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September 25th, 2008
07:26 PM ET

The bailout revolt

John King      
Chief National Correspondent

Across the road and up into the hills, you can see the cattle slowly streaming down – first a few, then dozens more.

It is roundup day on the Rieder ranch, a sign of the changing season as the cattle is moved from leased federal land to the corral on a 3,000 acre ranch that has been in Dave Rieder’s family since he was four years old. A couple hundred heads in all, and as Rieder closes a gate behind them, he knows many will soon be sold for slaughter, so that he can pay the bank.

“Every legitimate rancher has to borrow $50,000, $60,000 maybe a quarter million dollars just to be able to pay your bills,” Rieder told us during a noontime visit Thursday.

The 8 percent interest he is paying this year stings, especially when you add in the rising costs of diesel fuel and fertilizer and the fact Rieder says what he gets paid for the cattle is roughly the same per pound as 30 years ago.

But what stings more are dire warnings from Washington that credit here in the breathtaking hills of Montana and across Main Street America could dry up if Congress doesn’t quickly pass a $700 billion Wall Street bailout.

“We're responsible for our debts out here. We pay our debts,” Rieder says. “I think George Bush himself said they got drunk on Wall Street. Well, they ought to suffer the hangover like we have to every day out here.”

Rieder is hardly alone in making clear he was not swayed by the president’s prime time nationally televised address Wednesday night in which he appealed for public support and urgent congressional action.

At the Helena office of Republican Congressman Denny Rehberg, the phone calls kept coming in; 55 against the bailout and just one in favor.

Across town,  much the same at the office of Democratic Senator Max Baucus, where Holly Luck arrived to a message machine filled overnight with calls opposing the bailout, or voicing major concerns with it, and received more calls Thursday as she sat at her desk logging the messages from the night before.

Montana is a long way from Washington, a place where people say they are raised to trust their neighbors, keep their word, and be skeptical of power, especially in Washington.

“I was born in the days of FDR,” Rieder said. “FDR said the only thing we have to fear is fear. This is exactly the opposite. They are preying on our fears. If we don't bail them out, the rest of you are going to go down the tubes and we will have another Depression. I don't like the idea of fear tactics. Who knows what it is going to do to us. We don't know."

That uncertainty is unsettling; Rieder is skeptical of the dire warnings but also acknowledges perhaps they are right, and perhaps there will be a broader financial crisis if Washington doesn’t act fast. But his skepticism this time is exacerbated by the “’credibility gap” of the man calling for swift action.

“It is the same thing the president did in Iraq,” Rieder said. “’well if we don't watch out that will come in the form of a mushroom shaped cloud’. And there was no threat of that sort whatsoever. And for my part, I don't believe anything that is coming out of Washington, particularly from the Oval Office.”

The mistrust leaves Rieder feeling powerless and at the whim of the “lobbyists and special interests” he says hold too much sway in Washington. And it leaves him worried about what the interest rate will be – or whether there will be money to borrow – when it is time to herd the cattle back into the hills next spring and he needs a loan to keep the family ranch up and running.


Filed under: Economy • John King
soundoff (53 Responses)
  1. KIm

    How will Paulson and his team slice the pie viewing percentages and data on 700 billion dollars ? Perhaps an urgency to consider for better understanding oversight considerations and clarifications. No one makes an informed intelligent decision without details and questions answered. What's going on with the speculation that the stock market will be manipulated of which causes fear and was discussed on Lou Dobbs tonight ! Doesn't make for a very trusting situation ! A stool with three legs ? Sounds more like Elvis singing ,"Jail House Rock "and if you can't find a partner use a wooden chair. We the people are aware of the FBI and CIA investigating for fraud ! Doesn't make for a very trusting situation but hopefully they'll come to fair honest terms of discovery with balanced slices cut on the pie.

    September 26, 2008 at 12:52 am |
  2. Brian K.

    Re the BAILOUT: If bad mortgages are the Wall St. problem, then establish a government agency to buy them up at current – not book value – and then offer them back to current owners, as well as those already foreclosed upon at affordable and honest interest rates. This would take a hell of a lot less than $700 billion and also provide a vehicle for the eventual recovery of the up-front money by the government. As for the scamming current mortage holders, let them absord the smaller loss and/or blow in the wind.

    September 26, 2008 at 12:13 am |
  3. Camina T. in Arroyo Grande CA

    Anyone for Secession? Perhaps Wallstreet and Washington are so well connected one is not going to fall without the other. In this worst case, secession of the seven states in the Western Climate Initative makes some fantastic sense.

    September 26, 2008 at 12:12 am |
  4. RMV

    I understand that the economy is in trouble, but bailing out wallstreet? Even economist say this is not going to work.

    WHATS HAPPENING TO THIS COUNTRY!!!

    WERE A DEMOCRACY!! NOT A SOCIALIST REPUBLIC!!

    This should be against the law, the very words that created this country are being ignored. Does anyone in congress know the meaning of the word democracy. The people of this country have been stripped of our hope, dignity, money and now they are trying to take away the very base this country was founded on. I happen to love living in a democratic society. I don't want to live in a socialist republic. Does congress not hear us?? We don't want to bail out anyone else. I am going to watch every senator and find out how they voted on this, if they voted to bail out wallstreet, they will not get my vote when they are up for re-election.

    Please do us all a favor, fire those in congress that are longer listening to the people of this country. We need a congress and president that wants this country to stand with dignity again. We CAN rebuild what the last 8 years have torn apart. It will take all of us to do it,one senator at a time, but not with a blank check.

    September 26, 2008 at 12:10 am |
  5. melanie

    Hey fellow Americans, hate to break it to you but this is exactly what we get when we vote – meaning choose – a republican administration for 8 years and majority in congress for 6 years.THIS is what you get – so stop whining!!!! Now the 51 million Americans who were silly enough to vote Republican and Bush for 2 terms along with the rest of us – unfortunately – have to pay for it.Next time choose wisely.

    September 26, 2008 at 12:06 am |
  6. Mike

    I take care of really frail elderly for a living.

    I had a 92 year old lady named Helen for a client. During 2004 elections I asked if she voted. She told me she never missed voting since she was able to.

    I asked her if she voted Republican. She said the real force in her voice, "Never! I always vote Democratic. When you have back to back Republican administrations you will have depression and banks go under."

    Helen since passed away but I can see now what she meant.

    September 25, 2008 at 11:49 pm |
  7. Paul

    Lets see, we don't have sufficient to fund education, health care for citizen, or make improvement in infrastructure, or even pay the interest for national debt.

    But, for the RICH wall street cronies?, no problem. Turn the dollar printing machine on and let it roll.

    $700 billion? $900 billion? whatever it is, just sign and approve the bill. No point asking questions or getting confused with the facts.

    Would give $20 to someone with know why?

    Here the secretary is wanting whopping $700 billion or even more without question.

    This will come back to haunt us for generations to come.

    September 25, 2008 at 11:18 pm |
  8. Rita Bunton

    John McCain is so out of touch with reality that it's scary. Check him out during the so called "White House summit" today. Everyone else is looking peturbed or grim faced. McCain is smiling.

    As he exits the building and approaches his car, his waves to the crowd like some rock star. Pathetic.

    September 25, 2008 at 10:54 pm |
  9. Kevin

    On the matter of the "bail-out":
    Instead of having the goverment pay the bill; which is actually the taxpayers.
    Why not try this.
    #1 have a goverment office established. The duties of this office would be to see that only persons with housing contracts between set time frames are part of the normal matter overseen by the office.
    #2 the office makes a file for each of the housing loans; ALL TO BE APPROVED.
    #3 The office only pays the increased amount of intrest; this is paid directly to the loan company.
    #4 Have the office over see the matter these loan companies never take advantage of the little guy again. Or they are responsible for the cost.
    What this would do:
    Not burden the tax payer as much. I guess <10% of total loan cost.
    Have the original home owner work for holding on to their dreams.
    In the future the these same individual will be showing they wish to be an important part of the economy.
    Keep down intrest rates; due to the higher the intrest rates the more the goverment would have to make in payment to cover the cost of the loans outstanding.

    Thank you for you time

    September 25, 2008 at 10:43 pm |
  10. Joseph - California Democrat

    The bailout is outrageous!!! I am SO frustrated that the Fed/Govt. is stepping in and messing with the basic economics of a capitalistic market and using taxpayer monies to boot.

    The loan to AIG by the FED is the continued bailout policy that rewards CEO and boards for the bad management and what I believe criminal conduct that the FED does not care about. The banks, mortgage companies and bond insure have done the damage under the nose of the FED & banking regulators. The CEO’s and board should be held responsible. If there are no consequences for poor management and bad decisions, the problems will continue.

    Why is it I have this suspicion that these "bail outs' really only benefit the middle to upper classes? Are they simply protecting their interest? Is this the Ultimate Golden Parachute for the Republican Party and their special interest?

    The majority of Americans make under $30,000 a year, have no portfolio and no retirement. If the country and our economy is to service and thrive long term, we need to LET THE MARKET CORRECT ITSELF, no matter the consequences!!!

    If the Fed continues to bail out banks, we will eventually have an ineffective market. Investors will have no real ability to analyze or project the outcomes of stocks. Businesses that are allowed to survive, even as they are insolvent and illiquid will only further corrupt the system

    September 25, 2008 at 10:26 pm |
  11. judy mitchell

    Get out of Iraq; Make all CEO'S and Board of Directors pay back all dividends and bonuses of every company on Wall Street; get rid of FEMA; that should get us solvent before too long. Let Wall St. take care of their own. We don't need a bunch of shisters like that anyway. Loan money to small business and reputable corporations (if there are any) through banks that have funding made available to them backed by government.

    September 25, 2008 at 10:25 pm |
  12. k grey

    Doesn’t anyone get it. John McCain is making decisions like the rebel decisions he made when he was young. America be warned ….get ready for a rebel president if he wins. Maaaan a rebel after a cowboy would be a rough ride for America!

    September 25, 2008 at 10:24 pm |
  13. tony

    why wont any body speek to the truth, the whole country is in trouble
    john mccain is trying to play politics while the country is falling apart
    the house republicans are holding out so they can make john mccain
    look like the saviour of the economy they are all show boting while the people are suffering i say enough with this distraction
    SAVE THE PEOPLE, TO HELL WITH THE POLITICIANS

    September 25, 2008 at 10:21 pm |
  14. robert broadstreet

    i do not support the bailout at all! but once again, our government will do what it wants again!!! i say let the markets selve correct.

    rob

    September 25, 2008 at 10:18 pm |
  15. George

    I think that Washington bailing out these companies undermines the whole concept of free market and getting close to perfect competition in the market. These companies have failed and they need to either survive somehow or fold. That opens up opportunity for those who did manage to do well enough and get through these hard times. That is how business goes…survival of the fittest. It’s a competitive market.

    The government getting involved in forbidding banks and institutions to short-sell is also incorrect and perplexes the bail out concept. A financial institution could potentially earn a substantial form of revenue from the stock market even if it’s very conservative on its portfolio in times like these. As can anyone else in the market. Those who are smart or lucky enough to take advantage of the opportunities that the market offers at a particular point in time, should be able to take advantage of them. Again, this is taking away the concept of a free market. These are tools that the banks have at its disposal to make money and to be profitable, stable and secure. Again, these are hard times and taking away one of a financial institution’s tool for generating revenue to the benefit of its competitor is not correct and not upright. No industry should be forced to forego revenue to the benefit of a competitor in a market were market conditions should be determined by the market. By restricting their revenue you could potentially make the problem worse.

    September 25, 2008 at 10:15 pm |
  16. june

    We need a taxpayer revolt! Bush and his cronies will make out fine.

    September 25, 2008 at 10:14 pm |
  17. Dennis

    The vast majority of us are responsible,honest citizens acting with a concience in common interest & good.Why bother.If we put off the vacation,keep the old TV and forgo the new SUV because we are responsible and at this moment can't afford them.Then we see the phsycopathic actions of Wall Street and the Banks,why bother?Get every credit card you can,borrow as much as possible,move to the Cayman Isles and let someone else pay my debt.Why not??

    September 25, 2008 at 10:09 pm |
  18. Annie Kate

    My savings is in my 401K and at my age I can't start over. So I really want to see a solution that safeguards the taxpayer's assets rather than Wall Streets.

    Annie Kate
    Birmingham AL

    September 25, 2008 at 10:04 pm |
  19. Bill

    Is 700 billion enough? I expect that in 6 months we will be revisiting this and the debt ceiling will be raised another billion, oh excuse me TRILLION or two. The irony is that lending and bad debt IS THE PROBLEM and Washington thinks the answer is to borrow more and sink America even deeper. And of course Bush played his wild card of all wild cards called FEAR.

    What ever happened to political capital and why wasn't it used to keep us out of this mess?

    September 25, 2008 at 10:02 pm |
  20. Lorenzo

    If I lose my $20K life savings, and some CEO loses $20 million, cancel the bailout!

    September 25, 2008 at 9:53 pm |
  21. Maureen, Newman California

    I think that journalists should be allowed in these closed door meeings.

    September 25, 2008 at 9:51 pm |
  22. GF, Los Angeles

    I'd still like to know how $700 billion can be given to the taxpayers instead of corporations when that $700 billion is coming from us? Each of us would be paying over $2,000 to make up that $700 billion. I keep seeing it posted to take the $700 billion and give it back to the taxpayers. Hellllloooo the government is trillions in debt and doesn't have any money to give back to the citizens.

    September 25, 2008 at 9:51 pm |
  23. Allen Moore

    I think they should scrap the whole so-called 'bail-out' plan as it stands and do what really needs to be done save family homes and repair the economy. Here is a reasonable solution to the 'bail-out' debate. The so-called 'bail-out' should apply only to 'owner occupied' single and multiple family dwellings, i.e., if the 'home' is a duplex, apartment complex, hotel, motel, etc. It would also apply to small 'owner occupied' business property/real estate. Only 'owner occupied' properties in foreclosure or about to be forclosed on would be eligable. The 'owner occupants' would establish a re-structured mortgage with a payment equal to, but not in excess of, thirty percent (30%) of the owner's income for however many years it takes. The banks and mortgage companies are 'on-the-hook' for their sour investments and if they go out of business, that's just business.This type of 'bail-out' would save people from losing their homes and infuse enough cash back into the system to level-out and save our economy. Make it an honest and fair system and it might-well work better than anyone, myself included, could imagine.

    Allen Moore – New Mexico

    September 25, 2008 at 9:47 pm |
  24. Steve - Philadelphia, PA

    I'd just like to add my 2 cents to this debate on the "$700 billion bailout." Hope it helps!

    September 25, 2008 at 9:44 pm |
  25. Thomas

    You know! I have worked hard all my life. So when I retire in 33 years, I should be able to enjoy my retirement without any worry. Well, so much for that. I'm tired of my tax dollars bailing out our Governments mistakes and greed. Who's going to bail me out when I can longer pay my bills? Will Congress draw up a plan for my debts? No, I don't think they will. Funny! Isn't it? It's plain to see who is enjoying life. The wealthy. If you're not wealthy, you suffer!

    Here's a quick fix! You know all those oil and gas companies that profited millions and billions dollars over the past few years? Why don't they donate money back to our Government. Gas prices are only a mere $3.50 a gallon in most states. And how about all these star athelets who make millions of dollars in their professional contracts and shoe endorsement contracts. Why don't they donate back to our Govenrment. They merely play a game anyway. Hey, let's call Bill Gates or Donald Trump. I'm sure they can get the economy back in line. Do it for your Country.

    Thanks for the time!

    Concerned American Citizen....

    September 25, 2008 at 9:42 pm |
  26. earle

    Put on your thinking caps, people. The dire consequences have already been resolved with the fannie mae, freddy mac bailouts,period! It will take the markets some time to digest this mess,and wall street loves to climb that wall of worry.There's no uncertainty in this market, just the politicians(future employment) jobs! Remember this important issue, where they take money from,creates a void in money somewhere else,such as education,healthcare,and housing,etc? Hmmm......

    September 25, 2008 at 9:34 pm |
  27. Lynn X-Dem. for McCain

    Were so sick of the democrats!!! The dem. were the one's in past years giving all the failed loans out to everyone!! Put all the democrats in jail!! Were so sick of Obama we could Puke!! The democrats have been our party for 45 years were put into power of the Congress for the past two years and did nothing!! How can anybody not see that Hillary voted for the War!!! Democrats gave a open check-book for the past two years for Bush!! I Repeat People "Democrats" our wrong!!! Were voting for Mr. McCain and Palin!!!

    September 25, 2008 at 9:26 pm |
  28. Rob

    Being a moderate, I tend to look at both sides equally, and with equal contempt. Obama has no experience and is an ultra liberal. McCain is much more moderate but has drafted and helped pass poor legislation. So in my book, NEITHER of the candidates are qualified to be president.

    That being said, our idiots in congress are about to do it again, shoot the country through both feet and this time when we fail, there will be no recovery possible. This buyout is wrong, financially, mathmatically, and morally. There are many other ideas out there that make much more sense. But as congress always does, it's rushing to a solution and it will be our downfall. Remember, the smartest people in this country do not hold public office!

    September 25, 2008 at 9:25 pm |
  29. Mike

    What they really want to do will make you even more mad!

    The new banks like Goldman Sachs and Morgan Stanley will take the deposits of all the banks that have cheated the homeowners of America with bad predatory loans... And

    The bad mortagages with "toxic" terms will be sold to us the tax payer with the bail out funds.

    Wow !!! the crooks will make money coming and going.

    September 25, 2008 at 9:13 pm |
  30. Craig Sellars

    Of course there is a revolt! The issue isn't about distrust of politicians. It might not even be about political posturing. It may actually be that this is simply, in no uncertain terms, a bad plan – one that will make the economy worse. Now if that's true, or even if its possible, then we definitely need to be having that discussion.

    September 25, 2008 at 9:13 pm |
  31. Ken - Port Orchard, WA - USA

    The bailout is a tripple looser for taxpayers. (1) we get stuck financing the bets financial companies and investors made on foolish loans; (2) Our dollars value continues to fall as we take out more debt without increasing taxes; and (3) We taxpayers are offered no protection via finance regulations to insure this Wall Street game doesn't continue.

    The banks made the bets and lost. If they want to continue to make loans, let them do it the old fashion way. Keep the loans they make. It would mean they have to think they'll make money. Most banks keep 20% down fixed interest loans. If the banks won't make loans, let the Federal Government make loans (like FEMA already does). The only thing really that really failed is the new tools invented to sell loans to investors. It's a tool that should be killed. Media, do your job. Stop selling this sham where the rich rob from the taxpayer and let's get back to basic finance.

    September 25, 2008 at 9:12 pm |
  32. sue

    Why does Pres Bush think that he can get a plan approved in less than 7 days to fix the financial mess, when most Americans have been livinging the nightmare or seeing results of the mess for over 24+ months.
    The Pres & our Representatives have had blinders on for a long time – A Quick Fix -will not solve the problem....there are many issues & they really need to take a good long look & come up with some realistic solutions....Are they part of the solution or the PROBLEM......
    Is this another of Pres Bush – Iraq/WMD Plans........

    September 25, 2008 at 8:59 pm |
  33. David Tidaback

    Why hasn't anyone connected the milti trillion Iraq war debt with the financial crisis? Seems to me that without that debt we would be in better shape.

    September 25, 2008 at 8:54 pm |
  34. B Chapin

    If JP Morgan can buy Washington Mutual for 310 Billion, why can't Wall Street bail themselves out?

    September 25, 2008 at 8:51 pm |
  35. Geojo

    Listening to Sen. Shelby (R) speaking and declaring he is a Republican and won't rubber stamp any proposal for this President
    dealing with the economy crisis, amazes me. Someone needs to
    remind him that the Republican party held the majority in both houses
    from 1994 -2006. and 2001- 2006 they rubber stamped every piece of legislation this President asked for and now it has all caught up with
    them. That's probably is the reason some republicans decided that they were not going to run for re-election in 2006. They saw what was coming. So somebody remind the republicans they put us in this mess. That's why I am switching and voting for Obama. Today McCain showed his real side.

    September 25, 2008 at 8:50 pm |
  36. JR

    I always find it astounding that people don't want to fix something because (a) it isn't their fault and (b) they are angry that it is broken. The fact is that whoever caused the financial meltdown, it is still a meltdown and if allowed to continue it could wipe out much more than the 700 billion (not all of which will be lost in the end) "cost." So those who say no to the bailout are deciding that they would rather commit suicide than fix the problem, because fixing the problem would help those who caused it. I, for one, would rather pay some taxes and help the bad guys a little if it means saving my retirement and the financial system. Maybe people don't believe things are really so bad. Maybe we need to let it melt down til the markets have lost another 20-30 percent, people are panicking and you can buy houses 2 for the price of one. Then, people will wish they had fixed it earlier.

    September 25, 2008 at 8:50 pm |
  37. Butch, NC

    $700,000,000,000 would buy 35,000,000 $20,000 cars and put alot of people to work.

    September 25, 2008 at 8:50 pm |
  38. Jill

    Let us taxpayers spur the economy. Give us the money to bail the people who really need help. The CEOs will just figure out what country to set up their bank accounts in so no one can touch it.

    My house would be paid for – no more mortgage payment, and that'd save me $12,000.00 a year plus thousands of dollars in interest

    September 25, 2008 at 8:44 pm |
  39. John

    William,

    The IMMEDIATE isuue is NOT who caused the problem and figuring out a way to punish the guilty.

    The issue IS, given the current dire situation, how do you now minimize the collateral damage to all the INNOCENT people and businesses.

    Do you really want to cut off your financial nose to spite your face? If you own a home, have a job or invest in a 401K I would be praying some rescue legislation passes SOON.

    September 25, 2008 at 8:30 pm |
  40. Clint Weir

    As a Canadian looking in on the United State's financial dilemma, it would seem to me that any "Bailout" should take the form of "loan guarantees" where every cent would need to be repayed to the American taxpayer, thereby making executive compensation a non- issue. Any monies despensed to the corporate elite should not take place until after the election and the legislation should be accompanied by "lobby reform" and "election finance reform".

    C. Weir, Canada

    September 25, 2008 at 8:24 pm |
  41. James Smith

    If you want to see corruption all over this country look at corporate america, like the trucking business. I am a victim of the trucking business. I know what's going on. I want to be independent because I don't want to be subject to the corruption or at the mercy of these glorified criminals. I am having a hard time getting a grant to start my own truck line and you think I want to bail these corporate criminals out. NO! Try bailing out the American people first with Obama's plan. Create jobs with that 700 billion dollar bailout plan and forgive the debt of the working middle class and poor. If I was president I couldn't possibly do worse. McCain is just a fraud and stand in for Bush who has already ran this country off a cliff. He is making more enemies than a lone man with a pack of lions.

    September 25, 2008 at 8:24 pm |
  42. William

    I am compelled to speak out against this bill to ("Bail-Out"), rescue wall street. Why should I, have to pay for the business failures that others who, are quite possibly, more educated and privileged than I. We worked hard to revamp the welfare system in this country (I agreed). However, this bill is going against everything that America stands for. Where was the help for all those people who lost their jobs, homes, possessions, and families during the last two years? Am I responsible for those who have run their companies into financial peril? Is it fair for me to purchase a product, use the product, then have to pay again for the same product? I am strongly against this bill. This should not be allowed to happen. Where is the help for my debt? Do I get a blank check? America restructured the bankruptcy laws making it more difficult for honest citizens to relieve themselves of unresolved debt. Does this law not apply to wall street bankers? If we give this “Bail-Out” to the Wall Street bankers will we also give the same to the taxpayers? If the average citizen cannot pay their debt because of bad decisions are we allowed to get a blank check? These are a few of the questions posed. We cannot allow this to happen. If this is all about bad debt can we relieve those individuals who have the bad debt? For instance, can the U. S. government purchase those mortgage securities that are considered bad and restructure that debt. Can we as Americans create a plan to meet all these needs without having to give the banks a bail-out?

    September 25, 2008 at 8:07 pm |
  43. John

    I think it is enlightening that John McCain is now aligning himself with the conservative House Republicans who are opposing the current financial rescue and are, in its place, advocating another plan that would be based in the private sector and enabled by further deregulation and removal of governmental oversight.

    Excuse me-isn't such deregulation and lack of governmental oversight EXACTLY what got us into this final crisis in the first place? Additionally, wasn't INCREASING governmental regulation the position McCain espoused just last week (of course, before he opposed INCREASED regulation)? Does this guy have any core values or know exactly what it is he BELIEVES? If so, what the hell are they?

    September 25, 2008 at 8:02 pm |
  44. John Wolski

    I hope the government makes the check out for 700 Billion and some chump change so they
    can pay
    off my debt....Why not just wipe the entire slate clean for everyone...We
    can start the monopoly game over, somebody was cheating! Lets see.... the
    latest legislation proposal is to prohibit golden parachutes for 2
    years....Maybe the CEO's will have to cut back, downsize and sell the condo
    in Aruba. It is clear that the mortgage fraud situation is going to bleed
    over into small businesses, credit card debt, car loans, just about anything
    financial. The plan is a disaster in action already. Greenspan in his
    most common statement said, " I didn't know how to stop it". Well he had
    the Department of Justice to stop it I would think! Let the financial house
    of cards fall, because it is the only way we can start back. The entire
    financial picture is looking too Socialistic for the U.S. flag that I fly! Of course we could always vote in another stimulus package...that worked?????
    Stop it before it gets worse! Once again, the middle lower class will have
    to pay for the mistakes of others. We are the ones who have been charged
    the ridiculous fee's, bank fee's, credit card fee's. One late payment and
    our credit score is sent downward to the abyss of high percentage rates.
    Not fare! It is not a condo in Aruba that the middle/lower class will
    cut back on....it will be food, education and the well being of our
    Children!

    John Wolski
    Wilmington,

    September 25, 2008 at 7:58 pm |
  45. deborah

    THE 700 BILLION DOLLAR ANSWER.....

    Divy it up by however many taxpayers there are. Pay off their debt and give them the rest. Simple. That alone will get things moving again, people keep their homes, they spend money. Everyone is on a clean slate and the world will rest easy and breathe simply. What does that break down to... $400k per taxpayer. It'll go alot further this way then the other. To heck with turning it over to the treasury department. GIVE IT TO THE PEOPLE WHO PAID IT TO BEGIN WITH!! Everybody wins this way and not just a select few. You’re welcome.

    September 25, 2008 at 7:56 pm |
  46. Linda B

    Whether we like it or not, some sort of bailout is going to happen. Let's just hope it is fair to both WE the PEOPLE of the USA and Wall Street. I also truly hope that whoever was aware of this MESS, while it was building over the past few years, will be held accountable and prosecuted.

    September 25, 2008 at 7:52 pm |
  47. Joyce

    September 25th, 2008 7:38 pm ET
    Your comment is awaiting moderation.
    Doesn’t anyone realize that any bailout with “taxpayer dollars” will be borrowed from the Chinese, who already own billions of dollars worth of US Treasury Bills? I for one do not want to give the Chinese any more power than they already have over us for fronting our cost of the Iraq war! This is something no one is talking about — when they say the taxpayers will front the bailout — it is really the Chinese! How stupid does our government think we are? I guess that will be shown when we see the votes for McCain who stood by for 36 years watching us get screwed by our government and the Bush Administration and did nothing to stop it! We cannot survive another 4 years of Bush strategy! Please wake up Americans!

    September 25, 2008 at 7:47 pm |
  48. Jan from Wood Dale IL

    According to Democrats.com, over 100,000 emails have been sent to Senators and Congressmen saying no to the bailout of Wall St. They are also encouraging everyone to call their Senators and Representatives to voice their protest to this bailout plan. I know I have, but unfortunately Obama and Durbin are my Senators and they appear to favor a bailout. My Congressman is a Republican, so maybe I can count on him.

    September 25, 2008 at 7:45 pm |
  49. Guy Pennsylvania

    What party does those CEO belong Especially, the four major company involved with this bailout. this whole thing sounds like bankruptcy. The CEO will still profit at tax payers expense. Will the wall street company become part of the government who can now regulate who to hire, fire, investigate because the company recieves federal funds. This whole thing sounds like unlawful conduct and to avoid messy the people up, comprise must be had. The people does not really know what is going on with Rep & Dem. This bailout to me, I personally would not do. How is it that when those companies see that they are sinking, they do nothing about it. This is not something that happened over night. It just amazing how all these crisis with those institution and war and dem's platform to do for the people now has to change in this election.
    There something else going on and it appears that the financial conditions are being left to the Dem and the Rep do not really want to handle the financial or government problems so they selected mcCain-Palin to lose. Now a black man is put in a position to handle this crisis and if he fails he will be criticized as a black men not fit to run America. Once he has stablized the economy and succeeds despite obstacle that will clearly be thrown his way, someone else will take the credit.

    "we the people" needs to use our computer and research history on major government issues to get a better idea of what is going on.

    September 25, 2008 at 7:45 pm |
  50. christianliberal

    This bailout represents the largest transfer of wealth from the pockets of the middle class to the the wealthiest American corporations in the history of mankind. Along with it goes the power of a select few over the financial welfare of the nation and the world. I just hope Americans wake up in time to see the power grab that hides behind this fiasco. My only hope for justice lies in thinking President Obama will raise taxes on these thieves and elite money changers, so that the taxpayers will at least get a share of their money back.

    September 25, 2008 at 7:39 pm |
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