Glad the Wall Street Rescue Plan Failed?

Why did they add $25B for automakers and billions for off shoree drilling? These costs have nothing to do with a financial bail out…sounds like they are trying to scare us again….the automakers have known for years they must make cars with lowers emissions, now they want the taxpayers to pay for their retolling.
The oil companies are making record profits…let them pony up the money for off shore drilling….

ABC asks: “Glad the Wall Street Rescue Plan Failed?”
You bet!
As seniors who depend on income from our investments, my wife and I are REALLY looking forward to losing our house! What FUN it will be living in our 29-foot RV!
Oh, wait… that can’t happen if I’m in prison for burning down the house the day before the repo guys show up.
Darn!

I believe most Americans are trying to tell our elected officials that we know something must be done about the economy. We really do understand, for the most part, what’s happening. However, most working Americans don’t want the economy we had a few weeks ago, and we believe the “bailout” will give that back to us. We cannot make ends meet anymore. That was happening a few weeks ago, and a few months ago…not just since this “crisis” came up.
I work for a small nonprofit organization and make a little over $40,000/yr. I’m single, and should be able to live well on my salary. But, I just had to sell my 1700 sq ft townhome with garage for $115,000 and buy a small house in the county for $94,000 so that I can afford health insurance. Folks, there’s something wrong here. That health insurance costs approx. $400/month and has a $5,000 deductible. Essentially, I’m only insuring myself against catastrophe.
Now, tell me why would I, or any other American who we all know is going through their own version of the same story, would want the “old” economy not to grind to a halt?

Why did they add $25B for automakers and billions for off shoree drilling?
That was part of a spending bill that Congress did pass, I believe. It wasn’t part of the bailout bill.

probably the worst thing bush could have done was to promote this bailout himself… there is probably no less authentic or trusted government official to present this to the american people (well, besides cheney… who, by the way, has become completely invisible!… why isn’t he out campaigning for his buddy mccain?)… anyway, the end is near for capitalism, but this isn’t a bad thing

Americans might support this bail out if it had something for us in it. How about a flat rate on credit cards…freeze on foreclosures and an avenue to redo adjustable loans.

Evelyn: they bailed out the car makers last week with a 25 billion dollar bill. It was not in the news much. It is not written in this bill, from my understanding they have their own bill.

It’s too bad people on these forums can’t see beyond their own “party line” stances and stop the insults and name-calling.
I don’t agree with everything Sarah Palin says and does (or McCain either, for that matter), and I’m quickly becoming concerned about Barack Obama. I was a Hillary Clinton supporter who endured being called a racist because I refused to support Obama, and I hesitantly backed him after her withdrawal from the race. Never in all that time did I call Obama or any other candidate a name, used his middle name as a weapon or any of that, even when being slammed by his supporters during the primaries. How many of you can say the same?
While Democrats point at Bush and the Republicans and blame everything on them (and Republicans, as well), maybe a look at a fact – the approval ratings of these politicians – is in order. Bush – Approve-30.4%; Disapprove-65.8%; Congress – Approve-17.8%; Disapprove-73.8%. It is clear while Bush’s ratings are in the toilet, Congress’ ratings have already been flushed. That includes the majority Democratic Congress.
ENOUGH of the blame game – from both sides. I am sick of being part of a system that elects self-serving politicians who don’t care about our country or us and who put their party ahead of what’s best for the United States of America. That extends down to the supporters – and this is in both parties, as well – who can’t for one minute stop calling people names, saying candidates are “stupid,” taking their names and putting insulting twists on them (McSame, McInsane, etc.). Can you people really not see how hateful and spiteful you sound? I really wonder how we appear to the international community.
People who act in this way have taken our Constitution and jumped up and down on it – so much for “free speech,” huh? I will say one thing – Obama, from the start, said he was different, that he represented change. I was willing to take that on face value. However, the events of the last several days make me have to ask: Is this the change he was talking about? If so, we are really, really in trouble, and that’s why I’ve become an Independent because I really don’t want to be associated with ANYONE who acts as many of these politicians and many of you bloggers have acted.

Enough….I guess you REALLY liked the way McCain acted then…..used it for political gain. By leaving his campaign and going to DC he just put more of a lfy in the soup.PLEASE….
Look who got egg on his face.

TJ…Obama stayed out until Bush requested he be there. Obama was there for the vote, but wanted to keep politics out of the vote.
They both lost, MCCain voted for it and looked like a fool for taking credit for it, and Obama should never have rushed in at Bushed request…

Jen…said:
Cut cap gain, cut corp taxes, cut individ taxes – we are way overtaxed;
Ok, maybe you are rich, corp taxes are already low and they get tax loops; capital gaines only hurts people if they have a big windfall or sell a home, so where are you going with this?

If banks don’t trust each other enough to lend money to one another, then why should I trust them with *my* tax money. Let them open books to each other, and whomever is TRULY solvent will be lending/lent to, and the rest of them will fail.
I say spend the $700 billion replenishing people’s 401Ks, social security and medicare for those about to retire. I’m young enough to make it all back.
I mean, did anyone see what the “oversight board” consisted of in that rescue bill? Economists? No.
Bernanke and Cox, that’s who. That’s having the Foxes guarding the hen house.

tomb…so who wasn’t watching the hen house?

Also- consider this. I am not rich; I work, my husband works, and we have three children. look at taxation in terms of the percentage of your income you are actually able to live on. When the fed. government takes 15% in FICA/SS plus 28% in Income taxes, 6% to state taxes, that is 49%; you are already living on only half of what you earn(and then for those of us who tithe 10% of our gross income to the church, which we do). Add to that the 10% sales tax in our parish/county at the stores. And Joe Biden has the nerve to say that we just need to be more patriotic and pay more? I say- government needs to be more efficient and learn to spend less, including not spending 700 billion to bailout companies caught-up in a necessary market correction for the issuance of too much bad paper – born by the collision of the greed of CLinton appointees at the helms of Freddie/Fannie and the socialist policies in Sarbanes/Oxley.

Them tagging on other things to this bill is stupid and an insult to the US Citizens.
If they are going to bail out and save the economy of the banking system. Adding other things to the bill Just adds instult to injury.
The Democrats have taken advantage of other important bills to add their pet projects to just to get them passed.
Why do they continue such tactics?
For the Auto makers and ACORN to gain from the disaster in the country. Are we sure this is a disaster or a way to make money off the people?
The people should be told of all the stipulations of this bill.
What assests does this company have.
What property do they own
How much can be liquidated to help.
What are the risk and the benifits the people or govenment will receive?
Who exactly will gain from the passage of this bill?
Will the additives of this bill be removed, who and why were they added in the first place.
Will the people have say so over who resumes ownership of this buiness? if yes how, if no why not.
We do not want it falling into the wrong hands.
We the people, who are paying for this, deserve to have the details and information about the plain and circumstances. and not just political talk and bull crap. detailed information. Plus the right to tell the government yes or no you can’t with it.

Check out on You Tube Marcy Kaptur, a
Democrat from Ohio, who opposed the bailout. She has two clips – Let’s Play Wall Street and They Want Mama.
She’s got my vote. That’s the type of thing I’d like to hear from our Democratic Presidential nominee but he’s in bed with Wall Street, just like everyone else, so it’s not going to happen. The real candidates for the people and with real political courage are nowhere to be found on either
Presidential ticket .

Absolutely. I have lost a lot of money in the stock market, but then again those assets are probably way overvalued. Greenspan has inflated our entire monetary system including prices over the last 3 decades. Now it time to pay the bills. Our government is broke and so are the people. What a combination! Time to replace Bush with Ron Paul…you know the guy that had the guts to tell us everything was going to crash. Pessimism doesn’t win election though.

Carey’s Bailout..
Credit. The reason the Treasury needs 700 billion from us to bail out mismanaged banks and the BIG F’s. And this really goes back to lending policies that created huge amounts of bad loans, none of which would have been made in the days when you needed 10% or better down (called savings), stable record of employment, good credit, a criteria of not exceeding a specified debt to asset and income to debt service ration. In other words, you had to be able to “live within your means” .
My daughter Carey is of the new generation of borrowers, becoming of age in a time when credit was easy. She and her husband embarked on the have it now quest, supported by easy access to credit cards, balance transfers, no down car and motorcycle purchases, and easy student loans. Now they are maxed out their ability to service debt, and any hiccup in income flow would put them down. Groceries are purchased with credit cards, and when one is maxed, another offer for low interest, balance transfer shows up.
Carey and John bought non-essential items with no down credit and have negative equity in most of what they own. To sell the Harley Carey bought John when she graduated university she would have to come up with $3,000 cash in addition to the proceeds of the sale, presuming she could sell it close to “book”. On the truck Carey and John own it is worse. Try $6,000 to get out.
My sense is that my daughters story is not unique, for if it was the banks would not be in trouble. There is no one in government proposing to bailout Americans who have mismanaged their finances. Instead we are being asked to bail out the very institutions that have promoted with enthusiasm the very programs that brought them under and have made it easy for uninformed, and maybe even naive Americans, especially the younger ones, to take irresponsible financial actions.
As I watch Carey and John now try to find answers for a way out, I can only think of corporate who were paid millions in salaries and perks to act responsibly. I commend the Congressmen, Dems and GOP, for stopping yet another bailout of the private sector. This will sort itself out if left alone for nothing creates action like the drive for more profit. The “credit” issue will be taken care of in the free market for now it is credit that drives business. There will be a slow down certainly, but not a collapse.
Our elected officials have a bigger obligation to us it seems , and that is to lead by example. When the federal government acts in a financially responsible manner ie. balanced budget and no deficit, the rest of the country will most likely do the same. Or maybe when we, as the government, take responsibility for our financial lives the people we elect to manage business and government will do the same.

It is not about freeing up credit. If it was the FED would strong arm lenders that borrown from the ferderal reserve – even on overnight loans. if they dont free up credit and reduce borrowing rates they will be cut off from the FED funds.
Also, why can’t Paulson identify and relay to the American people what assets he wishes to purchase and for what amount on the dollar. And if you really want to know what the biggest fear is research Credit Default Swaps and other derivatives. I am not in the market at the moment, but I might pull my saving out and as Pelosi puts it “buy in” when I think it is a good deal. I also keep looking for foreclosed home near a lake that I can buy reasonably. However, this artifical proppoing up of stocks and housing prices is distorting how the market is supposed to work, Either go to communism or stay with Capitalism, but dont change the rules for some without changing the rules for all!

I think I am going to cry – waaaaaaaaaaa

Why are they trying to continue freddie mac when it will always lose money on bad loans? Why are there no investigations of the involvement of Raines Dodd and everyone else who promoted and protected this? Why should my money continue to pay for people who have no money to pay for mortgage?
Why does the news not mention that several republicans have been trying to stop the bad loan practice forced onto banks by the influence of acorn? Why are all the democrats commited to no energy here ever anywhere? To cripple us? Why dont they just get out of the way? Why is our corp tax higher than any other country? Who really pays corporate taxes, the consumer? Why does this bill put the same folks in charge of it that ran it into the ground? I have had subprime bailout on my google alert for months,

Junk, it’s reverse racism, pure and simple. And it’s intolerable. It’s damn time somebody called it what it really is.