If Wall Street Doesn't Get a Bailout

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I just have to give credit to the last statement posted under tittle "Goodies...my hind end!" This statement is totally true, I was about to refinance my house when the loan officer is the one who told me I should. Me and my wife was all heads over heels for it and about to sign the papers until we looked over the final draft of the loan. This would have put is so far into dept that we would have never been able to pay the house off. The point I am trying to make is that we as the people need to wake up and the people in power who knows better need be more mature and less greedy.Its like the banks are super hero's and in the eye of you they are not going to rob you, they are just trying to help you but in turn they decides to rob you because they can and you would never suspect them because there a super hero and they are suppose to save the day.
To finalize this passage I must repost what was said because this person put it best "Are some businesses going to fail? Yes. Are some people going to lose their homes (that they couldn't afford anyway)? Yes. I didn't see anything about this plan paying mortgages to bring them current...all I'm seeing is an opportunity for American's to get in deeper debt by "opening the credit lines". If a fat person can't stop eating from a neverending bowl of food, don't you, at some point, take away the bowl of food? Especially if you're just standing there watching???"

Joseph of TX 2:42PM December 15, 2008

I am just totally confused.....I don't think that I'm alone.

suga of GA 10:31PM October 06, 2008

Has corruption become so accepted in this country, have Americans become so numb to Capitol Hill corruption that the addition of $150 BILLION onto [what's ostensibly] a financial AID plan doesn't FaZe us??!? Amidst a "crisis", these financial terrorists still have time for pork?
Have senators (including the 3 that are in the presidential race - as well as Mikulski - how COULD you Babs?!) lost all sense of shame? Take note voters!
There is a reason this bill is being pushed with demon speed through both houses.
Not ONE of the senators took a stand during the vote to call their colleagues to task for the audacity to pile pork atop the bailout.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/10/02/MNR813AHDN.DTL&tsp=1
The larger obscenity from DC aside - the arbitrary large number of $700BILLION - it appears, even when America is hurting, those who would represent us can't help but continue to steal from us.
It would have been cheaper to buy each senator a yacht. But then, with their Wall Street friends, who needs a yacht?
From above :"MEMBERS OF CONGRESS WHO VOTE FOR THIS SHOULD BE JAILED FOR TREASON."
"Ms Erbe, your arrogance and blind willingness to embrace the scare tactics of the ruling class is laughable."
Fully agree with both.
Bonnie - ask Rep. Donna Edwards [D-MD] who's calling her registering Pro (Banks, financial institutions, etc) and Con (small business owners, worried home owners, etc.)

vince mcavoy of MD 1:01AM October 03, 2008

"So if you're angry, adamant, and against, please understand that the person on whom you're venting your fury is yourself."
Have you lost your mind?
Look...The pork they tied to it. One of them is for tax breaks for an arrow manufacturing company in OREGON!! Nothing against Oregoners, but geez.. You actually buy into this nonsense.
It's a bailout for large companies and the government (either naively hopes, or doesn't care) if any of this makes it down to the level of the ordinary consumer.
No..I will not buy into the deluded mindset of personal blame for what Wall Street Bankers have done. After all, with the encouragement of the government they have sold America the bill of goods regarding the safety of investments. Now, that they have essentially stolen this money, they want me to not only take the blame, but to replace it.
To do so would be insanity.

Robert of TX 8:47PM October 02, 2008

should not be expected to pay for today's government largesse.
Wall Street created this mess with confidence that the government would clean up after them. Why should any other sector of the economy be expected to be fiscally responsible?
Our parents and theirs built the best standard of living in the world and we cannot even maintain it. All we will leave our children is an example of failed character and a huge federal debt, currently 10 trillion and growing, that will crush any possible opportunities they might have to prosper.
The debates continue tonight and all the concern will be about who has the best one-liner, who speaks in complete sentences the best, who makes the best connection with those out-of-touch enough to still be undecided.

Paul of GA 7:21PM October 02, 2008

NEWS FLASH!
According to Countrywide / Bank of America, the $300 billion dollar homeowner bailout bill (FHASecure refinanace program) has not yet been passed. It was supposed to go into effect yesterday. I called them about it, and they are saying the legislation has not yet been approved. They said someone still needs to pass it. I told them the President signed the bill, who else needs to pass it? They told me that they don’t know. I asked to speak to a supervisor to ask her who else needs to approve the bill and was given a voice mail. I was also told recently from a different person at Countrywide that they supposedly sent out letters to people that qualified and if you didn’t get a letter you don’t qualify. They also told me that if HUD qualifies someone for the program and send them their way, then Countrywide automatically approves them. I talked to HUD, HOPE Program, and the FHASecure Program and they do no such thing of approving people. They told me that I need to work with an FHA approved lender that participates in the program. Countrywide is FHA approved. So evidently according to Countrywide the homeowner bailout bill was not passed.

jw360 of NE 6:53PM October 02, 2008

Poor baby you can't get a loan for a new car. Hey why don't you try buying a used one, car pool, hey take a bus. Thats what us Main Street Folks do. Can't pay your mortage. Get a second job, clip coupons, make your own house repairs, or have a garage sale. For all you business owners in debt close shop. You have no right to be in business if your not making a profit. What happen to the day when we use to go to the general store and get credit' from the STORE. Not the banks not a finance company. The owner used his own money from his own business to help someone who needed it. When a homeless person asks me for money, I tell them I won't give you money, but I will buy you something to eat. Because if I keep givin him money he will keep asking for it. Kinda sounds like what congress is doing asking for money to bail out banks. I thought they were in the business of makin money not loosing it. Im a single mother I worked 2 jobs, while going to college, taking care for my daughter, my 2 younger siblings, my dad was dying from cancer, and mom had no job, or car. I took my dad to chemo. I survived. MESSAGE TO CONGRESS wanna make me feel american. FIND AND PROSECUTE THE LAWYERS ESPECIALLY AND BANKS. Lawyers make you pay them such high fees and then make you run around and you do all the work and they make a profit. Regulate these crooks please. An example these short sales should be illegal. Lawyer makes $6000.00 and Realtor who did all the work makes $1500.00. Greed like that is killing america. Come on congress help me love america again.

TM of NJ 11:14AM October 02, 2008

This is exactly how the administration has gotten away with so much. They tell us the world is going to end, and we throw money at them saying "Oh save us Lords and Masters." I'm sure it helps them to have journalists who get scared and start selling their (the government) lies. We are going to have a big crash, it's inevitable; get used to it. The sooner we get it over with the better. The more we build this bubble, the bigger the pop is going to be. I've contacted my senators and congressman, and they know alot of people are vexed about this, but we need to show them how many. Conatact your legislators, blow the phones off the walls and tell them if they vote for this plan, we'll vote them out of office. I for one am voting Libertarian across the board this year.

Cliff of TN 9:17AM October 02, 2008

I read through all twenty comments and
not one mentioned what Warren Buffet
said. The New York Times says
that of course Buffet is for the bailout
because he just made a deal with GOLDMAN
SACHS. This is very misleading as with
all the media and all the above commentators.
Warren Buffet said no bailout as is, there should
only be a bailout if the debt is auctioned
off. Let the market determine the fair value.
That is completely different than the buying the
so called toxic debt at its face value;
or even if the government could set a price that it thinks is fair can we trust
them, so the only fair option is too auction off
the debt and let the market determine, the fair value.
The Paulson plan has no mention of an auction, instead
it talks about not rewarding executives with golden
parachutes and bonuses. And possibly the government will
have an equity stake in the companies, so the plan
as it now stands rewards the executives of the
companies with the bad debt, it also rewards the
shareholders of the companies with bad debts and
of course any bondsholders of this debt. The only reward
to the average taxpayer will probably be an increase in
taxes and decrease in the value of the dollar. And of
course the prevention of an economic collapse. Since the
plan does not directly address the mortgages in default
and of course all the other debt pyramided via derivatives,
and the LBO's, the auto loans, the credit card debt,
the home equity loans, the hedge funds,
the national debt, and the retiring population that will
stop spending and need social security and medicare,
further increasing the debt; why should we trust that
any bailout should work. Still, if Mr.Buffet who stood
up to Wall Street and Greenspan and told them that
derivatives are much greater danger than terrorists,
that "derivatives are a time bomb waiting to happen",
then if he says we should have a bailout but only
if it includes auctioning the debt, so as to let the market
determine the value; then I think we should give it
a try.
The company
executives and shareholders and bondholders took the
risk in order to profit, they failed and therefore
they need to suffer the consequences.
Furthermore I see this constant bashing of political
parties, both democrats and republicans, when both
parties are complicitous in the thirty or forty years of
deregulation. It should be noted that Joseph Kennedy,
after making a fortune in the stock market crash and
subsequent depression of late 1920s and 1930, was
appointed by FDR to be the head of the SEC. He was
asked what should be done to prevent another depression,
and he responded by outlawing derivatives. Prior to
the early 1970s one could not buy options on major
stocks. So why were the laws repealed. I am out of space
so remember there has been a process of deregulation
that began over thity or forty years ago starting with
Nixon (stock options) and culminating with Clinton GlassSteagall