Reader comments
Bailout hopes rise as more 'no' votes switch
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pros and cons | 9:17 a.m. Oct. 2, 2008
USA is still locked in acrimonious contention about a bail out package whereas
other economies have united and are formulating longer term plans.
One of these has to be a new mortgage scheme to enable buyers to fund new purchases; is anyone in Washington thinking about this yet?
Final point there are many businesses unable to borrow money and therefore at risk of losing business whilst there is lack of liquidity in the banking and finance sector.
Lost in Dc raises a good point about a short term suspension of accounting procedures but those procedures are in place to ensure fair valuation. If I invest in a business I need assurance that the business is fairly valued. If you suspend the rule temporarily to break the present cycle and stop markets spiralling downward the risk is that investors who have been victim of major accounting scandals have less protection. This can only be a short term measure.
Not all bankers are dishonourable or greedy; there are may honest and hard working people at work so let's not stereotype all banks and staff!
One of these has to be a new mortgage scheme to enable buyers to fund new purchases; is anyone in Washington thinking about this yet?
Final point there are many businesses unable to borrow money and therefore at risk of losing business whilst there is lack of liquidity in the banking and finance sector.
Lost in Dc raises a good point about a short term suspension of accounting procedures but those procedures are in place to ensure fair valuation. If I invest in a business I need assurance that the business is fairly valued. If you suspend the rule temporarily to break the present cycle and stop markets spiralling downward the risk is that investors who have been victim of major accounting scandals have less protection. This can only be a short term measure.
Not all bankers are dishonourable or greedy; there are may honest and hard working people at work so let's not stereotype all banks and staff!
Matheson | 10:11 a.m. Oct. 2, 2008
Do the right thing Rep. Matheson. If you vote against this bill I will be
voting for a democrat next time you are up for election.
Comments continue below
C.W. | 10:24 a.m. Oct. 2, 2008
It's especially sad to see Republicans who we think are supporting the free
market system vote for this bailout! I was VERY disillussioned to see McCain
supporting the bailout because I had planned on supporting him. The bailout vote
tells me there is REALLY no difference in the two parties. I guess I'll
just vote for a 3rd party candidate but if this bailout goes through this will
be the last election I will bother with. WHATS THE POINT!
Third Party | 10:33 a.m. Oct. 2, 2008
I'm going to start voting third party. I'm done with Democrats and
Republicans. A third party victory would be REAL change not just the hot air
from Obama.
re: Matheson | 10:47 a.m. Oct. 2, 2008
The bail-out only serves the banks and oversea's trading. Therefore if it
is voted down then corporations may be forced to keep business (jobs) in the
U.S.A. instead of farming them out to low wage countries.
Imagine a life were people actually "saved" for things. This $700 billion dollar bandaid will only allow us to continue to live in and rely on future debt. So, if Matheson votes it down then he will gain my vote in the future. PLEASE VOTE IT DOWN.
Black Monday dropped nearly 700 points and 9/11 terrorist attacks dropped over 700 points. We reocovered from both of those. We have already shown a significant recovery over this one. We will recover as well. THE BAIL OUT ONLY SERVES THE BANKS NOT THE PEOPLE. If the people want to pay lower prices for nearly everything then vote NO. Let things balance. How many times have people complained that their wages don't keep up with inflation. Well, inflation just took a hit. This is exactly what "we the people" need.
Imagine a life were people actually "saved" for things. This $700 billion dollar bandaid will only allow us to continue to live in and rely on future debt. So, if Matheson votes it down then he will gain my vote in the future. PLEASE VOTE IT DOWN.
Black Monday dropped nearly 700 points and 9/11 terrorist attacks dropped over 700 points. We reocovered from both of those. We have already shown a significant recovery over this one. We will recover as well. THE BAIL OUT ONLY SERVES THE BANKS NOT THE PEOPLE. If the people want to pay lower prices for nearly everything then vote NO. Let things balance. How many times have people complained that their wages don't keep up with inflation. Well, inflation just took a hit. This is exactly what "we the people" need.
George | 10:53 a.m. Oct. 2, 2008
The Beavers are coming to town tonight and you are worried about a small thing
like the world's economy?
Skippy | 10:58 a.m. Oct. 2, 2008
I think it's noble to consider voting for a third (or fourth) party
candidate. The problem with that is that the mainstream media is controlled by
the current two parties in control, and that won't be changing anytime
soon.
The vast corruption throughout D.C. is insane...and we're the ones who get to pay for the mess left behind by these crooks.
The vast corruption throughout D.C. is insane...and we're the ones who get to pay for the mess left behind by these crooks.
S.B. | 11:05 a.m. Oct. 2, 2008
The headline should read "LAWMAKERS MUST LISTEN (to their constituents)
vote no!
Maybe Bush just got confused again!
Maybe Bush just got confused again!
Anonymous | 11:08 a.m. Oct. 2, 2008
Senator DeMint makes the most sense on the bailout issue. I wish he was running
with Palin.
DMH | 11:09 a.m. Oct. 2, 2008
I am so disappointed in our Senators for voting for this thing. The tax cuts
that they have added to this bill will not help hardly anyone here in Utah. If
they would have gotten rid of the "golden parachutes", I could have
maybe gone along with it. From where I'm sitting, this just looks like our
government has not only gone against the Constitution, but they are rewarding
the people who caused this miserable situation in the first place. If you are
going to help anyone with this kind of money, you need to pay off the mortgages
that are in good standing and that will free up new money to help in dealing
with the bad deals.
Say What G.W. | 11:15 a.m. Oct. 2, 2008
If this guy says yes I say no, if he says go left I'm going right, if he
says it's dark I will look at the sun. After all of his lies for 8 years,
who in their ever loving right mind would listen to the Wacker?
Sokol | 11:13 a.m. Oct. 2, 2008
The more I think about this the more I believe the
idea stinks. How many small businesses get that kind
of bailout? When do regular citizens get such an infusion of cash? It defies the principles of a free market economy.
idea stinks. How many small businesses get that kind
of bailout? When do regular citizens get such an infusion of cash? It defies the principles of a free market economy.
Matheson turns radical right | 11:13 a.m. Oct. 2, 2008
Circle the wagons conservative republicans! Adam Smiths last stand is tomorrow.
Bush is soon to be the largest socializer and commit the greatest
centralization and consolidation of government power. Palin will be the standard
bearer of the right. Whether no or yes, t
Re: Say What | 11:28 a.m. Oct. 2, 2008
The only problem with this kind of thinking is that it's not just Bush who
lied. All politicians lie - frequently in fact. There are no easy answers, but
one thing is certain. Voting straight Democrat next month will only solidify
the foxes' hold on the hen house. Chris Dodd and Barney Frank are
criminals. They head the House and Senate Banking/Finance Committees and could
not possibly be this asleep at the wheel. They ought to be prosecuted.
As for liars, a man with a history of dishonesty is running for VP. How anyone can forgive Joe Biden for his non-stop lies and deceit is beyond me.
As for liars, a man with a history of dishonesty is running for VP. How anyone can forgive Joe Biden for his non-stop lies and deceit is beyond me.
So is Bush a Dictator? | 11:31 a.m. Oct. 2, 2008
Washington is so corrupt. anyone worried about their stocks or 401K you are
idiotic to think the bailout will save you! The dollar will plumit even further
as the private bank prints each fiat dollar after dollar. by the time you are
ready to cashout the money it it will be worth more in a game of monopoly than
anywhere in the real world. Senate has sweetend the deal adding tax cuts but in
two days who has read thru all 450+ pages of the bailout? what else is in there
that hasnt been looked at? This is rediculous folks. Vote No House of Reps!
Vote Constitution | 11:32 a.m. Oct. 2, 2008
What this article shows is that the Senators believe they are smarter than we
are and that this bill will go through no matter what the public thinks. This
is why the Republican Party is gone. They no longer represent me. Democrats
are all right because they don't really know what their Senators believe
anyways cause they tell them anything they want to here. But Republicans used
to stand for something.
I have switched to the Constitution Party. And I don't care whether they ever get voted in, and I don't care if a vote for them is a vote for a Democrat because I don't care. I will vote for the candidate who I think will do the best job. I will not be guilty of saying well, I have no other choice.
I have switched to the Constitution Party. And I don't care whether they ever get voted in, and I don't care if a vote for them is a vote for a Democrat because I don't care. I will vote for the candidate who I think will do the best job. I will not be guilty of saying well, I have no other choice.
Think | 11:32 a.m. Oct. 2, 2008
Who delivered this mess to you taxpayers? Do you want some more? If yes then
vote for the R ticket.
Not Asleep | 11:39 a.m. Oct. 2, 2008
Call me cynical but I cannot trust the government when it comes to
"fixing" practically anything. I believe this is bailing out someone
but not the American economy and certainly not average American taxpayers. When
Morgan Chase buys WaMu at cents on the dollar (1.9B for 300B in assets) after
Feds seize the company over the weekend at night (that's when they all seem
to happen-- whatever happened to broad daylight on Tuesday afternoon) it just
smells bad.
I am glad Matheson and Bishop voted against. I hope they are smelling something rotten in DC too.
I am glad Matheson and Bishop voted against. I hope they are smelling something rotten in DC too.
Vote 3rd party! | 11:39 a.m. Oct. 2, 2008
This is why i am voting 3rd party. We are a democracy yet the MSM only speaks of
D's and R's there are some quality people running for the white house
so dont waste your vote. Vote 3rd party! Dont be caught up in the hype of this
deal its a dirty one. im voting for John Baldwin of the Constition Party to
clean up Washington!
VOTE NO! | 11:43 a.m. Oct. 2, 2008
No, no, no! The saddest thing about this whole thing is, our government
doesn't even listen to us anymore. The majority of the population want this
bill rejected. Congress wanted this bill rejected, and still its on the table.
We've lost our say in the happens of our own nation. Too many years of complacency have allowed these thieves to get above us, and as the past few years have demonstrated, they don't even have to really hide what they're doing anymore, because we can do nothing about it.
We've lost our say in the happens of our own nation. Too many years of complacency have allowed these thieves to get above us, and as the past few years have demonstrated, they don't even have to really hide what they're doing anymore, because we can do nothing about it.
Anonymous | 11:47 a.m. Oct. 2, 2008
Just more of our corrupt government bailing out their rich pals.
C.L. | 12:00 p.m. Oct. 2, 2008
I have a fair amount of money in the stock market, and if the market tanks like
they say it will, I will lose a good amount of money. BUT, those of us that buy
and sell in the market know the rules! You take the good with the bad. If I
would have known that I could just go to the government for help with it I would
have done so long ago! The markets (and the public) will be much better off in
the long run if we don't create all this new debt for ourselves. It also
sets a very precedent for the future. Maybe next week we will be asked to bail
out the telecommunications, after all, we have to have phones!
Economy needs rescuing | 12:01 p.m. Oct. 2, 2008
The "Bailout" bill is ill-named; it is a "Rescue" Bill for
the whole economy. I'm fiscally conservative and responsible with my money,
but I recognize a crisis when I see one. This is a crisis. Credit freezes
don't just mean higher interest rates on your credit cards - it means many,
if not most, small businesses (who generally rely on credit lines for cash-flow
purposes) could be seriously threatened and put out of business. As one
columnist said, the Reps must "hold their noses" and vote for the
bill. It's not pleasant but needs to get done.
Jon W. | 12:05 p.m. Oct. 2, 2008
The congress and the administration baked a cake whose main ingredient is
manure. Enough of the House revolted to throw it out the window. The Senate
picked it up and frosted it over with pure lard. The question is, will the
House rebels be fooled by the lard? My guess is that some of the rebels
rebelled in the first place because the cake at that point had no icing, and
that they will serve it up to us this time.
Ignorant People | 12:11 p.m. Oct. 2, 2008
As one of the "people," I get embarassed by some of the impetuous
postings here. I doubt there's 5 people in utah who truly understand all
that's going on with Wall Street, Investment Banks, Hedge funds, etc.
Probably 5 people who can even define what a Hedge fund is. So don't
criticize what you don't understand. I hate "bailing out" wall
street too -- if that's truly what it is. But while we can all point
fingers about "who tossed the match," and started the fire, I think we
can all agree on the DIRE NEED to put out the fire before it burns down
everything around it.. the credit markets that touch every one of us and will
surely spin us down into a SEVERE RECESSION if not a Depression if we don't
take action now. Doing nothing is not an option. We don't have a purely
unregulated market now. To say the market will correct itself when the
government is already involved -- is delusional.
NO MORE BUSHINESS | 12:11 p.m. Oct. 2, 2008
WE PAID FOR THAT MAFIA BUSINESS, OUR MONEY...FOR NON REGULATED BUSINESSES!!!
THANKS BUSH!!! NOW THEY HAVE OUR MONEY AND LIVE HAPPY AND WE HAVE NOTHING, FOR HOW LONG DO YOU THINK THIS IS GOING TO HELP!!!
THE IDEA WAS TO "BAIL OUT THE PEOPLE" NOT BANKS!!!
THOSE CEO'S ARE SO HAPPY!!!
SINCE WHEN YOU CAN GET FREE MONEY FOR DOING DIRTY BUSINESS!!!
THANKS BUSH!!! NOW THEY HAVE OUR MONEY AND LIVE HAPPY AND WE HAVE NOTHING, FOR HOW LONG DO YOU THINK THIS IS GOING TO HELP!!!
THE IDEA WAS TO "BAIL OUT THE PEOPLE" NOT BANKS!!!
THOSE CEO'S ARE SO HAPPY!!!
SINCE WHEN YOU CAN GET FREE MONEY FOR DOING DIRTY BUSINESS!!!
Mark | 12:15 p.m. Oct. 2, 2008
If we vote our conscience and seriously consider the third party candidates then
"We the people" can break the stranglehold that the Repubs and Dems
have on our government. Until we are brave enough to say enough is enough we
will leave control of our destiny to the politician. Vote out the people that
vote for this package. That will be the only way that they will get the message
that we send people to Washington to represent us not to prop up Wall Street.
Not Asleep | 12:28 p.m. Oct. 2, 2008
I am voting 3rd party as well. Google Chuck Baldwin and you will find the real
"Straight Talk" express. Ron Paul has put his endorsement behind Mr.
Baldwin as of recently. The government has no business tinkering with economics
the way they do. I can't speak intelligently about the bailout finances
and economics but I am familiar with the Consitution and the federal government
has no right to be meddling with it the way they are. Ron Paul and others that
I have researched do not agree with the bailout and that is good enough for me.
Getting Votes | 12:51 p.m. Oct. 2, 2008
All Bush needs to do to get more GOP votes is say "let me come campaign for
you"
This is why the bill musn't PASS | 12:56 p.m. Oct. 2, 2008
From Trevor Leach-
So I read through the 400page bill that just passed and man this is sketchy as HECK. Among all the ludicrous and "grey" powers it gives Paulson all over the place -- there is this that is hidden in there.......
Section 101 (e) PREVENTING UNJECT ENRICHMENT -- In making purchases under the authority of this Act, the Secretary shall take such steps as may be necessary to prevent un-ject enrichment of financial institutions participating in a program established under this section, including by preventing the sale of a troubled asset to the Secretary at a higher price than what the seller paid to purchase the asset. The subsection does not apply to troubled assets acquired in a merger or acquisition, or a purchase of assets from a financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings under title 11, United States Code.
So I read through the 400page bill that just passed and man this is sketchy as HECK. Among all the ludicrous and "grey" powers it gives Paulson all over the place -- there is this that is hidden in there.......
Section 101 (e) PREVENTING UNJECT ENRICHMENT -- In making purchases under the authority of this Act, the Secretary shall take such steps as may be necessary to prevent un-ject enrichment of financial institutions participating in a program established under this section, including by preventing the sale of a troubled asset to the Secretary at a higher price than what the seller paid to purchase the asset. The subsection does not apply to troubled assets acquired in a merger or acquisition, or a purchase of assets from a financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings under title 11, United States Code.
bill MUST NOT PASS vOL 2 | 12:58 p.m. Oct. 2, 2008
The last line; yes, read it again. Those institutions that Paulson, the majority
of the fed / treasury historicaly come out of, the "shadow banks" if
you buy into that (I really dont) that have taken over the companies with the
biggest exposure (Lehman, Baer, Wamu, Wacho, etc) will be able to sell their
assets for as high as they want. Whereas everyone else pretty much has to grin,
sell at high prices, take the losses, and probably go under.
Who survives? Paulson's friends and all the come out as among the only insitutions left.
Among all the crummy stuff in the bill -- this scares me the most. You know me, I really don't buy into all the conspiracies, but this provision to the subsection is just insane. THIS WILL BE DEVASTATING TO THE BILL AND ALL THAT VOTE FOR IT.
Who survives? Paulson's friends and all the come out as among the only insitutions left.
Among all the crummy stuff in the bill -- this scares me the most. You know me, I really don't buy into all the conspiracies, but this provision to the subsection is just insane. THIS WILL BE DEVASTATING TO THE BILL AND ALL THAT VOTE FOR IT.
DAVE from Midvale | 1:08 p.m. Oct. 2, 2008
TO: "Think"
So let's blame those who got us here. YES the corrupt business leaders and inept economic regulators. But just REMEMBER. . . For the first 6 years of the Bush admin., everything was great. . . it was 2 years ago that things started going south of cheese. THAT'S WHEN THE DEMOCRATS TOOK CONTROL OF CONGRESS.
And this isn't Wall Street we are bailing out, it's the whole credit system that needs shoring up.
So let's blame those who got us here. YES the corrupt business leaders and inept economic regulators. But just REMEMBER. . . For the first 6 years of the Bush admin., everything was great. . . it was 2 years ago that things started going south of cheese. THAT'S WHEN THE DEMOCRATS TOOK CONTROL OF CONGRESS.
And this isn't Wall Street we are bailing out, it's the whole credit system that needs shoring up.
re: Getting Votes | 1:07 p.m. Oct. 2, 2008
I think you have it backwards. If Bush wants more support for this bill he
should threaten GOP candidates with an endorsement unless they vote for it.
Re: Ignorant People | 1:19 p.m. Oct. 2, 2008
Speaking of ingnorant. This bill is not going to rescue anybody. It will not
work. The 700 billion is not going to be enough. So government will be back
for more and more and more. The best thing to do is let it ride.
Scare Tactics | 1:23 p.m. Oct. 2, 2008
I keep hearing that his bill is needed to free up money for loans. How come
every day I hear advirtisements for mortgage loans? How come I could go down to
my bank right now and take out a loan for a car or whatever else I wanted to
buy? Scare tactics and there are obviously people falling for it. I think what
is really happening is you actually have to be qualified for the loan now.
Heaven forbid that you have to have good credit to take out a loan.
political scare tactics | 1:27 p.m. Oct. 2, 2008
So, where's the crisis? You can still get loans...just call any bank or
credit union in your town and ask them. As for the foreclosures...this would
have happened to these homeowners regardless of any financial crisis the white
house tried to cram down our throats. What a joke! Let the market be and leave
the american taxpayer out of it.
Bailout Bob | 1:33 p.m. Oct. 2, 2008
I'm organizing a group to kick out Bailout Bob. If you're fed up with
him, please join with us. The minimum requested effort for participants is 2
evenings and an entire Saturday of your time in the 2010 election year when
Bailout Bob goes to request his next term from the people. If you live out of
state, you are still welcome to join us but there will be less you can do.
Please send your contact information to misc at datamoon net, (yes, net not com) with BENNETT in the subject line. I will send an acknowledgment, subsequently you will most likely not be contacted before 2010 when the group goes active.
Please send your contact information to misc at datamoon net, (yes, net not com) with BENNETT in the subject line. I will send an acknowledgment, subsequently you will most likely not be contacted before 2010 when the group goes active.
More Debt Please | 1:35 p.m. Oct. 2, 2008
I took advantage of fair and easy lending to get ahold of a loan I had no
reasonable ability to pay! I racked up enough debt to live the american way and
defaulted on it all so the bank/government/people could take care of it instead
of me! Now that thats happened their lending is so seized up with debt that I
cant get any new loans I dont expect to honor. I'm praying the government
will pass this bill so the people can clean up my mess and put lending back the
way it was so I can get a couple more loans for stuff I cant afford.
Public Interest? | 1:46 p.m. Oct. 2, 2008
Seriously? Buying up the most risky and most likely to default "toxic"
assets to clear up balance sheets for investment banks is a good value for
taxpayers? Americans should vote "No Confidence" in the US Senate and
Congress incumbents. They failed to regulate and set law to limit this greed and
corruption on Wall Street. The SEC and FED allowed lax oversight and relgulation
to create this mess, and now demand the taxpayers to "fix it" for
decades to come. Our President says it is our best "chance" to avert
crisis. Well "chance" sounds like risk and this is a $800 billion
dollar risk on a "toxic" investment for the American people. 6 months
from now (after the elections) they will again ask for $1 trillion or more to
avert catastrophe yet again. The governments answer to get this bad investment
passed is to add some pork earmarks on the package and tax breaks to ensure We
the taxpayer will never get it paid off. Who elected these lawyers and career
politicians to office? The business lobbyists greasing senator and legislature
palms and stuffing campaign re-election chests is the real problem with American
politics.
aquagirl | 2:11 p.m. Oct. 2, 2008
To those of you who are for the bail-out where do you think the government will
get the money, hmmm? Don't you realize that we as a country are in the
red? We are in debt! The money to help these banks will come from us taxpayers.
Even if we as individuals have been frugal and careful with our money we will
have to help bail out all those who made bad decisions. We will not be benefited
by it.
Kevin | 2:12 p.m. Oct. 2, 2008
@Ignorant People.
I work for a hedge fund. I'm opposed to the bailout, though I know there's a wide variety of views within the industry. I'll refer you to my posts all over the Deseret Morning News.
Note one thing about hedge funds: this most unregulated group of the financial institutions has posed the least systemic risk during this period.
I work for a hedge fund. I'm opposed to the bailout, though I know there's a wide variety of views within the industry. I'll refer you to my posts all over the Deseret Morning News.
Note one thing about hedge funds: this most unregulated group of the financial institutions has posed the least systemic risk during this period.
NO BAILOUT | 2:23 p.m. Oct. 2, 2008
Please, no bailout--none, nada! The provisions of this bill only benefit a few
and hurt us all.
Yes, we will probably have a recession--we've had a number of them in my life-time. We will retrench and recover. It will be tough, especially for those of us who are over-extended, but there are consequences for all actions, both the wise and the unwise.
We want all the good consequences but we don't want to suffer the bad. We have NO right to ask the American taxpayers, their children, and grandchildren, to pay for our mistakes. If we had any guts at all, we'd face the music.
This whole problem can be traced to years and years of government programs and deficiet spending and to government's meddling in the marketplace in order to keep politicians in office.
I say "Throw these incompetent and self-serving guys out."
Yes, it will be hard, but America would be better off in the long run if we face the music now.
Yes, we will probably have a recession--we've had a number of them in my life-time. We will retrench and recover. It will be tough, especially for those of us who are over-extended, but there are consequences for all actions, both the wise and the unwise.
We want all the good consequences but we don't want to suffer the bad. We have NO right to ask the American taxpayers, their children, and grandchildren, to pay for our mistakes. If we had any guts at all, we'd face the music.
This whole problem can be traced to years and years of government programs and deficiet spending and to government's meddling in the marketplace in order to keep politicians in office.
I say "Throw these incompetent and self-serving guys out."
Yes, it will be hard, but America would be better off in the long run if we face the music now.
Electoral College Math | 2:39 p.m. Oct. 2, 2008
Voters of Utah unite against this insane allegiance to the Republican Party!!
Utah is so overwhelmingly Republican that the state's electoral college
vote is always assured. That's why politicians from both parties rarely
campaign here -- it's always in the Republican column. So, why not,
especially this year, on the national ticket pick someone who called it right
very early on in this election cycle. If he's not on the ballot in Utah,
I'm abandoning the Republican Party and voting for Ron Paul. You say
I'm throwing away my vote? Not really -- all you lemmings continue to vote
for the party, but this year my vote is a vote for principle, and that's
never a wasted vote.
What's the rush | 2:52 p.m. Oct. 2, 2008
Something stinks about all this.
What's the figgin' emergency? Does anyone know? This has been an emergency for two weeks now?
The "bailout" isn't the answer.
These clowns need to focus on the reasons we're in the mess we're in. Throwing more money at it won't fix anything.
What's the figgin' emergency? Does anyone know? This has been an emergency for two weeks now?
The "bailout" isn't the answer.
These clowns need to focus on the reasons we're in the mess we're in. Throwing more money at it won't fix anything.
No no no no no no NO! | 3:03 p.m. Oct. 2, 2008
just because it wasn't passed the first time and people want SOMETHING done
doesnt mean putting it to a vote again. MAKE IT RIGHT FIRST. Make REAL
changes. Not the psuedo changes that dont do any good.
Craig | 3:11 p.m. Oct. 2, 2008
Even Dave Ramsay has a better plan than the donkey-elephant hybrid monstrosity
being crammed down our throats. Go to his website and read it and see what you
think. You can find his site with a google search. Don't accept any plan
that claims that if it is not passed you will lose your job and retirement.
There are better ways of doing things than passing out phony money.
re-evaluating their votes | 3:14 p.m. Oct. 2, 2008
Well, of COURSE they're reevaluating how they'll vote on this -
that's what we're paying them to do, to EVALUATE and EXAMINE the
proposal THEN vote on it IF it is for the good of the people.
I dont want bobbleheads to decide that they'll vote on it the third time because they voted against it the last two times. I want them to decide they'll vote for it BECAUSE they found it good. Not because "we need to do something and if nothing happens, then people will be upset."
I dont want bobbleheads to decide that they'll vote on it the third time because they voted against it the last two times. I want them to decide they'll vote for it BECAUSE they found it good. Not because "we need to do something and if nothing happens, then people will be upset."
help people, not banks | 3:22 p.m. Oct. 2, 2008
Why are people eager for the bailout? Because it'll help them and their
organizations that they are linked to?
What I think we need as emergency legislation is not a dismantling of free enterprise but a requirement to allow people to re-finance their high loans. People like my friend who have a loan on a modest home in a modest area with only so-so credit ratings are stuck with subprime loans and now that their rates have adjusted upwards, with the downward trend in the economy, he is bringing in less than he normally does (her job in the office is fairly stable although everyone had to take a reduction). So between all that, they now are barely struggling to make ends meet, paying late fees month after month. They had a refiance deal going until the bank suddenly discovered that they could not finance a trailer home in a flood plain, so they are left hanging, paying late fees month after month. They are not trying to take advantage nor they are not going to be helped by the bail out. We need to help the PEOPLE. Not banks/companies/businesses that made decisions leading to this. Accountibility.
What I think we need as emergency legislation is not a dismantling of free enterprise but a requirement to allow people to re-finance their high loans. People like my friend who have a loan on a modest home in a modest area with only so-so credit ratings are stuck with subprime loans and now that their rates have adjusted upwards, with the downward trend in the economy, he is bringing in less than he normally does (her job in the office is fairly stable although everyone had to take a reduction). So between all that, they now are barely struggling to make ends meet, paying late fees month after month. They had a refiance deal going until the bank suddenly discovered that they could not finance a trailer home in a flood plain, so they are left hanging, paying late fees month after month. They are not trying to take advantage nor they are not going to be helped by the bail out. We need to help the PEOPLE. Not banks/companies/businesses that made decisions leading to this. Accountibility.
most of you guys | 3:23 p.m. Oct. 2, 2008
have no idea what you're talking about ... most of you were more than happy
to pay (about $700 billion so far, btw) for a worthless war based on imaginary
WMDs, but you can't be bothered about the far greater danger of total
worldwide financial failure ... you vote for the wrong people, listen to the
wrong people, and push the wrong issues ... you don't believe there is such
a thing as a bus until it runs you over.
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One thing I read about the bailout that bothers me is that the government will only be able to hold the assets it buys for two years - at the end of those two years it will have to unload the assets at firesale prices, well below their economic value. The current crisis is caused in part by fair value accounting having priority over economic value accounting. The government will be faced with the same issue making many of these assets toxic - that being that there will be no market for them in two years. If the taxpayers are being forced to buy this stuff, they should be allowed to hold onto it until it either pays off or is charged off because of credit issues, not severely discounted because no active secondary market for it exists.