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Rep. McIntyre Votes No On Bailout

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U.S. Congressman Mike McIntyre released the following statement after his no vote on the financial bailout bill: "400 Eminent Professors of Economics, including three Nobel Laureates have said, 'We ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action.' "This plan does not strengthen confidence in our financial system. It rewards those very institutions which made bad judgments. This plan costs way too much money - money which we do not have and will have to borrow - ultimately from foreign investors. This plan dramatically increases the national debt to the tune of $2300 for every man, woman, and child in America. This plan burdens the average American taxpayer for poor business decisions made on Wall Street. It does not adequately protect the average family or business on Main Street.” "It is essential that we stand with the families in Southeastern North Carolina for whom we have always fought and to protect their savings and investments for future generations. The burden of this bill should not fall on their hands."

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Wholeheartedly agree with Mike

After reading Congressman McIntyre's reasoning for not voting for the bailout, I agree. Our future generations should not be held accountable for people today who are really ripping off the average working person. These special interests groups need to get the message loud and clear---we are fed up with this bunch of junk. I never could understand how we could have such a big deficit but on the other hand pork barrel money was being given out hand over fist. America needs to mend its own problems now and stop worrying about the rest of the world. Who is going to come to our rescue? The stage is being set for Christ's return and the Antichrist to come forward. That's what it is all leading to. People need to be ready for the LORD's return.

bailout

The bailout terms should be the same as on the fine print of my credit cards. Payback is tough!

Delayed pain

The dow has fallen but the percentage is no where near an all time low. Its hard to believe that captain's of industry had no other plan to salvage their companies other than relying on tax payer assistance.If we continue to try to prop up a false economy with credit there will be greater pain in our future.If the problem is liquidity as thay say,provide that to banks but don't stick the American taxpayer with "toxic paper" that pushes the burden off onto hard working people.700 billion plus is a huge price to pay for restoring confidence.I am happy it was defeated.

Earmarks

The reason it was not passed is because the political left and right have takced on over 2,000 earmakrs to this bill. Translation--politicians are attempting to get mo $$$ for their special interest groups..I say get the earmarks off and pass the bill, whiich will never happen.

I

would have to say I agree with the NAY vote...I mean the middle class is now paying for the STUPIDITY of BOTH the rich and poor...WHERES OUR BAIL OUT? I don't think we should pay for the bad decisions of CEO's who make MILLIONS upon MILLIONS of dollars a year or bailouts for those who made bad purchase decisions on their homes! THIS is just going to put the market back where it needs to be and everything will level off. Look what happened to oil today...CRASHED...course my 401K looks dismal right now, but I am not too worried about that because it is a time to BUY BUY BUY all of those stocks that are going to shoot right back up after all of this.

Oil crashed today for a basic reason

Everyone is predicting a global recession and an ensuing reduction in demand for oil. You'll note that coal also fell hard, in anticipation of reduced industrial demand for electricity. Those are BAD crashes. Cheap oil is of no benefit if you don't need it to drive to a job you no longer have. I'm not a Chicken Little, and don't believe this is the end of the American economy. That said, however, don't expect a quick turn-around in the market. While not as dire as the Great Depression, this is far more serious than the S&L fiasco or the junk bond scandal that we weathered in past years. Global credit markets are seizing up like a rusty old clock. Banks are not lending to other banks for fear that the borrower may be the next bank to collapse. In turn, those banks are not giving short-term loans to corporations who depend upon these bridge loans for hundreds of reasons....your next paycheck could be one of them. Just look at what has already transpired: The fourth largest bank in the country went belly-up today. Of the five investment banking giants on Wall Street, only two remain. The largest insurance provider in the United States was basically nationalized to keep it afloat. This is like nothing we have faced in our lifetime, and we need some strong action right now. (That's not to say that I'm crying in my beer about today's vote. The bill was far from perfect, or even good.)

our bail out

is sitting in Nigeria or Ghana wherever those stange emails come from which tell you a foriegn bank or attorney is holding untold millions of dollars which they will forward to your bank account as soon as you provide the routing number and account number as well as $69.95 to be billed to your credit card. History repeats itself. The stock market went down after the insider trading scandal of the late 1980s and early 1990s. Of course those guilty parties were astute enough to invest in multi million dollar Florida homes knowing full well the homestead laws protected anyone's primary residence from seizure. Does anyone remember the name Charles Keating? And the stock market recovered; we forgot those lessons and now here we go with a slight variation down the same old track. Part of any correction should include divestiture of profits and golden parachutes from any CEO who led his institution down the wrong path while feathering his own nest. One wonders why Governor Easley does not have the state Banking Commission conduct some hearings; after all Wachovia is a NC based institution. So is a Wilmington based bank which is floundering after 8 or 9 years in business without truning a profit or breaking even. One wonders what type of Golden Parachute that CEO received when they recently restructured their Board of Directors. Of course then there is Cooperative Bank which continues to perform admirably and maintains sanity in its lending preactices and its investment portfolio.

And then the Dow falls over

And then the Dow falls over 700 points. Yes good idea guys!

GO MIKE!

GO MIKE! At least someone in Washington gives a crap!

McIntyre's vote

McIntyre's vote had nothing to do with the merits or drawbacks of the bill. Since Pelosi took the gavel, McIntyre has had a backbone made of overcooked linguine. He was just voting to please his dominatrix, hoping to get that long dreamed-of committee chairmanship in January. Of course, he wasn't the only one. He had many fellow Democrats and an amazing number of Republicans join him. Most who voted "no" didn't do it because of the depth of their convictions, but out of fear of facing their constituents in the voting booth in five weeks. Some freely admitted it! NPR talked about it at length this morning. Here's a headline from Yahoo this evening: "House members reject financial rescue plan because of voters" That's the difference between a true statesman and a run-of-the-mill political worm, simply seeking to retain his job. Many of those "no" votes would have voted "yes" if the election had already passed.