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October 3, 2008
Bailout turns lawyer into blogger
Posted: 09:46 AM ET

Ted Rowlands
CNN Correspondent

Morgan Doran did his best to stop the bailout plan. The 37-year-old Los Angeles attorney, who says he’s not a blogger, turned into one while on paternity leave for the past few weeks.

Between changing diapers and enjoying his newborn son he launched stopthehousingbailout.com, a full out assault against the bailout. Morgan, who works in the field of finance, says he thinks the government plan is “appalling,” and wanted to do everything in his power to educate people on the reasons why he doesn’t think this is good for the country.

Speaking by phone, Morgan told me the biggest issue he has with the plan, besides the “appalling” lack of detail, is the ridiculous notion that there is some sort of immediate catastrophe waiting if government doesn’t step in to save the day.

Morgan says everyone knew this was coming and yet just as lawmakers were set to leave town the White House and Treasury Secretary Paulson came running out to scare people into believing that a bailout is needed “right away” to avert dire consequences.

Morgan says he started the website in part because his wife told him to stop complaining and do something about it, and he says the response has been overwhelmingly positive. (Except for a few emails after the House vote failed accusing him of ruining peoples 401k’s.)

Ironically, despite all his efforts to derail the plan, Morgan now says something does need to be done to avoid what he now says could be the government’s self-fulfilling doomsday prophecy.

9 Comments
Filed under: 360° Radar •  Bailout Turmoil •  Economy •  Ted Rowlands
9 Comments
Cindy   October 3rd, 2008 10:00 am ET

So he was against it before he was for it huh!? LOL It seems that he can’t make up his mind. If this bailout was not direly needed then the democrats would not no way, no how be backing Bush on it. They are backing him more than the republicans are!

Cindy…Ga.

larry   October 3rd, 2008 10:08 am ET

The bailout, the way it is filled with earmarx to buy votes in the house, has doomed McCain. He had said he would only support a ‘clean’ bill and this is far from that. John, you may as well retire sir.

Greg Yax   October 3rd, 2008 11:30 am ET

I think that the bailout plan will not help average citizens because it is only giving money to the men and women on wall street and they are the people that caused the promblem in the first place so why should we give them any more money? By giving them money you are only hurting the average joes of amercain. They are not going to change the way that they do thing by giving them this money it only allows them to keep going the way that they are doing thing now.

J from DC   October 3rd, 2008 11:42 am ET

Problem is most of us at home have no idea of what is going on. How can you trust someone’s else’s math, when everyone keeps coming up with a different answer. Somewhere along the line, the problem is so complex, the solutions so divers, that the mathematicians can’t be trusted. He can blog tell his heart is content, no one will follow.

Rob Presley   October 3rd, 2008 11:59 am ET

Anderson,

Why don’t the FED’s just create an entity and loan them 700 billion to issue new loans to the people can quailfy for them?

Wouldn’t this be better than giving it to wall street incompetents to have a another try at making their billions?

Why buy bad paper to keep defunct companies afloat versus making the capital directly available to the people who want new loans?

700 Billion of fresh lendable capital would clearly unfreeze the finance marlets.

Any money lent on property purchased today would be secure since the property values are now more in line with fundamentals.

Or did I forget that the people making these decisions are closely tied to the CEO’s of the defunct or soon to be defunct companies?

Randy   October 3rd, 2008 1:25 pm ET

As the market rises and falls dramatically every day, who is making a profit on this?

Do you believe that there are wealthy large investors playing the DOW and other markets for their own benefit. Buying a large number of stocks thus driving the market up 200 points then selling them off to gain a quick profit thereby driving the market down again, only to repeat this process over and over again? Would this be a form of stock market abuse that all of us are paying the price?

Janet Brady   October 3rd, 2008 2:20 pm ET

It occurs to me, and I’m sure to many others, that if this bailout bill was worth passing it would have/should have passed without a gazillion dollars worth of sweetners added. I think Congress needs to read their job description…it’s to represent the people, not to completely disregard the people’s wishes. I feel like I’ve been patted on the head and told to go sit at the children’s table.

Dee, New York   October 3rd, 2008 4:00 pm ET

We cannot run our households the way government is being run. Why are we rewarding bad behavior? Maybe we should start voting lots of people out of office. Our government is supposed to be of the people, by the people and for the people. It has become a bunch of greedy power mongers acting in their own self interests.

T. Janes   October 3rd, 2008 7:42 pm ET

I am not sure “Main Street Americans” as we are now labeled understand the full definition or ramifications of “Pork Barrel Spending” I find it a disgusting practice which should NOT HAVE BEEN AN OPTION on the bail out!!!!!!!!! As a matter of fact it should be a practice that is stopped immediately in my opinion

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