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. chuckin cda

    This is clearly a political move by the Republicans who are trying to get back winning the majority votes come November.They want pay back remembering the Democrats had their measure for the past two years. The Republicans know they are going to loose the Presidential elections so they are fighting for their lives like a drowning person.Shame on John McCain who to my surprise is blaming Obama for the Bailout Plan failing yesterday.McCain has shown that he is not the guy that will say "i'm sorry,i made a mistake" bearing in mind he closed his campaign to return to Washington to get the plan approve .It's time for the Republicans and John mcCain to shut-up and get the the job done. America--–What has George Bush done for you in the last eight years?

    September 30, 2008 at 9:30 am |
  2. Bob T

    On AC360 last night, I heard much talk about how Congress has failed. I think many around the Country view Congress in the light that they succeeded! This bill was ill-conceived with half baked solutions, it did little to protect the consumer, it did little to make changes and control companies that are bailed out, it did little to take majority ownership and clean house, it did little to cut and/or fire upper level management. If I purchased a company that was distressed and close to bankruptcy I would clean house and install new management where needed to turn the company around. This bill had very little common sense and again, did little for the consumer. Trickle down economics such as this bill is, is more of the same. I have had enough of this President and his cronies robbing us blind…..can I make it any plainer than that?

    September 30, 2008 at 9:04 am |
  3. debbyarr

    I think the reason the vote failed is because of the media. The media keeps calling it a "taxpayer bailout of Wall Street" when it's not that simple. All of America hates the idea as described by the media but they haven't been told all the facts. The politicians in Congress are acting like politicians and not voting for something that the country needs because they're afraid of not being reelected. If something doesn't pass, it's going to be a black Christmas because stores won't have the credit (money) to buy their Christmas stock which is what a lot of stores depend on to stay in business all year.

    September 30, 2008 at 9:00 am |
  4. Rose Wapenski

    Does the taxpayer get saddled with a $700 billion debt for generations if the bailout fails? If it fails then what happens?? Does Wall St. continue to ask for more money??

    September 30, 2008 at 8:52 am |
  5. Guillermo Castanon

    I have said to my friends since 9/11 that the real terrorists are not those that kill us and get it over with in a hurry. Since I consider myself a good christian. The real terrorists are those who have the power to make us poor, beg, and hope that the govt. will have a handout after all of our means of sustenance have been depleted by those individuals who plunder our retirement funds, or investments or savings. Those who take away our means of survival in a humane and civilized way. Those whose greed know no bounds and whose butt don't get in trouble because of deregulation. We continue to think that big business will take good care of us because we have invested our lives helping them get were they are as workers or consumers, but, once again we forget that our human nature is such that we need to be checked and balanced by something or someone.

    September 30, 2008 at 8:36 am |
  6. Vikki

    What Nancy Pelosi said was the TRUTH. You cannot pass an absurd bill like this without making laws and regulations so that something like this does not happen again. Apparently, within this bill, all it was going to do is bail out Wall St., with no changes other than a blank check....She was trying to put forth some responsibility and people are slamming her for it? Why is it as soon as someone speaks for the people, they are "partisan" and should be ridiculed and put to shame?

    I am happy Wall St and the rich are finally feeling the wrath the American people have been going through...to finally know what it is is like to wonder where your next paycheck is coming from, to slowly watch everything you have worked for disappear... to watch their lives and money spiral out of control.

    Give the money back to the American people, not Rich st! They don't need this money, the American people need it! Where's our bail out plan? When do we get saved from the government?

    September 30, 2008 at 8:08 am |
  7. Jeff Hildebrand

    When it comes time for me and my children to repay this "rich get richer" bailout, WE're going on vacation.

    September 30, 2008 at 8:04 am |
  8. derek duvall

    Democrats, don't give in. Lending money to wall street is not the answer. Borrowed money is part of the problem that put our economy in the state it is in. Come up with a trickle up proposal and the people will back you all the way to the bank, if they are still open. Derek Duvall.

    September 30, 2008 at 7:38 am |
  9. Steph

    For you all people out there who have actually convinced yourselves that the NO vote is a Republican tactic and all about the election, try reading something other than the liberal blogs you are addicted to. Did it ever occur to you that they voted no because that's what their constituents want?? We don't want Wall St. bailed out – they made the mess – let them suffer the consequences. I don't believe for a minute that these companies failing is going to affect me – it's just going to continue lining the pockets of the greedy crooked Wall St. fat cats. There's a saying out there in the world of drugs and money laundering and weapons sales - FOLLOW THE MONEY. The trail will always lead you to the guilty party. Follow this trail and you'll see that this all began when your beloved President Bill Clinton started pushing financial companies and Wall St. execs to make more loans to low-income minorities. What did you expect from a no income verification loan???

    September 30, 2008 at 7:28 am |
  10. Al

    Its ridiculous that we are even talking about a bail out of Wall Street investors...That's like giving a gambler his money back when we find out he's lost it all at the track...Nobody forced anyone to put their money in bad investments so why should I be forced to pay for their mistakes. Blame the failure of the resolution on anyone you want, maybe President Bush for that lame speech on how bad a shape we'll all be in if not pass(we're already in bad shape),maybe Congress(of course they couldn't even bust Roger Clemens), maybe Pelosi(for telling the idiots in the House just what they needed to hear), or maybe me and the rest of the civilized world for not being so darn stupid.

    September 30, 2008 at 6:05 am |
  11. Crystal Banman

    I am a Canadian and I have something to say. I feel as though this is a game of chess not checkers. In my opinion I feel as though OUR foes were not only waiting for this to happen but they knew this would happen.

    September 30, 2008 at 4:47 am |
  12. Mark Goldendale Wa

    I can't understand how one person can change a house of many. These goverment reps. have been arguing on this bail out plan and now they she made me do it . Bull , Most of us I hope do have brains.

    September 30, 2008 at 3:45 am |
  13. Brian

    This is the second time a small group of Republican house members has derailed the bailout package, and their leader John Mccain is snickering over in the wing, thinking he'll swoop in as president and straighten this Bush mess out like some knight in shining armor. If they truly felt they were right, you'd think they'd be proud to say it out loud, but none of them have the guts to stand up and admit what they did. Everyone, including the Republican leadership, said they had the votes, so I'm sure these house voters did say they would vote yes and then voted no. There is a record, I feel that the record of the votes should be shared so we know just who to thank for possibly crippling our economy. They showed absolutely no leadership, and now they leave town and go back home wanting to be re-elected. What a farce this political process has become.

    September 30, 2008 at 2:59 am |
  14. Yvette Lagura

    I am the original owner of my house since 1986. I refinanced in 2005 and now the lender has gone bankrupt. A Servicing Company is still collecting my mortgage payments. When I requested over the telephone "Who is holding my note?" The customer service representative replied, "I am not privy to disclose that information. Even if you put your request in writing, there is no gaurantee the information will be disclosed." Where is my note payments going to? The servicing company do not hold a copy of my contract. I am current on my mortgage payments. The servicing company has sent me a threatening letter on the subject of foreclosure. They do not have the power to do that do they? They are not a lender or mortgage company. Please help me. New Century Mortgage defaulted on my loan.

    September 30, 2008 at 2:52 am |
  15. Tiffany

    Wall Street Bailout Suggestion: This morning a viewer presented a new idea to help the economy......Our government wants to give 700 billion dollars to wall street and have tax payers pay the price. Why don't they give every tax paying American a one million dollar stimulous check out of the 700 billion? This would only be 300 million dollars. Then require each tax paying American to pay off debts ie..mortgages, credit cards, etc. In addition, they would have money to spend (which would stimulate the economy) and money to save & invest which would help the banks and wall street. The viewer who presented this was a genious and I don't know who he is. I would vote for him for President!

    September 30, 2008 at 2:43 am |
  16. Goose, Tucson, AZ

    Mr. Anderson why are you pushing this bail out? I moved my 401k investments out of stocks back in November of 2007. Why, well that's when the housing market problem started to appear in the headlines. Guess what my loss so far has been minimal. I have kept a small amount in short term investments but mostly no stocks. Yes the stock market has lost $1.2 trillion but we need this correction. I don't believe its a correction until we see the DOW in the 6-8 thousand zone. Let the market correct itself. Once the carnage ends congress should passing the appropriate regulation followed by job creation stimulus like infrastructure repair/upgrading.

    September 30, 2008 at 2:22 am |
  17. Mary

    Do we forget how dynamic markets are? While it's obviously a huge loss today...the bigger question is where will we be in a day, a week, a month or 2 years?

    Why is American obsessed with government "solving" everything? It makes me nauseous. What ever happened to empowering individuals to take responsibility for their lives.

    If government hadn't mandated financial institutions to give loans to unqualified people, we wouldn't be in this mess. Now we've got to allow the markets to correct. It'll take time...but, in the end, we'll be a stronger country for it.

    September 30, 2008 at 2:22 am |
  18. Doug DeFrain

    We need more good paying jobs. Not a bailout. Thanks to NAFTA.

    September 30, 2008 at 2:20 am |
  19. Teddy Ramos

    What happened to that favorite slogan " United We Stand, Divided We Fall" Our Country first before their congressional egos!

    For the meantime, the country's swimming on mud while they're all gone on vacation!

    September 30, 2008 at 2:17 am |
  20. Eric

    Why is the bailout focused on giving away money. Why not offer the money as loans and let the banks figure out how to ride the storm and correct the situation? Although the final cost may be the same, at least I find it palatable.

    September 30, 2008 at 1:51 am |
  21. Yancy

    Anderson, a new organization needs to be created with staff to track and report to the taxpayers via a website how the money will be spent. This site should have line item details and updated twice a month. This new organization should be charged with overall accountability, governance, and have authority to ensure that all goals/deliverables are met. Finally this team needs to work at all three levels: local, state, and federal.

    September 30, 2008 at 1:47 am |
  22. Joe

    I feel, all the politicians need to be reminded on what their jobs are. President Bush needs to make the correct address here and force the people to see the reality of this huge catastrophe. If the general public does not understand this bailout plan, then it is a failure to begin with. Politicians need to look at history and see that Franklin Roosevelt changed a lot about this country because he could see that it takes extreme measures to help balance out extreme times. We, as a country, need this plan to pass and be enforced immediately.

    September 30, 2008 at 1:43 am |
  23. Michael

    Anderson & Suze,
    Should the FDIC and Congress investigate the accountability and make them more transparent, the actions of Barklay's Capital, Goldman Sach's nd the relationship of Paulsen Jr. & Sr. Copensations are questionable and probably culpable.

    September 30, 2008 at 1:41 am |
  24. lorraine

    Anderson fact checks are good but, both should get credit i have a list1/Who was 1st. to call the coruption on wall st. and washington.
    Mccain or Obama 2/ who got more money from morgage co. (earmarks) Dem. or Rep.? 3/ who first asked for regulation on freddy and fanny Obama or Mccain? 4/ Who is playing more dirty politics & using this CRISIS for political gains look at speaker Pelosi and Barnie Franks, I actually was a die heart Dem. until this election even Chris Rock was nasty about the Clintons if any other Rep. was running I probably wouldn"t vote but despite the garbage dems. are trying to dish out I;ll vote Rep. for the 1st. time in 40 yrs.
    New jersey

    September 30, 2008 at 1:35 am |
  25. Wendy Willis

    Why do they keep calling this a bailout? This is why I think the average american is not getting this. This is not about Wall Street . This is about me the small business person who wants to open a new business and hire people. Who also at the same time wants to but a house. I was waiting for prices to go down,.. Then Reps cut off my dreams and those of so many of us. Hurting in my heart and in my dreams!
    Wendy in Hawaii

    September 30, 2008 at 1:32 am |
  26. Michael (Bellevue, WA)

    Anderson, how dare you side with the fatcats in saying that The House did not make a decision in the best interests of The People?

    I strongly disagree. We the voters do not want this bailout IN ANY FORM. As with the post-911 bailouts, this kind of corporate welfare helps the big players and does ABSOLUTELY NOTHING for small businesses like mine.

    I say "let it burn". I don't care if I lost money on my 401k today! I don't want the government to mortgage my future because I have no confidence in them to do anything other than make a meaningless short term fix and waste my tax dollars. You cannot push water uphill. Let capitalism run its course and, even if it takes 10 years to recover, do it by itself and not under the central control of an incompetent but supposedly benevolent dictatorship.

    September 30, 2008 at 1:28 am |
  27. David Hill

    So George is going to speak to the country again Tuesday morning. I'm sure, as he always does, he'll have some infinite wisdom to share with everyone as to how he and his buddies are going to fix everything, if we'll just "trust them"!!!
    After seeing his address to the nation last week I tripled my anti=depression dose! I don't think I can listen to that moron again without stronger medication!
    George, please go away. Take your crayons and your building blocks, and go play and try and not make things any worse with your doomsday scenario.
    Good on the citizenry for collectively standing up to these self-serving politicians and blocking this ridiculous "bailout" plan.
    Get rid of all the incumbent cretins in Washington on Nov. 4th, and start with some new blood that just might have the average joe's best interests at heart!
    IT'S A PRETTY SIMPLE THING REALLY, ONE THAT HAS BEEN THE MANTRA OF ECONOMICS FOREVER. "DON'T THROW GOOD MONEY AFTER BAD" Especially when you haven't got any to throw in the first place!!!

    September 30, 2008 at 1:26 am |
  28. Lauren

    The House did the right thing. Giving the people who caused this mess in the first place $700 billion is like handing your house keys to a thief. Wanna hear my personal theory on all this? Accountability. Make the firms and their freedealing executives who made the mess clean in up, or else face life in prison. And why not! Making a buck while selling America out is to me, treason And next time, Uncle Sam needs to regulate the housing industry a LOT better. But society as a whole has to share in the blame a little, too. The war was just an excuse for all our attention spans to go out the door, while the economy twisted up in pretty knots. Didn't we learn anything from the Clinton blue dress scandal? Tsk, tsk, no, sirs and ma'ams, we did not.

    September 30, 2008 at 1:24 am |
  29. Phil

    "I read the perfect solution to the baleoutproblem. today in the editoral.
    This person suggested that they take the $700 billion and give back to the people . Any one over 18 years old. That would be approximately 200 million people, divided by 700 billion, that would give each person aprox. 3.5 Million dollars each."

    Eh? Do the math: $700 billion / $200 million = $3.5 thousand

    September 30, 2008 at 1:22 am |
  30. Karen

    I guess people will get it when they go to use their credit cards to buy gas etc. and it's returned no funds available. This is a bill no one wants but what do we do let the country hell!!!! Those who did not vote for this bill is more than likely up for relection. Congress is a joke. They are sent there to do what's best for this country not to see if they can get elected again. What this bill would cost we are already loosing. The market fell we lost over a trillon dollars. Just think what it will be tomorrow. Just think if you don't get your pay checks or pensions. This country could come to a stand still.

    They should be investigating Wall Street and send some of them to jail. Letting the country fall apart is very sad. When banks approve loans they know people can't afford at very high interest rates they are playing with a with fire and your going to get burn.

    We need a change!!!!!

    September 30, 2008 at 1:21 am |
  31. Erica Ruiz

    In the midst of the bailout plan A failing I do not believe that Congress should be taking a three day break... not only has this current administration failed us, but now so has Congress. I do not know whether or not I would have voted for or against the bailout plan A, however I do know the members of Congress should be holding this crisis priority over everything and should not break until there is a resolution.

    September 30, 2008 at 1:21 am |
  32. Randy Morobitto - Pgh., PA

    Best show on CNN!

    ANYway –

    What happens if nothing is done, vs. what happens in the future if we bail them out?

    I'm solidly of the belief that they'll just do it again, because "who cares about the investor and regular people? The feds will just buy up our screwups!"

    September 30, 2008 at 1:19 am |
  33. Phil

    Just an observation, but the "great bailout" is brought to us by the same team that told us there were "weapons of mass destruction" in Iraq, and the solution was to dismantle the government, military and police of Iraq, and "there are too many illegal aliens in the U.S." and the solution is to make them legal.

    I moved my 401k funds to a money market account about four years ago (preserve the capital; the increase is the matching funds, not the interest–Suzy Ormund). So, I'm sitting on the sideline, watching the greedy little bastards get their come-upance. Let the market correct itself–it will not crater the nation, just the financial markets. Japan came out of its crash, and survived. Our mistakes are not worse than Japan's.

    Yes, Virginia, I do have a couple of degrees in economics. I'm an Independent, now, but I voted for Hillary. Oh, for the Clinton days, again.

    September 30, 2008 at 1:17 am |
  34. mike escalona

    Copper, what happens to the small busineses & people whos credit have been impacted by the current crises we are havibg. I have a small business for 22 years and over the laste year i have used all my resources to keep things going to try not to lay employees off and at the end of all this all i have done is ruin my credit and ended up having to let go 90% of my workers. What do I do now and what about my credit???

    September 30, 2008 at 1:16 am |
  35. Cindy

    What a stupid stupid thing Pelosi did today but after thinking about it, I realized it was just her "normal" tactics! She and Franks and Dobbs need to be fired!!! Run out of Washington. How disgusting!

    September 30, 2008 at 1:11 am |
  36. NED

    I feel that the reporting on the bailout vote is skewed. If everyone is so upset with the Republicans that vote against the plan why are they not upset with the Democrats that vote against the bailout???? I guess this is just spin by all the media?!?

    September 30, 2008 at 1:11 am |
  37. Christine

    The politicans and corporate greeds blame us for buying houses – but take no blame for outsourcing our jobs, so we can keep making payments on our homes. We're making agreements and don't have the full picture. How much of this collapse is due to corporate greed? How can we believe anything anyone says anymore? The financial institutions are not putting out their books for the public to see. They acknowledge their failure, but hide the rest from us! These corporate criminals should liquidate all their assets and pay the American's back & then go to prison!

    Real christians are democrats, not publicans.

    September 30, 2008 at 1:03 am |
  38. Chuck

    Give $700 billion to the american people instead of individual companies. Americans can pay all their bills not have to borrow new money. The companies will receive their monthly payments for the mortgages they oversold. Giving money to the people seems like a lot better solution than bailing out large business that were not running so well in the first place.

    September 30, 2008 at 12:56 am |
  39. Carl Hopkinson

    Those people who continue to circulate that fantasy about 700 billion divided by 200 million would make us all rich must have flunked grade school. Do the math. The answer is not "millions" or even "350 thousand" but a mere
    3 thousand 500 hundred dollars. Enough to buy a ten year old clunker used car and live in it for the next few years....while they "celebrate" the failure of the bailout....

    September 30, 2008 at 12:53 am |
  40. Kellie

    Richard and Chris above also have some great ideas. Lilsten to your constituents politiicians. All of you will be up for re-election at one point or another.

    September 30, 2008 at 12:35 am |
  41. Ken

    I cannot believe what Nancy Pelosi said today! When the heck will she learn how to shut up and solve a problem!

    I am currently an independent, but after recent events am leaning towards the McCain Palin ticket.
    I wish CNN would show the videos that were supposedly on u-tube showing a 2004 senate debate between Republicans and Democrats where the republicans were warning of the problems with Freddie and Fannie. The Republicans were warning while the Democrats were defending Freddie and Fannie and accusing the Regulators of falsly attacking Freddie ad Fannie. I heard the sound bites from this on Rush Limbaugh's show today and cannot find the videos on u-tube.

    It would be a miracle to see CNN find this video and actually show it in prime time. I would love to see Anderson's panel comment on this video as well. It would help all of the liberals who are in denial come to reality.

    I would watch alot more of CNN if I would see this take place.


    September 30, 2008 at 12:32 am |
  42. Kellie

    When the proposed bailout includes real help fot he American people, like we get a rebate of what additional taxes we pay as a result of the bailout, or the companies being bailed out must set aside a predetermined amount of the monies they receive to create new jobs for the very people bailing them out (and I don’t mean Pelosi!), or even set up a fund or quota for the people whose home loans are now in foreclusure status or have been recently forclosed on to help them or stop the forclosure, reduce the penalties associated with the non-payment or late payment or credit card and other debts Americans have recently endured as a result of the market situations created by those who are supposed to be the experts, then I can support it. Furthermore, as much as people want to say consumers are responsible for getting into the preditory loan situations, the average American is not supposed to be the expert in this situation. Most people trusted the lenders and realtors who told them this is a “good thing” to borrow a phrase from Martha Stewart. The bailout doesn’t have to be a bad thing for America, but as it stands right now…we are getting overlooked (or whatever other unpleasant adverb you can think of!).

    September 30, 2008 at 12:24 am |

    Does this 700 billion bailout include the several billion dollar assets from bad adjustable rate mortgages coming due in 2009 (3 month) from people that are already or will be upsidedown on their mortgage and will go into foreclosure?
    Have they discussed extending the FHA Secured Mortgage that expires 12/31/2008? This was the quick fix for people that currently have ARM'S and put them on a fixed rate but have to have 3% equity.
    How is all this quick decision billion bailout going to change the real issues and our future......lack of accountability, greed and corruption in Washington AND on "Main St. What is being done to change laws and make these CEO'S and others accountable for getting us in this mess and what's to be done after the bailout thats going to change how we got here to begin with. Who was accountable for lessening the lending standards that got the mortgage industry into this mess and what kind of legal action will take place?
    An alternative to bailout= divide the 700 billion per american household and give back to "Main Street". Those with low credit scores, debt, and bad spending habits will spend the money. The rest of us will invest it. It's a win win for our economy!

    September 30, 2008 at 12:23 am |
  44. kim

    I have been doing some reading and have found that this unscrupulus lending escalated/started in the early 90's with the government eager to loan money to people who really couldn't afford to buy a home otherwise. Key here was "couldn't afford to", clearly under any circumstances. Sounds like over eager politcians trying to make the world fair beyond common sense. My mom told me when I was 12 (1970) and our father died unexpectedly, the world is not fair and never will be, but we have each other. She then said, cry now and when we get to the funeral home I don't want any outbursts – I want a stiff upper lip. All us kids kept a stiff upper lip. We knew we had each other. This world is very small all we have is each other, hopefuly we can put aside our differences and find common ground so the next president can make a difference.

    September 30, 2008 at 12:19 am |
  45. Rob Bozzuto

    It was 95 Dems that voted Nay versus 133 Reps that voted Nay.

    September 30, 2008 at 12:18 am |
  46. Judy James

    So today the republicans in congress got their panties in a knot and picked up their marbles and went home. What really happened is leadership took a holiday and it cost Americans 1.2 trillion dollars. The republican leadership of Pres. Bush and John McCain could not even pull together enough votes from their own party to support a bail-out that started behind closed republican doors. I would like to see Senator Obama call on those democrates that voted against today's bill to do what is best for America. I know its not popular but somebody has to rescue ordinary people. I think it would demonstrate once and for all that Barack Obama is a leader who can make tough choices.

    September 30, 2008 at 12:08 am |
  47. caress savage

    Dear CNN and viewers
    My husband said 700 billion $ divided into our USA tax payers say 180 million of us, = $388,888,888.00 we each can get to stimulate the economy. Pay off our mortgages, save in our banks, etc. and purchase stocks and bonds. Wow!

    September 30, 2008 at 12:05 am |
  48. Rob Bozzuto

    Bail out the people at the bottom not the people at the top. The people at the top dont need a bailout. They should be taking all of the golden parachutes and start paying some of this 700B.

    September 30, 2008 at 12:05 am |
  49. Tim - ALT

    I think the notion of bailing wall street and kicking aside main street is absurd. Both sectors are hurting right now and an immediate legistration to ensure such acts like this don't happen again in future is overdue.

    September 30, 2008 at 12:03 am |
  50. Chris

    People, the money from the market loses are not gone in a black hole. They belong to entities that will use this opportunity to invest this money in angel funding for startups in industries that we need to improve our lives. Maybe it will be harder for a small business to get credit from a bank, but the people sitting on the sidelines with all these money will have to invest them in something profitable. So, please, don't complain that the guys from Wall Street didn't get their bailout money, the world economy works in ways you never imagined ...
    And consider that top economists in this country, including Nobel prize winners agree that the bailout is not the right solution.
    I am happy we have a Congress that works!

    September 30, 2008 at 12:01 am |
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