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How would a lawmaker's vote on the so-called bail-out bill impact how you vote in the next election? What do you think? Leave your thoughts in the comments section. |
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Posted by: L Nelson Location: Louisville Tn.
I am still mad as H___ for them passing that bail out bill without taking time to create a plan of action and doing something to the clouts that help create this problem. I am a democrat but there will be no democrat votes this year nor will any one in my district that voted for the bill get a vote from me. Posted by: Ken Location: Tampa,Fl. Since the Community act of the Carter administration in 1978 started the need for this bailout and Clinton's loosening of regulations for loans in 1996, and thereby appointing Franklin Raines to Fannie Mae (who took 90 Million for himself) furthering the needs of today's bailout. Leads to one question. What is the hurry? My Representative had not even recieved the phone book size bill come time of Wednesday's vote. We should have had 3-4 month's to review it's content's.Is this too much to ask for a 30 year spiral? Would there be voids in the finicial system in 3 month's? Would the Wall Street bigwigs been crapping in their pants? I certainly hope so on both accounts. Where there is a void there is a fill by fiscally responsible men and woman who would have bought up the opportunity for pennies on the dollar and causing big loses for the greedy ones who created this mess we find ourselves in today.Well, at least we saved The Wooden Arrow Company! I guess I can sleep soundly tonight. Posted by: JC Location: Knoxville "Fannie and Freddie were created by Democrats, regulated by Democrats, largely run by Democrats, and protected by Democrats." Bush wanted to reform Fannie and Freddi 17 times this year, "Democrats killed the reforms after earning $10.6 billion dollars to boost their bonuses." "so why nothing was done? because Fannie and Freddie had donated millions of dollars to Democrats and radical groups to ensure no meaningful changes would take place." I'm not voting demograt. The democrats are corrupted and they created this MESS. www.ibdeditorial.com Posted by: Margaret Location: Florida It's probably inevitable that this Bush fiasco will pass. But PLEASE tell your representatives to take the Senate pork out of the bill. We're getting screwed. Don't rub our noses in it. Posted by: joe Location: nj I would like to find out who the 15 clueless morons were that voted nay last nite in the Senate...hope none are from my state...its very naive for the ignorant masses in this country with their 3 teeth and no savings to say that this is a "bailout" of the wall street big-wigs, yes, they were a part of how we got here but the SHIP HAS SAILED on this...the $700B is needed to unfreeze the credit markets, make banks solvent, and restore confidence!! WAKE UP people! the trickle down effect of NOT doing this will be quick and widespread!...and even though you may not care about the 4 or 5 TRILLION dollars in stock market losses that will be absorbed by investors overnite, you WILL care when you no longer have a job!...assuming you have one to lose!...if this bill fails it will be economic chaos, a catastophe that will dwarf the great depression....so PLEASE people get your heads out of your a**es before it is too late Posted by: The Last Sane American Location: Topsail Beach, NC 70% of Americans polled are against the bill, does that even matter to any elected official anymore? (aside from the very wise and forward thinking 228 in the House) Specifically Bush, Pelosi, McCain, Obama, etc, etc. Who is the third guy to vote for this time? Barr? Looking alot better after this week. The lesson to be learned from this: All of you people who were told that you qualified for a $400k house, and you made the very frugal and wise decision to buy the $200k house with the more reasonable payment------ You are all idiots! All of those banks that choose not to lend $500k to a family income of $40k/ year because of your high moral standard ----- also idiots!! Next time loan them a cool million!!! Posted by: b dortman Location: canada This is going to continue to happen unless banks are regulated. This is a direct result of privatization of banks which should never be more than 50%. This is a manipulated maneuver to buy up the competition at a low price and put more of the world financial power under one roof. The IMF, WT0 and the World Bank must go! Please make an effort to understand these organizations. You might also take a look at the Trilateral Commission. Banks must have at least 50% of depositors money in 'real' money not just computer generated figures. The best thing that Americans and Canadians can do at this point is to boycott banks altogether and put your money in Credit Unions where profits are returned to the depositors. Posted by: Adam Location: Idaho This is a no win people! If the bail out passes then once again the corporate giants get to screw things up and walk away with there millions while the rest of us pay for it. If we don't pass it corporate America will say since you won't help us then we cant help you and shut the door on the little people. So the moral here is that to few people control to many people. If I screw up I pay the consequences however, this does not seem to apply to the rich and powerful. When they screw up we all pay except them. They want you to think it hurts them but losing ten million when you have ten more means you still get to eat and sleep under a roof. Furthermore, does anyone out there really think that if the gov gets a return on this in the future that it will come back to the people! Posted by: DERWOOD Location: NEWPORT, TN 700billion?=over $2000 per person in each household in the country! in my opinion it's a matter of the needs of few (by comparison) outweigh the needs of many! how much further can we all be fluhed?we keep saying it but someone has to make a stand before the snow ball melts down! Posted by: Bill Location: USA Putting the blame on Bush for a monumental Wall Street blunder is typical behavior for most Democrats. They AGAIN don't get it! There is no hope, they are brain washed. The brain washing comes from government schools. Posted by: Herb Thacker Location: TN No way would this change my mind. I was going to vote for Obama before this started and I still will. Phil Smith explain to me how one Clinton Ad caused all of this 9 years ago. No it is the $72,000,000 salaries to the CEO's and other wild spending that got us into this, plus the lending companies loaning money to just anyone, whether they could pay the loan payment or not. They got their commission, their company got their commission and now the people who bought a $200,000.00 house, while making $35-40,000.00 a year are now suffering once the interest on the loan went up. Now they have caused the rest of Americans to be unable to get a loan, with perfect credit, a credit score around 730-740, unless they are willing to pay twice the interest than they should be. We had a $15,000,000.00 surplus in our budget when GW took over as President, now we have a $15,000,000,000,000.00 debt. Why? Wild spending in Iraq, which will continue under Sen McCain (aka McBush). Nope not changed!! Posted by: Robert Location: Rio Rancho, NM Come on, people. This is all politicians' fault, starting with Clinton. Vote em all out! Vote for anyone new, not the current crop of incumbents. Go Sarah Palin! Posted by: Dora Location: texas i for one agree with everyone else who says theyre glad that this did not pass. theyre completely right, adding debt to what got us here in the first place is not the solution. if we had passed it, we may have been in better stability for awhile, but only temporary...and then we would have hit the same crisis down the road...just alot more complex. i hope this isnt passed. and i hope we can all get through this. but as always the lower and middle class are screwed :/ Posted by: Sue Location: Texas For anyone who has half a brain actually a half-way open mind) and has listened to those who actually understand and can explain this crisis, and I'm talking about a variety of intelligent people all along the political spectrum, they would realize that, when conducted properly, the bailout is an investment, meaning a real potential of return on the dollar, in the economy of the world, not just USA. (Has anyone else been watching the foreign markets?) Both political parties are to blame for getting us in, but someone must step up and get us out. Let's just see which ones really are willing to "put country first" and quit playing campaign politics with it. Posted by: Phil smith Location: Minnesota I don't like the bailout, but for Pete's sake we have to start somewhere... when the pensions start getting cut, and when we grayhairs lose our life's savings... then watch out... The govt got us into this mess, why shouldn't they get us out. Check the NYT 9/30/99 for Holmes article forcasting all this because of the Clinton Ad. pressures. Posted by: Anonymous $700B is a little more than $2,000 for every man, woman and child in this country. I don't know about all of you. But, my 401K tanked by 10x that amount today alone. I don't like the idea of a bailout, but if this thing doesn't get fixed, people are going to lose their jobs, businesses will fail, retirements will be decimated, lives will be destroyed. Posted by: Connie Location: CA What do you idiots want?! Do you want United States to go into a depression?! If you ask me the House is full of a bunch of spineless wimps!! Posted by: Nikki Location: Knoxville The Congressmen whom voted "no" are either ignorant about economics (like many americans) or just trying to secure their next seat. On Thursday they will be back in Washington to change their vote to "yes". This stunt was only to pacify voters whom were against bailout. Now these same Congress can say they tried to give the people what they wanted! This stunt cost the market a 7% lost. I'm personally ready to see people in office, that remember what middle class americans face in their everyday lives. It seems to me that the government cranks out politians that end their careers are middle class millionares at an alarming rate. If I'd known that I would have chosen a different major. Posted by: Chuck Cerebral atrophy --- For years I asked my Republican friends to tell me one good thing the Bush bunch have done. Always the same answer: "good economy". God there are some stupid people in this country. When your retirement dollars are worhtless and your children tell you tough luck. Sleep in the bed you made, then maybe you will do some thinking on your own..... but I doubt it. These people are too damm lazy in the brain. Is that what you call cerebral atrophy???? You Bush supporters should be ashamed! Posted by: russ Location: Charleston, SC I am voting YES to anyone that voted NO to todays vote, 700 Billion more in debt is NOT the right answer...a bill that offered FDIC insurance to these devalued assets along with a rewrite of the accounting rules that cause the write down on these assets DAILY...this plan would cost the taxpayers 40 Billion and provide the stabilization that the market needs. I for one am GLAD that this did not get rammed thru the house. 166 leading economists have signed a petition to such effect. Stop clear your mind, and think about it a minute...we are in this mess because of TOO much debt, greed, and excess. This 700 Billion dollar bailout would have done nothing but ADD more debt to are already strapped economy. Posted by: Linda Location: Modesto, CA Crisis in the market and crisis of leadership in Congress. I am sick to death of partisian politics and campaigning during such a dyer time in our countries history. Can I still vote for Ralph Nader so that I can make my point? I'm simply fed up. Posted by: omar Location: san mateo, ca I don't know where to start,but this bill sucks,after loosing our savings,stocks,house,reached a point where we didn't have enough money to buy food,the goverment that we don't trust ofcourse decided to give away the so called rescue plan $ 700 billion to the idiots at the stock market who have been making all the money and will continue making money with a special thank from Washington to the american tax payers,they will continue having their jobs,I guess they are not idiots since they will have the final lough.Guess what all those in the wall street should be fired from the highest position to the janitor and replace by people like us the average middle class who are struggling,then we might have some confidence and releif Only then.you lost the connection between us.You seem you live in a different world,you are not hearing what the average american is saying.we need to clean up not only the wall street,but Washington as well.Anyone who support the bill should be recalled. Posted by: Linda Location: California I do NOT support the bailout. Posted by: Don Location: Aiken, SC I guess all you people that want to vote no to the bail out don't have any money in the stock markets or your 401K. I'd like to see what you write in this blog if the stock market completely collapses because of our elected officials failure to agree. I'm voting against any politician that voted no today. The big problem we have is that our existing congressional officials are not thinking whats best for the country....they're only thinking of staying in office after the November elections. That's the MAIN reason the U.S. has not moved towards energy independence....because all that matters to our politicians at the most is only a 4 year forecast of being in office. Posted by: Jim Location: NC Articulate and accurate. Congress scores yet another point in the "Incompetent Leadership" column. And sadly, so does Mr Bush. Posted by: Catherine Location: SoCal I think any politician who votes for the bailout should be recalled immediately by their constituents. We don't need to help rich people who speculated and lost their money. Tough. they knew what they were doing could lose them money. They chose to take the chance. Why should my tax money be used to help them. I can think of better uses for my money. Posted by: Mark Location: CT Anyone who didn't vote yes for this bailout bill is clueless and should be thrown out of Washington on their ear. These idiots just made "Main Street" into Skidrow. The very people who caused this, deadbeat american taxpayers, are being protected by idiots...it's comical. You just can't make this stuff up. So let's just make sure everyone understands what's going to happen here. You can kiss goodbye any type of financing for that washer/dryer combo you'd just love to buy. Your education loan, your car loan, your mortgage rate is going up. That fork lift your company desperately needs? Forget about it, your company won't be able to get a loan. Do you people not get it???? Posted by: Sara Location: USA Anyone who was not in support of this bailout, clearly has very little understanding of what is going on in our economy. It will be nice to see your thoughts when your retirement funds are gone and your bank starts closing your cedit card accounts. Don't speak on something that you clearly do not understand. And anyone that would try to blame Obama for this is so far out of the loop...I can't even find the words. Posted by: David Conover Location: Utah The vote against the bill cost me 10,000.00. So much for main street Posted by: Laura Location: California Isn't it about time that our Congress grows up and works together to get this stability plan passed? To vote against this isn't to chastise the CEO's, but it is a blow to all Americans who are hard working and trying to do our part. Forget college loans, trying to buy a house, retirement funds, even payroll in some cases. CEO's are not going to get the big payouts as they have in the past -- that was taken care of in this bill. Contact your reps and let them know your opinion. Posted by: Thomas Dark Location: Pacifica, CA Sorry...you have been sold a false set of goods. Breadlines are not coming and this is the wrong bill. No outside economists brought before congress, pathetic oversight... Harvard's Ken Rogoff, a Former Federal Rerserve and IMF official, insists that the prospect of this bailout is, unto itself, taking a manageable problem and making it into a more intense crisis. He says that credit is frozen primarily because banks want to avoid dealing with other banks that might drive a hard bargain, and instead would rather wait for free money from the government. Without the prospect of that free money, Rogoff suggests that credit would probably begin moving again, if slowly. NYU's Nouriel Roubini, the visionary who had been predicting this meltdown, says "The Treasury plan (even in its current version agreed with Congress) is very poorly conceived and does not contain many of the key elements of a sound and efficient and fair rescue plan." This is simply the wrong bill; there ARE alternativ Posted by: Vic Location: Marlborough, CT You people who don't support this bailout are nuts. Check out the breadlines and unemployment list if something isn't done now. Don't hold your breath, you might be out there. May retirement savings have gone down 30% already. More to come. Posted by: Steven Location: USA Let's stop calling this a bailout plan. It is an economic stabilization plan. Run properly, it might even make the taxpayers some money. If it is not enacted very soon the losses to businesses and investors and homeowners all over the US will be enormous. - Taken from a John Mauldin article. Posted by: Kay Bond Location: Maine no bail-out for those make them pay for their own troubles. Posted by: Mark Location: Los Angeles I'm against the bail-out. It is only an extension of the socialist cancers like FDR's New Deal & LBJ's Great society programs that were injected into American society and have now metasized into this current bailout monstrosity proposal. This massive bailout simply confirms how inept big socialist style government is and adds to what could become a terminal meltdown of our country. This "situation" is an out-growth on this nations dependancy on easy-credit and a giant handout will only exacerbate this mess. This country needs to under-go financial therapy with tight credit and pay-as-you-go rehabilitation. Instead, by being free of unreasonable government interference, regulations & mandates, the free market prescriptions will work just fine. Posted by: Ralph Location: Texas No bail-out If you get a loan and can't repay it they take the asset. If the asset is not worth what is owed the bank loses money on that loan. Maybe next time the bank will make a better decision on the loan and the person that they make the loan too. Posted by: Loise Location: New Market No Bail-Out for CEO's Posted by: martha Location: scott I dont think it should be bailed out I think the crook like Obama and the rest should have to pay for what they did. Posted by: John If congress bails out all the financial institutions they should do the right thing and bail out ALL U.S. citizens of their debt as well. Then we can all start collecting new debt.This "bailout" won't help anyone but the rich and will only hurt the working poor because it WILL be the working man who will have to pay this off.If a bank is insolvent IT SHOULD FAIL.That is only the American system at work.If it was my business failing they would'nt bail me out. FAIR IS FAIR Posted by: Gullable Location: Bent Over wall street today, automotive industry, truckers, hospitals, schools tomorrow Posted by: Joe Location: Knoxville First it was the government telling evil lenders not to discriminate against poor people. Then the government came down on evil lenders for 'taking advantage' of poor people. Now the government wants to sail in, throw around a bunch of our money and still tell the lenders what to do. Maybe Washington should repair the damage it did to the system and quit telling business to do things that don't make sense. Posted by: bob Location: Loudon The government started this mess by supporting an inflated housing industry by making money available to allow poor people to own their own home. Maybe a noble idea, but where were they to get the money to repay the loans. The average home is around $200,000 and we're loaning money with at best marginal means to repay and when the repossessions start, we claim it's a disaster. In one respect that's correct. Almost all federally sponsored programs turn into disasters for hard working Americans. Have our current disasters (bail out) been caused by bankers or by government. I suspect both are at fault and they should all resign or be prosecuted. Posted by: James Location: Corryton I heard a guest on a talk show say a few months ago,after the first bank failed,that it was just the first of many that would fail.He said they were going to fall like dominoes and the economy would get worse than the great depression.When I heard this I hoped he was wrong,I'm now believe he may have been right. Posted by: Jennifer Location: Crossville I believe that our Goverment expects us to maintain our consumer debt obligations We need them to meet there obligations and live within a budget they can afford and if they cant dont always expect taxpayers money as a way out of there financial mess. Posted by: Bear Location: Knoxville I would vote NO. because basically they made "Bad Loans" to costumers. Costumers could not pay off their loans, so now they want tax payers to pay off those loans, bail-out the company and the CIOs get their money. If tax payers don't pay for those loans, the economy and the dollar goes down according to president Bush. well, I think if they made bad loans, they need to pay for them, not tax payers if not, they don't need to be making loans to no one! This is 101 Math, but they make it so difficult with twisted words. so if that's the case, I can give car loans to anyone and if they can't pay me back then tax payers can pay off those loans for me. Total 700 billion dollars in loans. that makes no sense. Posted by: vicky Location: tazewell Won't impact it more than the way anybody else votes. I will weigh every thing, ask the Lord to help me, and try to vote responsibly. Posted by: danny Location: cosby,Tn I do not feel it would be fair to bailout companies who have put themselves in this position. Would they bailout hometown americans? Like dad always told me you got yourself in this mess get yourself out. Just like the congress votes thereselves raises,must be nice huh? But as of this time I do not feel we have any candidates worth voting for, but someone is going to win so we suffer for 4 more years. While polititions & immigrants live the american dream. They need to concentrate on true red-blooded americans & our families. Close our borders kick the illegals out & lower the # of immigrants allowed to enter the U.S. I hope for the best thank you:) Posted by: Diana I think again we are being lead down the wrong road with this bailout. The last time Bush cried wolf he got us in a war that we shouldn't be in. What is this going to cost us along with the $700 Billion they want. Why not let the banks go under or have one of the other banks buy them. This doesn't sound like a good deal for anyone but Wall Street. Posted by: robert Location: loudon We don't need the government to bail out the finanical institutions. If anything needs to be done they need to pass a law that if a corp. fails the CEO leaves and gets nothing. If an employee fails in doing there job, they get fired and leave with nothing. The way things are being pushed to get a bailout it seems to me someone is doing this for personal gain. Posted by: JAMES TORCASO Location: Knoxville. TN How can I have a meaningful opinion and cast a vote for or against the "bail-out bill" when the terms and details of that bill are still being defined by the congress? |
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