Not So Fast on the Deal, House GOP Says Make Wall Street Pay

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dnt blame washington for what americans done to them selves they did not make you take out loans you could not pay

david of VA 1:55PM September 26, 2008

This financial crisis is valuable for one thing: it has exposed John McCain for the opportunistic politician that he is. He's all bluster and no substance. Hopefully he will not be elected dogcatcher, let alone president.

John L of PA 1:54PM September 26, 2008

Shouldn't the taxpayers know by now that our government should not control our free-market system. Any business they have stuck there nose in is failing. Why should we bail out the companies that caused the problem?
Throwing $700 billion to these companies is like giving a crook money for robbing you. The government for the past 30 years has not been looking after "main street". Do you think they are going to start now? Why have laws and over-sight, when there is no enforcement, because it might hurt politically. Both parties are to blame for this.
GREED and STUPIDITY has caused this robbery of our economic system.

Tom of OH 1:53PM September 26, 2008

Does another Great Depression sound better to you?

Stu of FL 1:47PM September 26, 2008

take the money that is owed out of the fatcats in Washington we the middle class are sick of bailing everyone out. All the time it is the middle class that are hurt. Can someone up out in their Benz's park them for a while and take a walk in our shoes and see the answer is not coming to our wallets but take some away from those highrollers that don't work near as hard as my poor daddy did or my husband now does. It is time for someone to take care of us.

charley of GA 1:33PM September 26, 2008

This plan was just thrown together without thinking about the long term effects. Do you really think this will work? Even the President said "MIGHT" Does that mean 50/50 chance? Why is it the taxpayers have to cover this? What the crap did we do to deserve this? let's punish everyone because a few idiots in the world is irresponsible. One more thing. It does not matter if a Dem or Rep is in the white house. We are all doomed. You are an idiot to beleive it will matter. I hope 2012 is for real.

J.s. Moore of TN 1:10PM September 26, 2008

Great plan. Simple. Minimum new bureaucrats. Quick to install. Why hasn't the media given it more attention? Is it because it is in Barack's corner. Shame on them

Jack of AR 10:44AM September 26, 2008

WaMu is the answer. Wipe out the equity in any institution who hasn't written down their toxic loans. Seize their assets and deposits and sell them to an instution such as JP, BofA, Wells Fargo, Citicorp or another correctly run institution. Wachovia is next.

Dan of MI 9:34AM September 26, 2008

Uh, Ace of MO, the bailout plan was proposed by the Bush Administration! They're the ones who insisted a $700 billion bailout was needed and they sent Paulson and Bernanke up to Capitol Hill to explain why it was necessary. I'm pretty sure the Democrats would have no interest in giving that money to Wall Street if they didn't think it was absolutely necessary.
As for Boehner and the House GOP, I wonder where they think the money to pay the government's insurance premiums is coming from? Banks are desperately clinging to what money they have because they'll need it to pay their debts if a run on the banks occurs--which is why credit markets have frozen up.
The other problem with the insurance model is that establishing premium levels is still impossible because no one knows the underlying exposure. So, a lot of time would be spent trying to figure out appropriate pricing. In the meantime, though, the liquidity crisis could destroy the banking system quickly if a run on banks started.
Not surprisingly, the Treasury came to the conclusion that buying toxic assets made better sense. What the Democrats have been trying to do is mike sure that taxpayers reap any benefits that might come with the sale of the assets.
What Boehner and the House GOP are doing is desperately clinging to their ideology, and praying that the financial meltdown doesn't happen. Even if their plan is adopted, the government is going to end up "insuring" lots of toxic stuff that we, the taxpayers, will end up pay for when the debtholders default. It won't save us a penny and it will make sure Wall Street firms, not taxpayers, will benefit from whatever assets they can sell. What we get in "premium" payments will be a pittance compared to what we might get with an equity stake in the banks.

EW of MA 9:32AM September 26, 2008

Who is Brainsless here?
Democrats go public saying there is a deal w/out consulting the House of Representatives (which must also approve of any legislation) in an effort to look good to the American people and boost their ratings all the while trying to pile on as much to this bail out as they can as well as trying to hide their repsonsibility for all this (Let's not forget that it was Bill Clinton that signed legislation allowing for these ridiculous loans to be made and the fact that it was the Democrats that pushed banks to give these loans to people that should have never been allowed to have them.....and here you are willing to pay for it all without so much as a sneeze.
Further, Obama making public appearances saying that he is working hard every chance he can get on TV in the hope of gaining wishful following from Americans that still won't vote for him is a joke when he had made the revealing comment that ongress can call him on the phone regarding this incredibly significant piece of legislation if his help is needed because he does not want to cancel a debate for just a few days when he has repeatedly declined invitations from John McCain to do townhall meetings all this time?
John McCain has been working hard to protect you and me....have a whiff of smelling salt, maybe that will clear things up for you since it seems you have no clue of just how much this bail out impacts, WE THE PEOPLE and the FOUNDING PRINCIPLES of the United States....can we hear the word, SOCIALISM?!
Wow!

of 9:22AM September 26, 2008