Either way we have a depression,
Bailout-hyperinflationary depression
No bailout-deflationary depression
No magic bullet.
Started in 1971 when Nixon deregulated the gold standard. Ronald Reagan found out spending more money than we had was very "fun," and the deficit began and grew and grew and then Bush the worst president of the U.S. took spending to heights unknown.
We have been hobbling along with the aid of other countries. someone compared the economy to a man filled with arterial plaque, we can give him meds, but eventually he will clog and die. I thought this was a good accurate analogy.

We could have chosen to help the homeowners, instead we've chosen to make the dollar worthless.

There is a better idea, one that will put money into every citizen over 18 who pays tax's and will give back money to the feds.

The solution will stimulate the entire economy, help people pay their mortgages and purchase items and products that will stimulate the economy. There will be no bail out to wall street and others.

If interested in this plan contact me at 303 953 0081.

The government is too stupid to think of it.

Don't forget that the democrats also played a part in this downfall. It was greed all the way around the Capitol.

I'm so sick of hearing Republican's say the Dem's should take some blame. By that measure, we all should for being so incredibly stupid to let this happen. But REALLY, what party has been the one of the fat cats? Who's Bush been helping with these tax breaks? What is the percentage of Republicans on Wall Street? This is REPUBLICAN greed: an ideology of the oligarchs, neo-conservatives, and the richest getting richer that took us here. We can all be ashamed, but the root cause is a mind-set that must change.

Well first off I am not a Republican, I would consider myself an independent.

By that measure, we all should for being so incredibly stupid to let this happen
- I agree with this statement. People bought homes they could not afford and spent money then didn't have in the first place. We have to change or focus to "spend within our means" even if it is against a status quo.

Who's Bush been helping with these tax breaks?
No doubt the rich.

What is the percentage of Republicans on Wall Street?
- You tell me, but also include how many Democrats have on Wall Street.

This is REPUBLICAN greed: an ideology of the oligarchs, neo-conservatives, and the richest getting richer that took us here
- Yes and no. Republicans were greedy and sought to gain wealth by any means necessary. But on the other hand Dems also made mad money on these deals also.

What I don't like from Dems or Republicans is trying to point the finger and say "It's all there fault.", when each was making money.

I agree the mind set must change to one of wanting America to succeed especially the middle class.

We got what we deserved in my opinion. America lost it's backbone and didn't yell, fight, and kick when they were in the middle of screwing us. This has been going on for so long any everyone sat on their duff and did nothing, now they want to cry foul now that it finally hurts enough to say something. Poor me. I have been yelling and screaming for years about all of the stuff that lead up to this and everyone said thank you for your opinion and patted me on the head and sent me away. I spoke up about deregulating the banking system, I spoke up about the fact that the public had the right to know about Iraq before they sent us in, and I yelled when the patriot act went in place. Freedom comes at a price and in order to stay free we must make sure to speak our minds about the stuff that threatens to steal it. Corporate America has been playing us forever, government has allowed it because it benefited them both. Be angry. Fight the real injustice. Change laws. Bring corporate America into a place of balance and don't forget to keep your eyes and ears open because the first chance they get to sneak under the nose of America they will. I think that should suffice for now.

We've been kicking, screaming, calling, emailing, and writing every #%@#%$ politician on the planet; they did what they wanted anyway!

I just decided who to vote for yesterday; I'm now a Libertarian!

To: Middle_Class-589474 -

Another vague general accusation by the Right. Be specific. How do you figure the Democrats, with a one-vote majority in the Senate and that for less than two years, had anything whatever to do with this SNAFU?

The culprit is deregulation, plain and simple, almost totally a Republican "innovation." In fact, the current nominee of your party was instrumental in promulgating the whole deregulation mind-set. You can thank Senator McCain at least in part for the current horrific situation.

One definition of "insanity" is doing the same thing over and over and yet hoping for different results. Nothing I have read, heard or seen since January has convinced me that electing another Republican (even one who claims to be a "maverick") will resolve any of the problems caused by a Republican Administration and, until recently, a Republican-controlled Congress.

The devil we know has brought the country down. We need to shake up, shake down and shake out our democratic systems, and there's no time like now!

If you would have looked in the history of the US you would have seen that it was President Clinton who pushed for more people to have homes and it was Democrats that received more electoral funding out of Wall Street than Republicans did. All of this is a matter of public record but most would rather listen to the "media" who is mostly liberal and follow in the marching orders of Democrats. And remember $2.20 a gallon for gas? One of the things that happened was the stoppage of energy independence and the outright non regulation of mortgage brokers who lied on applications to get loans done since when more homes are owned the more tax revenue is generated. Don't blame one side of this fiasco because they are both at fault. The US government allowed this to happen, starting in 1998 and all it has done is gotten worse. They don't know what is best for us, and as long as the American people allow others to tell us they know what is in our best interest, then we will all be on the government dole until we die.

I hate to tell you, --but this whole Economy Scheme is right on track! It started several years ago
and is just about due to transpire. The "Bail out" is to weaken our Dollar farther!

Note that Wachovia has been bought by Citigroup. Citigroup is owned almost entirely by the
United Arabian Emirates. This "Wall Street" situation has dropped the price of EVERY Bank
and Market to the bottom. This now allows the Mid-east and Asia to come in and buy the
"failing" companies' assets at rock bottom prices!! AIG shares dropped from over $40 a share
to under a dollar. That is a real bargain! The "FIRE SALE IS ON!". Just watch who buys who
during the next year.

The entire Economy will re-emerge in Dubai and the Mid-east by 2012. (CHECK THIS LINK.)
http://www.awardlabs.com/dubai

BIG names,-- U.S. and World wide are involved here so there will be
NO media news. Sorry,--but these are the facts!!
(I've been studying it for over three years.)

Here are the CEO thieves and what they get for their part in all of this.
http://www.newsweek.com/id/159439

Wrong - it started with your party's favorite - Ronald Regan - the grandfather of deregulation! By 1985, everyone had a credit card! Remember the Savings and Loan crisis of 1988? Look it up - Republicans again!

ARIZONA4OBAMA -

Why stop there, let's keep going back to Carter in the 70's. He almost killed all of us with his lunacy. If you libs were so good, you would have passed something substantial in the last two years, something other than naming post offices. By the way, who has run Fannie Mae for the last 15 years and received 100's of millions of $$$'s for their looking the other way? Check the financial consultants for your candidate. The blame goes in all directions. The simple answer is to throw all of the idiots out and start over.

Once again, this bailout is a scam! if they really wanted to boost the economy they could have given us all 1 million dollars and it would have been significantly cheaper than this bail out. But they won't do that, they will make sure their buddies from wall street are taken care of while we slip farther and farther in debt.

People always complain about taxes, but the truth is instead of taxes they have us slaves to the mortgage, credit, loans, and insurance companies! We are waisting 85 percent of our paychecks paying these people!

I think id rather pay 38% in taxes like the norweigiens and own my home and car and have healthcare coverage, free education, and keep the rest of my paycheck then surrender any more money to these greedy banking morons!

arizona4obama,

I don't doubt the fact that by '85 everyone had a credit card, but your statement indicates that it's governments responsibility and not the responsibility of each individual to understand how much they can/should spend. I'm sorry but just b/c my CC has a $25,000 limit does not mean that I EVER have maxed it out.

We have to (a great many, not all) accept blame for this. How many people DID get a credit card, and then maxed it out trying to keep up with the Jones' in clothing, baubles, and crap? Then when that one maxed, "hey look how easy it is to get another card"...as if that was a license to spend without accountability and responsibility.

Again, I'm not talking to the few that have some sense of accountability about their finances but to the masses that are "bleeding edge" on everything they have, those that replace the 50" HD TV when the "new and improved" 55" HD comes out, just because it's bigger...when the new iPhone replaced the old one, just because it was newer.

We are a consumer nation but somewhere along the way we forgot fiscal responsibility and I'm sorry, I'm not going to look to government as "mommy and daddy" when coming up with my personal (and family) budget - no, sir.

And what did the Dems do during the 8 years of Clinton to put regulation back into play. During those years we had the .com bubble with all the tech IPO's coming out that weren't worth the paper they were printed on. That bubble burst and everyone moved to the real estate market. Now that bubble has burst. It's a vicious cycle of greed on wallstreet and everyone is guilty to some extent. Both dems and repubs. I think the biggest problem right now is that we are treating everyone as a victim. The only people I would even consider giving any help to are those who are in financial difficulty due to losing a job, medical issues, or the like. Those who took these loans as well as those provided these loans should be criminally prosecuted for fraud. They all knowingly falsified information to obtain the loans and the last time I looked that constitutes fraud. We need to vote all the bums out of Washington and institute term limits for everyone. To many of our politicians are to comfortable in there position and have no reason to listen to us any more. Our representative republic (not democracy) has stopped representing the people they only represent themselves and we are stupid enough to keep electing the same people on both sides of the aisle.

I agree with you completely....what happened to personal responsibility. Just because the Mortgage broker sitting across from you could give you a loan for $250,000 but you can only afford the payment on a $125,000 doesn't mean you had to accept it. Take charge of your own decisions, and become responsible for your own personal finances. The American Citizens are to blame on our end but the Banks are to blame for pushing the numbers game and pumping up their numbers/bottom line by loaning to citizens who could not afford what they just bought. This may be a free Country but it isn't free - you have to pay to play. Let's face it, not everyone is suppose to own a house, that's just how it is America....grow up. You the American Citizen just helped put the gun in the hands of the Banks that shot us all down with the help of Congress and the President.

There is nothing worse than having to make a decision that you have to choose the best of two rotten apples. This is what's going on here we are not really given a chance to better choices. On top of that lets see who's making the decision, no I really trust. The only one to be trusted is Jesus and unfortunately, let me see, O yeah! no one wants to listen to Him; what a shame. But because of the greedy that just worry about themselves and not the good of at least all not just themselves we continue to give this multimillion dollar paid executives more money, lets remember the Corp. is in trouble not the CEO or President, they have enough money to get them through a depression while driving a Lamborghini and paying $5 or even $7 dollars for gas. Why? Because they are still getting paid a ridicules amount of money and yet we are supporting that. grated that's what they get paid. But I would like for some one to help me catch up with my mortgages. I know it sounds bad "mortgages". But after two years of trying to sell, all I get is renters only God knows why. After three months of searching I had to take the load of two mortgages. We went from a bigger house to a smaller trying to save i expenses but no one would by the lager home. So in order two finalise the deal I had to rent it and that I was able to do. So now after I've made my decisions and find my self in the situation that AIG finds it self I called my mortgage company for help and all I got was: "we'll give you the time to catch up but we cant tell you what the terms are until the time you requested has passed". The other Mortgage Comp. told me: "you have to be delinquent for us to help you". So my point is this I have almost the same issue but on a smaller scale than the Mortgage companies, no body wants to buy, so I had to suck it up and make the effort to stay above water and thanks to the Lord Jesus Christ I have, but I still don't here the government calling me and telling me here's two months payments catch up and you can pay us through your taxes or as soon as you sell your house, no they don't do that. But they are willing to pay these Corp.'s that are only the leafs and branches that make the top of the tree and which get all the sun light and sap-in all that's above ground, but the root they leave to die off and latter they wonder what happened, that this tree died? So if they really want to take care of the whole tree how about giving the water to the root and not the leafs and branches that are only sucking the life out of the root "us", the workers. I tell you the truth the only reason me and my family have stayed above water if because of the Lord Jesus's mercy.

The consumer (i.e., the average American) is so busy blaming everyone else for a problem for which THEY are primarily responsible. No one forced us to defy common sense and overleverage / spoil ourselves with houses, vehicles and HDTVs with no $ down and variable interest rates.

Much like children who eat too much Halloween candy, now we have a tummy ache and blame mommy and daddy (i.e. the banks & government) for making it too easy for us.

Now we have to pay for OUR OWN MATERIALISTIC GREED and hopefully learn a lesson for at least one generation.

That's it, I guess we do need a "nanny" government! Problem is, these are the same people who don't want "big brother" looking over their shoulder. They just want something for nothing, that's what it boils down to, and the rest of us who pay our bills will have to help pay theirs too! BS! Kinda like New Orleans, you guys choose to live there, yet you expect everyone to be on alert in case you need to evacuate!

Please inform yourselves. Calling this a Republican problem is simplistic.

Simply put, the big de-regulation bill that the press keeps referring to, and everyone is trying to blame on Bush, was signed in 1999....by Bill Clinton.

Furthermore, in 2003, and again in 2006, John McCain co-sponsored bills which would have made Fannie Mae and Freddie Mac federal institutions, subject to Congressional Oversight, but Democrats, led by Barny Frank and Christorpher Dodd, killed both bills. Frank in particular, in 2003, made a big blowhard speech, cited as the reason the bill died, claiming that both institutions could survive any of the disaster scenarios put forth by the opposition (Republicans), and anyway, neither institution was federally insured, so their failures would not require taxpayer money to bail them out.

Quite impressive, putting these same two men in charge of dealing with the situation, now! What I want to know is why none of the major press is discussing this at all, besides the fact that they are clearly in the tank for Obama!

This bailout proposal is the 'economic incentive' tax refunds of the past couple years, on a large scale. How many of us who got those checks actually became more confident and changed our spending habits, and how many of us just paid off some bills, and left the wagons circled?

If the institutions that receive this money do the same, repair their balance sheets and continue on, business as usual, we've accomplished nothing, beyond encouraging the practices that are the bulk of the problem here, namely the promotion of easy credit access for all, regardless of ability to pay.

As for the assumption that easy credit access is the lifeblood of our economy, what ever happened to tangible productivity, and the sales that accompanies that? Aren't we better off relying on those measures, instead of how easy or hard it is to borrow money you may or may not be able to repay?

Let's put it a bit more simply. If your teenage son wrecks his car, do you just hand him a check, or do you sit him down and ask 'OK, you've got a problem, how are you going to fix it?'

Note: Everyone at the time of getting into the stock market is made aware that its a volatile situation that evertone is getting into. So if you were or are one that invested in stocks and are getting screwed you were for warned. Why should we feel sorry! Would i be better off it was a good market i think not. Would you have shared with me your profits again probably not so why should we be asked to partake in helping to fix this problem.
Everyone who runs these big fortune 500 companies come from an elite group of so called eductaed back grounds so why should we the people who work hard for this country and get minions for our efforts bail out the super stars of wall street? If we do our so called capalistic government will be a socialist affair with government entrenching itself ever more in our free market economy!
Lets think again and let the big guys fall. It just may give the little guy a chance to make things better with new ideas and even a chance to get in the game.

GIVE THE MONEY BACK TO THE 200 PLUS MILLION PEOPLE IN THIS COUNTRY AND LET THEM PAY THERE BILLS AND HOMES OFF THEN THAT MONEY GOES BACK INTO THESE DEFUNKED BANKS AND PROBLEM SOLVED THAT WOULD BE ABT 453 THOUSAND DOLLARS PER AMERICAN FAMILY THE CEO have ruined this country and republicans as well put them all in jail i pay enough taxes

It is what it is. A cop out...errr bail out. Congress spent more time trying to decide if Roger Clemens took a shot in his right cheek or left cheek then they did on this. This is a patch on a problem. And it will not work. Everyone is blaming Bush or the Republicans or the democrats. Let the businesses and corporations do their thing. If they bust they bust. That is how the general public is treated. AIG moved a lot it's business to the Philippines and we bailed them out? We are in trouble today because of Government interference. (example: fair housing act) Get the facts. We need to demand the facts. Isolate the problem and fix it. Hearings testimony of everyone involved. People need to go down. No matter who they are. Including house reps. and senators. Tell the truth or get burned. That is not going to happen. Why. The crooks in Washington who got rich off this deal cannot handle the heat. They cannot handle being called out and held accountable for their actions. They cannot handle the change. Hmmmmmmmm Obama the change the master didn't mention any of this type of change. I am tired of these folks in Washington filling us full of lies. I am tired of the media not printing the truth. I am tired of these people talking change and we get the same BS. The candidates just want to be elected President and do not care about the people. Have a debate instead of solving what is called the biggest economic crisis since the great depression. Then pass this stupid bill without fixing the problem, without getting to the bottom of the problem, or without making those responsible pay for it. I have the names of those who are responsible. Some of the principle players. Those who got campaign funds that I would call questionable. I am a nobody. If I know who they are the media knows who they are and should be screaming them from the tallest mountain. The crooks in Washington are not going to say. The rest of the politicians are not going to say for fear their own crookedness will come to light. That is the truth. Close your eyes to it if you wish. Obama is not the great saviour of this land. Mc Cain is not the great saviour of this land. Dems or Pubs are not the great saviours of this land. We are! We the people need to demand and demand the truth. All of the truth. And keep hammering till we get it. No longer buying their lies and excuses. Lies and excuses got me major spankings as a child. And to use Obama's words. Enough is Enough. But that I mean I am tired of his BS too. Now I did not sugar coat it and make myself look as righteous as he does. I am not. But I am man enough to admit it. He is not. WHY? He wants to be president I Don't! I do know this. I am so tired of going to work everyday. Working 12 hours a day. To give my money away to someone who will not work. I am sorry. I bust my rear every day to pay my bills. And they should have to also without socialistic government handing them everything. Separation of church and government. GREAT. Separate Government, Business and welfare too. If someone can't afford a home. They do not get one. It is that simple! Being politically correct stinks. They want us to be politically correct but cut our head off if we say a prayer. WAKE UP AMERICA> SMELL THE COFFEE. We do not want the government to run us. They cannot run the Government!

middle class.....as outlined in a 4 part series in the WSJ last month, and i've seen first hand after 15 years in a regional bank, this problem had it's genesis in the 1977 CRA, which has been used as weapon by ACORN and others to get mortgage lenders to suspend traditional mortgage underwriting standards.

it was worsened by 1993 legislation that mandated fannie and freddie use their leverage in the secondary market to make $1 trillion in mortgages available to low income home buyers, without regard to credit worthiness. barney frank and maxine waters called credit scores (and normal mortgage underwriting standards) racist. go to youtube and search either of them, and you will see them state those words. there is an interview on cspan with frank stating just that. using the CRA to, in essence, require mortgage lenders into making these loans is what is irresponsible.

how does the CRA work? if a bank wanted to open a new branch (or undertake any normal business activity a bank does-sell branches, merge, go into a new line of business, get out of a line of business, etc), community organizers like ACORN or PUSH filed objections with federal and state regulators opposing these moves. without fail, these groups used CRA to say the banks were discriminating against low income people and minorities, and not meeting their requirements under CRA. they demanded more money for these groups and a contribution to their organizations---so they could continue to do the same to other lenders. the fear of being labelled racist-evidence to the contrary be damned-leads most banks to accede to their demands. even if the bank resisted, the regulators normally gave the groups most of whatever they wanted.

thus, using the CRA, these groups-and Congress-created the subprime market under the guise of equal opportunity home ownership. good objective, piss poor execution.

google it. read the legislation of either act i mentioned.

doubtful? go to your state banking department and look at requests by banks for regulatory approval to engage in, or withdraw from, certain activities or lines of business. without fail, 99.5% of the time you will see objections by ACORN, PUSH and others citing the CRA.

and no, i'm not a republican--card carrying independent.

A rock and a hard place is what your children will have after this bailout.

And if it doesn't save our economy? What then? Too late to withhold your support. Sure this is a mess, so let's employ the same old Keynesian economics that created the mess in the first place? That makes about as much sense as this bailout. If you're going to roll dice, I wish you'd do so with someone else's money.

Make a note of who votes for this Corporate Welfare, and VOTE THEM OUT OF OFFICE!!! Check your state laws, if they allow Recall of Senators and Congressmen, RECALL those who vote for this Corporate Welfare. Let us show Corporate Wall Street, and the Yellow Senators and Congressmen that we mean what we say, and we say we will Vote out of office or Recall where its allowed, any Senator or Congressmen who votes for this Corporate Welfare.

Well, if it doesn't work, I'll be broke, and I would have to admit I was wrong, but it wouldn't change the fact that something had to be done and I supported it.

What if doing nothing results in the destruction of our economy? Would you then complain that our elected officials sat on their butts and did nothing when they knew this disaster was coming? Of course you would, you are the type that is going bitch either way.

I know a little about Keynesian economics, but I don't think his style of economics has gotten us into this mess. More like someone who believes laissez faire is the answer. Every man for himself, and buyer beware. I suppose you think Wall Street, the market place, will regulate itself through natural forces without destroying the limited wealth of the middle class. We are already experiencing some of that.

This is all so overwhelming for true comprehension. George and his buddies have effectively cleared the entire till, knowing that they only had eight years to do it.

Hoorah! The job is done with a month or so to spare. The dollar is dead and will not rebound in our lifetime, if ever.

Let the chips fall where they may.

INVESTORS understand risk and they lost, let them fall until they reach their bottom and rebound just like the rest of us. IN THE MEANTIME, their "luxurious lifestyles" go on unchecked and unchanged because of this bailout AND still we are going into a recession unchecked and without the full value of the dollar.

Rich folk have to learn consequences and having this attitude of "What else could we do?" is what they rely on from the American's footing the bill for their greed.

We take risks everyday without a net and knowing that if we fail we must pay the consequences.

We are going to suffer anyway, let us do it without the bailout, so that we will be climbing out of holes towards something.

I AM AN AMERICAN AND I DO NOT WANT THIS BAILOUT.

I have not a person of consequence to hear me or help me to stop this madness, because my fellow Americans are willing to take it up the @ss again.

Why should the taxpayer be left holding the bag? The fat cats in banking, finance, insurance, and Wall St. should be forced to pay the piper. Some would say that this approach isn't fair....I say take the incomes, properties, and off-shore accounts and use all of that treasure to bail us out. Just think about how much of our money is owned by the wealthy? If you think wealth was earned by hard work, you are very mistaken. Most of it was accumulated by stepping on people, cheating, theft, and manipulation. There is much more than $700 Billion Dollars available from these sources...much more.

How would you like your 401K stolen?

Choices:
1) loose half it's value in the stock market
2) loose half it's buying power to inflation
3) both

The only market force that needs to prevail here is Darwinian Natural Selection. Enough with the hand-wringing over another "Great Depression". If our economy tanks because the whole architecture of living beyond our means fell apart under us, then maybe living beyond our means isn't a very healthy or sustainable thing. This is tough love, America. If your loved one becomes addicted to heroin, and you take away their drug, no one is going to care if their artificial utopia comes crashing down. Rather, you tell them to stand up, grow a spine, and deal with reality like the rest of us.

Let's see if we have this right: a bunch of people who had no business borrowing jumbo mortgages had a field day running up housing prices with their speculative greed, and a whole bunch of them got stuck standing when the music ran out. Now they're upside down on their slice of "American Dream", and they want to blow off their responsibility. I'm supposed to believe that the major financial institutions who bought those mortgage-backed securities had no idea everyone was going to default on them? Had NO IDEA WHATSOEVER about the size of the RISK? You must be high to think that.

I have another theory: maybe those investment banks knew that a foreclosure epidemic was coming, and they've been planning to ask for a bailout all along. Who needs oversight? Who needs accountability? We can always fall back on Uncle Sam's deep pockets and limitless patience.

Go ahead. Bail these greedy idiots out if you like being a philanthropist to down-on-their-luck billionaires. Not one single dime of this "rescue package" is going to force all the speculators out there to pay back the loans they should never have been given in the first place. And if they lose their borrowed "prosperity" in the process, too flippin' bad.

We are taking the capitalizm out of the picture, free enterprise would weed out those who made mistakes and let others buy in and try now we are just paying severce pay to politations

Trouble is there was not enough regulation to ensure all the players were honest. Wall street banking was not capitalism, it was a scam.

And we are not going to help the victims, we are going to bail out the people who set up the scam; using the money the money of the honest non-participants.

Looks like only 205 Representatives will loose their jobs for voting for the now FAILED corporate welfare. The representatives tried to use trickery to change the vote but that only resulted in 2 more votes going from positive to negative. Write and thank the 228 Representatives who voted against this corporate welfare, and remember to Recall or Vote out of office those 205 who voted for corporate welfare. It doesn't matter if it failed, 205 voted against their citizens and they should loose their house seats.

for- 205

against 228

Welcome to the last 8 years of the Bush administration. If you are angry about it then I would assume you won't want it to repeat...pehaps a good reason to vote for Obama. I can tell you that a vote for McCain will be four more years of the last 8....how does that sound?

Dear Lainy, the farmer who grows your vegetables, milks your cows, feeds your turkeys MUST at the beginning of each season borrow to do all of that, then when the crops come in and he gets them to market he pays back. What is happening this week is that he can't get the money for feed, tractor oil, seed etc... banks have no liquid assets because after the Real Estate crooks mortgaged folks (using an evil/greedy contract with a 'Balloon-payment-clause' or an adjustable rate that went sky-high) and these good hard working but not-so-bright folks could no longer pay their mortgage, so, the bank sold that bad-mortgage (bundled with a 1,000 others) to the Wall Street Investment Banks, who sold them back and forth to each other and to China, Saudi Arabia etc.... now ain't no-body loaning nutt'n to no-body around the whole world...

If "We the People" don't buy up that bad-paper, (oh, we will own all those houses-HUD can unload the fixed assets) then Shipyards that repair our ships, aircraft plants, the Farmers, Car Dealers, ATM Franchises, Star-bucks (who already felt the credit/liquid asset crunch) will do Massive lay-offs, grocery products will start to disappear etc etc etc...

We will be like the 1930s after the crash... That is the ONLY reason the bail out is not really for Wall Street... it is for the affected sectors of our economic structure...

"Hold your nose and vote" = that's how the elected officials feel... Oh, the house republicans are asking for MORE DE-Regulation... they think the markets will solve themselves... BUT... That is how we got where we are... The SEC did not for the last 7 years did not even enforce the few regulations we still have.

I am so sorry for your loss, and I pray that you will only have good things come your way. Believe me, I'll be praying for you.

Amen!

You misunderstand the bill, I think, because this is just another Democrat pork barrel with very little accountability for anyone. Who do you think the Democrats are protecting? Not the American People, but their own paychecks. The current Democratic congress said clearly in 2006, vote for them, they have the solution to the economy, Iraq and education. But what have they done?? NOTHING!! They have been in charge for 2 years. Bush could not have stopped Pelosi and the Democrats from passing any economic legislation if he wanted to. They had the majority. The Republicans are certainly not blameless, but really, this takes mucho "stuff" by the Democrats to rip off the American people for $700 Billion US Dollars.

It is Pelosi and the Democrats who are at fault for 18 months of "do nothing" but collect money from the rich cats on Wall Street as campaign contributions. Who do you think paid Obama $90M? Wall Street and Freddie and Fannie. He certainly will not cut off their salaries, or these fat cats will not continue to fund his election for President.

Until McCain objected to the lack of accountability for the incompetent CEOs, Pelosi and the Democrat Congress were hot to trot to give the same incompetent CEOs and Paulsen $700 Billion without any strings at all. Obama said clearly on Wednesday that he thought the 9-24-08 bill was adequate and supported it completely. If Obama has been writing letters, why has no one answered? I am starting to think Obama could teach Bill Clinton how to lie.

Come on, everyone, Obama changes his story faster than a sailboat sailing against the wind. If McCain objects to this bill, and the Republicans stand by him, Obama will be the first to say that he, Obama, thought it was a bad idea, and proposed the McCain changes. Has he no shame at all? Or is Pelosi right, the American people are too stupid to remember what happened 4 days ago? I believe she said, upon taking office in 2007, that the American people should just listen to her and she will tell them what to do. Great Job, Pelosi, you have now paid off your fat cat contributors with a $250 Billion blank check and created a huge bureaucracy to put your buddies on the government payroll. I wonder what her cut is? 10%??

I believe that you are right all the way,I could not have said it any better. I just feel that the government dosen't care, they're not the ones who need help.

I am sorry for your loss and able to put myself in your shoes and let you know I sympathize with you for sure. Not only for the loss of your partner but the stress in your life.

Unlike others I do not think that we can go putting the blame on anyone other than the Congress - House and Senate. We must get over the blame Bush for everything that happens.

This bailout or whatever clever word they are using now is being agreed to by both Democrats and Republicans. When will we ever learn to work together and stop with the blame brush.

Hopefully your life will get less stressful and you will find a way to get everything back on track. I am sure you already know hard work is what makes the breaks.

I agree with most of what you say, but not with the victim attitude. I am sorry for your loss, but if you and your fiance had bought a home together, it would have been wise for him to get enough life insurance to cover the mortgage.

I agree I have worked all these years and done everything right only to have the people who were paid ALOT more than I was get off the hook with a bought and paid for politician bailout???? I would like to believe in someone at the top but all I have seen is LIARS!!! We have all suffered and I am soooo sorry for yours but the bottom line is that NOone on top gives a crap about the struggling people on the bottom they are all looking out for themselves as you can tell by the free ride everyone on the top is about to get. Sooo sad America gets taken down this way

I am sorry for your sitution. I work two jobs as well and it is getting harder every day. I see a lot of comments about the Democrats being the cause and then some about the Republicans being the cause. They are both the cause. Not to mention the Federal Reserve and Mr. Greenspan. Anyone who does not see that does not have eyes to see. This bailout will only create another "fund" for the Congress to tap into. Remember how they tapped into the Social Sercurity fund. My kids already have a huge deficit to pay. Now they will have to pay for this. I will not have a retirement unless I get it myself. We need to go back to pre 1971 monitary policy. The banks have created to so money out of thin air its makes the treasury printing press look like a joke. The democrats and Obama can say they are for a middle class tax cut, but I have heard that before and was lied to. The Republicans can keep borrowing so much that it kills the value of the dollar. For me I am going to write in my vote and sleep better that night. God help America and God bless you.

Incredulous2, I cannot believe that you actually fell for what McCain is spewing. Maybe you should really dig deeper and look at the facts and not beleive what the McCain ads are saying. Obama was the one who was holding that the CEO's of the failed did not get their Golden Parachutes or Bonus's. The Republicans were the one who started deregulation and no means of Monday Night Quarterbacking is going to change it. Who held up the first bailout. House Republicans who wanted to make sure that there was options for private firms could reap the profits without any penalty. To make this simple so you can understand it is the same mentality that got us here in the first place. Greed.. Oh and what did McCain actually do. NOTHING. Pelosi was a little right on americans cannot remember what happened 4 days ago, she would have be dead on if she said that they DO NOT HAVE ANY BRAINS if they fall for the McCain ads.

Oh by the way, wasn't he the one who said he wasn't going to run negitive ads!!! I would have to say he has taken them to a new level.

I'm fed up with corporate greed! What penalties do those responsible have to pay? I hear nothing about holding all those directly involved accountable for this mess. And how did they come up with a $700+ billion figure anyway? I agree with the person who said the Bush administration is bleeding the country taking every dollar out of the till before their term is up. But my bet is that no one in that administration, or their family members will suffer the consequences of their reckless behavior and their untimely thoughtlessness. Maybe, just maybe, we should call their bluffs - don't fall for the fear factor and if the system fails then we all go down together and rebuild just as those who've had to face natural disasters... only difference is, this is MAN-MADE for sure! (forgive that logic, i'm out of my mind with anger)

you are on point 100%

Incredulous, there is a nugget of truth to what you are suggesting, but you've taken a predictably partisan stand on it. First of all, stop tossing around the "Pork Barrel" label -pork refers specifically to special projects and funding that specifically benefit only the sponsoring senator's state or immediate constituents. It's not a catch-all phrase for any dollar line item you personally don't like.

On that basis alone -if bailing out Wall Street is merely an exercise in protecting those who have donated to the Democratic party- then this is not "pork", because EVERYONE HAS THEIR HAND IN THAT BARREL. If you really think Wall Street disproportionately backs Democratic presidential and congressional tickets, then produce some citations to back up the claim.

Incredulous,
So you blame the Democrats for the past eighteen months of doing nothing? What about the six and a half years prior to that of REPUBLICAN CONTROL? It is 'I' who am incredulous! Unbelievable!

I know how you feel. I had to retire before my mortgage was paid off. I knew age discrimmination started at age 45 but I thought I could beat it. I was wrong! And it's one of the things that is damned hard to prove. After a new house get's past 7yrs the deterioration starts & constant repair & replacement is necessary. I'm lucky that I know almost everything about houses & can do what's necessary, if I can find the money to pay for the materials. Best I could do was borrow over $3,000 for 10 windows that I could do the installation for.

This Bailout will not work. There will still be a depression, it's only a matter of how bad & deep it will be. The only way to correct the market is to let it do it normally. This Bailout only gives the ones who got us in this disaster more money to spend & get us deeper in debt. There were some provisions for those losing their homes; but they took those out. The housing situation was a ponzi scheme that worked for the banks, lenders & mortgage companies. With no downpayment & even being given money to "buy" a house they didn't know or care what the house was worth. There is no way to assess what the houses being repossessed are worth, nor what any house is worth that has been bought in the last 4yrs at the mininum.

Pres. Raegan started the decline in decent, safe, & sanitary housing. I know because I was one of the FHA/HUD Staff Appraisers that was fired-Reduction in Force. He hated Federal Employees & made examples of us. I've seen, & been a part of, almost all of the schemes that were in the guise of making low-income people have a home possible. We were Appraisers until the bubble burst, housing was over built, owners with no investment in the houses just walked away from them-why not, they had no money to lose if they did, it was only cheap rent. Then we were transferred to Property Disposition to fix up & re-sell the ones the mortgage companies turned over for the FHA Insurance money. After the market straightened itself out the cycle started again. It's inevitable & always has been. But now the Bailout has disrupted the cycle! Our Dollar used to be the basic value for almost all countries. Now it's the Euro. Have you found that every thing costs more now? Thank Pres. Bush & the Republican Party!

All we can do since they don't give a damn about us is vote for anyone who DIDN'T vote for this Bailout. The ones who did need to be unemployed so they can see how it is. I'm sorry, I forgot about how much money they've appropriated for themselves so they can keep their big houses, cars, boats, etc. The basics are that the rich get richer & the poor get poorer, & the middle class-whats left of them-gets sh@fted! November isn't far enough away that we surely can't forget who did this to us!

I feel sorry and compassion for Lainey due to the circumstances that she has had to face when there are changes in ones life. Maybe she could benefit from what is taking place in Washington.

As for Incredulous, his loathing of the Democrats is ill-placed. After President Reagan de-regulated governmental oversight in the 1980s, this set the tone for the Republicans to take back the Congress and in 1995, touted their "Contract with America" which had many ramifications and ultimately started this deregulation which started taking place in 1997. Yes, Clinton, was president but what could he veto when Congress had the 60% to over-ride anything he found objections to?

So now Incred is holding the Democratically lead Congress responsible THOUGH they do not have the required % to over-ride the filibusters to bills making their way through Congress. Need he also be reminded that this President has saw fit to run the nation's business using a few key people, many of McCain's campaign subscribe to this micro-managing technique and so everyone should be aware of 'more of the same' from McCain, regardless of what he says.

RIGHT ON!!! and as a 60 yr old who had her former job given away overseas and was unemployed for 10 months before finding another job at a large cut in pay, I to am ANGRY. Retirement funds--GONE. If I had been allowed without penalty to take my 401 K and put it under my mattress, I would at least have had some security for my future.

LaineyLives.

I am sorry for your loss. Your letter that you sent to boht candidates really only needed to go to one. McCain and his party are the folks who don't want to help you. If you look Obama and the democrats wanted part of this bill to help the homeowners, but the fatcats didn't want that. If you like how things are now then vote McCain. If you really want change the the choice is obvious, vote Obama.

Oh please, Obama has cast this "eutopian" spell, you think he will be able to do anything different? There are over 500 people directly related to this fiasco, democrat and republican. I believe McCain was right about stopping all the frivolous spending, like the nearly 2 billion annually to pay farmers NOT to plant crops etc...

Thank you for making the true statement about the undocumented people in this country. The truth be told, they only want what my Great Grandfather wanted when he came here in the 1880s, a chance to gain as a result of his hard work.

Thank you Granpa Sanzone

But they are ILLEGAL and should not be given anything! I didn't know Granpa Sanzone but I will bet he earned his honestly.

We welcome legal immigrants to this country who play by the rules and we are proud to share this great country with them.

Danielle,
I beg to differ that illegals are not getting something Lainey is not. Unless Lainey is on welfare, then they are indeed getting something she is not. I work for a company that transports DSHS clients to and from their doctors appointments, at times more than 300 to 400 miles round trip. We cover several major cities, and in one city the majority of our riders are illegal aliens. "How can this be?" you may ask. I don't know; maybe you should ask the government.

The illegals are getting alot more than she is. Try food stamps, medical assistance, multiples living in one house. Brand new vehicles. All on minimum wage jobs__Right!! Try selling drugs, stealing and unbelievable gang activity. Welcome to happy valley, UT.

Try moving to Mexico you Traitor. See what YOU get. These people deserve a one way ticket to No where!

My kids cannot get free lunches at school, but these illegals children can?

Things will get UGLY Jose, when the Payback Begins!

You know, the farm system in the USA would change radically without illegals. I spent a couple of years talking to farmers about automation. They want it. The are crying for it. But they all use illegal labor contractors because USA labor does a rotten job for a high price. These people from Mexico, Guatemala, El Salvador, they are peasants. They work very hard, and they understand what they are doing. So farmers use them. For this reason your food prices are about 1/5th what they would be otherwise.

But these people are treated with less care than slaves would be. Folks, that's wrong morally. They get hurt, they get sick, they deserve basic medical care. They don't get much more. They work very hard.

Second, if you don't educate them, then you guarantee they become criminals. They won't have any other place to go. So it makes sense to educate them.

But the bottom line is, these people work like dogs.

Its not too hard to document the hardworking migrant labor that comes into this country each season. Nor is it hard to give them decent compensation for their labor. What is hard, it seems, is keeping out the drug smugglers, gang bangers, and criminals that make up 1/3 of prisoners in California and destroy our great central valley communities. Solution: secure our borders (nobody comes in without us knowing who they are), migrant worker programs which includes health care and increased wages while they are here (no unemployment or welfare benefits), education only for US citizens/naturalized citizens(if you come to work leave the family in Mexico, if you want education become naturalized and learn English). Its time to stop thinking like a nanny state and start governing like a logical thinking Father with good intentions for all CITIZENS of our country.

what part of ILLEGAL do you not understand? They should get NOTHING, except a trip back where they came from. Close the borders for 5 years and clean this cess pool out! take all the free loaders on welfare and put them to work doing the jobs vacated by the illegals. Want a check? DO SOME WORK! Oh, i'm sorry, its beneath you to do that kind of labor? But you're not too proud to take money for absolutely nothing though, are you? They should get a bus ticket too...don't wanna work? Get out.

Sorry, but illegals are getting a great deal that I am not - FREE EVERYTHING! I pay for my healthcare, I pay for my children to attend school, I pay for my own housing, and I am here LEGALLY! My grandparents came here LEGALLY - and for that I am thankful. If people wish to live in our great country, why should they not have to FOLLOW THE RULES? I am all for people who are willing to work (as the Dems say is the reason for all of these people coming to our country), but do it legally and PAY TAXES to support the multitudes of family members that accompany the workers and then stay due to "anchor babies". I have been known to work up to 3 jobs at a time and have never avoided paying taxes and have never been on welfare - single Mom of 2.

Quit the PC talk, UNDOCUMENTED people, my foot! ILLEGAL ALIENS is what they are. What other country in the world can you go to and expect them to speak your language? NONE! You have to learn their language! It is absolutely ridiculous!

I'd be willing to bet your grandpa also paid taxes; thereby earning the right to the benefits of our society. I do object to jobs going to people who are not citizens or registered aliens PAYING TAXES for the priviledges granted. I get real tired of paying taxes that go to people who are not, while I have to fight tooth and nail for benefits that are my birthright; and for which I worked.

know what you're talking about before you speak... my children don't go to school for free...do your's?

WRONG!!!!!, If ya don't live in the golden state of Ca. come on out, live here for a year, then tell that lady she doesn't know what she is talking about

Thank you for taking time to share your thoughts. You are definitely someone to consult when there is a need for realistic answers to hard to understand problems.

Nice theory Edwin, and it does make sense. Remember, however, McCain was one of the few raising the alarm (3 years ago) of the impending disaster. Ashamed to be a Republican!?! Are you also intimating that the Dems were not involved in this disaster? Two of the smiling idiots you watched pontificating about the mess were Mr's Schumer and Frank who opposed regulation of the mortgage programs. None of these self-serving politicians should escape the fallout from this or any of the other unprecedented failures we have seen in the last 16 years. Government has failed in this country-and this fiasco will look like Nirvana when social security system fails in the next 10 years. I don't have a compelling psychological explanation ,but, WE NEED TO VOTE OUT ALL INCUMBENTS THIS NOVEMBER AND TAKE BACK OUR COUNTRY!!! A few bankers and their political lap-dogs enjoying 20 years in prison would be icing on the cake!

Sigh! We're all part of the problem... Republicans, Democrats, Incumbents and contenders. Your reply seems to be stuck in the anger and blame step.... perhaps it makes you feel better, but it doesn't help solve the problem.

You are kidding, right? The Bailout is a necessary evil? I was too poor to go to college, except for one semester. But I've passed the unsupervised test for mensa-to many family problems to keep my mind straight to take the supervised but they want me to. But it's funny. I have had to correct work done by degree'd Architects & Engineers, & I've done a couple of things that Attorneys & Accountants couldn't do. And you live in a fools paradise
in spite of your alum.mit.edu. Common sense is worth more than your degree. My IQ is below the starting point for being a genius. But with common sense added I have passed it.
I'm bragging I guess, but I'm one of the most logical people you could meet. I can find a way to correct or improve almost anything.

The only way things will be corrected is let the open market work. The Bailout will add so much to the National Debt that our dollar may be worthless. The Euro is now the basic value, not the dollar as it was. You think the increase in the cost of everything we buy will drop after the Bailout is passed? I've been there & done that. It won't & it can't.

It is nice that McBush tried to point to the problem that grew from Republican Ownership Initiative. From the Bailout vote, it is obvious he cannot lead his own party. His style is divisive and will only lead to more gridlock at our expense.

Carboy, glad to hear you passed that mensa test with your good common sense. Didn't do too well in the grammer or sentence construction segment though, did you? Oh, and since you are so smart I guess we can assume that you didn't vote for anyone named Reagan or Bush because it is their determination to undue the regulations of the New Deal and other Democratic administrations that got us into this mess. The folks in Congress couldn't have done it without the Republicans and their contract on America.

Edwin, your calm and rational remarks are very insightful and correct in many respects. But what you fail to understand is that the anger now manifesting itself against Wall Street and our government officials isn't in response to just this one issue. It's anger that has built up over years and years of corporate America putting the squeeze on working class Americans with the government's blessing. This is just the last straw.

Thanks "EdwinLee" for much of your information and insight into this issue. I agree that most of the public is either stuck at the 1st or 2nd step, but for our Republic to survive, we somehow have to make them understand what is at stake here. These are probably individuals who either didn't listen when there was talk about The Great Depression, or thought is couldn't have been all that bad. The lack of understanding in going to bed hungry, of freezing to death in your own home, of looking day after day for a job...any job...so you could buy food, find shelter, protect your family...they just don't understand that because for the past 50 years or so, this has not been an issue for the majority in this country. The poor have been ignored, the hungry have been ignored, told to "pick themselves up by the bootstraps" and pull themselves out of their situation. Well, if the truth be told, most of these poor are not prepared to live in our society either by choice or by happenstance. Their education may have been poor, they may have mental or physical disabilities...any number of issues that conspired to help them fail in life. These are the people who will be hurt the most...many will die of starvation or the cold...and we as a nation will sit back and watch it happen, wringing our hands and asking how this could happen to us. Well, here is the deal. We are our brother's keepers and we need to help everyone for the COMMON GOOD. Call me a Socialist if you must, but there is absolutely no excuse for a country as rich as we have been to allow this type of poverty to exist. So, when the chance came for them to improve themselves, like get a house of their own, along came the wolf in mortgage lender clothing to say "sure, we can do that". Can we really blame those that accepted this temptation? Yes, we have the rich and the wannabe rich who also fell for this myth, but it happened. We have to deal with the fallout and give a leg up to everyone...even the greedy businesses...if we don't want to be dragged down to the lowest level of humanity as they fall down. It was stated..."There but for the Grace of God go I" and this is even truer today. Yes, these businessmen/Wall Street Fat Cats are getting their comeuppance, but this will get us too as they fall to earth. We need to accept and act as though we can save ourselves by saving others...it is called being forgiving and unselfish. I know, I know, they don't deserve our largess, but what is our alternative?????
Never will be see a civilization/society fall as hard and as fast as ours, for the rest of the world will be dragged down with us. With globalization, we all are so intertwined with each other, that it will be a domino effect and no one will be safe...not even the Fat Cats of Wall Street. Watch out for the windows around Manhattan that you don't get hit with a body flying out the window. No one deserves that end...no one.

To: Carboy782

Sorry that you find my education offensive. Apparently you don't wish to consider one or more points I suggested. (Denial) Unless the House vote gets reversed you're going to get your wish about the open market. It will indeed "work", but its solution will be painful beyond anything either of us has experienced in our lifetimes.

Ever heard of the Smoot-Hawley tariff act? Another ultra conservative act that contributed to the depth and length of the Great Depression. A good description of it is on Wikipedia. It was popular at the time. During crises the popular solution is seldom the best one because most people are struggling day to day just to make ends meet and they don't have time to work through these complex issues. Tends to make visceral solutions (like "getting even" with the bad guys) popular, even when it brings on self immolation.

To: JAinCA

Actually I do understand that the anger goes back many years. Visit my web page at www.elew.com and you'll find an article I wrote 4 years ago "Why I won't vote for George Bush" .... at the time I was a Republican and not a fan of John Kerry (although I voted for him as the lesser of two evils). That essay cost me several friends... conservative, ex-military... good people but set in their ways. I had the "liberal" tag applied to me for the first time in my life. During a poker game one of these people and I came within a few seconds of a physical altercation (which for people in their 60s is somewhat humorous). However long we've been angry, self-immolation is not a constructive way of dealing with a crisis.

Dear Edwin,
Welcome to Sanity, USA.

I am curious what you think about the Carter administration's Community Reinvestment Act and ACORN contribution to this mess.

Before CRA, banks wouldn't make many of these bad loans. Not until the government basically forced them into it.

ACORN (Obama was a legal adviser) intimidated banks into these type of loans on the basis they would be labeled racist for withholding funds regardless of business sense.

Agreed! How about any company that takes part of the bailout must "reset" salaries of everyone earning about a certain number (Obama says he wants to raise taxes on people earning $250k+, so we'll use that). We'll reset these people's salaries to the national average (which I'm sure is no more than $50k). That will be the highest they can earn including bonuses, options, etc. In addition, all of Congress must also set their salaries to this level. Once every dollar plus a healthy interest rate...say 30%, like some of the credit cards these companies are giving...is paid, then salaries of all affected can be changed.

Fix there is no fix unless we stop the no money down loan game on homes and autos the problem is going to stay regardless of a bailout. We are going to need more than 700b if we allow our do nothing congress the easy way out. Its time we held them accountable for their actions and demand sensible accounting of our banking and mortgage companies. We also need to vote out the problem for good regardless of party, we tried the last election by putting the other party in charge they promised but the spending got worse not better, the war goes on now the bank mess, wake up America while we still have time lets get ride of all the old hard line fools.

Only excuse the Administration did not use on this bill was the Banks have weapons of mass destruction.

Considering the amount of foreign investors holding bank stocks and other American financial assets-the banks probably do have some WMDs collateralizing loans.

SOCIALISM

What would you suggest our elected officials do, let our country fall into another Great Depression? I don't like this bail out any better then you. But when you have a administration that believes laissez faire is better then capitalism with regulations, what would you expect?

I agree that we need to express our anger with our elected Congress over this debacle. While Galley wants to put the blame on only one Presidential administration, the actual fault lies with several beginning with the Carter administration and with several Congresses.

These administrations and Congresses first encouraged then later instructed government controlled lending entities to foster mortgage loans to people who were not financially capable of paying back the loans. When the borrowers defaulted on the loans, the entites were left with useless paper instead of money. Then the dominos started falling until we are where we are at today.

Continuing with my agreement, the best possible way to give the government back to the people is to insist on term limits for the Congress just as the Congress has enacted for the Executive branch. Career Washington politicians lose touch with the people and grow arrogant in their own perceived self righteousness.

I agree that deregulation started under the Carter administration and that Clinton did his share of deregulation also. But what political party holds fast to the philosophy of doing away with regulations in the market place? What President said, "government is not the solution but the problem"? That is the mentality that got us into this debacle.

When you applied for a loan starting 2004 you didn't even have to produce your tax papers to prove your income. Just state it. Where was the oversight? How many bad loans could have been stopped just with that simple regulation being enforced?

I do agree that we need to get the government back into the hands of the people, but I don't think term limits is the answer. Public financing is the answer is in my opinion. If you got a good elected official in office why would you want to put a limit his term? Good help is hard to find.

Public financing would take the corporate money out of politics. It would have to be strict, no fund raisers, no 527s, no monies or help in anyway outside of public financing. Penalties for violating it would have to be harsh.

Right now the only difference between Republicans and Democrats is that Republicans usually raise more money. Obama seems to be the exception.

I like your campaign finance idea, but the other points are suspect. First, Government is not the solution TO ANY PROBLEM! Have they successfully run any program in the last 50 years? They simply turn the lawyers loose and overturn the will of the people. Money talks and suckers walks! As far as presenting a tax return to verify your income- good luck with that! NOBODY knows what's in the tax code, so that is undoubtedly not the way to control suspect mortgages. You would be sued for discrimination anyway! Remember "redlining" from way back in the day? That was the beginning of this mess. We need to downsize the federal government as much as possible and return the responsibilities to local governments. "Loser Pays" tort reform and some form of flat tax would certainly help unravel this mess the politicians have created. Let's vote out ALL of the incumbents in November!!

Not only did you not have to submit your tax papers to prove that you did not have appropriate income for a home loan, you also did not have to submit your source of income (ie welfare) so as not to descriminate against people who could not truly afford it. Also, you did not have to submit proof of citizenship - but only if you were illegal. If you were a legal citizen of this country, you were required to submit proof of that.

Galley,

Look up Community Reinvestment Act and discover that it was not deregulation but regulation that Carter used to get this ball rolling! The Banks wouldn't touch these loans until they were forced to.

I love to hear those who complain about abortion, and then SOME of those same people complain about the amount of people on welfare. I would by no means EVER have an abortion, but who am I to make that decision for anyone else. I can not stand people who force feed their moralistic veiws, then spout off about how our country is in the tubes because of welfare. You are right, we have lost our constitution, because those fighting for the abortion ban are religiously motivated, and the last time I checked, Religion is supposed to be kept out of our government. Remember that when you vote for McCain okay, his running mate does not advocate sex education, but is against abortion. That it toal hypocrticsm to me. If we would actually educate our younger genration, we would not have the problem of abortion. I personally would not do it, but I'm not GOD and therefore, I do not judge people on their decisions. One more note, think about being a woman that has been raped or a victim of incest, would you be happy that someone else took away your choice?

I would by no means EVER murder someone, but who am I to make that decision for anyone else. I do not judge people on their decisions, that's up to the government and the people I elect as judges. You can't blame me for the judges bad decisions. I can not stand people who force feed their moralistic views, then spout off about how our country is in the tubes because of religion. Religion is supposed to be kept out of our government and those people who are pushing their moral values and commandments on us are supposed to stay out of government. After all the United States was not founded by religious people seeking religious freedom from tyranny. It was founded by non religious people who did not believe in God or ethics or moral behavior....(oh wait - that's Wall Street!!!!) We need to spend several more hundreds of millions of taxpayer dollars on Planned Parenthood to educate our children that abortions are free, you don't need your parents permission, you can have irresponsible sex with multiple partners and have a free operation as many times a year as you need. Abortion is good. Abortion is freedom. Abortion is being responsible.

Cheryl, Edwin

I could not agree with both of you more.

This bail out is a temporary solution to a financial crisis. The financial crisis, however, is the symptom of a much deeper problem.

The fundamental problem we Americans have is rooted in unrealistic expectations, a feeling of "entitlement". We make decisions based on how we feel verses what is real. Our style of thinking relieves everyone of personal accountability. Yet reality holds everyone accountable - eventually. It's physics, or the laws of nature.

People no longer "Expect the best but prepare for the worst" People have no concept of consequences. What most people no longer realize is that having a moral code actually PROTECTS us from making such foolish choices - yet people with moral values are viewed as easy prey.

We Americans, whom did not lie on our mortgage application, who believe that strong family values are the core of a healthy American civilization, need to STAND UP to the selfish and lets the pieces fall where they may - while protecting the thousands of innocent people affected by corrupt, selfish behavior.

Abortion has no place in this debate. Yes, this is about personal responsibility, in a financial situation. I have, thankfully, never been in a position that would require me to make a choice about keeping a baby, and I hope I never have to. That said, every single person who has signed a mortgage HAS to consider whether or not they will be able to pay it back. Too many people took out adjustable rate mortgages or with interest only payments and thought they would just sell their house before the rates went up. Well, guess what, genius? EVERYONE ELSE THOUGHT EXACTLY THE SAME THING! Too many houses worth too much money went on the market at exactly the same time. I and my family have watched it with many of our friends and coworkers. The people who took out mortgages that were within their means and paying interest + principle payments all still have their houses and are making the payments, at no risk of foreclosure.

Actually you're not correct in this thought process.... many, many people have hit the unemployment line that didn't have a subprime mortgage.... planned the family budget accordingly and now must chose between feeding the children, putting gas in the car to find a job and a house payment. I'm really tired of the constant focus continually being on people in subprimes - the constant assumption that I must be a complete idiot and put myself into a subprime adjustable rate mortgage. I did not - I lost my job because of this pathetic economy. The problem BEGAN with subprimes but has now spread, like cancer, to a lot of hard working Americans who planned properly and did not over extend themselves. But because unemployment is rampant, families are drowning. I have been out of work for nearly 6 months. Spent the summer slinging hamburgers which I have no problem with but it certainly did not make me the same amount of income as my previous employment.... so after blowing through all the savings we have worked so hard to put aside we will be looking down the throat of a foreclosure because we are unfortunate to live in a very small town that runs on the now non-existent housing industry and tourism. And if something isn't done to help the average American, the foreclosure problem will continue to spread.

Yes, you're right about the negative effects of the plan. By flooding the system with more dollars inflation will increase. It has to. The Fed will then start raising interst rates because it is their only means to fight inflation. Guess what's goign to happen to anyone still holding an ARM? Their rates are going to go up. It will happen. And then there will be another wave of failures and bad mortgages.

Thank goodness nothing was in there to "save" homeowners. If theya re already on the edge, what about all the other crap that goes with owning a home liek taxes and maintenance? Don't tell me there's going to be a bailout for that too.

That is exactly the point!! From yesterday afternoon to now, what changed? Some provisions for the troubled mortagage owners w/ looming foreclosures, etc.. to little or no help whatsoever, now more focused on limiting golden parachutes... a no brainer to begin with, a day later... and lest not forget, act with light speed so as to not have to deal with annoyances from the masses!!!

Problem solved for 200 Billion. There are 200 million americans over the age of 18 in america, give each one $1 million dollars. They can buy themselves out of debt and have money to invest, buy cars, pay for colleges etc. The rest of the 500 billion is not needed. Once everyone can pay for their loans the banks won't need a bailout.

200 million people @ $1 million is a bit more than $200 billion, more like $200 trillion. It is that kind of math that got us into this situation in the first place.

The Democrats use to be called the tax and spend party, but that is the way it is suppose to be. Now the Republicans are known as the borrow and spend party.

This financial mess is nothing compared to what is happening to our national debt, which this bail out is adding to. Some day that national debt house cards will fall apart and it will make this crisis look like a cake walk.

I think you have it wrong there. It is the Democrats that spend spend spend. Actually a few bad apples on each side. But the Democrats are the ones that are greedy. I was a Democrat. This election makes me sick. Don't care for either of our choices. Yes this is a mess. But took more than just one party to spend and pocket money.

You definitely are in the twilight zone if you think this is not a Democratic problem.

Fiscally responsible??? That has never happened.

I am not a Democrat or Republican but this coin has two sides and no one is without blame.

Do what I did. Live in a small apartment, eat soup, save your money, work hard, and pay cash for a house. Or, gamble, lose your job through no fault of your own, not pay your mortgage, and have your house taken away like others are. Vote NO on bailouts to fund corporate theft.

Do what I did. Live in a small apartment, eat soup, save your money, work hard, and pay cash for a house. Or, gamble, lose your job through no fault of your own, not pay your mortgage, and have your house taken away like others are. Vote NO on bailouts to fund corporate theft.

Pirate - you are right on. The problem with financing and credit is that it is NOT tangible. It is given based off of the borrows potential worth. People die, people get sick, Banks go under, Wall Street fumbles, and now that non-tangible loan or line of credit isn't worth the paper it was written on. Nance, take Pirate's advice ... live ONLY within your means, i.e. tangible CASH. Save, and pay as much (if not all) in cash towards your home. It may take longer, but two major benefits are NO INTEREST (you will actually pay for what it is worth) and no worry of Foreclosure. I think it is time for this country to go back to the days when paper money was actually worth something.

Pirate is exactly right.

Each of us must take responsibility. I also rent a small, comfortable apartment. My car is 10 years old. My TV is 20 years old. I eat a LOT of Ramen noodles. I don't eat out. I take public transportation when I can so that I don't have to spend a lot of money on gas.

And where does that get me? I get to bail other people out with my hard-earned money.

I am not happy today.

Look, do you all think that the gas station down the street is paying cash up front for the gas you put in your car everyday? Do you think the farmers pay cash up front for seed every spring, for the equipment they use? Every single major retailer in the country buys on credit and pays back with revenue from sales. What happens when there is no credit? The gas isn't there, there is no food on the shelves. The fact that people in the Southeast can't fill up their gas tanks, bringing business to a virtual standstill, should be the case in point for all of us.

All this righteous preaching about living within your means is not relevant. Predatory lending to the subprime mortgage market precipitated the crisis but the debt-leveraging going on at the highest levels in financial institutions across the globe is the issue causing the crisis now.

If you think the economy can just crash without it having a serious impact on our national defense, on our health care system, on our educational system, and on our political stability you are mistaken. We will not have the capital we need to support the military, insurance companies will not be able to pay out to caregivers, students will not be able to continue in college, primary and secondary schools will lose the tax base that supports them, and millions of people without a job and no where to go get pretty restless and angry pretty quick.

In defiance of all logic and evidence to the contrary, partisans keep rooting for the Republicans whose political philosophy and actions/inactions CLEARLY put us in the middle of this mess (for the second time in American history) like this is some freakin' football game where you want your team to win no matter what.

Enough! We need to pass this legislation, get this runaway locomotive under control and take a cold hard look at balancing Republican and Democratic ideology based on a review of the evidence, not some partisan half-informed perspective.

No worries, under Obama EVERYONE gets a home. just make under $120K and you are golden.

DanJones, you need to bone up on your recent history. The DEMS were the ones who refused to allow controls on Freddie Mac and Fannie Mae...needed to give free housing to "all". IN the end, the Republicans' hands were tied by the take and spend (and give-it-all-away) Dems. They put us in this mess, and now blame the Bush administration. Sorry, but the executive branch of the government does not have that much control. Per our constitution.

DanJones, you need to bone up on your recent history. The DEMS were the ones who refused to allow controls on Freddie Mac and Fannie Mae...needed to give free housing to "all". IN the end, the Republicans' hands were tied by the take and spend (and give-it-all-away) Dems. They put us in this mess, and now blame the Bush administration. Sorry, but the executive branch of the government does not have that much control. Per our constitution.

I know Republicans want to get away from the microscope. When George Bush, point man for the Republican machine, announced "Mission Accomplished" in 2003 I wanted to vomit my stomach contents. There has been this Republican paradym ruining our country bit by bit since Reagon got Carter with, "There you go again! Tax and spend liberals". On that occasion I wanted to vomit. Now with the Republicans killing the solution to the world banking crisis out of fear for their own lousy skins I would suggest we rename the Republican party, "The McCaniacs". Question. Are you a McCaniac? Or just a little mixed up?

Couldn't have put it better. So many Democrats play the feel sorry for me game. They have to blame all.

And pray tell who is the one who appointed Greenspan. Yep thats right you know it. BUSH.

The time has come to not go back and lay the blame. This is counter-productive unless, we learn a lesson from it. We need to find a viable solution as a people and while our choices for president are pretty slim, narrow and overall too far removed, when we vote for our representative and senators and local leaders we need to look for those who have a true plan; a plan that is indicative of the wishes and needs of all people--not just those who line the coffers of the elected officials once they hit the steps of the capital. We need do more than complain and cast blame, we need to inform our elected officials and we need to show that we are an informed citizenry by deluging the e-mails and mail boxes of those those who are charged to serve us. Did they not take an oath of office? Our vote is critical and our voice is critical. At least we can stand up and say we spoke out.

Truthfull -

You are either a liar or an ignoramus. Greenspan was the Chairman of the Federal Reserve from 1987 to 2006! That is 13 years before W was elected.

I vote ignoramus!