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September 25th, 2008
09:21 PM ET

Evening Buzz: Bailout Deal? Think again.

Maureen Miller
AC360° Writer
 

Oh, how I wonder what's going on at the Treasury and on Captiol Hill right now. The bailout battle is still in full force tonight, eventhough there seemed to be some progress at mid-day.  A couple hours later, President Bush met with congressional leaders and presidential candidates John McCain and Barack Obama today at the White House hoping to clinch an agreement on the proposed $700 billion bailout for America's financial firms. It didn't work out that way.

"It will not solve problems, it will create more problems, we're rushing to judgment, that we do have stress in our market, but this is not the best way, we ought to look at alternatives," said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee

There are other Republicans speaking out against the proposal. "I'm not on board yet. I want to see this thing," Sen. Jeff Sessions, R-Alabama, said. "What I don't like about this - and I'm very, very worried about it - I think this is probably the greatest concession of legislative power in the history of the republic, almost."

Democrats aren't praising the meeting either.

"There was a distraction this afternoon for two or three hours. I don't know how to describe it any other way than that. It had no productive value to the process we've been involved in," said Sen. Chris Dodd, D- Connecticut.

We've got all the raw politics tonight on 360, starting at 10pm ET.

And, we'd love to hear from you: Do you think the bailout deal will get done before tomorrow's scheduled debate? Or will McCain go through with his promise and skip the face-off because of the economic crisis?

We'd love to hear from you!


Filed under: Maureen Miller • The Buzz
soundoff (170 Responses)
  1. Scott Anderson

    I think the bailout plan needs to be significantly modified. Government intervention is unfortunately necessary to prevent a chain of successive failures. The banks that need to be saved are local banks since they provide local credit to small business owners and individual Americans. A even amount of money should be allocated to each House of Representatives district. One billion dollars per district is more than enough. Let a board of local bankers in each district decide how to best use the money with oversight by the Treasury Department, FDIC, and Congress to clear up bad loans and provide capital for new loans. Break up the banks so they are local and decentralized rather than nationalized. Maintain a common interbanking system so people can access their money.

    September 26, 2008 at 1:54 am |
  2. ron

    To hear McCain talk today he was going to Washington to save the nation and its people, as tho He was performing the "2nd comming" and all he did was cause more problems. Another failed notion of his. I thing him and Payiin have searious mental problems and need intense long term Theraphy. This has been the worst and most useless campain I have seen in my 70 years of life.One would have to be deaf, dumb and blind to not know neither of them could possibly run this country or help it in any way to recover.. Actually we are so far gone now we will never recover or have a place of respect in this world. This administration and congress has seen to that......

    September 26, 2008 at 1:42 am |
  3. Charlene

    I only see this bailout as a way for Bush to leave with a smile on his face in 115 days. He really doesn't care about the low income. middle income families out here struggling everyday to put food on the tables and be able to pay the electric bill. He doesn't have to worry about having those things taken away from him because he will continue to receive the same salary once he leaves office. You can tell by his speak last night that he is just saying the words that he thinks people want to hear. Where in his speak did he take any responsibility for this crises. He didn't and he won't. McCain is no better...which one of his 7 houses will he let someone live in that have lost their home because of this current governments lack of responsibility to the American people. I think that Bush and his party of government friends should all be removed from office by Friday and see how they would like having to come up with rent money...

    September 26, 2008 at 1:42 am |
  4. Robert Bremner

    I think even your experts aren't very good at guessing what is happening with the bailout fall out.
    What is really going on Andersin is that Americans are fed up with rich kids like you trying to dictate to our politicians what real America thinks. Your out of touch and it is because you have your own agenda and you can't focus on truth.
    Truth is we don't want to pay for something east coast and big city. Our banks at home are sound and will carry us through this. It is your Wall Street that will hurt and New York City. But most people live else where and we don't care if you loose jobs due to you letting Washington control you and Washington being controlled by corrupt money in Wall Street.

    September 26, 2008 at 1:35 am |
  5. Courtney

    Thankfully, this risky bailout is taking longer and likely won't be done by te end of day tomorrow.
    It is risky for McCain to skip the debate. If he skips it, he'll look frazzled and unable to multitask. As a voter, I deserve and need to see the debate tomorrow. I've been waiting to see these two square off outside of their tv ads and without their staffs and spokespeople. If there is no debate, McCain is stealing time from me, the voter, to learn more about my next choice for president.

    September 26, 2008 at 1:30 am |
  6. Leslie O

    If the bailout goes through, Congress should demand Wall Street repay the loan with 20 % interest over time once they get on their feet. Wall Street must be spanked like a child that does wrong. Spare, the rod, spoil the child. You don't reward a child for doing wrong. There also should be an investigation on Wall Street by The FBI & prosecute those that may have broken laws in their quest for greed.

    September 26, 2008 at 1:26 am |
  7. Leslie O

    The banks should refinance the mortgages from 30yrs to 40-50 yrs, lower the interest rates & payments so the buyer can afford to repay the loan. This will cost tax payers no money & the banks will simply have to wait a longer period of time collecting. Why should tax payers bailout Wall Street crooks ? Is Congress going to bailout tax payers of their personal debts. Let the CEO's on Wall Street give up those retirement packages as punishment to help fix the mess they created. Never gamble what you can't afford to lose. Just imagine had social security been privatized. Then you would have millions of people added to welfare payrolls. No bailout for Wall Street Crooks. They caused the mess, let them fix it with their own money. What are non investors gaining from bailing out Wall Street ? Nothing ! Tell Congress to bail out tax payers for a change.

    September 26, 2008 at 1:19 am |
  8. Andrea

    Oh man I've got so much to say. What our family is wondering right now, is where was this 700 billion dollars fro Katrina victims? The current hurricane victims? Our failing social security system? Our schools, our health care system? That's where 700 billions dollars is needed! The war got us into this mess, costing billions a DAY! Where the hell does all this money come from? If the govt. is asking the everyday American to help foot this bill, then why instead of charging each person approx. $5,000, why not let each American contribute $5 or $10 to towards this bailout, and get the rest of the funds needed from the ceos who got us into this mess to begin with. Take money out of their retirement funds! Make them accountable! Come on, asking each American to pay $5,000....WHAT NERVE! Aren't we suffering enough already? Many can't pay their gas, food, medical bills as it is right now, yet alone $5,000 more! Bush needs his head examined! He's not of right mind. Let him help bailout these institutions.....leave us honest hard working citizens alone already! We can't take anymore. Let us decide how much we'd like to contribute to help bail out this mess. Don't dictate to us that we have to foot this bill and for how much! Whoopie had a great idea the other day.. she stated that if we are going to take 700 billion to bailout these institutions, then why not forgive EVERY mortgage in this country by 50%. This would free up money for every mortgage holder to re-invest back into our economy, floreclosures would diminish, people would be able to buy low priced stocks, pay off credit, stay in their homes, etc.... This would help to stimulate the economy. It might be a slow stimulous at first, but it would be better than those damn checks they sent out last year that did not help stimulate a damn thing! Let's really think about this. I think it would be a great idea. They should have kept all that money. The cost alone of printing and sending those checks out! Come on! Can't we the people be forgiven of our overspending, our living beyond our means? What's good for them is good for us as well. I could go on, but I'm exhausted, tired, and too frustrated. I vote Whoopie Goldberg for Predsident! AMEN!

    September 26, 2008 at 1:09 am |
  9. shane

    Jeeze, I tell ya! the only way bush could lose is if the republicans stand up to its own party. This is an examplary display of how powerfull republican voice can be its almost scary and I hope the deal for bailing out wall street dosn’t go through even despite the feds investigation for corruption. On the other hand, there’s Obama a democrat or even democrats, have they ever stood up against there own party? wow … I love from what Im seeing from the republicans they make me want to vote for mccain. And to think that mccain didnt know what he was doing, having a meeting with those house republicans was a samrt move. Although he's still unpredictable, who know what this man has up is sleave. Woudn't be surprised if he voted against this deal.

    September 26, 2008 at 1:06 am |
  10. Terry

    Anderson,

    I have been watching this country be run in the ground since Big daddy bush bought W. his two terms in the white house and greedy channey makes money from this phony homeland security scam. I think they have ripped off the American public enough!!! Let the companies that have been padding their pockets from this administrations " illegal" activities foot the bill for this "baiilout" Have haliburton, the carlyle group, exxon mobile and these other companies, that have taken advantage of Americans or have overcharged the American government for services during this George H.W. Bush revenge war against Iraq, pay the trillions of dollars to set things right with the economy. I believe the term is " war profiteering" ?? Look at all the money wasted on this war, look at what it could have been spent on here in the US !!! this is the real tragedy!!!

    September 26, 2008 at 1:06 am |
  11. Ace Kingman, Arizona

    I believe that our American economy is falling apart due to political greed!! It is also evident that we spent several billion dollars to kick out gay/lesbian and bisexual servicemen and women who served their country honorably now!! Why would we kick out qualified men and women after spending our tax dollars to train them? To waste money? Due to ignorance? I think our country's leader's need to wake up! America is in need of change. Our country's people need to respect one another most importantly! That might help if we changed ourselves one person at a time now. Every person in our country is impotant. I'll pray for our country until something changes or heck I'll move! Maybe we should look to how European people treat one another! With respect! Thank you for listening to my opinions!

    September 26, 2008 at 1:04 am |
  12. Sam

    No, the deal won't be reached tomorrow. American Express cut off former Goldman CEO Hank Paulson's black card late this afternoon.

    September 26, 2008 at 1:00 am |
  13. Rocky

    put all the pros in the bailout and the must haves. Then, they should take the deps and rep plans, then get several finance/economy scholors to make their suggestion merge the three and then start picking it apart. Then show it to the people in a press conference all the details. If there is still an up rare then they dod not do their gob and keep modifing, Paulson should not be part of this process. He is the one that started it by submitted the one sided wall street favor, making him the god of money for the poor porformers. I see him as the alterego of Robin Hood or the evil Robin Hood. Thaking money from the poor and giving the money to the rich.

    Nancy p. should be leading this issue like she did about the war issue execpt she should stick to hem guns and make sure it is fare

    Then have a press release to go over the issues to the people. If i is a good plan with honesty and integrety and transarant it should be able to pass it self. NO SECRET CARZ STUFF, NO BAIL OUT THE PEOPLE THAT MADE THE ISSUE. Just part of my thoughts
    Make a plan that the people can say WOW to. That would restore a ton of faith. Also if someone can not make a plan fair for all they should not be planning.

    September 26, 2008 at 12:57 am |
  14. Karen

    John McCain is not all there. He's not of sound mind. He's playing games with the future of the American People. He does not care about country first, what a JOKE!!!! He's gone to Washington and messed up everything. He's about winning this election at all cost and does not care who it hurts. John McCain knows this is his last chance at tryng to become President. Look at the mess he's made of his campaign. THINK PEOPLE OF WHAT HE WOULD DO TO THIS COUNTRY. We are already hurting. We can't taken much more.

    The people of Mississippi has been planning this debate for two years and have spend 5 million dollars on it. John McCain is not even a part of committee that is charged with putting this bill together. Don't let him get away with this. The American voting public needs to hold John McCain accountable for his actions, and, Flying by the seat of his pants decision making.

    September 26, 2008 at 12:56 am |
  15. Dave Phillis

    I hate the fact that we with less than stellar credit have been put as, the rapist and murders in this Banking crisis.

    Yes, Some have bought homes that they could not afford the interest payment on. They could afford the principal, but when one pays $400 or $500 a month more in interest it adds up. We also pay huge interest on our “older model” car loan, and huge monthly fees and over-limit fees on our credit card or two ($300 to $500 limits). We are also paying those legal fees from that hospital stay that insurance did not cover. Plus just like everyone else, our gas cost have gone up. Who has bailed us out.

    We don’t make 46 million dollars. If we did, we would not need a LOAN!!!!!

    One of the murders and rapist of banking crisis.

    P.S. If I stoled 46 million dollars from my employer, I would be on the chain gang with an armed guard waiting to shoot me.

    Wait, you rich people call that a bonus.

    I know I won’t get any air play, because it is just not good businesss.

    September 26, 2008 at 12:45 am |
  16. Maxine Oishi

    I like John J's plan...that would be so great to see them swingen' in the breeze.

    Ed Rollins said a few days ago that the candidate that showed the most concern for this national emergency and the people, would jump out in front. McCain must have been listening. He took his advice and off he went. I thought he had snapped his cap and I was full of joy with the hope that he would be out of the race. Then, I realized what he was doing. And that sense of dread came back. So many of his followers can't see what this man is up to...maybe they're wired different or maybe I am. I just want my country back.

    September 26, 2008 at 12:43 am |
  17. Lou Bonita Springs, FL

    I'm currious...at the White House Meeting today many of the participants left early. It was like in "The Sound of Music" Good Bye
    Farewell..I must leave. Who was left in the room with GWB ? The party was over and I guess he was still sitting there ?????

    September 26, 2008 at 12:38 am |
  18. Sam

    Letting the markets decide which ones survive and which ones fail will be catastrophic as there are too many major players in this crisis. While a blank cheque is not the answer, neither is a do nothing approach. What is needed is a major bail out of the financial services sector, the implementation of regulations and the ongoing adherence to those regulations by implementing an overseer. The Canadian Banking industry – while conservative and what some may consider as boring – is an excellent model of how banks should operate. The free market economy (without regulation) which has always been held up as a shining example for all the world to follow, has just been proven to be flawed. Wall Street executives should also be held accountable to the mess that has been created. This IS a Financial Market Crisis of Mass Destruction. Basically a terrorist attack from within the US border, brought about by US citizens. This should not go without punishment or regulation going forward.

    September 26, 2008 at 12:31 am |
  19. Eric Vandenberg

    I find it amazing that the two people most connected to this financial disaster have the nerve to raise questions about the intentsions of John McCain coming to Washington. Senator Chris Dodd Chairman(U.S. Senate Committee on Banking, Housing, and Urban Affairs) and (Member – Subcommittee on Employment and Workplace Safety) and Representative Barny Franks(Chairman of the Financial Services Committee) both had oversight of the banking and financial institutions in this country. It was on their watch that the biggest financial disaster since the great depresstion of 1929, has taken place, both have the nerve to accuse McCain of undermining the bailout. I can understand why these two want a swift and unchallenged bailout bill to pass, and i would summize that it is not because they have the taxpayers interest at heart, but rather there own careers and reputations. Why shouldn't our representatives challenge this proposed bill, when the top economist in this country believe it is the wrong solution. If anyone is injecting politics into this debate it is Dodd and Franks. By crying political foul they are throwing up a smoke screen to hide the real issues at hand, and senator Obama is playing along with them. Is this the democrates idea of change ? Looks like more of business as usual.

    September 26, 2008 at 12:29 am |
  20. JANN STROUSE

    Please reject the idea of a "bail out". Its time for the people that have made this situation possible to pay for it. Their may be some people not at fault who also get hurt but it was their decision to put themselves in that position. It does not make a difference if it was the stock market, housing defaults or loans to support a way of life, each decision was theirs to make. No one ever offered me a "bail out" when I invested my savings in the stock market and lost most of it, "My mistake, I paid for it" Their are many others like me, having financialy errored, and paid for it but are still living just without that money. I can not find any justification to use taxpayer dollars to bail out the respective company's who's leaders make far more then they are worh , far more per year than what the average worker makes in a lifetime. Let them go broke, other companies will pick up the pieces, and the employees.

    September 26, 2008 at 12:29 am |
  21. Praveen

    This bail out is like giving a treatment to a heart stroke patient, it will save him for now but will not guarantee a healthier heart, and if not given then it will cease the heart. Bailout is needed to save economy but along with the initial plans how to keep it stable for a long time, how to get jobs back which are out – sourced and create more jobs so people can pay back their loans. It should put a leash on CEO's salaries and packages, and ensure that tax payers get Return on Investments.

    September 26, 2008 at 12:24 am |
  22. heather

    Hi! I'm from Canada, and I listen to cnn everyday. I'm am really concerned about the bailout south of the border. Why should the average tax payer have to pay pay pay over and over again for the mistakes of the rich. If we didn't pay our hydro bill and our car payments nobody is going to bail us out for being irresponsible. hello it's called chapter 11 bankrupcy. And don't think that we are not going to feel the reprocutions up here,because we always do. I've been feeling it for months at the gas pumps and the grocery store.
    love your show Anderson.

    September 26, 2008 at 12:08 am |
  23. Mel

    This bail out is awful – but it is worrysome to think we may suffer a "depression." Are we prepared for such an event? It's honestly scary to think about, but realistically, we may need to prepare our families, make some sacrifices and just plow through this mess. It makes me sick watching the various characters ( ie, Franks, Dodd etc) stroll through the halls in the state building, without an ounce of shame due to their actions in past, even speak to us! We need accountability not only to those on Wall street, but those in the Senate and Congress who enabled this crisis also!
    I don't care about the debates right now... we need answers, action and resolve concerning this crisis ... the economy! I have great respect for both candidates – they are absolutely working hard to earn our trust and vote.

    September 26, 2008 at 12:07 am |
  24. Bruce

    Donna,
    You've got the right idea. The crisis has come from Wall Street financial institutions that got greedy and took enomously leveraged loan positions. Massive debt! At the same time most regional banks were much more responsible and did not leverage their loans anywhere near as much as Wall Street did. If the economy needs new liquidity to keep things going, let give the money to the responsible banks, and let the Wall Street banks suffer the failure that they deserve. If they fail, then people will be less likely to try the same overly leveraged deals. After the Great Depression of the 30's, businesses avoided too much debt. They learned their lesson. After a generation, people forgot the lessons of the Depression.

    September 26, 2008 at 12:04 am |
  25. charlie

    when are you going to stop talking like you are thinking for the majority of Americans. you and the whole crew there are totally lieing to this country. McCain never busted up the economic plan....there was no plan, why don't you tell the truth. thank God that McCain cares enough about something other than what you may think. Obama can keep his cell phone in his pocket, for $175,000 dollar a year pay check if i lived in ILL. i'd be using my vote for McCain. And your sick interpertation of Palin, "not being Palin" anymore is gutter wash. how do you get away with calling yourselves News Reporters, your about as accurate with your reporting as a Star magazine at the grocery store check out isle. i have no respect for K.K since she ousted Jane Pauley, she's never had any class and lately not having clout shows in her interview abilities just how snakey she has always been. lots of politicians that were our country's VP have been treated with more respect than anyone has given Gov. Palin, and she deserves it just by the fact that she is a Governor of one of the 50 states. your news cast has totally disrespected the people of the state of Alaska, and Arizona, i doubt that many of them listen to what you have to say. i only listen to your point because i believe you should know your enemies well. the trash you lie about daily makes you an enemy to this campain and country. why don't you talk about Bill Ayers, Russo, ACORN, Wright, and quit covering up for Obama, Enough! Expose Him and Clinton for this mess! Tell the Truth if you still know how.......

    September 26, 2008 at 12:02 am |
  26. JCP

    Let's be grateful that John McCain came to D.C. and disrupted the party. It appears that the "deal" that was imminent was going to put our country into a position of weakness while guaranteeing the futures of some pompous hotshots on Wall Street. At the end of the day, we may all tank no matter what is done since there are no guarantees. I'd prefer that today's hotshots today suffer a similar fate as the rest of us. Who knows...they can fly coach and commisserate with me about what might have been, and having to stay at the Holiday Inn Express.

    I understand something needs to be done to get our country out of this financial crisis. I believe that those who are complaining the loudest about McCain's obstruction are the ones who are the most responsible (Dodd, Frank and Friends). I have confidence that John McCain will go to war to ensure this deal protects the citizens of this country.

    And Obama, the reluctant traveler, has been nowhere...no vision, no leadership, no commitment to working the problem. This is a snapshot of how he will run his administration - by delegation to his advisors who may or may not know what they're doing. He will, however, be available by phone if someone wants his input. Haven't 8 years of that enough for us?

    September 25, 2008 at 11:59 pm |
  27. Doris Griffin

    Every time I see the AT&T comercial " I JUST FOUND THE INTERNET" I think of McCain.

    September 25, 2008 at 11:58 pm |
  28. Bruce H

    The Fed and Paulson manipulated the Market last week when they introduced this scheme IMHO and when they put a temporary halt on shorting of certain financials by all but a select few, this has set up the Market to take a dangerous turn for the worse, watch out Bulls once the moratorium is up.
    This is nothing more than "Financial Terrorism" and Bush' speech last night was all the proof I needed, what a great puppet he has been for Cheney?!

    September 25, 2008 at 11:58 pm |
  29. Andrew Sagud

    I think the media mongrols are jumping on Senator Palin a little too fast and a little too harshly. What kind of response would you expect from a Senator from Alaska. Sarah Palin has not acclimated herself to being in the spotlight yet and literally is a deer in headlights when it comes to taking on such critical polices and interrogations by the mainstream media. I think Senator Palin needs to structure her viewpoints and articulate more cohesion and an in touch resolute stance instead of posturing. Sarah Palin needs to be more fluid in her purveyance to the nation. Grab the bull by the horns and offer your own insight, even it conflicts with McCain's Zizzaging posture.

    MAD

    September 25, 2008 at 11:53 pm |
  30. Monica

    Bush and congress can sit around and figure out how to spend $700 billion on wall street and not mention the mess that is Texas and Louisiana. What's wrong with this picture? I don't trust Bush and Paulson about this "emergency" and don't support the bailout.

    September 25, 2008 at 11:52 pm |
  31. Susan Walker

    I've been watching the news for two days, and am not swayed by the residual benefits of this bailout. It is just too difficult to get past the glaring reality of 750B to people who truly don't deserve it.

    Susan Walker
    Seneca, IL

    September 25, 2008 at 11:51 pm |
  32. Paul Brucker

    Everyone brings up the great depression. We must remember that the culture was different at that time . The greatest advocate we have today is this vehicle in which we voice our opinions. (The Internet) I believe that the majority of people submit their comments thinking nothing will come of it . Let us not forget the power of the press to express our concerns. So do you think that some day we could support our leaders in a productive manner by a simple E-mail to our representatives. . They seem confused upon which direction to take until this financial crisis occurred and/or we speak out. The question of the day, Does the public need to be more involved via the internet or do we continue business status quo ?

    September 25, 2008 at 11:51 pm |
  33. kevin t

    As a firefighter, parent of three and a union man im a person who has had a foreclosure. I was one of the people who built a new home but couldnt sell my old one even though the new mortgage company said that it would work out. I am terrified of this bailout. Partly because i am concerned that without fuel prices falling and the unemployment rate turning around that more and more people will continue to foreclose even on good mortgages. The fallout we are seeing now is two pronged. 1st the obvious bad mortgages. 2nd and less discussed is the pressure that the doubling of fuel costs has put on the middle class. The average middle class family is able to handle these costs for a very short time. Now after several years of this families credit cards are maxed out and when they pay those late the interest rates go up. Investing stops, Spending is stalled. People stop making large purchases that fuel economic growth,(cars, tvs, vacations, this alone is crippling our economy.) The car companies have felt this for the past few years. Just ask the thousands of automakers that are now jobless. My point is this, if fuel prices dont go down than the middle class can not get out of their recession because growth will not turn around and manufacturing will continue to be devastated. This bailout will help these mortgages temporarily but for how long. Then what???? I am guessing that while congress is spinning their heels this late evening it is partially for this reason. Yes i support a bailout but it has to be matched with a forced drop in gas prices to really stimulate the economy. The bush stimulus check covered my gas cost for 2 months but the majority of the people in the end put that money in their gas tanks. It was a bandaid on a tumor. So please dont put a bandaid on a tumor. My other concern is that putting this $700 billion dollars on our deficit will clearly cause our dollar to drop in value causing clearly gas prices to go up. Thus devastating the middle class even more. So unfortunately i am terrified that a crash is inevitable unless gas prices are forced down as well as the bailout. This will give the people confidence at the same time we are giving the banks $700 billion of confidence. In our last depression world war 2 helped us recover. I don't see another type of industrial boom bailing us out this time. Please Senator Obama we need true leadership so dont let us down. kevin port huron, mi

    September 25, 2008 at 11:49 pm |
  34. LYNN

    Did we really expect them to fix this mess in 2 days? It started in the 80's when Reagan deregulated everything. Obama & McCain were told they were not really needed at this meeting but were invited by Bush...they ARE NOT ON THE COMMITEE to solve this problem. And those of you who think Palin is so smart should watch the interview with Catie Couric, the woman can't speak or answer a difficult question unless its on a monitor..it was painful! Lets not panic & let the committee do its work and watch the debate (remember when McCain complained Obama wouldn't participate in townhall meetings and Obama said he preferred debates) well if he doesn't show up could it be he isn't prepared? Lets watch & really listen & forget what party we support.

    September 25, 2008 at 11:49 pm |
  35. Bob from WI

    Tragic is the only word that can describe the last few weeks, but it took us years to get into this mess how could we think that we could get rid of it within weeks. Personally I think that everyone involved in this process should try to think "outside the box" come up with new ideas and have truthful accounts to how these ideas would work. Instead of bailing out Wall Street how about bail out the average Americans who are resposible and pay their bills. My wife and I are educated average Americans who are employed have good credit and pay our bills, Why should we continue to pay for the minority of individuals who don't? We need to be held accountable for our actions and so should n't they.
    Unfortunately, politics are getting in the way of making a rational decision, and as long as we have opposing parties this is never going to end. But throughout our history tragedies have brought us together. Right now unity is something that we and the media need to be focusing on. If we continue to bicker amongst each other over minimal issues we will never get back on track. But if we unite the foundations of our country and the people will bring us back the country that we can be proud of to pass on to our children.
    On a personal note I think that we should not condemn McCain for making a stand since we and the media would praise Obama if he made the same stand. I don't think that either candidate is the best for the job, but I have to respect someone for making a stand knowing that his career could be in jeopardy. Because of this and his experience I have changed my vote from Obama to McCain. But if I had a choice I would prefer neither and rather choose someone that could unite all of us.

    September 25, 2008 at 11:47 pm |
  36. John Thompson, Charleston, SC

    Secure Bi-Partisan Bail-Out Plan

    Plan:
    1. Under the following conditions, Feds to purchase bundles of mortgage-backed securities containing only fixed or variable rate, residential, mortgages.

    Valuation:
    2. Securities will be re-valued as if all the mortgages in the bundles were 5% fixed-rate, 30-year products.

    Sale:
    3. Public Auctions will be held to sell these bundles, with the Feds opening the bidding at 75% of the adjusted value. Feds committed to purchasing up to $700B at the 75% valuation. Feds will not pay more than 75% of the adjusted value for any bundle or combination of bundles.

    Rate Adjustment Requirement:
    4. Purchasers of these securities are required to stay foreclosures for 90 days while transforming the variable rate mortgages into 5% fixed rate mortgages with 30-year amortization and no pre-payment penalties.

    It’s a Bail-out plan that hurts a little bit, but keeps people in their homes, and frees up some cash for consumer spending to assist the economy in a recovery.

    September 25, 2008 at 11:47 pm |
  37. James

    166 Economists including 3 Nobel Laureates sent a letter to the Speaker of the House and President Pro Tempore of the Senate opposing Paulson's Plan. They say it wouldn't be fair. That it would unfairly reward bad actors. That it wouldn't necessarily work. That it would give someone we don"t approve of a huge amount of power. It would possibly be a debt our children will be paying. Paulson is just trying to bail out his and Bush's friends on 'Wallstreet. There's no reason to ruch into this. Bush has had 8 years to work on the economy. They suggest Congressional hearings and not a panic passing of a bill that may not work. Practice prudence for something you spend a trillion dollars on. And it's usually bad to trust someone who wants you to sign off on a nealy trillion dollar expenditure while telling you there is just no time to look for more reasonable alternatives or there will be a catastrophe.

    September 25, 2008 at 11:45 pm |
  38. Jim Sapato

    Why can't we use the 700 Billion to back 1 or 2 banks. These banks could use the 700 Billion tax payer dollars to extend credit to farmers, businesses, and Main street instead of trying to bail out every bank in the US.

    This way we would never lose the 700 Billion and we could earn some interest!

    September 25, 2008 at 11:45 pm |
  39. Joan Ripple

    Political strategist should really look at what happened today. McCain wanted us to believe he was exhibiting leadership. Well maybe he was, but not the way people expected. According to news reports McCain met with key Republicans before the meeting at the White House, in the meeting he said little or nothing, then the ultra conservative Republicans came in saying everything was unacceptable. Are we sure this isn't a campaign strategy.

    The bail out, if indeed one is needed, absolutelly must include re-regulation. Corporate greed will kill capitalism. There must be no golden parachutes nor profits for the executives who let this happen on their watch. Someone should be held responsible and go to jail for these criminal acts even if it has to be members of Congress that voted for de-regulation.

    Deregulation was to allow for competion to make things better for consumers. None of my utilities – gas, electric, telephone, TV, etc, or banking costs have gone done (except for the interest on savings and money market accounts), As I said in an email to Lou Dobbs, I am ready for the revolution. Wasn't the first one about "Taxation without representation is Tyranny?" Where is my representation?

    Any corporation whose Board members believe any executive is worth $1million or more a month should go out of businees.

    Further Sarah Palin's most recent interview appears to be timed to provide another distraction from the most critical issue on the talble.

    Politics is still alive and well.

    September 25, 2008 at 11:44 pm |
  40. Barney

    NO BAILOUT!!! Let the market decide what companies will survive and which ones will fall. This will do nothing for the taxpayer except decrease the value of the dollar. The reason for the problems of the bailout discussions I believe are because the voters are calling thier representives and letting them know how they feel. Vote for bailout and I vote for the other guy come election time.

    September 25, 2008 at 11:40 pm |
  41. Georges Marciano

    The Government is balling out the banks for 750 Billions without investigating enough. The people who are losing their jobs and home needs the money, not the banks!
    GIVING THE BANKS 750 BILLIONS WON'T HELP THE COUNTRY

    PERHAPS, NOW, PEOPLE WILL FINALLY LISTEN!

    September 25, 2008 at 11:39 pm |
  42. Donna

    If a credit crunch is the primary concern, allocate $100 billion or so to loan to solvent banks that have made good decisions and loans to keep the economy rolling. Take time to decide how to handle these huge international financial institutions that have destroyed themselves by greed.

    September 25, 2008 at 11:38 pm |
  43. Annette Harris Brandon MS

    O.K McCain what is your real agenda? McCain did not contribute any significant comments at the joint committee hearings today nor did he take a stance for or against the proposal his cronies submitted to Congress. 700 Billion WOW!!!!! Get off the fence McCain and be at the debates Friday. We can see your true color "YELLOW". Who needs a president that can't joggle or multi task in a crisis. We want to see you discuss this situation Friday. You owe it to your supporters. I say NO Bailout for Wallstreet . Enough! enough! enough! enough! Annette

    September 25, 2008 at 11:38 pm |
  44. Never collected a dime of goverment aid

    Anybody remeber Ross Perot talking about the giant sucking sound of jobs going to Mexico because of NAFTA? Everybody said he was nuts, Then all manufacturing jobs soon disappeared. Washington said "we are now a service industry economy" and everyone will be trained for the 'new economy" Soon the Service companies said the USA has no skilled workers....we need to outsource jobs and import H1B visa workers. As the good jobs dried up....CREDIT became redily available. When credit (debt) became unreasonable high, Washington changed the bakruptcy laws for wall street to keep you on the hook. After almost a quarter of a century of stealing from the American worker, they now want you to bail out the thieves!!!

    September 25, 2008 at 11:38 pm |
  45. Sue

    Everyone needs to just sit tight and watch the banks and mtg co's that acted irresponsibly fall by the wayside and the market will correct what it can WAMU is just one of the first few that will be falling. It does not mean that every bank will fail. I pay my mortgage and bills on time each month. It might get sold to someone, but I hope not. Senators and Reps should stand their ground and not allow the administration to dupe us to put up an additional $700 billion. The existing debt is enough for his legacy. If congress is dumb enough to come to his aid, the congress all should go home and watch all this implode. Perhaps a new Congress along with a new Predisent is in order .

    September 25, 2008 at 11:37 pm |
  46. Kathleen W

    John McCain has no business in the thick of this battle. He brought no value to the table today and in fact, I believe he actually hindered the process. And what about Sara Palin? All sizzle, no substance. Could she be any less qualified? I think not. Sara, you go get us some examples of McCain's work on Capital Hill and "bring um on back to us. I am a woman and I am outraged the Republicans brought such an unqalified woman to be on the ticket – talk about sexism... Seems to me they just want a nice looking girl on the ticket 'cause let's face it, McCain ain't all that nice to look at.

    September 25, 2008 at 11:35 pm |
  47. Saket

    I actually think it's all a plan of house republican's and John McCain, here is what I think will happen tomorrow:

    Obama will leave for debates sometime tomorrow afternoon and at around the time of debate John McCain would "somehow" get house repubican's to agree for bailout, this would portray McCain as "leader" and Obama as someone who just wants to win the election.

    September 25, 2008 at 11:35 pm |
  48. ml - california

    How sad it is that this country is suffering because of poor decisions made by this Administration and politicians. Meanwhile, the American people conitnue to get "beatup" and ignored. Come on AMERICA – WAKE UP!

    September 25, 2008 at 11:35 pm |
  49. James

    Bush,Paulson and Bernanke have been misrepresenting their intentions for years. Remember Weapons of Mass Destruction? Remember "we support strong dollar policy"? My savings were worth .85 EURO per Dollar in 2001 and 1.47 EURO per Dollar today. They have made the markets incomprehensibly unpredictable by micromanaging the once free market ,constantly. Only friends of theirs have done well in the stock market because they have made it so unfree.
    Bush has had 8 years to ruin the economy. Paul Volcker said he couldn't believe any administration could so damage the economy. I wonder why Obama isn't having Volcker comment on a plan? Bush's policy seems to be, the powerful reward the wealthy for ruinous mismanagement of their responsibilities at the expense of the poor and middle classes.
    Why would anyone support this administrations scheme?

    September 25, 2008 at 11:33 pm |
  50. Keith

    Everyone, should read the "Shock Doctrine" this whole mess will make sense, it will scare the crap out of you but, you will understand why this is happening........

    September 25, 2008 at 11:32 pm |
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