Maureen Miller
AC360° Writer
Do you like roller coasters? The high-speed, ups and downs. The screams. The heart-pumping. My 12-year-old nephew sure does, but these days you don't need to hit a theme park for those thrills. Just watch what's happening on Wall Street. The Dow retreated today after yesterday's biggest one-day point gain ever of 936 points. Today, blue chips ended the day down 76 points.
The decline comes after President Bush and Treasury Secretary Henry Paulson unveiled details on a plan to spend $250 billion on bank stocks.
"Time and again our nation has faced adversity and time and again we have overcome it and risen to new heights. This time will be no different," said Paulson in Washington. "We regret having to take these actions. Today's actions are not what we ever wanted to do, but today's actions are what we must do to restore confidence in our financial system," he added.
Look over the plan here. Do you think this will help boost investor confidence?
While the Bush administration unveiled its plan, John McCain outlined his own economic vision if elected president. There are several proposals from the GOP presidential candidate, including cutting the captial gain tax and helping older investors dealing with shrinking retirement accounts. Tonight on 360, we're on the trail with all the details.
Plus, we're keeping McCain and Obama honest. Do either of them have an economic plan that America can afford? Hear what one economist thinks.
And, we'll unveil the fifth person on our 10 most wanted: Culprits of the Collapse.
Join us at 10pm ET on CNN.
| Annie Kate |
October 14th, 2008 9:21 pm ET Reading over the plan it seems fair and good – good for the banks and good for the taxpayers as it structures the bailout to earn interest or profits for the taxpayers. I especially liked the provision regarding CEO pay and having to pay it back if the balance sheets turn out to be in error or falsified. I'm looking forward to the conversation on this tonight so I can see if my favorable impression is correct. Annie Kate |
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| J Pyle |
October 14th, 2008 9:36 pm ET Maureen, thanks for the filing. The question that I have for ac360 as this relates is what took so long? And could you comment on if it was politically motivated? I am a bit of a cynic, so I wanted to know what you thought of the possible political motives of Paulson's ideas that he was going to wait 4 weeks to get the TARP started? 4 weeks at the time he said it was just past the election. Why is he doing that? Many thanks! |
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| Alexander Higgins, Brick NJ |
October 14th, 2008 9:45 pm ET The culprits of the collapse need to be investigated and prosecuted. They purchased insurance policies, aka “Credit Default Swaps”, to protect against their companies collapse. Then they purposely put our financial institutions at risk and used hedge funds to bet against the stock, causing caused their companies collapse and the stock market to crash. As their companies collapse these culprits are collecting billions in insurance claims from their credit default swaps. This whole scam will be known as the Wall Street Gate Scandal. |
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| Betty/ Iowa |
October 14th, 2008 9:57 pm ET All I can say about this whole thing, is that I am afraid to open my mail from UBS!! |
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| Lynn |
October 14th, 2008 10:00 pm ET Interest or profit sounds like a good plan for the American taxpayer. |
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| Wayne |
October 14th, 2008 10:06 pm ET Annie, what if the CEO's (prbly should be in small case letters) are found to be at fault...i.e. they knew they were screwing everyone in the first place...what then...can the taxpayers "tap into their accounts", and/or send them to jail... to recoups some of the losses??? Peace, Wayne |
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| Asma J K |
October 14th, 2008 10:13 pm ET I will not go to stock market, because we have lost a whole bunch of money there, and God knows what will come next!!! |
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| Kelly |
October 14th, 2008 10:15 pm ET This bailout is ridiculous. Why should taxpayers bailout greedy banks that gambled on sub-prime loans and lost? Where do I sign up to get my $100 back from Trump? Thousands at GM just lost their jobs. Give them a bailout |
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| Kathy |
October 14th, 2008 10:17 pm ET Something seems fishy with the stock market-maybe someone's cooking the books |
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| Marvin Schepers |
October 14th, 2008 10:18 pm ET I agree with the plan also. However I think that something else needs to be done about the career politicians. If they have made any money from the stock market (outside of their 401k), since they took office, they should be required to resign. That way they can"t put polices in place and then take advantage of the loopholes that they created. In the end what I am trying to say is this problem will not get fixed until there is something done about the greed in Washington. |
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| Ellie |
October 14th, 2008 10:25 pm ET McCain keeps saying Obama will raise our taxes.Do I believe him. NO! I remember both Reagan and HWBush both Republicans saying they would not raise our taxes. What did we get –fee, after fee, after fee, after fee. They weren't called taxes, but to me they weren't anything different. |
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| Barbara Pacheco |
October 14th, 2008 10:36 pm ET It seems to me that this bailout is a no win situation for me. What is this bill going to do for me? All I see is maybe eventually the government will get paid? Does this mean in 5 years I can ask the IRS for my share of the dividend/interest back? Oh and how is this supposed to help with the rest of the problems in the economy like jobs, high cost of health care and much more? |
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| Julie A. |
October 14th, 2008 11:40 pm ET I just cashed my paycheck today for the period of Oct. 1 through 14. I made a whopping total of $457.00. This is to support three people. I am looking for another job – obviously – to try to make some form of living, but there are not enough hours in a day to possibly make up for this. HOW am I supposed to live through this? HOW??? This is all so crazy. Stock market crashes? Retirement loss? ARE YOU KIDDING? |
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| James A. Maiorana |
October 15th, 2008 7:51 am ET I am a registered Independent voter. I find the reporting by Drew Griffin on the Acorn Voter Reigistration issue to be sensational, biased, and irresponsible reporting. What do you expect when the only people that you can get to register voters are people who are so desperate for financial help, that they do desperate things to get voter forms completed. The problem is that Acorn rewards these people on an incentive basis. |
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| Laura |
October 15th, 2008 11:56 am ET Why isn’t anyone questioning the candidates or our elected leaders |
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| Edie |
October 15th, 2008 12:18 pm ET I am praying today's wall street figures will finally give Bush and his cronies a clue. While they are bailing out banks and wall street criminals, and allowing the oil companies to bank record-breaking profits, the rest of us are losing our life's savings, retirement money, homes and jobs. Do you think they'll ever get it? Until they do something for those of us who deserve it and did nothing to cause this economic mess, we will have nothing to spend and the economy will continue to plummet – they might even lose theirs in the end! |
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