September 19th, 2008
08:59 PM ET

Evening Buzz: Bank Bailout

Maureen Miller
AC360° Writer
No envy here. It's going to be a tense working weekend for the big wigs who are trying to fix the U.S financial crisis. We're talking about a massive bailout for banks faced with losses from the mortgage meltdown. The cost: hundreds of billions of dollars. That's on top of the more than $800 billion dollars (of your tax dollars and mine) already spent on other bailouts and programs to try to fix the shaky economy


The Bush administration and Congress are working to hammer out a final plan. The big question: Will it work? What do you think?

On the campaign trail, both John McCain and Barack Obama have been talking up their own economic plans. Tonight, we check the facts. Will they work?

Also tonight, the female vote. It's a crucial vote block this year. So, who has the edge?  Erica Hill breaks it down for us.

All that and more tonight on 360.
Hope you can join us.

And, have a great weekend!

Filed under: Maureen Miller • The Buzz
soundoff (121 Responses)
  1. Neicy

    I think this bailout is a massive mistake. What happens to the every day average working citizen who is still struggling to make their mortgage payment. They should instead insist all banks refinance all mortgages to a reasonable FIXED rate bring all homeowners current and put the late, missed, skipped payments to the end of the loans while lending that same amount to the banks/mortgage companies until they can recoup that money. Certainly there has to be some restrictions set but this would eliminate alot of the problems that the banks are facing today. With the plan in place the economy is still going to be a mess because so many people are incurring bad credit as a result of not being able to pay their bills, therefore they won't be able to borrow money for at least 3 years or up to 10 years with a bankruptcy filing. This plan does nothing for the average workers who afterall are the ones that keep the economy moving.

    September 21, 2008 at 8:37 pm |
  2. Daniel Dodds

    We need to try these lunatics for treason—both the deceitful and incompetent aristocrats and their thieving feudal lords, and stow them in cages deep within the earth to live with their like-kind. We have become, in short order, the center ring of the circus for all the countries of the world to mock and deride. Democracy? Capitalism? These are fairy tales the rich tell the weary. Was it not a few years ago that Wall Street pilfered the retirement accounts of the American people in the Dot.Com festival? Their hearts now desire money not yet made. The American Dream has thus become indentured servitude.

    However, there is one thing that cannot be stolen and that is a desire among her people for truth and for justice!

    September 21, 2008 at 8:16 pm |
  3. Bonnie from KY

    Using the SEC chairman as a scapegoat for this problem is shortsighted and shows the quick trigger temperament of Senator McCain. That Sen. Obama is more measured and careful not to interfere with the decisionmakers at least in public shows the kind of professionalism and judgement we need for future problems we will face. He has had a 6 point very specific list of plans that has been on the website for 6 months, but it is too long for the soundbytes reporters are reduced to showing. This hour, your CNN interviewer cut the Obama advisor off when she asked him for the specifics supposedly due to out of time. CNN also used the worst clip of Obama out of context. At another time in the press conference he explained his recommendations. If I were quick tempered, I would fire the editor or reporter who decided his/her personal view of Obama is clouding his objectivity when choosing the soundbytes. Instead I will turn your channel. There should be vetting of CNN editor's work before you put it out there and stop overloading programs with advisers and pundits so you can actually have time to show the candidates and what is said by them. Talking faces of people who trade lies and halftruths are NOT what we need.

    September 21, 2008 at 8:00 pm |
  4. Mary Chambers

    The Problem, We have as being Middle Class America is that how is this going to help us. The banks now want lend anything unless you have 20% down. which Most Middle class americans don't have sitting around in a bank. Our 401k is all ready taking a hit. So let me get this straight we bail them out and even though we have good credit we cant borrow from the people we bailed out with out a chunk down. Why dont we just take the trillions and pay every ones mortgage off and let the banks and the rich CEO's deal with thier on mess. They are making the middle class poorer and the rich are getting richer. This is not going to work. Because with out us the economy will still fall and we are not going to be able to do anything to help. They have all ready took everything we have.

    September 21, 2008 at 7:39 pm |
  5. Rex & Deborah Cunigan

    With all the efforts and money that congress has given to failing banks. companies, etc. in which the taxpayers have to repay. Why doesn't the government give the money to families in the middle and lower class that make less then two hundred thousand a year. In reality this would do more then giving money to people that have shown they can't keep it going like they should. If a stimulus check of only three hundred to a fifteen hundred does so much then think of what would happen if you gave five hundred thousand to one million dollars to each of the qualified taxpayers in this group of people. They would pay off homes, buy automobiles, and save for college, they would spend money and that would trigger a ripple effect that would go on and on. Therefore preventing any further mortgage trouble and stimulating the economy . The way I see it this would do more for the economy then giving money to the same people that messed up in the first place If we the people are to pay higher taxes, then why not benefit the people who are living pay check to pay check. . I think this would be cheaper then what government is currently planning to do.

    September 21, 2008 at 7:35 pm |
  6. Lawrence

    Now that their economic policies–trickle-down economics and unregulated "free" markets–have been proven disastrous, you would think the Republicans would be ashamed to show their faces in public!

    September 21, 2008 at 7:12 pm |
  7. larry katz

    What will the rescue/bailout people do with the homes are the colateral for the bad loans? Maybe they can get the same "money insiders" that made the loans, to develop pools of distressed property that can be purchased by wealthy investors. The homes can then be sold to consumers at distressed prices. The actions the government proposes may drag down home values of all the citizens that pay their mortgages.

    September 21, 2008 at 7:05 pm |
  8. anna

    I think the the government should pass on the relief to the consumers by reducing the interest rates from the existing to 4% to offset the amount the mortgage is owned and also change the interest rate from the adjusted rate mortgage which has caused the crisise to also 4% fix rate to help with the situation which will help stabilize the economy. This would help relieve the foreclosure rate. We need to help the people and not the CEO's who walked away with millions and caused this crisis.

    September 21, 2008 at 6:40 pm |
  9. G Archipov-Maslov

    would someone please ask Paulson and Bernanke why they do not consider placing the expected trillion tax burdon on Corp. Businesses vs. just the small people. Everyone keeps saying tax burdon on the American people – Let the Corp. bus. have their tax breaks (to grow the economy and pay excessive amounts to the top of their companies) but these huge Corp.'s should also take the good with the bad.... this tax burdon belongs to them!!! If profits are realized down the road from this MESS they got us into, then they can also share in the profits.....
    thank you

    September 21, 2008 at 6:18 pm |
  10. Kevin Lee

    The Banks would love to make everyone else take the blame, like we are all a bunch of deadbeats that cant pay our morgage.
    The Reasons for this economic disaster is our broken government, (BUSH) The Feds raising rates to high to fast, and when they realized the made a bo bo they quickly lowered rates back down. The problem is that it was to late, Damage Done. The banks got greedy just like Wall Street. These are the people responsible. This bailout is wrong, It is only a temp. fix and will not cure the economy. I personally have no interest in paying for a Bailout for any of the above. They are all criminal. If the government wants to fix this they need to help our society, Ya know WE The People, Surely they remember. We are the ones that have lost our homes, credit rating, maxed our credit cards, lost most of our 401's, lost our jobs, etc.
    Let this get worse now and force the government to correct everything.
    Take your money out of the banks and stock market, and if it becomes to much of a financial burden give the house to the bank.
    Otherwise we foot the bill for a bailout for criminals, and when they realize it was'nt enough we will be right back where we are now.

    September 21, 2008 at 6:14 pm |
  11. linda from South Dakota

    well,, seems when we dont pay our bills and over-extend ourselves,, we are penelized for it with late charges and feees, BUT when the banks over extend themselves, they get help(bail-out) and we again get the shaft,,,,,, something is messed up here,,,, wheres our tax break??>>> that similus check we all got will just UP out income and AGAIn we will be payin taxes on it,,,, when does this all stop??????

    September 21, 2008 at 6:07 pm |
  12. Gail King

    The “home of residence” mortgages rates should be returned to the rate they were originally issued at?
    Mortgage payments doubled when the adjusted rates went up.
    The banks would get their original money back with a little interest instead of a gouging rate.
    Those who still have their homes could recoup if they still have a job.
    Speculators would have to go to the bread lines.
    Bank officers and officers in failing financial and insurance companies (or any failing company) should not be allowed to walk away with millions in severance pay.
    Gail King

    September 21, 2008 at 5:51 pm |
  13. malcolm x

    just another example of your devisive, racist republican party. they been incharge for the OVERWHELMING last 8yrs. so now who will they blame4 the condition of the country? your ignorant, uninformed mainly white public trusted you. they believed you. and look what you did, you turned around and betrayed them! and the only reason you could do that is because they were STUPID enough2 trust you in the first place. so I dont blame you (republican party) for doing what you do, you was just made like that. I fault you ignorant, uninformed, seemingly brain dead american voter, who would vote4 you just because of something as insignificant as sarah palin. so you ignorant american voters who dont hava chicken in your pot, but still stupid enough 2vote for the one responsible4 that condition, THEN YOU DESERVE TO STARVE!

    September 21, 2008 at 5:21 pm |
  14. Blundell, Pocatello ID

    Let's seize all of the personal assets of all board members, officers and major stock holders of every company that we (the American people) have to save from their own greed! Let's put these crooks out on the street, bar them from any job even remotely linked to banking, insurance, etc. and see how they like having to work for a living. Better yet, lets revoke their citizenship and deport them to some third world country.

    September 21, 2008 at 5:08 pm |
  15. Roxie

    Why should the government bailout the banks?Where is the money coming from? We as a country are broke,but yet we seem to come up with the money to bail out Corporate America and countries over seas but we can't seem to come up with the money to help the little man? What is wrong with this picture?Why is it that the rich get richer and the poor end up living under a bridge?

    September 21, 2008 at 4:45 pm |
  16. bacaangel

    I don't know why we have to move so fast to Quickly pass a $700 billion bailout to Corporations of their bad debts, all without any regulation or oversight! "How did we get here? All of a sudden we are facing Armageddon in our financial systems, one day they tell us our economy is fundamentally sound and the next day we're here. King Paulson is asking for the power to make decisions that would be unchecked by Congress, the ability to buy whatever he wants. He is now saying foreign banks should be able to use this program. American tax money we don't have. If this really affects global financial systems, why isn't the rest of the world putting up their balance sheets? Why does American continue trying to do everything by it self? Here we go again, what does this sound like? This sounds like 2001 and 2002 all over again, a time when the Congress gave the President broad powers to fight the war on terrorism, powers that they couldn't get back. WE SHOULD BE VERY CAREFUL!

    One of the reasons our government has been free of major problems is the checks and balances designed to ensure major crises are well thought out. Look at the major events of the 20th century, in World War I, President Wilson realized our nation couldn't avoid the war but he made sure that he got the American people behind him, convinced them they should sacrifice for the greater good. In World War II we had the same thing, however, after 9/11 the president told the people they shouldn't change their way of life, he told them they should go shopping. Trillions of dollars have been sent to Iraq and now Americans cannot afford the gas for their cars and the mortgage on their homes. Under this administration, we continue to find our nation in crises, we continue reacting instead of acting, and now they are asking for more unchecked powers, WE MUST BE VERY VERY CAREFUL."

    Due to no regulation and short certificate buying, no one knows what loan belongs to who and they may never know. How can that be? It sounds fishy and criminal, and now corporations who are suffering a metl down want to save their own hides on the backs of the American people. We cannot allow this to happen to us again and again - corporations first, people never. This time it must be people first!

    We cannot allow ourselves to be pushed into this decesion based on fear and scare tactics. We must carefully and thoughtfully try to find our way out that will benefit the people this time and not just the corporations, who are only trying to save their wealth, their stocks, their homes, cars, and their Country Club First, way of life.

    Trickle down economics cannot work because it is against the laws of nature. In nature we start/build from the bottom up, etc. a plant, a tree, a child. And when we build homes or cars we start from the bottom and expand up or outwards and that is how we should model our business dealings. We cannot work against nature's wisdom and intelligence by hoping things will trickle down. It is just not sensible. We have an intelligent design through nature and we should use her model not man's greed. It is very hard for me to trust the people who got us into this mess to somehow now be able to get us out of this mess. That too does not make sense! We must contact our Congressman and Senators and tell them NOT SO FAST!

    September 21, 2008 at 4:28 pm |
  17. James in Kosovo

    I'm an American Soldier deployed to Kosovo. I am completely infuriated over the fact that once again it's the American citizend bailing out a company, a bank or someone else that has no intention of making a positive impact on their community, state or country. How many companies get bailed out, 10, 20, 50, 100, before people in Amercia start to hold someone accountable? Hold the CEO's making millions and millions a year while your pension and 401k's dissappear, accountable. Hold the board member who make policy and guide direction for these companies and make millions accountable. Or, better yet, hold the politician who, without asking YOU, is taking your tax dollars, BILLIONS OF THEM, and giving them to these banks and businesses and intitutions, and hold them accountable. If any American can't pay rent, your evicted, can't pay your car note, repossessed, can't pay your child support, go to jail. Those CEO's, Board of Directors and Politicians who are hedging the books, out-right lying, and taking favors NEED to be thrown in jail. There is such an idea within our military, it's called accountability. We as Americans need to not only hold these businesses but our politicians accountable for their actions. Our country was not built by hand-outs, let alone bail-outs! It was built with hard work and hard knocks. If the American people let this bail-out stand, it will stand as the beginning of the end of the American way of life. This isn't a bail-out, it's a band-aid on a wound that needs to have a tourniquet put on. We need to cut away the dead useless part, to salvage the body. I for one will vote out any and all that are for this bail-out. And those companies/bank/institutions that needed bailed-out, well you for one are not fit to run a business, let alone be trusted with my money. Instead of money, we need to be passing out hand-cuffs. Someone needs to go to jail over this.

    September 21, 2008 at 4:12 pm |
  18. Mike in Va

    I see a large conflict of interest. Do we trust the personon who calls this. Or runs this bailout it. How do we know its not a scam for someone to line his pockets from the bad loans and then the bailout.

    September 21, 2008 at 3:38 pm |
  19. Kathlene Whitaker

    I believe that this 'bail-out" will be like "jumping into a lake that has no bottom". We all may dround, except the VERY wealthy. So glad I have a kayak, now I need a horse.

    Kathlene from California

    September 21, 2008 at 3:12 pm |
  20. Todd R

    The people running the treasury and the FED should be immediately fired. Any elected official that goes along with the bail out should be removed from office and investigated.

    These pople are bailing out their friends at my, my kids, and my grandkids expense.

    Let these businesses fail. That is how capitalism works. Stupid = out of business.

    September 20, 2008 at 12:23 am |
  21. Robbie

    banks bailout allow the american to contribute to the bailout with a guarantee of a high precentage of return at retirement, without affecting other benefits.

    September 19, 2008 at 11:50 pm |
  22. Jim Crawford

    None of you still do not want to face the facts. We are already bankrupt. Where do you think money comes from. We either tax for it, print it, or borrow it. The IRS can not now or anything it the future tax enough to pay for the Trillions in bailouts that will come. Sure, we can print more dollars, but because the value of silver that backs the money does not increase the dollar deflates, eroding away. We can borrow more. Social Security is the number 1 target because we do not need to make payments (and have not) to retire that borrowing. Right now the U.S. government owes Social Security so much money, it could not pay it back. And it will get worse because that is where every bailout comes from. That is where the money to pay for the Economic Stimulus came from and that is where this next bailout will come from.

    September 19, 2008 at 11:48 pm |
  23. Lynne

    All those in management of these "failed" businesses should be required to relinquish their salaries, bonuses, and other perks to help pay for the mess the made.

    September 19, 2008 at 11:46 pm |
  24. Azarai, LMT: NYC

    Were to begin? We are experiencing natural selection, extinction of illusory mental constructs dying in the face of ultimate reality. Financial mismanagement is a symptom of misguided values, what is done in the shadow is coming to light. Money itself is a human construct, it is not reality. We are experiencing the consequences of the ego's attempt to hijack the spirit, control to oppress freedom. In the concept of money is encoded poverty, greed, slavery... We will not be free until we abolish money, my plan is too large to be on this blog, but revolves around integrated preventitive healthcare (massage, chi gong, yoga, nutrition, music...) and education (exposure to cross-cultural human/natural virtue) to harness individual stages of development for collective sustainability. Banks are sinking because they are the pooling spots of energy, like an adhesion aka knot in a muscle, it is a traffic jam to flow, the cause of pain and limited range of motion, banks are energetic blockages to the flow of energy, where greed stagnates. I massage the stagnation out of the system...we cannot be truly free until we abolish material representations of energy...Crisis- opportunity for quantum leaps in evolution, liberating ourselves from the dysfunction of the past... debt is a mental construct, made reality through our shared belief in it. I have an economic proposoul: energetic economy (laws of the environment). Material representations are the sacred body of God, commodification of nature and the sacred for private interest is criminal, business is the coat evil hides in, the toxic deceit that is feeding the disease machine... service is to God in eachother... the privatization of the public is the sin many are paying for, unflexible and unwilling to adapt, the yin is oppressed by yang...and in these stressful times, people seek relaxation..., thank u for your great service and respect!!!!!!!!!!!!!!!!
    Azarai aka Loves" Destiny (on itunes)

    September 19, 2008 at 11:46 pm |
  25. Doug

    Why are people not going to jail over this? The poor taxpayer and the little guy is the only one who suffers.

    September 19, 2008 at 11:46 pm |
  26. j

    It hurts that those of us that were responsible and waited to buy during the bubble, will probably have to pay more taxes to bail all companies and citizens that bought more than they can handle.

    September 19, 2008 at 11:42 pm |
  27. David Young

    Next put a 10 % cutback in every department other than those approved by Congress. It is time for Washington to feel what the rest of US feel like, like cutting the payroll by 20%. There is too much fat their anyway. Like a corporation in trouble they must have layoffs. Those rental car Land Rovers gone. Those special consultant jobs gone. Those lobbyist sent packing. It is finally time for Congress to do their "Homework." Then use this money to clean up your mess.

    September 19, 2008 at 11:41 pm |
  28. Christie

    You seemed so concerned about how the government could possibly provide millions of dollars to help the mortgage and financial companies now in trouble ... but no one seems to care about the millions of dollars being donated to Barack Obama for his campaign ads, most of which are worthless. Last weekend alone, CNN and other networks have bragged on the fact that Obama raised $9 million dollars! Wow! Everyone thought that was great!

    If a candidate can raise millions of dollars from individual and corporate donations for a campaign, surely our government is capable of coming up with millions of dollars to save the economy in this country.

    Actually, if Obama cares so much about the "crisis" as he stated this morning ... perhaps he should consider donating a few million dollars back to the government to help resolve this problem.

    September 19, 2008 at 11:39 pm |
  29. Stephen Wilkerson

    Kiss the idea of health care good bye, the money has already been spent.
    The War in Iraq might cost us 1 trillion, but the current crises will cost far more.
    Where is the money coming from? How much can we borrow?
    Where did the money go? I’ll tell you where; rich greedy people. Rich people who care nothing for anyone but themselves. Rich people who manipulate our politicians. Rich people who own big oil, the banks the huge companies. So who are we saving, the rich. I say no bail out, let it crash!

    September 19, 2008 at 11:33 pm |
  30. SB

    Fed is on panic here. They are trying to fix the roof when foundation needs attention. We are tired of them putting lipstick on the pig that is getting fatter.

    September 19, 2008 at 11:33 pm |
  31. Gina

    This past week I have seen Mccain go from a de-regulator,to a reformer,to wanting to fire the head guy at the SEC,opposed to the b bail out now he is for it. It says alot about how his leadership will be...firing head of SEC wontfix this problem...he just came off hot headed and to quick act without thinking...the real world wont allow for his gaffes why does this media?

    September 19, 2008 at 11:31 pm |
  32. David Young

    Congress go over Earmarks and Pork Programs (like a Corporation in bankruptcy), go for a one for one Congress vote on each one that is challenged, 90 % of these programs should be canceled and that money come back to Washington for America's bail out.

    September 19, 2008 at 11:30 pm |
  33. Dan

    1990: Totalitarian Communism collapses.

    2008: Totalitarian Capitalism collapses?

    Surely, the money must have gone somewhere, where it can be gotten back from? The money is lost from house loans that people couldn't afford. That means some people somewhere made a lot of money from selling homes at a lot more than they should have gotten for it. Housing developers have been raking in billions in the last few years. Let's tax them back to realty.

    September 19, 2008 at 11:29 pm |
  34. Rick, De Witt, NE

    I'd also like to 2nd AaronP's questions

    AaronP September 19th, 2008 11:07 pm ET

    My wonder is two thoughts. First, are the same executives remaining with these banks or are they out as a part of this deal? Second, As part of this deal, are the executives giving up their salaries and the rights to there golden parachutes?

    September 19, 2008 at 11:28 pm |
  35. Dennis

    As a Financial Advisor and one who understands the free market I must say that Wall Street has found a way to distance itself from all of the ethical laws that was set in place to protect the stock holds and the tax payers which can be one in the same. The goverment needs to investigate and put the offenders in jail. Then they need to put money in the system but only on a temporary bases to secure the confidens of the american public and the world markets. They do not need to bail out the companies just help them.

    September 19, 2008 at 11:26 pm |
  36. Rick, De Witt, NE

    Mary Ellen,

    No, leave it unless you need it. Think sell when things are going great (sell high, buy low)

    This is the time to buy, not sell.

    On Palin, she needs to have her husband raise his hand and swear to tell the truth under oath(testify in Alaska) before she should be allowed to raise her hand and promise to uphold, support and defend the Constitution of the United States (that pesky document that republicans are supposed to care about but generally treat like TP when it gets in the way of their personal ambitions)

    September 19, 2008 at 11:25 pm |
  37. Eddie

    The CEO's should have their salaries capped at one million a year and the remainding millions and their perks donated to bail out the mess they have made instead of using the taxpayers money.

    September 19, 2008 at 11:25 pm |
  38. Carole Gillette

    On the Wall Street Bail Out. Why punish the Middle Class?

    The government should make the crooks, who made the bad loans to people, give the homes back to them at the low starting rate and leave it there. That way there would be a reduction in forclosures and the people would have their homes!.



    September 19, 2008 at 11:24 pm |
  39. Jim Crawford

    Look in your purse, your wallet, you savings account, your checking account surplus (if any). For every dollar there, tear away 10% of it every month for the next 6 months. That is the effect of the banking/financial bailout being considered. President Bush will send it to Congress, the House and the Senate will pass it. Why? Because they don't want people to learn the truth about how they trashed Social Security and in effect our once great country. Our government owes Social Security Trillions of dollars. The only place for the administration and congress to get their hands on huge amounts of money without having to make payment is from our Social Security Fund. When is become due and needs to be paid, the money will not be in the U.S. Treasury to make the payment. There will be no other place to borrow from. WE ARE BANKRUPT!

    September 19, 2008 at 11:23 pm |
  40. Joan Van Tassel

    October. Surprise - in September! The Iraq war was all about transferring money from the (then) public surplus to private corporations. It continues to the tune of $12B a month.

    This bailout is the second Bush financial heist...transferring future taxpayers' money into private hands. Tell Congress to vote no. No! No! No!

    September 19, 2008 at 11:22 pm |
  41. Gina

    What do we want in a leader? I know what I want.
    1.I dont have to like him.
    2.He definatly has to be smarter than me.
    3.I dont have to have a beer with him ...most are unattractive anyway.
    4.I want to stop living paycheck to paycheck....2 kids in college..."economic tsunami" took out my savings.
    This Palin pick has me nervous. Either John or Barack I could have lived with but Sarah puts me in mind of Cheney already and I am terrified.

    September 19, 2008 at 11:22 pm |
  42. Neil Wager

    When is our country going to wake up. Nobody in Washington DC cares about this nation just themselves. Our glorious Presidential canidates making promises that cannot be kept, because they are more worried about getting elected not the truth/reality of the situation. Congress destroying our nation with their stupidity, greed and coruption. I really am really scared when I think about the future of our country. We need to vote out every incombent in office it is the only way we are ever going to change Washington.

    Neil Wager

    Save America impeach Congress for treason!!!!!

    September 19, 2008 at 11:21 pm |
  43. Michael

    Currrently the USA has a debt of 9+ Trilion dollars and now adding 1 more trillion for this bailout. When will the USA in the Global economy become just like the banks clossing down due to being over leveraged here in the USA? Already this week an econimist in Japan stated the USA should not have a AAA rating.

    September 19, 2008 at 11:21 pm |
  44. Mary S Savage

    Frightening...Terrifying really..All because of the incompetence of the present administration. Hopefully, if the American voters think and really listen and Barack Obama is elected as our next president, we may be able to rescue our pride and dignity as well as our confidence in how our government conducts itself and protects us.

    September 19, 2008 at 11:20 pm |
  45. Sam

    The bail out plan will crash the dollar to the floor.
    Printing 800billion of dollars (assuming that will be the cost of the bail out if not more).
    Will de-evaluate the dollar.
    Sure your bank won't close. But the money in your bank will be worthless when all comodies double.

    I'v switched all my holdings in gold and commodities.

    Good luck guys. where in for a heck of a ride

    September 19, 2008 at 11:20 pm |
  46. Michael Coughenour

    I'd like to know what the ceo s of AIG , Lehman Bros.. Fannie Mae, and Freddie Mac were paid in each of the last several years. I imagine that it was hundreds of millions. So why aren't they called up for prosecution and all of their outrageous profits confiscated and put towards this government bailout?

    September 19, 2008 at 11:19 pm |
  47. Cynthia Oliver

    I am worried about my husbands retirement from the painters union..after 20+ years . Where is that money going to be when we need it to retire??..and what do we do as a middle class couple to protect it ?

    September 19, 2008 at 11:17 pm |
  48. Sumesh Behl

    Simple solution, dont do bailout with taxpayer money! Do this:
    1. Open up a private FED bad bank (all banks are children of
    FED anyway).
    2. All banks markdown their debt to market value and sell to the FED
    bad bank, at this time, just collect the net asset value of portfolio. FED as we all understand is a central banks that is a make-up or large banks. Large banks can get vested stakes into this new bank and profit from it.
    3. Do a mega IPO of this Bad Bank. Private investors who are willing
    to invest into the bad bank where actual assets are marked down 80-90%
    of its values, folks get shares of this bad bank similar to as you get
    4. Now, if market turns around, which it will some day for sure, the
    value of Bad bank grows, thereby increasing the share values. If FED thinks why would any bank or investor invest into this bad bank IPO, then we should ask the same question to the FED on why they think Govt. should keep it thinking its got value?

    September 19, 2008 at 11:17 pm |
  49. Helen

    Thank you for having on Peter Schiff.

    He predicted the Fanne Mae Freddie Mac Collapse long ago.
    Read his book Cash Proof. More than a wake up call.

    I hope you will interview him again.

    September 19, 2008 at 11:17 pm |
  50. colletta waddell

    the way to end this problem is to prosecute every ceo involved instead we give them millions of dollars all of washington needs it head examined start sending people to jail and everything will be on the up and up

    September 19, 2008 at 11:15 pm |
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