Anyone else ready to throw the towel in on BOTH CANDIDATES??
Honestly. The American people are saying overwhelmingly "NO" to the bailout. And yet, both candidates are stumping away about how we need the bailout, how it's not their fault we don't have a bailout.. I can hear Obama right now on CNN saying "This is an outrage. This is the direct result of the greed and irresponsibility of Wall Street and Washington." Umm... ok.... Are politicians too afraid to say that this is the fault of the greed and irresponsibility of the AMERICAN PEOPLE! Time to live within our means. It's been fun... but "spring break" is over, and it's time to get back to the business of living within our means. Irresponsible lenders and irresponsible borrowers is what got us into this. So...where is a true leader in either candidate? One who will stop the complaining and the blaming, and the "I'm better than you are. It's all your fault" crap. One who is not afraid to piss off voters by rightfully laying some of the blame on OUR shoulders. And who isn't willing to socialize the government to solve our problems. Why is CNN no longer interviewing Ron Paul? He's against the bailout, and is very articulate in his reasons why. Wish he was still in the race for the White House. I think it's time for Americans to bail on BOTH parties at this point. Both are way to out of touch with most Americans...

David, the public has been unpursuaded not just due to a lack of trust, but by a failure of our leaders to expain how we got here, why a bailout is even needed, and who gets bailed out and how. I've yet to see an explaination given for the sitaution other than it's due to defaulting subprime mortgages. How many are there? Why should banks that loaned money to those who couldn't afford the homes they bought get any bailout? Why should homeowners who signed mortgages they couldn't pay for get saved? Many bet on unending increases in real estate. How is that different than betting on a horse race.

What we have just witnessed is panic mongering by the president, a fellow that has done that before. And more panic mongering by the congress in a poor attempt to sway an election to the upfront socialist candidate. The president is confused (easily) and the congress is fundamentally evil (witness their approval rating numbers).

What we need is for congress and the president to shut the hell up and stay out of the way. It was the socialistic housing program that dug this hole and politicians need to pack it in and get lost for a goodly while.
And the Fannie Mae leaders should be prosecuted for cooking the books, stealing and maybe we should simply drag them to the gallows.

We definitely have a lack of leadership in all areas. I mean from the president, to congress and on down. It seems that most of them are in it for themselves and what they can get not for us and how they can better this country. That is why they all have such a dismal approval ratings. I mean heck President Bush has a better rating than congress...that ought to tell you something right there! No one trusts them at all. My opinion is we get rid of them all and start over! And put in a time limit that they can serve in congress then these big companies can't be buying them because it'll do no good.

And I must say that 11 of the House members from Georgia voted against this bill. I hope that they get voted out in November.

Cindy...Ga.

David, I love you but I've got to disagree with you on this one.

You write:
"The pleas of a President, Congressional leadership, the business community, the press — all were ignored and defied by a majority of Members in the House. "

That's because they were listening to THE PEOPLE.

Amen, brother.

We need the wisdom of an FDR... There is nothing to fear but fear itself. I believe all this fear monger by Republicans first Bush and now McCain too, is our REAL CRISIS! Bush made us so afraid of terrorism that we allowed him to con us into starting a war with Iraq who it turns out had no WMDs and no ties to the terrorists, and whose people are far worse off now, especially their religious minorities. Bush made us so afraid for the economy that he sent the market into a panic the past days and maybe this will turn out to be another smoke screen.. the question is what is the real agenda THIS TIME! And now McCain is trying to make us fear EVERYONE, especially Obama, and all because McCain does NOT put country first but rather his own ego and delusions of greatness... and sorry but it makes me wonder how much of his staying a POW had to do with his thinking of his IMAGE and future political career versus the commadery with his fellow POWs since we are all prisoners right now of the fear they are mongering and he doesn't seem to have any solidarity with us common folk!

We are spiraling towards the need to institute a redeclaration of independence because the leadership in Washington doesn't and hasn't derived their powers from the consent of the governed for decades.

Seriously, these clowns aren't even making decisions that simply make sense anymore... Everything revolves around capitalist influence; bending the rules to let cronies take advantage so that legislation is passed in favor of few and in return, politicians get kick-backs to maintain their office. That's not what this country's vision is truly based on. It just took over due to greed.

Our life, liberty, and pursuit of happiness is being infringed. Let's take this Government back to bare bones and try again. Maybe next time we'll get it right.

I don't think we can rebuild our national leadership.
We are too polarized as a country.
It doesn't matter if McSame or Obama gets in. We're still split as a country and that's the biggest problem.
Even when Clinton was doing a great job, GOP folks were spending an enormous amount of time, tax payer money and energy to disgrace the man and make our whole country look like fools.
I'll admit that if McSame gets elected, I won't give him a chance.
I don't trust our election process any longer or any of our leaders.
This country has really gone downhill since W was put in office, but most Republicans will still vote for McCain, and convince themselves our present problems are because of Reid, or Pelosi.
It's to the point where if I find out someone is a Republican, I assume they're a fool and I make no effort to even be pleasant to them.
I'm pretty sure I'm not alone here.
Given all this, I believe the only way we can rebuild our leadership is to elect an Independent, and vote out both present parties.
Perhaps it's time to create a new party – the people's party!

A true leader would tell, well, the truth. That the American lifestyle is a largely debt-driven illusion, that all levels of our society, including government, have been willing participants in this charade, and that an inevitable shakeout must and will take place, with a commensurate drop in the American standard of living. The impossibility of separating the "innocent' from the "guilty" will ensure that misery will inevitably afflict many of those who sincerely felt that they were "playing by the rules."

Simply criticizing "leadership" is an empty gesture, as most people want leaders who will (1) give them more of what they want, and (2) tell them more of what they want to hear.

Maybe those who voted against the bailout are sublimally suggesting that there are other alternatives to consider. We've not been offered any solution other than the bailout; yet, as many in the general public know from first-hand experience, there are often several alternatives to bailouts. In fact, bailout is the one alternative much of the general public was never offered as solution to their own financial crises. Why should we now consider it for others?

A day loss in re-building US economy in this crisis is huge. Getting legislation through to bailout or rescue is just first step. immediate re-structure is subsequent steps and that is more dificult task. US people are lucky that they are in the verge of electing their new leader who possibly can bail the country out of the crisis. In this situation US can't afford to leave the country in the hand of caretaker government for about two months even after the new president is elected. They should bring another legislation to handover the power to new president elect within 15 days of election result is out.

It is now evident that revival of US economy will benefit the whole world. US also need to learn from the World.

It's an election year, David, and these people care more about keeping their cushy jobs than what's best for our country. By the way, I don't think these fat cat bankers and Wall Street investors should be bailed out either. Use that money for the "little guy/gal" who have lost their jobs, health care, etc.

The more I've learned about the existence of ACORN and the involvement with the government to have both Fannie Mae and Freddie Mac along with the banks in doing their 'job" to help those who could never afford a house i.e. the underprivledged – the more it makes me sick. No one stood up to say this is a bad idea to give loans to people who did not have the income to pay for it for fear of being called a racist (most were African American and Latinos that ACORN was concerned about being shut out of the housing market). Shame on those who applied for the loan and took it knowing full well they could not afford it. I have credit cards that allow me credit that total over $30,000 but I sure didn't charge $30,000 of debt just because I have it. It'd take one blip for me not to be able to pay that back just like how the blip in this case are ARM's adjusting before refinancing could be done and the housing bubble popping. The world will not explode...let the markets adjust FREELY.

Sharon is right on target! At least Ron Paul displays "leadership", instead of just paying attention to polls, and adjusting political rhetoric as needed. Obama wants to socialize America under the guise of change. I am disgusted that so many Americans buy into the crap he is shoveling. Shame on you all. I have little doubt that our founding fathers are turning over in their graves......................be Americans, not puppets of propaganda for crying out loud! Use the brian you were given. We do need a change, but it needs to be in our Leadership. Dump McCain and Obama. Let's start over. I vote "None of the Above"......

I agree with Sharon that both candidates are afraid to voice any type of opinion. Main street as they keep calling the "little" people want t o hear NOW what both will do once in the White House not when they GET into the White House as too late then. On November 1, 2007 the FEDs injected $41 billion into the financial system and on February 7, 2008 a $170 million stimulus package was voted on by Congress so, where did all that money go? Keep hearing that the "little" person should save and save and use cash not credit so why is it so hard for BIG BUSINESS to go along with that same theory. How am I expected to save when Wall Street must be bailed out or credit will go downhill. Credit is what got us into this mess and think that if working only with a cash flow helps the "little" person, that it should at least work for the BIG Businesses. Let those CEO's put there money back into their businesses and the price tage for the BAIL OUT would shrink!! This may not be all the money it will need as no one knows for sure how much any of the mortgage loans the government is talking about taking over are worth. Are we to gamble on IF the economy will re-bound in months or years upon years? Unemployment has been high for sometime and a lot of people don't even get counted if don't apply for benefits or are denied & who put these people out of jobs, BIG BUSINESS once again – GM who can't even make or won't make a car that is affordable gas wise and continued to even as going under. Not only did their lack of common sense put people out of work for GM in Oklahoma but all the other companies that depended up GM! Frankly, all those involved don't have the expertise to tell the public the real truth and are just "talking out of the sides of their mouths."

The mass majority of people opposing the bailout simply do not understand that this is not a bail out of Wall Street, it is a rescue of entire economy.

Most people cannott grasp the enormity of this crisis because they do not understand the complexities involved. It isn't just Wall Street, it is a credit crisis, a housing crisis, a global economic crisis. They do not understand the relationships between the entities involved and how it will effect them and the world.

Perhaps if our leaders would do a better job of educating people on the issues they wouldn't be opposed to it.

More immportantly, house Republicans showed a complete lack of leadership. Voting for the bailout was the right thing to do, despite it being the hard thing to do and none of them had the guts to do the right thing.

It is so crucial in all institutions, across the board, politically and religious. As someone who works with young people, there is an over-riding mistrust of institutions; maybe it should also include the institution of family. There is such a breakdown and a sense of apathy among people that it is almost disturbing. Was this the right time for Congress to listen to the people, probably not, but if there is any hope, even if politically charged, there is the beginnings of an uprising going on within the people, that maybe their voices need to be heard. I hate to be pessimistic, but I think most of the slate is going to need to be wiped clean for us ever to move on in this situation. So much of politics is self-driven and who really cares about the common good of the people, by the people, for the people. Some of the great leaders of this country, including the Founding Fathers, are probably turning over in their graves right now as this all unfolds. Who really knows anymore what is truth, since we are never given the story, including in this economic situation. Until we return to the values and principles on which this country was founded, even if that means moving beyond the absurdity of "political correctness" it must be done or we are doomed for failure. It makes me sad to be an American and at times, even ashamed, while the rest of the world sits back and laughs at us. We need a leader with compassion, vision, a backbone, concern, can listen, can admit mistakes, honesty. As much as those ideals are sometimes considered signs of weakness, they are signs of a healthy leader who doesn't act impusively but with thought and can see, with some clarity, the direction this country and society must go.

It is not our fault people buy a house that's worth 80,ooo and pay 300,ooo or 400.000 dollars.

David, why aren't alternative strategies that are currently being floated by various economists and finance experts being weighed against one another in the public discourse? Are we all doomed to understand our options only through the voice of the media that seems only able to frame the problem in one way ("bailout" or else)? As information consumers, we aren't really begin given information that could help us make an informed decision (and thereby inform our representatives in Congress with any advice other than VOTE NO) only that Congress must act and the only option is the remanufactured Paulson plan put forward by the leadership team in Congress. Every plan will have its costs and benefits, the question is who bears the costs and who beneftis. I'd like the chance to help make that choice–this is a democracy after all...at least the last time I checked. Please, somebody treat us like adults so we can start behaving like them.

David,

My husband and I have been wrapping our brain around this bailout, trying to look at it from all directions. We can see from two sides – one being the "middle class average joe" and the other being a small business trying to expand. As we see it, no matter what side you view this decision on, its impact will be greatly felt in one way or another. We do not support our tax money bailing out any business, especially after all these years of paying our bills and taxes on time. To put it plainly, it just doesn't seem fair because its very hard to relate to Wall Street . However, its at times like this when we have to look at the greater picture and we've decided to do that. If a bailout plan is implemented, I hope for us average joes, were not taken so lightly ever again.

Thank you for all your insight and opinions on CNN. We've really learned a lot.

David, You are so right about lack of leadership in America today. Why is is that our great American society can't produce leaders? The NFL is very successful in recruiting many Americans to play football. We seem to be far more productive in running sports franchises than our own government. We have become a country of high anxiety money chasers that place little value on true leadership, only power.
We must first take the profit incentive out of politics. All funding for political office must be provided by the public. Once congress is "cleansed" of the charlatans that have run our derelict government for years, we can make running our government far more attractive to true leaders.

Mike,
You have some very good points! And an explanation from the Politicians might be a very good idea.

I think that the American people have taken their eye off the ball when it comes to their leaders and the direction the country should be headed in. They were a breath away from impeaching the best leader they've had in decades, with Bill Clinton, but they let the Bush administration steal two elections, de-regulate to the point of crisis, lead them right down a path of occupation and destruction in a country that was never a threat, ship off their jobs to other countries without replacing them, all but eliminate the middle class etc...etc... However, never once was impeachment mentioned. Even after being lied to again and again by their own President.
The older a civilization gets, the murkier their scope becomes, and the more complacent they become, until the point of demise.
Money and politics have destroyed the electoral process and the current "leaders" have figured out ways to pull the wool over the eyes of the American people. What happened to the days of protests that political leaders could not ignore? Protests that changed and shaped your country for the best? Is everyone really too busy watching American Idol?

Thank you David for your work–a reasonable, rational voice is seldom heard these days and I always like to know what you are thinking.

Another problem, that no one want sto discuss, is the lack of education regarding economics and how the entire credit industries of the world work. If the people of the US, the masses, the silent majority, do not understand that, how can they make sensible choices? Why is THIS not discussed by the media?

Well, partly, because the media is uneducated and only knows how to "primp" for the cameras. There seems to be no true journalists interested in bringing the facts to the public. Before a "media person" starts spouting off a personal point-of-view, someone–a producer or director–should take responsiblity to make sure that reporter is schooled on the realities of world finance; or any other situation frankly. Journalists are not meant to be entertainers.

One step toward restoring trust in leadership I think would be for Congress and the Senate and all the rest of the government to set aside their petty partisanship and work on what the nation and the population needs – wrangling over party politics and basic party philosophy should take a seat at the back of the bus when there is legislation to work on – especially emergency legislation. If we saw more working together instead of working in spite of each other it would be refreshing. And it might just prove inspirational.

Annie Kate
Birmingham AL

"The people" opposed the plan. "The people" are also the reason we need it. You know - the ones who maxed out their credit cards, took out loans they couldn't afford to pay back, borrowed against their inflated home equity, and supported generous gov. benefits while advocating for tax cuts.

I guess we'll get what we deserve.

Why can't the failing companies just declare bankruptcy and sell their assets at 10-20-30 cents on the dollar? Then maybe some of those on Main Street (who didn't buy an expensive house with a sub-prime mortgage) can actually afford a decent house, which would ironicaly be purchased from the "fire sale" of one of the companies that tried to pursuade them to buy a house that they couldn't afford.

I want to see a plan where the CEOs and other responsible parties for this mess cough up some of the money instead of the taxpayers taking all the hit. I am an attorney getting ready to retire and I bought a small, modest house for retirement with mortgage payments that I know I can afford on my post-retirement income. Why should I and other citizens living within their means be required to bailout those who try to live beyond their means? When I've made bad financial decisons and got in over my head, no one bailed me out. I had to "pull in my belt" and suffer the consequences for a while. It's called being responsible.

Trust has been a non-reality in the political atmosphere for too many years. People in high offices have lied about everything from security to affairs to war. Self-preservation is the guideline that shapes words. Actions are planned as photo ops with no meaning. What does it say when almost none of our elected officials can speak 'economics' except in media soundbites? What happened to statesmen and stateswomen? Will we ever achieve a place where crises are managed by something other than money – perhaps sound judgment, accountability, responsibility? Perhaps if 'trust' was valued by people as much as money is, we could change our nation and the world.

Your views are welcome you say?" well how about reporting it form BOTH sides , why don't you address the action McCain tried to take back in 2005 the warning he sounded to congress about the upcoming calamity, will you in all fairness report how congress and the democrats blocked his attempt at fixing the problem before it blew up to where we are now , how about a piece on Franklin Raines counting the green and the glutony of 90 MILLION , why not report the whole story he's Obama's advisor , Fannie and Freddie's little cash out friend , while there is plenty of blame going around it's enormous enough to bring to light and the American people the entire truth no matter who you constantly give glorious praise to on CNN. will you post this?

Maritza

Lack of trust in politicians, especially the President, the lack of accountability initially presented, the lack of telling the people 'why' and 'how', the failure to ensure this bailout would succeed among other issues, defeated this bill. Politicians lack the credibility.
There is alot of blame that could go from the consumer to the President.
I have read another post where the individual said to give every man, woman and child who is a citizen of the US one million dollars and let the money flow back into the market while the powers that be begin regulation. Approximately 300 million vs 700 billion....if the banks can't get their money from the consumer who has a million dollars, go bankrupt. Give the money BACK to the consumer instead of incurring a 700 billion dollar debt.

What makes me cringe to my stomach and is more pathetic then the non agreement between both parties yesterday is the fact that congress and senate have the audacity to take 2 days off from the most important law making days in the history of America to celebrate and observe a Jewish holiday!!

.I'm shocked so we lose billions of dollars setting back the bill to observe a Jewish holiday..Come on give us American Christians a break. Wasn't the Constitution written on Christian faith? Makes me wonder who is more important American economy or the Jewish holiday...HMMMM.

–
Eddy Nafal

Throwing money at a problem will only be a temporary fix. Stupidity and Greed caused this and it will only happen again without new rules.

We all know there are at least 535 people on the take here. Congress. Throw in a couple thousand Bankers and we will have a good start to a complete Prison Population. Let's get started.

I must say in the business world if we have a crisis we work the holidays and weekends, Its sad that elected officials still take a holiday when the country is falling apart.
Dont we have a leader to say stop no holiday until we resolve our economic issue!!!!
I was was very disappointed to hear our politicians took a holiday in the middle of the worst financial crisis of our time.

Danny

It is true that the people react not exclusively to Bush's incompetence and inadequacy at the top, but David, we should not forget the old saying that the fish begins rotting from the head. This makes even more urgent the election of a NEW leader who will–by what he has so far shown on the campaign trail–begin to change the perception of a failed leadership: one, by his own leadership example but two, also by appointing people with excellent leadership abilities on key positions in government. I cannot be more puzzled by how the genuine fairness of the Americans, including your own, translates into the so-called equal treatment of the candidates, which has the consequence to give credit to McCain where it is not due. If Obama has no "killer instinct," the media must!

I know how hollow this may sound, but I would encourage all folks in leadership positions to read "Team of Rivals" by Doris Kearns Goodwin. It is about the political wisdom of Abraham Lincoln and his cabinet. My point is that in all recent crises, I have wondered "Where are the adults and when will they arrive?" Lincoln was all too human, but thoroughly adult. Well, maybe in our time "they" are not going to arrive; instead, those in leadership must become adults. And if they choose not to do so, may God save us all.

David, get real! this whole mess started with freddie and fannie. this is big government corruption brought to you by democratic leaders like frank and dodd. why cant you please state the obvious? too worried it might hurt OBAMA??

Maybe a bailout is needed, it seems to be the case. But, you're right, I don't trust the people telling us of the solution. They claim that we are headed for dire straits if we do not act. Ok, that is most likely true. I would say to them something like: BUT, where were you a year ago? You're the expert, didn't you see this coming? Were you too busy looking the other way? Or, worse, padding your accounts before the trouble hit? That is a terrible accusation, but somebody has been "ethically" cheating. Some smart people should have known, and they did nothing. Now you want us to bail you/them out? And you'll fix it all for us. Sounds convenient, and suspicious.

You could start by being frank about how we got in this mess. By, 30 years ago, starting down the road of encouraging loans to poor credit risks in the name of "fairness." And how Democrats are at least as guilty as Republican. And how the center of the mess is Freddie Mac and Fannie Mae, and how Democrats were, as recently as 2006, opposed to new regulations on them, and Republicans were supportive. So, a little real research, and a little real balance. That would be a start.

As usual, very well stated and right on the money advice from David Gergen.

We have an executive branch whose "brand" stands for lying, secrecy and contempt for Congress - and a legislative branch whose "brand" stands for cowardice, ignorance and expediency. It is no wonder few Americans trust either. The next White House administration must feature a bipartisan cabinet, operate with self-conscious transparency, and set clear success metrics for itself. The next Congress - and I hope as many incumbents as possible are swept out in November - should elect new leadership. Democrats must realize that Reid and Pelosi are as tainted and ineffectual as the Bush regime. I would also urge America's more mature allies in Europe to bring the same kind of reform pressure on Washington that the US imposes on emerging democracies. Our ineffectual, bickering government has already made us the laughingstock of the civilized world. If we do not change our ways, the world's leading nations will shrug, work around us and leave us further behind.

Let's try and understand that everyone benefited from the excesses which were created from the lending practices of the past 15 years. Everyone. I have not heard anyone complain about the fact their home values in the past 8 years have increased 30-90%. You only hear about the issue when home values decrease 10-15% as they are now. No one complained about being able to get low interest loans on homes, cars, appliances and furniture. No one has complained about the availability of low cost energy, prior to $3 per gallon gas when even now our gas prices are far below Europe and Asia. If there is blame it is on all of us and I mean everyone. Not just here at home but those abroad as well. The problem is before us and what do we do about it. Typically we want to focus the blame. We want names, someone to pin this on. That's not going to happen because the list is about 2 billion strong. The issue is how can we most effectively tackle the problem of the housing market which is where it all began. First and foremost make this bill a bottom up solution not top down. Deal with the people at the bottom first. Those who have lost their homes, those who are in the process of losing their homes and those in danger in the next 12 months. Reset their mortgages to be more reflective of the home real value. Reset interest rates and make the payments affordable. Start there, work our way up the ladder and if there is anything left over to rescue a bank whose CEO is looking at losing his 20 million dollar bonus, tackle that problem with the couple of bucks left over. The banks will be there in one form or another this time next year.

Tax every stock trade. This will pay for the bailout. Ordinary citizens like me, who rent and pay taxes with no problems, should not be made to pay for the failures of Wall Street.

If American taxpayers are forced to pay for this bailout, we will revolt. It is only a matter of time. Make this bailout work a different way...make the bankers pay for it. It was their fault, anyway...

It doesnt help that the press is so biased. Everyone, Liberals, and conservatives know it, so they HEAR for entertainment value but dont LISTEN for substance. The result is that the message, no matter what it is, isnt taken seriously.

You, the media, need to shape up

I think any discussion on leadership has to begin with the way we select our leaders. As long as running for office is dependent on money then we will always get leaders who are "owned". Take away the money and what's left? I think it's ideas and character, the values that lead to good if not great leaders.

Mr. Gergen,
You have been around the political arena too long. You now seem to think that politicians know more than the people that they represent. The outcry from the public was heard by those legislators who voted no. This whole thing was brought on the public in such a surprise that they rebelled. Frankly it stinks. It was hurry hurry hurry the world will end by the weekend if you don't give us 700 billion. Who the hell are they kidding. Well David, its past the deadline and the world hasn't ended yet. As a matter of fact, the Dow just gained 400 points and most of the Congressmen took off for a Jewish Holiday. Maybe the world can't end on a Jewish holiday. Maybe they can reset the worlds end date to a better time but not on a Jewish holiday.

Both President Bush, other political leadership, and the media did a poor job of educating the public on the risks of failing to act. The president should have spoken out much earlier and more often than he did. Of course, he lacks credibility due to his many past blunders that I won't bother to list.
Also, too many pundits in the media used this as an opportunity for populism: raving against "bailing out the fat cats on Wall Street" instead of explaining that such a step was only a necessary evil on the way to shoring up the credit markets. (Joe Scarborough and Lou Dobbs, anyone?)
To answer your larger question about restoring leadership, I think we need to return to a society that values education and citizenship above partisanship and meaningless flag-waving.

BRAVO republican and democrats congress persons who voted no to bail out. As irresponible as it sounds I say let the chips fall where they may.

People who shouldn't have been loaned money were and probably put very little down and this is where we are today –LET THEM SINK

Well, here's the sad truth as I see it. I'm a "slightly older" woman who has voted in every election from the beginning, who is something of an Historian and who seems to live with the shades of the Founding Fathers looking over my shoulder at all times–yes, it's a heavy burden. But my family goes back to the Pilgrims' second ship, the "Anne," 1623, so I feel it's my responsibility to bear the burden, gratefully. But this election? I find myself unable to support either candidate; 1) I know too much about both of them (I am a political junkie); and 2) it's not a pretty picture. We see what the House and Senate are doing, our devoted public servants, with their posturings and finger pointings, their completely political moves, they seem to care nothing for the Country; we have seen what Bush the Second has done, also not a pretty picture. So, I am bowing out, it turns my stomach, literally, but I simply will not be able to vote this time. I see my vote as too sacred, as something of great value, I will not participate in this sham any more, I'll save my vote for another time, and I'll dwell on earlier times–oh, sure, they weren't always terrific either, there has always been corruption in the system–but I just can't give either of these candidates my vote of confidence. Regards, Mr. Gergen, think you're terrific!

I hope those people that are OUTRAGED by this bail-out are just as equally OUTRAGED by this war in Iraq.. And if they aren't I dont even want to hear what they are saying. Because it is outrageous that it is somehow acceptable to spend $1 Trillion in a war trying to reform ANOTHER country's government.

At the very LEAST the bailout has been supported by many economists here in the US who recognize that this bailout is a necessary evil that if not attempted will affect all of us.

I refuse to elect a man into office that just a couple of months ago refuted any claim our economy was in any type of danger. At least OBAMA has warned of our failing economy from the beginning...

Wake up America!

Congress and the public are in a bind. You are right that we have lost trust in the Bush administration. Absent trust in current leadership we need hearings that will help Congress and the public understand the complex financial issues that confront us now. With hearings and public deliberation I believe the American people will support a plan to rescue the economy. Of course, election time is a terrible time to ask a vulnerable congress for a couageous vote and the closer we get to the election, the worse it will be. It reminds me of the "boy who cried wolf."I only hope we have time for hearings and that the woof is not at our door, because if it is, the we are in great danger.

Here's the root problem: hatred. Somehow, in the past 12 years, the usual debates about policy and philosophy of governing have been replaced by personal hatred and the desire to destroy one another. This leads to a barrage of personal attacks that destroys the one attacked but also destroys the attacker. Hence, the democrats have succeeded in demonizing President Bush but also demonized themselves. We, the people, trust neither side. The news media, long a source of education and reliable information for the public, have entered the fray and use their position to tear down those whom they despise. The public no longer trusts them.
The solution –return to good vigorous debate with respect for our opponents. We must not demonize our opponents. We need to learn to lose debates gracefully, even as we continue to pursue our opinions. Otherwise, we all lose . . . as has been obvious for many years now and is very clear in the disgraceful efforts of Congress to solve an urgent national problem in such a way as to hurt the other side.

One reason we have a crisis in our confidence in our leadership is the unreasonalby high level of uncivil press that Bush has gotten. Never in my life have I seen a decent, well intentioned and smart man so viciously pilloried and misrepresented in the press. Our President has been made into a punching bag by adults who act like a bunch of adolescents. What dispensers of vicious criticism don't realize is that they are hurting themselves and our country as much or more than they are hurting Bush.

Bush is not perfect, but what happened to our ability to disagree without being disagreeable?

Another reason for the problem is that almost all smart people elect not to subject themselves and their families to the vile treatment that politicians face now days.

What happened to civility? What happened to reason? What happened to honesty and character? These things are important to a smoothly functioning democracy.

How about the lawyer for ACORN who is also a candidate here, apologize for being part of the conspiracy of strong arming banks into giving loans to high risk people in the name of "economic justice" and fairness. Gimme a break. The fact that Obama has the gall to blame Republicans for "deregulations" and "the failed economic policies of the last 8 years" and "George Bush" shows how much of a novice this guy is. And his supporters are even more moronic.

I believe term limit is the answer to our leadership issue in this country. We have old heads in the congress until they are too old to speak and or walk. I do not begrudge a person making a living and at the same time we have a country that is under subtle and sustained attacks from abroad and our response is pathetic to say the least. How on earth can you continue to buy from a country that selling poisoned pet food and baby formula, lead/poisoned toys, lead poisoned fish and on and on for the sake of saving a dollar? how can you let folks dump products in this market at slave wages and say we can compete? No we can not compete wage wise with those economies unless our wages are reduced. How can we not have an alternate energy program when we know we are sending money to develop other countries while this one goes down the tubes.Our education system's production rate is below the average and the quality of that education is not the best. The biggest competition for us is the exporting of our higher education system to the middle east and other nations. Our politicians think we are stupid and sometimes were are and at the same time we need them to not make a career out of being elected. The old heads can act as ad visors but not the lead.

There's a highly vocal minority based in the finacial community that is screaming for this bailout of their bad investment bets. They place a gun to the head of the public and say give us your money – or you'll lose you job, house, credit cards etc.

The public was right to contact their reps and reject this highway robbery. Let all of these Wall Street welfare queens bite the dust and see how little impact there is to the real economy. Perhaps Wall Street's pawn shops (i.e. Investment Banks) are terrified of demonstrating how little they matter to the actual business of America. btw the dow is up 400 at this writing. Guess we got 0.5 trillion back already David.

The lack of leadership is astounding. The problem is that both parties now take a scorched earth policy to legislating – someone has to clearly win and lose each time a statement is made or a bill is discussed. Compromise is never reached, they just load up the bills with more and more pork to buy each other off for votes.

The business community, or more specifically the financial community, committed the same sin that the dot-com-ers and other boom-bust cycle riders have, getting too much money for something of limited value and thinking it will never run out.

Doesn't matter who wins the election...the US loses.

If Obama had accepted McCain's offer to do town halls across the country, the tone of the campaign would be much better that it is now.

Maybe the reason so many of us don't trust the leadership is because of what passees for leadership in the Democratic Party.
Q. Why did the banks lend money to those who couldn't afford it?

A. Pressure from the Democrats stretching back to the Carter admministration.

Q. Why haven't some been able to afford their mortgage payments?

A. Rising energy costs which in turn raise all other costs because the Democrats are heeld captive by extremee environmentalists who would be happy to see us all living like cavemen.

Q. Why don't people trust thee Republicans?

A. Because whenever they get a chance to fight the Democrats over things like the first two problems they turn tail and run because the liberal media won't like them1

Yes, and it's not going to get any better anytime soon. The 'trust' issue has taking the lead for the time, and until a new leaders can re-earn that trust, Americans are holding their own. The standoff is not so much about the economic crisis that is occuring now...it's just, 'the camels back.' It's not going to let up until we hear the current leaders admit they were wrong, and step down, or we have a new era where we can exhale and begin to rebuild the trust in new leaders. We are human and the unconscious psychological impact of this whole thing is enormous, and is strong enough to create a self fulfilling prophecy of it's own making....these are our natural consequences of voting for greed and power instead of the better good for all humanity. If it takes a collective unconscious intervention like failing the bailout plan, we must not assume that we in alignment with our own evolvement in our race towards humanity.

Mr. Gergen is right; our national government is run by politicians motivated by poll numbers, not by people driven to act in the nation's best interest. I have yet to hear one member of the Congressional Leadership–from either party–articulate a clear understanding of the financial crisis or offer a clear explaination of the "rescue" bill. On the other hand, I have heard the Speaker of the House–an individual I single out not because of her party affiliation, but because of the high office she holds–repeatedly answer questions about the crisis and bailout with low-rent, partisan digs. Why should we expect responsible leadership when we allow the highest ranking member of Congress to act like a first grader who, rather than owning up to any measure of responsibility for a glass of spilled milk, points the finger at her classmate instead. We have ourselves to blame. We've allowed the political campaign to become nothing more than a gory spectacle featuring two Gladiators fighting to the death in front of a screaming crowd–while their respective publicists and fans trash talk in the background. It's sickening.

I have watched the Dems who voted against the package speak out this afternoon. It is clear that there is a populist uprising going on on both sides of the aisle. The elites of this country need to get over the idea that they can dictate any more. They have to EARN they way just like the rest of us and it can come none to soon.

Yes, and it's not going to get any better anytime soon. The 'trust; issue has taken the lead for the time and until the new leaders and re-earn that trust, Americans are holdinng thier own. The standoff is not so much about the economic crisis that is occuring now...it's just the "camels back" theory. It's not going to let up until we hear the current leaders admit they were wrong and step down, or we have a new era where we can exhale and begin to rebuild that trust in the new leaders. We are human and the unconscious pscyhological impact of this whole thing is enormous, and is strong enough to create a self fullfilling prophecy of it's own making...these are our natural consequences of choosinng greed, and power, and money, creating a materialistic society as if this is what is truly important in our evolution, when deep down we know its not for the better good for humanity. if it takes a collective unconscious intervention like failing the bailout plan, we must not assume that we are not in alignment with our own evolvement in our race towards humanity.

Agree with Mike T on this. Suze Orman says what we are experiencing began back in 2000, Clinton was POTUS then. ACORN, Obama & Frank put the squeeze on Fanny & Freddie.

Our leadership is the worst it's ever been and unfortunately, it's a bipartisan effort.

Bush & Pelosi have to be among the worst communicators in American history. Neither can finish a sentence without saying something ridiculous or fumbling about.

Barack has very little experience & the cult-ish Obama-bots in the media are obsessed with "sending a message of diversity", as Madeline Albright said. If McCain dies, Palin has little experience & her communication skills are on par with Pelosi.

We can't trust Congress because they are too busy paying off favors to big business & the social issue special-interest groups.

Maybe the experiment called America is over...

It is so crucial in all institutions, across the board, politically and religious. As someone who works with young people, there is an over-riding mistrust of institutions; maybe it should also include the institution of family. There is such a breakdown and a sense of apathy among people that it is almost disturbing. Was this the right time for Congress to listen to the people, probably not, but if there is any hope, even if politically charged, there is the beginnings of an uprising going on within the people, that maybe their voices need to be heard. I hate to be pessimistic, but I think most of the slate is going to need to be wiped clean for us ever to move on in this situation. So much of politics is self-driven and who really cares about the common good of the people, by the people, for the people. Some of the great leaders of this country, including the Founding Fathers, are probably turning over in their graves right now as this all unfolds. Who really knows anymore what is truth, since we are never given the story, including in this economic situation. Until we return to the values and principles on which this country was founded, even if that means moving beyond the absurdity of “political correctness” it must be done or we are doomed for failure. It makes me sad to be an American and at times, even ashamed, while the rest of the world sits back and laughs at us. We need a leader with compassion, vision, a backbone, concern, can listen, can admit mistakes, honesty. As much as those ideals are sometimes considered signs of weakness, they are signs of a healthy leader who doesn’t act impusively but with thought and can see, with some clarity, the direction this country and society must go.

Wall street needs to see the real world, from my veiw. They're reckless ways should not be rewarded. The middle class can do with out wall street, but wall street can't do with out main street. Let them swim or drown, they made this mess let them clean it up.

A leadership crisis, that's an under statement. Nobody knows what to do, This is a disgrace, no leadership at all. Obama doesn't have a clue if he does he will phone it in. Pelosi is a disgrace, all the dems. look bewildered, and most REP'S. They look and act like a bridge to no where. This democratic congress is proof that the dems.will bring a diaster. Why , PRAY TELL , would anybody vote for a democrate.
THEY ARE THE BRIDGE TO NO WHERE

Obama’s Financial Advisors (this is only one name)

Penny Pritzker, Obama's national finance chair was, with her family, the half owner of Superior Bank, which was shut down in 2001 by the FDIC after it had lost nearly all of its more than $2 billion of assets on bad loans to high-risk borrowers, federal regulators said.
Pritzker has avoided media attention over the past week as reporters covering the Obama campaign sought comment on the Fannie Mae and Freddie Mac debacle.
Pritzker also served as finance chair for Obama's Senate run, and supported him during his time in the Illinois state legislature.
One reason Pritzker may have been enamored with Obama was his willingness to press legislation that loosened state regulatory policies for land developers and multi-family property owners......

David, I have a great deal of respect for you, and usually agree with you, but not on this one. Given the way this 'bailout' has been managed by the powers that be, I have no reason to believe that anyone knows what to do. There are just as many 'experts' against it as are for it. When I wrote my Congressmen, I asked that they not pass anything until they know what they are doing. Obviously, your opinion is that given the state of the economy, doing something, anything, is better than spending time coming up with a workable realistic solution. No one has sold me on the fact that the current plan is realistic or workable. And, by the way, while I may not be an economic genius, I'm far from stupid.

We do agree that there is certainliy a failure of leadership. I haven't trusted anything the Bush administration has had to say for eight years. I have no reason to start trusting them today. McCain is flipping around like a yo-yo. Obama is keeping clean, keeping his distance, which may be good for him politically, but isn't necessarily a sign of a strong leader.

Sometimes things just need to get worse before they can get better. I really do hope we aren't at that point.

Mike T. – The Democrats are guilty of wanting to fund programs that help minorities. But the Republicans with their "less government" are responsible for a lot of the deregulation that allows those programs to get abused. This is a leadership problem on both sides of the aisle. If McCain hadn't gone flying back to DC and injecting politics into this process there may have been a chance for some equitable resolution. But as soon as he rejected the "let's make a joint statement and then stay the heck out of it" suggestion from Obama and decided instead to suspend his campaign, he inserted partisan election crap into it the mix. Now we've got unforgivable but entirely understandable posturing going on. I want to just spank McCain and Pelosi and a host of other folks...not to mention all the greedy jerks who got us into this mess.

Mike T can spout off all he wants about 'liberal this' and 'democrat that' or someone else can spout off about 'right wing nut this' or 'republican that'. That kind of rhetoric is so tiresome, stale, and trite – it just makes me want to puke. We have a major breakdown in leadership, and it's all across the board with plenty of blame to go around, American public included. Many a country has had a major revolution over issues smaller than this (tea time tax anyone?), and the time seems ripe for another one. I think the House and Senate needs to be swept clean, along with many of the other departments. Fire them all – no severance packages or bailouts for them. I think we the people can do a far better job than they the people. Revolution 2008 for President!

Mike T....OR people don't trust the Republicans because they deregulated the financial industry to save pave the way for Wall Street to run their businesses into the ground and leave with billions. The guys at the top had golden parachutes and $200 million a year each in some cases. EIGHT years of free reign with no one watching and they get off scott free....or I guess they did have to pay off the people who protected them in sneaky yet legal ways. and the "LIBERAL MEDIA" is a phoney way for the Republicans to excuse everything they do. NO ONE IS BUYING ANY OF THIS NONSENSE ANYMORE

The cash cow is dying. Gov. using the 9/11 fear monger tactics to get the tax payer to bail out their "business associates". The arrogant nerve of our so called leaders. The media helping them spread the fear wave too.
Don't fall for it people. Let nature take it's course.
The arrogance of our politicians to think they can change the course of nature.
All who defend this plan have something to lose from financially criminal gains. You call yourselves out as accomplices in what has to be one of the biggest blue collar crimes in the history of the country.
Vote honestly so we can see who you are. We'll remember you at the polls.

For heaven sake - quit saying the house failed and was irresponsible in not passing the bailout. For once they did EXACTLY what they were put in Washington to do - – LISTEN TO THEIR CONSTITUENTS.

We (Americans) don't want it (and very respectable economists say it won't help). HOORAY for those who voted against it.

They need to come up with something much, much better than this.

I was so relieved when the package did not pass–I am so disgusted that they are actually going to push it through with a lot of pandering of representatives pet projects...LET THIS PACKAGE FAIL–Start anew-instead of throwing good money at bad money reward those that actually know how to succeed- reinforce them so they feel confident to refuel our credit availability and get this country moving forward. Yes we do not trust our leaders–they have not earned it–so therefore do not deserve it--I really want to be proud to be an American with American values again.

Jail the Corrupt!!!

Here is a quote from Andrew Jackson, railing on a delegation of bankers in 1832:

“Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

David,
Thank you for your insightful comments. It seems that leadership is lacking in Washington, corporate boardrooms and in homes across America. As an educator, can you suggest some ways we can help get back on track? Perhaps an episode of AC360 on leadership might be a start. Thank you very much.

from Michael Moore

Let me cut to the chase. The biggest robbery in the history of this country is taking place as you read this. Though no guns are being used, 300 million hostages are being taken. Make no mistake about it: After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies - who must soon vacate the White House - are looting the U.S. Treasury of every dollar they can grab. They are swiping as much of the silverware as they can on their way out the door.

Naomi Klein's book, "The Shock Doctrine: The Rise of Disaster Capitalism" offers some deep insights into what we're seeing in our leadership now. It's a must-read for anyone interested in understanding the actions of the Bush Administration over the last 8 years.

I'm pretty moderate politically but I believe she's on the mark in saying that Milton Friedman's disasterous, extreme free-market economic ideas have become the dominating force in policies produced by our government. I think the solution to the current crisis could be found by abandoning Friedman and re-reading John Maynard Keynes.

Our so called leaders are so ready to trash anyone who thinks opposes them. The press are so busy entertaining everyone and vying for their rating they forget they are supposed to investigate and report, not just try to force the networks views on us. Maybe they don't forget it a choice they make by working on certain networks.
If a person is not totally knowledgeable and does their own research it is impossible to know the truth. We have been spun til we don't know which direction to run. According to Bush the world is falling every couple years. I for one, am sick of his "wolf cries". It may be real this time but who believes him now?
Whatever happened to ETHICS? We the american people are only cash cows to the politicians and we are tired of it.
Lets cut their pay, or their lifetime status, since they failed in their job and see how many quit.

Our leaders seem to be incoherent and stupid on this issue. My own strong view is that the financial sector does not need more capital. It needs to convert its massive overuse of debt into equity. The government can help here by making restructuring easier. But massive new capital is the last thing we need in financial services - there is plenty of capital in the system, just too much is debt and not enough is equity. But the Washington crowd seems hellbent on injecting more capital into financial services - to what end? More credit card debt and more bad mortgages?

One of the chief justice said there is something wrong with US because we have too many lawyer. Lawyers are playing words all the time like I did not inhale. We need generals like Washington. We need engineers and entrepreneurs who want to see concrete results instead of politically correct statements.

David,
All I hear for our leaders is death and gloom for our economy if this bailout does not pass. Seems very simular to the "WMD" claims before the war. Show the American public where and what this money is going for. I also find in interesting that this administration made it harder for the "little guys" to get their "bailout" by making it harder to claim bankruptcy, but the government can bail out the "big guys"..

I typically try to find a prior comment with which I agree, in the interest of team play. Mike from Syracuse states the case well. No one has explained to the governed HOW the particular measures of the bill are necessary to encourage financial institutions to start lending to each other again. The analogies to burning houses are patronizing. The politicians' arrogance and the staggering headline figure involved – $700 billion – have caused the torrent of public venom to this bill. I ask you – given the lopsided public opposition to the legislation, how could you in good conscience view a vote in favor of the legislation as a success? Until the politicians bring the public around, any vote for this legislation would mark a failure of the process – by politicians just blindly reciting the chants from Treasury's high priests.

Mr. Gergen, The problem is not our lack of trust, but a leadership which cannot be trusted. In a democracy, when people no longer find their political leadership credible or competent, the customary solution is different and more reliable leadership. At that point the "trust" issue resolves itself.

If the present people and parties wish to retain or regain power, let them consider how they might prove themselves worthy. It is their problem and not ours.

The American people get the leadership they deserve. They spend more time watching American Idol than following the ins and outs of governmental institutions. As a result they are easily manipulated by their "leaders." Further, the political class has made it virtually impossible to defeat an incumbent because the incumbent has access to money and starts out with high name ID. Add gerry-mandered districts to the mix and a challenger to the status quo has little chance. Why should anyone with talent and brains go into politics as a career? So that he/she can be ridiculed by the blogs, the media and the extremist opponents?

You are right regarding the failure of institutions and the obvious lack of confidence in the executive, legislature and press. You are also right in its manifestation on the bailout issue. The public dialogue of our political leaders has become increasingly poisonous since the disputed 2000 election and through the Iraq war, in which it would appear that politicians would prefer national failure if it advances their political agenda. This has eroded the executive and its ability to mobilize support while simultaneously eroding the ability of the majority party in the legislature to gain any support outside their party and political affiliations. If you spend all of your time mindlessly demonizing the opposition why would you expect them to trust you, even if the greater good calls for that. Finally, the major media outlets are now seen as grossly partisan and are completely distrusted, if not reviled, by one of the two major parties. This is in addition to being so insular as to have no apparent understanding of the sensibilities and concerns of the vast majority of the country who do not reside on the east or west coast and did not attend an ivy league school or attend washington dinner parties. – And you still wonder why the middle of the country trusts none of you? Geez.. . . .