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Senate OKs $700 billion bailout
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Lew Jeppson | 1:17 a.m. Oct. 2, 2008
In large part labor is being asked to bail out capital. Well, OK, I guess we
have been talked into it. But what does labor get in return? Labor should
demand that all anti-union laws be repealed including Taft-Hartley. Labor is
expected to be a good support and take it in the pants. Well, I'm having
none of it. So how 'bout it, Utah Congressional delegation? We're
going to bail out capital, how about a little consideration for labor?
Mike | 1:43 a.m. Oct. 2, 2008
We got what we voted for-corrupt thieves on BOTH sides stealing from the
middle-class one last time before we mindlessly vote them back into office in
November. The numbers keep getting bigger because we NEVER VOTE THEM OUT NO
MATTER WHAT THEY DO TO US!
Here in Utah we will do well financially keeping our local politicians. BUT VOTE OUT EVERY FEDERAL POLITICIAN THROUGHOUT THE COUNTRY!!! DO NOT LET THEM GIVE ANY MORE OF OUR MONEY TO THE EASTERN WALL STREET FAT CATS who have BOUGHT THEIR SOULS!!!
They have proven time and time again the only real issue is money. Nothing else matters in Washington. So use your head and realize the middle-class from either side will only get power back if we together get rid of these traitors to middle-class Americans.
Here in Utah we will do well financially keeping our local politicians. BUT VOTE OUT EVERY FEDERAL POLITICIAN THROUGHOUT THE COUNTRY!!! DO NOT LET THEM GIVE ANY MORE OF OUR MONEY TO THE EASTERN WALL STREET FAT CATS who have BOUGHT THEIR SOULS!!!
They have proven time and time again the only real issue is money. Nothing else matters in Washington. So use your head and realize the middle-class from either side will only get power back if we together get rid of these traitors to middle-class Americans.
John | 2:15 a.m. Oct. 2, 2008
What a ridiculous piece of legislation! I am ashamed that our two senators from
Utah thought it fit that we as taxpayers should bear the burdens of Wall
Street's mistakes! That was one small vote for Congress, but one large step
towards Socialism.
Comments continue below
Doug Slater | 5:44 a.m. Oct. 2, 2008
Nowhere in this article do I see that the Senate has included a repeal of the
Community Reinvestment Act or the National Homeowners Initiative..Both of which
started the current problem by making easy money available for high risk loans.
Couple these with the penalties against Banks and other lenders who didn't
follow the Congressional guidelines for granting these high risk loans.
Without repeal of these measures, we can expect the problem to continue..this is only a "band-aid" approach..an expensive one..without any real solution.
Without repeal of these measures, we can expect the problem to continue..this is only a "band-aid" approach..an expensive one..without any real solution.
John Mulholland | 6:15 a.m. Oct. 2, 2008
The Constitution states that all spending bills must start in the House. I
called Bennett's office and they told me this wasn't a spending bill.
Both our senators swore to protect and uphold the Constitution and I am calling
them both liars. Please, don't reelect these guys. They are destroying
our country. Can people see yet why Presidents McKay and Benson warned us
against Communism?
Help, help me, Rhonda! | 6:33 a.m. Oct. 2, 2008
Our dear country is in a mess and I don't know how this huge bailout is
going to help. It should have never happened. The government should not have
encouraged the loan companies to give loans to the unqualified and the loan
companies should not have let it happen, knowing that this day would come. It
all comes down to the congessmen and senators wanting votes and the loan
companies just thinking about profits. We, the people who know how to budget
our money and live honest, good lives, are now going to have to repay this loan.
Bad news!
Mark | 6:45 a.m. Oct. 2, 2008
Just like the cereal makers, all the legislators know is to sweeten the pot,
untill the people buy the product.
I had hoped the law makers were begining to learn a lesson from the past defeats, but it's not to be I guess. Sweeten anything up enough, and they will buy it.
I thought the idea was to conserve and cut spending? not add to the problem!
I had hoped the law makers were begining to learn a lesson from the past defeats, but it's not to be I guess. Sweeten anything up enough, and they will buy it.
I thought the idea was to conserve and cut spending? not add to the problem!
Disappointed | 6:52 a.m. Oct. 2, 2008
Hopefully Representatives Matheson and Bishop will have the courage of their
convictions unlike Senator Hatch who could not.
Okay Wall Street | 7:01 a.m. Oct. 2, 2008
Mommies gunna go ahead and let you have 700 billion today. But that's it.
No more. Don't even ask because I'll just say no next time. So I hope
you learned your lesson...okay sweetie?
...one year later...
What!? you need another 1.5 trillion? Didn't I say you couldn't have anymore? Are you sure you really need it? Well Okay, just this one time...
...one year later...
What!? you need another 1.5 trillion? Didn't I say you couldn't have anymore? Are you sure you really need it? Well Okay, just this one time...
wayne | 7:03 a.m. Oct. 2, 2008
We need to fire them all in the name of our grandchildren and great
grandchildren. this is the public drunkard having a field trip to the
winnery.
the government spends to much. the government owes too much and now we owe more. we do not have the tax base to spend more. this will necessitate much higher taxes, will not help liquidity for more than a few months and maybe a year or two as long as the real coulperate "fair housing" and mark it at current market accounting continues.
at best this is a short term election year ploy to get reelected. the senate has always acted in it own best interest country be damned for the most part.
kudos to the house. both the democrats and the republicans who voted no. I hope that they send this drunken bill to a watery grave.
Kudos to Rep Bennett for voting no and thank you for my grand children's and great grand children's sake.
I hope we are not seeing the beginning of Joseph Smith's prediction that in the laster days the government would destroy the constitution of the the United States.
the government spends to much. the government owes too much and now we owe more. we do not have the tax base to spend more. this will necessitate much higher taxes, will not help liquidity for more than a few months and maybe a year or two as long as the real coulperate "fair housing" and mark it at current market accounting continues.
at best this is a short term election year ploy to get reelected. the senate has always acted in it own best interest country be damned for the most part.
kudos to the house. both the democrats and the republicans who voted no. I hope that they send this drunken bill to a watery grave.
Kudos to Rep Bennett for voting no and thank you for my grand children's and great grand children's sake.
I hope we are not seeing the beginning of Joseph Smith's prediction that in the laster days the government would destroy the constitution of the the United States.
Diane | 7:08 a.m. Oct. 2, 2008
It's time for both of our Senators to retire!!!
CITIZEN | 7:07 a.m. Oct. 2, 2008
Does anyone remember the PANAMA CANAL giveaway?then let me remind you.the
majority of the senate that voted for that giveway of our property went down in
defeat the very next election.we can repeat that citizen action this election by
defeating these so called defenders of our country by taking them down that road
too defeat.THROW THE BUMS OUT!!!
LoD | 7:18 a.m. Oct. 2, 2008
The Federal Reserve is busy handing out cash (electronically) by the dump truck
load, to "pump" liquidity back into the banking system. In just the
last 10 days, they've made "emergency loans" to American banks
that have exceeded $1.2 Trillion, and there is no end in sight. The end result
of all of this "bailing" and "pumping" will be the
inevitable monetization of mountains of public debt. There is no way to generate
tax revenues to cover even a fraction of it, so, the requisite
"dollars" are being created out of thin air. This will of course
dilute the value of the dollars already in circulation. So, sooner or later,
mass currency inflation will be the end result. I predict that if this
monetization goes on unchecked for long enough, it will result in a
hyperinflationary death spiral for the US Dollar.
Bob G | 7:19 a.m. Oct. 2, 2008
Government just refuses to listen to the people. The only way to get their
attention is for everyone with a 401K or investment retirement account should
roll it over to long term CD's or tangible assets. Then ask for and demand
pay raises that we should have been getting during all the economic growth.
Workers should demand more job benefits and job security and some paybacks for
supporting and aiding corporate america during thier fleecing of americans. We
need to make more demands to rid this country of illegal aliens taking ameircan
jobs, not paying taxes, and subverting the american way of life. These illegals
have given america nothing but headaches and pain our entire lives and its time
we demand action to deport with prejudice. Including their children and
families. Who is to benefit with more excessive credit? Americans have learned
we can't live on borrowed and expensive credit. Consumers have been hit
with reality and woke up. There are no regulations or controls attached to this
bailout so we continue to feed a broken financial system. Investment type
retirement accounts doom the working class and they will retire getting pennies
on the dollar.
YES!!! | 7:32 a.m. Oct. 2, 2008
The fat cats will remain fat!!!
WatchDog | 7:37 a.m. Oct. 2, 2008
Congress:
IF you really want to do something constructive for our economy, consider this approach: Give every citizen, whether, man, woman, or child, in this country a million dollars. They would spend much of it within a few weeks and this consumer driven spending spree would lift our economy out of the doldrums
Want to enhance the process even more? Require that this money, if immediately spent, be spent on American made goods! Think of the boost to our economy if our businesses were being asked to manufacture these goods. Employment would drop to zero overnight! Undoubtedly, the balance not promptly spent, would be placed in personal bank accounts IN THIS country. The liquidity provided by this would eliminate the banking industry's problems overnight as well. It is a win-win situation all around!
Further, doing this would only cost the taxpayer about $325 million or so, NOT the unverified, and presently unlimited $700 Billion or more of the present bailout scheme. And, my suggestion has a definite limit on its cost, while the present Wall Street bailout has no known or expressed limit and is essentially a blank check.
IF you really want to do something constructive for our economy, consider this approach: Give every citizen, whether, man, woman, or child, in this country a million dollars. They would spend much of it within a few weeks and this consumer driven spending spree would lift our economy out of the doldrums
Want to enhance the process even more? Require that this money, if immediately spent, be spent on American made goods! Think of the boost to our economy if our businesses were being asked to manufacture these goods. Employment would drop to zero overnight! Undoubtedly, the balance not promptly spent, would be placed in personal bank accounts IN THIS country. The liquidity provided by this would eliminate the banking industry's problems overnight as well. It is a win-win situation all around!
Further, doing this would only cost the taxpayer about $325 million or so, NOT the unverified, and presently unlimited $700 Billion or more of the present bailout scheme. And, my suggestion has a definite limit on its cost, while the present Wall Street bailout has no known or expressed limit and is essentially a blank check.
Re: WatchDog | 7:55 a.m. Oct. 2, 2008
Why would I want to spend money on junk made in a America? Besides, how much of
the "American" companies stuff is actually made in America? Do you
think all Ford, GM and Chrysler cars are made in America? The finished product
may be assembled here, but the cars and trucks are assembled in the US with
foreign made components. On the flip side, most "foreign" cars are
built here as well. Toyota, Nissan, Honda and Suburu (to name a few) all have
factories here in the US, and are considered made in the USA.
No, your argument does have some valid points, but I think giving money to the rich is the way to go. Bail out the rich is the American way!
No, your argument does have some valid points, but I think giving money to the rich is the way to go. Bail out the rich is the American way!
To Utah | 7:59 a.m. Oct. 2, 2008
I get a kick out of your rantings on this subject, especially when I think back
to visiting my family in Utah two summers ago. The housing market was hot and
everyone was talking real big. I tried to warn them that it was all artificial,
but the response from every man, woman and child I spoke to there was, "no,
not here, Utah is special."
Trying to help my daughter buy a home there, we gave up. The sellers were incredibly greedy and our realtor told us the market was so hot we'd have to put a bid in for a home without seeing it.
Everyone was driving brand new gas-guzzling SUV's and pick ups (why does an accountant need a lifted Ford F350?) that they bought at the "employee discount" being offered by GM and Ford.
There was a mad scramble to move further up the hill into bigger and bigger homes.
Utah reaped the benefit of higher home prices, artificially propped up by what we knew then, and know now, was a relaxing of credit rules to qualify more folks for more house.
Please stop pretending not to have been part of this.
Trying to help my daughter buy a home there, we gave up. The sellers were incredibly greedy and our realtor told us the market was so hot we'd have to put a bid in for a home without seeing it.
Everyone was driving brand new gas-guzzling SUV's and pick ups (why does an accountant need a lifted Ford F350?) that they bought at the "employee discount" being offered by GM and Ford.
There was a mad scramble to move further up the hill into bigger and bigger homes.
Utah reaped the benefit of higher home prices, artificially propped up by what we knew then, and know now, was a relaxing of credit rules to qualify more folks for more house.
Please stop pretending not to have been part of this.
Amazed | 7:59 a.m. Oct. 2, 2008
I am amazed at how short-sighted all these comments are...this bailout is not a
bailout of Wall St, but of Main St. Many of the companies you all work for
depend on the so-called Wall St. banks and such, and without the funding
provided by these banks, many of you stand to lose your jobs.
The bailout is not a bailout of the banks, but is intended to keep the banks from failing, and to loosen the credit markets, which have all but vanished the past few weeks. Many solvent and successful companies are struggling right now because their lines of credit have been frozen. Many businesses rely on these lines of credit to float loans and expenses, and without the line of credit, they may be forced to let people go. Businesses are cyclical, and these short term lines of credit allow business to run smoothly and without interruption.
So, yes, while this may seem like a bailout of the rich, it is actually intended to keep many businesses in the country afloat, and many of us employed.
Before making uneducated comments, read a bit about what the actual bailout is for.
The bailout is not a bailout of the banks, but is intended to keep the banks from failing, and to loosen the credit markets, which have all but vanished the past few weeks. Many solvent and successful companies are struggling right now because their lines of credit have been frozen. Many businesses rely on these lines of credit to float loans and expenses, and without the line of credit, they may be forced to let people go. Businesses are cyclical, and these short term lines of credit allow business to run smoothly and without interruption.
So, yes, while this may seem like a bailout of the rich, it is actually intended to keep many businesses in the country afloat, and many of us employed.
Before making uneducated comments, read a bit about what the actual bailout is for.
Socialism????? | 8:00 a.m. Oct. 2, 2008
Its beginning to take over the United States. The bailout, then the Healthcare
system, then the auto industry, then the airlines. Where does it end. I dont
like either candidate, but Obama is going to speed up the process of socialism,
while the other candidate will be lucky to survive the next 4 years, literally.
Its a sad day in our nations history when these are the only 2 candidates to
choose from.
Follow Through! | 8:04 a.m. Oct. 2, 2008
All of the posts here are excellent! There's no question about it - these
actions by our elected officials and the unconstitutional Federal Reserve, will
inevitably destroy the middle class and our economy. In fact, this single event
could be the final blow. We talk of voting them out of office; but, most people
are either disconnected from this issue or will quickly forget; and either way,
vote them right back in. So, how do we get the word out - how do we keep
beating that drum - how do we truely make this happen? We've got to
organize and follow through!
Re: WatchDog | 8:05 a.m. Oct. 2, 2008
Fuzzy math for the loss. Giving everyone in the US a million dollars does not
equal $325 million. That's like giving everyone in the country $1. Spend
it wisely!
I understand that everyone is ticked off about this. I am too...but I'm more afraid of what could happen if they didn't do anything. I think far better an idea than the bailout, would be to do what they did in the great depression. Put a moritorium on forclosures and help people with destressed mortgages work out a payment plan to keep thier homes and keep paying on them. The failure of people to pay thier mortgage is at the root of this problem, keep them paying thier mortgage and then we wont have to pay it. It worked then, it will work again.
I understand that everyone is ticked off about this. I am too...but I'm more afraid of what could happen if they didn't do anything. I think far better an idea than the bailout, would be to do what they did in the great depression. Put a moritorium on forclosures and help people with destressed mortgages work out a payment plan to keep thier homes and keep paying on them. The failure of people to pay thier mortgage is at the root of this problem, keep them paying thier mortgage and then we wont have to pay it. It worked then, it will work again.
Matthew | 8:06 a.m. Oct. 2, 2008
The Senate was originally conceived as representing the priveledged class
(pardon my simplification) and that is why spending bills MUST originate in the
HOUSE!
This is a worse disrespect of the Constitution and our Country than any flag burning!
These are the same yahoos that authorized invading Iraq and don't be fooled about that having worked our yet.
This is a worse disrespect of the Constitution and our Country than any flag burning!
These are the same yahoos that authorized invading Iraq and don't be fooled about that having worked our yet.
Thats Lovely | 8:16 a.m. Oct. 2, 2008
Something is fundamentally wrong with the system when companies have to borrow
money for payrolls. I'm not a financial genius but common sense tells me
something is broken. And guess what, now it can remain broken because the
government has helped us avoid the consequenses of stupidity with even greater
stupidity. Now we can trudge forward to even a bigger economic collapse down
the road. Eventually the problem will be even bigger than big brother can
handle then America will be finished. I will never vote for any of the
politicians that supported this bill. Guess it's thrird party time for
me.
All is well now everyone. Resume your accumulation of debt. It's ok, you won't have to take responsibilty for your actions if you borrow too much. I guess I'm doing things wrong. I've been too careful with the way I spend. But for what? I still pay for the mistakes of those who get to far in debt. I might as well spend and at least enjoy some benefit.
All is well now everyone. Resume your accumulation of debt. It's ok, you won't have to take responsibilty for your actions if you borrow too much. I guess I'm doing things wrong. I've been too careful with the way I spend. But for what? I still pay for the mistakes of those who get to far in debt. I might as well spend and at least enjoy some benefit.
Goodbye Hatch and Bennet | 8:20 a.m. Oct. 2, 2008
Time to pull the plug on these two guys. Lets get some folks in who have a
greater vision than an economic downterm. We need to be reducing the defecit
by 1 trillion instead of increasing it.
Please wake up and get active!
Please wake up and get active!
Thanks | 8:25 a.m. Oct. 2, 2008
I thought the voters made their wishes known the first time. Oh, silly me. I
forgot. Us voters are not smart enough to figure out what is best for us.
Thank you politians for figuring that out for us. I'm sure everything will
turn out great now that the government has increased in size and power. That
has to be a good thing right?
Craig | 8:34 a.m. Oct. 2, 2008
Bob Bennett will be up for reelection in 2010--two years away. We need strong
candidates who respect the constitution and understand fiscal responsibility to
oppose him. If such candidates come forward, one of them could easily defeat
the senator. Now is the time to start looking for someone. Any suggestions?
Craig Coleman | 8:37 a.m. Oct. 2, 2008
The United States is the largest foreign-owned country in the world. Once the
shining light on the hill that gave hope to freedom-loving people all over the
world, it has been reduced to a glimmer. We can and must do better.
Joe Taxpayer | 8:43 a.m. Oct. 2, 2008
I would like to have all of the Senators and Representatives put in jail along
with the thiefs from Wall street. While we are at it lets include some of the
liberal media. We can put them in the California jails they feature on the
National Geographic channel for the hardened offenders. This would make me
happy.
Former Utahn in Nevada | 8:47 a.m. Oct. 2, 2008
Elected representatives? Elected, yes. Representative of the prople that
elected them? NOT! Boot them all out of office! The Wall Street bankers
should be indicted, not bribed.
stevo | 8:49 a.m. Oct. 2, 2008
How thoughtful of Bennett And Hatch to bail out the banksta. These two voted to
stick it to the little guy in the bankrupcy bill in 2005.
I want to know | 8:53 a.m. Oct. 2, 2008
Can anyone tell me the Utah politicians that voted for this bill? I will never
vote for these people again. I get tired of "this bailout is not a bailout
of Wall St, but of Main St". I don't care who it bails out. It is
wrong wrong wrong!!
Steve P. | 8:54 a.m. Oct. 2, 2008
They forgot to add something to this bill. They need to put the leaders at
Fannie Mae and Freddie Mac in jail for cheating on their books. Instead they
are getting off scot free and while paying a portion of the money they made as
punishment, they still make millions. If you want this type of thing to stop
you need to really punish those responsible for understating their expenses.
Take away all their earnings and put them in jail!!! The members of the House
of Representatives should include this in their bill.
In addition, I agree with the comment to get rid of the Community Reinvestment Act and National Homeowners Initiative. This should also be included by the House in the bill. Fix the problem and really punish those responsible. Then you are saying to all future theives that if they touch it they WILL get burned. If not, we will start paying trillions to fix the economy and keep throwing good money after bad. FIX THE PROBLEM HOUSE MEMBERS -- IF NOT, LET'S GET RID OF THEM!
In addition, I agree with the comment to get rid of the Community Reinvestment Act and National Homeowners Initiative. This should also be included by the House in the bill. Fix the problem and really punish those responsible. Then you are saying to all future theives that if they touch it they WILL get burned. If not, we will start paying trillions to fix the economy and keep throwing good money after bad. FIX THE PROBLEM HOUSE MEMBERS -- IF NOT, LET'S GET RID OF THEM!
Greed | 8:55 a.m. Oct. 2, 2008
The real issue is not Wall Street Fat Cats. It's not even about the tsunami
of bad mortgages. It is about greed, greed of the American people in general.
The problem is that our national debt is nearing $10 TRILLION, and we are spending hundreds of billions each year above what we raise in taxes. Our individual credit card debt is nearing a trillion. Our savings rates are negative. The equity in our homes is at the lowest level ever.
We've borrowed so much that people with money (like China and oil exporting countries) are starting to become weary about lending us even more. THIS IS THE REAL CREDIT CRISIS. We will have more and more of these crises until something radically changes.
So our problem is too much debt. What are we proposing to do about it? Borrow more to fix it. The House votes it down. So what is done to "sweeten the deal"? Spend even more! And don't raise any money, in fact, cut taxes!
Witness our greed: "Don't give it all to Wall Street, us Main Streeters want some of the handouts too." We all want something for nothing. Soon we'll all have nothing.
The problem is that our national debt is nearing $10 TRILLION, and we are spending hundreds of billions each year above what we raise in taxes. Our individual credit card debt is nearing a trillion. Our savings rates are negative. The equity in our homes is at the lowest level ever.
We've borrowed so much that people with money (like China and oil exporting countries) are starting to become weary about lending us even more. THIS IS THE REAL CREDIT CRISIS. We will have more and more of these crises until something radically changes.
So our problem is too much debt. What are we proposing to do about it? Borrow more to fix it. The House votes it down. So what is done to "sweeten the deal"? Spend even more! And don't raise any money, in fact, cut taxes!
Witness our greed: "Don't give it all to Wall Street, us Main Streeters want some of the handouts too." We all want something for nothing. Soon we'll all have nothing.
Craig | 9:06 a.m. Oct. 2, 2008
Why is it that people like "Amazed" think that because people disagree
with them it is because they must be uneducated or uniformed? You disagree with
me? Oh, it must be because you haven't read enough! Are you really that
arrogant or are you this way because you can make your comments anonymously? I
have been reading and what I see is that there are a number of alternative plans
that have been put forward but for some reason do not seem to be getting the air
time that the Bush-Paulsen-Bernanke plan is getting. What guarantees do we have
that their plan will do what they say it will do? What guarantee do we have
that the bailout will be limited to $700 billion? We have nothing but
assurances that it will work from the very people who created the mess in the
first place. I simply have no confidence in empty promises anymore. I see the
promise of economic stability to be as tenable as the assurance that there were
WMDs in Iraq. Humbug!
Add Them Up | 9:05 a.m. Oct. 2, 2008
It's not just the mortgage problem that is dragging this economy down. What
about the unjust war in Iraq? Why have we quit talking about the illegal
situation? That is also a BIG factor. What about big oil and what they have done
to our whole transportation system? Everything we buy, produce and use is
affected by these oil mongors. It's everywhere taxpayers. It is totally out
of control. Who would want to have the top job in this country? Not me. Theives,
Greed, Deceit, lies are rampant. Throw them all out of elected office. They all
have misreprsented the people they represent.
Pork | 9:09 a.m. Oct. 2, 2008
Load something up with enough pork and a communist manifesto could pass.
This is not the end | 9:17 a.m. Oct. 2, 2008
When the 700 billion is not enough they will be back for more. Mark my words.
Blind leading Blind | 9:15 a.m. Oct. 2, 2008
I was against the bill. But then I closed my eyes and pretended that I will
never have children or need to care about what happens in a decade, then I
really started to like this bill!
Cool Hand Luke | 9:18 a.m. Oct. 2, 2008
Throughout this whole display of political mismanagement over whether we should
or should not approve the bailout and put each and every person in the U.S.
further in debt, the only thing that comes to mind is Paul Newman in "Cool
Hand Look" when he mimics the overseer of the prisoners and declares
"What we have here is a failure to communicate"! Is anyone listening?
Tod | 9:22 a.m. Oct. 2, 2008
We must never forget the sell out that Hatch and Bennett have voted for. They
must not be allowed to represent us ever again.
A.H. | 9:24 a.m. Oct. 2, 2008
Here we go again...Big Brother steps in, bails out the privately-owned-corrupt
businesses.
Why wasn't this bill a LOAN instead of a BAILOUT?
Because now the government can tack on their restrictions and control what happens. They did that with Freddie & Fannie and now they'll do it again and you will see our economy go further and further down the drain and turn to socialism.
Power corrupts; absolute power corrupts absolutely.
Why wasn't this bill a LOAN instead of a BAILOUT?
Because now the government can tack on their restrictions and control what happens. They did that with Freddie & Fannie and now they'll do it again and you will see our economy go further and further down the drain and turn to socialism.
Power corrupts; absolute power corrupts absolutely.
Sen. Reid | 9:25 a.m. Oct. 2, 2008
After the Senate vote, Majority Leader Harry Reid, D-Nev., said,
�We�ve sent a clear message to
Americans all over that we will not let this economy fail. This is not a piece
of legislation for lower Manhattan. This is legislation for all
America.�
Let me translate: "The massage we really sent is, those of you who called, e-mailed & contacted us at 90% against this bail-out have no clue & us politicians know what is best, so leave us alone because we will not listen after we get elected!"
By the way $192 million to rum producers, $150 million to race tracks, $6 million for wooden arrows, some millions to wool stuff ... WOW, how a decision based on fear gets alot of "STUFF" attached to it & then crammed down Americas throat!
Sen. Hatch, Sen. Bennett & Rep. Cannon voted for this.
Rep. Bishop & Rep. Mattheson voted against!
Let me translate: "The massage we really sent is, those of you who called, e-mailed & contacted us at 90% against this bail-out have no clue & us politicians know what is best, so leave us alone because we will not listen after we get elected!"
By the way $192 million to rum producers, $150 million to race tracks, $6 million for wooden arrows, some millions to wool stuff ... WOW, how a decision based on fear gets alot of "STUFF" attached to it & then crammed down Americas throat!
Sen. Hatch, Sen. Bennett & Rep. Cannon voted for this.
Rep. Bishop & Rep. Mattheson voted against!
Hypocrisy!! | 9:29 a.m. Oct. 2, 2008
For how many years have we been told to "buy modest homes, pay them off,
stay out of debt, don't live above our means"? The responsibility for
this economic crisis falls just as much at the feet of the middle class consumer
as it does the "FAT CAT" ceos. The reason we are having this credit
crisis is because too many Americans bought too large of homes and defaulted on
their mortgages!! It is that simple!! So before you start claiming that this
is socialism, or that we are bailing out Wall Street, look at your own personal
consumer and savings habits. Because if you have too much debt (mortgage, car
loans, or consumer) then you are just as much to blame for this as the CEO of
Bear Stearns and AIG!!!
I agree with Tod | 9:36 a.m. Oct. 2, 2008
Hatch and Bennettt should be finished over this.
C.W. | 9:39 a.m. Oct. 2, 2008
700b for bankers, (to start with) 180b for corporate farms, 25b to
automakers,free medical care for illegals, did I forget anybody, oh yeah, 20b
for Bush's buddies at Halliburton so they can build things in Iraq that the
Iraqis can blow up again! Is this a great socialist state or what? Most
socialist states could only DREAM of creating something like this where the
middle class pay for EVERYTHING and the moneychangers get a pass!
I hope we remembers our two senators actions at election time, but the damage is already done! I thought I had seen the worst of politicians with the Clinton/Lewinsky episode but this is a new low even for them! The opinion polls were running 60-70 percent AGAINST the bailout but we get it anyway, after all, they know whats good for us.
I hope we remembers our two senators actions at election time, but the damage is already done! I thought I had seen the worst of politicians with the Clinton/Lewinsky episode but this is a new low even for them! The opinion polls were running 60-70 percent AGAINST the bailout but we get it anyway, after all, they know whats good for us.
yes and | 9:43 a.m. Oct. 2, 2008
I have a sick feeling in the pit of my stomach. And many of the American people
are like moths flying toward the flame. We want this bailout? We want to elect
Obama? What are we thinking? Many people are going to suffer financially
because of the greed and pride of the people of this great nation. Ten years
ago a prophet warned us to get out of debt...how many people blew that off in
their quest for bigger and better houses, cars and material things? and
I'm not from Utah.
Re: Craig | 9:42 a.m. Oct. 2, 2008
I am that arrogant, and I am that educated to know the real issues of the day,
and what the result would be if a bailout was not passed. Do you like your job?
Do you want to keep your job? Do you want to keep your 401(k)? Do you want to
be able to retire some day? If you answered yes to all these questions, then you
should be glad the bailout passed.
I don't agree with many of the comments on here, and it's because they're uneducated comments. I don't like the bailout, and in fact I hate it, but I recognize what the alternative would be if there were no bailout, and that is an alternative I do not want my children to have to go through. Depression is not an option, but it would be a legitimate option if the bailout does not pass. If you want to live through a Depression, then go live some third-world country. I for one do not want to live through one, and I'm sure many of those that have posted uneducated comments on here would not want to live through one either.
I don't agree with many of the comments on here, and it's because they're uneducated comments. I don't like the bailout, and in fact I hate it, but I recognize what the alternative would be if there were no bailout, and that is an alternative I do not want my children to have to go through. Depression is not an option, but it would be a legitimate option if the bailout does not pass. If you want to live through a Depression, then go live some third-world country. I for one do not want to live through one, and I'm sure many of those that have posted uneducated comments on here would not want to live through one either.
Financial Life | 9:46 a.m. Oct. 2, 2008
Do you really think we would have been better off not bailing out these banks.
The 7 billion bailout will mainly help banks.
Ever heard of Zions Bank, US Bank, ect... If we did not bail them out they would no longer exist. What happens when you can't get your money out of the bank. Then here comes the Federal Reserve with a bail out anyway! You couldn't get your deposits back for 6 months plus.
Then lets get the effect on the economy, more bankruptcy, creating more of the same problem we already have, americans losing more jobs (maybe even yours). Then you could have your closed bank, no job, and a foreclosed home. Great idea!
Think of the ramifications if we don't. I don't want to bail out gready CEO's and companies either, but not much of a better choice!
Ever heard of Zions Bank, US Bank, ect... If we did not bail them out they would no longer exist. What happens when you can't get your money out of the bank. Then here comes the Federal Reserve with a bail out anyway! You couldn't get your deposits back for 6 months plus.
Then lets get the effect on the economy, more bankruptcy, creating more of the same problem we already have, americans losing more jobs (maybe even yours). Then you could have your closed bank, no job, and a foreclosed home. Great idea!
Think of the ramifications if we don't. I don't want to bail out gready CEO's and companies either, but not much of a better choice!
Check the Dow | 9:50 a.m. Oct. 2, 2008
OK, the Senate approves the bailout and the Dow fell 3% (and counting)
anyway.
Fear sells. And the media, to me, is public enemy #1. There were some flaws in our economy, but the media exaggerated them, scared everyone, and now we have panic.
The media predicted $4 a gallon gas and guess what? Six months later, we got it! Now oil is down by 1/3 from it's high and we're still paying $3.85 a gallon?
Like I said, fear sells. You want to clean house, get rid of the corrupt media.
Fear sells. And the media, to me, is public enemy #1. There were some flaws in our economy, but the media exaggerated them, scared everyone, and now we have panic.
The media predicted $4 a gallon gas and guess what? Six months later, we got it! Now oil is down by 1/3 from it's high and we're still paying $3.85 a gallon?
Like I said, fear sells. You want to clean house, get rid of the corrupt media.
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Sen. Chris Dodd reports Wednesday on the Senate's passage of bailout bill, backed by Sens. Mitch McConnell, left, Max Baucus, Judd Gregg and Harry Reid.
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