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Bailout bogs down — House GOP balks at cost of deal; late talks with Paulson fruitless
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Solution | 2:53 a.m. Sept. 26, 2008
The Democrat's solution to everything is to lay it at the feet of the
taxpayers! Some businesses need to be allowed to fail! We cannot keep propping
up bad businesses! Before all the Bush haters on here blame him for this, he had
nothing to do with how banks loan money! The fault is over speculation in the
housing market! Obama looked like he was in a fog over this! What we need to
learn from this: LIVE WITHIN YOUR MEANS! Get out of debt! Gee, hasn't
someone been telling us that for years? (hint, hint)
Alden H. Laney | 3:44 a.m. Sept. 26, 2008
This is the administration that said, "Iraq was an imminent threat to the
United States." We went to war with little or no debate and the president
was given unlimited powers. This is an administration that says we are in a
banking crises and they want billions over-night. Whether there is looming
depression or a recession this administration has lost its credibility. What
ever happens I want to see this congress debate even if it takes a year or two.
No deal for banks. It is an election year and the "politics of fear"
is very much a part of this administrations.
Comments continue below
SP--Conservative Values | 3:52 a.m. Sept. 26, 2008
Another important civics lesson in conservative values.
In eight short years this country went from an economic boom to what appears to be the beginning of the most serious economic crisis in my life time�and all the conservatives can do is fight.
Could anyone have failed the American people more than Doubou-Yeau, the republicans, the religious right and their family values?
I for one am ready for a change in Washington. I�m tired of gross economic negligence and ignorance, wars based on lies, torturing prisoners, suspended civil rights, tax cuts for the rich, blatant manipulation of the media, covert spies being outed, fear based politics that hype the �threat to marriage� to get elected, alienation of all of our allies, complete denial of global warming, a 6 trillion dollar war and completely ignoring our health care crisis at home. I�m tired of conservative values. I�m tired of corruption and deception. I�m ready for someone else to represent my family�s values.
If this is what conservatives had in mind with �family values� then please protect me. My family has already been hurt bad enough and yet, sadly, the nightmare of the conservatives legacy is just beginning.
In eight short years this country went from an economic boom to what appears to be the beginning of the most serious economic crisis in my life time�and all the conservatives can do is fight.
Could anyone have failed the American people more than Doubou-Yeau, the republicans, the religious right and their family values?
I for one am ready for a change in Washington. I�m tired of gross economic negligence and ignorance, wars based on lies, torturing prisoners, suspended civil rights, tax cuts for the rich, blatant manipulation of the media, covert spies being outed, fear based politics that hype the �threat to marriage� to get elected, alienation of all of our allies, complete denial of global warming, a 6 trillion dollar war and completely ignoring our health care crisis at home. I�m tired of conservative values. I�m tired of corruption and deception. I�m ready for someone else to represent my family�s values.
If this is what conservatives had in mind with �family values� then please protect me. My family has already been hurt bad enough and yet, sadly, the nightmare of the conservatives legacy is just beginning.
Bob G | 4:05 a.m. Sept. 26, 2008
This country doesn't need more credit, it needs solid financial stability.
Excessive credit caused the melt down and now Bush is proposing to add to the
melt down by putting our country up for the highest bid. This country must limit
credit and restore sound financial decision from the financial industry. It
would best serve the country to have a long painful recovery from a recession.
That would be much better in the long run than an eventual depression. This
collapse in the credit market only goes to prove that it can't run and
operate on a deficit which credit is. The financial industry has created the
problem now it must recover on its own merits. An economic input by putting
another 700 billion dollars in to failed system will only add to and delay the
inevitible and greater colapse. If Bush is determined to help the economy, give
the $700 billion to the tax paying citizens so they can pay off those debts that
are plaguing the industry. Then put laws and credit practice legislation in
place. Bush's plan should be to repair the failed system of financing with
laws and regulations, not rewarding it.
John | 6:03 a.m. Sept. 26, 2008
We are better off with no deal than a pork bloated package that merely spends
more than we can afford.
We also need to KILL the laws that (a) forced lenders to make loans to people who cannot repay them, and (b) forced Fannie and Freddie to buy those loans fromteh banks who made them.
NO MONEY SHOULD BE INCLUDED directly or indirectly to "housing advocacy groups" which are nothing more than Democrat front groups such as ACORN.
Time for our congressional delegation to show some guts and do the right thing. THat may be especiallyi hard for Pelosi's pet poodle Jimmy Matheson, but occasionally he shows some courage.
We also need to KILL the laws that (a) forced lenders to make loans to people who cannot repay them, and (b) forced Fannie and Freddie to buy those loans fromteh banks who made them.
NO MONEY SHOULD BE INCLUDED directly or indirectly to "housing advocacy groups" which are nothing more than Democrat front groups such as ACORN.
Time for our congressional delegation to show some guts and do the right thing. THat may be especiallyi hard for Pelosi's pet poodle Jimmy Matheson, but occasionally he shows some courage.
CP | 6:07 a.m. Sept. 26, 2008
I think Mr. Barney Frank needs to take a chill pill. Getting angry and pointing
fingers isn't helping anything. Put the blame where it belongs. It belongs
to the CEO's of these financial institutes who don't want the blame
and they are the ones who need to bail themselves out. They need to stop paying
themselves a huge salary and get themselves out of this mess they caused.
Disgusted | 6:14 a.m. Sept. 26, 2008
As a Republican myself I am sick of "Conservative" Republicans. What
happened to moderation? Another big bank fails (Washington Mutual). Let's
just fiddle away the time we've got. Only the Democrats have a sense of
urgency here. Here's to an Obama presidency and a return to fiscal sanity.
xscribe | 6:32 a.m. Sept. 26, 2008
I can't wait to see how Mike Richards blames this on the democrats.
wayne | 7:00 a.m. Sept. 26, 2008
hay harry reed. do you need john McCain Now or what.
at least McCain was right on needing to concentrate on this issue.
I hope that congress if and when they act act with the sprit of the Hoppocrates oath. first do no harm.
Obama come accros as snivaling and wineing as the democrates in congress. oh ya he is one. no wonder conservatives and independants don't trust Obama as a leader.
I wish he could tell someone what his plans are without mudding up the water with his hatred for president bush. or is being anti bush his only plan. if so the country is in grave danger.
at least McCain was right on needing to concentrate on this issue.
I hope that congress if and when they act act with the sprit of the Hoppocrates oath. first do no harm.
Obama come accros as snivaling and wineing as the democrates in congress. oh ya he is one. no wonder conservatives and independants don't trust Obama as a leader.
I wish he could tell someone what his plans are without mudding up the water with his hatred for president bush. or is being anti bush his only plan. if so the country is in grave danger.
Milo P Otis | 7:05 a.m. Sept. 26, 2008
McCain needs to show up for tonights debate. He states that he's goning to
the Capital to put the Country first. B.S. Put the voters first so we can
compare and contrast. Top law makers can come up with a "rescue plan"
with out McCain and Obama. McCain has no real role in this.
McCain is no "White Knight in shining armor" airlifted in to D.C. to save the day and nation.
If this "Bail Out" passes, I want to see the assetts purchased at 50 cents on the dollar - not what generally goes on in D.C. $1,200 hammers, toilets, etc. No overpriced bad assetts with my money!
McCain is no "White Knight in shining armor" airlifted in to D.C. to save the day and nation.
If this "Bail Out" passes, I want to see the assetts purchased at 50 cents on the dollar - not what generally goes on in D.C. $1,200 hammers, toilets, etc. No overpriced bad assetts with my money!
let's do nothing | 7:06 a.m. Sept. 26, 2008
and let the chips fall where they may. This is not a bailout for the banks it
is a rescue plan for the economy. Doesn't anybody here get that? Those in
favor of doing nothing raise your hands. When you lose your job I don't
want to hear from you.
Get Real People | 7:19 a.m. Sept. 26, 2008
Who is kidding who? The last 20 years the senate and congress has been
controlled by the republicans and the last eight years there has been a
republican administration. Where's the watchdogs? Where's the
department heads and their members? Where's Bob Bennett with all of his
seniority and control over the banking and finance departments? Are you trying
to tell me no one knew about this theivery and GREED until now? This has been
going on for years and years. The only thing we can control as taxpayers is like
I have stated numerous times here, and that is-- get rid of every single
incumbent both republican and democrat in the upcoming elections and in 2 years.
ALL OF THEM.
For What it's Worth | 7:29 a.m. Sept. 26, 2008
No one on this blog, nor most of the folks in congress have any idea what kind
of a crisis not only this country is facing, but the entire world economy. A
government bailout is the absolute last thing that anyone wants. But the
alternatives are absolutely devastating. I have been in the commercial banking
business (as opposed to investment banking,) over 30 years and have never seen a
crisis like this. If your congressmen want to kill this bill, they will tank
this country and a large part of the world economy. Folks, the consequences of
NOT passing this bill will be enormously painful. I am not in favor of bailing
out Wall Street and greedy investors who got us into this mess. But I am not in
favor of an absolute economic meltdown either. We better all quit making this a
political issue, quit pointing fingers at Bush, Republicans, and/or democrats,
and go to work and solve the problem or we will all suffer tremendously.
Unfortunately, I don't know of another way to do this than to tap the
treasury.
Where's Rob Bishop? | 7:33 a.m. Sept. 26, 2008
You can certainly tell that Rob Bishop is running for re-election. He is taking
up his "let's wait and see -do nothing" attitude prior to the
Nov. election time so as not to be committed to anything which might cost him
some votes. Come on Rob. Jump right in and commit to something...like the
pro-voucher stance you took last year.
Brother Chuck Schroeder | 7:34 a.m. Sept. 26, 2008
Lib's are JUST STALLING so they can go on recess today, while last night
another LARGEST BANK failed and shut down while you slept. John McCain took the
unusual step of suspending his presidential campaign on Wednesday afternoon. In
light of the nation's economic woes, Senator McCain felt that it was
important to stop campaigning and focus his utmost attention on helping craft a
responsible bill to address the financial crisis. Congressional leaders
completely lack concensus on how to proceed in addressing the economic crisis
that America is facing and the American people are rightly skeptical of the
bailout plan proposed by the Bush administration. Senator McCain believes that
action needs to be taken, but that the plan proposed by Treasury Secretary Hank
Paulson leaves much to be desired. John McCain will work with congressional
leaders as long as it is necessary to get a responsible bill passed to address
the overhanging financial crisis.
I guess the Democrat controled Congress WANTS US ALL to do into a Depression, that will take several years to get out of, wants us all to be unemployed, wants us to suffer, wants the World to crash to, than they are happy?.
I guess the Democrat controled Congress WANTS US ALL to do into a Depression, that will take several years to get out of, wants us all to be unemployed, wants us to suffer, wants the World to crash to, than they are happy?.
Jason | 7:45 a.m. Sept. 26, 2008
to "let's do nothin" and others in support of this bailout...
keep in mind that the same people pushing this enormous wall street bailout,
mainly paulson, bush and bernanke were telling us just a year ago that the
economy was fine and that their didn't appear to be any risk of fallout
from subprime into the general economy. We all know now how completely wrong and
clueless they were then! And yet, today they are asking us to now believe that
this is the ONLY way to get avert economic collapse. How can we trust these
people??? Why not take a little time and consider some alternatives from other
experts... preferably some of those experts that actually saw this coming for
many years. There is absolutely no need to jump immediately on this bailout plan
which will straddle our children for years to come with more debt just because
bernanke, paulson and bush say so, we should consider some alternatives.
Idaho Boy | 7:49 a.m. Sept. 26, 2008
With all of the talk about the President failing economically. It would be fair
to be reminded that the President only signs bills into laws, he makes no laws.
It is a joke to think that Obama or McCain will get us out of the mess. It is
Congress which got us in and it will be Congress which gets us out. We would do
well as a country to vote the entire Congress out and start over. That would
send a clear message for decades to come who is actually in charge. The first
step in Utah was taken care of by not sending Cannon back. Now lets work on the
rest of them. Democrat or Republican I don't care, they can't do any
worse than who we have now.
What Going On? | 7:52 a.m. Sept. 26, 2008
After almost 2 years and millions and millions of dollars being spent on
campaigning what have we got to select from? Two republicans that need constant
prompting and prompters to even discuss any issues and two democrats that are
intelligent enough to speak without prompters, but want to guarantee everyone a
free ride, regardless of effort by the recepients. This is embarrassing as a
citizen to see two people aspiring our highest office(McCain & Palin)
flounder when asked to speak to or with anyone regarding the real issues. Their
speaking abilities I am afraid show their lack intellect, education, and IQ. And
this is one of our choices? Likewise I am not excited about my other choice. I
am embarrassed to be an american at the present. I believe we can do way better
on our selections for our highest office. Palin needs to be replaced Now and
sent back to the tundra. I would like to know who really selected her. This is
disgusting.
re: Chuck Schroeder | 8:04 a.m. Sept. 26, 2008
Chuck, the liberals are stalling???? Are you kidding me? Where in the world
did you manage to come up with such a conclusion? Who is stalling who here?
Secretary Paulson and Chairman Bernake have come up with a plan which has the
support of the Admistration and those so-called liberal Democrats. The
"conservative" Republicans who have put ideologies ahead of the
national interest are the ones who are stalling this. The Democrat controlled
congress wants a Great Depression. What planet are you on? Give me a break.
irony | 8:15 a.m. Sept. 26, 2008
"Louis(Chief of Police): I am shocked, SHOCKED, to find gambling going on
in this establishment! Emile: Your winnings, sir. Louis: Thank you. Thank you
very much. ..." (From Casablanca, but it could apply quite well to Treasury
Secretary Paulson, Fed. Chair Ben Bernanke, Sen. Phil Gramm, and Pres. Bush with
regards to the investment banks that gambled big, gave them huge winnings and
passed the even bigger losses onto the rest of us. Kudos to Sen. Richard Shelby
for fighting this. He was the one Republican to vote against Gramm's
original deregulation and breaking the firewalls between different financial
sectors. Does it make you feel safe that Gramm is McCain's economic
adviser?
Stuart | 8:15 a.m. Sept. 26, 2008
Some of you folks need to study the causes of the Great Depression and
understand it was the reduction in the money supply and the tightening of credit
that caused it. Does this bill stink, yes. But what are the costs of letting
these institutions failing? A freezing of credit and the capital markets will
lead to a similar result as the last time it was tried.
David R. VanLangeveld | 8:23 a.m. Sept. 26, 2008
There's plenty of blame to go around for both Democrats AND Republicans for
this mess. It began back in the 1990's when President Bill Clinton(D)
signed a bi-partisan bill into law allowing insurance companies and mortgage
brokers to re-invest their assets. They had been prevented from doing so since
the Great Depression. The senate version of the bill was written by Senator
Phil Gramm(R). Among the 90+ senators who voted for it were Senator John
McCain(R) and Senator Joe Biden(D). (Do any of these names sound familiar?) To
be fair, McCain about 5-6 years ago did predict this house of cards would fall
unless there was greater govermental oversight. As far us throwing all the
incumbents out, like someone has suggested, Congressmen Rob Bishop(R) and Jim
Mattheson(D) are blameless in this matter since they began their service in
Congress several years after the bill was signed. And, Chris Cannon(R)
won't be going back since he lost his race in his primary. You'd have
to check the voting records of Senators Orin Hatch(R) and Bob Bennett(R) to see
if they voted for the bill or not before throwing them out.
Craig Coleman | 8:47 a.m. Sept. 26, 2008
Tap the treasury? There ain't nothing in there to tap but a boat-load of
IOUs.
Jason | 8:46 a.m. Sept. 26, 2008
To Idaho Boy: the president may only sign bills into law, be he exerts a high
level of influence through himself, his cabinet, and the supposed
"non-political" federal reserve chair, Bernanke (appointed by Bush) on
what bills congress considers. this bailout legislation is a prime example of
that... who came up with it, why Bush, Bernanke and Paulson. Bush cannot, and
should not be held blameless for the financial predicament we are in today.
Recession will be worse | 9:23 a.m. Sept. 26, 2008
Please realize that the recession will be worse if the bail out passes. Watch
any financial analysis program and they all have the same concern that the
result might be negative rather then positive. Huge risk to take if the experts
aren't even sure this will help. Everyone thought Reagan's policies
of limited government and reduced taxes would destroy the nation and for several
years it was brutal. Yet, the nation survived and prospered greatly as a
result.
Melissa | 10:23 a.m. Sept. 26, 2008
Capitalism is dependent on a free-market system. The more government gets
involved the worse our situation becomes. We have to draw the line somewhere,
and yes it's going to hurt, but in THE LONG TERM it is better to hurt now
than slowly bury our posterity with debt to the Chinese.
re: For What it's Worth @ 7:29am | 12:11 p.m. Sept. 26, 2008
"The consequences of NOT passing this bill will be enormously
painful"
I'm obviously not a banker because I don't understand why the above statement is true. But I can read the news. So Washington Mutual went under. Big deal, JP Morgan Chase was there to pick up the assets, the transition for WaMu customers should be fairly seamless. Seems to me that the market is correcting itself. Can someone explain why the bailout is necessary?
I'm obviously not a banker because I don't understand why the above statement is true. But I can read the news. So Washington Mutual went under. Big deal, JP Morgan Chase was there to pick up the assets, the transition for WaMu customers should be fairly seamless. Seems to me that the market is correcting itself. Can someone explain why the bailout is necessary?
Anonymous | 12:14 p.m. Sept. 26, 2008
I think the Los Angelas Times wrote an article back in 1999 concerning the
Clinton administration, Fannie Mae and Freddie Mac, and the giving of mortgage
loans. a lot of you should look it up and read it. The only way we can truly
fix our economy is for us as Americans to change our relationship with money and
things. Teach your children that to spend money you have to earn money. if
that does not happen this kind of crap will just keep on occuring.
Thanks President Bush | 1:31 p.m. Sept. 27, 2008
All I can say is thank you Mr. President for being asleep at the
economic/domestic policy wheel and being all for privatizing and deregulating;
what a fine mess it has led us to. Now we have 700 billion in corporate welfare
and my kids will be on the hook for the greed of Wall Street. Though I am
disgusted with this administration for what it has done or not done(sad to say I
voted for him the first time) I do want to thank those who have fought and died
to defend my freedom to express my opinion regarding my leaders. It is a true
blessing that a good majority of the world do not have. God bless American and
here is for brighter days ahead.
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Democratic Sen. Chris Dodd talks with reporters after a meeting to try to develop a plan to resolve the market turmoil on Thursday. He is joined by, from left, Rep. Barney Frank, Sen. Bob Corker, Sen. Charles Schumer and Utah's Sen. Bob Bennett.
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Bennett appears to be out of touch, but he probably feels safe being two years away from re-election. He'll have to learn about the consequences of ignoring his constituents the hard way.