Bush to address country about bailout plan

Me, too!

Only way I'll support the bailout is...

1. Liquidate their stocks at zero value.

2. Issue new stock certificates: 100 shares to each American.

3. Prosecute upper management under full force of Sarbanes-Oxley.

4. No golden parachutes.

What did Thomas Jefferson mean exactly when he said "Sometimes Revolution is a GOOD THING?"

Perhaps, NO BAIL OUT for financial predators, gamblers, privileged wealthy, and fools in power is a REVOLUTIONARY IDEA ? Ya think ADAM SMITH (Wealth of Nations) would want to put out this forrest fire. This is our chance at real free market capitolism. Let the greedy and corrupt predators die in their own fire. Think of it, we will be poor, life will be hard for a while, but we will be FREE OF THESE CORRUPT RASCALS.

Moreover, this is the time for Congress to pass legislation to limit the predatory financial behavior of the wealthy in this country. The selfish wealthy are on their knees. CHOP OFF THEIR GREEDY LITTLE HEADS. Maybe they won't be back in such numbers for a generation or two.

NO BAIL OUT.

Use the money to leverage new regs to stop short sales, CEO incompetence, manipulation by investor groups, overstated equtiy funds-Ask the CEO at Enron he did the same thing-he's in jail.
I strongly disagree to the bailout because of the terms specified-Give Wall Street 700, 000,000,000 dollars with no regs, no guidelines, no disbursement criteria and no recourse if a fund manger inadvertently overstates their loss-they don't know their losses, they don't know their assets-can't sell your money three times, right. I called Bush and asked for 8.5 million to bail out my mortgage business-but I don't qualify-I have no debt-no client foreclosures and all my bills are being paid.

OLDFOOL. I agreed with you on this 100%, this bailout is just another way of putting money into the pocket of the wealthy.And what make Bush think that any one will be listening to more of his lies.

Did you guys read the article? "Paulsen agrees to compromise on executive compensation"... THAT'S IT! Holy Moly - if someone comes to me and asks for $700 BILLION of MY MONEY, I'm certainly gonna suggest that they at least promise not use it to buy themselves yachts and Gulfstream jets and pricey hookers, but that's the BIG COMPROMISE? Hey, great way to protect the taxpayer, Sec. Paulsen! Way to discipline Wall St, big guy! Yeah, now, if you bankrupt a giant company, you'll only get $120 Million bonus and not the full $160 Million! How about some agreement that they won't use my money to jack oil prices up to $147/barrel? Oops, too late for that - all it took was the hope of a bail-out on Friday and the first thing Wall St. did, Monday morning, was to screw the country over by speculating on oil prices, just like they did when the Fed dropped the prime rate so they could fix their mortgage mess at the rest of the country's expense. Instead, they took our cheap money (paid for with our increased cost of living and devalued dollars) and used it to run oil up to record heights, so that we could all pay $4.50/gal. at the pump. Now they want to do the same thing again, only with our free money (cheap money apparently not being good enough for these greedy swine).

The answer is NO, NO, NO! NO FREAKIN' BAIL-OUT. NOT NOW. NOT EVER.

If we must have Government/taxpayer money to loan, well, let the Government loan it directly to the end users instead of funneling it down the Wall St. rathole. Get rid of the middleman. HUD or the now federalized Fannie Mae/Freddie Mac can refinance real property. The SBA can loan to small businesses and the Commerce Dept. can loan to big businesses (both of which actually make things, other than rich executives and financial crises). Shouldn't be hard to start that up - I hear "financial geniuses" are a dime a dozen on the job market. Buy several dozen at that price. Buy a gross of 'em. Just don't pay $700 Billion to buy 'em.

Quick example - one $25 Billion loan, at double prime, to Ford or GM or Chrysler would allow them to pay off their high interest junk bonds and to invest the $4 Billion interest savings in making CNG cars, netting the economy the equivalent of a $54 Billion loan to Wall St. AND it would create jobs and spur our energy independence. Over twice the benefit for half the price (not counting job creation and resultant tax revenue increases)and that's assuming Wall St. didn't just p*ss away the money on "executive compensation". For the $85 Billion we gave to AIG, we could have given each of the big 3 automakers $25 Billion and have spent $10 Billion in SBA loans for CNG distribution networks, reaping the equivalent of a $172 Billion shot in the economy's arm, while spurring economic activity equivalent to at least a $320 Billion stimulus. But we gave it to AIG because... because they're so badly managed that they were gonna go bankrupt? Give me a break!

When Congress asks you for your $700 Billion, just remember that the $160 Million parting bonus Lehman gave the CEO who bankrupted them would have fully covered 500 defaulting homes. Why didn't they spend it on that instead of giving the guy who destroyed the company a solid gold watch slightly bigger than Big Ben?

IF CONGRESS VOTES FOR ANY BAIL-OUT, THEN TAKE TO THE STREETS! Make Tianamen Sq. look like a church picnic! Make the French Revolution look like a petition drive! Flood your Congressmen and Senators with letters - all you have to say is "NO". If you write a second letter, it should say "OR ELSE".

Let's see, mmmmm, the financial market is about to collapse because of too many sub prime mortgages. In other words, people with these loans are not able to repay them because the interest rate went up and so did their monthly payments along with it. Sooooo who raised the interest rate? Bernanke? Who is crafting this bail out? Bernanke? What's wrong with this picture?

Guess who is dictating what should or should not be in the bailout to Paulsen?

Lehnman Bros. CEO Richard S. Fuld, Jr. serves on the Board of Directors of the Federal Reserve Bank of New York

I agree with Arthur-379160 post number 1.1.

But added to this we need to have:

5. What the 911 Terrorist failed to do, collapse of the U.S. Economy, with the crashing of planes into the World Trade Towers, these Corporate Executives (Board of Directors) succeeded at and need to be tried as (Economic) Terrorists, responsible, accountable, liable for the collapse of the U.S. Economy. After all we are in a "War Against Global Terrorism".

6. Tried for Treason, "Crimes Against the Citizens of the United States of America", "Crimes Against the United States of America". Read the Wikipedia definition of Treason. These Executives weighed the collapse of the U.S. Economy and filling their pockets with money and choose the money. Now confiscate their property and money to pay for the bailout.

If this is not done this is going to keep happening over and over again.

This goes beyond the Democratic and Republican issues.

The Democrats "they want to allow bankruptcy judges to rewrite mortgages to ease the burden on consumers who are facing foreclosure."
This would be a disaster, since lenders in the future would add an additional 2% to all new mortgages to cover the added risk, making financing new homes far more expensive.
A much better idea is to let the Feds buy these questionable mortgages at a huge discount, and then adjust the mortgage rates on these owned loans in any manner they deem appropriate - using reasonable standards for selecting who can afford to stay, and then, when the market turns around, sell them to investors - perhaps at a profit.

Dear Arthur-379160 post 1.1

I like your idea below. Have you ever thought about running for president

1. Liquidate their stocks at zero value.

2. Issue new stock certificates: 100 shares to each American.

3. Prosecute upper management under full force of Sarbanes-Oxley.

4. No golden parachutes.

For their part, some Republicans have called for a suspension of the capital gains tax to free money for investment.

Get real!!!

The rich always get bailed out and they complain about the poor calling them lazy. Most of the people the rich call lazy have been oppressed in some form. Then the oppressed ask for a little assistance from the government and the rich say they are beggers.

Just like when we send people to war and they come back messed up because of the violence they have been apart. When they need help we tell them they are not strong enough and leave them to roam the streets after they have basically given their life for the rich in this country.

President Bush along with every greedy executive in the very sad mess should be accountable and responsible and should be put in the street or the cell.

To quote THE NUGE " The answer is activism, make them accountable. Each and every one of them. Call ,write,and E-Mail your Congressmen, tell them you will not support this.

Im only 26 years old but I got to say these lenders and investors are they ones that got themselves into this mess. Its not the American peoples fault. They approved loans for people knowing that they could not afford and they knew this. They just knew the more people they approved for loans the more money would go in their pocket. If the government is so SET on this 700 billion dollar bail out with hard earned tax dollars then I say bail out the Amercian people. not these big wig morons. Things are bad enough now and we can't afford to pay more. My husband and I can't buy a house and he has prefect credit.
Im sorry but Wall St doesnt own or run this country its the honest working man and woman that does. and if it wasnt for us this country wouldnt have a foot to stand on. So I say United we stand; Together we change. and if we dont do anything then be prepared to watch the whole country crash and burn.

I totally agree with OLDFOOL. Let the greedy, corrupt SOBs suffer for their misdeeds. Who is going to bail out the former homeowners who lost THEIR life's savings when they lost their homes? All Wall Street needs is more money with no regulations to just let history keep repeating itself. I agree with 86PalinNOW that Bush and every greedy executive--and, hey, let's not forget Cheney, the biggest criminal of all--should be held accountable and, in my opinion, put in prison.

The really funny thing about this Bush made mess, who da thunk, the death of capitalism would have come from King George Bush.

Although he lost the shooting wars, he did win the wars on the environment, economy, and now capitalism. Geese, not even the USSR could have done that.

Vote McCain / Palin continue the insanity.

We at the lower levels of the economy have been feeling the pain for a long time. I still see no reason to help the upper caste solve the problems they created with their greed. We will suffer if we support the bail out and we will suffer if we don't. Let's share the pain with these fat cat crooks.

UNACCEPTABLE

FACT, this financial rape of America is being proposed by lame duck George Bush the most irresponsible president in American history. Everything out of his mouth is a lie, why should he be believed now.

FACT, the banks are going to keep the really shaky loans and give the Feds the good ones, ha ha. Only an imbecile would believe that. The government will get the worst of the worst.

FACT, this bailout is for the same corporations that caused the mess by their deceptive actions.

FACT, not one penny of this bailout is going to home owners for relief. Only the Super Rich crooks who cooked the books.

FACT, John McCain who is in favor of this, is one of The KEATING 5. You know the people who brought us the LAST FINANCIAL CRISIS that cost the taxpayers 3.4 billion dollars. Obama is being dragged into this mess because it appears to be in a critical crisis state and now must be fixed or else. Once again King George asleep at the switch.

FACT, the CEO's are getting FAT on this deal, what does that tell you. They got Golden Parachutes, while the companies were going bust. Typical Republican scam. Remember the Savings and Loan Scandal.

FACT, any time the government buys something, they pay huge bucks to a small value, why do we think this time will be any different.

FACT, these Fat Cats are the people who have been supporting King George from day one, this is a payback. No one believes George is not taking care of his rich buddies. We're not that dumb about George, we've seen thru the Bush lies for 8 years now.

FACT, not one of these Modern Robber Barons has or will be prosecuted for fraud, even though that is exactly what it is.

FACT, this irresponsible president has wasted more of America's wealth than ALL other presidents in American history COMBINED. You know the same president that gives tax breaks to the poor Oil companies. And we are supposed to believe anything out of his mouth, NOT.

FACT, these are the same people that said 'outsourcing' our jobs was GOOD for America, was it good for you ??

FACT, I'm a retired blue collar worker, whose grown children make less than me, even though better educated. Their children make less than them, even though they are even better educated. This is the New America, courteous of the neocons and the others that have destroyed America for their rich buddies.

Make no mistake this is CLASS WARFARE by the SUPER RICH against the rest of us.

JUST SAY NO.

If the Democrats don't save us who will, Sarah Palin, Commander of the Alaska National Guard, NOT.

Another American Nightmare courteous of the neocons.

Everybody's blaming increased interest rates on the sub-prime loans as the reason the people can't make their payments, but the reality is that the re-set rates are pegged to the historically low Federal rates, so it's not that simple. The real problem is people bought more than they could afford, and now with values below their loan amounts, they just stopped paying or are walking away. No resetting of the rates by a judge will change that. Bank regulations prevent any new lending with these questionable loans on their books. Unless we want a real economic meltdown, this program is our best hope - like it or not. If Congress fails to act, they'll have to take the blame.

They need to add a provision to prosecute. Prosecute the bankers, loan officers and investment brokers and those who signed fraudulent contracts. For all those folks who bought more than they can pay for....Prosecute. For those who signed contracts and didn't understand them prosecute. Attach future earnings to pay back every dime.

So Dubya thinks we are now in touble huh? What happened to his brilliant thought that the economy was strong a few weeks ago? Oh yeah and Brownie is doing a great job. I cant't wait til this idiot and his bunch of moron advisors are out of office. Of course they will all be off somewhere counting there milions.

Dubya and his "base" should all do time.

Mike 377521, Ken Lay, CEO of Enron is not in jail. He is dead. (Or hiding) AND he had the guilty verdict set aside after he died. (or hid)
So you see.......Even death is not a limitation to the get-out-of-jail-free mentality of the ultra rich.
Many here are still very angry about this.

Oh, and his B of a wife got to keep all the money he embezzled!!!!!

How is that for Justice?

WOW what a bunch of partisan Bush hating dummies we have here. You all sound like Chris Dodd and Barney Frank. "Let's not point fingers" but it's the republican's and Geroge Bush's fault. You should be hating on every elected official in DC. Instead of proposing bailouts for people who could not pay their mortgages they should have been investigating the companies involved and forcing them to accept lower interest loans on the mortgages they had given out. It's the reason congress has a lower rating then the president. They are just plain worthless. They could have prevented this from happening if they had taken corrective measures when the housing bubble and the internet bubble started. Instead they all sat around like they are now trying to give our money away. We need to get rid of them all ecause they are a reactive government instead of a proactive one. Garuntee the next bubble is going to be the energy bubble if they don't get off their but's and do something about the cost of oil. It could easily drive us into a depression when gas becomes so costly that it hurts our commercial transportation (it had already started when the price of deisel went to $4.50 a gallon). Once the commercial transportation goes (food and produce to the stores, gas to the pumps) we could be in for a real hurting. Let's hope this is a wake up call to Congress to pull their heads out of the sand and pay attention to what is going on in America. As far as the demand that the CEO's not make any money off this bailout I think it should go further. Everyone of our electected officials owes us his paycheck for the year for doing such a Pi$$ poor job.

Dear "Iwasntbornyesterday": Yes, I agree the lenders should hold some blame. But half the blame. The people who borrowed this money knew they couldn't afford to pay it back if and when the interest rates went up. How about a 30 year fixed? I think that's the safest bet and if you can't afford it- then RENT until you can. Millions of others have done it for years. I have perfect credit too, but I don't only blame the lenders- I certainly hold the thousands of people who knew the risks and still went in to the loans, at fault.

NO, NO, NO, a thousand times NO. This bailout is UNACCEPTABLE.

There are basically 3 types of groups who will benefit from this rape of America's wealth for many generations not yet born.

1- The Super Rich wall streeters and bankers. SORRY, I have NO interest in bailing them out. Let them fix their own mess, at their expense, NOT MINE, or Americas.

2- The house flippers that invested and lost. SORRY, I do NOT want to save your investment gambles. You played and lost, NOT my problem, and NOT America's problem.

3- The people that gambled and foolishly bought a house with a huge mortgage and small incomes. SORRY, but you knew all along you could not afford a house with a small income, but you did it anyway. You knew what you earned, and went way over your head. If you struggled with rent payments, what made you think you could afford a house. SORRY, but I have enough problems with expenses, and don't want to save you from frankly, your stupidity or ignorance. I do realize some people were scammed, but that is more of a criminal problem. Maybe the government could jail some of these crooks, but like I said, that is a criminal problem. NOT AMERICAS.

We do need to save Main Street, but screw the rest.

I am in agreement that we need some bail out and it is going to help speed the inevitable process along yes. However who is going to hold these people accountable, they made all the money and ran the economy into the ground. Now we are going to give them a blank check and say "we got this one don't worry". Would you buy a business with a billion dollar in losses and several more on the books to come. NO, and if you did you sure as hell wouldn't keep the management in place or the policies. It would be a new company with new management. Furthermore what about all the money, stock options and bonuses they made while running us into a $700 Billion ++ sink hole, why are they not paying back earnings, selling off stock and assets. I lost several millions of dollars this year and no one is saying don't worry Rex here is a check just start over and do it again next year.

So please lets all band together like we did over Fannie and Freddie and stop this new golden parachute/bail out. It is right but needs to be in our interests not just the banks.

-sample of what I sent with out a person story of how it is affecting me-

PLEASE CONTACT YOUR CONGRESSMAN ASAP- The $700 B federal bail out is doing what, buying up all the bad bank notes that are being foreclosed on. How does this help the American people who are loosing there homes, the equity in the home because the values have plummeted or just all those people that are on the verge of not being able to pay for there homes due to raising food, gas and health care costs. I am no way an economist nor an expert in any field but I again don't understand how this is not just the rich getting richer and the poor becoming more poor. If we as people (tax payers) bail out all these banks then they can start over with a clean balance sheet on the books for the new year. They have no recourse for all the bad loans they wrote and all the money they made on the interest only and high rate loans. Who losses here, it would be you and me (tax payers) who have lost the equity in our homes, lost the investment home(s) and/or lost our home that our families live in. Then what happens, we have bad credit, can not get a loan to buy a car or a house or even a TV at best buy. What do we do now, who is going to bail us out the American Tax Payer who bailed out the big banks who made all the money from use before. So please if you feel as strongly about this as I do please contact your State Senator

superlogi

Fact, do you really think that I'm going to provide for you from cradle to the grave? If so, you're really confronted with another fact.

How in the world do you think I am asking for a handout, next time you comment on something, try reading it first.

I think that the US is in for some hard times and here is why:

Selfishness leads to self-isolationism
"Who cares for the suffering and dying whoever and wherever they may be?"

Immorality: Lying, Stealing, Drinking, Smoking, Drugs, Rock & Roll
Pornography, Promiscuous Sex, Adultery, Homosexuality/Lesbianism/Bisexuality
Beastiality, Greediness, Materialism, Slothfulness/Laziness, Liberalism, Conservatism
Feminism, Capitalism, Warmongery, Abortion, Euthanasia, Atheism, Crime of all sorts, in a word Rebelliousness.

The United States was founded on Rebellion. Rebellion against the King.
This rebellion perpetuated and evolved into the most brazen rebellion against God.
The conservatives will discover that they cannot have their war for long and the liberals
will discover that they will lose their so-called freedoms.

Dumb down the kids in school with each successive generation
Improve on domestic output until it is automated, then ship the jobs offshore.
Cease to teach the children an occupational skill.
Encourage every foul form of behavior by means of laws designed to bind the
parents.
Encourage every foul form of behavior by means of entertainment media - radio, tv, film, literature.
Encourage the banning of God and Jesus Christ from the hearts of the people by means of laws and regulations.
Teach the children to hate their parents.... Separate the parents! Divide & Conquer!
On and on - "just make life unbearable and the people will not be able to bear themselves."
Brilliant, America!!!! Just brilliant!

If God doesn't deal with America (and elsewhere), He will have to apologize to Sodom and Gomorrah!!

Ditsy American attitude says "I am free to think, say and do whatever I damn well please!!!! It's my body and my life!"

You are free to do whatever you want BUT you're inslaved to the consequential accountability of whatever you do!

Funny how the liberals whine about Bush but they cannot organize strategically nor effectively enough to overthrow the leader. Everybody is out for themselves.

Kinda reminds me of the Titanic sinking: "She's sinking ladies and gentlemen! To the back of the ship, gentlemen! To the stern! Then it's everyman for himself"

What in the world is our Congressional representatives thinking? They just passed a $25B bill for the automakers. Congresswoman Pelosi was directly involved in this one too and made comments on what would happen if they didn't get the funds. Election time must be approaching.

The other bailouts in addition to the $700B bailout of Wall Street coupled with all the pork and earmarks our Congressional representatives add to each and every bill makes me sick. No wonder we are in such dire straits with the deficit.

"We are committed to continuing to work cooperatively and on a bipartisan basis to safeguard the interests of the American taxpayers," said Speaker Nancy Pelosi, D-Calif"

Yeah, right Speaker Pelosi. You sure are looking after the American taxpayers. Stop your bickering, political posturing, blocking legislation, and get to the point of working for ALL TAXPAYERS and not your special interest groups.

how much would it cost to bring every mortgage current in the US ??? a lot less then $700,000,000,000- i suppose.

for all our Chicken Hawking , we will be the ones in the soup kitchens, not Bush or Cheney or Pelosi or Bernanke.

1) We could take a few steps, like SUSPENDING the DOWNGRADING of Ratings like they did again today to Washington Mutual...Which causes more cash to be kept on hand, which causes a fire sale of good assets, which further downgrades their ratings.

2) FREEZE the Banks from RE-SETTING any more ARM loans higher for five years and SUSPEND Pre-Payment Penalties...NO THIS WONT AFFECT YOUR FUTURE RATE because market forces won't allow that... If you already have a loan they cant change your rate and for those credit worthy individuals you will shop your loan.

3) PIMCO today offered to provide all SERVICES FOR FREE to administer this plan, so Bonuses arent an issue going forward.

4) Any current Co that says if you limit the boss's bonus so we wont participate , then I guess they are not in need of help and if they are they should hold an emergency board meeting to fire mr.Head Honcho if he puts himself before his share holders and employees.

5) If we bought $700B , most of the loans in default would be brought current by adding 6-12 months to the end of their loans, just like they do NOW, if you have a hardship or bankruptcy !!! They call this a MODIFICATION. I've worked in the collections dept of a bank and they do this as necessary, I guess apparently they got overwhelmed and couldnt do it for everyone in the last couple years.

5a) ALL the loans would be turned into fixed 30 years 6%, and for the unemployed etc they could be put on a 2 year 0% interest program.

6) As a result of steps 5 and 5b. Foreclosures--WOULD PLUMMET.

7) As a result of 5 and 5b and 6... Home Prices would stabilize and start to rise once again(they are already just about bottomed in CA. and attracting multiple bidders on foreclosures ,a sign the bottom has hit in the hardest hit states.)

8) Within 3-5 years 66% or better would be sold at 100% and the INTEREST COLLECTED ON THESE LOANS WOULD MAKE THE U.S. WHOLE ON THE $700 BILLION.

The alternative is to let credit markets freeze , meaning your company or the companies you sell to or your companies sells too would not have ANY cash to do business.
This would result in 25%-50% unemployment or MORE.

YOU wont be getting a loan for your kids school, or auto or home. BUSINESS WILL GRIND TO A HALT and WE WILL SUFFER UNDER THE SECOND GREAT DEPRESSION.

The BAILOUT is actually an Investment in Avoiding the DEPRESSION.

They need to make changes to the proposal. Some of the steps as outlined above, also including making all the banks lift their skirts and get honest. The insolvent banks need to broken into two parts... like during the RTC days.

One part solvent and the second part taken over by the government, and then take the steps outlined above implement payment forebearance to get them current and turn them into 30year fixed at 6%... or even 0% if it will prevent a foreclosure.

My friend last year tried to re/fi his $600k loan when it went to $4k a month, his house was already only worth $500k , so he couldnt get a loan. Meanwhile he got behind and asked his bank to re-set his loan at 6% via a Modification. Well to make a long story short the bank was more worried about getting their $1,000extra per month. They sold the house after he walked for $380k , lost $220k.... Great Decision !!! they had a guy who was willing to wait out the market because his kids were in an ok school, neighborhood etc...
So yeah, I have little sympathy for the banks or even house flippers but the banks made it worse and worse and worse.

Either way if we Did this INVESTMENT (its not a bailout) WE'D MAKE $$ OR BREAK EVEN.

I get real suspicious when W comes before the people and lawmakers with an URGENT request. "It has to be done today... don't think about it, don't spend too much time examining alternatives, just do what I say because I say it's necessary NOW.

That got us the Iraq war, the Patriot Act, torture, Gitmo, Abu Grabe, threat level orange, suspension of FISA, yadda, yadda.

Think about it for a moment. After lifting the regulations and oversight, the chickens are on their way back to the coop. The house of cards is about to tumble. But if W can convince congress to hand over $700 BILLION dollars, (and oh by the way, no oversight, no court review, just hand the money over and they'll spend it where they think best).

WTF? His little empire is collapsing and he wants to be bailed out. In typical fashion of NO ACCOUNTABILITY, W wants to be able to prop up the economy at least until he leaves office.... maybe to protect his "legacy".

I say no way, no how. Let the chips fall where they may, we struggle through for a few years, get the regulatory laws back on the books. Yes, we, the little guy will suffer. Is there any assurance that after handing over the $700 billion that we won't be in the same boat?

W has NO credibility. Time and time again he has misled the American people. This is just another example of governing through FEAR.

Kurt, sounds like as good a plan as any. It's at least as well thought out as anything else I've heard.

I've been asking for days why they need to infuse the market with $700B at the top when it would go a long way at the bottom if allowed to trickle up. Seems like some want to put all the blame on the homeowners who made bad financial decisions and took out mortgages they couldn't afford calling them deadbeats and losers at best. If that's really the foundation of the problem (which I don't agree with) then shouldn't we consider fixing it at it's root?

Fools rush in where wise men fear to tread....

Bush wants us to rush into another mistake - Everyone needs to take a few deep breaths and really consult economic experts before jumping off a cliff... with Bush's record, I would think long and hard about doing ANYTHING Bush says to do...

That is MY BIGGEST CONCERN with McSame - with his known hot-headed temper, what if he is elected President and pushes the nuclear option button and then wakes up the next morning and says "hhhmmmm Maybe I was a little rash in my judgement...."

Bail Out!! What a joke. Are we the people going to let our government spend our tax dollars to bail out the rich. Those CEO's made bad business decisions and made those decisions based on what was best for their pockets not caring about anything else and the affects those decisions would have on our economy. They knew what they where doing and what the results would be. Where was my bailout when I lost my business? Government is not helping me pay back the couple hundred grand I owe now that my business is gone. The rich want a capitalist society, but when they mess up and cause financial chaos, all of a sudden they are all for government intervention.

DOES ANYONE HERE CARE WE SEND $700 BILLION TO FOREIGN COUNTRIES "EVERY SINGLE YEAR" FOR OIL ???????????????????????????????????????????????????????

JEEZ, THIS $700 BILLION MIGHT AT LEAST HELP A COUPLE OF AMERICANS !!!!

JOIN THE PICKENSPLAN.COM AND GO THE PUSH THE PLAN LINK AND JOIN!!!!

AT LEAST IF WE CAN KEEP THE $700BILLION HERE , WE MIGHT HAVE A FIGHTING CHANCE TO REMAIN OUT OF THE WORLD BANKRUPTCY COURTS.

Hey TezInDenver. I appreciate the positive feedback. Thank you for reading it.

I don't know if any of those idea's will make it into the final plan but I've heard some really smart people trying to contribute some of those same ideas.

Thank you, Kurt

Of all the things that bother me about this bailout proposal, and the selling of it. When "the Prez" comes out and says that this must be approved or else. That is all I need to know that this is not the road we should take. I am sorry to everyone, that I have to break this down to a gut feeling. Think deep down inside and really consider if this guy is the one we should be listening to. Does chasing bad money mean anything to anyone? Come on!!

Who can I blame for this mess?:

Nafta - Our jobs where sent south, now I don't have any money to buy the products that American Companies produce?

9/11 - Well that hit us hard, but Obama doesn't care if I blame him?

War - If we are honest with ourselves, we all wanted revenge for 9/11, so we invaded the wrong country, we wanted payback?

Corporate America - They only care about increasing their profits, so much so they pushed for Nafta, now so meny Americans are out of work?

Banks - It used to be if you didn't pay your bills, have a job, a good credit rating, you would not be granted a loan for a mortgage that you would be unable to pay, what happened to that policy?

Oil - Well I can't blame them, we have known for 40 years we would need an alternative enery source?

I have it, I know who to blame, but I feel uncomfortable blame them, after all they didn't make any decisions that were wrong? They have no say? No power to make any decisions? Besides how can I ever blame us?

It is truly agonizing to see so many narrow minded people proclaim Bush at fault. So many things outside any President's control contributed to the need for the economic bailout. Not even the God sent Obama and all of his infinite miraculous wisdom could have prevented this. For those of you who say no to the bailout, I hope you are prepared for what will come. If you think that times are hard now, just wait and watch everything you've ever worked for go bye bye. You know what's funny though? You'll still blame the next President for it, just like Bush got the blame for Clinton's genius.

I hope we can limit the rescue to American Banks. Let the foreign (especially Chinese) banks sit and spin.

Ultimately we are all to blame, we can take this out on Wall Street, the government (pick your branch), or corporate greed, however, a few years ago we were all adding up the equity gains in our homes as we looked at a high demand driven by lower interest rates and creative financing.

I had one of my sons two years ago trying to convince me why it was a good deal to purchase a house with 100% financing and a sub-prime loan with tickler rates on both the 80 and 20. Fortunately for him I said no it was a bad idea and then took the time to show him what his payment would be like in 3 years. Unfortunately I suspect that many on this board were not lining up to tell neighbors, friends, co-workers not to be stupid as they did this financing and were gladly taking the profits on increased equity driven by this artificially generated buying frenzy. This was generated because none of us wanted high interest rates, excessive dept, and the need to drive purchasing to address the other swing that was occuring in the economy. Now we are on the other end.

I support injecting capital into the market, I also think we are missing an oppurtunity to self finance this clearly with those that did not get the education or take the advice I gave my son.

1. Segment to loans that are considered bad. Bad does not mean they are not paying at all, it means they can't afford the increase in interest rates.
2. With this bailout not term it as a bailout but a purchase of these loans that will provide a lower rate of return to the investors (tax payers). Those will eliminate substantially the risk of this becoming a tax funded excercise. Require the banks to hold the securities to back these loans giving them a guaranteed return at the interday rate, nothing more. This will restrict the growth of credit and dilution of currency but not lock up the credit markets, the impact will be a lower risk of inflation but also some restriction in the consumer capital markets.
3. Setup within the treasury the mechanism to collect payments on a treasury driven interest rate.

Obviously high level and ultimately we will still enter a recession and face increased devuation of the US dollar. This will in the short term be painful but also be a good thing as it will force increased production in the US as we will not be able to afford imports. The adjustment should drive more jobs in areas within the US. Our non-competitive nature is driven by our ability to print money and most of this is due to roll-over of credit.

It will be painful in any approach but this adjustment has been coming for years.

Last comment, every bank should restrict consumer credit to a fixed percentage of income and not allow consumers to exceed that balance even with multiple credit cards. This will also fuel the recession but we have to do this now. The economy hasn't seen anything yet with the mortgage issues, the consumer credit is 10X that risk and if we go into a recession with high unemployment it will snowball.

How many people on this board have more than $10K on credit cards.... if you do and you make less than $100K per year, shame on you!

Is this the same guy who was in denial & said that the Economy was fine during his interview with Bob Costas during the Olympics?

MORON!

The economy was fine, it is the panic of the American people and world markets that are sending it into a spiral - Thank Obama for that political card pulling - he pulled the panic trigger for some votes, and then had the nerve to say "This is not a time to panic". It's as simple as yelling FIRE! - people will run in chaos.

Ethics. That is what Bush needs and that is what he should be talking about. No more fear mongering.

Bush's unconstitutional invasion of Iraq, combined with the Federal Reserve's overprinting of new USD and unethical corporate lending is why the economy is in a mess.

Baillouts and printing more USD is not the solution. That will only make the rich richer and the poor poorer. And, it would reward unethical behavior--meaning, it will occur again.

George W. Bush = "The Little Boy Who Cried Wolf"...

the last 7 years have been a really, really bad children's fairytale...

Obama/Biden '08

Blank check for fat cats to get rich on the backs of American soldiers - Iraq war $1 Trillion, blank check for bailing out the fat cats on Wall Street $700 billion, hiring a VP to represent your party that has not one clue or example of what John McCain has done during his years as a senator; Priceless -- Katy-- I'll have to get back to you on that. The Repubican Party -- what a legacy you have left for your children's, children's, childrens, children's, children.

to shan_man
he is not a moron he is just a bush.

He learnt well from his Daddy too on how to change tunes.

Bush Sr: "read my lips no new taxes" (Aug 18, 1988) - and what happened in 1990?

Bush Jr: "the economy is thriving" (Aug 8, 2007) - and what did he tell us last night?

I do not undersatnd why the government has to buy all the bad loans. If the idea is to inject money into the credit system, why doesn't the government just loan the funds to the banks and take the existing loans as collateral?

Prosecute the lenders that took all the homes away from the people, and execute all the stock exchange folks that ran the economy into the ground "Las Vegas" style.

NO to "bail out". Absolutely NO!!!

Then we can have a nice revolution.

Cheers. Have a nice day.

@JackB
#1.14

Not even the God sent Obama and all of his infinite miraculous wisdom could have prevented this.

What never ceases to amaze me is how the depth that party loyalty affects reason. JackB, this all could have been avoided by reinstating the safe guards that were stripped from the oversight regulations by Phil Gramm, McCain and the "Deregulation zombies".

These laws of oversight were put in place back in the Great Depression in order to prevent anything like that from happening again. That wasn't good enough for the "Deregulation Crusade" started by Reagan.

So with a veto proof majority, Gramm changed the rules and it was signed by Clinton. It allowed for the likes of Enron, (which btw Gramm's wife, a board member of Enron made millions before the collapse), and ultimately led to the meltdown we're seeing today.

Under the old rules, the activity that created todays "crisis" would have been illegal. So now we're faced with a depression if nothing is done.

Why are YOU protesting government involvement in the "free market", like you surely have for years. It's because you are a hypocrite. You want the market to run with no oversight, and when they go over the edge, you are fine with a taxpayer bailout.

I say, ok, do the bailout, but NOT without reinstating strict regulations preventing the greedy from pulling this sh*t again!

On the other hand, I say no, don't give them the money and let's see what happens. Bush is the one that says the economy will collapse, and most of us know how credible this man is. The nation goes through a depression and the republican party is dissolved and the alter of deregulation will find few worshipers.

How does this square with St. Reagan's "Government isn't the solution, it's the problem"? Sounds to me like the "solution" is coming from government on this one!

JackB

Thank Obama for that political card pulling - he pulled the panic trigger for some votes

Source please

NEWSFLASH:

Hank Paulsen cashed out $500 Million from Goldman Sachs in 2006 (just 2 years ago).

Hello, part of the problem....

Ben Bernanke raised interest rates that increased homeowners' predatory loans.

Hello, part of the problem....

John McCain (Maverick, knee jerk, duck n cover) never met a regulation he liked.

Hello, part of the problem....

I'm an entrepreneur unable to get a loan to create a globally profitable business.

Hello, I'm part of the solution.

I say, ok, do the bailout, but NOT without reinstating strict regulations preventing the greedy from pulling this sh*t again!

Ok, fine - live and learn right? That doesn't change the fact that this was bigger than any one President.

JackB

Thank Obama for that political card pulling - he pulled the panic trigger for some votes
Source please

Source? Have you not been following the campaigns? I am not gonna go digging up quotes when it wasn't even a week ago when Obama ridiculed McCain for stating the economy was fundementally sound - and proclaimed it is indeed in crisis, but - "This is not a time for fear, not a time for panic" In other words, never fear, Obama is here! Politics at their slimiest.

Hay Mr CEO I think you should drive your lexus to my house since I will be paying for it and by the way I think the luxury's boat you own should be confiscated? Maybe you should have your mansion for-closed on so one of us poor middle class guys can buy it at fire sale price????? Oh poor guy he can't afford to buy his wife the fur this Christmas? You won't need any of this stuff while you sit in jail for raping the American people? I wonder how many members of congress who are shoving this bail out down our throats owns stocks in the companies in the toilet? Maybe the POOR oil companies could bail these idiots out?????? OUTRAGED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! But Mr Bush won't care he has his long term fat cat salary in the bag what a wonderful leader he is???????????????? We the people for the people not anymore its the rich people for the rich people on the backs of the middle class people.

ANOTHER ENTRANCE STRATEGY WITH NO EXIT STRATEGY. WHAT IF???? the $700 BILLION bailout does not have the results Bush thinks must happen? What then? It appears Bush thinks his plan can only have his one intended result. The bailout results could backfire. We Americans want to know - what will happen if the $700 billion plan is voted in and DOES NOT SUCCEED? What then? CONGRESS MUST HAVE AN EXIT STRATEGY. DO NOT SUPPORT A BAILOUT WITHOUT AN EXIT STRATEGY. Congress should decide in advance if the bailout is voted in, and does not work, at what point will Congress be willing to accept they gambled and lost? When will they be willing to walk away? Or, would they want to continue gambling?