September 29th, 2008
09:00 PM ET

Evening Buzz: Bailout Rejected

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/POLITICS/09/29/bailout.fallout/art.gop.leaders.ap.gif caption="Republican leaders speak to reporters on Monday after the bailout bill failed to pass."]

Maureen Miller
AC360° Writer

Whoa! My advice: Don't check the 401K plan. Stocks sank 778 points today, the worst single-day point loss ever. Here's another tough reality: investors lost $1.2 trillion, the most ever in one day. The deep decline came after the House rejected the $700 billion bank bailout plan.
How did it get this bad? It depends on who you ask.

Republicans and Democrats are pointing fingers at one another.

It's sorta like when you ask your kids, "Who broke the lamp?" And, each child blames the other.
But, in this case, trillions of dollars are at risk.

Here's some of the blame game for you.

House Republican leaders say Nancy Pelosi, the Democratic speaker of the House, caused the vote to fail. "The Speaker had to give a partisan speech... that poisoned our caucus," said Rep. John Boehner, the House minority leader in a news conference after the vote.

The number-two Democrat in the House, Rep. Steny Hoyer, rejected that accusation as "absurd."

Rep. Barney Frank, the House Democrats' main negotiator on the bill, was even more critical.

"Because somebody hurt their feelings, they decided to punish the country?" Frank demanded, saying the explanation was an excuse. "I don't believe they had the votes. They are covering up the fact that
they don't have the votes," he said.

Do you think the House should have approved the bailout or did it take the right step?
We'd love to hear your thoughts.

Tonight, we'll have all the angles on this ugly day on Wall Street. From the politics to your pocketbook, find out what this means for you and America's economy.

Hope you join us at 10pm ET.

Filed under: Maureen Miller • The Buzz
soundoff (202 Responses)
  1. charles

    i agree w/pelosi. bush failed again. pack your bags and go home pres. bush.

    September 29, 2008 at 10:09 pm |
  2. totally neutral

    ok, 700 billion divided by 250 million, thats 2800 each. Instead of trickling the money down, give it to us, and let them suck it up.

    September 29, 2008 at 10:09 pm |
  3. Mark

    Why is everyone so focused on getting a bailout plan through so that the credit lenders will loosen the purse strings and begin lending again? The answer is right in front of your face! If the credit lenders won’t lend without the 700 billion bailout…GREAT!! Cut out the middle man NOW!! Let the government use the 700 billion to lend directly to those that need it and get rid of the private banks that tack on a few points for their hard work (ha hA HA). If the government starts lending DIRECTLY to those companies that require the funds, they can do so under one condition…NO ONE GETS LAID OFF!!!!!!!!!! and you do NOT need to dish out the 700 billion all in one shot and get rid of the Feds once and for all.

    September 29, 2008 at 10:07 pm |
  4. Joan/ Orlando

    I hope WallStreet can fix this mess themselves and leave the government out of it. However, I am concerned that the outcome would not be pleasant for main street America. I am very concerned because I am apart of main street America, can't afford to buy gas, or gorceries.

    September 29, 2008 at 10:07 pm |
  5. Allan - Canada

    This is not just about the fallout in the US. What about the suffering other countries must endure due to the gross indulgence of the US. We have watched for years the gross consumption in the US and have positioned ourselves to ride out the storm. Why did the US not see what we see in Canada, or do politics mean more than main street citizens.

    September 29, 2008 at 10:06 pm |
  6. Tamara

    Banks refinance personal loans without credit checks; can banks do the same for mortgages? Can mortgages be renegotiated ? Can mortgage companies without appraisal and credit scores take existing mortgages and extend the terms, lower the interest rates, or do anything else to lessen the payments. Many Americans just need a lower payment. The money is already owed so why won't banks renegotiate with homeowners?

    September 29, 2008 at 10:05 pm |
  7. Valorie

    The Republicans have put politics before country. I'm not sure if the rescue plan will save us or not but at least it's a plan we can start with and go from there. Frankly, I think every single representative in congress should have voted for the plan and then went home and told the American people the hard truth: we are in debt up to our eyeballs and we are going to all have to sacrifice in order to make things right again.

    September 29, 2008 at 10:05 pm |
  8. Holly Traister

    Wall Street's CEO's, board members and hedge fund managers should be the ones to pay for the ballout. Can the legislature pass bills that would make them pay back the taxpayers out of their huge salaries, bonuses and gold parachusetts?

    September 29, 2008 at 10:04 pm |
  9. Leslie Taylor

    Excuse me, but since when have we ever paid the debts of gamblers that got too greedy in Atlantic City or Vegas? The bosses there don't point a finger of blame. They BREAK those fingers of gamblers who welsh on their bets. It's a good analogy and the American people are the ones who deserve the well-earned credit of putting our feet down and refusing to "enable" Wall Street. Spare me this hand-wringing. Time to face OUR music.

    September 29, 2008 at 10:04 pm |
  10. kate

    Everyone is talking about how much we lost on the market today – we only lost if we sold today!!!!!! I have my life savings in the market and I have faith that the market will rebound. Everyone TRULY in the market should be in for the long term

    September 29, 2008 at 10:04 pm |
  11. Nicole A. - Indianapolis

    I am not fan of this bailout...but if it's true, that without this bailout the economy will plummet...please tell me that the Republicans did not oppose this bill simply because of a speech made by Pelosi? God help us all!!!!

    September 29, 2008 at 10:03 pm |
  12. Mike

    Where has leadership gone in our country?

    After the failure of the Bailout Bill we all watched our leaders in the House of Representatives act more like children than leaders of our country. I had a flashback to when I was a kid and a bunch of us got in trouble – all I saw were people pointing fingers at who was to blame. I have an answer for all of the, Republican and Democrats. Look in the mirror.

    In addition to my general frustration on the lack of leadership, I have another question – When Israel was attached during the Yom Kippur War, did Israel soldiers refuse to fight because it was a holiday?? Why is it that politicians can take time off during such a serious problem for a religous holiday. What has happened to the seperation of Church and State?? I am a Catholic but if I were part of a business that had a serious event happen on Christmas Eve, I would certainly work through that time to come up with a resolution.

    Can there be a better reason for term limits than the actions of these people today?

    September 29, 2008 at 10:02 pm |
  13. chris

    Boy am I ever glad that John McCain bet his reputation on fixing this economic crisis!

    Let's look at how McCain's fix is going:

    1. cancels his campaign to swoop down on Washington and save the day.

    2. will fix the economic crisis because country first, debates second.

    3. meets with the president and all sides in this crisis – says next to NOTHING

    4. republicans say McCain is vital to saving the plan

    5. McCain leaves Washington to debate Obama, oh yeah, no plan done

    6. returns to Washington after winning debate to fix the plan

    7. leaves Washington to go to Arizona and fix the plan via strategic telephone meetings

    8. this morning, takes credit for the plan before it passes – republicans telling the media that McCain has solved the economic crisis single handedly.

    9. bailout plan fails – dems bring 140 votes, gop brings 65 votes – oops 2 – 1 GOP against the plan, majority of democrats support the bailout plan? Are you kidding me – the democrats put country first and supported President Bush and the Republicans let the bill FAIL.

    10. Republican congressional representatives betray their leader and betray their country – shame on you GOP, you should support President Bush and PUT YOUR COUNTRY FIRST.

    So now it's Obama's fault or the plan was not good for the country, or whatever silly excuse talking points seem to be ok for today. Oh by the way the $700 billion dollar bill FAILURE resulted in $1.2 trillion of lost wealth in the stock market TODAY (and $4.3 trillion since this summer).

    Great Job John McCain! This Conservative feels sick.

    So much for "Country First".

    September 29, 2008 at 10:02 pm |
  14. mario de la ossa

    1. The rejected bailout was so full of loopholes that neither executive pay nor taxpayer equity in the participating companies would have been a reality. Industry specialists gamed the bill and thank goodness a few experts mon the inside saw thru it.

    2. the underlying economic fundamentals are severely deteriorating so regardless of the bill or today's market action, it is clear that the market was heading lower on its own merits. Thanks, Mario.

    September 29, 2008 at 10:01 pm |
  15. Melanie

    I cant understand why they even wanna pump the money back into the companies that are part (just one part of course) of the cause for all this mess..why dont they put the money in the hands of the American people and let us decide our fate..instead of our crooked greedy politicians. And then the whole blame game thing just cracks me up they are ridiculous..then they are gona take off a few days and meet again on Thurs...so they will all be vacationing in Marthas Vineyard while the country falls apart.

    September 29, 2008 at 10:01 pm |
  16. Ron , West Coast

    Leave it to those republicrooks to gum up the works .... they say the reason two thirds of the republicrook congress voted against the bail out is because Nancy Pelosi hurt their feelings......
    Well , I guess the crooked republicrook leadership actually wanted the bailout to fail , to put the blame on the democrats . But the public wont buy that.... We all know who controlled the white house and both houses of congress for six of the last eight years. Not to mention the republicrooks prior to the last two years , controlled both the white house and both houses of congress for the past twelve years !!!!!....
    Before the vote was taken . John McBush held a news conference , proclaiming victory , and taking credit for the bail outs passage .....
    Well there goes John McBush`s " temperment , and judgement " again... Then had the nerve to charge Obama with standing on the sidelines and doing virtually nothing to help the process along...
    seems to me John Mc Bush should have done what he accused Obama of doing....

    September 29, 2008 at 10:00 pm |
  17. Sal Trabanino

    I also do not buy the notion that Nancy Pelosi is responsible for the failure of getting the Republicans to pass the bill. Her comments were totally unnecessary and partisan at a time when we needed unity. But that is not the reason why this bill did not go through.
    It didn't go through because of the irresposible attitude of 228 congress members who were thinking only about number one: themselves and their re-election.
    These people have our blood, sweat, and tears on their hands, and they should be held accountable on election day, regardless of what happens in the coming days.
    New Orleans

    September 29, 2008 at 9:57 pm |
  18. Rachael

    What if the governement gives each tax payer $20,000. Those being foreclosed will have enough money to bail themselves out. Those not in trouble will spend, save, and invest. The money will reach the banks and stock markets after we get a chance to spend it first. That is the Free Market way. If you’re going to inject money into the economy, inject it where the pain began. Nobody threatened a government takeover while people were losing their homes, it was only after banks and stocks fell. It started at the bottom, with the people. If we have to pay for it, we should get the chance to spend it first. The banks can refinance those bad mortgages to keep people in them, especially if those people have $20,000. Those of us who didn’t get into the mess are rewarded, and we in turn grow the economy. Republicans save face for using the FREE MARKETS to cure the problem. Some banks will fail, some will prosper. Its the way it is supposed to be. For Republicans to sign a bill that nationalizes our markets, increases government and spending, and increases taxes, it goes against the entire party philosophy. For Democrats, voting to put money in the pockets of the people helps them. For the Republicans, the rich get richer. Its a win win!

    September 29, 2008 at 9:57 pm |
  19. supernovadr

    In 1933 deposits were ensured to $10,000.

    In the 80's it went up to $100,000 and $250,000 for IRA's

    It isn't hopeless, I just don't know what we can do to help.

    September 29, 2008 at 9:55 pm |
  20. Leslie Taylor

    Pay attention, people. The American people have told Washington that there are no bail outs for Wall Street fat cats. The average person has little to NOTHING invested in the gambling and gamblers of the stock market. We will not save them unless there is a good faith effort to save us. Credit companies must zero out their demands for interest rates, mortgages must be forgiven to the point that homeowners can catch up and pay only on the principal, and not another penny will be borrowed from foreign countries. You know, we regular people try to live within our means and do without basic needs just to get by. Pull the strings off of the "golden parachutes" and turn that money back into our pockets. My answer to this market crisis is "LET THEM DIE!!!"

    September 29, 2008 at 9:55 pm |
  21. john

    the consumer credit rating field needs to be leveled. that way decent interest rates equals decent house payments which equals stimulation of the economy. if these banks were not allowed to set these outlandish interest rates there would not be as many foreclosures

    September 29, 2008 at 9:54 pm |
  22. Janet & Amnon

    It's common sense time. Having Washington politicians anoint themselves as the best group to draft an emergency economic plan is like having the foxes manage the hen house. If we need medical attention, we call a doctor. If the dog is sick, we call a vet. When the economy is in turmoil, we call the politicians? Really? When are they going to consult the economic experts? We should take the most brilliant economic professors and have THEM come up with a plan that will truly make sense in the short-term and long-term. If they say, "No bailout. Let the institutions suffer the consequences and let the market find it's equilibrium, " that's what we should do. In this global economy, European economists should be a part of the think tank we need. Here's the rub that makes us feel we need a bailout: American workers have been influenced to get the mental buy-in for 401(k) plan mutual funds. Now, if the failing institutions go down, many of us go down. However, we seriously need to consider how the entire nation will be tied at the neck with a cinder block and tossed in the sea with a multi-billion dollar bail out. We call upon the American public to push for a team of economic experts on this issue. One more thing, since our economic ship is sinking, we (my husband & I) think the Captain (Pres. Bush) should go down with the ship and resign. After all, squandering a $6 trillion dollar surplus is every bit as scurrilous as getting serviced in the oval office.

    Janet & Amnon

    September 29, 2008 at 9:52 pm |
  23. Peter Gallagher from IL

    How about this. Instead of giving our money to the companies, give it back to us. If the government were to give back the 700 billion dollars evenly to every american over the age of 18, we would all recieve roughly $460,000. No lie. This would allow people to pay off their credit card debt, mortgages, buy new products, afford college, BUY houses, buy new cars. It would save these companies who did a poor job, and make americans richer and happier. But we all know that neither party will do it because who ever heard of giving the power back to the people. They are affraid.

    September 29, 2008 at 9:52 pm |
  24. Annie Kate

    I think Congress should have passed the bailout but it doesn't surprise me that the GOP voted against it – unless they see a benefit to the rich fat cats that support them they are never for anything that will benefit even indirectly the average citizen. The ones that voted against the bailout today were completely irresponsible. Now that they have voted against it, if we fall into Depression do they have a plan for how to get us out? I thought not.

    Annie Kate
    Birmingham AL

    September 29, 2008 at 9:51 pm |
  25. Jenny

    In order to stimulate the credit markets and get people spending, how about paying off consumer’s credit card debts?

    September 29, 2008 at 9:49 pm |
  26. Brenda Harris

    Mcsame and his republican games players are doing another one of their numbers on us. Lets just play the game. and when we kick them out on November 4th, we will show them who playing who.

    Forget the bailout Fat cats will come up with something. They can't get rich without little people pushing funds their way. They are just cutting up. We are the ones who provide the slave labor that makes them rich. We live on not much all the time so just sit back and chill it will be alright. AMERICA
    From the Give us the BILLIONS Campaign

    September 29, 2008 at 9:46 pm |
  27. Kevin E

    Let's make it simple. what got us into this mess is the difference between "NEED AND WANT".

    September 29, 2008 at 9:46 pm |
  28. Monika

    Wealth doesn't just disappear – it gets transferred. So to everyone who lost their investment today: Just follow the money trail and you'll find out who has your money.

    September 29, 2008 at 9:45 pm |
  29. Kevin

    Why hasn’t anyone proposed this bailout option or a hybrid of it?

    Why don’t they just slash what people own on their mortgages (acquired from 2003-2008) across the boards by 30% thus decreasing mortgage payments for many (and taxes), which in turn would put more money back in the economy (less foreclosures) as people would have disposable income again and money to pay their mortgages. This is what I would call a “trickle up” approach and would assist those who are in dire need now.
    And then the banks could absorb the 30% hit to them on the mortgages that they should not have extended credit to in the first place. This would allow for the decrease in home prices to be more tolerable and fair and close the gap between what people paid for homes and what they are worth. It would also help the banks to the extent that they could have fewer future forclosures possibly.

    September 29, 2008 at 9:45 pm |
  30. Richard

    Tell us why this won't work?

    I'm against the $85,000,000,000.00 bailout of AIG.*

    Instead, I'm in favor of giving $85,000,000,000 to America in
    a *We Deserve It Dividend*.

    To make the math simple, let's assume there are 200,000,000
    bonafide U.S. Citizens 18+.

    Our population is about 301,000,000 +/- counting every man, woman
    and child. So 200,000,000 might be a fair stab at adults 18 and up..

    So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

    My plan is to give $425,000 to every person 18+ as a
    *We Deserve It Dividend*.

    Of course, it would *NOT* be tax free.
    So let's assume a tax rate of 30%.

    Every individual 18+ has to pay $127,500.00 in taxes.
    That sends $25,500,000,000 right back to Uncle Sam.

    But it means that every adult 18+ has $297,500.00 in their pocket.
    A husband and wife has $595,000.00.

    *What would you do with $297,500.00 to $595,000.00 in your family?*
    *Pay off your mortgage – housing crisis solved.*
    *Repay college loans – what a great boost to new grads*
    *Put away money for college – it'll be there*
    *Save in a bank – create money to loan to entrepreneurs.*
    *Buy a new car – create jobs*
    *Invest in the market – capital drives growth*
    *Pay for your parent's medical insurance – health care improves*
    *Enable Deadbeat Dads to come clean – or else*

    *Remember this is for every adult U S Citizen 18+ **including the folks*
    who lost their jobs at Lehman Brothers and every other company
    that is cutting back. And of course, for those serving in our Armed Forces.

    If we're going to re-distribute wealth let's really do it...instead of
    trickling out
    a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by
    one of our candidates for President.

    If we're going to do an $85 billion bailout, *let's bail out every adult U S
    Citizen 18+!*


    September 29, 2008 at 9:43 pm |
  31. shannon

    Naughty, Naughty on Nancy Pelosi.

    As a stay at home mom, even I know to not even take a vote about selling wrapping paper at a fundraiser until I know I have the votes in the affirmative.

    September 29, 2008 at 9:43 pm |
  32. Natalie from Atlanta

    While I'm pretty P-Oed at paying for other people's mistakes (Wall Street, Republicans and greedy consumers who had to have "more house" to keep up with the Jones but couldn't pay their bills) by rejecting the bailout, I'll be paying an even higher price. I had long kissed the idea of ever receiving Social Security goodbye (even though I continue to pay for it) but the idea that my dilligent investing and saving bottom line is reduced now to practically zilch makes me furious. What am I supposed to do now? Who can I trust with my very hard-earned dollars? I am beginning to believe that my great granny was onto something: just stick it under your mattress. But hey... by all means. Take your time coming to a decision until everyone has a warm glow and looks good on Election Day. It's only my money. I can make more dollars ... or can I? And what will that dollar be worth?

    September 29, 2008 at 9:43 pm |
  33. Phillip

    I'm not an expert on economic issues but it seems to me that everybody is missing the big picture. This narrow focus on this bailout by the media is taking the discussion away from what it should be. Our economy has reached a point where we can no longer ignore the fact that it isn't working. More and more people have been losing their jobs to companies downsizing and taking jobs over seas. We ignored it. We let our politicians protect the wealthy while talking of helping the poor. We ignored it. We over extended our military and strained our economy. We ignored it. Let our education system fall apart and We ignored it. We have ignored most of the problems in our society because they don't seem real until they happen to you and then its to late. Now its to late. People are isolated from each other in competition and fear and we are not actively involved in the running of our country. Bailout or no bailout people need to wake up and get involved everyday. STOP LETTING OTHER PEOPLE THINK FOR YOU.

    September 29, 2008 at 9:39 pm |
  34. Judy Nieukirk

    These politicians love the coverage you are giving them. Why don't you spend the next few days covering acts of kindness around the world – or something other then the bailout and the political scene.

    I'll bet all involved would come to the table pretty quick if they knew there would be no coverage of them until they reached an agreement and crossed party lines to do so. Sort of like telling a child no TV or computer til he/she tells the truth.

    September 29, 2008 at 9:38 pm |
  35. Corey

    What we are seeing here can not be blamed on Wall-Street or legislation passed by any political party. It is the fault of two concepts that are more important than any other issue we face – globalization and carrying capacity. 1.Globalization: Our relative worth as skilled people is declining in comparison to other countries where people skilled in the sciences, economics and business will do more for less. 2. Carrying Capacity: There are more people competing for less and less resources. The current predicament was caused by these two concepts and denial (we made money too cheap), but this market adjustment would have come along in one way or another.
    Short Term Solution: Get the market moving with the bail-out.
    Long term solution: Increase our relative worth by investing in education, and know that an economy based on renewable resources will be the most valuable asset.

    September 29, 2008 at 9:38 pm |
  36. Heather,Ca,US

    First Im strongly considering voting as a Ind this election. It's clear we have nothing more than self serving politicians than politicians wanting to serve the greater good for the solvency of the economy. This mess is so very complicated and big in severity. I have no desire for my tax dollars to be used to bailout homeowners who lied about their income on a loan application. You cant have something for nothing. If a business engaged in fraud they shouldnt be bailed out. I guess Im having mixed feelings. Plus the idea of my tax dollars being used for something that I dont approve of I dont like. I want laws written banning subprime mortgages and I want all people who put them through to go to prison and not be rewarded by me. We are looking at rewarding fraud in all sectors of our financial institutions. The ultimate results of the FBI investigation will come to late and after the fact. Everyone needs to be punished not rewarded. And Acorn who pushed these subprime mortgages needs to be investigated by the FBI for fraud. This entire thing is shameful. I do not blame Bush. I blame Acorn and the creation of the subprime mortgage followed by deregulation with Pres Clinton and a Rep congress in 1999 followed by Fannie and Freddie and 9/11 which led to a preemptive over corrective measure by Greenspan lowering interest rates to a record low and record houses being built and housing prices hitting the sky and people using them to get heloc's for everything from plastic surgery to remodeling their home to paying off cc debt and people having multiple homes. All betting on a house and even wall street. Its a mess that most dont really understand the complexity and severity of all of this. The worst is that it has crossed the wires to other countries and their markets. Its all shameful. We stand for life libery and the pursuit of happiness now this. Im not a economist but I do know that the old saying if something seems to good to be true it probably is. Well betting on your homes value is not good. Nothing beats at the end of the day hard work. Maybe we all in a way are responsible for this mess.

    September 29, 2008 at 9:35 pm |
  37. Byron in Utah

    I think this is somewhat like taking a swim through a murky pond filled with piranhas. There is no way to get to the other side without losing a little flesh. Since the presidential election is at stake as well as numerous other re-elections in the house and senate, this moment in time for many involved is quite precarious. The public, the left, the right, as well as the press essentially equate to being the piranhas. The left, the right as well as the presidential candidates equate to those crossing the murky pond. All involved must cross but the goal is to push the opposition back into the murky waters. If done correctly and with impeccable timing the greater loss falls upon the other side and become the main course for the feeding piranhas.

    September 29, 2008 at 9:35 pm |
  38. Tony

    This may sound crazy, but I'm still not convinced this bailout is even needed. The basis for it is the "credit crunch" which will supposedly bring the economy to a screeching halt. Where is this crunch? Who is affected? Within the last week, my brother just got an equity loan on his property in Colorado (they were eager to lend) and a friend just financed a new car. Am I missing something?

    Yes, I understand the banks are imploding, but they are being taken over by healthy banks. This is the market in action, with a little grease from the FDIC.

    Who is impacted by this "credit crunch"? I've been following this like a hawk and have seen no specific examples of the impact. Companies? People? Obviously subprime borrowers are unable to borrow bailout or no, but who else is affected?

    To me this is the American public once again being manipulated and scared into supporting something that is unnecessary.

    September 29, 2008 at 9:33 pm |
  39. Kenan

    America needs a financial diet! Quit overspending, everyone! Forget Wall Street or Congress...they can't save us, and wouldn't if they could. Forget whomever caused this mess...let's take personal responsibility for fixing it. Live within your means, even if it means giving up some luxuries. If it means giving up "essentials" (food, water, shelter), then hopefully friends, family, neighbors, community groups can help. We've been through worse but we made it because we worked together. This 50/50 thing can't last if we want to last. Let all Americans toss both the Republican and Democratic parties out the window...they only exist to serve themselves. They've brainwashed us into thinking we have to join one "team" or the other. From now on, there can be only one team and they aren't on it...We are America.

    September 29, 2008 at 9:32 pm |
  40. Bob, Factory worker

    I think it was a poor job of the Republican house members to inform the people of their district that if this bailout doesn't happen, then they may not have a job or be able to get loans from a bank. They didn't hold up their end of the bargin as Congressmen and women to tell their people the truth.

    September 29, 2008 at 9:31 pm |
  41. Ellen Addison

    The real story is that our politicians are more concerned about trying to sway the results of the 2008 election than they are about the future of our country or the people they represent.

    September 29, 2008 at 9:31 pm |
  42. earle ,provincetown

    1st) Typically the average house has lost 60% of it's value, even though the sum of the parts are now worth more than the whole. 2nd)The average homeowner who bought investment property,rather than putting his/hers money into a,Mutual Fund, 401k ,etc.,not trusting "Wall Street" from the get go, now see their life savings(alternative investment) literally going down the sewer with foreclosure proceeding, because," guess what",you couldn't even refinance "Two Years Ago"! This is not a subjected/personal opinon ,because I don't give a dam if wall street fails, congress( and these lifetime politician's) had sold this country down the river along time ago!!! In a sad revelation we all reaping our own complacency, "Five Fold"! P.S. No Bailout, Please, listen up,no bailout !

    September 29, 2008 at 9:30 pm |
  43. Monika

    I am glad that this bailout was not passed today. I cannot wrap my head around this obscene proposal by the Fed. Now there is a chance to come up with something better. Why people who have been working hard their whole lives and saving every penny and playing by the rules should bail out the bankers and corporate fat cats is beyond my comprehension.

    I just heard on "60 Minutes" last night that somebody discovered e-mails of these wall street crooks which they sent to each other 2 years ago, saying something like, "I just hope we'll be wealthy and retired when this all blows up." Personally, I think that these people and others who are behind this foreseeable fiasco thanks to their insatiable greed should all be convicted of treason and terrorism and spend the rest of their miserable lives rotting in prison. And the government should seize all of their assets, like they do with drug dealers, and return the proceeds to the honest taxpayers and those people they ripped off. This is the only bill I would vote for and welcome.

    By the way, the people who should have seen this coming but did nothing about it until now (like the Fed) should be put away for good as well. They are just as guilty.

    I'm glad that Congress didn't fall for the scare tactics this time like they did when they approved the Iraq war. THANK GOD!

    September 29, 2008 at 9:27 pm |
  44. ben routledge

    Just a question from one of your neighbours up north. If you took all the people in the US that had one million or more in their bank account out of the equation. Then took all the rest of the people and paid off their personal debt would it equal or be less that $700 billion.
    Even if you paid off their mortgage or if they didnt have a mortgage their credit card debt would it be more than $700 billion. My guess is that it would be very close if not less. This way the people would benefit directly from this proposed bill instead of the few at the top. Perhaps this should be researched more closely. Or mabey the few at the top would prefer us not to raise questions regarding their bailout.

    Ben R

    September 29, 2008 at 9:20 pm |
  45. Paris Long- Pennsylvania

    I think that the house republicans are more concerned about their political future.... the bailout became unpopular and they wanted to make sure that they did not favor a controversial bill come election time. I believe the market plunge spoke to what our economy needs; popular or not, a bailout is in order.

    September 29, 2008 at 9:19 pm |
  46. Adam

    I'm glad the bailout failed. I was raised that you punish those that make bad decisions and reward those that made good ones. For Pelosi and Franks to make the comments they did was absurd. It may not have made the republicans voting on this bill mad but it sure made me mad. The capitalist market we have will do just what I said. reward those that made good decisions and punish those that made bad ones. Times are hard and have been before the crisis but we will survive like always.

    September 29, 2008 at 9:14 pm |
  47. beartrack

    This bill, in it's present form, will never pass if these people in Washington listen to the voters/taxpayers. We actually do understand the severity of the situation and, we also know who is responsible. We want our pound of flesh from the Wall Street/Corporate Fat Cats and DC lackeys. When a proper bill come forth that gives us that, it may have a slim chance to pass. Don't you get it–We're pissed–enough !

    September 29, 2008 at 9:12 pm |
  48. Nekol D,Lake Havasu City AZ

    I think part of the problem is that really no one has a grasp on this thing and what will really happen , so no one wants to take blame... I think if they knew the "rescue" would work there would be no debate here. I completely agree Brad to raising the FDIC... it seems there are alot of things that could have been done before this happened if anyone would just stand up and say something. I think We The People can handle whatever comes our way, but knowing about it upfront would help.

    September 29, 2008 at 9:12 pm |
  49. Patrick Dearborn, Michigan

    Consider this; Senator McCain flew to Washington to ensure that the bailout bill was passed, and even with that attempt at persuasion his subsequent inability to rally Republican support demonstrates how little that even members of his own party respect his leadership.

    As if avoiding accountability wasn’t enough, Senator McCain injects politics by blaming Senator Obama for the demise of the bailout bill, and insults our intelligence by thinking we are moronic enough to believe his antics.

    Shame on our ELECTED officials, regardless of their party affiliation, for not showing the courage to vote for the only hope that mainstreet America has to make a living and keep their nest egg alive.

    McCain has succeeded in turning this independent voter into an avid Obama supporter. I am LIVID!!!

    September 29, 2008 at 9:10 pm |
  50. Brad Hurst

    Why has there not been any push to raise the FDIC coverage from the level set in 1930s at $100K to something that makes more sense for the size that our economy has grown to at this time? Maybe raise it to $1Million so that companies will keep their corporate checking account balances higher. This would provide the liquidity that the banks need to be able to lend out and correct itself in the short term. Regulations need to be set so that this does not happen again also.

    September 29, 2008 at 9:05 pm |
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