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Latest on the failed bailout plan

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WASHINGTON -- In a stunning reversal of expectations, the House of Representatives rejected a rescue plan for the financial industry this afternoon. Despite support from President Bush and congressional leaders, the plan was voted down by more than two-thirds of Republicans and 40 percent of Democrats. The House of Representatives voted against the 700 billion dollar economic bailout plan- Wall Street was stunned - the Dow initially plummeted nearly 700 points. It's a bill no one wanted to embrace- but many in congress viewed as a necessary evil. Rep. John Boehner said, "So I ask all of you, both sides of the aisle, what's in the best interest of our country? Not what's in the best interest of our party, not what's in the best interest of our own re-election, what's in the best interest of our country? Vote yes." Lawmakers worked through the weekend on a compromise that would have allowed treasury secretary Henry Paulson authority to purchase assets with taxpayer dollars. An overwhelming majority of house republicans, 66 percent, voted against the Bush administration backed bill, and the White House said it was very disappointed by the failure. Despite strong reservations by members of both parties, lawmakers promised to keep working on another compromise.

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It's simple, just say no to the bail out...........

Congress should go after the billions taken by crooked executives!!!!!!!!!!

it takes two to tango...

While many who took loans they couldn't afford, lenders were happy to provide that service. Lenders made there money through fees, and often pushed for larger loans. Let the free market work this out. Stocks were fine today, and they'll be fine tomorrow. This bailout is a sham. Fear, fear, fear, give me your money. Good for McIntyre for voting no.

I appreciate your optimism, but....

..stocks ALWAYS do well the day after a major sell-off. Bargain hunters snatch up stocks that were punished too hard and without good cause. I was bargain hunting today, too. But consider this.... DJIA 10/07 14164 DJIA 10/07 10850 NASDAQ 10/07 2859 NASDAQ 10/08 2082 S&P 500 10/07 1565 S&P 500 10/08 1166 Take the time to look at them on the charts - visually, it's much more impressive! Take a look at the LIBOR rate, at an all-time high this morning. When banks are afraid to lend to other banks, what makes you think they're going to lend to your business? In the past ninety days we have seen: The fourth largest bank in the United States fail (WB) The largest S&L in the United States fail (WM) Three of the big five Wall Street investment banks fail or be sold at bargain basement prices (BSC, LEH, MER) The largest insurance company in the United States go through a de facto nationalization (AIG) ...and you think this is fear mongering? You think this is all some clever scheme to rip off the American taxpayer? It's not the end of our economic system, but we are in a serious situation....a VERY serious situation. If we don't infuse some cash into the banking system, we are facing a fantastic opportunity for a crippling recession to settle over us, a recession that will be broad enough to land on every one of us in one way or another.

To bad we can't get a refund

To bad we can't get a refund on the $560,000,000,000 we have spent on the Iraq war, or the $17.9 billion that just North Carolina tax payers have spent on the war. Don’t get me wrong Imp not totally against the war but enough is enough. There are better ways we can spend our money in our country.

I

Have to agree...I am not against the war either...however, IRAQ needs to repay the US Taxpayers...a discount on oil would be a GREAT way to repay each and every Americans hard work to let them have a chance at democracy...

Look at it from their viewpoint

YOU came in and trashed our country, and now you want US to pay for rebuilding it, and give you a discount on oil? HA!

LOL

I take it you have NEVER been to Iraq...I have ACTUALLY BEEN THERE...I'll leave it at that.

Nope! Too old...

...Vietnam was my war. I'm sure that you met many Iraqis who were glad to be rid of Hussein, but don't think that translates to undying love and devotion for us in the Iraqi government. To quote Sal Tessorio in the Godfather, "It was nothing personal. It was business." Case in point, they recently came out with an "approved list" of who could bid on new oil contracts. There was not one single American company on the list. We had to lodge an official protest, at which time they added Exxon and made some vague offers to consider others at a future date. France's Total is in the catbird seat, and will likely land the lion's share of the contracts. (Old friendships are hard to break.) Royal Dtch Shell will also do well. So the Shi'ite Iraqi sitting in his tea stand in an outlying province will thank you. The Shi'ite member of parliament in his $600 silk suit will tell you to take a number and wait while he ushers his pals in through the side door and gives them the best seats in the house.

Who rebuilt Japan and Germany?

The people who destroyed them. And they're both strong allies to this day.

Bail out

This is what happens when the Federal Government forces banks and mortgage companies to loan money to people who otherwise could not afford it. The program has come home to roost. When people could get a house with no money down, fudged paperwork, and speculation, let the good times roll. But when the adjustable rates kicked in, many couldn't sell, complained they didn't know what they were signing. Now we are stuck because the credit squeeze will stop new mortgages unless they have excellent credit and 20% cash down. Thank your Senators and Representatives for putting the country at risk, to be politically correct and become the nanny state with no purse. And remember, Julia Boseman was speculating with the rest of America. People were buying 2 or 3 homes to flip and make an easy buck. When they couldn't sell, they just walked away. If you look at Congress, it's the same bunch for the last 24 years on both sides. While both sides blame each other, they are all to blame. And don't forget who cleaned up while this was going on. Realtors, pop up mortgage companies, and Banks with no fiscal oversight made Millions. Now they want the taxpayer to foot the bill, and go right back to lending to anyone. Grit your teeth, the medicine is going to taste bitter.

Well Said

There is enough blame to go around. Banks issue Visa Cards to Undocumented Aliens. Banks and Mortgage Institutions are forced to write mortgages in areas, under terms, and for folks where good business sense would dictate Do Not Do It. And as you note, when it hits the fan just play dumb and plead "I had no idea what I was signing". With all the folks who sit at the closing table, how anyone can plead that is beyond me. If attorneys and Real Restate Brokers could not answer any and all questions prior to signing on the dotted line, then the Buyer should have withheld the signature or should have put a call in to the Real Estate Commission or the State Bar.

Congress

Dear Congress, I'm against the $85,000,000,000 bailout of AIG. Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend. To make the math simple, let's assume there are 200,000,000 certified U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up. So divide 200 million adults 18+ into $85 billion that equals $425,000.00. My plan is to give $425,000.00 to every person 18+ as a We Deserve It Dividend. Of course, it would NOT be tax free. So let's assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam. But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00. What would you do with $297,500.00 or $595,000.00 in your family? Pay off your mortgage - housing crisis solved. Repay college loans - what a great boost to new grads. Put away money for college - it'll be there. Save in a bank - create money to loan to entrepreneurs. Buy a new car - create jobs. Invest in the market - capital drives growth. Pay for your parent's medical insurance - health care improves. Enable Deadbeat Dads to come clean or else. Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces. If we're going to re-distribute wealth let's really do it. If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+! As for AIG - liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up. Here's my rationale. We deserve it and AIG doesn't. Sure it's a crazy idea that can work. But can you imagine the Coast-To-Coast Block Party! How do you spell Economic Boom? I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than the geniuses at AIG or in Washington DC. And remember, The Family plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

Your numbers have a SEVERE error!

Good thing you don't have to reveal your true identity to post here and hopefully you aren't a senior executive with a top accounting or mortgage company....if so, you just lost your job!!! While this is an entertaining concept, the numbers are simply in error, to the magnitude of THREE decimal places!!! 85 B divided by 200 M = $425.00 ea. not $425,000.00 ea. Sorry..........

Try again

Your math is wrong. Glad you're not steering the sinking ship we're on.

FELLAS

his math is RIGHT....ever hear of CONGRESSIONAL MATH? SHEEessh...what college did you guys attend :)

SILLY

American..you are in the MIDDLE class...your DUTY is to bail out BOTH the poor idiots that got into home loans they shouldn't have AND the ultra rich who were ALSO IDIOTS...Mr. Middle Class...YOU GET NOTHING except the BILL... Thank You, Uncle Sam

I figured out what's wrong with Congress

They're incredibly stupid. Here's one of the ideas being floated to get a deal passed: Elimate rules that require companies to devalue assets on their books to reflect the price they could get in the market. Okay, so what that says is that Bank X doesn't have to list a non-performing debt instrument or foreclosed property at true market value. If it had an assessed value of $10 million dollars two years ago, by God, we'll still claim it's worth $10 million dollars today! The "crisis" would end overnight. The banks and other financial companies would be rich again... ...and we'd keep on building the house of cards, knowing full well that there is absolutely no foundation and no support.... ....but after everyone fully acknowledges the phony-baloney game we'll be playing, no one with an active brain cell will ever invest in a stock or bond ever again: How could you possibly know what a stock was truly worth, or the true risk of default on any issuing company's bond? God help this nation if our "leaders" are so economically ignorant or morally corrupt as to sign onto that kind of idiocy. (Then again, they've been practicing that kind of creative bookkeeping shuffle on Social Security and Mecicare for years, so why should this surprise me?)

I guess when a government

I guess when a government lay dormant as long as ours has for so many years, the "Grand Slam" of them all has finally hit to open some eyes to see that they really can't govern a nation such as ours systematically. A financial fix, if any, will take government members decisions like none other before. A financial war within our country will now reveal all the finger pointers in our government, while all along we sit at the wayside and watch what we Americans tried to work so hard for in life, swept out from under neath our feet in a few short days. How many countries, which we call "The Enemy", is watching closely and possibly laying out their own decisions as what to do with us? Let us not lose that thought for a moment! What will be left for our children and their children's children???

What...

Listen...this whole thing is NOT A BAD THING all around. For one, those that bought houses WAY out of their price range NEED to loose their homes. It can happen to ANY of us and I doubt anyone is going to come bail ME out if I stop paying my mortgage. Those people will loose their home, but someone WILL buy it and the cycle goes on. SECOND, have you seen the market today? It is recovering...which is what it was going to do all along. THIS is nothing but a HARD REBOOT of our financial system to put things back where they SHOULD be...