I actually emailed Kay B Hutchinson today to vote against this.
Get something done quickly is nothing more than another government oops.
Bush says if not passed, you can no longer get loans to finance cars or put your children thru college. Bull Corn, you put something down and decent credit, you can finance a car hand down.
I'll not touch the college program.
So tired of all this giveaway business and so called bailout, help the rich boys.
I recall the million dollar bonuses the Wall St dudes pulled in.
Throughly disgusted.

For those of us that actually work for a living, this does nothing but create a new burden on our taxes. The government cannot handle it's current financial situation. What makes anyone think they can handle an additional load of this magnitude? The worst money managing institution in the nation wants to take over the second worst, and some are touting this as a good idea? Really?

i don't get it. will someone please let me know what they're "doing to fix" the situation, in dummy terms please. i can't ever understand anything that comes out of Bush's mouth. It's like i pay attention, and he'll be talking and he'll confuse me. so i keep thinking about what i was confused about, then miss like 5 minutes of what he was just talking about cause i was too busy trying not to be confused. needless to say i've stopped watching him, and now rely on others to let me know what the heck is goin on. so....what's goin on?

The government wants to buy out bad debts owed to financial institutions to "save" the financial institutions from their own mistakes of lending money to borrowers who did not qualify. they pencil whipped the paperwork to make the loans, and now the borrowers are defaulting on the loans because they could not afford them. And the government wants to spend $700 BILLION to save the fools who lent the money (ya, no lobbying interests there). Let them collapse, and the remaining banks can learn from their mistakes. The market will eventually correct itself. If the government steps in to put a band-aid on a severed artery, the band-aid will eventually fall off, and we'll be back in the same place, if not in a worse place. It would be similar to plugging a hole in the Hoover Dam with caulking. It may hold back the water for a few seconds, but the building pressure around the hole will eventually blow the dam.

This post was last modified: Sep 26, 2008 11:08 AM by Caymon Hamel.

it appears some representatives actually listened to their constituents this time around. mark your calenders, it may never happen again.

Can anyone say "New Deal". I was pointed in the direction of Roosevelt today. Read up on the depression and the "New Deal" Roosevelt pulled off. Some say it helped some say it haulted. Either way it's the same situation.

Got this from Wikipedia...

Bank and monetary reforms

With strident language Roosevelt hurled blame at businessmen and bankers: "Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men....The money changers have fled from their high seats in the temple of our civilization."

By March 4, nearly all banks in the country were closed by their governors, and Roosevelt kept them all closed until he could pass new legislation.[11] On March 9, Roosevelt sent to Congress the Emergency Banking Act, drafted in large part by Hoover's Administration; the act was passed and signed into law the same day. It provided for a system of reopening sound banks under Treasury supervision, with federal loans available if needed. Three-quarters of the banks in the Federal Reserve System reopened within the next three days. Billions of dollars in "hoarded" currency and gold flowed back into them within a month, thus stabilizing the banking system. During all of 1933, 4,004 small local banks were permanently closed and were merged into larger banks. (Their depositors eventually received 85 cents on the dollar of their deposits.) Anti-New Deal economists Milton Friedman and Anna Schwartz[12] said, "The 'cure' came close to being worse than the disease." To avoid future "cures" the Congress created the Federal Deposit Insurance Corporation (FDIC) in June, which insured deposits for up to $5,000. The establishment of the FDIC virtually ended the era of "runs" on banks.

In March and April in a series of Acts of Congress and executive orders Roosevelt and Congress suspended the gold standard for United States currency. Under the gold standard, the Federal Reserve was prevented from lowering interest rates and was instead forced to raise rates to protect the dollar. Actions to suspend the gold standard included Executive Order 6073, the Emergency Banking Act, Executive Order 6102, Executive Order 6111, the 1933 Banking Act and House Joint Resolution 192. Anyone holding significant amounts of gold coinage was mandated to exchange it for the existing fixed price of US dollars, after which the US would no longer pay gold on demand for the dollar, and gold would no longer be considered valid legal tender for debts in private and public contracts. The dollar was allowed to float freely on foreign exchange markets with no guaranteed price in gold, only to be fixed again at a significantly lower level a year later with the passage of the Gold Reserve Act in 1934. Markets immediately responded well to the suspension, although it was assumed to be temporary [13].

The economy had hit rock bottom in March 1933 and then started to expand. As historian Broadus Mitchell notes, "Most indexes worsened until the summer of 1932, which may be called the low point of the depression economically and psychologically."[14] Economic indicators show the economy reached nadir in the first days of March, then began a steady, sharp upward recovery. Thus the Federal Reserve Index of Industrial Production hit its lowest point of 52.8 in July 1932 (with 1935-39 = 100) and was practically unchanged at 54.3 in March 1933; however by July 1933, it reached 85.5, a dramatic rebound of 57% in four months. Recovery was steady and strong until 1937. Except for unemployment, the economy by 1937 surpassed the levels of the late 1920s. The Recession of 1937 was a temporary downturn. Private sector employment, especially in manufacturing, recovered to the level of the 1920s but failed to advance further until the war.

Sound familiar?