Evening Buzz: Another Bailout Planned
Maureen Miller
AC360° Writer
Rescue Plan: Take 5? Or maybe it's 15? There have been so many lately. Now comes word the federal government is crafting a plan to rescue banks from bad mortgage debt. Just moments ago, Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke talked about the possible options with leaders on Capitol Hill.
The proposal could be made public in a matter of hours. "We hope to move very quickly. Time is of the essence," House Speaker Nancy Pelosi said. We'll have the very latest on this breaking story tonight on 360.
Do you think the move will help resolve the crisis? We'd love to hear your thoughts.
Tonight, there's also a new development from Alaska on the investigation into Gov. Sarah Palin's firing of the state's public safety commissioner. A state Senate committee is scheduled to meet tomorrow to take statements from 12 people they subpoenaed last week, including Palin's husband. But the McCain-Palin campaign says Todd Palin won't comply with the subpoena. We'll have a live report from 360's Randi Kaye in Anchorage.
And, we've got the raw politics of going negative on the campaign trail. I'm sure you've seen some negative campaign ads. But who's doing airing them more these past couple of weeks? Barack Obama or John McCain? Find out, tonight on 360.
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Filed under: Maureen Miller • The Buzz |
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I believe that the crisis was a long time coming. Propped up by smoke and mirrors. The bailout was a no brainer. Now here is what should happen any Bank/Insurance Company/Mutual Fund etc. that avails itself, themselves to the bailout should forfeit the right to declare bonuses. You know those huge amounts of money that are handed out at the top for numbers that have shown themselves to be manipulated to the point of obscenity. Just an honest thought...opps that is probably why it would never happen...I used the word honest...mybad
Couldn't agree with you more John as far as the PEOPLE of this nation not being involved with the running of our goverment. We do have to get involved at every level. Futher more we need to clean out the whole bunch in Washington and start over with people with common sense and that know how to balance a check book. WE must get regulations on the Banking, Mortgage and Credit Card Companies. They have become very wealthy and powerful on and over the backs of the American people. Credit Card interest rates are like doing business with a loan shark but at least with them people knew they were doing business with a crook. We have been promised regulations for 30 years but still nothing. At least President Bush didn't blamed this mess on THE HOUSING BUBBLE!! This whole mess including the housing bubble has been created by greedy out of controll people in lending fields and to bail them out without having regulations in place is plain STUPID.
Sent to Anderson as well - name for Erica's webcast? Anderson said he liked "Inside-Out," but it didn't work. That's because it's backwards: It should be "Outside-In." What do you think?
Rick
@Kent: I think Michael Phelps was trying to sell the Rosetta Stone program for the Chinese Olympics.... He may be able to stir up something for himself in the American market place.... as for the rest of us... ? ? ?
I think the next few days will play out interestingly on the political landscape, more so than has historically. To compare what we currently call the Obama campain’s lack of definative stance on this weeks economic rollercoaster, to call for ‘consultation with economic advisors’ versus the McCain campaign’s movement to take a ‘buck stops here approach’ one which he is looking to portrey. What will make or brake these approaches, is whether this latest attempt to stablize the economy works. More directly, was the hasty decisions taken over the last few days representative of how Sen. McCain would approach similar crises ‘firing economic consults’ or will Sen. Obama’s carefully considered and measured responses prove to provide a better example of the leadership required in a volatile world.
The crisis is already done deal, the ripple effect will last for a while but we should all learn a lesson from it and fix our mistakes. Cant blame the government for it now. American should stop living beyond their means and we should all pay off our credit card debts. Small steps for all of us to a better tomorow
I am opposed to using obscene amounts of money to bail out these financial institutions when they can just go back and develop some other "derivative" or "junk bond" to invest in, make money for themselves, and then expect us to bail them out again. I think we'd be better off to bite the bullet, re-regulate the financial institutions and hope for a solvent future..
Stop blaming Washington, or Wall Street for this problem. All Americans should blame themselves, because we have let children run the candy store with no supervision. In short, we do not vote, we are to concerned with own lives, and purchase item we cannot afford. We have let this nation's government(really at all levels of government) become a nation of lobbyists as a result it does not really make a difference if we elect Republican or Democratic to office in November because the only change we will have is a different groups of lobbyists. In short America if you do not want this to happen again, you need to vote, and get in involve in government. Finally in order to restore faith in the government, we need restore faith in oursleves because this suppose to be a government by the people, for the people, of the people but at this moment of time it is not.
All the ones I have seen have been Obama ads but I don't have the tv on that much – just during 360 usually. So it will be interesting to see who has more.
I have to say I'm disappointed with both candidates on this negative ad issue. Both pledged to lead honorable campaigns – I don't think nastiness and half truths are honorable.
Annie Kate
Birmingham AL
I hope so. Now, if they can do something to bail out the common everyday homeowner so that they can get back on their feet.
Maureen, I beg to differ, there are people who forcasted these problems, they just were ignored. We should be helping the American people, who in turn will help the companies,
Why are we bailing out the companies, but not helping the homeowners?
Here's out it could work. The reason why we are in this mess is because people are not paying their loan. We could set up an escrow account for people in danger of default using government backed loans. People would not have to use the loan if it is not needed, however if they do need it, it will be reflected on their credit, and they would owe the money back in taxes. Then, the companies will have more cash flow to hopefully recover from the crisis. There would be less writes down, more cash flow, and housing would keep their values.
why couldn't they all come together when everyone starting losing their
home's or when gas prise's started going up so high it's kinda funny
how it take crisis for all of them to come together
No, I don't think bailout after bailout helps resolve the crisis. Is it a temporary fix, yes, but we live in a country where "institution" needs to be overhauled. We have moved so far away from what this country was founded on, but simply placing band-aids on problems don't fix a much deeper, lack of direction and purpose, that exists in this country.
You could and should get every dime they can from the executives of every failed or troubled corp., then talk to the taxpayers.
So for somebody 30 yrs old when they come around to retire, the social security will be bankrupt, they might be on the hook for a large deficit & looks like more misery is being added with all these bailouts.
I think this move could help with the crisis. You know, anything is possible. i get so tired of everyone being so pessismistic about things! It is quite annoying and depressing.
Does Rosetta Stone sell their program in Chinese? Because that is where we are headed. This country is broke. Where does the Bush/McCain people plan on getting all this money? The GOP is so against spending a few billion dollars on a healthcare plan but readily shell it out to any crappy company on Wall Street. Shameful...............
There need's to be regulations of some king. These home loans subprime should be banned. It should be a crime to alter a loan document or to falsify the income of a loan applicant.
I feel like I am living the Movie "Groundhog Day". Everyday it's another government bailout, and the same two boring candidates throwing pop-shots at each other. Will this nightmare movie ever end?