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September 30th, 2008
10:02 AM ET

Outrage over the bailout

Jessica Yellin | BIO
Congressional Correspondent

One senior republican tells cnn that it was just *in the last 2 days* that members started getting voter calls urging them to support the bill.

(Until then most members were getting constituent calls 90 to 1 urging them to vote AGAINST the bill.)

So just over the weekend they started hearing "from the guy who can't get a loan for his tractor because of the credit crunch".

Republican leaders say – they expect members will get many more outraged calls in support of the bill and when members come back on Thurs they will be in a different frame of mind.

They still think the bill needs to change a bit (give members a fig leaf) but the wall st drop on its own could do the trick.


Filed under: Bailout Turmoil • Jessica Yellin
soundoff (7 Responses)
  1. Noel

    More Fraud to allow this with our taxdollars.Why cant they wait to pass it No Hearings,to much being hidden. Looks like they got caught with their hands in the till and now their trying to put the money back.Something is fishy.

    September 30, 2008 at 5:31 pm |
  2. Richard Rankin

    This is capitalism isn't it? If I make bad investments nobody is going to bail me out. A company that is mismanaged and makes bad investments should get no support. Let 'em tank. Let the Fed shore up credit yes, but a $1 trillion bailout? That would be the largest single waste of money in human history. Let congress bail out the guy who can't get his tractor. If institutions fail, that's business. They should have been smarter. That's capitalism, that's evolution. Let's weed out the idiots on Wall Street and let the smart guys flourish.

    September 30, 2008 at 5:22 pm |
  3. Andrea Tucson, AZ

    Jessica, maybe if we left the democrates and republicans out of it and leave it up to the independants we might just get somewhere. It is like grandparents from each side fighting over the first grandchild and who they look more like. Who cares as long as he/she is healthy that is all that matters. Right now the grandchild named 'The Untied States' is far from healthy, lets get the child some help and then figure out who they most resemble. Because right now they look like the milkman.

    September 30, 2008 at 5:15 pm |
  4. steve lath

    Most of the citizens of the u.s. dont want it.
    MOst economics professors say its bad
    It will caus the dollar to drop further
    Bush wants it . ...
    steve

    September 30, 2008 at 5:14 pm |
  5. Boris Karapetyan

    In order to solve the problem we have to approach it from the right .The problem is not a lock of credit, not a trust, not a illegal emigrants, nor a war in Iraq. The problem is as simple as it can be, people have no money, they are not working, there are no good jobs. You can not buy a house from the income of $8 an hour.
    Were all those manufacturing jobs, they went to China and all over the world. Get those jobs back, immediately. Other wise we will have one bailout after the other. The government must create free economic zones thru out the country. Any body, and I mean any body should be able to start a manufacturing business in those zones 15 years tax free. There should be extra taxes on any corporation importing products or services from the outside North America.We will all see in 3 years America will be back stronger then ever

    September 30, 2008 at 4:56 pm |
  6. Lisa

    Or possibly we think there is a better solution than bailing out a few CEOs and investment banks? Like giving us the $700b and letting us pay down our debts and mortgages (giving the banks more money to loan and having viable assets to loan against), investing in the stock market and investing in the economy by taking trips and buying things? How about we think about benefiting the many rather than the few.

    Oh, and exactly what guarantees do I have that we taxpayers will actually see a return on our "investment"? Sorry, but these same people who are telling me this are also the ones who continued to let things slide and failed to heed warnings (at least 3 years ago) about this implosion. Yeah, don't think I'm going to trust whatever they come up with very much.

    September 30, 2008 at 4:41 pm |
  7. Carol-Holland MI

    Jessica, I faxed my representative and our two Michigan senators a letter strongly in favor of the bill, the day before the vote. I don't know that my letter had any particular effect, but I'm at least gratified to see that my rep–up for re-election, no less–had the guts to vote yes. Fred Upton, thank you. Courage noted, vote in November assured.

    September 30, 2008 at 4:06 pm |