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September 29th, 2008
07:14 PM ET

Recovering from today's disgrace

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/09/29/art.capital.dark.ap.jpg caption="The Federal Bailout plan did not pass through Congress."]David Gergen | Bio
AC360° Contributor
CNN Senior Political Analyst

The financial markets have sent a clear signal of just how reckless the House of Representatives was today in rejecting the compromise bailout plan - no less than $1.2 trillion in stock values were wiped out in just a few hours.

What can be done to get a bill through in the next few days? Here are some initial thoughts:

First, a ton of bricks needs to be dumped on the heads of those who voted against - if they can't see the light, make them feel the heat. Democrats ought to be ashamed that 95 of their Members voted against; but it is the House Republicans who deserve the greatest blame - a significant majority of Democrats voted in favor of the bill, while conservative Republicans - defying the White House - voted against by over 2-1. I hear that some in the White House think the GOP vote was a disgrace; they are right.

Second, Nancy Pelosi has to remove the sting she created through her speech on the House floor. Republicans now blame her for the defeat, arguing that she was so partisan that some of their "yes" votes flipped and voted no. She may think this charge is unfair but since so much is at stake, she needs to go overboard to clear the air.

Third, the White House and Congressional leaders should count heads to make sure that everyone who voted "yes" today will do so again in a second vote. If the 228-205 margin holds, that means they have to flip at least 12 Members for a second vote. It will be much more difficult to get all of the switches from the Republicans. Solution: put in enough sweeteners so that each side has a bit more and get an agreement between Nancy Pelosi and John Boehner: "I will deliver 6 from my side if you deliver 6 from yours."

Fourth, Hank Paulson must take another look at the idea at the idea of bankruptcy courts being able to review and help to rewrite private mortgages. How many Democrats would come over to "yes" if that were done? And what can he do to sweeten the pot for at least a half dozen Republicans?

Fifth, Barack Obama and John McCain should now join up with President Bush and the Congressional leadership to give this bill a much more vigorous push. After his ill-fated intervention of last week, McCain turned surly today, blasting Obama - unfairly - for the defeat in the House. That is ridiculous. But it is true that Obama could be a lot more forceful than he has been in working behind the scenes to round up votes. Both men need to show much more leadership here. President Bush obviously has so little clout that he can't get this done. Obama and McCain should step up to help him - and good grief, avoid trying to claim credit or elbowing the other guy in the eye.

This is big time stuff. Washington isn't playing with matches here; it is playing with dynamite. For the sake of the country - and for our standing as a world power - we need LEADERSHIP!


Filed under: Bailout Turmoil • Barack Obama • Economy • John McCain • Raw Politics
soundoff (264 Responses)
  1. HC

    How is dumping $700 billion to buy wallstreet junk assets that nobody wants supossed to help the economy?
    Ho w is giving Wall Street $700 billion supposed to helps us recover the 1.4 trillion we lost today?
    The math just does not add up.
    Take all the money from these fat cats, starting with Henry Paulson, fire them, and better yet put them in jail for treason. After they all have "sacrificied" then come to Main Street and ask us for our hard earned money.
    Now it is too late. Throwing $700 billion at this monster today, will only lead to another $700 billion next month and so on. It will not help.
    It will just make the recovery for this future bankrupt nation even harder, while the Wall Street Banks get the last few trillions left in our once great Nation. Just like Iraq, where we were supposed to finance the war with Iraqui oil revenues. Is it surprising that we don't believe any of them?

    September 29, 2008 at 10:45 pm |
  2. WES

    Are you people and polititions not listening ? We the american people want NO BAILOUT WHATSOEVER .... and you will pay come election day . First Bush .. who is now considered lower than alfred e. newman on the mad magazine by the world ... came to us with yet more doom threats ... phoney again ! Then the lame secretary he appointed with more of the same . It's not gonna fly ... wall street is like playing craps ... you play you lose ... we don't pay your losses at either site . We bailed you idiots out once .. bush got his way ... we are devistated financially . We are taking names ... going to throw you who voted yes OUT ! The bush tax cuts have never worked ... and McCain wants more ... NO . Bush is a joke ... do you actually think anyone with any sense will obey his lead ... let wall street dump ... it's not my future funds that's going to be used for greedy ... corrupt ... lower than snakes speculaters ! This bailout is NOT for the american people .. it's for the extrenely wealthy and gamblers on wall street .

    September 29, 2008 at 10:44 pm |
  3. Vinod Gupta

    $700 Bn saved, $1200 Bn lost...a good deal?

    September 29, 2008 at 10:44 pm |
  4. J Luke

    I live in Canada and as a neighbour to our wonderful American friends, I am deeply saddened to hear about the financial challenges your country is facing. What affects you affects us all!

    I am very curious about one thing. Many writers seem to be angry at the actions of the people (CEO's, Brokers, Regulators) that created this problem. So my question is: would you support passage of this bailout if there was an explicit strategy to find and prosecute the architects of this mess?

    September 29, 2008 at 10:44 pm |
  5. Mike Rediker

    David, you are absolutely right. Looking at the partisan comments of some of those who have responded is depressing. They aren't well-versed enough in the complexities of liquidity and credit issues, to make credible commentary, and their thinking, like some of those nay-saying Congressmen interviewed on CNN this evening, shows that a dismayingly large number of people don't have a clue.

    September 29, 2008 at 10:43 pm |
  6. WBPrice

    How do you stop a runaway train? You can't! Personally I think this was all inevitable. Looking deeply at the issue- it is a problem of human nature (Greed, Excess) it’s in us all and unfortunately our country has become blind to it. Politicians, Wall Street, and the People, we are all to blame. With freedom comes responsibility. I agree we have irresponsible leaders and the government has grown so much it is difficult to hold anyone accountable b/c of a lack of transparency. This is going to hurt and I’m prepared for it. We need stiff consequences. We need to wake up United States of America! What signal does a bailout send to everyone? First it sends a signal to the irresponsible that it is ok to live out of our means b/c good all Uncle Sam will bail us out. Second, to the responsible it says why be responsible- I did the right thing and now I’m paying for others mistakes. If it crashes it crashes- stiff consequences create GENUINE CHANGE- I may not have faith in politicians but I do have faith in the principles we founded our country upon, the resiliency of capitalism, and most importantly the resiliency of the American people. Let’s stand up- we are supposed to have a balance of power in this country between the people, gov., and business- it is obvious where the power has shifted. We have to take the power back!

    September 29, 2008 at 10:43 pm |
  7. EJ

    I am astounded that so many people are opposed to this plan when it is critical to restoring our financial system. It is not "them" and "us." It is us, all of us. Please understand that the government is the only entity with sufficient resources to buy these assets from banks and hold them until the housing market turns around. Already, there is no market for our homes. What if there is no market for our goods and services because the businesses, large and small, who provide them cannot get financing? What happens to your jobs then? Please think about it. Don't just react emotionally. There are some times in life when we all must make hard decisions. This time it is our congressmen who must learn about the issues, and make hard decisions. They must know when their constituents are wrong and make the courageous vote to rescue our country.

    September 29, 2008 at 10:42 pm |
  8. chatin

    Interesting, that Arizona and Alaska voted 100% – No.

    September 29, 2008 at 10:41 pm |
  9. Ray Dean Worley

    If they past the second bail out bill will it exclude foriegn banks located here in the United States?

    rdw

    September 29, 2008 at 10:41 pm |
  10. Kevin

    "We are deeply resentful of propping up an idea that will cost each family $10,000."

    I just lost about $15,000 today – and not in risky investments. I'm in 529s, 401ks. Playing it right.

    So I guess, I'll take the bailout... it costs less.

    September 29, 2008 at 10:40 pm |
  11. Nicholas Agostino

    Just to remind all the "The Market Lost A Trillion" crowd. Unless you are selling today or Tomorrow and you are a regular 401K contributer, you want the MARKET LOW as you get many more shares that way.. "BUY LOW, SELL HIGH", Remember? Not Buy High. Susy is using the same Scare Tactics Politicians use. "Americans LOST a Trillion Today and it can only get worse if they don't pass the Bill" she says. No Mis-Leading Drama Here, Huh?

    September 29, 2008 at 10:40 pm |
  12. Jerry

    I read someones comment which said, "Thank God" for the failure of the rescue plan by the House of Represntives. I feel so much better knowing God blocked the "bail-out" plan. Although, I have often wondered what God has againt people.

    September 29, 2008 at 10:40 pm |
  13. Dan

    "no less than $1.2 trillion in stock values were wiped out in just a few hours."

    Baloney. Stocks declined because the same dopes on Wall Street who got us into this mess decided to sell. So stocks are trading at $1.2 trillion lower price than before. That does not mean that their VALUE has declined. That's the whole problem: because of the Government's failure to regulate the credit default mess, no one knows what the value of stocks are now! Suppose I am looking to sell a mint Ferrari for $200K and the guy who was previously willing to buy it for that much stupidly decides to offer only $50K because Congress voted against the bailout plan today. Did Congress cost me $150K? Did the "value" of my Ferrari drop $150K because the prospective buyer is a moron? Of course not. Even now, after all that has happened, Gergen is letting Wall Street lead him around like a pet Schnauzer. Disgusting.

    September 29, 2008 at 10:40 pm |
  14. wayne

    Can we trust rep. party? Just days ago we told things are ok per bush
    and look at today. How many times will we be lied to before we take this nation back. As for the vp job. Can people use their heads this person is one step from the White House. Washington is not Alaska
    Not even close.

    September 29, 2008 at 10:38 pm |
  15. Kevin

    "We don’t want a bail out. We don’t want our tax money used in this fashion, and we want those truly responsible for this problem to bear the cost."

    I want to be a populist too... but I'm just an average guy. 75K a year combined income. $120K stashed for kids education.

    You all think that if we do nothing, then only the "greedy" Wall Street types will be punished.

    I just lost $11,000 today. And all I did was follow prudent advice to start saving for my kid's education in a 529. I know, I know, my decision.

    But you don't get it – there are a whole bunch of us about to get hurt real badly – you included.

    September 29, 2008 at 10:37 pm |
  16. Linda P

    There is a write in section on all ballots maybe we should
    try a write in campaign for someone who will actually do something.

    September 29, 2008 at 10:37 pm |
  17. Richard

    David, Anderson, Suze,

    Please help people to understand that its not just rich people who will pay if Congress doesn't act. Its going to do a lot more than "hurt" regular folks. Without credit, businesses can't get financing or buy inventory, which means layoffs, terminations and paycuts for people who don't even have a retirement plan. Retirees will be wiped out and will be dependent on cash strapped families. Credit card companies will jack up all our rates. And no, gas prices won't go down; they'll go up with the price of everything else as inflation takes hold.

    September 29, 2008 at 10:36 pm |
  18. Richard A. Spomer

    It’s time for the Grand Old Party now the Republican Party to come forward with a rescue bill that can and will help Wall Street & Main Street. I suggest for the first step is point out this is a plan to Rescue the Country for a better or greater future.
    I Second parts are already outlined in the bill voted on with-out any added pork by Dem’s. Everyone should have an equal opportunity to buy in to stocks and bonds in order to shower-up this country. Look right now it is appearing to seem awful and there is no hope WE THE PEOPLE NEED TO HAVE A LITTLE FAITH. The United States of America were and are still stronger because of the pride and spirit amercans have in Freedom.
    We rescue many countries that want really just want to spit on our beliefs and the flag that has flowen for those which have served. I'm a true independent which supported Bill Clinton, and stated John McCain is the Greatest man in this Political Election "2008" so tell congress to quite playing around and get the job done!!

    Democrates all across this great country have used and abused our trust along with the pocket book. We need to vote the leaders out of office so things may get better if WE took responsability for our own behalf…

    September 29, 2008 at 10:36 pm |
  19. Mary

    Make no mistake - all this is the work of NAFTA which is unfair trade that has striped our country of jobs. Without jobs people CANNOT pay their mortgages. Greed was blind - all it could see was huge temporary profits -- just long enough for people to sign mortgages, then 'poof' the job was gone, and with it the American dream...... with no way to pay the mortgage, the financial world started to collapse.

    September 29, 2008 at 10:36 pm |
  20. michelle marshall

    Obviously our unfathomably untrustworthy soon to be ex president...picked the wrong time to make a request. Just when we thought we were about to breathe in a new breath of fresh air for hope for the future...the jolly rancher whom we've all been waiting on pins and needles for the last 8 years...to finally...leave the building has the nerve to ask us for something..ANYTHING...is too much. After this administration has ignored the voices of this country, causing innocent men and women and children to be needlessly murdered , killing our own boys, and destroying lives all over our country...and the world, and now killing our economy, I think it's comical to see them squirming...they need to feel the pain that they've caused for a change. You know...I could forgive this and have a little sympathy if they could actually admit they were wrong. Personally, I think these greedy fat cats along with our current administration should be tortured until they do. I say that only as a figure of speech. I wouldn't torture a flea..not even a germ..like W. Just making a point about how agonizing and torturous it was for some of us to sit helplessly by, while our country went further in debt to uncessarily bomb Iraq and kill people overseas, carrying on with the lies and riduculousness for the next several years continuing to screw things up. I just want to say..No. I can deal with whatever consequences are to follow. But these are the natural consequences of their own actions. Any bailout plan should include putting these fat cats along with our current corruptive administration in prison.

    September 29, 2008 at 10:35 pm |
  21. fred

    Our legislators are elected, not to vote according to the latest public opinion poll; but, they are elected to vote for what is best for this country. These elitist and priviledged individuals – who have probably never done an honest day's work – claim to have voted on principle. How can unprincipled and opportunistic b....ds possibly vote on principle? These are the same people who took us into an unjustifiable war and allowed a presidency to strip us of our civil liberties.
    At this point, we need to find a wall for them.

    September 29, 2008 at 10:35 pm |
  22. Richard

    How dare congress leave for a holiday before getting this very important problem resolved. How many americans that they represent work on holidays. If the were required to stay until they get it resolved, I bet they would come up with a solution real quick. The politicans are the ones that are ruining this country. I have said our fore fathers are turning in their graves with what the politicans have done to this country

    September 29, 2008 at 10:34 pm |
  23. Keith S

    You have to restrain the arsonist and put out the fire before you rebuild the kitchen.

    Bailing out Wall St before restraining the greedy executives who looted their firms is a total waste of taxpayer money. It won’t end the chain of disasters.

    Restraining the greedy executives will hardly take any time at all. So do it, and then do the bailout.

    September 29, 2008 at 10:33 pm |
  24. MSalas

    I am appalled that we have $700 Billion Dollar to Bail Out the same people that got us in the mess to begin with. Why not set up tents outside the Capitol Building in D.C. and Post Offices' around the U.S. and give the money directly to the millions of people that are struggling by the mistakes of all the EINSTEINS in the political arena? Seems to me , that what is left of the middle class, can make the Economy turn around, after all, we are the ones that buy goods and services. I would also like to freeze the assets of all the CEO's and Financial Geniuses to pay back this debt. Has any one asked themselves what would happen if China wanted the money that US owes them back now? We would be part of the People's Republic of China. less

    September 29, 2008 at 10:33 pm |
  25. Phillip

    How does this affect the rest of the world ??

    Im in the caribbean and our EC dollar is tied to the US ..

    September 29, 2008 at 10:33 pm |
  26. Ilene

    Should my friend sell his stock now he wants to sell now. He is 62 and disabled.

    September 29, 2008 at 10:33 pm |
  27. Keith S

    Paulson was largely responsible for implementing the Republican ideology that caused this mess.
    Restrictions on executive pay and golden parachutes were left to the discretion of Paulson to impose.
    The agreement gave Paulson discretion to pick and choose who he bailed out.
    Unbelievably, the bailout attempted to reward Paulson’s failure in management and oversight, by giving him increased power, giving him the ability to bailout his friends, and not bailout others, as he chooses.

    September 29, 2008 at 10:33 pm |
  28. dakalv

    The thing that the leaders are doing wrong is they're not making it clear how bad things are going to get. They haven't or there wouldn't be so many people here saying they did the right thing. This is what happens when you have a administration that has lied and misrepresented as much as the Bush Administration. The rich are going to get richer – and the regular people are truly going to suffer. The majority of our citizens are wrong this time just as they were when the Iraqi war started. I see these similarities – The populace is angry. The so-called leaders get frightened and do what the populace directs and we suffer. As with the Iraqi war, a lot of brave people (the leaders who are voting for something unpopular) are going to be punished. I know you don't want a bailout but you will suffer intensely and we won't be able to prepare for the future. I'm referring to the citizens AND the government. If you want to take your frustration out on someone, take it out on the people who have stripped all the deregulation laws.

    September 29, 2008 at 10:32 pm |
  29. Nicholas Agostino

    CNN, Ali, Sue Orman (?) & AC are still trying to convince everyone that the Bail-Out defeat was a failure for America. They either don't get it, or are being paid to say "The Sky Is Falling and You'll Never Get a Loan now, and You'll get laid off Tomorrow. You're kids can't get to College because we won't agree to pay Wall St $2500 per American – NOW!!! "Pay Wall St. Now Or Die America!"

    September 29, 2008 at 10:31 pm |
  30. Mary

    I agree with David Gergen 100%. This is the time for Congress to do the right thing, not what will get them re-elected. Unfortunately, the qualifications to be in the House are minimal, and I don't believe the Representatives, or the majority of Americans, understand the the situation, how serious it is, and that this Bill was to save Main St, not Wall St. I am a small business owner, and let me tell you, the situation is dire and there is no time to waste, and no time for politics. Stop throwing cliches around such as 'protect the taxpayer', 'Main Street vs. Wall Street', and debates about which party got us into this mess. It must be fixed, and fixed now. Doing nothing is not an option.

    September 29, 2008 at 10:31 pm |
  31. Debbie NM

    I agree with the many comments tonight it is sad to say this is a good night for America but there should be no bailout. These executives should pay for their GREED!!! Did they really think there would be no end to the continued poor pactices of giving loans to those who truly never qualified. There are many harding working Americans that are living at their means not above them! This country as a whole has become to "I deserve it all" without working for it. Over-spending over-charging........how's about I will spend only what I can afford! The adjustment is here and now we are all going to have to pay for but it should not be the top 10% of the population paying the least!!

    September 29, 2008 at 10:30 pm |
  32. Ed

    Friends,

    Look at the outcomes of today's inaction in Congress: I can't access my line of credit to meet payroll. I bet I am not the only one! (ha!)...a trillion dollars was lost in American wealth today as the market plummeted....credit was tightened significantly. YOU will find it much more difficult to get a loan of any kind and credit card rates will rise...home equity loans will be called by the bank. Can you pay yours up i one month?...Millions of 401K owners lost millions of dollars in retirement accounts today...my 90 year old mother's retirement accounts lost 20% of their value TODAY>>>don't you think that we should accept the rescue bill and then require that Congress set regulations so the FREE MARKET isn't so free to steal our money next cycle?...this bill does not save Wall Street. It saves you and me...I do not want to see a depression. Do you?

    September 29, 2008 at 10:30 pm |
  33. Larry

    What I don't understand is why everybody has such a short-term view of the economy and the bailout. Yes, the economy crashing does hurt, and it hurts bad. Given.

    However, what's the alternative, keeping our nation afloat in an artificial bubble, sponsored by the taxpayers? You can't have highs without lows. Period. It's an historic economic truth.

    The great depression, for example, really sucked, especially for those people in the middle of the tragedy. But, it made way for the future economic growth this country experienced. The growth that we have enjoyed for so long.

    America is strong. This is not the end of the world. It's a natural equalizing of the economy. Once it hits bottom, America can and will build it back up to a natural equilibrium.

    September 29, 2008 at 10:29 pm |
  34. Ed

    Friends,

    Look at the outcomes of today's inaction in Congress: I can't access my line of credit to meet payroll. I bet I am not the only one! (ha!)...a trillion dollars was lost in American wealth today as the market plummeted....credit was tightened significantly. YOU will find it much more difficult to get a loan of any kind and credit card rates will rise...home equity loans will be called by the bank. Can you pay yours up i one month?...Millions of 401K owners lost millions of dollars in retirement accounts today...my 90 year old mother's retirement accounts lost 20% of their value TODAY>>>don't you think that we should accept the rescue bill and then require that Congress set regulations so the FREE MARKET isn't so free to steal our money next cycle?...this bill does not save Wall Stree. It saves you and me...I do not want to see a depression. Do you?

    September 29, 2008 at 10:28 pm |
  35. Cortez

    Well Now we aint got no choice but to pay for it now, 700 billion dollars is way better that 1 trillion dollars. Now since the bill did not pass that 700 billion dollars is now going to be more. And I guess it wont pass either because of the idiocy of people who dont know how it will affect them. All I can say now is to go and check you all stock portfolio and see the money go away

    September 29, 2008 at 10:28 pm |
  36. Mary

    The old adage then is true: Evil prevails when good men and women do nothing.

    Why is it that our government is 'picking and chosing' which companies to bail out, and which ones not to?

    We all need to wake up before it's too late.

    Is this the work of the trilateral commission and the bildeburgs? They have members in all huge corporations and high places.

    September 29, 2008 at 10:27 pm |
  37. Pete

    We can all go on pointing fingers about how we got here but as a "main streeter" I really need to see our government come together and approve a bailout plan. The one piece of this that the executive and legislative branches of our gov't has not communicated well is that it is not "wall street" that we are bailing out here....it's all of us. Both the democrats (with that ridiculous speech from Nancy P.) and the Republicans (not doing the right thing for the country on the vote) are to blame...stop the politics and start governing. Bail us out and let's move forward with lesions learned and get on with it.

    Regarding blame, the big gov democrats are to blame for legislation like the CRA, which goes in the face of a free market, the wall street bankers for taking advantage of it, and now the republicans for trying to impose a free market solution to a market that's not! Let's do what we need to do, learn from mistakes made and get on with it!

    September 29, 2008 at 10:27 pm |
  38. Bits

    Between a media that gives us the information they want us to see and a congress that is more worried about religious holidays than a national crisis there is nowhere to go but down. Whining about a secret bill that those rasty Republicans sank is ridiculous when the Dems could do it all by themselves. Isn't that why Pelosi is called the MAJORITY leader? Is this kind of leadership we have to look forward to with Obama?

    September 29, 2008 at 10:27 pm |
  39. Bob (Illinois)

    Amen!

    There is one thing you neglected top mention: Someone needs get congress BACK IN SESSION and keep them there until the job is done. I don't give a tinkers damn whose holiday it is. Get to work!

    September 29, 2008 at 10:27 pm |
  40. Shawn

    These great quotes about how Wall Street has screwed us so it is their turn has me wondering if the end is near. For the American empire that is. We cannot see the forest for the trees. The BIG picture people is that we all will suffer if we don't see this legislation passed. I'm sure you all pay your mortgages on time and do everything right. It doesn't change the fact that the economy needs to get these loans off the books for a while in order for these long standing institutions to regain their footing. if you say its OK for that to happen then you better not complain when we all become second -class citizens in the coming decades.

    September 29, 2008 at 10:26 pm |
  41. Hans Hageman

    in the rest of the world, not only the financial markets have been hurt,
    but the democratic system as such: the conclusion in many Third World countries will be that the average voter cannot be trusted to deal with complex problems, and that nobody may/can rely on the integrety/leadership of delegates.
    Secondly, this crisis makes the US even more depent of the Chinese and other souvereign investment funds. No need to exlplain further.

    We all, and our children and grandchildren, will pay a heavy price for the greed, arrogance and stupidity manifested in the past period by the sharks of Wall Street and the mandarins of Washington DC, culminating in today's impotence to put the national interest first. Indeed, change is needed desparatel.

    September 29, 2008 at 10:25 pm |
  42. Marty

    I think the question often is what is politics and what is not? We have gone so far from the truth, whatever that is, that you never know when you can trust any of them. Leadership is a definite, and real leadership of someone who can confront, be visionary, and is willing to sacrifice it all for the common good. There is way too much self-interest within the system.

    Power tends to corrupt, and absolute power corrupts absolutely…now which one of these guys is going to clean up the mess! I do hope that people vote with their conscience on this one; it’s way too important.

    September 29, 2008 at 10:23 pm |
  43. Frank

    It is amazing to me how little you people think about the consequences of this. People that are close to retirement have seen their life savings cut in half or more, are you people blind? Almost 800 pints down. Wait until your jobs are in jeopardy, or your savings, or your college funds... are you going to care then about ideology? Socialism you say... for almost 8 years they have been giving billions of dollars to the rich and the corporations in tax breaks... have they invested in America? Have they created more jobs for our people? No, it just more money for the CEOs. It is clear that the current crisis is the result of greed, but it is also the result of the same ideology that now refuses to fix the problem... one way or the other Main Street is going to pay... question is, is it going to be less or more painful for the middle class and the poor?

    September 29, 2008 at 10:23 pm |
  44. christina

    I assume everyone here is educated so why are you against this bill? No matter what the tax payers are going to pay. Do any of you realize what will happen if a bill does not go through? It is a trickle down affect not only will the rich be poor but we all will be way worse off. I am a tax payer and I know no matter what I will have to pay.

    September 29, 2008 at 10:22 pm |
  45. Pam

    I believe that the average middle class person in this country would not have been against the bailout if it had truly had provisions in it to provide some relief for those about to lose their homes to foreclosure, which it did not. Instead, it would have only protected the interests of those on Wall Street and the big banks.

    To Kathy in CT, jobs are already going or don't you read the news? We're already losing our homes because we can't pay our mortgage's because we've lost our jobs – and no not all of us took sub-prime loans. Here's the real kicker, the ones of us that don't have sub-prime loans can't sell our homes for enough to cover our mortgage loans and we can't get bailed out either. So let's talk about suffering. We are suffering already.

    So don't ask me to feel sorry for the fat cats on Wall Street that started all this mess and bless them with more of my tax money while the average joe once again gets nothing except the bill. Lets have them suffer a bit. By the way, I did NOT vote for W. either time.

    September 29, 2008 at 10:21 pm |
  46. Roger

    All you people that are mad that this bail out failed, need to manage you finances better. I don't want my kids paying for wallstreets greed. And I am for from being an "idiot". I own my own house, I have never invested in the stock market, I have no 401 k (my choice). I made all my money in real estate. So I'm sorry if you need help from the Federal Goverment, I don't. Thank goodness this went down in defeat. And God help us if Obama is elected!

    September 29, 2008 at 10:21 pm |
  47. Kevin

    I am one of the few who agree with David Gergen. The world is becoming increasing complex and I doubt few Americans understand the economics that got us into this situation. As a result, ignorance is deciding how we get out of this situation. Get ready for a major recession or worse.

    September 29, 2008 at 10:20 pm |
  48. JM

    Here is what I don't understand:

    How can the leadership (both Republicans and Democrats) allow this to come to a vote when they didn't know the outcome of the vote.

    For something of this magnitude it seems as though they would have a pretty good idea on how this would play out prior to putting it to an actual vote. It seems like Bhoener and Pelosi really let the American public down. Bhoener should have been able to know he didn't have the votes, plus his commentary about Pelosi's partisan speech and how that shifted 12-15 Republicans votes is ridiculous. If that did actually happen he should be ashamed and all of those 12 Republicans should have been voted out of office for letting their own feelings/views get in the way of the bigger purpose!

    Pelosi being in the ultimate leadership position – should never should have allowed a vote. By doing this she either demonstrated complete incompetence or a malicious partisan decision that cost Americans over 1 trillion dollars in loss equity value.

    We need to repeal Mark to Market Accounting Rules! This will start to put more liquidity into the market and buy us more time. I don't know why Cox isn't focusing on this? Why is this so difficult?

    September 29, 2008 at 10:20 pm |
  49. Cortez

    Me I am a little CONFUSED because I dont want the bailout I could careless about wall street when I got student loans that I need to bailed out of, but at the same time if the bailout dont happen my 401k will drop and I am continually losing money then I cant retire better than I would on Social Security. So thanks congressional Republicans Just know you all wont get my vote in November. I have to lose then you will as well.

    September 29, 2008 at 10:17 pm |
  50. carol davis

    I’m sick of everyone blaming the REPUBLICANS for everything that goes wrong. If more DEMOCARTES had voted on the stupid bill it would have past. If this bill had past and down the road it made the economy even worse, You can BET the blame would be on the REPUBLICAN ADMINISTATION .If the dumb bill must pass, take some time and make sure it is done right.

    September 29, 2008 at 10:17 pm |
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