who they knew couldn't afford the loan in the first place; so have them eat the loses of their own lack of lending standards, and have the lending companies plus the barrower file for bankruptcy, not the American people as a whole. Third, stop allowing the extreme "wants" of people to guide, the extreme lending needs, to fill those extreme wants, of people who could never afford to pay for those wants, ever.

Leave the American people out of a problem that doesn't involve them as whole. Sure, some of the American people have defaulted upon loans they could never afford; but that is a problem between the individual and the lending company. Bottom-line in my eye; leave this problem alone, at the very least, leave the problem in the hands of those the problem contains: the lending company and the barrower.


Rudy Garcia   October 2nd, 2008 4:27 pm ET

Here's an equation of sorts to explain the need for the Rescue bill:
Rising oil prices due to wars and severe weather damage = rising gasoline and food prices = defaults on personal loans (autos, etc) and mortgages = much stricter credit criteria = fewer business as well as personal loans = reduced income for banks as well as other businesses = loss of jobs and either closing of non-performing banks or their purchase by huge banking conglomerates with substantial foreign investment = American banking system and economy held hostage by five or six (if we're lucky) huge banks.
Isn't that a great prospect for our future? Rescue our banking system and economy but put in place very tough Oversight committees and a return to strict regulation of all aspects of the financial industry. Then ad a major public works program that may increase the national debt for a while but will put people back to work, much like the WPA during the Depression, including the program for budding artists that produced some great writers, etcetera.


Alison Coleman   October 2nd, 2008 4:52 pm ET

I really didnt appreciate our law makers "sweetening" the bail out bill just to get some votes. That is so low down and dirty on both sides. First for the ones who proposed they do that and secondly for the ones who would be on the receiving end of the proposal. Why does everything have to be so complicated?? And why cant the American people have an individual vote on it? It seems to me the politicians seem to do what they want to do once elected .... dont even bother to ask the people. What ever happened to "for the people, by the people". With something this big for our nation, I believe every citizen should have a vote on it. Of course...its just my opinion...one voice crying out for justice and accountability!


Mike   October 2nd, 2008 5:06 pm ET

Easy lending has led to this chaos. While some may be responsible, it is up to the managers of accounts/businesses to oversee, hence the term "manager." Little sympathy for those who mismanaged. Further frustrated by the Senate's outrageous behavior of passing a bill contrary to people's wishes. I guess we ain't smart enuff, right? There are other proposals being discussed, why can't we hear them? So much for earmarks since the bill now has riders. Stop the nonsense, take time to think it through, and can we please stop having the people with money tell us how much we're going to hurt? They're not.


tina   October 2nd, 2008 5:07 pm ET

i am a small business owner . no one has given me a loan to pay my employees, do you know why because if i can not afford it i do not hire any more employees. i myself will work extra hours. and no i do not make a million a year. 2nd i am tired of hearing about the credit crunch they say the car business has dropped 30% my question is what % of those were at hire risk? same with the housing market 20 years ago you had to have 20% down with excellent credit. now they are saying no credit for cars or housing unless you jump though hoops. WELL that is the way it is suppose to be. so NO on the bailout and stop trying to play the what if we do not do it game.
tina – iowa


Mark B.   October 2nd, 2008 5:20 pm ET

I guess the moderators at CNN did not deem my blog that I submitted yesterday appropriate for I see many others, more inflammatory than mine that are posted. However,
I agree with a few commentators that, if every CITIZEN of the United States were to be given one million dollars ($1,000,000.00) each, (regardless of age) instead of the $300.00 to $600.00 stimulus package that was meant to spark the economy, IMAGINE...
Yes, people paying off their debts, opening businesses, investing in businesses, or just living on it (which they still would be spending money purchasing whatever), IMAGINE.
It wouldn't cost $700 billion, just what, $300 or so million. IMAGINE.


tom evaul   October 2nd, 2008 6:30 pm ET

I'm appauled that the senators had the audacity to add pork to this emergency bill...probably knowing that a majority of the senators would vote yes for the bailout...so why not go ahead and add a billion dollars more for taxpayers to pay for things that are not needed at this point in time....no wonder the approval rating for Congress is at an all time low....they are nothing but scoundrels using our hard earned tax monies for their own little projects. When will the American people wake up and revolt against the ridiculous spendings of our congressmen!


Ken Carter   October 2nd, 2008 6:45 pm ET

Don't bail out ANYONE!!!! Let the market fall. Maybe if it falls it will bring everything down to where it should be....come on!!! $6 for a gallon of milk....$1.50 for a candy bar ....I even had to pay $1 for air from the gas station....Where does it end??!!! Right now...let the rich fall on Wall St.


Nancy   October 2nd, 2008 7:23 pm ET

If John McCain is the person he says will root out all the pork from this financial bill, why did he vote in favor of it. It is full of pork. Why does the tax payer have to foot this bill? Any politician that votes for it should never again be allowed to hold public office. Wake up people, you're being given the shaft once again.


Dean   October 2nd, 2008 7:32 pm ET

Why did PMI take care of these failed mortgages? I thought that it was supposed to take care of this type of situation. If you didn't put down 20% (most likely true for the sub-prime mortgages), then you should have been paying PMI. What does PMI actually cover?


Kenneth Rinear   October 2nd, 2008 8:00 pm ET

I am not in favor of the taxpayer saving the abominably overpaid, over-bonused and irresponsible executives who have brought about this financial collapse. Unfortunately, if the plan is not adopted I fear that our country, and as an overflow effect, much of the world economy will fall into the worst economic environment since the great depression. Therefore I reluctantly support some sort of government intervention. However I believe that in this instance, if the taxpayer is to pay the bill for this program, then the taxpayer should be an owner in the assets and the potential capital gains when these mortgages are resold. Give us a payback on our investment. As for the financial executives who caused this catastrophe, I say that they should forfeit all income received for the periods they were at the respective companies that fell to insolvency. Start with Fannie May and Freddie Mac executives, then go to the investment banks and commercial banks and then go to the high profile mortgage companies that bankrupted this country. Take away their money, their assets and their way of life and let them get a feel for the everyday life that the average American who struggles from paycheck to paycheck has to endure. Let them get ulcers, stress fatigue and live in fear like most people do. Thanks for listening to my comments. K.R.


Timothy Johnson, Kentucky   October 2nd, 2008 9:03 pm ET

The No Banker Left Behind Bailout reminds me of all the Fables we learned as children. A President that has cried wolf too many times. The Chicken Little's in the Congress and Senate that believe the sky is falling. A Financial Advisor with his magic bag of beans who may have been part of the problem, soon to be the Financial Emperor with no cloths. The 401k Icarus investors flying to retirement on wings of wax. The only thing that should be sent are subpoenas. The economic scientist have no clue if the bailout will even work. Before I sent what will cost every man woman and child of The United States $2300 into what appears to be the Titanic. I would look at all Ideas especially the ones that cost nothing to the Taxpayer. There are tried and true ideas that worked in the past and I have no doubt will work today. History knows the way. Could be we need a "New Deal". There is nothing that says the economy has to fail before we implement programs such as the "New Deal". What we know is that apparently the free market has failed. I guess they should have practiced fair markets instead. The free market now needs a Big Government Socialist bailout according to the economic scientist. The law of supply and demand really mean those that control the supply, "oil and money" are in a position to demand. I say no to this bailout. We already know what the outcome will be. They have told us.


Gary   October 3rd, 2008 12:00 am ET

I love the irony in all this. Banks approving bad loans got us into this mess. Now banks want an injection of cash to grease the frozen wheels of a credit market that specialized in approving bad loans. What assurance can banks give us that approving bad loans are a thing of the past? The wheels of the credit market may start turning again tomorrow, but the weight of more bad loans will eventually cause it to roll downhill...and crash. We will crash with it since our economy is tied to the credit market. I say this bailout will be ineffective. There has to be a better solution. Its up to Congress to take the time to find one.


Heather Bowler   October 3rd, 2008 2:00 am ET

Seriously with the bailout aren't we just buying time for the next president (whoever that may end up being) to put the screws to the economy even more. The average citizen should not be surprised, each one of us knows how much harder things have been getting over the past year with the increase in prices and rates it's unending. How the heck is this even going to help anything? You are now creating a new era of ooops we stubbed our toes fix it for us now. At what point do you finally say to the american public let alone the world... GUESS what? You messed it up now deal with the consequences of it. Keep the small businesses afloat with tax breaks they can truly use and tell the ones who have been making huge money off us the public who have made them rich to dig deep and help fix it. Look at all those companies with the huge profits over the past couple years by simply raising costs on us just so their ceo's could get fat checks.


Jeanie (arizona)   October 3rd, 2008 3:34 am ET

Oh come on for those of us who are old enough to remember the 10 cent candy bar this is no surprise.

You call it a growing economy as car sales increase and people make more money. What no one has even come to realize is that inflation has been biting everyone in the rear for years. I just don't think bailing them out is the answer. The lawmakers give us all a raise on minimum pay to help us survive and immediately following there's an increase in the cost of everything. Hell toilet paper costs you a buck a roll now. Gas 4 dollars a gallon just recently here. This is not a joke to me or many other americans who are on fixed incomes.

The problems are just beginning now. Lay offs, job cuts... neighbors robbing each other to pay their bills. I thought it was bad when someone siphoned the gas out of my car because they couldn't afford to buy any. I'm just sitting here wondering what is next in the line up?

My point is this folks and it's very simple. There was a time when our fathers and mothers worked hard saved and did all they could to put a roof over each one our heads. They scrimped and saved and credit cards? They were never something to abuse or misuse. Now adays you can't survive without one in your pocket. Between the huge taxes taken out of every paycheck to pay for all these special programs and the increase of the cost of average goods no one can survive this. It's as obvious as the noses on our faces.

Let the market crash, it's done it before... GET RID of Nafta.. make the american based companies who want to sell here come home and give the jobs back to the public who lost them so they could get richer. Stop giving welfare to illegal immigrants give it to the ones who are just barely hanging on. In the meantime like the other posters have said... fix the homeloans that are obviously shams and scams freeze it completely and issue a standard rate for all. Make it stabilize, this is insane to pay out all this money when just a few modifications need to be made.

I don't blame one politican I blame them all. Not one of them stood up and said no to the very things that have built this problem up. Nafta, the increase in housing costs, the scam loan companies making a fortune off the american public. This bail out doesn't fix anything, all it does is ensure that in a couple years time... we'll be lucky to see 25% of our total earnings coming home with us. Because the rest ? will be taxed to save social security and other programs that are desperately needed now and in our future.


sandman89   October 3rd, 2008 4:45 am ET

as someone who's been responsible with their credit and mortgage, i hate the idea of having to foot the bill for those who were greedy and/or irresponsible with credit and mortgages. it's not right or fair. i want them to take their time and do this right, not rush to judgement...like the war in iraq.


Mike Mauro   October 3rd, 2008 6:05 am ET

The bailout package is going to get shoved down our throats no matter what we want and it will only cost 110 billion more in pork the second time. It looks like lobbyists and big business win out over the taxpayers in this country again.


BOB   October 3rd, 2008 6:08 am ET

well the debate is over nice try by the goverment voting on the bailout the day after thinking we would not keep the pressure up on the house well i still say no to the bailout there are to many things that can go wrong we need to eat the bullet and start over at least the whole world will suffer not just the americans got to stop this greed and bailing out wall street , banks ect ect its time our goverment knows we run them they don't run us give us our respect and freedom back


bandit12   October 3rd, 2008 6:12 am ET

If the financial crisis started due lax oversite and super-inflated home values, shouldn't we let home values level out before we throw more bailout fuel on the fire?


Jonathan Gates   October 3rd, 2008 6:21 am ET

This bailout is a bad idea in the long run. It sends a clear message that as long as you are an intrical part of the economy, you can take all the risks you want and the government, (us) will bail you out if you fail. It also interferes with the natural course of free market capitalism, and will hurt us in the long run. However, I also understand that without it, most of us will suffer as a result, in the short term. I'm willing to accept that. Either way, it needs to be cleaned up. Get rid of the pork barrel!


Sarah   October 3rd, 2008 6:23 am ET

My husband and I have been married for two years now, he is in the United States Marine Corps and has been for 16 years. I am currently a Junior in College but now my FAFSA funding has been suspended and I am unable to attend college this semester and I am not sure when this freeze will come off. Our plan was for me to finish my degree this year in the hopes that next year we can start trying for a baby... we are suspending all of our planning. We also live outside of DC and I worked a summer job at Stanford University but since my return home I have been out of work for almost two months. I have an extensive professional managerial background and am now applying for every job short of flipping burgers... Something has got to give, we have used up all of our savings just to survive month to month.. what used to be a nice nest egg is now the worry that keeps me up at night. Any suggestions on funding for school? or anything else for that matter?


Samantha K.   October 3rd, 2008 6:40 am ET

I HAVE THE SOLUTION! This will fix the economy and many aspects of everyone's lives. If the government is to put forth money, how about an interest-free loan that will be repaid within very few years, given to businesses big and small... to double minimum wage immediately! It used to be that you could have one working parent and buy things with money. Nowadays both parents have to work, and it's still not enough, the economy would go nowhere if it weren't for credit which gets everyone in debt. The economy is ill because nobody can afford to SPEND, and businesses suffer and create monopolies.

But if minimum wage were actually liveable, everyone would give back to the businesses rapidly. The loan would help the businesses weather the storm, then they'd see their profits skyrocket, and they'd be able to pay the loan back within only a few years. We would lose nothing, we would gain everything, businesses would gain everything, producers of goods and services would gain everything.

Bailing out Wall Street would gain absolutely nothing but a few rich businessmen getting richer at all of our loss.


david pummill   October 3rd, 2008 6:50 am ET

While keeping the economy above water is first and formost I do not understand the added pork at this level in order to get a yes vote from particular congressmen.. This list should be news as well...


Arlon Hickman   October 3rd, 2008 6:51 am ET

Living on credit is risky as the current situation shows. Congress is at fault for the legislation that encouraged or coerced lenders to engage in sub-prime lending. Lenders that paid their loan officers a commission based on the amount of the loan extended share the blame. But ultimate responsibility lies with the individual who sought credit beyond their ability to pay. I only buy what I can pay for and therefore I am angry with the congress wanting to force me to be responsible for the irresponsible monetary practice of someone else.


fred   October 3rd, 2008 7:00 am ET

It's amazing that congress says that we're in a crisis but the bill being passed has lots of earmarks (for non-essentials issues). They say it for the "house", so they will vote for the bill. It appears as it does all the time, the people have no voice in congressional plans. The term main street doesn't seem to include the working class. Once this so called crisis is over working America will be no better off than now, more likely worse off. And, for the record the bill is more than 700 Billion, more in the neighborhood of 1Tril. The Republicans, said the Speaker of the House more – or – less hurt their feelings, but actually it seems they just didn't get the personal perks for themselves.

I don't think this bill should pass and if it does how about adding another Trillion for the 129,000,000 register taxpayers (w/ income less than 100,000). It would raise the deficit but at less it would energize so many different aspect in general life , that people abroad, might be able to live the "American Dream".


robert leahey   October 3rd, 2008 7:04 am ET

we had access to CREDIT LINES,which of course means you can BORROW the money at a pretty good interest rate.
If we were given a check for our share of this bailout money,you wouldn't be able to keep the economy from doing great.Housing would boom,car sales would boom,investments would boom,you wouldn't have to BORROW money,you would have money to pay off your debts(oh,yes,this must be avoided at all costs).
We couldn't have the American people with money to spare,what would happen to the real people,the ones who collect the outrageous interest on their credit cards,the ones who keep the little people down until election time,and then offer a little break in order to get their vote.
The BAILOUT,too bad for us,great for them.


JG   October 3rd, 2008 7:06 am ET

The bailout is just more of the same in Washington. We have just raised the bar to billions instead of millions!! There were many other important items that could have been attached to to the plan than "trinkets"!! What about measures to stop predatory lending, how about $ for education, $ for social services. I hope Sarah will plan a bow and arrow safety course in the Senate !! Has the will of the People been replaced? Why was "this" plan the only one to be considered? I hope the real reason and where the pressure really is coming from is revealed in the not too distant future!!


Mary   October 3rd, 2008 7:08 am ET

One of the major sticking points I have with this bailout plan is that it is being crafted so quickly that the loopholes will be enormous. Because of those loopholes the number massagers in charge of these "too large to fail" corporations will be able to pocket a good deal of these bailout billions personally and the American people and small businesses will be left hanging.


Beth Green   October 3rd, 2008 7:11 am ET

I am totally against the bail out!!!! If we sugar coat the problem it will never change. The message is "go ahead" ..... Make unsound decisions and let the government fix it later! That's just not right.


Pat   October 3rd, 2008 7:12 am ET

The House tried to pass a bill that was ONLY about the bail out. However, the Senate passes a bill loaded with PORK and intimidation. Vote no and you are telling the people in disaster areas that you don't care about them. This bill is suppose to be about the BAILOUT NOT about other issues. And other pork - tax break to a company in Oregon who makes wooden arrows.....what does this have to do with Wall Street. This is exactly what is wrong ... we need to focus on the issues. The PORK has to stop. We need to go after those who put us in this mess. Shame on the Senate.


robert leahey   October 3rd, 2008 7:23 am ET

700Billion divided by 300 Million equals 2.3 million per person,which translates to 1.6 million after taxes.The IRS gets back 210 Billion right off the top,and the people get enough money to really get this economy on track.
The problem is,they don't want us to get on track,they only want to keep us beholding to the money lenders.
Great job congress and senate,you REALLY don't represent the people.


Ken   October 3rd, 2008 7:29 am ET

Nobody believes this is about helping the american people–we can't really be that complacent!!!


Doug   October 3rd, 2008 7:44 am ET

It's sad when they tell us it's time to help mainstreet and Pelosi helps her family business.

Who is in American Somoa? Find why it's related to Pelosi. You'll be sickened.

What Part of the Pork added helps these disgusting people in Congress.

They are all waiting for the kickbacks to come for the $107 billion they attached.

Change? that's a joke.


Diane from Fl   October 3rd, 2008 7:49 am ET

Why should the banks get paid twice – once from the gov & once from us? I feel it would be better for the gov to pay off our mortgages (everyone's). With that extra money, The taxpayers would boost the economy buy buying things & repairing things. The banks problem would be cured also.


Dan Randall   October 3rd, 2008 7:54 am ET

Lets see......, banks make their money by lending money. Banks have been behaving badly and some of the largest banks have been behaving very badly. Now, they say to the taxpayers "if you don't bail us out, we will stop lending".
Hummmm...., if they continue to cut their lending, don't they destroy themselves?
Wake up America – there is plenty of money in the system and there are many healthy banks that can take up the slack.
To Wall Street: brilliant! I wish I could have thought of this – legalized blackmail, or the greatest bluff ever concieved. No doubt, in the end you will win.


Sue   October 3rd, 2008 8:08 am ET

I am against the bailout and the so called added tax breaks added by the Senate. I am angry that neither Obama nor McCain represented the vast majority of the American people's strong opposition towards this bailout plan by voting in support of this bill. Also keep an eye out as there are other actions taking place that is being underreported as we focus on the bailout and the V.P.s. President Bush signed a bill last Saturday for over $600B that sends 70B to our Troups, $82B to the disaster victims of hurrican Ike, ( I am not in oppisition to those two items) but also sent over $400B to the Defence Dept. Now there's something to look into. What else might be slipping by us as the media keeps us focused on the bailout that won't work, or Sarah Pailin's winking.


Kathleen   October 3rd, 2008 8:29 am ET

I wish the DC law makers wold stop worrying about getting reelected, and start doing what's right for our country!


Karl   October 3rd, 2008 8:30 am ET

After watching the debate, it is clear that Gov. Palin was schooled on what not to say. Sen. Biden was at his best. The problem I have with it is this. Why we talking about who won here,when the American people have been losing for years. I would like to see the system really speak for the people.


Pauline Altobelli   October 3rd, 2008 8:35 am ET

Hi Robin
I know the world is watching to see what happens today with this vote...I am disappointed with all of the extras that have been added to this "Rescue Bill". However, something must be done and we must trust those in power to do the right thing. I am really tired of hearing how terrible the economy has been for the past 8 years....I don't know where everyone else has been living but I have only seen a change in the last year. During these last "8" years everyone I know has been doing pretty well...up -grading their cars, their houses, lots of flat screen T.V.s etc. Don't you remember when people were selling their houses in one day for thousands over the asking price? People were getting nice bonuses and not just on Wall St. When things were good did people save some of their good fortune or did they buy that new BMW? As for these foreclosures....As far as I know a lawyer must accompany all buyers and sellers at the closing on a house, condo etc. Between the Bank, the Realtor and the Lawyer I'm pretty sure that everyone was aware of what they were doing. My feeling is that the buyers did not care about the terms of their mortgage ...they wanted a house to put their flat screen TV in and so they got it! They assumed the value of their home would keep going up and they would have nothing to worry about...Newsflash.....since when was the housing market guaranteed?? Never would be my answer. So lets hope people in America get a little smarter and realize if something sounds to good to be true ...it probably is....and buy things that you can afford...and most of all put some money away for a rainy day....didn't our parents teach us anything?


C. Stearns   October 3rd, 2008 8:48 am ET

Asking me what I think about the bailout is sort of like a brain surgeon asking me what instrument to use in his next surgery. Understanding the complexity of this crisis is far beyond my knowledge base. I consider myself an "average" American. I go to work everyday and try to balance work, family, finances and fun. But when the leading "expert" economists admit they don't have the answer, how would I know? We have entrusted those with more knowledge in national economic finance to keep things smooth, and they have let us down, to say the least.


Judi Kemlelr   October 3rd, 2008 8:53 am ET

CAN YOU PLEASE EXPLAIN THE PORK:

KIDS' WOODEN ARROWS $6M


Ralph   October 3rd, 2008 8:54 am ET

I am very upset about this bailout and I am hoping they do not approve this bill. Yes, we are paying for this and I feel confident we will be shafted in this. But I am waiting to hear about the side-effects.

They are saying that because of this cluster, the credit companys are going to reduce our credit limit, which is going to reduce our credit beacon score. There are a lot of companies that use this, especially our insurance companies.

So now our insurance companies (plural) are going to raise our rates and we are going to pay on this end. Can't the politicians do something about this?

Nobody is saying that we will immediately be affected and have to pay.


dan   October 3rd, 2008 8:55 am ET

Oh My all of a sudden there are more than a thousand pages from just three pages typical government adding the special interests proposals and other special gimmees.
The government wonders why the American people are so upset. Things that make you go hhhhmmmm!!!!!!


Lynn from Ohio   October 3rd, 2008 8:58 am ET

Palin Paddles out of predictiment!


Jason D.   October 3rd, 2008 9:06 am ET

I have been an electrician ever since I left the Navy. In the past two years, I have seen unemployment three times.. credit crunch??? Heck, I couldn't tell you the last time credit was even an option to me. You people don't live at our level. I only hope the next president doesn't hear the call to Bastille from the oppressed masses angered at the detatched leaders that are pretty much telling us to eat cake while they give away money to the rich scoundrels that hooked us up with all this joy. This has the opportunity to be a "reset" button that can actually even the money gap out a little... ooh.. scary. Not as scary as the starving many of us are already doing, and all I hear is that we need to save me by saving my enemy. Yes, you heard right ENEMY. Well.. let me save myself since that's the only source of help a growing number of us truly have, and instead of bailing out, arrest them, and let them bail themselves out.. Capitalism is a rollercoaster.. sometimes it's fun, sometimes it's scary, but you NEVER just jump off when you're scared. Let the chips fall naturally, and use that $700 billion to create new jobs, or strengthen our base population with a NEW new deal.


Cowboy   October 3rd, 2008 9:09 am ET

The decision made by the House of Representatives to vote against the bail out of wall street is aligned with the desires of the people. It is wrong for the Senate to amend the bail out bill; then vote on the bill to try and pressure the House to vote in favor of a bill that has already been voted down by the House of Representatives. It is wrong for the House of Representatives to defer or give into the desire of the Senate. The decision of raising revenue is vested in the House of Representatives. The American people await your decision; it is your decision that is reflective of the voice of the people.


James   October 3rd, 2008 9:15 am ET

Is it just me or is it funny that one of the "add-ons" to the bailout bill is to increase the FDIC amount from $100,000 to $250,000 dollars? How many average Americans have $100,000 dollars in the bank let alone an amount greater. Again another example of our government playcating to the rich and NOT the average American. This is just 1 example of the idiocracy that we are having to put up with from our congress. Its amazing what worthless bells and whistles are being placed as add-ons on this bill in an attempt to have it rammed down the throat of the American people. It appears that no matter what we want, our earless politicians will do what they want when they want.


Frank Brennan   October 3rd, 2008 9:19 am ET

It would be nice to know ,each of the unrelated items added to the bill passed by the Senate. Who added it and at what cost. You would think that this bill ,would have been spotless clean. Instead it was loaded with crap ,much like those who drafted it .


James   October 3rd, 2008 9:28 am ET

I have been most interested in the subject of the recent bailout and am looking for someone to explain to me why the avg middle class Joe should agree/ stand for this. Yes!! I realize that the bailout money will free up the credit crunch. But isnt that what got us into this mess to begin with. People giving money/credit to people that the banks knew woulndnt be able to repay in the event of hardship. Thats why they call it a risk!!
Websters defines risk as a danger that you take on yourself. Or in viewing these credit/bank lending companies, the danger that they take on themselves... NOT ME!! so why should it affect me?? Think about it.. I didnt take the risk. AIG and some of these other big lenders did. Isnt this how they made their millions? Its a risk.. you may make a mill or you may lose a mill. its the risk!! I hear that the crunch affects the ability to provide credit and without the open credit, all the bad things of the world dwindle down to you and it affects you and bla bla but again, why? Isnt their something that this congress can do that insists that these risk taking companies be responsible for themselves without the average American footing the bill? And what makes me the most flustered is that we are depending on the same congress and senate that has continued for years to pass legislation with loophole after loophole that protects the wealthy from responsibility. Why? Because they know that the middle income level working man/ woman will always be there to pick up the tab without as much as a say!
Think about it! What say do you have? The same politician that you voted in, that votes for legislation with loopholes ( for those down the rode blunders) will be the same politician that votes to get his lobbyist backed money hungry interest out of its responsibility to cover its screw-up. Am I making any sense?


Jim Pedersen   October 3rd, 2008 10:25 am ET

I think the Gov. should tell the banks to change the loans from adj. to fixed and all the familys that are behind and forget those months missed and start over. I think that would work better than the Gov. giving money to this Banks. Thanks Jim Pedersen


Lori Gudenkauf   October 3rd, 2008 10:27 am ET

I question whether the reason for the stock drops and stock climbs is being accurately reported. On Monday, most of the drop occurred BEFORE the vote on the bill, but the news said it dropped because people were afraid it wouldn't pass. All weekend before Monday, the news said lawmakers felt they had a deal. So maybe the stocks dropped because we thought the bailout bill would pass, not because we're afraid it won't. The next day, stocks rose. The news said it was because people hoped the house would vote again on the bailout... but it seems more reasonable that stocks went up because the bill failed in the house. When the bill was voted on in the senate [side-stepping the law], again stocks fell. The news said it was because people are worried the house wouldn't pass it, but it seems more reasonable that they fell because the senate side stepped the law to vote to pass the bill.

If I am wrong, and the stock market is really rising and falling because people want the bail out bill to pass, then clearly, only 20% of the population is invested in the stock market – because 80% DO NOT WANT THIS BAIL OUT!

If I am right, and the stocks are rising and falling because people DO NOT want the bail out, then passing the bail out bill could crash the market and our entire economy. I almost hope it passes just to watch our system crash and burn, and show lawmakers we are serious.

So you say I can't get a loan for a car? LOOK, If I can't afford a car or have bad credit, I shouldn't get a loan! If I can afford it, and have decent credit, they will give me credit for a car.

The FACT IS carmakers do NOT have to seek funds to loan me for a car! They have ALREADY invested their money and built the car. actually, I want a truck [as my dumpy house requires me to haul a lot of materials to improve it]. Ford has already spent the money to build the trucks that aren't selling. My bet is they would be more than happy to give me a loan to buy their truck. Ford Motor Credit was not created out of a random desire to extend credit... it was created to help move their inventory!

As for credit in general, LOOK, if people don't make loans to people with good credit, they will cease to be in the credit business. Stronger lenders will keep making loans, other players will enter the field.

For me, reality means... if this bail out bill passes, I won't buy a new vehicle, or seek a new mortgage or seek a business loan. I will not invest in the stock market, and my business will not create the 100 new jobs we have planed for the fiscal year that just began for us.

I will only do those things if I believe in the system I grew up with... the bail out passage would mean I can not believe in that system.

I think the rich should be very afraid of this bill passing. The poor may revolt. Police are not rich people, and there aren't enough of them to protect the rich. If the bail out bill passes, the jobs created will be in the security field, as the rich will have to hire protection.

I believe that if the bail out bill passes, the US economy will collapse, because the people overwhelmingly DO NOT WANT THE BAIL OUT !!

Never before in my life have I seen SOOOOOO MANY Americans AGREE on something! Let's plan a Tea Party, Boston style!!!

Lawmakers, be on notice! The people do not want this, and we are not only smarter than you think, many of us are smarter than you. More importantly, we elect you, you don't elect us. If you vote to pass the bail out, we won't vote for you! More important for lawmakers to understand.... if WE THE PEOPLE are not 'on board', this will never work!!!!! If you want us to consider options, stop pushing this down our throats, slow down and back up, lets talk! We're smart, we can handle it. But don't be foolish enough to think that passing this bill is all it will take! WE THE PEOPLE ultimately control your future, lawmakers.

The 80% who are opposed to passage of the bail out bill are the back bone of our system. The other 20% can only profit off our sweat if we play your game your way.

I gotta get back to planning a revolutionary Tea Party! :-)


malinda parrish   October 3rd, 2008 11:01 am ET

To bail out our country send the politicians all the way to the President back to their 'real' jobs so they can be 'in touch' with not only their 'communities' but 'we as a people's' real financial picture. That's the founding forefathers foundational representation. Honesty will prevail in this country when the politicians have to earn a real paycheck like the founding fathers. That is not impossible when we have this 'wonderful wireless technology and video conferencing etc...' Never in US history has it been more prevalent than now that it is time that this country get back to 'industry and creating our own resources' rather than selling it off to the world. Put politicians in their district with a taxpayer 'laptop' as a paycheck. Let the 'politician' do the EYE Reports for the news and speak daily to the people. It will be only then that we will return to the 'respect' from the world we once held and made us great. Self Sufficiency Is what made us great NOT slavery- whether it be indentured in Taiwan or in an orange grove here with illegal immigrants. Our country will only be sustained when the big businesses are held at bay and not given lobbying rights at all. The stock market will recover when the banking industry returns to 'real' money from 'real assets' real estate, food, manufacturing, , silver, diamonds, etc...NOT DIGITAL MISREPRESENTATION AND "FUNNY MONEY" being printed by our country with no legitimate asset backing other than a politician pulling the lever of 'I NEED MORE MONEY'. What is the difference between a counterfeiting operation and our government currently? It used to be that 'assets and commodities' backed every dollar. Not the whinings of puppet politicians playing pauper for big business.


robert   October 3rd, 2008 12:34 pm ET

i have a idea why dont we tax all the oil companys profits (about150 billion each) and then use that money to bail out wall street and fix then housing market. big oil caused all of this to begin with. oh yea and also drop gas down to 2.00 a gallon and then see the economic recover begin. with gas at 3.00+ per gallon and diesel fuel the same no wonder everybody dosen't have any money its all going to the oil companys.


Shylove   October 3rd, 2008 1:54 pm ET

Lets hold on the panic just a bit, let consider the bailout for at least a few minutes... After all the stock market was being goosed by the same people who had been collecting the golden eggs all along!!!

Lets face it we have been played for suckers once again. Drive it up, drive it down, drive it all around town, play the panic for all it's worth until everyone settles down.


Joy   October 3rd, 2008 2:33 pm ET

I thought congress was suppose to represent the people. From what I see Most american people are against this bill. I think we should show them who really is in control and pull all our money out of the banks.

Since congress won't do their job correctly. We need to do it for them. We have the right to take our money back from those who caused this in the first place.


Andrew Kimberlin   October 3rd, 2008 2:48 pm ET

The people that need bailing out are the american people. The banks made the loans to people that could never pay it back. Frankly I do not see how this happened, I make 45,000 a year, have a bankruptcy and I get turned down for a credit card and I can only get a 125,000 housing loan. Not some 350,000 loan.

The 750 billion is only going to pay off the greedy wall street tycoons and will put hard working people like me out on the streets.


chris kepel fla.   October 3rd, 2008 2:56 pm ET

how about a bail out plan that works for people in debt and the banks!! i say give the taxpayer the bailout money but do it in a "Debt credit" that can be spent on debt the taxpayer holds such as a home loan, credit card, school or busines loan, etc. if plan is gonna cost taxpayers 40000$ apiece (or what ever amount) give the 40000 to each taxpayer in a Debt Credit and let them decide where or which debt gets payed the banks still get the 700 billion and we keep our homes and cars and jobs and credit rating


Brian   October 3rd, 2008 3:17 pm ET

Im with Lori Gudenkauf its time for a Revolution!!!!!! Tar and feathers the whole thing, if congress won't listen to the majority then the majority has to take it back!!!! I'm not paying for Wall Streets party!!


Tim, Kentucky   October 3rd, 2008 3:29 pm ET

The "No Banker Left Behind" bailout has to be the most shameful vote I have ever seen occur in our Government. I believe there should be a, "Wall of Shame" constructed and placed outside of the Congress and Senate. The names of those that supported this legislation placed upon it with pictures of the House and Senate leaders in the center.


Willy   October 3rd, 2008 4:38 pm ET

This bailout bill is a slap in the face of responcible Americans. Those of us that: a) Bought a house that we can afford and payed off the morgage. b) Pay off our credit cards and bills 100 percent each month; c) Do not gamble with the high rollers in the stock market; d) saved up and send our kids to college. We hear the scare tactics of how businesses, companies and corporations must borrow money in order to meet payrolls. What business can't pay their employies should not be in business! I'm afraid that our country is heading in the direction of a socialist state. It is really sad that out of 300 million people we can't come up with two better candidates for president of this once great country. This whole thing makes me very sad!


william   October 3rd, 2008 7:42 pm ET

well now that the second patriot act is law. lol we now have to move foward folks now we have states broke!? hey why don't every taxpaying american give 100 dollars to the gov., right now, so we can bail out the gov. now cuz they spent our money bailing out corporate america. lets get out of this right now ALL monthly bills get one time pass on being late no late fees no penalties its tacked on on the back side it will be paid just later, then ALL americans give two weeks pay to the gov. folks we need more than this this is not good and we need to inject money into our corporation AMERICA thats how we opperate. i'm serious folks that is how much trouble we are in no matter who goes into office taxes will go up so lets nip it in the bud.


Connie   October 3rd, 2008 9:32 pm ET

I am disgusted that our leaders did not listen to the people! We need to vote these people out of office and get someone in there that will listen to us!!! I will not vote for anyone who said "yes" to this bailout!!!


Kelsey   October 3rd, 2008 10:04 pm ET

So many people are opposed to this bailout, incensed that they aren't getting any money from this deal. What a lot of people fail to realize is that if the finanial system did collapse (probably sans bailout) then the reach of this financial crisis would pervade even further into American society.

I know that times are genuinely hard for many people, however I do not think that blaming Wall Street is the answer. The truth of the matter is that while business deserve some of the fault, so do some people in these situations. When times were good in the 90s people overspent and lived beyond their means. Blaming Wall Street for predatory lending completely removes the responsibility of irresponsible spending from the consumer!

It seems like common sense that we should live within our means, but apparently common sense isn't that common.


Annie Norton   October 3rd, 2008 10:23 pm ET

I really like a lot of the ideas presented here. I think selling bonds to finance this is fantastic – that way the investors are sure to get their money back – unless the government will need to bail out the bonds in ten years or so. I also like the ideas to split money among all taxpayers over 18 – requiring that they pay all their debts with the money (and even sending in taxes on the windfalls we see – which immediately drops the amount paid out).

I have heard that one of the provisions is for the bankruptcy courts will be allowed to reduce the interest rate and principle owed on the 'bad loans'. I think this is a HUGE mistake. This is another way to reward people for inappropriate actions. Let's say you have a $200,000 mortgage, and the bankruptcy court reduces your interest rate from 6% to 4%, and reduces the outstanding principle from $188,000 to $150,000. The payments will go from $1200/month to $716. This is great for that homeowner – but this raises some questions:
What happens to the property values in the neighborhood?
How will the loaning party (bank or possibly an individual) get back the money they put out?
Will that precipitate a second round of all this?

When do we start accepting responsibility for our own actions – stop blaming others, and do the right thing.
Living within our means is – or should be – our goal. Most of us (I would like to say all) can’t always do that. It doesn’t mean that we should be bailed out by others – it means we learn to make do with less while trying to make the situation better. I know its much harder with a family. I want to give my children the world, and it’s hard to say mo to them – but I know that I need to. I know that I need to pack everyone’s lunch every day to save money, to turn the heat down at night and add extra blankets to the beds. I’ve taught my kids to turn off the lights when they leave a room, and that it can be as much fun to play board games in the evening as it is to go to the movies.

It’s easy to preach my views. I know that I don’t like having to pay bills all the time. I don’t like trying to juggle what I can pay today, and what I can put off. I know though, that eventually, I will have the loans and credit cards paid off. When I have a little extra, I put the extra on the bills – at least most of the time. It feels good to see the balances go down. I call the bank sometimes just to make sure the loan balances are going down – and I try to anticipate when they’ll be paid off. When they are, we do something special as a family. It may not be something that costs a lot – maybe go out to dinner and a movie, but it’s enough for us to look forward to paying off another bill – which can happen faster since we can pay more on the remaining bills!

I'm not perfect – and I can't always stick with the plan. We all try.


Arletha Joseph   October 4th, 2008 8:45 am ET

The American people have been asking to be baliled out Ie.. gas prices.... If we have billions of dollars laying around to bail giant companies out of messes they put themselves in then let the sweetners look out for us "Normal" people... our credit is ruined and no one is saying lets bail you out, we cant afford the gas prices... lets bail you out....The simple list could go on and on....I am surprised the two candidates weren't looking out for the best interest of the American people at a time when they are asking for our votes... I'm thinking the presidency has lowered the bar so low.... that I wonder if everybody should just let us the Joe Six packs run the country....


Theresa angel   October 4th, 2008 9:10 am ET

Hi CNN!!! I want to voice my opion on this huge bail out that the middle class is stuck with the bill i belive this is a sad situation for the usa . But!!! I do belive that it was a must to do, i how ever do not belive in the other crap stuffed in there i mean com'on now 10 million or something like that to race track? but that is AMERICA for ya and dont get me wrong I LOVE THE USA just embbarrassed of my country due to the fact we let happen what happen and now my kids and their kids will be paying for this bill !!!


Elaine   October 4th, 2008 9:10 am ET

I am livid that to get our elected representatives (I use this term with disgust) we have to add so much nonsense to a bill. THE AMERICAN PEOPLE SHOULD RISE UP AND VOTE OUT ANY OLD REPRESENTATIVES THAT ARE IN BOTH HOUSES! I DO THINK A BILL WAS NEEDED BUT WITH MUCH MORE CONTROLS OVER THE BANKING!
NOW THAT BOTH THE PRESIDENTIAL CANDIDATES HAVE VOTED YES TO ALL THIS PORK FAT (WHERE IS PAULA DEAN AND EMERIL WHENE YOU NEED THEM AS THAY ARE THE EXPERTS ON PORK FAT) MAYBE WE SHOULD VOTE FOR NADAR!
I am sure the rest of the world is looking at us and shaking their heads and saying what FOOLS, no wonder they never saw 9/11 coming!
I am a REALTOR and I saw this coming 2 years ago. People were getting mortgages that I knew THEY COULD NOT KEEP OR THEY WERE IN TILL THEIR CREDIT WAS CLEANED UP AND THEY COULD REFIE!
SO IF WE VOTE AN ALL NEW CONGRESS IN THE NEST 2 YEARS THE ONES VOTED OUT WILL SEE WITH NO JOBS WHAT A LOT OF AMERICANS ARE GOING THRU!


Robert Barrett   October 4th, 2008 9:42 am ET

I feel like I'm being penalized for living within my means, a mortgage that I can afford, then, now and in the future. Thats the American dream, not iving beyond. What are we teaching our children? That it's OK to live beyond our means?

We all have all had times of financial stuggles but muddle through it by tightening our belts. Financial responsibility by all (including our government, CEOs, CFOs, etc.) is the answer, not government bailouts.....................


James Taylor   October 4th, 2008 10:36 am ET

Now that the bailout package has been passed by both the house and the senate, we now are seeing different members of congress expressing their concerns of some of these add-on (pork amendments) such as the 2 millions for wooden arrows for kids. Give me a break, if you was so concern then why did you vote in favor of the bailout? Oh I forgot we had to do something. Why couldn't you just wait it out? I am disappointed with the House for allowing the senate to imtimidate you into voting for what WAS the right thing to do. Both houses allowed President Bush to push the PANIC button and hold America at ransom for $700b at the same time throw away $7m on bull crap that had nothing, ABSOLUTELY NOTHING to do with bailing out the economy. As for the GA congressman John Lewis and other Democrats that showed how weak and easily to be imtimidated they are, tells me that my Democratic party has no backbone to stand up for the American people when it comes to addressing major problems. Thanks for nothing. Thomson, GA


Dick   October 4th, 2008 11:25 am ET

Bailout? We don't need this stinkin' bailout! It is just for the Wall Street creeps' benefit.

Just look at the big banking news yesterday. Wells-Fargo and Wachovia get together to create something better than the sum of their parts WITHOUT any government/taxpayer help!

This is what we need more of as neither of these banks are your typical NYC/Wall Street malignancies. Both of their stock values were way up Friday while Citicorp went down. Now watch the Citicorp creeps try to block this deal because they might miss yet another opportunity at predatory behavior and wanted this deal more to cover their own bad paper/performance than anything benevolent for Wachovia shareholders or depositors benefit.

I hope the government does not allow them to block this deal or make a penny off of it as we need to do everything possible to encourage these kinds of unions that build more taxpayer/small business confidence rather than more debt and uncertainty that was arising from the Citicorp deal.

Kudos to to Wells-Fargo. All eyes should be on BB&T and other solid financial institutions like them to see if they can once and for all break the death grip that the NYC/Wall Street crowd has had on our retail and commercial finance businesses that are at the center of all monetary outcomes in this country notwithstanding the SEC, Federal Reserve, etc. as the power holders in these regulatory entities are under too much influence from the NYC/Wall Street creeps.

I don't imagine that too many of them have their mega-millions homes up in Greenwich, Darien or out in the Hamptons in foreclosure.


jdmatkins   October 4th, 2008 11:50 am ET

I feel a Revolution building here in our great country,We the people have been slapped in the face by the rich and greedy people of wall street ,So WE the people must stand up and take control of our country once again,We must not re-elect these untrustworthy Senators or the Representatives to office again, and we need to put term limits on all of the offices within washington, We need to ban lobbists from washington, except those who only lobby our congress with names on a sheet of paper,We need to take control of washington, forfiet this bailout bill ,if our finacial problem worsens then figure out what needs to be done, such as maybe half of this 850 billon , put that into creating jobs , such as solar, wind, and nuclear plants , creating jobs that we need, fix our trades agreements with everyone we trade with, put a little bit of this 850 billion into our health care issue, wow I think that would have been a hell of alot better than giving it to the already rich , greedy people that we gave it to.


Dennis Harshman   October 4th, 2008 11:50 am ET

150 Billion in PORK! How long before we Americans that ARE the taxpayers, wake up and replace very pollition that doesn't represent us, but, only their own interests? How much more of this can we take? Wake up taxpayers!


Jerry   October 4th, 2008 11:57 am ET

Why doesn't the NEWS give us the names of the Senators who added these EARMARKS to the BAILOUT Bill.
Wouldn't it be interesting to have them explain their actions in this CRISIS?


michael ramirez   October 4th, 2008 12:02 pm ET

.We all got the hit hard and I hope the rescue helps. The boys in Wall St. and the Ol boys in D.C. did it to us again. That said term limits should be imposed and some arrests and convictions need to happen so some confidence can return to our Great Nation.


Larry McClure   October 4th, 2008 12:59 pm ET

What happened to the idea the people elected to office are supposed to
represent the people that elected them? It appears that the vast majority of people in this country were against this bailout. It appears the politicians chose to go against the will of the people who they are suppose to represent,and have the people who put them in office pay the
bill.


Philip Lefkoff   October 4th, 2008 1:28 pm ET

OK, so here is an update on what I proposed above.

ALTERNATIVE PROPOSAL TO SENATE BAILOUT

Purpose – To have an alternative for the bailout plan proposed by the Senate. The burden will shift from taxpayers to investors. As we are looking to relieve financial investments they should be relieved by investments.

Observations – We have only seen the beginning. This bailout is going to cost more than $700 billion. For us to think any differently would be foolish. Also we need to find a way for current homeowners who are close to foreclosure to keep their houses if it is a viable. I propose the following.

Authority Setup – A separate independent Authority will be set up to maintain this project. The American Relief and Rebuild Authority hence forth known as ARRA. The ARRA will have an oversight committee that will include Senators, Representatives, Educators and a voice from the general public that will include small business owners and individual taxpayers.

Authority Function – The ARRA in conjunction with the US Treasury under mandate from Congress will issue new series RR savings bonds. This bond offering will be used to fund the Authority, to purchase the bad debts from financial institutions and restructure and dispose of these assets to repay the bond issue. A brief explanation will follow.

Authority Operational Funding – The operating expenses for the daily administrative functions of the ARRA will be funded by a nominal $5.00 service fee that will be administered to every property transaction that takes place in the 50 states. These fees will be collected by the Court Clerk Authorities of each state and forwarded to the ARRA. The Oversight Committee will be responsible for approval of budgets for the ARRA. Any request for additional funds must be submitted to the oversight committee and approved.

Sale of Bonds – The Series RR bonds will be sold through banks, credit unions and online. The Bonds will be issued from a central location and will be available in increments starting at $25 so that every individual will have the opportunity to purchase them if they so desire. The maximum bond face value will be $100,000.00. Bonds can only be purchased by individuals, with foreign investors having a maximum allowable investment of $500,000.00. The bonds will have either a 5,7, or 10 year maturity (depending on the ARRA and Oversight Committee), at that time of maturity the bonds value will be equal to 2X it face value ie… a $25 bond would be worth $50. If the bond is held past it’s Maturity date it will continue to accrue interest for a set time until it must be redeemed. The interest rate will be set by the ARRA and be adjusted quarterly. The sale of bond will accomplish three goals:
1. Takes the burden away from taxpayer and switches it to an investment.
2. It allows for the investments which would be backed by the guarantee of payment by the US Treasury to be used as security on individual loans. This would stimulate banks to loan money to individuals.
3. The sale of the bonds would allow for the collection of funds today, for the purchase of the financial bad debts and allow time for the properties to be disposed of over a course of time that would allow for greater return on the property. Instead of rushing to sell off the properties.

Early Redemption Penalty – If the bonds are redeemed in the first year, the bond holder will only receive face plus 4%. The bonds will have a return of 6% unless they are held to full maturity when the holder would receive the greatest benefit.

Plan 1 – Once the ARRA has it funding it can start to negotiate the purchase of bad debts(mortgages). Financial Institutes(FI) must submit stressed properties in blocks of $100 million. After approval by the ARRA, packages will be purchased from the FI at a cost of 25 or 50 cents on the dollar. The FI will have to share in the loss.

To have their packages acquired by the ARRA, FI must reform their lending practices and eliminate suspicious mortgages and return to more traditional lending practices. FI must also eliminate excessive credit card interest rates from their customers.

Disposal of Assets – The ARRA will work to dispose of assets in several ways.
1. Every effort will be made to work out a new mortgage terms with current homeowners, and to correctly appraise each property to correct value.
2. Sales will be done in three stages. The first and second run is for owner / occupants only. The OO must reside in the house for one year. NO INVESTORS WILL BE ALLOWED in the first and second run.
3. If a property has not been sold, The third run will open up to OO and investors. Investors must be reregistered with the ARRA. Investors will be limited to buying 5 properties per quarter.
4. Commercial property will be open to all on the first run. Consideration will be made to Small Business owners and minority groups.
The ARRA will be a limited entity, meaning it existence will be limited. All properties packages for submission must be received by the 1st quarter of 2009. Anything past that, the ARRA will have to work directly with individual homeowners and property owners described in Plan2.

Plan 2 – The ARRA will work with current homeowners to refinance and help with relief. Each homeowner is allowed to work with the ARRA once. The ARRA will help straighten out homeowners credit, but the individual will be required to attend Credit Counseling.


Bruce M   October 4th, 2008 2:51 pm ET

As promised, will McCain now name and embarrass the originators of the $150,000,000,000 in pork added to this to get the votes?


Candance   October 4th, 2008 5:34 pm ET

George Bush has been in office for 7-1/2 years. After 9/11 the stock market tanked and the economy struggled but by 2006 the economy was well on the road to recovery: 1) Consumer confidence stood at a 2-1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) The unemployment rate was 4.5%;
4) The DOW JONES hit a record high — 14,000 + ;
5) American’s were buying new houses, new cars, taking vacations, investing in their future…But American’s wanted ‘CHANGE’! So, in 2006 they voted in a Democratic Congress and yep –
we got ‘CHANGE’ all right.In the PAST 2 YEARs:1) Consumer confidence has plummeted;
2) Gasoline is now over $4 a gallon & climbing;
3) Unemployment is up to 6% (a 10% increase);
4) Americans have seen their home equity drop by $12 TRILLION DOLLARS & prices are still dropping;
5) 1% of American homes are in foreclosure.
6) THE DOW is probing another low
7) Congress approval rating is at a historic low.IN 2006 AMERICA VOTED FOR CHANGE … AND WE SURE GOT IT!
NOW SEN OBAMA, the DEM’S CAND – CLAIMS HE’S GONNA REALLY GIVE US CHANGE.
JUST HOW MUCH MORE ‘CHANGE’ DO YA THINK YOU CAN STAND?


DeeDee   October 4th, 2008 5:41 pm ET

ALL BANKS HAVE RATINGS. WHAT ARE THE NAMES OF THESE BANKS IN CRISIS? AND WHAT ARE THEIR RATINGS? HOW MUCH WILL FOREIGN COUNTRIES CONTRIBUTE (SINCE THEY TOO ARE INVOLVED)? WHAT DO THE CONTRACTS OF CEO's BLACK-MAIL SHAREHOLDERS. GOV'T COULD HAVE CANCELLED THE DEBTS AND START OVER FROM SCRATCH!


DeeDee   October 4th, 2008 5:54 pm ET

CEO's have their lawyers draw up contracual agreements with the bank, and the shareholders feel balckmailed/compelled to agree to the terms they (CEO) project. Banks work for us (the consumer / customer / commununity / small business). If a CEO fails in its obligation to maintain stability (in all BUSINESS TRANSACTIONS and ETHICAL BUSINESS PRACTICES, and PUBLIC TRUST), then they have reneged on their contract – No Bonus, Perks, etc...RIGHT NOW, it seems CEO's have been "Blackmailing" everyone (shareholders too).

They got their money...Where's ours?


Alex Williams   October 4th, 2008 8:21 pm ET

What about the jobs, can you show me one person that can pay a house payment when the we allow thier jobs move over out of the USA. On one can keep a home with out a job.


Tyechia C   October 4th, 2008 8:28 pm ET

I'm 12 years old and I watch the news and I think the bailout should not have been passed for the simple fact its not everyone else fault the financial businesses went under.Its all ready hard enough raising taxes just make it worse on people who are already struggling as it is but all I have to say is that it was a stupid idea.=)


Bobby   October 5th, 2008 9:35 am ET

The american citizens got rolled again. With such a big economic crisis going on, congress gave away $110 billion on some junk bills that someone added in. This $110 billion would have looked good in Social Security or Health Care. How much longer can we afford people like this to represent us.


Jim   October 5th, 2008 10:23 am ET

Even though I hate this bailout bill personally, I think that it might have been crucial. But no matter what the people are going to come out on the short end of the stick with this deal. We pay these big companies for the things we want and need, and now we ahve to bail them out as well? Where is the justice in all of that? And to top it all off we still have to continue paying them. But if nothing was done, then we would have been shafted because unlike how it used to be, now everyone has to rely on the so called bigwigs for their own day to day life. Getting pretty sad in the states anymore with the way the govt is working and this wall street is working. And to top it all off, we have an election coming up with noone worth voting on. Personally, I think it would be ten times better to vote in Palin as president rather than anyone of the others. SO what if she dont have as much world experience? She is more worried about what should be number one. OUR own country. Not worried about lending money to any other country or anything else. But nope, we will have Obama as president, which is going to be a sad day for america indeed. He doesnt have the experience or in all honesty the knowledge to be in the oval office. But the hankystompers love him and that is what counts. Pretty sad.


D.J. Trunkle   October 5th, 2008 2:00 pm ET

Wow...Where do I begin. I watch the program every morning. Since our implosion I have heard many excuses. What I would like to know is why the Insurance Companies took the money and ran. When you buy a house, the majority of buyers do not have enoubh money to put down, consequently, they have to have a thing called "MIP". This MIP, I thought, was to insure that the mortgage company would get their money in case the mortgagee was unable to pay the mortgage. This was called Insurance, which we all had to pay for. What happened to this money? What good was this MIP and why didnt the Insurance companies (whoever they were) pay it to the mortgage companies? Thank you. DJ


Sheri   October 6th, 2008 1:19 pm ET

I'm trying to look at the big picture with this failing economy and bailout. Maybe there is going to be some good in the long run. Prices have skyrocketed over the past few years: food, utilities, insurance, healthcare, and housing (both buying and renting).

I watch daily as the stock market, house values (that were over inflated to begin with), oil and commodities continue to drop lower. I know things will be tough and many will lose their jobs, but if this crisis brings down prices and the cost of living, then to me overall this could be a good thing for the people.


Terry Tannenholz   October 6th, 2008 2:25 pm ET

This bailout bill is a component of Socialism.


Jeffrey, Woodstock Ga.   October 6th, 2008 10:30 pm ET

I'll tell you. Just let the gov. crash. Look I don"t have savings, retirement, stocks. I'll be damned if it's up to me to bail out the other fat cats. I'm just trying to keep a roof over my head and food in my mouth. I just got re-employeed after the restaurant I was working for shut the doors and my payrool check bounced. I'm in debt up to my eyebrows over this and wall street and people that took out loans to buy a house wanting me to help bail them!! B.S. This billion $ grant does nothing for me, yet i'm still gonna have to survive to EAT!! Screw them and the so-called govt. Here's main street for you!!!
Thanks Robin. Love ya, watch you every a.m. Miss you when your gone.
Thanks, Jeffrey


Arch   October 7th, 2008 6:12 am ET

It will take some time for the credit to get flowing and start helping our problem. Patience is what is needed. Less critics in the papers and on the newscasts. All you hear is negative stuff. Think positive – it feels better! Less of the experts telling us what is wrong and how bad it is going to be. I feel like most people know that it is bad. Don't add onto it with your experts making us feel worse. Help by telling people what can be positive about this. The best thing would be to not talk about it at all till there is some worthy news to report. I find it funny that the people that caused the problems are the people who are going to attempt to fix it. The Frank's, Dobb's, Pelosi's of the world. They should be ordered to tell all of America (on the TV and papers) how much money they have received and the friends of theirs who have received monies because of this crap. Then they should resign without a "bailout" program for them, ie,.(pension, healthcare, etc..) and should be ordered to pay back what they have received including monies that they have use to make more money elsewhere. The CEO, etc. should be made to pay back their programs and also the Boards should have to pay back their monies because they are the ones that elected or hire these morons in the first place. It is amazing to me that a 3 page request is turned into a 450 page xmas list! I feel congress isn't in ofc to represent us – they are in ofc to make a lot of money for very little work and basically they are setting themselves up for their "bailout" programs for when they leave congress whether it is from being fired (not re-elected) or just quitting. Where have all the honest people gone? Not too many in D.C.! Make it so that everybody is equal in monies when running for ofc. and once in ofc the only money you make is what is on your paycheck, (which is too much in the first place for what they do), and once you quit or retire you are not allowed to make book deals, lectures, lobby, etc.. Also, no auto pay raise each year that is put into some bill that needs to pass! Also a pension that is equal to regular pension most Americans receive. Then lets see how many of these cats run for ofc. Might actually see more people involved who want to help run our country the right way. Of the people and for the people. That would be sweet.


nathan bittle   October 7th, 2008 7:41 am ET

Dear wall street, Will you at least take me out to dinner before you screw me!! signed a blue collar middle class american.


Robert   October 7th, 2008 8:27 am ET

How will "non-bailout" bill signed by Commander’N’Chimp help American people at the bottom. McCain & Obama both supported the bill signed by Drunky that helps arrow & wool manufacturers. How does this save the economy? Foreclosures, jobs, etc? Will this be covered by the 500M pilfered by top Lehman exec? By the multi-millions that the Bush campaign accepted in 2000 & 2004 from the CC companies in return for shredding the laws protecting consumers from predatory lending? By rewards to corporations outsourcing jobs and the free trade with Colombia to create "good jobs for the Colombian people" (as Rainman Bush addressed)? It will take some time for us to see relief? Not for top execs to reap rewards in the millions of misappropriated monies. Do not take money out of the banks because it will hurt us? We are already hurt. Take your money, let the banks hurt hard & force them to and get something done. The next non-bailout-bailout can address the issue of the disappearing pet rock industry.


Charlie Olmsted   October 8th, 2008 5:38 am ET

SHERI your right
TENNY in euro they are nationalising banks, and when first bill was even intro con. republicans said no for exactly same reason.
JEFFERY your right on the nose hear. it is the difference between filter-up or trickle-down economic theory.
ARCH honestly iam thinking about it but havnt had time yet.
NATHAN , and maybe tenny, does the president starting his own seperate from goncress things like OFFICE OF HOMELAND SECURITY and OFFICE OF FINACIAL STABILITY seem like overbearing responces to these crisis?


Charlie Olmsted   October 8th, 2008 6:01 am ET

SHERI your right.
TENNY and NATHAN that is right on the nose! econs call it filter-up insted of trickle down.
ARCH complicated but basicly yes. please see my comm. in the blog on crisis same show. we should join them?
does it seem odd that the president starts seperate from congress things like OFFICE OF HOMELAND SECURITY and OFFICE OF FINACIAL STABILITY as responce to these crisis, with our money and the countrys debt. I think the world has lost confidence in him and that no amout of money can restore it. the guys on wall street are even saying that the reason money isnt being lent is becuase these big commercial banks (not your fdic bank) wont open there books so the world can see and jugde for themselves to loan to president bush.


Glen Laymon   October 8th, 2008 6:26 am ET

The only thing the baleout is going to do is let the fat cats get out first before the bottem really falls out. Leaving the tax payer holding the empty bag


Michael Sinclair   October 8th, 2008 7:59 am ET

The American People regardless of what we did or did not want just got slapped in the face. The bail out appears to have been more of a joke. We bail them out of the troubles they themselves created. Then we hear of AIG exec's going on holiday and spending 400,000 dollars. Someone needs to slap their hands. Make them repay the mis spent funds now. Then fire them. NO Gold Jackets. As for the gentleman who refused to let go of his 122 million dollar gold jacket, if he is a direct cause or a major player in this mess, then his gold jacket should be denied. For fine example of a concerned man who refused his 22 milion dollar gold jacket in light of current events. I think it's fair to say kudo's for your level headed thinking. We need to find a way to put the "WE THE PEOPLE OF" back into our Government. The American people need to watch their electable officials and if they do us wrong do not leave them in office. Demand they relinquish their seat to someone who will do the job abd do it right.


Dawn Montaner   October 8th, 2008 8:26 am ET

MyHusband, Vic and I have six children and 10 grandchildren, After a few years of kids thinking that if they run out of cash, can't pay a bill, want to take a trip with friends..that type of expense, unless it is medical, they can run to the Bank of Montaner. Our kids are adults, they made choies, and we informed them several years ago, the Bank of Montaner is closed. We are sorry if your choices are not the ones that you need to make to get the job done...but they are your choices. If you don't have the money or the good credit by paying your bills on time...we are so very sorry, but we have paid the last electric bill so one of them could go on vacation. So to the bail out..."The Montaner Bank" is closed. I think everyone running for public office should see the movie "Dave" when he brings in his friend to find $600,000 dollars to keep a homeless shelter program going for those in need. And why is it that McCain or Obamha can't just answer a question "yes" "no" we don't need all that extra fluff, Just simply, "No" "Yes" and " The bank is closed">


Jodi Barger   October 8th, 2008 10:26 am ET

I don't know how this bailout thing is going to work. I believe we all got in this mess due to how easy it was to receive credit cards years ago. If maybe they would help the American people with these cards with HIGH interest rates then maybe we would not have so much trouble on trying to make that mortgage payment. It's all the credit card companies fault this is happening. At least that is what I believe and maybe if they could lower the high interest rates that may help.


Richard Watkins   October 8th, 2008 10:33 am ET

All I want to know, is when are the person's responsible for the failure of WAMU, going to be investigated? There's someone at the top, paying themselves 10's of millions of dollar's, and now the US government is giving them more money to steal. The government spent millions of taxpayer's money on the Clinton, Lewinsky ordeal. How come the top official's in Washington, will not, or won't investigate the person's at the top of these financial institution's. Is it because their the one's who are the biggest supporter's of most of the one's voting for the bailout? Seems to me it's all about the money, and who can steal the most, and it's the American taxpayer, paying for most of it. This has to come to a stop, and an end. If I go to Vegas, and loose, they don't give me my money back, do they? All I want is for this to be investigated, all the way to the top officials and find out, who did what, and how this happened.. Richard Watkins Amberg, WI.


Don Guilford   October 9th, 2008 6:32 am ET

Cause and effect! Given the global financial crises, could it have started a couple of years ago with the increase of petroleum price increase?


Richard McQueary   October 9th, 2008 6:52 am ET

after taxpayers gave AIG $80 BILLION LOAN their top executives went to one of the country's most exclusive SPAs to unwind and relax for a week NOW THEY WANT AN ADDITONAL $38 BILLION OUTRAGEOUS INVESTIGATE AND PROSECUTE!!!!!!!


Amy   October 9th, 2008 7:13 am ET

I think that AIG should gave the money back.. They are Jerks!!! So mad they spent 440,000 on a trip with our tax money We should have let them fall....Then our government gives them More money I just Don't get it!!!
How about giving the American people a check .I know in my house we live pay check to pay check wondering what we eat tonight ..I bet Aig doesn't wonder about when the next meal is coming


Jeff G.   October 9th, 2008 8:22 am ET

I agree with helping people with their home foreclosers, but what about people like me who payed on time , but had to give up certain other things such as childrens festivities and family time like amusement parks,camping trips,zoo's,state parks.This might not seem like alot to give up,but where kids and family time are involved it sure is!Whats in it for people like me?Coaldale,Pa.


Kevin   October 9th, 2008 8:28 am ET

AIG receives $85B as a "Loan", the following week they go out and have a spa party to the tune of $400,000 for the executives. Now they get even more money, I guess they need to go to the Bahama's to discuss other ways to foolishly spend the tax payers money.
These career politicians need to go. They have lost contact with their people, and only seem to have contact with those who contribute the highest amounts of money to their campains. Until Washington starts giving us the truth, eliminates all this pork belly catering to the big businesses, we are just going to throw more money to the executives that got us into this mess in the first place. Can you say line item veto ? Sure wish you could...


Capt. Gilbert and Kathy Mathis   October 9th, 2008 11:52 am ET

As it is blantenly apparent Wall Street and CEO's of Banks across America are not only making money off the average tax payer, they are stealing the money, they are stealing from there own companies!!!
And the government is having the average tax payer bail them out???
It is the most communistic action this country has ever taken.......
With that said, we feel the government could drastically cut their bailout amounts by doing the following>>>>>>>>
Give each tax payer 1 million dollars, and forget about the banks and Wall Street if they can't make it on their own!!!
256 million dollars is a heck of alot less than the 850 billion they are pork barrelling away.......and stealing away.......
The average tax payer wouldn't need a loan at a bank if he had 1 million dollars.......Average Joe could manage and live well on 1 million dollars.......But not these CEO's when they are used to stealing millions a years in their inflated salaries and windfall bonuses........
George W. Bush should be impeached now, so should Chaney!!!!!!!!!!
They are probably buying extra luggage now to steal away all the pork they have to run off with when their reign of terror is over!!!!!!!!!

I am a commercial fisherman and a small business owner
in Morehead City, North Carolina.
The government and special interest groups with all their pork
are trying to put me out of business right now.............
they want to cut us out of half of our income with closures in our fisheries..........when they have already cut out 80% of the fishermen!!!
Yes sir, the cold war is not over folks, it just jumped continents!!!

How the heck am I going to help pay for bank bailouts??????
I AM NOT!!!!!!!!!


Robbie   October 9th, 2008 12:25 pm ET

The government is patching the roof while the foundation crumbles!!! If you don’t infuse some cash directly into Main Street ,things aren’t going to get better!!!! We cannot afford the loans even if the banks are willing to loan. For the first time in years, we don’t have an extra cent after paying just the basics. With the inflation in food and energy cost we here on Main Street are being crushed.. Home owners need the rescue package!


Tonie   October 9th, 2008 11:00 pm ET

I think that the government made a HUGE mistake on lending these big companies and Wall Street all this money, and for what to go on a spending spree the very next day to get spa treatments and spend hundreds of thousand of dollars on lavish suites and what nots. The government needs to take back every penny that they handed out and let Wall Street figure out their own way!!! Isn't that what us ordinary people have to do!!


Todd   October 10th, 2008 7:12 am ET

Fix gas prices at $1.50/gal. This gives Americans the break they need to afford their mortgages, as well as the ability to increase spending and strengthen the market. The government only has to do this for a year or two, in order to, allow Americans the ability and time to make the changes that need to be made to secure their homes and retirement. Just do it and watch the domino effect bring the market back from being on life support.


ron   October 10th, 2008 8:44 am ET

What a waste of us tax payer's money, if that was me misusing funds of the tax payers I'd be arrested, tried, an convicted of embezzlement, throw those bums in jail an send them to prison, they'd do it to me!!!!


Melissa   October 10th, 2008 8:45 am ET

Are Americans really ready to give up capitalism, and allow our government to be in complete control of our banking system? Everybody is falling for that song-and-dance about the comfort it will allow us if they are in control and we don't have to "worry" anymore. "Everyone will be protected and equal." I'm not some great financial wizard, but I'm pretty sure that's called COMMUNISM! We need to be very concerned about the government wanting to have complete control of any aspect of our lives. Remember, if we give up control- we NEVER get it back.


RICH M.   October 10th, 2008 9:29 am ET

Instead of bailing these people out who can't keep up with their mortgages, I say "Let them sink!". They made the poor and wrong choice and should be held accountable for their own mistakes, not us or the lenders. They played the housing market just like those who play the stock market and those who gamble on other things and they should all go down together! If you want to gamble, you better realize that you have a good chance at losing and will have to pay a price. The rest of us should not be penalized for others' poor decisions. -Rich


Sandi Callahan   October 10th, 2008 9:45 am ET

I am going to be 58 in January and have worked my hind end off my entire life. I have raised 2 children, suffered hardship and tried to get comfortable by the time I retired. My husband and I don't ask for a handout of any kind. He has never claimed unemployment and we never had any assistance from the government in our lifetime. We were proud of this, until we look at our reward for a lifetime of good work ethics and chasing our retirement plans. Right now we are worried about keeping our home when it is almost paid for. I have a business that is barely making me a paycheck. My husband is looking at a pile of bills every night trying to figure out how to make these rising costs of everything in the world but our income. And the Presidential candidates are trying to figure out a way to finance a new war after this one. And decided we needed to finance the rich folks of the worlds financial mess.I used to feel so proud and secure in my being an American, and growiing up in a free and rich country... Now I fear loosing everything in my older years and have to fear other countries coming over here and infiltrating our entire government . What happened to the attitude our founding fathers had? They were called public servants because they seen a great country and gave their time and services to organize and govern a great country for all of us. They done it because they loved this country. Our politicians are in there because they get fat and wealthy doing almost nothing at all. And they still call themselves our PUBLIC SERVANTS... I think we need to fire a bunch of them and start again at a lower wage. They need to come down to the real world so they can better run our part of it. They have no earthly idea what we are living, they couldn't do without the private limos and elaborate functions. I just want to be able to fill up my Monte Carlo for the week and not have to ration my usage of it as I do. What has happened to us America???


Bud Schweitzer   October 10th, 2008 10:00 am ET

Has everyone in washington lost their minds!!! Remember the week
prior to passing the bailout bill!!! We had to pass it so that Wall st.
on the following Monday would just change direction??? It was so
important that the Rep.Candidate suspended his Campaign(Ha Ha)
The bill passed with much jubilation and fanfare,we were on our way
to a solution,only to learn in the weeks since, that using the $$$ will
take some time to figure what is the best way to use it...Well, as you
all know the market has dropped another 2000pts,,,#@&%% come
on you damned saps use the $$$ like you all claimed was so
necessary!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Joe   October 10th, 2008 10:39 am ET

Since WE the tax payers have bailed out (loaned) big business’s,
I propose the following conditions for these loans/re-payments:

1- 15 % interest rates
2 – Interest rates double to 30% upon late payments plus late fees
3 – All loans rates will double under the umbrella rate increase
4 – Solvency is not an option but restructure of loans in default is available.
5- Future credit will be not be available for 7 years on defaults

ROBIN – Please publish this!


Sheila Castleberry   October 10th, 2008 10:41 am ET

Where is the 700B coming from & which country's a– do we have to kiss to get it? ..Our administration has put us so far in National Debt that we sure don't have it. That is a big number...the kind of number wars could be fought over!!


Beth   October 10th, 2008 10:45 am ET

Re-regulation is a must! We also need emergency legislation to address the criminal behavior of the CEO's and exec's that precipitated this disaster. How about a special "Debtor's Prison"? The AIG execs who walked away with billions can sit in their cells and think about their misdeeds until the $123 billion is repaid. This is a damning indictment on the abject failure of Reaganomics. Will we ever learn?


Ray   October 16th, 2008 9:38 am ET

So if I screw up my credit making bad loans will the government bail me out,,,I think not.


bluboi11   November 20th, 2008 6:40 am ET

Why not ask the big oil company's to bail out the big 3 auto makers as it was the big 3 that helped the oil companies rake in HUGE profit's as a result of the S.U.V.'s and 3 or 4 style of Hummer's,it seem's only fair


BOB   November 20th, 2008 8:45 am ET

I AM SUPRIZED THAT AMERICANS WOULD ACTUAL BELIVE THE POLTICIANS THAT ARE VOTING ON THIS ARE THEY NOT THE SAME ONES WHO WANTED TO PASS THIS BAILOUT IN TWO DAYS A WHILE BACK LET GM FORD ECT ECT GO UNDER HOW MANY NEW COMPANIES HAVE THEY BUILT IN THE US IN THE LAST 25 YEARS THEY WENT OVERSEAS AND BUILT FACTORIES WELL LET THE OTHER COUNTRIES BAIL THE OUT


Teena   November 20th, 2008 8:54 am ET

Do the big 3 really need to be told that the Average Joe does not need a vehicle that costs one third the value of his home? I mean really. Only so many people can afford a $40,000.00 vehicle. Most folks just want a car/truck that gets decent gas mileage, has air and a radio and will get them back and forth to work each day. They need to produce what the consumer can afford...


Wes Snypes   January 30th, 2009 11:30 pm ET

We are forming a group that withdraw all our banking and brokerage accounts from those firms awarding excessive bonuses and redepositing them in more humble firms.

JOIN US!!!!



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