I disagree 100%. Are you not hearing? Constituent opposition is running 10-1 to any bailout. I want to know why the vote was so close.

Those that say “we’re too stupid to understand” the problem is insulting. We know there will be pain. We also know we’ll feel pain, whether there is a bailout or not.

We’ve been given the choice of a stock market/credit meltdown and the consequences of dumping $700 billion on the world’s monetary market, which will greatly increase oil prices.

The failure of the bill did exactly as expected, the stock market fell, as did oil prices. And increasing oil prices are at the heart of this entire emergency.

I could go on, but to a solution-how about a capital gains tax add on to remain in effect until all tax dollars are recouped. This would provide the proper incentives to dispose of these assets quickly, efficiently andat the best price. In addition, it provides the right incentive to Wall Street to self regulate. I know nobody likes taxes, but as my conservative friends say, if there must be a tax, it should be bourne by those that receive the benefit.

Wow – how wonderful for the American people. Our House of Representatives actually represented the people! Would the government pay for my mistakes? That’s what middle class people just like me are talking about. I would never believe our President or the people that work for him. They are using scare tactics on the American people. I would like to see some independent economists present their opinions to Congress so that an HONEST bill can be passed or none at all if un-nessasary.

If you really care about this country and want to know everything before you make a decision that will make a difference. Get the book “Obama Nation” and read it throughly. You will be doing the country a disservice if you don’t at least make an attempt to inquire beyond what you read or hear in the news.

I sometimes agree with David Gergen, sometimes I don’t. This is one time I definitely don’t. How typical and foolish of a Washington insider. David, what you are getting is that the 95 Democrats and all those Republicans who voted “NO” on this bill are real Heroes to those of us out here who truly believed that this bill would pass despite the collective cry from US, the voters. We don’t want a bail out. We don’t want our tax money used in this fashion, and we want those truly responsible for this problem to bear the cost. Yes, we may suffer some as a result, but we’re already suffering. We just want ethics, a moral compass, and frankly–real consequences for those who screwed everything up. We don’t want insiders like David Gergen deciding what is best for us any more!!!!!!

Are you kidding me. For once our elected officials did the right thing and listened to their constiuents who are against this bail out package. It is wrong! It needs work! It has problems with such benefits to organizations like ACORN. How come very few news commentator and analysts are talking about this group and how it stands to benefit from this package. It’s one of the big reasons we’re in this problem and just one of the reasons I’m against it. I was shocked to hear of Mr. Obama’s ties to it. How come it’s taken so long for Americans like me to hear about this particular group.

Mad in Washington State – Gwen

Once more, you people on Capitol Hill have made me ashamed and embarrassed to be an American… And I hate you for it.

Screw em. The banks have had over a year to get these bad loans off their books. If the market in general isn’t willing to buy these loans, and they don’t want to put a real value on these ridiculous loans they made, don’t expect the tax payers to do it either. By the way, the real amount of the bad loans is probably more like 2-3 TRILLION, not 700 Billion…
Any US citizen that thinks they are going to get a penny of this BAILOUT money back is a dreamer. By the way Suzy… it is a bailout, not an investment…

I absolutely cannot understand the bloggers and the reporters- there were 95 democrates that voted against this bill- and every reporter and anchor on your program blamed it soley on the republicans!! They didn’t need one republican vote! If Nancy Peloci hadn’t been such an idiot and insult the very people she was counting on, the bill would have passed. She should have spent more time being kind and talking her fellow Democrates into voting- its all her fault.

Be honest and not so transparently democrate.

NO to the bailout! NO NO NO
Finally the people of this country are being heard! That is the miracle in this day!

I wish I could type and post something in depth and formative,
But I have no idea W.T.H. is going on.
And why instead of approving, a handful of idiots just let over a TRILLION DOLLARS go down the toilet?
Was what happened today a better alternative?
How much can Obama and McCain really do?
What about Biden?
Will Palin have a sound byte or place in any of this?
Who’s holding out and what is the benefit for them?
Am I supposed to blindly place faith that my country’s best interest is really the top priority for the hold outs?
Are they forcing a complete melt down of Wall Street so they can start from scratch and/or appease certain interests?
Where this is huge loss, somewhere there is a huge gain, who/where/what is benefiting/profiting the most right this moment?

I have a headache now.

I’m still in shock about what happened today. I honestly don’t know what to believe. Thankfully, I had parents who grew up during the Great Depression, and they have “taught” me how to respond during times of economic crisis.

But, zoom to modern times. I am a single woman who owns her own home. I worked my butt off to get the down payment for my house, and I pay my fixed mortgage on time every month – and relish in the fact that I have less than 8 years before my house is paid for. I’ve played by the rules. I’ll never get a bailout offer – yet those who got mortgages WAY beyond their means would bet bailed out by the government. Fat cats who “serve” as CEO’s will earn millions, even if they drive their companies into the ground. Please tell me what is fair about this! Why should I give a darn about these ridiculously high-paid CEO’s? I could care less about them!! Now, my 401K has fallen to record lows, and my retirement is in jeopardy. This is way beyond fair, and I feel like the little guy never ever will have a voice – even in America, which is supposed to be the land of the free.

Take your stupid bill and you know what you can do with it! Stop screwing the honest hard-working citizens of the United States!

THANK GOD THE BAILOUT FAILED. The American people did not want this bailout of crooks. Every CEO , AND BOARDMEMBERS OF FAILED CORPS SHOULD BE JAILED AND EVERY THING THEY HAVE
TAKEN FROM THEM. GREAT DAY IN AMERICA.

I think the politicians are behaving like school children while most of the population don’t truly appreciate the rammifications if the financial sector continues to unwind: shrinking jobs, increased taxes bourne by those left in jobs ….

Carol, my sentiments exactly!!!

It’s great news that Congress did something right for a change. Government should stay out of the free market and let it work. Let the guys who gambled and lost walk away with their tails between their legs. They deserve to lose everything. Now they can face their former employees in court and explain to them why they gambled away their employment as well.

Just watch all of the fiscally responsible companies step up to the plate and snatch up what’s left of the house of cards. America will be a stronger country once all the dust settles and the men and women at the top of the corporate ladder realize that their greed was the cause of the mess. They caused the hyper-valuation of all of these worthless “assets” and they had no where to go but down once people came out of their greed frenzy haze that pushed the “values” through the roof.

Let the free market work, I say. Yes, Americans on the street will suffer some because of all of these failures, but the biggest losers will be the rich money shufflers on Wall Street and in Washington. Those are the people that have been screaming bloody murder. Why is that? Because THEY are going to lose a ton of money. They don’t care what happens to the average American. They care that they are facing personal economic collapse. That’s where the financial armagedon is occurring, and they are whining like crybabies about it. No one bailed me out when I lost money in the market. I’m not willing to bail them out either. Buck up and write it off on your taxes as a loss just like everyday citizens do.

Thank goodness for the fiscally conservative Republicans and Democrats in the House and Senate. THAT is leadership that we need to keep around up there. The ones that aren’t willing to steal from the taxpayers to bail out their buddies.

Mark in Kansas, where people go to work for a living every day.

my gawd david, how much money does this administration need to spend to “stimulate” the economy?

Mrs Suze Orman:
I understand and I respect your opinion but if you see the big mayority of this country do not want the bailout and also you need to respect that.
Is this a Democracy or not?
Actually I was expecting 0 yes from the Democrats.
Respectfully

I thought we won the Cold War. The beauty of our system is that you choose how to make or lose your money. Banks that recklessly loaned money to people who couldn’t pay it back deserve to go out of business. People who can’t pay their mortgages don’t deserve houses. Sorry.
I didn’t pay much attention in economics, but I do know that if I want to destroy a country’s economy I would flood it with its own currency.
I am glad this bill was killed and I hope it stays dead. Let the economy recover on its own.

This bill is like radiation therapy or chemotherapy: no one WANTS to get radiation or chemotherapy, but when you have got cancer, an aspirin won’t do. If the failure of several major banks in one month doesn’t convince you that this is serious, serious stuff, nothing will. We’re not talking about a slowdown, we’re talking about possible Great Depression era suffering — for years. That would be far more expensive than this rescue plan.

And people are voting against it because they’re afraid they won’t get re-elected???

If John Kennedy was alive today he’d write a new book called “Profiles in Cowardice”

Prior to today everyone was sounding the alarm like its ‘armageddon’ if this bailout package was not passed. Today, we were being told to stay ‘calm’ and telling us that it’s not ‘armageddon’ so we shouldn’t panic. Come again? A loss of $1.2T is not negligible but those represent overvaluations anyway. Besides, that amount pales in comparison to the $182T in derivatives that remain at enormous risk of collapse; $90T of which are held by JPMorgan Chase.

It needs to be said (and restated it seems until Wall Street and the media listens) — the American public, is not against providing assistance to anyone, even to Wall Street; we know that something needs to be done. What we are vehemently against are wrong-headed quasi-solutions being presented before us. H.R. 3997 is NOT what is being advertised by those who voted for it. It’s not about LEADERSHIP; time-and-again ALL our supposed leaders have failed us! What we need is a REAL PLAN, a REAL SOLUTION.

Wall Street is suffering from a case of hyperventilation caused by stress (not a heart attack as some in the media has suggested) because these toxic assets can’t be taken off their books. Main Street knows the full scale of the reality that is the future before us and we are more than willing to feel its effects (e.g., tighter credit standards; etc.). However, Main Street just cannot and does not want to shoulder the burden of Wall Street (and its excesses) in addition to all the hardship/pain of our own excesses that we know will be coming regardless of any measures the US Government claims it do to solve it.

Rather than protecting imprudent institutions and speculators, Congress should protect prudent individuals and savers by strengthening existing safety nets, including the FDIC for bank deposits, SIPC for brokerage accounts and state guarantee associations that cover insurance policies.

US Congress — House and Senate, Democrats and Republicans (including the President wanna bes) better listen up! NOT THIS BAILOUT!!! THERE IS A BETTER WAY!!!

“THIS BAILOUT = INCUMBENTS OUT!”

The republicans are not listening. They are avoiding supporting a toxic commodity, their president. If they support the bill, they’re doomed in November.

95 democrats voted it down, but why would they support Bush and this proposals?

This whole bailout is politically dangerous. At least those who voted for it were likely voting based on principles.

All of you folks that have drawn a spending line in the sand should have picked your battle a long time ago (Iraq). Voting down this 700B ‘bailout’ is like moving a dollar to pick up a dime ……. over a 1000B in market cap evaporated today. If this great levered world – that the USA proudly championed – ever fully unwinds, you will all come to know first hand why your grandparents were so fearfull of debt.

This is no joke. No person or country is an island in this game. Retirement – gone. Education – gone. Health care – gone. Your 700B savings will evaporate into thin air as the next great depression unfolds, but at least in true american style you will be able to sit on your porch and tell your struggling family how you saved their future the day you called your congressman and insisted that he vote down that damn Wallstreet Bailout.

$700 billion put into infrastructure like hi-speed rail, roads and bridges would do far more for our economy than buying worthless paper. We will shortly need a major WPA project.

The bailout plan was doomed to fail as it was headed by Barney Frank and Chris Dodd, who I believe had enormous responsibility in the failure of Fannie and Freddie which is the root of the turmoil in the banking and finance sector.

Additionally, it was quite apparent from the beginning that Senator Reid and Pelosi only had one thing in mind…to get Obama elected,,the country and it’s prosperity was never in their hearts.

The bill should be renegotiated with people who have credibility, integrity and love of America, simple!!

Please no Pelosi, Reid, Dodd, Barney or Schumer.

Dee

I for one Have no Job allready, Can’t loose that
No home to loose as Mom sold our home in 1983 & I could not buy one today even if I wanted to. I stay with a friend in a shack but His Shack was PAID for back in 1954 & he had a wife & raised 3 kids here.
I have $10.62 in my bank just to keep it open & cash any checks.
No Credit Never have had or will have or use a credit card.
No stocks,401K,Porfolio.
They want to bail some one out- let the Government send ME $20,000.
I can pay off 1 debt,Pay bills ahead for 4 years & still have money left over for food,gas,clothes. & i’ll be happy to provide reciepts & be more accountable than they have been with MY tax money for the last 22 years.
As Far as I’m concerned the Banks can go to HELL- I don’t need them
They screwed me long ago & now what goes around comes back around.

Dear Anderson,

This is surely THE DUMBEST DAY in American politics in 54 years! Do any of the House Republicans, my party, by the way, realize that the country may fold financially tomorrow? I think the lot of them should be recalled. After today, we should apologize to Nero!

Yer ole buddy,
Stevo

Would it help the available credit if everyone reviewed their credit report and closed out any accounts that they are no longer using? I would think that in large enough numbers it may have a positive impact.

McCain came back to Washington and what happened? Barney and Chris as in Frank and Dodd rushed out to announce the bill as a done deal, both a lie and an act designed specifically to embarrass McCain and undercut any perception of impact. Reid announced earlier in that same week that McCain had to be there to make this happen, look what it cost him to have the courage to show up for work while Obama stayed on the campaign trail. The Democrats own this, lock stock and barrel, they had the chance to work with the Republicans and they put party ahead of country.
And look at the bill that Barney and Chris flouted as a done deal..it read like the Barney that wrote it was the purple dinosaur. We have a few million unsold homes already on the market and going no where and Barney puts in a provision to skim 20% off any revenue that comes in on the back end and earmark for more housing for people that can’t afford homes..great, we have more homes than the market can possibly absoarb and Barney wants use taxpayer funds to build more..

I don’t believe this bailout would help as much as anyone said it would. What they are trying to do is give the banks more money so they can loan it to more people that can not pay it back.
My idea would never get passed because it is not politically correct. But I am going to tell you what it is anyway. I do not know how many taxpayers there are in this country. Let’s use 200,000,000 for easy figuring. Give every taxpayer in the country $100,000 and put the stipulation on it that they have to use it to pay debt if they have any. If they use it for anything else they have to pay it back. If my math is right this would cost the taxpayers $200 billion instead of $700 billion.
But this will never get passed because there are too many lobbyists against it. All I have is a high school education. So if I can come up with something like this maybe someone else who is not greedy like so many of our politicians and has more than a high school education can come up with something even better.
P. S.
As you can tell I almost failed English.

So if the Republicans do want to give our economy the $700 billion the failing companies need to ease this demise of our systems and the millions of us middle class nobodies who have nothing but there entire savings and jobs on the line; WHY IS THE NOT TO JUST DIRECT THE $700 billion straight to the American peoples wallets, LET US SPEND THE MONEY, or SAVE the MONEY with these business, there demand will rise, this will create and secure our jobs, we will all live with more means and the system works. WHY DON’T THEY BAIL OUT WHO REALLY IS THE VICTIMS of these whole mess and whose really have to deal with the real effect. BAIL US OUT and will take care of the market and companies who deserve to survive. Weren’t we the ones the NAYS where voting to protect?

Anderson why don’t we just take away all of the GOLDEN PARACHUTE MONEY form ALL THE CEO’s and use that money that they have hidden away in foreign bank accounts to pay off this mess and pay down the debt. Clearly their collective greed caused this mess and clearly they each expect someone else to do the trickle down, so lets just do it for them. TAKE THE GOLDEN PARACHUTE MONEY that is expected to be about 3 trillion dollars. They will still be multi millionaires. Just take what they have horded away. Fix the greed with common sense. That is what they should do on Thursday, take and eliminate all Golden Parachute Funds. Problem solved.

While I am a confirmed liberal from Massachusetts, I am now visiting my Mom in the Blue Ridge Mountains of NC and VA, decidedly a red area of the US. While at lunch at a remote area in NC, Shatley Springs, I had the priviledge of meeting real Americans who understand the mess the economy is in and understand the reason that our current Congress had to pass a bill to help rescue our economy. While they are not happy about their money being used to rescue the economy, they understand action needs to be taken to rescue our economy and that the “little people” in business will be the ultimate losers if Congress did not act. They were shocked and surprised when I told them that Congress had voted “no” to the bill. ( We were in a remote area with intermittent cell phone coverage).

Today the stock market lost almost twice the amount of the proposed bill and that presumes that all will be lost in the proposed $700 billion dollar bill (doubtful). So everyone’s retirement plan, IRA, and other asset investment has lost nearly twice as much as the $700 billion dollar bill in ONE DAY. Why are there not enough courageous people in the house to answer to this? We need new intelligent people to lead us, not those who have insufficient intelligence to lead and are only worried about their jobs, not the jobs of the working Americans.

Nancy Pelosi showed a total lack of leadership. The entire nation lost today largely due to her actions. If Senator Obama is elected President, I hope he will do whatever is necessary to have her removed as Speaker of the House. If he truly wants reform, he must see that she is removed.

David, I have always admired you and was a big fan of Gergen & Shields, but I cannot disagree with you more. No amount of bailout can help now. The day of reckoning is here for all of our profligate spending and borrowing. I think Main St. is ready to face the truth a lot more readily than Wall St or Pennsylvania Ave. I am sorry you are scared. I am scared too. But at the end of the day, I believe in myself, I believe in America and I know we will survive this self inflicted catastrophe. Hang in there.

I swear the I.Q. in this country has plummeted along with President Bush’s approval rating. People are angry about Wall Street excesses and abuses ; however, that does not make it right for us, as Americans, to turn our backs on OUR financial crisis. The vast majority of the finacial experts backed this plan for a reason. I don’t know about any of you out there, but we need to listen to the experts here.

With all respect to Gergen whose opinions are usually earnest and insightful, this one’s off the mark.

David, can you name one multi-millionaire (like yourself) or billionaire who wasn’t involved in writing this ‘rescue’ plan? Pelosi, Reid, Bush, Bernanke, Paulsen, etc – name one.

The ones with the most to lose are pillaging the public treasury. Look no further for evidence that everyone in Washington is to closely linked to corporate, financial and banking interests as well as the lobbyists and CEOs who represent them.

We are deeply resentful of propping up an idea that will cost each family $10,000.

The disrespect shown the public in this matter has been manifest. Each time we ask for an explanation of this ‘crisis’, our elected representatives claim it’s just toooooooo complicated to explain and everybody ends up parroting the party line i.e. payrolls, mortgages, yada, yada.

The funniest line from Paulsen was the gov’t might MAKE A PROFIT in this process. Huh? Is that guy on drugs? Seriously.

What happens when large corporate entities start lining up at the public trough for the same bailout? GM, Ford, etc. They’ll make the same case for a bailout. This ‘rescue’ will create a nation of corporate beggars. How embarassing!

The majority of Americans, to their credit, are prepared to weather some hardships to settle this market down without trillion dollar bailouts.

It’s not Nancy Pelosi’s fault…she probably knew before she walked into our government’s hallowed halls that the Republicans were short on votes. So she took the opportunity to bash Bush. Not the high road, in my opinion, but she couldn’t waste an opportunity.

It is sad to know that the American people would allow their representatives to toss over 1 trillion of lost investments and retirement accounts in one day just to prove a point.

Rep. Bhoener and Eric Canton should be ashamed, they whine that they didn’t like the speach of Pelosi and thats why it failed. Of all the immature things to blame this on. if you are gonna vote against it because you are scared of not getting reelected then man up and say so. Don’t blame a speech on your failure, your feelings are not as important as what the country needs! How childish can you be?

If glen beck is right we are headed for a great depression… what does that mean to the people that voted it down…. I guess nothing they must have their money under the mattress

I cannot believe what I am reading!

Having been told that if this bill does not pass, JOBS will be the first thing to go, followed by car loans, affordable mortgages, college loans . . . . . . .

And the people who will LOSE the jobs and their homes are standing and CHEERING????????????

My God, have you all lost your only minds? The really RICH people are not going to suffer. They have funds stashed away.

Who WILL suffer is US — the working, middle class.

And you all say great, right on, hooray???????????

Someone posted “finally AMericans are being heard” — well that’s not quite right. Americans were heard in 2000 and 2004 and Americans picked George Bush, who helped create this mess.

So I guess I shouldn’t be surprised people dumb enough to do that now say hey, let the market crash, let my employer have no access to credit, let me lose my job and then my house — because we’re angry and so we are acting out.

Who would you people believe if s/he said “this will kill YOU first?” Who do you trust? Obama has said it. McCain has said it. Bush has said it. Who do you want — Billy Graham? The Pope? Mickey Mantle? Tom Hanks? Miss America? OPRAH?

Unbelievable! You really don’t understand that it is your credit cards that will be cut-off. That it is your boss’s credit that will be cut, and that nobody will buy your goods and services any more because they don’t have any credit, and he’ll have to fire YOU! You will not be able to afford groceries; you will lose your home, you will lose your car; because you, like all americans rely on credit both directly (in the form of home and car loans), and indirectly, in the form of credit taken by your enployer, and credit used by consumers to buy the goods and services you work to provide. IDIOTS!

And to the chicky who asked why Nancy Pelosi didn’t make the dems alone fall on the sword — because the bill needed to be BIPARTISAN. It was a REPUBLICAN president who called for this legislation. To fix a Republican created problem. Don’t be confused by the fact that Democracts have stepped up and shown some real leadership in hammering out legislation; it was The Dems swallowed hard, put country first, and contributed more than their fair share to the bill. GET REAL — IDIOTS!

I am a single woman who has worked all my life and I was able to buy a very small house 8 years ago. I did my homework, got a loan and I pay my bill every month — why should I bail out people who bought large homes without the jobs to pay for them. Its not as if they will be out on the street – they just have to move someplace smaller that fits their means — which is what they should have done to begin with. Sure I want my “dream home” also — but unless I win the Lotto I will remain very happy in my small home. Now because of others greed my savings is in trouble. Looks like we will all pay for it one way or the other.

In about 10 days, millions of Americans will open their quarter ending September statements (401’s, Roths, IRA’s etc.) and go into complete shock at the loss of value they have incurred this year, but especially this quarter, ending September. Today’s vote against the plan wiped out 1.4 trillion + alone.

For me, and perhaps the other millions of Americans who have lost trillions this year, its time to think about how to vote in about 35 days. For the first time ever for me, its time to “Throw The Bums Out”…all of them. They cannot perform in their role to represent American voters.

If the current political leadership performance was in private industry, they would have all be fired by now. Hence my recommendation in about 35 days its time to “Throw The Bums Out”….all of them.

I am ashamed of my country today. I understand why average americans oppose a bailout of the financial sector. I am loathe to hand over any of my hard earned overtaxed money to them. However, I am also aware that their failure will destroy this already faltering economy. Without the ability to obtain credit, small and large businesses alike will fail. And when they take the measures necessary to stop the flow of blood, they won’t fire the CEOs, they are coming for us. As to whether the govt would pay for our mistakes, THAT IS EXACTLY WHAT THEY ARE DOING ! Blame every home owner who overextended themselves instead of buying homes they could actually afford. Or better yet, blame the people who used the equity in their homes like an ATM. I know there were lenders who were dishonest. But, as a realtor, I can tell you that regardless of advice to the contrary, MANY home buyers decided they knew what was best and chose the adjustable rate mortgages to save money up front. I agree that there needs to be oversight , and limits on executive profiteeiring etc. Do what you have to do….BUT DO SOMETHING!!! Stop playing politics with our homes, our jobs and our lives.

There is one big explanation for the failure of the vote today. If you cross reference the list of the most notable competitive (not safe) 2008 House Races (78 Districts – see 2008 House Races on Wikipedia) with the incumbents vote today and you see an obvious pattern. Overwhelmingly, the incumbents who are in a fight for their seat and have to answer to the public opinion in Nov voted “No” some almost 3 to 1. (21 Yes to 57 No). Digging Deeper – The Republicans were much more likely to vote “No” in their reelection bid ~ 7 to 1 against while Democrats were about split. What this means that fear of red to blue in the coming election has incumbents running for cover and not voting with their party leaderships orders.

Is anyone else wondering what we’re not being told? In business we’re never told the enormity of the problem, becasue the higher ups don’t want us to panic – it’s irritating. I can’t shake the feeling that there is much more to this than we’re being told.

On the one hand I agree with the sentiment we can handle the pain of what will happen with no bailout. On the other hand what if the pain is something we can’t even begin to consider…like another country calling in what we owe. A group of countries combining resources and their hatred of America waiting for us to get weaker and weaker and the next thing we know…

The Bush administration is like the little dog that cried wolf – with all the fear tactics of the past 8 years it’s impossible to figure out if this is more of the same. My fear is, what if this time it’s real and the “pain” is much worse than anything we can imagine.

Anderson, this is absolutely disgraceful, that the top officials of this (REP) administration, and top govonment officials such as seceratery Paulson couldn’t see this coming. just the idea of this propsed bail out plan, funded by the hard working taxpayers of this great nation, is completely irresponsable and makes me want to hurl.

This bail out failure feels like a defeat and a victory for the american people. how bitter-sweet. now the question is what can we do now. with all of the information at hand i am interested to see the next propesed such rescue plan. what i know is this, our country does need some sort of financial solution, but i am not confident that any of the politicians REP/or DEM have any better ideas than average joe. i think there are at least a handful of people i can think of that would not be politically motivated that could handle running this country.

i say lay off the poltics just a bit and sit down with our counterparts and really hash out this entire situation. there are more intelligent people and anylists out there that could come up with better solutions than are bing propsed in wasington.

David Gergen was right on with this one. One thing I would add is that the politicians, Bush and Paulson did a horrible job explaining it.

They do need to put a sweetener in regard to adjusting foreclosure rates. The inability for judges to adjust rates to market rates is indeed criminial.

The easy thing to do is to reject the bill but the proper, leadership tactic is to swallow a pill that will put a floor in the credit markets. The dow dropping doesn’t mean a thing except you lost 7% of your 401K. That is a full year of savings for those that have saved for 12 years or more.

I think many people here are eager to bite off their nose to spite their face. When this hits main street many of you will be crying mercy and regard this as one of the greatest missed opportunities in our time.

At that point $700 Billion will be too little. It will be in the trillions.

Thank God for level headed Democrats and Republicans. This bailout was just that a bailout to those who made bad decisions. This bill had too many special interest groups involved and was only put forth to scare us even more. You don’t want a run on the bank then you better quit scaring the crap out of people. I just watched to shows one on CNBC another on CNN and that is what they did. They scared the people then said we can’t afford a run on the bank. Well what the heck do you think some people are going to do tomorrow. They think the they are going to lose their money and are going to take it. DON”T DO THIS!! Also the trillion dollars supposedly;y lost on Wall Street wasn’t lost. People pulled their money and are going to reinvest in more secure things. So I guess it was a loss for some corporate CEO, but there are more secure things to invest in and people are liquefying their money so they have options. So please quit trying to scare people. Times are hard but you know what we are going to survive. America will survive!

Why don’t we just lend these companies $700 billion, with a low “teaser” rate that jumps after a couple of years?

Hey! Here’s the deal, fat cats…we don’t have the money to bail you out this time! Maybe if you hadn’t lied to us and screwed us over for the last few years, we’d have more to give. House is gone, car is gone, investments gone. I’m going to just worry about eating now, thank you very much, rather than give more to bail out lazy, greedy millionaires. Thanks for LESS THAN NOTHING.

I have heard different thoughts and plans floating around. Suppose this, what if the Government gave 1 million dollars to every American? At current census reports that would be about 304 million people. That would save about 670 billion dollars… of tax payer money. The government could even keep 15% in taxes and each American would still have more than enough to pay any outstanding mortgages. Even it they had to pay it to 6 banks down the banking chain before they paid the actual bank holding their mortgage. What would the effects of this plan have on the economy? …jeff

Main Street has spoken! With a problem of this magnitude why would Pelosi rush this to the floor as quickly as she did? I can think of one REAL good reason………Politics! IF she knew that there was a good chance this was not going to pass anyway, when it did fail, she can blame it on the Republicans to make it look like this was thier fault and therefore Obama would gain more favor with the voters.

I applaud the American people for making the politicians listen, really listen to our voices. We know there will be a long journey of pain Mr. Bush, but it’s not like we haven’t experienced it before. You tried to shove the deal down our throats and we stood up and fought back!

If we’re giving money to any of these instituitions, why aren’t we in hostile takeover mode and demoting instead of firing the top executives. Businesses do it all the time – so why can’t you!

Pay attention Capitol Hill -We’re mad as hell and we’re not going to take it anymore.

All of you up for re-election and especially you two running for president especially better pay attention. Right now you are both pitiful!

I don’t get it. The American people are against this bill! Yes, we understand the ramifications. Look. We’re Americans. We can take anything. ANYTHING, even a second Depression. What we can’t handle is rewarding the same people who got us into this mess, and then handing over the banks to the government who are equally incompetent. What happened to Free-Market principles? Do they only apply when the rich are making money? I’d rather stand in a soup line than see this bill passed!

I think it’s sad that $1.2 trillion was lost in market value today, which is nearly twice the cost of the bailout bill. With more than 60 million Americans invested through their 401k’s in the stock market, the troubles on Wall Street definitely impact Main Street. A solution, whether from government or from private sources, needs to be found fast.

Right on David Gergen! You seem to have covered all the angles; but Senator Biden’s influence. He and Senator Obama could band together and with teamwork try to show some leadership, grab the helm, put some pressure on and let the House know how ridiculous they have behaved. Doesn’t Pelosi know how much damage and division she is creating versus the tour de force the Democrats could unveil if they worked TOGETHER? The financial health not just of the U.S. but all the free market economies of the world by cascade and domino effect. For good or bad we are all interconnected. For all the talk about who is the right leader come election days..wake up and step up! Now is the time to show us and the world who the next President SHOULD be. History will be the judge but to paraphrase these are extaordinary times and they call for extraordinary leaders. And by the way no one has mentioned Govenor Palin in all this. Please! Between her and Representative Pelosi they are going to set back our (women’s) reputation as leaders; unfortuneately this will be judged. Somebody show us what you are worth, someone has to broker a deal there is way too much hanging in the balance. Talk about “reaching across the aisle” mend your own fences and show us what you are made of. Maybe Hillary can do something. Someone has to start talking, explain this to the public so they can get behind it. Ignorance breeds contempt. Obama and Biden we are counting on you. Someone HAS to rise above the fray and HELP not HINDER. Mr. Gergen you have such a good, balanced view. I have always appreciated your perspective, Thank You. I hope we can get Senators and Representatives to read your comments.

I would like to know the names of the 12 House republicans that said they would vote yes and then voted no at the moment of truth.

With all the behind the scenes dealings and negotiations over the last few days somebody knows exactly who is responsible for the failure of the bill. Clearly both parties thought there were enough votes to get the thing passed. These narrow minded simpletons are playing politics with the future of our country.

Jim D. is right. He is to stupid to understand.

Do all of you people who are so quick to respond that it was a good thing that this was voted down, have any understanding whatsoever of economics? Sure there is greed on Wall Street, this is new? I don’t like it when I see CEO’s checking out with golden parachutes, but greed on Wall Street is not new.

Kathy from CT hit the nail on the head. Economics is interconnected folks. The solution was not perfect, but politics isn’t about being perfect. Interconnected means that people lose jobs, lose retirements, lose houses.

There is every reason to think that this plan will be successful, and the total cost to the taxpayer will not be much. We might even come out ahead.

I happen to be a Democrat, but this finger pointing has to stop. The Speaker was out of line in giving a partisian speech today, and the Republican leaders were just as out of line in blaming her for the loss. I was in local politics once upon a time, and good Republican leadership would have warned the troops that there could be a partisian speech. And a good Speaker would not have taken the opportunity. And good leadership on both sides would have done a better job of counting noses. That’s how it works folks.

Some of you clowns who post don’t have a clue what you don’t know. You may want to throw the baby out with the bath water, but I prefer that it not be my baby and my bath water. Mature adults work for solutions. Thank you David Gergen for your article. On the mark as usual.

Finally, Kathy in CT, I read someones comments that are like mine. Yes, the banks messed up. Yes, people who shouldn’t have/couldn’t afford loans got them. Lets move on!!! Lets fix this mess. Yes, CEOs, shouldn’t get a bonus as they leave. But we need this taken care of before the Sh.t hits the fan.

These two weeks have been very sad. I feel like by spirit has been broken after the embarassing behavior in Washington today by every politician. On one side you have the sissy Republicans saying that it is all Nancy Pelosi’s fault that they voted no. (because they got their panties in a bunch over a speech) On the other side you have people like Barney Frank and Nancy Pelosi who just cannot keep their mouth’s shut for 5 minutes. If both sides would grow up and pass a bill that could put us on the road to recovery, this would have been over days ago. Let us not forget the huge purse strings on Wallstreet who manipulated the Market today throwing a tantrum like a spoiled brat. I am disgusted and ashamed of our GOVERNMENT, and if everyone out in la la land who thinks that not passing this bill will not affect them then they need to wake up.

You make some great points about what both sides of the aisle must do to get us through this economic catastrophe. However, what you (and I, for that matter) did not anticipate is that the American people are hell-bent on economic self-destruction at any cost.

As you can see all along this wall, people are so angry that they are willing to watch our entire economic system collapse into nothing because they are mad at some fat cats who will get off with millions.

WAKE UP PEOPLE. Those fat cats are already millionaires and will not be affected by this market failure. IT’S THE REST OF US WHO ARE GETTING SCREWED.

America goes through cycles of revolution and consolidation, and as in the 30’s and the 60’s, I believe we are in a time of social, political and economic upheaval.

The new wave is a big one, but I’m afraid we’re moving quickly from the crest to the trough.

oh I am too unimformed to understand what is going on….??? i think not. let them eat cake. let them eat cake. its the only way to let them feel the pain that we have been feeling for two years in the housing market….while they pussyfooted around with help for us…the only way i will help them is if they help us…by going back and reevaluating all the home loans to the actual value of the house and adjust the mortgage to that price. other than that let them committ harrykarry as they jump out of windows….when you assume risk you must pay the consequences when it doesnt work out…let em eat cake…hope all the ceo’s saved the money they raped me with….on my mortgage.

Let’s make this real simple. If you work in construction and the new work that is being planned is canceled because the property manager can’t get the loan from the bank, be sure to file your unemployment paperwork quickly, because others will be standing next to you. For those of you in retail, when that construction worker has no work, do you think he and his family will be looking to go shopping for something other than essentials? So when your boss cuts back your hours, then eliminates you altogether, you can join the construction worker.

This is NOT A WALL STREET BAIL OUT, this is keeping the wheels of our economy turning, plain and simple.

I can believe the hating of overpaid CEO’s, hating Wall Steet itself, hating the greedy fat cats, the politicians, the banks, the Democrats, the Republicans. It’s a mess and a whole lot of people who should have known better are at fault. But what if these guys are telling us the truth and the risk is a national diasaster, what then? Do we indulge our wrath (and a lot of it is very righteous wrath), but do we indulge it to the extent of letting the economy, which supports us all, collapse?
Many of us have been brought down , and allowed others to bring us down, by our “religious” belief in the sacred cow of “free market capitalism”. It is a good system but a human system. There is no bible that I know of that says God has made this a perfect system that we tamper with to our everlasting peril. We even got paid for our absolute beliefs in this false god of “don’t touch me magic” as lots of inflated profits came into our own 401Kand retirement accounts. We were co-opted by our own greed and so gave them all (the bad guys, the snake oil salesmen) even more of a free rein. We are all a part of this mess and we all have to fix it.

The congresspersons who voted no should take their toys and go home. We are all in the same boat. I have bailed out family members who messed up, because they were family, then dealt with their ‘cleanup later’, and so have they. The constituents who say no, are reacting on emotion.

Where are all the billionnaires who tout the American dream? Why don’t they make the loan? that would be an awesome solution.

Finally, Congress has listened to the people. The People do not want this bill as it is. The rich and the liberals that love their credit cards want this bill. Maybe if we as Americans, had to actually work and pay for what we earn, we wouldnt have so many class distinctions and would work better together.

There is plenty of blame to go around for this mess. Every politician in DC is at fault for not providing sufficient oversight and there is no way the taxpayers should foot the bill for their lack of diligence. Adding insult to injury the pols decide to leave town for “religious observances.” Take away the cameras and microphones, stop the rhetoric, get back to work! The stink coming from DC is overpowering and I intend to remove it by voting against every incumbent.

People you’re missing the point. This wasn’t about bailing out the rich, what will happen now is that businesses will no longer have the ability to borrow from their “credit cards” from which they rely to operate. Many businesses use their credit for payroll or to buy goods to fulfill orders. Well now they can’t. And what will happen when businesses have to cut to produce, oh ya jobs will be lost. So don’t go crying about how responsible you were when you bought your house, or that no one will bail you out when your sitting in the unemployment line. Wake up people!

I agree whole heartedly with David Gergen. It is clear that most people do not understand the impact this situation will have on the country for years to come. Nobody wants to face the fact that it will be expensive but the alternative is frightening. Again, John McCain is not putting the country first by blaming Obama which i am sure will cause him to lose more votes. And yes, Obama needs to step up to the plate. i feel sorry for our next President who is stuck with this mess.

I think its time for a good ole’ shock doctrine to kick in and straighten things out; don’t you? How about some serious suffering for everyone who tries to get by so the rich can keep on serving up their caviar. I am sure if enough of us feel enough pain, we may be able to change things. That is if Bush doesn’t make protest illegal.

If they are going to correct things, then the bottom-up is the only working theory that stands a chance. Otherwise, we will all be left to suffer while those at the top have their celebrations.

The stupidity of the American public never ceases to amaze me. You’re cheering because the bill did not pass….I hope you keep cheering when your shift at the factory is cut and when their next paycheck bounces. Members of Congress ( mostly Republicans, the official party of all things evangelical and white trash ) acted like 5 years olds at kindergarden recess today. There’s enough blame to go around, but the crisis needs to be solved, and soon. Largely unregulated greed In America has begun to weaken and destroy financial institutions world-wide. Yes folks, Europe, the Far east, South America and Canada are all faltering now. America touts herself as THE global leader. Fix this mess before all global markets fail. If ever there was a time to rally around the President, it is now.

Suze Orman is one of the most knowledgeable “money matters” person we can go to today to get the big picture of things. I have long admired her wisdom and clarity in explaining what works and what doesn’t work. She said we are in dire straights if we don’t get this bill passed. We lost over a trillion dollars in money movement today because of this.

I know many people don’t have time to research or study this and all of it is happening so fast we don’t have time to digest it. It won’t mean much to voters until they realize that their credit cards (which we all use daily, and sometimes without much self-control) will have limited credit available to them.

I don’t think the American people have realized what has just happened. It is going to get worse before it gets better if a bill that isn’t all it needs to be, but gets the economy moving again.

If those who did not vote for the bill because they were listening to voters who didn’t do their homework just so they could get re-elected could be shooting themselves in the foot -I mean the pocketbook.

America is officially socialistic country and corporate welfare Wall St. bailout proves it. So those in power (with money) make worse decisions than a drunk gambler in las Vegas while the past 15-20 years the feds are asleep at the switch (actually in bed with the Wall Streeters). Greensspan et al stoked the economy like crack whore stoked on cocaine and the when it crashes, we hardworking, overtaxed middle and upper middle income people get screwed again.

THose in power (Wall Street) get rewarded for bad behavior. Of course to make it palatable to the left wing Democrats there will be more mandates and regulation for fair and affordable housing meaning more perpetual government intervention. No different that the socialism for the ethanol industry, the upcoming one for Detroit automakers or any other lobby that exists to suck $$ from federal gov’t.

The whole things makes me sick. Both the President (Cheney) and Mr Bush bear responsibility; along with the cabal in Congress both Democraps and Republisins like Barney Frank, Chuck Schumer, Harry Reid and Nancy Pelosi – all corrupt powerful and out to lunch.

How about sending some of the scumbags to jail, I mean CEOs and politicians? No, instead we bail them out with more money that the treasury doesn’t have. And in the future every low life expecting a handout will get one because it pales in comparison to this debacle.

If this is leadership we are doomed to mediocrity and worse. Someday China, Saudis, or UAR and India will own us all.

Mr Gergen hit the nail on the head. LEADERSHIP-that is what is lacking. We don’t have a Washington or Lincoln-somone who will stand up for the right thing rather than an ideology. The class war the Republicans normally rail against is now their main weapon, They favor Main Street against Wall Street. because it is now an ideological war Main Street is angry and baying for blood. A loss of 1.2 trillion dollars in few hours is palatable , talk about slicing your nose to save your ideological face-shame on you ideological warriors.

I also want to add this. It was because of the all the overspending that help put us in this mess. If you take the time to follow the money trail, you will see that it leads to Barney Frank, Dodd,Pelosi,Bernake,Paulson. They were the ones in bed with Fannie Mae and Freddie Mac. So where is the media and why is it not asking Barney Frank where did all of your money come from? It is ridiculous! I have had it! The media is a joke! You would think that the magnitude of this problem would warrant them STAYING instead of the most of lamest excuses Rashshashanna holiday! I don’t care if it was Christmas! This should just go to show you that is country really first in pelosi’s eyes or any of the house? I guess not, the house is burning out of control and it is more important that they observe a holiday. Greed drove this to where we are and I particularly don’t care to bail out people that gambled with the economy and lost! The reason why certain behaviors are repeated is because they are reinforced! IF we did this bailout plan, then all we are doing as a country is rewarding BAD BEHAVIOR! Why on earth would we want to have Paulson in more control of our economy???? He has screwed up enough! Thanks Pelosi, Thanks Dodd, Thanks Frank, Thanks Bernake for NOTHING! Everyone of you should either be in jail or resign!

Stop the petty particin bickering. Lets face it we have the politicians we deserve. Every opne of them should be spanked and sent to bed without any supper. We haven’t paid our bills as a country in years, we have grown dependent on our government to feed us, clothes us and to make us feel like we are safe and secure all the while we spend money we don’t have and money our children will never make. we already have 56 trillion dollars in committments we can’t meet in our entitlement programs.

This is a credit crisis no doubt, but the seeds of this are in our unwillingness to face tough times and our history of only reacting to our bad planning, not to planning for our future.

Make no mistake this isn’t really a problem for those with money, in fact much like after the “Great depression” somebody is going to get incredibly rich while many suffer for their success. This isn’t a problem for the poor we will always make sure they have what is necessary if somewhat limited, it is a problem for those of us that actually have to work hard to pay for everyone elses largess. I say take an equity stake, build insurance into the process, work towards an earn out for the lenders and use all the tools that the Sec and Fed have at their disposal to hold the thiefs accountable. If it takes a week or a month and more people lose their homes and more banks fail then so be it. The majority of Americans deserve the best efforts of our congress and Senate, and nothing good is ever built in haste. Come up with a compromise that is as painful for the Republicans as the Democratc. the and only then will America gets what it needs.

Most economists and congress people admit they do not understand what caused this problem. We have been told that the problem is that it is impossible to determine what an “investment” made up of these bundled mortgage loans is actually worth. Now, you are asking the American Taxpayer (read middle class; those truly in poverty pay no taxes) to buy this pig in a poke without even being able to find an “expert” that can tell us what we are buying. The congress people who voted for this bailout should be voted out of office in November.

Well, thanks to those that voted this bill down. I hope everyone here that agree’s with this vote realize that they’ve screwed up this country for years to come.

If we don’t wind up in the “Second Great Depression” this country of ours experiences, I will be quite surprised.

Unfortunately, the lack of regulation is what caused this crisis. Greed is/was just a symptom of this financial earthquake. It most clearly and totally shows what a lack of regulation/control will not do, protect the American people.

The most amazing thing of this entire affair is that anyone believes this bill has a chance of succeeding.

At it’s core, the issue is that banks are not lending money because past bad investments have left them broke and nervous about extending any future credit.

The bailout removes the bad entries and restores stability to the banks but does not address the issue of trust the banks must have in order to extend credit. That will only come when the banks see regulation that has a chance of preventing the credit crisis. Without immediate regulation, the banks will NOT extend credit and the problem will continue.

Voting down this bailout was the correct thing to do. There are only two ways to restore the financial system: regulation by government without a bailout or permitting the free market to act and destroy the bad investments. Either action will demonstrate to the banks that what survives will last.

We have been building for a severe recession for several years — it is unavoidable. People will lose their homes and jobs — no bailout will prevent this.

The bailout will guarantee a great depression by demonstrating that the core foundation of the financial system is shaky and will continue the distrust and lack of credit.

I am angry. Everyone I know is angry. We should all be angry about what has happened. However, our anger should not keep us from doing what is in our best interest. The truth of the matter is, we need credit. If the big Wall Street banks don’t lend money to other banks, then the banks have no money to lend to us. Simply put, American business runs on credit. Stores need credit to buy inventory. Farmers need credit to cover seed and expenses until harvest. Construction companies need credit to cover expenses until they are paid at the end of a project.

Do the CEOs of Wall Street carry a lot of blame? Absolutely. Should there be criminal implications for those who got us all in this mess? Yes. However, we need to ensure that our rage doesn’t keep us from the task at hand. There is a time and a season for everything. There will be a time for accountability. However, right now is the time for action to keep our economy afloat. We may not like it, but it is something we have to do.

The level of ignorance shown by most of these comments is what stuns me. With this kind of half wit thinking, I would bet that half of the respondents had trouble getting through high school…never mind college. Which is fine…when the economy returns to the stone age, you’ll probably be in better shape than those of us who have spent years reading and keeping up with the details of these problems.

Arrogant
Stupid
Stubborn

The hallmark of the modern Republican Party and its President.

To all those against the bailout:

I don’t agree with it anymore than you do but, unfortunately, the financial crisis is a reality. It will affect your businesses, their ability to pay you, your jobs, your homes, and any loans that you might need for homes, cars or college.

The bailout is not so much a bailout as a backstop to prevent the worst effects of the catastrophe on Wall Street from crashing into your lives. It won’t stop everything and unfortunately America’s sole choice is now between bad or very bad.

And through it all, the only thing politicians can do is play their election games.

P.S. My dad lost one third of his pension last week. I shudder to think where it’s at now.

I have just heard that the total of bad debt is more like 15 Trillion dollars. If this is true then how long until they come back with their hands out asking for another couple Trillion?

jack I agree with you 200% But I will go a step further and say that there needs to be a constitutional amendment that limits the # of years anyone can stay in political office.

In a weird way I think Capitol Hill got it right, at the help of the House Moron Nancy Pelosi…..what an idiot.

Many people would like to believe this is the failed policies of President Bush, it would surprise everyone that it is not. this began when affordable housing was introduced under the Democrats. People were given the ability to buy houses they couldn’t afford. They borrowed money with low interest rates. The interest rates went up. they defaulted on their loans. The Banks went under. That’s what happened people. It is shameless that people like Congressman Frank today is taking the high road. He was warned of today’s crisis two years ago and he said that even if the foreseen crisis would happen Fannie Mae and Freddie Mac would absorb it because they are so big and powerful…..wrong!

The Democrats are shameless here. they could have passed the bill if they wanted it. They didn’t because they wanted it to be bi-partisan and then the Moron makes a partisan speech….are you kidding me?

David:

I disagree with this bailout bill. I suppose that there will have to some kind of package, but not with a price tag of $700 billion. If they want to increase $$$$ they should stay the capital gain tax on investments and the $$$$ will flow in until we can get righted again.

They can firm up SDIC and firm up the credit situation allowing credit to flow again . The rest of the chips will have to fall were they lay. There has to be a wringing out of the bad stuff in the markert. The stronger will survive. Bad business deals in a free market should not be rewarded, especially by our tax $$$$.

The more that that politicians and pundits drone on about gloom and
doom the more the market is going to take us on this wild ride. There will be many bumps in the road, but the market will get better. It will again become normal without all these inflated prices.

Susan
Phoenixville,PA

What if the governement gives each tax payer $20,000. Those being foreclosed will have enough money to bail themselves out. Those not in trouble will spend, save, and invest. The money will reach the banks and stock markets after we get a chance to spend it first. That is the Free Market way. If you’re going to inject money into the economy, inject it where the pain began. Nobody threatened a government takeover while people were losing their homes, it was only after banks and stocks fell. It started at the bottom, with the people. If we have to pay for it, we should get the chance to spend it first. The banks can refinance those bad mortgages to keep people in them, especially if those people have $20,000. Those of us who didn’t get into the mess are rewarded, and we in turn grow the economy.

Anyone that is celebrating this as a victory will probably have a change of opinion in the coming weeks if this or something like this bill hasn’t passed. I think there is alot of false bravado being displayed about being able to take the hit and stand up to cooporate greed. It is absolute lunacy, this is a collapse of foundation of our country! Sure it wont last forever, but it aint going to be fun. By the time feelings change people wont be able to afford access to the internet to post these opinions. I seriously hope that I am wrong, and I feel terrible for anyone close to retirement, that has to support a family, or is out of a job. The only increases you will probably see will be unemployment, crime, and poverty as your savings, retirement, and hopes dwindle away. Way to stick it to the Man!

First I’d like to point out that this crisis did not happen over night. It all started when the Regan Revolution started to DeRegulate the rules and let the Corporations and Banks do as they pleased. The people of America bears some responsibility for this mess because they have by the large numbers put people in power who are for Corporations and not for the working person. You Americans have done this to yourselves. Look at the mess and start cleaning up your attitudes about people who have your best interest at heart. What Rich person is going to look out for the meek???
What less educated person will understand what is good for the Country. One that graduated 894 out of 898. Look at the numbers that are putting this type in charge. You Americans need to clean up your own mess by voting these illerates into office. Start with the Movie star and then the latest one GW.

i do not care who will be president, i just want someone who is or will hire a genius economist so this country can go back on its feet, and people will not have to struggle. I do not mean the rich ones…they are fine, but the middle class suffering most.

It is an easy and vulgar thing to please the mob, and not a very arduous task to astonish them; but essentially to benefit and to improve them is a work fraught with difficulty, and teeming with danger.
– Charles Caleb Colton

These blog posts lend credence to the above quote.

I’m frankly aghast at the number of people here saying hurray that the bill failed and the market tanked.

Don’t you people know anyone whose entire retirement is in 401Ks? EVERYONE lost money today, far more money than the ‘bailout’ would have cost. And we’ll probably lose more tomorrow. And when the layoffs start coming down, it’s not going to be the CEOs who suffer. Unless you’re living totally off the grid and growing your own food, your standard of living just took a major hit, free market be damned.

Just for reference, after the crash of ‘29, the market didn’t recover to its pre-crash level until 1954. Everyone in their forties and fifties is now wondering if they’ll have to work until they die. Assuming, that is, that their jobs don’t go away.

I think we need the bailout, but would it not make more sense for the banking institutions to find a way to restructure the existing loans and allow these people who are in foreclosure to maintain their homes at more affordable rates and payments? Would this not reduce the amount of money they would need to begin to fix this situation, rather than depending totally on taxpayer money to help turn the situation around?

There is much anger out there about the proposed legislation that is, quite frankly, misplaced. It is not intended to “bail out” Wall Street or irresponsible home buyers, both of whom richly deserve the scorn currently being heaped upon them by the general public. It is intended to unlock the credit markets, which are frozen up because the banks are no longer willing to lend to each other.

Why should you care about the credit markets?

Because they affect YOU. If capital cannot flow freely between banks, banks are forced to drastically tighten lending restrictions. If as a result, companies cannot get loans from the banks, those that need regular seasonal financing are more likely to go out of business. Perhaps you work for one of these companies. Perhaps these companies are your customers. Perhaps you work for one of the larger companies such as our automakers, which are currently losing huge sums of money and require financing to stay afloat. Do you want GM and Ford to go bankrupt?

If people cannot get loans from banks, then I hope that you have no unforeseen large expenditures in the next few years, because the bankruptcy laws are not very friendly these days. Stay healthy.

The failure to pass this bill was the most irresponsible legislative act I have seen in my life. Our congressional representatives first and foremost serve the public trust, and they failed that trust today.

The biil should not pass.

If you reverse the mortgage value decline, it will solve all the other problems. If a home(owner occupied) is appraised below the mortgage value, issue a tax credit belonging to the property to make the mortgage value “whole again”.

As far as those who cannot afford the mortgage in the first place, let them go back to renting, or they can use the tax credit to see if they can work it out, the tax credit would transfer with the property, unless used up some % per year.

No money to wall street banks, make the home owners “whole again”

Goodness people, don’t you understand? This bailout is not about Wall Street or any Street, its about all of us. The fact is that the US does not save enough as a nation, we are a country of borrowers. Once the Treasury let Lehman fail, it put a question mark on top of every American financial institution. And they are falling like dominoes, and will continue to do so – until the government steps in and says enough!!! At this point, the credit markets are freezing up. Banks are not lending to each other. Industry could come to a standstill. We may not be able to withdraw money from our bank savings. The entire monetary system could collapse if all the foreigners asked for their money back at once. Companies would have trouble meeting payroll. This is not about any “fat cats” on Wall Street – who will sadly, be better cushioned than the rest of us.

Again lawmakers not thinking about global issues and only about reelection! Did you see how the market responded to their hesitation and bullheadedness? More money lost in one day than any money promised as “bailout”? Even though I am a teacher and don’t “play” the market, my retirement is tied up in mutual funds, my son’s future college funds are in a 403B: this affects us all, even the little people, and anyone who thinks they will not pay, either as a bailout or a huge depression, is more naive than any republican zealot down my block!

With the bailout the foxes are still in charge of the hen house! How stupid does the Congressmen who voted for the bailout think the American people are. It was Congress who forced banks to make loans to unqualified buyers!! Nancy Pelosi says how great Barney Frank is? He is the same person that said there was NO problem with Fannie and Freddie!!!!!!!! Can Nancy say DUHHHHHHH!!!!!

The bailout plan proposed by the Bush administration was not the best approach. However, I do not understand why neither Obama nor McCain, proposed another solution to solve the current financial crisis. Does presidential candidates, senators or house representatives proposed alternative idea?

I know that there are other solutions like lending money to the financial institution, so they can lend money to the Americain.

The guy that wrote this article is part of the problem. The House Members did the correct thing. The people that receive these 7 and 8 figure salaries are living in the Land of Oz, the one without the brain.
WE THE PEOPLE, don’t live in “la, la” land, we are the ones working and allowing someone like the writer of the article to exercise their free speech, no matter how flawed his thoughts and writings may be.

I tell you, reading the comments on this page confirms my issue complaint with people. Too many Americans can only see 2 feet in front of them. Everything is okay until you open the door and it’s storming outside and you’re shocked to see the rain. Only, the forecast was given well in advance. Too many of you ignore the forecasts. Ali Velshi explained it very well. He said we won’t feel the pinch today or tomorrow but slowly and surely it will come and people will ask, how’d this happen? Well, look at all those who e-mailed and called their representatives in Congress to vote ‘no’ on the bail out. Short sightedness.

Just yet another example of President Bush’s failed leadership during his 8 years fo failed domestic and foreign policy. Bush seems to have as much power as Queen Elizabeth in Great Britain’s Parliament, which is none! Where America is today, is what happens when a President allows the world’s largest economy to go recklessly unregulated and believes that the trickle down theory of wealth makes it to America’s middle-class families. No wonder his approval rating continues to plummet like the stock market! When McCain voted in agreement with Bush NINETY % of the time, that makes him only TEN % of a Maverick in the eyes of most Americans.

I just read the blog and I’m more confused then before. I did understand Ms Orman. J Jackson Jr voted against and he heads Obama’s campaign. Does that mean that Obama is against it also? Will McCain and Obama bother to vote? What ever happened to the moratorium on foreclosures that Hillary suggested. Wouldn’t that help main street while Congress helps Wall Street? This plan seems to have more holes than swiss cheese. We can’t please Rep’s and Dem’s, so they need to compromise and vote on a plan that is good for America-not Wall Street or Main Street.

Sorry, my last two paragraphs sound like Sara Palin. I’ll try again.

……It is going to get worse before it gets better if a bill that needs to be passed doesn’t get passed. We need the bill passed to get the economy moving again even though it doesn’t include everything we would want in it. It does seem to address the most important right now.

If those Congressmen who voted against the bill did so just so they would get re-elected have not done themselves any justice, or helped the American people.

I am very angry about this. I hope when Congress reconvenes to re-vise some aspects of this bill to get passage, that voters will have had time to rethink this and let the Congressmen do their job. They have heard from you, now let them use what you have said, and what they know and understand and let them do their job – you voted them in, now trust them.

I can’t believe there is so MUCH hatred and ugliness in the world. It’s all about partisan politics and greed… yep, the almighty dollar. I also cannot believe that people don’t know there is no “free lunch.” When they bought their homes with little or no down payment, adjustable interest rates, obviously they were in way over their head. Unfortunately, too many uninformed people did this. I am glad the failed in the house, but I blame the dumb people that bought homes, thinking they were going to make out like a “bandit.” Well, guess what folks? There is no free lunch. Didn’t your mother ever tell you that?

I’m not in favor of the bailout – however, I’m also not in favor of… Marshal Law. Make no mistake about it, we as a nation are heading down the wrong path. Guy’s this is not the 1920s. This meltdown could make the riots of the 1960s look like children play. Congress needs to act before we hit the tipping point.

Kudos to you Mr. Gergen: truly a great mind in the mindnumbing media.

This day will become one of the saddest in U.S. history, and given the ascendancy of the Asian heavyweights, it will no doubt serve as the dying day of America’s influence in the global economy.

Ours is an economy that fuels itself and others (yes, China and India) based on its ability to consume. Without significant lines of credit, our economy will be on life-support in no time.

What is perhaps most depressing, is that we had Hoover economics as an example of what NOT to do when markets are unstable: i.e., nothing. Those who think that this bill would have converted our economy to socialism or only benefited the wealthy are terribly misguided, and when you lose your job or your boss can’t pay you on Friday, please don’t wonder why.

Washington is such a disfunctional place….its really an embarassment to think that we are the world’s most powerful nation…well, then again, maybe we’re not. Nobody like this bailout…unquestionably, the American people are left holding the bag for the greed and free for all we have had over the last 10 to 15 years. There’s no accountability or responsibility, no values in our governance other than holding on to power, – and saddly our country is in incredibly bad shape at home and abroad. As a registered republican, I say its time for a change…my party deserves to get booted out of town, and lets give the dems a chance to screw it up (hopefully not!). On the bailout, – I agree with the majority of Americans that its ludicrous that we should bailout the fat and super greedy cats on Wall Street that created this whole mess, but I think in the short term we need the bill to stabilize the financial markets and the economy, and in the long term we need to protect the American taxpayer and insure a return on the people’s investment….the bailout. Its a disgrace that we should be in this position…but not a surprise.

We need not worry about Bin Laden ruining the US Econemy Pres.Bush and the banks have already done that!! A depression would be a good thing,in the long run it would teach all the fat cats a big lesson.Why put more on the lower and mid class when most of us had nothing to do with putting the banks in the state there in? NO bailout is a good thing!!! A depression will only hurt the people who think they are better than every one else. thank you and good night.

Great summary of what went on today with solid recommendations and observations as to what needs to be done now. Hope all get to read it and help get this problem behind us. Thank you (again), David.

I do not want to hear from a political analyst. We need to listen to the experts – economists. Jeffrey A. Miron is senior lecturer in economics at Harvard University:

“The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.

Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.”

yes, shareholders will suffer but the stock market is NOT a guarantee – you take risks and sometimes you lose. Taxpayers -especially those not invested in the shares of risky companies, those who live within their means – they should not shoulder this burden

all i know is i work construction. i was one of the 34.000 layed off in august in california due to lack of work. i sat home fo a month and a half, and now im back at work. for a week and the project manager tells me that a meeting is scheduled for next week to determine what is going to happen since the construction industry is based largely on the basis of credit this affects me dirrectly,and you too if you are’nt a person making six figures.if you consider this a bail out for wallstreet you clearly are’nt paying attention. we are all interconnected not only in this country ,but all over the world. we all need credit ,and the public is not taking the time to actually see what this involves. todays market is only a glimpse of whats to come. the longer we wait the price goes higher. with our severd ties with other nations who do you think will come to our rescue. who will stop terrorism in this country if we can’t afford to power our defense.

Another polarizing piece of commentary. To echo a few previous comments. 1) 95 Dems voted NO. 2) The banks that did terrible business should go out of business. I am not going to foot the bill for bad investment decisions and incredibly risky business tactics. 3) This isn’t even mentioning the $630 BILLION the federal reserve put into the markets today. I can’t believe no one is reporting this. What sham journalism.

The lessons of common sense and history are being ignored in this debate (and blog).

Passions among the common folks are running high and being honestly represented in the House. However, our founding fathers did not want the passions of the people to be the only basis of governing-less short-sighted solutions rule the day as in this case.
Everyone, EVERYONE agrees this bill is a bitter pill to swallow but doing nothing will be much worse..it is time for the government (Senate?) and the American people to make some tough choices…and very soon.

The comments about needing LEADERSHIP are dead on. Think of the ridiculousness of the argument that the GOP leadership is using by blaming the Democrats for the failure of this bill. If the bill is so bad why not brag about it’s demise and take credit for making a brave decision? Instead of taking credit the GOP blames the other side for the bill’s failure to pass. Doesn’t this suggest that they know that something difficult needs to be done (like passing this bill or something like it) but are unwilling to do so? Instead of leading the people the House is just giving into the passions of the moment which is why we are in this mess to begin with.

When I hear it was voted down by feelings that got hurt or that congressmen were hearing from their constituents that they may not get re-elected if they voted “Yes’, then it’s not about us, it’s about them.
I am a financial planner, I see their pensions, I’d kill for a pension like that. I typically vote for a person that seems to have my best interests at heart. I hope that he’s more informed about the topic that is being voted on. I only hear snippets most of the time. I wonder how many of the 10 to 1 constituents would have any investment losses by a no vote, per statistics, maybe three, how many hear more than snippets and are truly informed. Maybe two. Come on, we’re just proving to the rest of the world that our system of gov’t etc. is no better than theirs, only different; what a shame.

Lawmakers pointing fingers at one another, how unusual …NOT. I am glad this failed!! I think these companies should be declaring bankruptcy and the people who made these terrible decisions should be the ones paying for this. This whole problem is a result of their greed and main street should not have to pay for it [which we will anyway].

AMERICA Can we form a Give Us the BILLIONS Campaign. I know we could get the Economy going again Can’t we. With no arguments and no baby talk.

WASHINGTON GIVE THE MONEY TO THE PEOPLE

Folks,
I hate this bill. I also hate seeing the undersde of a possums belly ’cause it makes me hungry. We Americans put these particular folks in office because we voted. That is the great thing about America; we voted. I for one happen to think our voted-in government is willing to admit a mistake. I for one am tired of beating the dog as it is obvious he is being beatin’ by his own tail.
Take the market and the big guys down if you think you can. In the morning you will still be tendning the garden and looking for a good lay from the chickens in order to eat.
Let’s get’m when we don’t need’m. Leave Congress alone right now they have work to do. Gotta trust sometime. Isn’t 700 points plus down enough of a sign? Change your vote when you can, but right now, let’m fix it.
God bless,

JD, Tucson AZ out of work and broke

People listen up. Something must be done to pass a bill quickly. The republicans playing russian roulette with our financial future is making me sick. WISE UP !!!!!! Every day we waste playing political games are costing people there jobs, their 401Ks and hopes and dreams are being shattered while these games are costing America.

Both parties are to blame here. The Clinton administration highly encouraged sub prime loans and the Bush administration continued it. Wake up people…there is and never will be bipartisan ANYTHING in this government. I have worked DAMN hard for my retirement and everything I have and I WANT THE BAIL OUT. There is no other way. I also want SERIOUS changes GUARANTEED for the future to ensure that this never happens again. I want banks to stop loaning money to people who don’t qualify for it. I want my retirement back. And don’t look for a savior in November either-neither candidate should be President and we all know it but don’t have the balls to admit it. And as for Nancy Pelosi-she needs a lobotomy.

I think people really don’t understand the significance of this, I DO think they are relatively stupid. There is no more credit, companies need credit to operation. GM doesn’t have a dime to their name. They need people to buy cars. But people can’t get loans. So GM gets no cash. In a week, they’ll have to close down plants. That’s people’s jobs. So they can’t go out to dine. So waiters get no business, so they lose their jobs… it is a spiral. And that is a big company, there are so many smaller ones… we FIRST have to get some credit into the markets (with accountability!) and THEN start getting people to stop living beyond their means (the greater problem, naturally). I guarantee you, when people start losing their jobs en masse, which will happen within days – if not weeks – you’ll start thinking differently. I HATE THE BAILOUT as much as anyone, I wish we could draw and quarter the wall street tycoons, but we have to have something or else so much damage wil occur it will be too late.

I feel that George Bush, as a lame-duck president, is taking the wrong approach.

Normally, the president has political power. He can offer or refuse to campaign for members of his own party. I really think that he could get more results now by threatening to campaign for Republicans who DON’T vote for his bill.

Wow, so many different views. I really do not believe anyone knows what is best in this situation. I do hate all of the name calling that takes place here. I understand frustration but to call people idiots is just unproductive. Lets get out of junior high and start acting like adults.

The same taxpayers who signed up for loans they knew they could never repay are the same ones who don’t want a bailout. The CEO’s salaries won’t be able to begin to pay for all this mess. They are just a drop in the bucket. Stop focusing on them. You shouldn’t be angry at them — they were just enablers. You should be mad at yourselves!

Everybody who is against this bill is D-U-M-B. Without the bailout, kids cannot go to college, new businesses cannot start up, nobody can buy a house, and many people have to abandon retirement plans. And that’s just for starters. We’re looking at double-digit unemployment and possible double-digit inflation for at least 5 years.

This isn’t just a bailout of just Wall Street — it’s a bailout of Main Street as well. Bad decisions were made all around with shady loans. Now even more bad decisions were made today at Capitol Hill.

The only silver lining in this is that it is not too late for people (including Congress) to start acting responsibly.

Some to these comments are not to be believe. This bill has to pass. Why because the US economy is about to crash. Yes, it is alot of money but you see what happen today when the DOW closed.
To those of you who say I played by the rules and don’t want the bailout. The closing of the DOW today should give you a clue to what is instore for us.
There is a crisis of credit in this country related to the mortgage meltdown. Yes, lenders and bowers are in the wrong but the time for blame and head in the sand mentality is gone. If this is not done a real and deep recession is upon us.
To those of you who says this bill is just bailing out the fat cats on wall street , nothing could be father from the truth. This bill is bailing out the American citizen. We must think beyound out own turf. Because if this is allowed to contiune jobs will be lost and businesses will close. The cost to the taxpayer then will be very high. This bill allows the system to keep funtioning and in the long run the US taxpayer might make money on these securities.
This bill has to be bipartisan. The Repugs had to get on board that is all there is to it. Failure to do nothing is to write our own death sentence. It is that dire.

I can’t stand folks who want the Congress to vote no to the bailout. I don’t think they really understand what is at stake here.

WHEN the markets tank and they lose their jobs and their homes, then I will have no sympathy. These folks must have no money in stocks, IRAs, Roths, 401Ks, or income property. They must be so self sufficient and independent that they don’t need government at all. If that is the case, then why do they even care?

I am also angry at the so called ‘financial wizards’ that made hundreds of billions of dollars in the last 5 years.
I have the strong feeling that their ’sophisticated mathematical models’ were nothing more than simple spreadsheets with many, many rows… Slice it, dice it…and sell it to an even ’smarter financial wizard’. In the end the biggest blame seems to go to the enablers, the SEC, the rating agencies, and of course the Federal Reserve.

However, if we do not pass this bill then the middle class American will not be able to pay their credit card balance (the same ‘financial wizards’ will raise your rate for no reason, a reason is not required), people will not be able to refinance a mortgage (including all of them with good intentions), loose their jobs, etc, etc.

The bail out plan should be structured so that the government buys now for a low price and has a chance of selling at a higher price (reverse auctions to buy will help).

Mr. Gergen.

This is a follow-up to my earlier post. I have more respect for you than for most people in the media. But surely, if you have read the responses to your article, you now see how badly mis-aligned are the views of DC and the views of America.

I have not seen the country this united since 9/11, but with one telling difference; this time around, our leading thinkers and doers are so far behind us we can barely make them out in the rear-view mirror.

History is trying to send you a signal. For heaven’s sake listen.

When my neighbors’ homes went into foreclosure, our own home lost considerable value. We moved and need to sell this home, but the market no longer exists, and we would have to sell it for $80,000 less than we paid for it five years ago. Lucky us, we bought that house with lots of hard-earned equity, from years of making payments and ‘moving on up’ to larger homes. That means if we do have to bite the bullet, at least we won’t owe more than we get from the sale.

What we need is..a bailout. Not for us personally, but for our neighbors who still risk losing their homes because of adjusting mortgages. I could spend my time and tears whining about how unfair it is that foreclosures caused market prices to plummet, when WE never missed a payment, so why should my neighbor get a freebie? Unfair it may be, but in truth, I need my neighbors and their home prices to stabilize so I can cut my own losses.

And by the same logic, I also need THE bailout. The enormous domino effect that is our economy is not going to recover and trickle to MY door until the banks can start making loans to both companies and people. I’m so sad that so many see this as a we vs. them battle, big guys profiting on the backs of the little guys. It’s just not so.

The intricacies of credit default swaps are out of my grasp, but I do understand the role of banks in our economy. I know that when the banks are forced to stop lending–and they already are being forced into that position–it won’t be long before me, my neighbors, and the whole town will feel a collective pinch and personally, I’ll start thinking that an $80,000 cash loss would have been a very good deal indeed.

The biggest problem lately is poor communication. Sound bites and spin have triumphed over logic and clear explanations. A lot of people against the bailout really do not understand the cause-and-effect at play. Shame on news organizations and politicians for making no effort to provide us with accurate and objective information about the workings of our economy.

Here is the deal… I just moved to Charlotte and have watched for over a year as BOA and Wachovia over paid their people and gave interest free loans. Now there is an over abundance of folks in over their heads with housing. Plus, the “kens” (BoA and Wachovia ex-chiefs) are out living it up while their ex-employees struggle. Every spring, both banks presented HUNDREDS/THOUSANDS of folks with 1 milllion plus bonuses… for what??? This is an entire industry living in la la land. When we visited private schools for interviews, the first question was: what bank do you work for??? Reality is that YOU DO NOT DESERVE the amount you were being paid. Good Luck in reality!

All the bailout will do is keep credit in the market, failed executives in charge, and people in homes the can’t afford today or tomorrow.
Credit that will continue to build and eventually be due. We can’t continue to live on credit as if it is income. It’s time to face a harsh reality. You act like America is going to fall into the ocean.

If the bailout was truly that vital, and democrats are truly the party with the vision to run this country, why didn’t they pass the bill . . . they have been given control of the house and senate to do just that exact thing. They failed the American people and the mandate they’ve been given.

What if every American household got subtantial releif and or a subtantial monetary incentive (worth thousands of dollars to each of these households) from part of this $700 billion dollar amount of money. After all, this problem has literally taken money from your average Americans and given to the wealthy seveal times over. Now these folks are in deep trouble. Give it back to them. So that they are not in at least as much trouble. (Someone smarter than me can do some more exact math as to just how much it would take to help Americans be able to help themselves and thereby help our withering economy.)

David,
As one of the most trusted names please for the love of America would you beg of your colleagues and their producers to suspend the spin for a moment. The visual media is way too impressive and way more powerful than might be imagined. Just seems right now should be prime time old fashioned, “no opinion” reporting as opposed to fear. Look, this administration has sold all they are worth based on fear; because it seems to work. The nasty market folks know that. So do the terrorists. America needs from the press of all people some moderation in the hour of disaster and faiilure.
You are old enough to recall positive versus negative while the bombs were still falling.

Respectfully, JD, Tucson AZ

If the Republicans can’t get a simple majority of their members to vote yes on any bailout package then there should no package should be passed by the Democrats.
The Republicans are largely responsible for the mess we’re all in…they must take responsibility…not blame Democrats for their own ineptitude and hubris.

no …..no bailout…NONE, not one dime!

David,

I’ve read your op-ed’s and seen you on the round table with “ABC This Week” and other programs and I typically agree with your views. But this time you’re completely mistaken. The brave leaders that stood up to the fear mongering and peer pressure voted with their consicience and they deserve our praises (and votes). They see what you apparently don’t see; this bill is nothing less than a hand-out to Wall St at the expense of mygrandchildren, and yours. Our system is desperately broken – but corporate welfare is not the answer. If Wall St. really is drunk as George W says it is then a good stiff dose of reality and a 12 step program is what’s needed – not “another free drink from the well”!

As for me, I’m a life long Democrat that has spent lots of time and treasure supporting the party. But not anymore – my representative (John Olver of Massachusetts) voted to bankrupt the country by supporting this bill. Either I’m in the wrong party or he is. He will not be receiving my support nor my vote this election and I hope others will join me. I will not support any politician that votes to burden the America middle class taxpayer with ill-conceived bills and expensive useless handouts.

People of District 1 in Massachusetts be aware – John Olver voted to bankrupt your children and grand-children. He does not represent your best interest nor mine and he does not deserve your support nor your vote.

thank you for your consistant voice of reason.

Has there ever been a louder cry for a third political party and third party presidential candidate than now. Assignment of blame has become more important than leadership. The lack of leaderhsip is that this bill should have never seen the light of day.

No leadership from either side. Democrats had a chance to show leadership and instead Nancy Pelosi give a partisan speak as a way of “encouraging” the house to vote yes. This great tactic only served to highlight the fact that 90 of her own members voted no. Some leadership.

Republicans are no better. No driving statement from the WhiteHouse. McCain come into to town halting his campaign but instead of seeing it through left after his political points had been made. The House Republicans have no unifying statement to explain their “no” vote (which was the only thing happened right)

Where is the Obama brigade in all of this? Where are the new ideas? Where is the recognition that this was actually trouble over a year ago and he refused to address this in any meaningful way while he was an active Senator. Instead he simply blames Republican policies for what happened.

Assignment of blame is the rule of the day. There is no leadership and we still won’t have any leadership after this election no matter who wins.

A viable third political party has the opportunity to bring the issue not the politics into focus. It has the opportunity to highlight the need for a true concensus to get this done that requires a real focus on the issues. Sure, it could cause even greater chaos in some circumstance but is anyone really prepared to argue that it can actually get worse!

Quit saying that $1.2 Trillion just vanished. (None of that was people selling stock for cash to withdrawl their investments for money to hold or reinvest?) and the next person that says that the ATM’s won’t work are just spreading panic and proving that they should not be believed, can anyone say takeover and/or FDIC coverage.

No one wants a bailout but no one should want a depression, either. When do the people who walked away with the big money give it back or go to jail? Obama is the largest recipient of contributions from the banks and financial institutions. Is he going to give back the money to the taxpayers? Obama was the largest recipient of money from Goldman Sachs. It is no wonder Obama is trying to hide. There is blame enough for everyone but those who want to pin it on only one party are wrong. At least McCain is trying to do something and has a long record of fighting corruption. That is more than can be said of Obama or Pelosi and Frank and Dodd and Reid. Paulson and other Republicans have plenty to answer for, as well. So maybe they need to work like adults and come up with some constructive solutions that will not place the mega-million salaries and bonuses and the bad debt that generated them on the backs of the hard-working taxpayers. And hopefully the hard-working taxpayers will follow the money trail and run out of town the Congressional members who benefitted from tainted contributions and did nothing in the oversght committess to stop this mess.

Thank you Congress; the Wall Street fat cats will be punished. All that this cost me so far is my retirement, but I suspect that I’ll be paying a lot more for a long time. At least we’re punishing those that caused this. But wait – the Wall Street fat cats probably moved their personal investments into T-bills before the crash. They can individually shrug off this punishment delivered on behalf of the voters. All we’ve managed to do is to cut off our noses.

All you people against the bail out please come back in one or two months and tell me about the jobs and how fun has been. Stop blaming wall street, it was everyone. It was the neighbor who bought something that couldnt afford, it was the broker that help him get the mortgage, it was us thinking our house will continue climbing, it was the realtors, it was home construction that spiked to the roof. I will challenge you to suffer a 20% unemployment.. hopefully doomsday doesn’t come but if it does I want to see all of your faces….

HELLO!!!!!! This is not just a $700 BILLION bailout plan – did everyone forget about Bear Sterns money we just dolled out a month ago??? How soon we forget. Let them all sell their golden parachutes for scrap value just like everyone else. You can’t go to the casino, loose your money, then call to complain with expectations of getting it back. Thats the game when you roll the dice!

I like what Dee said.

The fact is that the whole financial/mortgage mess has Democratic Party fingerprints and DNA all over it. Fannie Mae and Freddie Mac is their pet project – a social engineering program gone horribly wrong and something the media is failing to report. The gall of Pelosi to go grandstanding, when Bush tried to establish oversight over the mortgage giants back in 2003, while Barney Frank and other Democrats were insisting that everything was fine.

By the way, last time I checked, this is a Congress where the Democrats have a majority. They can pass anything they want… and don’t need the Republicans. Duh!

The financial bubble could not have occurred without the political bubble, which, hopefully, will burst with the next election. The spectacle of politicians and endless business and special interests peeing in each other’s pockets must come to an end. Unfortunately, neither presidential ticket has the expertise or leadership vision to change the way Washington does business. Obama’s instincts are in the other direction, and his expertise is in finding a line going somewhere, and then placing himself at its head. McCain’s expertise is in challenging areas of government that need shaking up, but he’s not capable of providing a broad vision of change. Furthermore, the two-party system polarizes the issues to such an extent, that you’re guaranteed to be on the wrong side at least half the time. Yes, let’s throw the incumbents out and elect INDEPENDENTS, who will answer to the people and not to special party interests!

Come on people. There is a reason we have a representative government. They are elected to do the research and make the tough decisions – even if it means they won’t get reelected. The mass hysterics of the general populous (who don’t have the economic background to make an informed decision) shouldn’t influence our so called leaders.

i haven’t heard any mention of the fact that all the major corporations and businesses involved have, through their lobbyists, come to OWN in varying degrees each and every person in congress. it is difficult if not impossible to vote against the entity that you owe your political life to. much of the legislation that has been passed lately like the revised bankruptcy laws and no bid medications for medicare recipients has come from the urging of those firms that would profit the most, people in this country are also not as dumb as those that live inside the beltway seem to think. they can remember the “got to do it now” urging for the patriot act and the war in Iraq and are fully aware of where it’s gotten us – gutting our constitutional rights and a war that will have no victory or end. i for one am glad it failed and i hope from the bottom of my heart that it will continue to fail until the 95% if us that are just making it day to day get back a little of what the fat cats at the top have skimmed off.

Hello David,

I got news for you. Plenty of people out here live week to week and are barely able to pay the bills they have. We are over taxed and under represented. I don’t feel any pity for those that “worry” about their investments. No bailout, no way!!!

Here’s the part I don’t get people. 700 billion (which we may well get back) divided by 305 Million citizens is something like 2300.00 dollars each, but I have about 100,000 in IRAs, inherited stocks, etc and I probably lost 7000- 8000 dollars today. And that’s just today. Sometimes standing on principal can be mighty stupid.

I’m sick of everyone blaming the REPUBLICANS for everything that goes wrong. If more DEMOCARTES had voted on the stupid bill it would have past. If this bill had past and down the road it made the economy even worse, You can BET the blame would be on the REPUBLICAN ADMINISTATION .If the dumb bill must pass, take some time and make sure it is done right.

Me I am a little CONFUSED because I dont want the bailout I could careless about wall street when I got student loans that I need to bailed out of, but at the same time if the bailout dont happen my 401k will drop and I am continually losing money then I cant retire better than I would on Social Security. So thanks congressional Republicans Just know you all wont get my vote in November. I have to lose then you will as well.

Here is what I don’t understand:

How can the leadership (both Republicans and Democrats) allow this to come to a vote when they didn’t know the outcome of the vote.

For something of this magnitude it seems as though they would have a pretty good idea on how this would play out prior to putting it to an actual vote. It seems like Bhoener and Pelosi really let the American public down. Bhoener should have been able to know he didn’t have the votes, plus his commentary about Pelosi’s partisan speech and how that shifted 12-15 Republicans votes is ridiculous. If that did actually happen he should be ashamed and all of those 12 Republicans should have been voted out of office for letting their own feelings/views get in the way of the bigger purpose!

Pelosi being in the ultimate leadership position – should never should have allowed a vote. By doing this she either demonstrated complete incompetence or a malicious partisan decision that cost Americans over 1 trillion dollars in loss equity value.

We need to repeal Mark to Market Accounting Rules! This will start to put more liquidity into the market and buy us more time. I don’t know why Cox isn’t focusing on this? Why is this so difficult?

I am one of the few who agree with David Gergen. The world is becoming increasing complex and I doubt few Americans understand the economics that got us into this situation. As a result, ignorance is deciding how we get out of this situation. Get ready for a major recession or worse.

All you people that are mad that this bail out failed, need to manage you finances better. I don’t want my kids paying for wallstreets greed. And I am for from being an “idiot”. I own my own house, I have never invested in the stock market, I have no 401 k (my choice). I made all my money in real estate. So I’m sorry if you need help from the Federal Goverment, I don’t. Thank goodness this went down in defeat. And God help us if Obama is elected!

I believe that the average middle class person in this country would not have been against the bailout if it had truly had provisions in it to provide some relief for those about to lose their homes to foreclosure, which it did not. Instead, it would have only protected the interests of those on Wall Street and the big banks.

To Kathy in CT, jobs are already going or don’t you read the news? We’re already losing our homes because we can’t pay our mortgage’s because we’ve lost our jobs – and no not all of us took sub-prime loans. Here’s the real kicker, the ones of us that don’t have sub-prime loans can’t sell our homes for enough to cover our mortgage loans and we can’t get bailed out either. So let’s talk about suffering. We are suffering already.

So don’t ask me to feel sorry for the fat cats on Wall Street that started all this mess and bless them with more of my tax money while the average joe once again gets nothing except the bill. Lets have them suffer a bit. By the way, I did NOT vote for W. either time.

I assume everyone here is educated so why are you against this bill? No matter what the tax payers are going to pay. Do any of you realize what will happen if a bill does not go through? It is a trickle down affect not only will the rich be poor but we all will be way worse off. I am a tax payer and I know no matter what I will have to pay.

It is amazing to me how little you people think about the consequences of this. People that are close to retirement have seen their life savings cut in half or more, are you people blind? Almost 800 pints down. Wait until your jobs are in jeopardy, or your savings, or your college funds… are you going to care then about ideology? Socialism you say… for almost 8 years they have been giving billions of dollars to the rich and the corporations in tax breaks… have they invested in America? Have they created more jobs for our people? No, it just more money for the CEOs. It is clear that the current crisis is the result of greed, but it is also the result of the same ideology that now refuses to fix the problem… one way or the other Main Street is going to pay… question is, is it going to be less or more painful for the middle class and the poor?

I think the question often is what is politics and what is not? We have gone so far from the truth, whatever that is, that you never know when you can trust any of them. Leadership is a definite, and real leadership of someone who can confront, be visionary, and is willing to sacrifice it all for the common good. There is way too much self-interest within the system.

Power tends to corrupt, and absolute power corrupts absolutely…now which one of these guys is going to clean up the mess! I do hope that people vote with their conscience on this one; it’s way too important.

in the rest of the world, not only the financial markets have been hurt,
but the democratic system as such: the conclusion in many Third World countries will be that the average voter cannot be trusted to deal with complex problems, and that nobody may/can rely on the integrety/leadership of delegates.
Secondly, this crisis makes the US even more depent of the Chinese and other souvereign investment funds. No need to exlplain further.

We all, and our children and grandchildren, will pay a heavy price for the greed, arrogance and stupidity manifested in the past period by the sharks of Wall Street and the mandarins of Washington DC, culminating in today’s impotence to put the national interest first. Indeed, change is needed desparatel.

These great quotes about how Wall Street has screwed us so it is their turn has me wondering if the end is near. For the American empire that is. We cannot see the forest for the trees. The BIG picture people is that we all will suffer if we don’t see this legislation passed. I’m sure you all pay your mortgages on time and do everything right. It doesn’t change the fact that the economy needs to get these loans off the books for a while in order for these long standing institutions to regain their footing. if you say its OK for that to happen then you better not complain when we all become second -class citizens in the coming decades.

Amen!

There is one thing you neglected top mention: Someone needs get congress BACK IN SESSION and keep them there until the job is done. I don’t give a tinkers damn whose holiday it is. Get to work!

Between a media that gives us the information they want us to see and a congress that is more worried about religious holidays than a national crisis there is nowhere to go but down. Whining about a secret bill that those rasty Republicans sank is ridiculous when the Dems could do it all by themselves. Isn’t that why Pelosi is called the MAJORITY leader? Is this kind of leadership we have to look forward to with Obama?

We can all go on pointing fingers about how we got here but as a “main streeter” I really need to see our government come together and approve a bailout plan. The one piece of this that the executive and legislative branches of our gov’t has not communicated well is that it is not “wall street” that we are bailing out here….it’s all of us. Both the democrats (with that ridiculous speech from Nancy P.) and the Republicans (not doing the right thing for the country on the vote) are to blame…stop the politics and start governing. Bail us out and let’s move forward with lesions learned and get on with it.

Regarding blame, the big gov democrats are to blame for legislation like the CRA, which goes in the face of a free market, the wall street bankers for taking advantage of it, and now the republicans for trying to impose a free market solution to a market that’s not! Let’s do what we need to do, learn from mistakes made and get on with it!

The old adage then is true: Evil prevails when good men and women do nothing.

Why is it that our government is ‘picking and chosing’ which companies to bail out, and which ones not to?

We all need to wake up before it’s too late.

Is this the work of the trilateral commission and the bildeburgs? They have members in all huge corporations and high places.

Well Now we aint got no choice but to pay for it now, 700 billion dollars is way better that 1 trillion dollars. Now since the bill did not pass that 700 billion dollars is now going to be more. And I guess it wont pass either because of the idiocy of people who dont know how it will affect them. All I can say now is to go and check you all stock portfolio and see the money go away

Friends,

Look at the outcomes of today’s inaction in Congress: I can’t access my line of credit to meet payroll. I bet I am not the only one! (ha!)…a trillion dollars was lost in American wealth today as the market plummeted….credit was tightened significantly. YOU will find it much more difficult to get a loan of any kind and credit card rates will rise…home equity loans will be called by the bank. Can you pay yours up i one month?…Millions of 401K owners lost millions of dollars in retirement accounts today…my 90 year old mother’s retirement accounts lost 20% of their value TODAY>>>don’t you think that we should accept the rescue bill and then require that Congress set regulations so the FREE MARKET isn’t so free to steal our money next cycle?…this bill does not save Wall Stree. It saves you and me…I do not want to see a depression. Do you?

What I don’t understand is why everybody has such a short-term view of the economy and the bailout. Yes, the economy crashing does hurt, and it hurts bad. Given.

However, what’s the alternative, keeping our nation afloat in an artificial bubble, sponsored by the taxpayers? You can’t have highs without lows. Period. It’s an historic economic truth.

The great depression, for example, really sucked, especially for those people in the middle of the tragedy. But, it made way for the future economic growth this country experienced. The growth that we have enjoyed for so long.

America is strong. This is not the end of the world. It’s a natural equalizing of the economy. Once it hits bottom, America can and will build it back up to a natural equilibrium.

Friends,

Look at the outcomes of today’s inaction in Congress: I can’t access my line of credit to meet payroll. I bet I am not the only one! (ha!)…a trillion dollars was lost in American wealth today as the market plummeted….credit was tightened significantly. YOU will find it much more difficult to get a loan of any kind and credit card rates will rise…home equity loans will be called by the bank. Can you pay yours up i one month?…Millions of 401K owners lost millions of dollars in retirement accounts today…my 90 year old mother’s retirement accounts lost 20% of their value TODAY>>>don’t you think that we should accept the rescue bill and then require that Congress set regulations so the FREE MARKET isn’t so free to steal our money next cycle?…this bill does not save Wall Street. It saves you and me…I do not want to see a depression. Do you?

I agree with the many comments tonight it is sad to say this is a good night for America but there should be no bailout. These executives should pay for their GREED!!! Did they really think there would be no end to the continued poor pactices of giving loans to those who truly never qualified. There are many harding working Americans that are living at their means not above them! This country as a whole has become to “I deserve it all” without working for it. Over-spending over-charging……..how’s about I will spend only what I can afford! The adjustment is here and now we are all going to have to pay for but it should not be the top 10% of the population paying the least!!

I agree with David Gergen 100%. This is the time for Congress to do the right thing, not what will get them re-elected. Unfortunately, the qualifications to be in the House are minimal, and I don’t believe the Representatives, or the majority of Americans, understand the the situation, how serious it is, and that this Bill was to save Main St, not Wall St. I am a small business owner, and let me tell you, the situation is dire and there is no time to waste, and no time for politics. Stop throwing cliches around such as ‘protect the taxpayer’, ‘Main Street vs. Wall Street’, and debates about which party got us into this mess. It must be fixed, and fixed now. Doing nothing is not an option.

CNN, Ali, Sue Orman (?) & AC are still trying to convince everyone that the Bail-Out defeat was a failure for America. They either don’t get it, or are being paid to say “The Sky Is Falling and You’ll Never Get a Loan now, and You’ll get laid off Tomorrow. You’re kids can’t get to College because we won’t agree to pay Wall St $2500 per American – NOW!!! “Pay Wall St. Now Or Die America!”

The thing that the leaders are doing wrong is they’re not making it clear how bad things are going to get. They haven’t or there wouldn’t be so many people here saying they did the right thing. This is what happens when you have a administration that has lied and misrepresented as much as the Bush Administration. The rich are going to get richer – and the regular people are truly going to suffer. The majority of our citizens are wrong this time just as they were when the Iraqi war started. I see these similarities – The populace is angry. The so-called leaders get frightened and do what the populace directs and we suffer. As with the Iraqi war, a lot of brave people (the leaders who are voting for something unpopular) are going to be punished. I know you don’t want a bailout but you will suffer intensely and we won’t be able to prepare for the future. I’m referring to the citizens AND the government. If you want to take your frustration out on someone, take it out on the people who have stripped all the deregulation laws.

Paulson was largely responsible for implementing the Republican ideology that caused this mess.
Restrictions on executive pay and golden parachutes were left to the discretion of Paulson to impose.
The agreement gave Paulson discretion to pick and choose who he bailed out.
Unbelievably, the bailout attempted to reward Paulson’s failure in management and oversight, by giving him increased power, giving him the ability to bailout his friends, and not bailout others, as he chooses.

Should my friend sell his stock now he wants to sell now. He is 62 and disabled.

How does this affect the rest of the world ??

Im in the caribbean and our EC dollar is tied to the US ..

I am appalled that we have $700 Billion Dollar to Bail Out the same people that got us in the mess to begin with. Why not set up tents outside the Capitol Building in D.C. and Post Offices’ around the U.S. and give the money directly to the millions of people that are struggling by the mistakes of all the EINSTEINS in the political arena? Seems to me , that what is left of the middle class, can make the Economy turn around, after all, we are the ones that buy goods and services. I would also like to freeze the assets of all the CEO’s and Financial Geniuses to pay back this debt. Has any one asked themselves what would happen if China wanted the money that US owes them back now? We would be part of the People’s Republic of China. less

You have to restrain the arsonist and put out the fire before you rebuild the kitchen.

Bailing out Wall St before restraining the greedy executives who looted their firms is a total waste of taxpayer money. It won’t end the chain of disasters.

Restraining the greedy executives will hardly take any time at all. So do it, and then do the bailout.

How dare congress leave for a holiday before getting this very important problem resolved. How many americans that they represent work on holidays. If the were required to stay until they get it resolved, I bet they would come up with a solution real quick. The politicans are the ones that are ruining this country. I have said our fore fathers are turning in their graves with what the politicans have done to this country

Our legislators are elected, not to vote according to the latest public opinion poll; but, they are elected to vote for what is best for this country. These elitist and priviledged individuals – who have probably never done an honest day’s work – claim to have voted on principle. How can unprincipled and opportunistic b….ds possibly vote on principle? These are the same people who took us into an unjustifiable war and allowed a presidency to strip us of our civil liberties.
At this point, we need to find a wall for them.

Obviously our unfathomably untrustworthy soon to be ex president…picked the wrong time to make a request. Just when we thought we were about to breathe in a new breath of fresh air for hope for the future…the jolly rancher whom we’ve all been waiting on pins and needles for the last 8 years…to finally…leave the building has the nerve to ask us for something..ANYTHING…is too much. After this administration has ignored the voices of this country, causing innocent men and women and children to be needlessly murdered , killing our own boys, and destroying lives all over our country…and the world, and now killing our economy, I think it’s comical to see them squirming…they need to feel the pain that they’ve caused for a change. You know…I could forgive this and have a little sympathy if they could actually admit they were wrong. Personally, I think these greedy fat cats along with our current administration should be tortured until they do. I say that only as a figure of speech. I wouldn’t torture a flea..not even a germ..like W. Just making a point about how agonizing and torturous it was for some of us to sit helplessly by, while our country went further in debt to uncessarily bomb Iraq and kill people overseas, carrying on with the lies and riduculousness for the next several years continuing to screw things up. I just want to say..No. I can deal with whatever consequences are to follow. But these are the natural consequences of their own actions. Any bailout plan should include putting these fat cats along with our current corruptive administration in prison.

Make no mistake — all this is the work of NAFTA which is unfair trade that has striped our country of jobs. Without jobs people CANNOT pay their mortgages. Greed was blind — all it could see was huge temporary profits —- just long enough for people to sign mortgages, then ‘poof’ the job was gone, and with it the American dream…… with no way to pay the mortgage, the financial world started to collapse.

It’s time for the Grand Old Party now the Republican Party to come forward with a rescue bill that can and will help Wall Street & Main Street. I suggest for the first step is point out this is a plan to Rescue the Country for a better or greater future.
I Second parts are already outlined in the bill voted on with-out any added pork by Dem’s. Everyone should have an equal opportunity to buy in to stocks and bonds in order to shower-up this country. Look right now it is appearing to seem awful and there is no hope WE THE PEOPLE NEED TO HAVE A LITTLE FAITH. The United States of America were and are still stronger because of the pride and spirit amercans have in Freedom.
We rescue many countries that want really just want to spit on our beliefs and the flag that has flowen for those which have served. I’m a true independent which supported Bill Clinton, and stated John McCain is the Greatest man in this Political Election “2008″ so tell congress to quite playing around and get the job done!!

Democrates all across this great country have used and abused our trust along with the pocket book. We need to vote the leaders out of office so things may get better if WE took responsability for our own behalf…

David, Anderson, Suze,

Please help people to understand that its not just rich people who will pay if Congress doesn’t act. Its going to do a lot more than “hurt” regular folks. Without credit, businesses can’t get financing or buy inventory, which means layoffs, terminations and paycuts for people who don’t even have a retirement plan. Retirees will be wiped out and will be dependent on cash strapped families. Credit card companies will jack up all our rates. And no, gas prices won’t go down; they’ll go up with the price of everything else as inflation takes hold.

There is a write in section on all ballots maybe we should
try a write in campaign for someone who will actually do something.

“We don’t want a bail out. We don’t want our tax money used in this fashion, and we want those truly responsible for this problem to bear the cost.”

I want to be a populist too… but I’m just an average guy. 75K a year combined income. $120K stashed for kids education.

You all think that if we do nothing, then only the “greedy” Wall Street types will be punished.

I just lost $11,000 today. And all I did was follow prudent advice to start saving for my kid’s education in a 529. I know, I know, my decision.

But you don’t get it – there are a whole bunch of us about to get hurt real badly – you included.

Can we trust rep. party? Just days ago we told things are ok per bush
and look at today. How many times will we be lied to before we take this nation back. As for the vp job. Can people use their heads this person is one step from the White House. Washington is not Alaska
Not even close.

“no less than $1.2 trillion in stock values were wiped out in just a few hours.”

Baloney. Stocks declined because the same dopes on Wall Street who got us into this mess decided to sell. So stocks are trading at $1.2 trillion lower price than before. That does not mean that their VALUE has declined. That’s the whole problem: because of the Government’s failure to regulate the credit default mess, no one knows what the value of stocks are now! Suppose I am looking to sell a mint Ferrari for $200K and the guy who was previously willing to buy it for that much stupidly decides to offer only $50K because Congress voted against the bailout plan today. Did Congress cost me $150K? Did the “value” of my Ferrari drop $150K because the prospective buyer is a moron? Of course not. Even now, after all that has happened, Gergen is letting Wall Street lead him around like a pet Schnauzer. Disgusting.

I read someones comment which said, “Thank God” for the failure of the rescue plan by the House of Represntives. I feel so much better knowing God blocked the “bail-out” plan. Although, I have often wondered what God has againt people.

Just to remind all the “The Market Lost A Trillion” crowd. Unless you are selling today or Tomorrow and you are a regular 401K contributer, you want the MARKET LOW as you get many more shares that way.. “BUY LOW, SELL HIGH”, Remember? Not Buy High. Susy is using the same Scare Tactics Politicians use. “Americans LOST a Trillion Today and it can only get worse if they don’t pass the Bill” she says. No Mis-Leading Drama Here, Huh?

“We are deeply resentful of propping up an idea that will cost each family $10,000.”

I just lost about $15,000 today – and not in risky investments. I’m in 529s, 401ks. Playing it right.

So I guess, I’ll take the bailout… it costs less.

If they past the second bail out bill will it exclude foriegn banks located here in the United States?

rdw

Interesting, that Arizona and Alaska voted 100% – No.

I am astounded that so many people are opposed to this plan when it is critical to restoring our financial system. It is not “them” and “us.” It is us, all of us. Please understand that the government is the only entity with sufficient resources to buy these assets from banks and hold them until the housing market turns around. Already, there is no market for our homes. What if there is no market for our goods and services because the businesses, large and small, who provide them cannot get financing? What happens to your jobs then? Please think about it. Don’t just react emotionally. There are some times in life when we all must make hard decisions. This time it is our congressmen who must learn about the issues, and make hard decisions. They must know when their constituents are wrong and make the courageous vote to rescue our country.

How do you stop a runaway train? You can’t! Personally I think this was all inevitable. Looking deeply at the issue- it is a problem of human nature (Greed, Excess) it’s in us all and unfortunately our country has become blind to it. Politicians, Wall Street, and the People, we are all to blame. With freedom comes responsibility. I agree we have irresponsible leaders and the government has grown so much it is difficult to hold anyone accountable b/c of a lack of transparency. This is going to hurt and I’m prepared for it. We need stiff consequences. We need to wake up United States of America! What signal does a bailout send to everyone? First it sends a signal to the irresponsible that it is ok to live out of our means b/c good all Uncle Sam will bail us out. Second, to the responsible it says why be responsible- I did the right thing and now I’m paying for others mistakes. If it crashes it crashes- stiff consequences create GENUINE CHANGE- I may not have faith in politicians but I do have faith in the principles we founded our country upon, the resiliency of capitalism, and most importantly the resiliency of the American people. Let’s stand up- we are supposed to have a balance of power in this country between the people, gov., and business- it is obvious where the power has shifted. We have to take the power back!

David, you are absolutely right. Looking at the partisan comments of some of those who have responded is depressing. They aren’t well-versed enough in the complexities of liquidity and credit issues, to make credible commentary, and their thinking, like some of those nay-saying Congressmen interviewed on CNN this evening, shows that a dismayingly large number of people don’t have a clue.

I live in Canada and as a neighbour to our wonderful American friends, I am deeply saddened to hear about the financial challenges your country is facing. What affects you affects us all!

I am very curious about one thing. Many writers seem to be angry at the actions of the people (CEO’s, Brokers, Regulators) that created this problem. So my question is: would you support passage of this bailout if there was an explicit strategy to find and prosecute the architects of this mess?

$700 Bn saved, $1200 Bn lost…a good deal?

Are you people and polititions not listening ? We the american people want NO BAILOUT WHATSOEVER …. and you will pay come election day . First Bush .. who is now considered lower than alfred e. newman on the mad magazine by the world … came to us with yet more doom threats … phoney again ! Then the lame secretary he appointed with more of the same . It’s not gonna fly … wall street is like playing craps … you play you lose … we don’t pay your losses at either site . We bailed you idiots out once .. bush got his way … we are devistated financially . We are taking names … going to throw you who voted yes OUT ! The bush tax cuts have never worked … and McCain wants more … NO . Bush is a joke … do you actually think anyone with any sense will obey his lead … let wall street dump … it’s not my future funds that’s going to be used for greedy … corrupt … lower than snakes speculaters ! This bailout is NOT for the american people .. it’s for the extrenely wealthy and gamblers on wall street .

How is dumping $700 billion to buy wallstreet junk assets that nobody wants supossed to help the economy?
Ho w is giving Wall Street $700 billion supposed to helps us recover the 1.4 trillion we lost today?
The math just does not add up.
Take all the money from these fat cats, starting with Henry Paulson, fire them, and better yet put them in jail for treason. After they all have “sacrificied” then come to Main Street and ask us for our hard earned money.
Now it is too late. Throwing $700 billion at this monster today, will only lead to another $700 billion next month and so on. It will not help.
It will just make the recovery for this future bankrupt nation even harder, while the Wall Street Banks get the last few trillions left in our once great Nation. Just like Iraq, where we were supposed to finance the war with Iraqui oil revenues. Is it surprising that we don’t believe any of them?

The bill didnt pass because it wasnt BEST for AMERICA and after the represenatives received all those calls from angry voters they finally chose to do what was right. Pelosi was and is not to blame the content of the bill was the blame. Crisis knows NO party, it will hit everyone, so , the liberaland conservative bickering and finger pointing need to STOP!!!!

At what point does one think they become so smart (i.e. Mr. Gergen works at Harvard) that they actually become ridicously self righteous and stupid. Here is a basic concept that Jane Doe on Main Street follows Mr. Gergen – Pay your bills on time and pay with CASH. This bailout plan is nothing more than a parachute for the idiots that decided to move away from finance 101 (so called braniacs on Wall Street who now want to continue to get their cushy bonus checks). I feel that Wall Street should feel the pain and that we as Americans cannot rely on the word of the Treasury Secretary Henry Paulson. Mr. Paulson is ripe with conflict in interests from his previuos employer and lacks any type of judgement of what is good for us average joe. Your commentary above also lacks any sort of rational alternatives which I know you most likely wouldn’t have a clue on. Just because a plan is proposed doesn’t mean its appropriate and clearly was opposed by many in the House (not just Republicans).

Do any of you people realize that in one week your 401ks will be totally worthless??? When the banking system fails we ALL lose. This wasnt a bailout and it shouldnt be partisan. When McDonalds cant get a loan do any of you other smucks think you can qualify for one. My friends house closing was today, on the way to the closing the bank called them and cancelled the closing because they couldnt fund it! Everything they own is in a moving truck and they have no answers and they have a 720 credit score. Wake up, everybody loses today and its only getting worse cause your companies cant meet payroll and you aint getting paid……………….WTF get some brains America!

So, for all of you who are so angry that the vote was so close and saying let the banks go down…did you go and look at your retirement accounts at the end of today? Why don’t you do that and then continue with your insults. I’m no happier than the next person at having this burden put on me and my kids, but for God’s sake…we lost over a TRILLION dollars today in the market. I’d say put in safeguards for the average person, NO and I mean NO golden parachutes for executives and then go for it. I’d like to actually be able to retire sometime soon. As I’ve watched this I do blame the Republicans for using petty things to keep them from voting for it (insulted feelings…please…we are in crisis…get OVER yourselves)! What happened to McCain delivering his party on this plan. Then having the nerve to blame Obama. They all make me sick! Yes, I hope Obama steps up and takes charge of the Dems a bit more.

The embodiment of market capitalism – fire all incuments with your next vote. Reason: incompetence. We cannot succeed with this managment team.

Chris Rock summed it up. John McCain can lose 5 houses and still not be homeless, so do you really think he cares abour YOUR problems?

NO to the bailout! NO! NO! NO! Nothing about the riches gained in the past decade has been fair why should the bailout be everyone”s problem? why believe these bushie clowns one more time with their fear tactics

This was truly high theater. What most people have missed is that the Democrats wanted the bill to fail. If you watched the roll call minute by minute Democrats withheld voting while they watched to see what the Republcan tally would be. They were very careful not to have too many yesses . I believe that they decided that they would “require” a certain number of Republican “yes” votes or they would ensure that the measure failed. Then to make sure that Republicans would back off from voting “yes”, Nancy Pelosi gave an extremely vitriolic speech rewriting history and trying to blame Republican’s for any and all things that have gone. Shame on her. No leadership at all. But in her usual viper like way, she then went on smilingly to blame the Republican’s for today’s debacle. She need to go to California and get out of the House leadership.

David Gergen acts like the almighty authority on how things should be done and whose to blame.

David NEWS FLASH….The blame is with the democrates who would not allow for more oversight into Fannie Mae because it was and still is a retirement home for democrates to make more money. Secondly Sarbaines-Oxley has this stupid mark to market accounting rule which is destroying lending institutions. Third, Chuck Schumer should be under investigation for comments that led to a run on IndyMac bank. And Barney Franks should be held accountable for requiring Fannie Mae and Freddie Mac lend money to people for homes would could pay for them.

So David…..the next time you decide to lecture the American people, start by admitting where the real blame lies, then try not treating like a bunch of unintelligent people, and finally try telling the truth not the party line.

I am shocked at the selfish tone of these posts. The world is looking to the US for leadership. This is not a matter of bailing out “fat cats.” Instead, it’s an urgent attempt to prevent a world wide financial catastrophe. The global economic system for credit and finance is like a house of cards. Faith in that system is what prevents a slight breeze from knocking it down.

There are many, many people who believe as I do—They are not happy with the solutions offered but understand they are necessary to protect us all. This not a time for angry, ignorant lashing out. I have always admired David Gergen for his calm intelligent non-partisan commentary. His post on remedying today’s reckless, irresponsible behavior by the House is another example of why I–along with many others—look to him for objectivity.

The “fear” goes back to 1929, when the federal government froze credit, and suddenly, businesses went awash because they were unable to pay their bills.

Today, the feds have already released hundreds of billions in cash to the banks–who are hoarding it, and instead buying assets. BOA bought Countrywide, MBNA, Merrill Lynch–now we, the tax payer, have to alleviate them of their debt? I don’t think so.

The government should direct lend to the consumer.

If it lends to banks again, it should at the universal default rate they charge us on credit cards.

On the Bailout. How about dividing the700Billion dollars among all of the households in America. That would be great. Then we would not need credit, we could spend spend spend and help the economy. More jobs, more taxes more everything and everyone would be happy?
Also, the media themselves helped with the nay vote. they pictured this whole thing in a neg view. Therefore, coloring the viewing audience in a negative way. Be careful media, are you running this country? SAM

Why can’t these legislators come up with a REAL SOLUTION that protects the taxpayers and helps the financial industry to get back on it’s feet. A true “rescue” plan, not a bail out. This plan should be a LOAN to financial institutions, that will be paid back, with a hefty amount of interest. BUT, there has to be conditions and terms in these loans. Any financial institution that wants to borrow money to shore up their assets, MUST, replace all their executives, get rid of the people that got them into this mess in the first place. They must agree to restructure the debt and mortgages they hold that are bad. Work with the people that owe you money to come up with a plan they can afford. It makes no sense to foreclose on homes. The banks can’t sell them for what is still owed on them, plus if the banks foreclose, then the banks are responsible for propery taxes too. Take smaller payments over longer periods of time and the banks will still be getting their money back instead of losing money. This plan also MUST have strict oversight, and NOT by the bankers or Congress, and everything they do must be transparent.

There is no reason Congress can’t come up with a real solution that works and protects the American People. Congress needs to keep working til they get it right, and not take a vote until they are sure of their headcount!

The market will rally back, not overnight, but faster than Bush and some of his economic advisers are saying. Once these financial institutions start to shore up, the market will rebound.

No one more than myself hates this bill. I do not like the idea of bailing out greedy wallstreet types. However, that being said we must stop and think about what is at stake here. Some one posted on here “we may have to suffer for awhile.” Folks I don’t think you truely understand what is at stake. It will not just be suffering. Stop and think about your paycheck. Most business use a line of credit to help with payroll while waiting for payments for goods and services. That will stop. Your credit card will eventually stop, even if you pay it on time, they have that right and will excerise it. Some of those same companies may call you balance due and payable NOW! The same with your home equity line. There is far more stake here than just bailing out Wallstreet. This is something that must be done. I would like much tighter restrictions on this bill. Such as no severance pay for the top management at these companies and much tighter regulation on these people. Any Republican or Democrat screaming for less deregulation should have to re-live the last 2 weeks.

If something is not done this will get very, very, very ugly. Something that no one on this board has ever seen. It is also going to reduce the US to the side lines as a world power. Think about it people. Think of what our enemies would like to happen here with this.

This is one of those problems that just plain old horse sense will not enable one to offer a valid opinion.

We are in no man’s land of economic theory. Already, forces are at work that are not black and white – not republican or democrat. It is wise to agree that this too will change.

Everybody, better do some push-ups and eat right … just in case.

Every month when I pay my mortgage payment, I pay something called a Mortgage Insurance Premium. Doesn’t that mean that the bank will be paid if I defaulf on my mortgage? I don’t have a subprime loan, but don’t those people pay mortgage insurance and shouldn’t the banks and mortgage companies be covered? If this is not the case, somebody help me understand. Why are we bailing out anybody?

I’d prefer that NOT ONE RED CENT of my money go to bail out what is ultimately a group of crooks and thieves who fleeced the public for years and years. Let them swim in the problem they created. Let the system crash. And the crooks and thieves on Capitol Hill can swim in it with them. My family and I won’t go hungry. Those who can’t imagine how they’ll get by without their BMW will die off…and the country will be stronger in the end. Let the monetary system as we know it today die. Lets go back to trading goods and services. 2 chickens for some carpentry work…..a cow for a firearm. If you’re a corporate big wig with no skills other than fleecing the public, you’ll go hungry.
If you have no skills to contribute to the “tribe”, you’ll be banished.

All this talk of letting the Street pay for its losses denotes a basic flaw in understanding about how our economy works. Value based on confidence. If your market has no confidence it has no value, your currency has none. Worse, with credit seized up, no one with value is capable of getting it to those without value. It is like trying to donate money when the bank has locked your account. Government and the street are not trying to take our hard earned money so much as restore confidence/value.

My question, as well as the ‘insiders’ is, would you like to take out some insurance by paying now and hopefully avoiding a crash, or risk eating brined tumbleweed and rabbit roadkill should the market fail?

$700 billion is a lot of cash. But it is nothing compared to what could happen if our creditors lose confidence in the value of their American investments. Want to trade dollars evenly for Egyptian Piasters? It is fairly simple, do nothing to free up liquidity/confidence/value in our economy.

Falafel anyone?

No one knows for sure what will happen over the next few days. But my guess is that the strongest will survive, that unless you need your money tomorrow you will stay in your 401k, and that the free market will take care of the weak in their own way, without the sympathy the weak are begging from the poor and middle class. Let the strong and wise survive, and the government stay out.

“She may think this charge is unfair but since so much is at stake …”

Why Mr. Gergen, must Democrats always be the ones to be reasonable? Why do you not hold Republicans to as high a standard of conduct? Because you know Republicans are irresponsible?

Speaker Pelosi said nothing bad, nothing any worse than the average Republican said. Yet, because their poor feelings were hurt (not really of course but as an excuse), they scuttled the plan they had promised to support.

This stab in the back deserves more notice than you give it. It’s about time you demanded that Republicans act like grown-ups.

READ THE BILL! 95% of the responses here are based either upon either Bush’s first proposal or upon theoretical “free market” ideology, and neither of them has anything to do with reality. The reality is the bill was NOT a bailout in any way, it was dollar neutral at worst and most likely would end up with a profit which could be used to pay off the govt debt. Please tell me how Americans with pensions or IRAs or whatever — whether now or in the future — benefit from the loss of $1.2 trillion dollars in the stock market today. This is where their pensions and IRAs are invested. They will lose at least that much again over the next week. In what way is this better than the bill, which 95% of you have obviously not read?

This is a well written article and good advise. Now how do you get the politicians we currently have to hear it and follow it. When people loose their jobs because of their Congressmans’ failure to act, I hope people when they loose their homes camp out on their front lawns of the Congressman who voted against this bill.

News people are saying we lost $1.2 trillion today. Where did it go? Is it real money or just over-valued stocks? If I try to sell an old car for $100,000 but only get $3000 for it, can I say I lost $97,000?

Banks have stopped making loans; isn’t that how they make money? If we wait a bit, won’t they start making loans again? If not, why can’t we force them to make loans? We tell some groups what they can or can’t do (e.g. health workers can’t strike), why are bankers above that?

We’ve all gone through lean times; why can’t bankers just accept that they aren’t going to make a lot of money for a few years? Pilots and airliner crews gave up part of their salaries to keep the airlines in business; why can’t bankers? Are just a bunch of spoiled sissies?

If we are going to bail out America we should split the 700 billion dollars among all of the households in America. Everyone could then pay off their debts and the banks would then have their money back . This would not only spur the economy but give America the fresh start we so desperately needs.

So you’re happy that “those rich guys on Wall Street” are going to pay? So where did all that money that those big guys on Wall Street are going to lose come from? Do you supposed that the financial system is a little more complex than that a banker on Wall Street uses his own money to finance those investments/mortgages that are going bad? Could it be that YOUR 401K or other monies that are invested in various vehicles was used as backing — or that your loan financing is tied in too? So could it be that everybody who is rejoicing that “those rich guys on Wall Street” are going to lose their shirts don’t realize that YOU might lose too? So you recognize there may be pain, but what the heck, it’s THOSE GUYS who will suffer the most? Get real!

Blue-collar workers have had their jobs shipped overseas by business executives who earn 6-figure salaries. Now those 6-figure executives are losing their jobs in the financial market crisis and the government want to bail them out using tax money collected from blue-collar workers. How dare they! The government really has some nerve.

Typical Republican stunt…..They get they’re feelings hurt by Pelosi and they turn around and hurt the country. The Republican party can no longer be taken seriously !

People! Sure it sounds good in theory – let ‘those rich guys’ fix this – but they can’t! There is no way other than a planned/controlled federal system to fix this. And as ‘Joe and Jane public’ screams about the rich guys – each and every one of them is already paying in lost pensions and investments and they will do so in the disappearance of future employment and business opportunities. Without this major fix our economy will go into ‘lock down’ mode. If no one is hiring and no one is investing because everyone has lost all of their funding everyone gets hurt. Rich and Poor – and guess which one will get hurt more? Us – the poor.

I am completely disappointed in Pelosi for trying to grab credit BEFORE the vote was in but the Republicans used her comments as an excuse and tried to run for cover.

Why did they do this because they are ALSO afraid of loosing their jobs so they also used Joe and Jane Public as an excuse. They voted under the cover provided by a lot of people who are ready to hang everyone on Wall Street with knee jerk reactions and don’t realize they are breaking the legs of the country.

I lost $3000 today and the Republicans are telling me that I lost this because their feelings were hurt and they voted against this bill because of that. What really says it all is that the congress had T.V.’s on showing the stock market going in the toilet and they just didn’t care. Vote Democrat and through the bumbs who voted against this Obama step up into the leadership roll now we can not wait.

This is Nancy Pelosi’s fault. Not only did she make ignorant, bipartisan remarks , she couldn’t bring on her own democratic members to vote yes. The Democrats do not need the Republican votes–they should just get it done.

In case my previous comment was too inflammatory, I see many of the folks in this section still too focused on the status quo, in some form or another….

Look, it’s time for a new start. We have the most incredible foundation to rebuild our country from with our Constitution and our Bill of Rights. We have realities to deal with domestically e.g. the ability to self sustain from agriculture to manufacturing. The foundation of money is no different than any organized religion…it’s faith based. Lose faith and what happens. I don’t think anyone has lost faith in this country, just the leadership and example set by those entrusted with the greater good of all. Mr. Gergan talks about the short term catastrophe, let’s not minimize the significance of this, of the collapse (perhaps globally) of the economy. None of us, including myself can really fathom the difficulties of surviving through this, but that is the one constant that we can take from history, WE TEND TO SURVIVE. Yes, soup kitchens of the early 30’s could return for the masses. Crime would escalate then recede simply due to the fact that it’s hard to commit crime for money when no one has any. Perhaps none of this will happen as the changes necessary to move beyond paying beyond our means finally are accepted. Leave your morals at home and think with ethics…..no income tax, simply a consumption tax on everything but real basic necessities; the legalization thus taxation of all goods ( with the necessary consequences for abuse and crime arising from this). Checks and balances would have to be considered but within Constitutional guidelines shouldn’t be difficult now that we’ve learned what doesn’t work.

Let’s hope we can initiate these changes while we’re in chaos. Good luck to us and if you do pray to whatever…it’s probably as good a time as there ever was…

I don’t feel that this companies should be bailed out. I’m just thinking of my 401 which is taking a big hit because of this crisis. It isn’t the fault of the people that are losing their homes it is the fault of the lenders. Those people shouldn’t have to suffer because they were lied too from the lenders. At the age of 46 I was able to afford to by a home (condo) of my own. I was given one of those lousey loans, and wasn’t told what would really happen after the arn was up. I was able to get a fix loan when the aem was up 1 month before the crisis started. Not all people were able to a fix loan becuse of their incomes or finances. That is the only reason that I fell they need a bailout.

C’mon we all know what would happen if this wallstreet bailout passes. The big FBI investigation will be dropped, the CEO’s will be richer and we americans paid for it. Why bail wallstreet out when we can bailout america for 700 billion dollars? Its just another example of the rich getting richer and the poor getting poorer. It is time for americans to stand up and show these fat cats and politications that we dont wont there greediness to mess this country up any more than it alredy is. There are plenty of others ways we could spend 700 billion in the economy. So who really benifits from this politications and fat cats or the american people? I think we all know the anwser.

Here is a sugestion everyone e-mail their congressman and tell them to get their bottoms back to DC and work out this problem now. There are no days off in a crisis are they crazy. What are they children or adults, get back to work now and do what is right for the country. If you don’t you all deserve to be fired.

David

I knew there was a reason I liked you. The reason so many argue for the bailout has nothing to do with Wall Street. It boils down to the following question: “Would you rather stick it to Wall Street or would you rather have a job.” A frozen finance system forces businesses operating on loans to cut expenses.

Yea, you may stick it to Goldman Sachs. You also just cost hundreds of thousands of people their jobs. Good Work!

And a quick answer, to lack of constituent support. This is an example of democratic failure (not the party.) Democracy demands (if it is to be a reliable system) that a populace be educated on what they vote for. In the case of macro-economics, you would be lucky if one out of ten people can actually describe the components of GDP. I would say a consensus of macro-economists say that a short intervention is necessary to stave off major recession. Yet a majority of the populace disagrees. Doesn’t that point to a problem with the lack of education on the topic rather than sound policy judgement? If Congress and the populace isn’t going to listen to the experts it employs, is that ANY different than the CEO’s of the mortgage companies not listening to their risk experts when they were warned about these loans that are causing the problem now? They’re called experts for a reason, and it’s not because they’ll always agree with you.

I’m just wondering why nobody is trying to vote Bush out of office. He’s the main reason why the United States is going down the drain. Leave it to Bush the United States is goin to became a third world country!!!!!!

I wonder how many people who have submitted comments on this blog and oppose the bailout hold degrees in economics. My guess is that I could count them on both hands, if that.

If you don’t understand the problem, you shouldn’t be entitled to an opinion. There are people who are much smarter than I am who are in a far better position than me, Joe Blow, to say what will or won’t work for the economy.

David S in Pittsburgh is right on the money: listen to the experts. The Average American, like it or not, is no expert. (Yes, Jim D., I am *definitely* saying that most people, myself included, are too stupid to fully understand the problem, except for realizing there will be pain.)

Jim D:
High oil prices caused this crisis? By that you prove that you have no idea what are the root – or the branches – of this bad mortgage securities driven cancer. If you will not listen to David Gergen, then you might as well go to bed before the news. You understand nothing.

. I think people need to realize that the failure of these banks affects us all WORLDWIDE. Whether or not whose fault it is, their continual failure be our downfall. There are people in my hometown who cannot be paid because of this situation. THIS is how it affects us, and THIS is why we need to support the bailout.

Theresa, here is the short answer: if we do not take the bad loans off the books of the banks, there will be no money available for us.

If you own a business, you will have to shut down.

If you work for a company, you will lose your job.

If you keep your job, you won’t be able to make major purchases.

The USA would, in a matter of months, start to resemble a third-world country. This is what happened in the Great Depression and it could happen again if we repeat foolish mistakes like so many people posting on this site would have us do.

David Gergen is a wrong. The Republicans did what their constituents wanted them to do. The other problem is no one has explained the depth of this problem so no one understands that this failure affects everyone, not just Wall Street. WHY ARE THEY TAKING TWO DAYS OFF??? DISGUSTING.

What a day watching democracy in action! Congress finally listened to the people. This bailout is crap. Congress literally told americans this bill is crap but it was better than the crap it was before so why should we settle for it. One senator called it a mud sandwich. Kudos to all those voted aginst it and stood up for american values and morales. Why sign up for something thats crap the bankers and investors did that years ago selling bad mortgages. Should we do it again! People need to take the silver spoons out of their mouths,crawl out of their cribs,dig in,grow a set,and deal with it. Stick up for yourself. I would rather lose my job and home eating dog food than sign the dotted line for another bad deal thats gonna take 700 billion dollars out of my pocket, my childs pocket, and my grandchilds. I would rather take the beating of a depression so the future of my children and grandchildren can be better for them.

I think it is time to calm down…calm down…calm down. The sky is not falling, no matter what Paulsen would like you to believe. Sure, a few dozen banks might go into bankrupcy and be bought. Their viable operations will be saved, but through the bankrupcy process, the responsible parties will take losses. I’m not at all afraid of the 1T that was lost today. Big frickin’ deal. I checked my accounts, and I think our net worth dropped by about $80K. But I don’t really plan on selling anything, and I think that over 10 or 20 years, this week will be a blip. As a matter of fact, I have about $200K cash in various accounts, and I’ll find a good time to actually get that cash back into equities in the coming weeks.

I am against this bailout –despite my $80K blow today– because it is so fundamentally unfair. I truly don’t think we are going to see any kind of major implosion of the American System — companies will rise to the occasion because they can make a lot of money after the dust settles a bit. All the “sky is falling” talk of this past week has largely been fear of the unknown. No one really knows exactly what is going to happen, so everyone blabbers on and on as if it is the end of the world. Just calm down…it WILL be OK. (just not tomorrow)

This is a dark day for the country. Here we FINALLY have the attention of our representatives, and they do what we ask! Sure, freedom is just another word for “nothing left to lose.” Since my body had the audacity to betray me with illness, I lost my job, access to health care coverage, lack money for necessary surgery, lost my home, my car, my furniture (sold out of necessity). I feel for my friends who still have 401K accounts. My 401K was spent rapidly when I got sick.

There will be a silver lining: we will probably take more of an interest in the folks we elect to represent us; with luck, the Golden Parachute rich people will lose SOME of their unhidden fortunes; we will have to live within our means and pay cash; Detroit will do what it CAN do and turn out a good, fuel efficient car; we WILL become less dependent on foreign loans – what countries are left to lend us money now??? All I know for sure is that when the economy tanks, small businesses prosper. I know this because I owned and operated a small business for 17 years and my best years were when we were in recessions.

Lets not forget that Nancy Pelosi would not even allow a vote on off shore drilling and over 70% of the public wanted it. The Democrats want to blame but not try to work in a bipartisan manner. Throw her and others out of office.

Many Americans think they know what is best, and are demanding that their representatives block the bailout. Holy crap, you guys are in over your heads. Congress has direct input from some of the most knowledgeable economists of our time, and you don’t. I’ll trust in Warren Buffett & Henry Paulson before I trust the guy who thinks JP Morgan controls 7 times the US GDP, or the lady who thinks the money is going to pay off the individual mortgages of subprime borrowers, or the guy who is proposing $100 trillion of tax refunds.

Oh, by the way, the people who actually understand how the economy works think we need to rescue the companies who bought the loans from all those collapsed banks. I’m with them. I remember the 1970’s and 1980’s. They were not a good time for citizens, or for American prestige & power. I have no wish to repeat that time.

Congress should know better. That’s called honest leadership, something we’ve seenscant little of lately.

Today’s loss is directly related to Bush’s scare tactics from last week. It is no surprise that the very people that stood to immediately benefit from the bailout became skeptical of the market and pulled out. The money was there, they just pulled out. But that was their money, not ours. We are looking for a long term solution, not what would have protected the market during a day of bad political press.

I have never in my use of credit had the impression that should I default on my loans, that the government would step in to bail me out. Even when I had overwhelming debt after starting a small business, I didn’t claim bankruptcy. I learned my mistakes and buckled down and paid down my own debt. In fact, bankruptcy, the scapegoat for unfortunate investments in the past, is now more difficult to rely on. As individuals, it’s an even greater slap on the hand for taking a risk with investments.

I recall even a time of great personal difficulty, where my debt climbed to a point that caused the credit card companies to triple my interest rate when they thought that I had no way out. My debt to income ration had climbed slightly over 50%. That was their reason. I was paying on time and no negative hits to my credit.

Credit card companies are predatory. There is no secret there. Although I have no faith in receiving any compassion during my hardship, credit companies are now asking for compassion from me? Come on!

Bush is to blame for sensationalizing this in a two minute speech and running back into hiding. He caused a panic and caused further economic unrest. Based on his previous tactics, I do not put it past him or his administration, to cause panic so close to an election. It is too convenient and too close to a floundering McCain campaign to cause this level of an alarm so close to what McCain himself advocated was a “mental recession” and that we were a bunch of whiners. According to them, the economy was just fine. Their platform is flagrant and inconsistent.

I’m not falling for it. This is a short-term hit, and the only way out of it is not to entrust our faith into irresponsible and self-serving leaders such as Bush or McCain.

I agree 100% with David Gergen. He said precisely what I would say. What people fail to understand is that the financial system is in dire need of a blood transfusion. It needs liquidity, or else the entire economy can grind to a stunning halt.

I too wish to preserve the capitalist system and keep it healthy. But it is now critically ill. By voting down this Bill today, the supporters of capitalism actually destroyed more capital (on the stock market) than the Bill is designed to inject. In other words, they made the situation worse, and have caused further deterioration in bank balance sheets. There action (or inaction) has in fact put the capitalist system at risk.

All those who support capitalism and a free market economy need to wake up and realize that this injection of liquidity is essential. Otherwise the entire economy could collapse, and could do so very swiftly.

A strong economy is an essential element of national security. If the economy suffers, America will be weaker abroad. And if the economy is weaker, foreigners will be less inclined to lend money to the US government — as did the Bank of Canada today, injecting $30 billion into the US Federal Reserve to provide it with cash.

If capital is not injected into the banks, numerous banks will fail. Depositors and shareholders will lose their capital. Businesses will go under because they cannot borrow. I cannot stress enough how important it is that some concerted action be taken. Indeed, in my estimation, the $700-bn is nowhere near enough — even more so after today.

So if you really want to preserve the American way of life, and the free market economy, I urge you to in turn urge your representative in Congress to support this Bill or some modified version of it. Not to do so will be extremely shortsighted and will have dire consequences.

Are you kidding me! Our country financial future is in the tank, and they wanna play the blame game. These Fat cats have been in Washington for so long that they can’t face reality. I don’t believe that they actually think and understand that this a very serious crisis! It was a serious crisis 2 years ago, and they did nothing! Now! American tax payers are going to pick up the bill, due to Wall Street GREED and COVETOUSNESS. What ever happened to morals and Values? I guess that’s not more important than money

My husband and I are retired—CONGRESS BETTER GET THIS DONE SOON, WE ARE LOSING OUR LIFE LONG SAVINGS.

Democrats control both the House and Senate. The Democrats need to write the Bill and pass it without Republican input. It’s obvious that there can’t be any bipartisanship.

A financial system is built on faith and confidence. Without it, money will not flow. It is just that simple. Emotions and self-interest will not solve the problem. Today, we are not talking about the weapons of mass destruction, but rather the potential collapse of our financial system. The ripple effect of a sever credit crunch in our financial system can be devastating to the nation. Let’s solve the short-term emergency and then work on the long-term soloutions, that is, how to curb the charge-to-a-credit-card mentality at the consumer and government levels.

I happen to agree with Roland Martin on this. The reason the American people are against this bailout is because they haven’t got a clue as to what it entails. On top of that, this is what happens when an American President loses his credibility with the electorate. I am for this bailout, bad as it is, because, as a retiree, I am fully aware that when everything starts hitting the fan, the FIRST people it is going to hurt is the middle, and lower classes of this country. Once that starts happening, the voices will be rising, and rising rapidly, but so much damage will have already been done. And the next Bill these guys vote on may not be as good as this one was. A President with no credibility, and an electorate poorly informed= disaster.

Recapture losses.

Start shareholder class action lawsuits against CEOs and all those involved in the lies covering up all the losses.

Again, the problem is NOT that banks are failing. The problem is that banks are not LENDING. If a bank fails, another bank just picks up the other banks assets on the “cheap.” If the other bank is terrified of financial assets in general, no investment occurs and they hoard cash to protect themselves. Meanwhile, the thousands of NON BANKING BUSINESSES that depend on those operating lines of credit can no longer operate. Jobs are lost. More people file for bankruptcy. The cycle repeats.

This bailout is NOT about equity or any sort of moral sense of justice. If you want that, compel the courts to seize the assets of businesses that acted in an irresponsible and unscrupulous manner. It would be anti-capitalist beyond belief, but that would be justice. The bailout is about calming the economy, not some crazy venue for vendetta.

While I’m a firm believer in punishment, retribution and blame, I’m also fond of getting a regular paycheck and preserving some value in my 401K. Both of those things will be in serious jeapordy soon.

We can’t fix this by shouting that “their” end of the boat is sinking. Many companies that need credit for working capital are already close to sinking. That includes GM and your local 25 person manufacturer. Unless some confidence building legislation is passed within days, the companies that employ us all and comprise the value in our 401Ks will begin to vaporize.

The bill needs to be reintroduced and passed.

What I’d like to know is where was the bank examiners years ago when all these loans were being made; where were the bank boards who didn’t question these loans; where was the Treasury Secretary and the Bush Administration’s checks and balances as to where our money was being loaned out. Due to their neglience, the hard-earned money I scrimped and saved for my retirement is now “blowin’ in the wind” and now I don’t have a job to start saving for my retirement again…I feel Congress acted irresponsibily because the majority of their constituents didn’t understand the problem and they were AFRAID of losing their positions in Congress and that puts them eye to eye with the same problem Herbert Hoover had in 1929. Now, instead of hearing about the “great depression” we all will be LIVING IT ALL OVER AGAIN!

I don’t understand why you don.t just list the names of which reps voted which way. Who’s keeping them honest?

Your wrong David the rejection was a blessing and america has spoken

Everyone in Congress should stop acting like children, keep their egos at bay, think about what they’re doing to the country, and get this thing passed. Is this what America has become? A nation with adults who can’t compromise and get things done because immaturity precludes them from doing so? In that case, we have a lot of growing up to do.

Lilibeth
Edmonds, Washington

Mr Gergen,

Do you remember in Its a Wonderful Life, when Jimmy Stewart lost all that money and the people in the town whom he helped over the years supported him in his time of need, this feels like that now, but with some seriously big differences.

In the story Jimmy Stewart’s uncle lost the money because Lionel Barrymore’s character frauded him out of it. But because of how Jimmy Stewart treated the townfolk especially using his honeymoon money to stop the bankrun he earned their respect. When he needed help everyone was there to help him.

But it is so different now, Wall Street millionaire CEO’s, the banks and credit card companies, Paulson and his buddies are like Lionel Barrymore’s character Potter. They just want to fraud us out of a future.

If the banks and the government would have treated us like George Bailey for the last few years we would fall over ourselves to help. That is our nature as Americans.

Possibly Sara Palin could have interjected some whit and humor into the discussion on capital hill today and made a difference. She seems to be good about talking down to people and making what she thinks are humerous comments about the situation or topic to make it appear she is smart and whitty.

We need a SMART VICE PRESIDENT not a smart ass for a Vice President.

David,
Let’s look at the facts. We are at the end of a 12 year real estate bubble. Some fault lies with each party, but all were willing to stay on the ride while eveybody made money. People with NO credit got loans. No money – no problem. You qualified for a no doc. 103% loan. C’mon, everybody was doing it. Real estate was a no lose investment. And along the way, wall street CEOs laughed all the way to the bank. OOPS, somebody asked to see the collateral underlying the new and magical financial vehicles Harvard business grads were dreaming up every day. Guess what – for every dollar taken in, wall street spun it as ten dollars. Like all business cycles built on greed, this one would eventually collapse. Unfortunately, it may take 3 to 10 years for housing to turn around. Those who voted NO today should be congratulated. This bail out (sorry, Invest in America) primarily benefits wall street risk takers who call it “creative destruction” when it happens to any other industry. (You’ve got love how wall street has a name for eveything.) Sure, this will be a rough period for America as the world contracts, but eventually the pendulum will swing back in the positive direction. All this bail out would do is postpone the inevitable. The sooner we get past the recession, the sooner the recovery can start. Let’s not make make wall street’s elite even richer in the process.

The volatility in the market is not suprising that it has been propped up for over a week now expecting a reprieve that the bailout represents. This bailout is a case study in what is wrong with Washington. Who needs the big money that the big banks and investment firms on wall street loan out? Big corporations. Most of the hometown smaller banks did not get into the subprime business to fuel quick profits for the big firm’s highly speculative derivatives. Those banks are still lending as before, and that part of our economy is doing fine. But the small banks don’t have enough to loan out to the big boys whose greed blinded them to common sense and got them into trouble. Well I have news, the big corporations have enough resources to survive the credit crunch. Sure they will have to divert capital from future expansion projects to payroll expenditures and may have to layoff some workers to make ends meet, but they are not going under. Jobs will be lost for sure and a recession is inevitable for a few years, but it is not like this kind of thing has not happened before as Paulson et al would have you believe. This bailout will very likely merely be a stop-gap for a few months as the 800 pound gorilla in the room that is driving the whole mess is falling housing value, and that is not nearly over. The treasury will burn off all of the reserve saving the worst offenders now when in the end both they and more reputable firms will go under when there is not enough treasury reserve to save anyone later. Paulson and Barnacke are willing to nationalize (socialize) our free markets in order to save a handful of greedy firms now. They are putting the interests of big corporations and especially wall street firms over the interests of the rest of the economy and the people. Privatizing profits and socializing debt should never be an acceptable solution for any leader who claims to represent the interests of the people of the United States. As I alluded to above, this case study shows you who is pulling the strings of our leaders and truly running our country.