Welcome to AccessAtlanta!

By bobby

September 29, 2008 9:56 AM | Link to this

No, I don’t like the plan. The government needs to let the free market be free. If banks made bad business decisions let them follow the same results as people are expected to do when we make bad decisions.

By CYT

September 29, 2008 10:07 AM | Link to this

This is completely unrealistic that the failed bank CEO’s and COO’s get millions of dollars and we the taxpayers have to bail them out. What about letting these failed banks bail themselves out. What about the Federal Gov.t helping the working people who struggling day-to-day to pay for food, gas, job-losses, the people of Hurricane Gustav and Ike who are suffering with lack of food and water and shelter. This is is just dead wrong!! What about getting back the money from the CEO’s and COO’s who failed!

By Georgia Gal

September 29, 2008 10:12 AM | Link to this

It’s not perfect and I certainly don’t relish footing the bill for this, but must it be passed? Absolutely and without hesitation.

Just keep in mind this …

We can’t just ride out the market. If we were to let the markets ride it out that would be more than just hurting Wall Street … that is hurting Main Street too since alot of everyday Joe’s and Mary’s and whatever your name is has atleast a 401K through their job. If the market tanks, your 401K tanks. Do all of you really want that?? I sure as heck don’t. Also, think about all of the small guys in the financial industry (bank tellers, administrative assistants, account managers, brokers) that could lose their jobs and think how the unemployment rate would skyrocket and what that would do to our economy. I can promise you it wouldn’t be good. So I know I said this before, but I’ll say it again … I know that this isn’t a perfect plan, but its the best we’ve got and realistically its the only alternative (sorry, but doing nothing is not an alternative).

By hegelian71

September 29, 2008 10:14 AM | Link to this

It is pushing off the inevitable. There must be a day of reckoning for a lifetime of debt. Our country has seen the most prosperity when it was not inherently debt driven. Since the creation of the Fed (Central Bank), we have seen the Great Depression, a few other needless cycles and now we stand at the precipice of yet another debt-induced fork in the road. If we choose the route the “banker” wants—another shot of herion that will feel real good and give even more power to the Fed (privately held bank) and saddle you and I with the debt— or we can take our medicine and struggle through the “dependency withdrawal” symptoms for a time and be healthier for it in the long run…Our Reps haven’t been able to SEE the BILL and, as stated here… http://www.youtube.com/watch?v=l7B4laX1E70 we are under Martial LAW right now! Wake up people!! That, together with this little tid-bit of information—- The ARMY is (effective 10/1/08) now stationing our own troops here in the US to be available as an ACTIVE response to any civilian unrest….What ever happened to Posse Commitatus (<-SP?)? http://www.youtube.com/watch?v=jYxTzDFofZQ

Again…WAKEUP!!!

By Eric

September 29, 2008 10:17 AM | Link to this

The plan is socialistic in every way shape or form… it completely goes against everything capitalism stands for!!! And I hate that fact that anyone or company should get bailed out when they make terrible and greedy decisions.

Having said that… I’m smart enought to know that it is necessary given the importance of cash/credit to our economy since we dont really manufacture much these days. I dont want to see my country have an economic collapse to up hold capitalism.

So its a catch 22… I hate it, but I understand.

By Eric

September 29, 2008 10:18 AM | Link to this

The plan is socialistic in every way shape or form… it completely goes against everything capitalism stands for!!! And I hate that fact that anyone or company should get bailed out when they make terrible and greedy decisions.

Having said that… I’m smart enought to know that it is necessary given the importance of cash/credit to our economy since we dont really manufacture much these days. I dont want to see my country have an economic collapse to up hold capitalism.

So its a catch 22… I hate it, but I understand.

By Eric

September 29, 2008 10:21 AM | Link to this

The plan is socialistic in every way shape or form… it completely goes against everything capitalism stands for!!! And I hate that fact that anyone or company should get bailed out when they make terrible and greedy decisions.

Having said that… I’m smart enought to know that it is necessary given the importance of cash/credit to our economy since we dont really manufacture much these days. I dont want to see my country have an economic collapse to up hold capitalism.

So its a catch 22… I hate it, but I understand.

By Sam

September 29, 2008 10:22 AM | Link to this

No Federal bailout is for the benefit of the voting public. Was the 6.522 Billion dollar “Pork” prevision in one version of the bill included in the final version? The legislators have to look after each other, not their constituents!

By Gene

September 29, 2008 10:26 AM | Link to this

NO,NO,NO, I think yhe bans involved made a bad move. Also, the people who bought these homes knew they could not keep up the payments. these home buyers should be forced to move into apartments or MOBILE HOMES. “I SHOULD NOT BE FORCED TO PAY FOR THEIR “STUPIDITY”

By Steve

September 29, 2008 10:31 AM | Link to this

I think hegelian71’s post says it best…

By Edie

September 29, 2008 10:37 AM | Link to this

How much lower can your 401K, or stock values get, before you join the cry for the bailout? Next week, if this doesn’t pass, you will likely know. How many more bank failures will happen this month, without the supposed action? Don’t know, don’t want to see the resulting panic.

By Bill Mee

September 29, 2008 10:47 AM | Link to this

Those managers, CEO’s and others responsible for this mess should be fired and blocked from any cash sttlement or parachute as a condition of a company receiving any bailout. Further, a bailout should only be allowed if a company agrees in writing to an investigation of their activities for the past 5 years. Wall Street is really just Gall Street, full of greedy folks. I will NOT vote for reelection of anyone who supports this bill without more teeth to bite the backsides of those who caused this mess.

By ksleezy

September 29, 2008 11:10 AM | Link to this

Give that money to the people and not the banks. Do not give it to them directly, but allow the people to pay down their debts some. That would help more than giving it to banks to lend more and keep people in debt. That is what got us in the mess we in now. Lending money to people who were not qualified to get a loan anyhow. Just when you think the Bush lead government can’t make any bigger mistakes, they prove you wrong again!

By The Truth

September 29, 2008 11:14 AM | Link to this

@ Bill Mee…

Take a look in the mirror, WE are the problem.

By tls

September 29, 2008 11:15 AM | Link to this

No…there is not enough help for those facing the possibility of losing their home. The developers, realtors and brokers were in bed with each other and steered many customers to lenders who offered loans that were not in the customers best interest but were presented as attractive financing opportunities.

Call it stupidity or naivete, but the bottom line is many homebuyers were duped and it had little to do with their ability to pay or their creditworthiness. Had they been given fairer terms, many wouldnot be struggling now.

By Chuck Messner

September 29, 2008 11:17 AM | Link to this

IT STINKS!

Do we really trust this administration with ANOTHER $700 BILLION? Remember, these are the same guys who were supposed to be on watch for the last 8 years!

This is just a interim loan to get us past the Bush presidency and let the total collapse happen in Obama’s tenure.

By Where is my buy out?

September 29, 2008 11:23 AM | Link to this

Where is my buy out? I work two jobs, go to school, pay all my bills on time, but have a little hagging debt that I need to pay off under 35K, if the rest of America would donate to that I will take the rest of my check to pay off my house. The banks and our fine government need to learn how to do a budget, live on the budget and make better choices. I will not vote for any Congressman or Senator that is in office now when this passes. There are number of other ways to handle the crisis if they would just look at them.

By Scooter

September 29, 2008 11:31 AM | Link to this

I have no clue and anyone who tells you something definitive about what this plan will or will not do doesn’t either. This is a best guess. Regulators, analysts, the media, nor the public separately or together understood the complexity presented by mortgage-backed securities in our economy. Cross your fingers, folks.

By nana

September 29, 2008 11:45 AM | Link to this

Didn’t this problem come around or get worse with the Community Reinvestment Act something pushed by the Congress? We should get rid of all incumbents in Congress and especially those who supported and pushed this as well as those who continually fatten up bills with pork barrel spending. I’m at a loss that the same people who started this problem are now going to “fix” or attempt to fix and are then going to do the oversight? We hear there is going to be a cap for CEO’s etc., but what is that cap? Too many loopholes. It may need to be done but it would be nice to know more specifics and other alternatives considered.

By jon

September 29, 2008 11:58 AM | Link to this

This idea sounds just crazy enough to possibly work,so naturally it won’t be given serious consideration. How great is our bureaucracy!!

I’m against the $85,000,000,000.00 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 bonafide 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 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 to $595,000.00 in your family?

Pay off your mortgage - housing crisis solved.

Pay off 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…instead of trickling out a puny $1000.00

( ‘vote buy’ ) economic incentive that is being

proposed by one of our candidates for President.

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 ‘never 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 I do the geniuses at AIG

or in Washington DC

And remember, The Birk plan only really costs $59.5

Billion because $25.5 Billion is returned instantly in taxes

to Uncle Sam.

Ahhh…I feel so much better getting that off my chest.

Kindest personal regards,

Your Friend

Jon Canaday

PS: Feel free to pass this along to your pals as it’s

either good for a laugh or a tear or a very sobering thought

on how to best use $85 Billion!!

By KC

September 29, 2008 12:11 PM | Link to this

The $700B bailout is a bomb about to explode that will cause unprecedented inflation, further weaken an already weak dollar and shake the faith of our economy among the rest of the world. When that happens foreign money will pour out of this country. So, what is there to do? First, where did the $700B figure come from? This is to buy back mortgage-backed securities that no one is for sure what they are worth. Plus, the U.S. government is not good at running businesses — they’re a non-profit, remember? Why not invest $700B into small and mid-sized businesses that actually produce something? The backbone of our economy is not Wall Street, its not General Motors or AIG. Its the Mom & Pop businesses, its the little company started in a garage (e.g. Hewlett Packard, Microsoft etc.) — this is where innovation starts, this is where the majority of the jobs are held and this is how we might solve our energy crisis. Award innovation and financial prudence and allow the market to weed out the incompetent and careless.

By Earl Usry

September 29, 2008 12:12 PM | Link to this

This action has been suspect from the beginning. Those telling us that we must do it have been wrong on every point they have thus far made regarding this economy, so that in itself should be enough to cause one to suspect they will also be wrong on this point. The market demands that these companies be allowed to fail, and they are not too big to fail. We may do without as much credit for a while, but then we really need to do without as much credit, as that is what has put us in this position. The companies Bush & company propose to bailout have become very poorly managed companies, and those CEOs & execs should come away from these companies poor for the mis-management they have done, and the companies should fail, providing room for new companies that are managed well to take their place. That is the market, survival of the most fit. Bush & company risks what remains of the value of our dollar, which isn’t good now. We don’t have the money to make this bailout, we will have to create out of thin air the dollars, and 700 billion will not be nearly enough. Count on tremendous inflation for a while until the dollar simply collapses, then we will see a real depression. Bush & company are once again using scare tactics to have their way, just as they have done with the terrorism threat to take away our personal freedoms. Common folks will do best if all of these companies are allowed to fail, including AIG, Fannie Mae, Freddie Mac, all of them, allow the market to clean up the mess these people have made. With each bail out we only delay the inevitable, and the correction will be so much worse. I’ve urged my congressmen to vote against all bailouts. Don’t trust Bush, he has the worse economist administration in our history; we have the largest debt, highest deficit spending, highest deficit trade balance in our history; why would anyone believe him now and go along with this bailout? This bailout will usher in the collapse of the dollar and the greatest depression in our nation’s history.

By ATL80

September 29, 2008 12:15 PM | Link to this

I want to know how high the “limits” are on executive payouts. Personally I think part of the deal should have ensured that they get no payouts. They should be fired and legal action needs to be taken against some of them.

By Joe Sheppard

September 29, 2008 12:15 PM | Link to this

WWOFFD? (What Would Our Founding Fathers Do?)

I want you to go to the window, stick you head out, and yell: I’M MAD AS HELL AND I’M NOT GOING TO TAKE THIS ANYMORE!!!

By Ric

September 29, 2008 12:18 PM | Link to this

I see most of you have no clue about the plan or how it happened. And ya’ll vote. That’s sad!!! Nana, your the only one stating the facts. Let’s all thank the Democracts for the “Community Reinvestment Act”. Read it and see who in congress voted for it, then get back to me about changing congress.

By Ulrick

September 29, 2008 12:18 PM | Link to this

I do not like the plan. How about writing a check to every American for one million dollars—that is a price tag of $300, 000. That is nowhere close to $700 billion dollars. With a million to every citizen/taxpayer maybe just maybe we can solve the personal debt problem in America and give every American a new start.

By Ed

September 29, 2008 12:21 PM | Link to this

Hell no I don’t like this, not one bit. My 401K is taking a beating as fatcats from failed banks walk away with tens of millions of dollars and this idiotic Congress thinks this Socialist process is meante to make me feel warm and fuzzy? Are they insane? We need a few public executions of failed CEO’s and sure as heck not to see them ride off into the sunset with millins and millions when they fail. I get fired if I fail at my job. In a year of a Presidential election I can’t take anything this Congess does at this point at face value and having my best interest in mind. Why must I pay for the greed of bankers and the stupidity of people who had no money down to put on a house and they thought it was a right and not a privilege to own a home and they usally had bigger nicer houses than the one I have now and I have never been one day late on a mortgage payment in over fourteen years. Let the banks fall and others will spring up. This is the way free capitalism works. I am sick and tired of paying out of my tax dollar for greed and stupidity. If I wanted to support stupid people, I would invite my wives relatives over to live with us!

By Rob

September 29, 2008 12:23 PM | Link to this

I hope that everyone is with me in that on election day I am going to vote not based on party but based on whether or not the candidate is an incumbant. I think we should start a movement called “vote the incumbant out”. These same Washington insiders are the same ones that feel comfortable taking our 700 Billion dollars and giving it to there rich friends. We have a voice and we can make it known on election day that we are not satisfied…so join me in the movement for real change and vote the incumbant out.

By Jeffispondering

September 29, 2008 12:23 PM | Link to this

In my opinion, republicans had their chance to correct things when they ruled the house, senate and white house between 2000 and 2006. They made all sorts of promises during their reign over the house and senate dating back to 1994. I don’t think pointing the finger is having any effect on the average American. The next several years are going to be a reaping of all the bad seeds and empty promises sowed earlier. Those who treasures are above won’t have to worry about a thing.

By Working Class

September 29, 2008 12:24 PM | Link to this

Corporate/Elite Socialism/Communism. The whole collapse revolves around falsely appreciated paper. Greedy corporate raiders and executives and speculators bankrupt the American Economy. The people the were suppose to know better some how forgot that 2+2=4. Instead they trade “sell” paper “derivatives” on some greatly exaggerated assets “mortgages”. Backed by houses that appreciated to fast to begin with because of greed. Now the homes are not worth the $500k they pushed for when they sold them to us they are worth their true value of $250k. But for the paper traders they lost on their speculation because the housing market couldnt sustain those bogus ass price increase every quarter. The bail out should be for the common everyday worker. I have Lost $80k and rising in my 401k because of this mess. Now who the hell is going to bail me out. As an American I am mad as hell. As a working class person that has done everything right I am down right furious. Give me a million dollars and i can keep my economy going for a lifetime which would be good for the American economy. If the the working class cant spend money or dont have money to spend or borrow then how does our capitalistic market based economy work??? If my neighborhood cant dont have money to spend then my neighborhood dies. Somebody real quick better think of a way to get more money to the working class to keep this nations economy going or else this bail out is nothing more than a band aid that will need to changed real soon.

By GaNative

September 29, 2008 12:27 PM | Link to this

Since they are using our taxpayer dollars to bail these companies out because of bad decisions they made, the government needs to go two steps further than just monitoring the corporate executives salaries. 1. They need to make them bring ever offshore job they have back to America. 2. They need to make sure they hire only American Citizens at their American Corporate Headquarters and other American locations. It’s only fair since they are using our tax dollars.

By SayNo2McCain

September 29, 2008 12:32 PM | Link to this

I believe they are putting out a grease fire with WATER. They are digging a Well, that is much deeper than this bailout and will have to digg a lot deeper in the next few weeks. They will just keep shoveling the dirt, but won’t solve the true problem. The problem is obvious to only a few in Congress, but NOBODY wants to LISTEN.

I see more foreclosures and problems in the future.

By Jeffispondering

September 29, 2008 12:32 PM | Link to this

Also, if you have a hard time with ‘socialism’ (so called atheists and agnostics cover your ears) you’re not going fare too well in the kingdom of heaven. This free market economy god doesn’t exist in the kingdom.

By PM

September 29, 2008 12:34 PM | Link to this

Do I like the plan? Do I like having been very careful to put my $100 every other week in my 401K so I could be responsible and be okay and let those high rollers on Wall Street have my money? No, I don’t like it. I don’t like it worth a damn. Bush is a crook, Paulson is a crook, Wall Street people are crooks. And you know what else, middle class folks, looks like there’s nothing at all we can do about it. But, please, don’t be foolish: that money is for the Wall Street crooks to continue their life style. Our economy may drastically be curtailed and many of us deeply hurt, but I say let the chips fall where there may and let it un-artificially resolve itself. Maybe some of those Wall Streeters can get a job, if they’re really fortunate, at Kroger or McDonald. But, why are they being allowed to steal my money. I know what you are Mr. Bush. I know what you are, Mr. Paulson. You all disgust me. Well, you can kill the body but not the soul.

People, have you heard Mr. Paulson? And I bet you were thinking he seems okay. Well, he has a good intellect and they are accustomed and accept being crooks and stealing from the people who do not matter. Do not trust his words; do not believe him. It’s about taking care of their own — not us!! Vengeance is God’s. And I think this is a case in point for all of them.

By Footingthebill

September 29, 2008 12:35 PM | Link to this

I understand that waiting could further damage the economy but why not help out the people who will be footing the bill. Use the money to pay down the principles on the remaining mortages. This gives the banks the liquidity they need to stay alive for now. Keeps me from having to cover both the bail out and my full mortgage and penalizes the banks in the long run for creating this mess. Also, We need to overhaul Freddie Mac and Fannie Mae once and for all. Anyone that opposes such a measure should be exposed as supporter of this failure.

By hegelian71

September 29, 2008 12:41 PM | Link to this

jon— your math is wrong—dividing big numbers does confuse people—but $85B ($850 followed by eight zeros) divided by $200M ($2 followed by eight zeros) actually equals $425 after cancelling eight zeros behind each large #— so your logic that follows after that is also erroneous— and even if they gave us all that money— a loaf of bread would go up to $100 and gas would cost $350/gallon, etc… its called inflation.

By Small Business Owner

September 29, 2008 12:41 PM | Link to this

I am completely against this and every politician that supports this should be held accountable. This is Socialism and is bad for all Americans. We got in this problem with political correctness by offering loans to previous people and comapnies who wouldnt normally get them. Individuals also need to be held accountable. If you are in a house mortgage you cant afford or have too much credit card debt, its your fault and you should not expect a bailout from the taxpayers. I make decisions every day based on my business and if I make a bad one, I bear the cost and the responsibility!

By Nana

September 29, 2008 12:41 PM | Link to this

Like I said check the records of these congress men and women, what did they vote for, what did they support and push, what kind of pork barrel spending did they get, what kind of money did they get from lobbyists? VOTE THEM OUT. Doesn’t matter if they’re dems, repubs or independents. GET RID OF THEM. Bush will be gone in a few months.

By hegelian71

September 29, 2008 12:45 PM | Link to this

jon— your math is wrong—dividing big numbers does confuse people—but $85B ($850 followed by eight zeros) divided by $200M ($2 followed by eight zeros) actually equals $425 after cancelling eight zeros behind each large #— so your logic that follows after that is also erroneous— and even if they gave us all that money— a loaf of bread would go up to $100 and gas would cost $350/gallon, etc… its called inflation.

And yes, the government has already tried that—remember the checks they sent out a few months back meant to help the economy? didn’t work did it?

By Rick

September 29, 2008 12:52 PM | Link to this

What people are failing to realize is people did not lose homes as a result of not being able to afford them. The loss of their jobs caused them to not be able to afford them. Most of the foreclosure I see is coming from investors who now can afford all of these rental houses and subdivisions, etc. My plan is would be to use the billions we are throwing away in Iraq while their economy booms, and bring our boys home!!!!

By Ed

September 29, 2008 12:55 PM | Link to this

Don’t kid yourselves people. Clinton started this with his inclusion of the poor allowing people who had no means to own a home, purchase a home. He said many times we’re all entitled to The American Dream. Well….the American Dream is now a nightmare. Bush didn’t help matters but this started with Clinton.

By Mister Drysdale

September 29, 2008 12:56 PM | Link to this

$66,000,000.00 to the head of Merrill Lynch.

$22,000,000.00 to the head of Lehman Bros.

$18,000,000.00 to the head of Washington Mutual.

Juxtapose those figures with $700,000,000,000.00 of taxpayer money to bail out the consequences of the incompetence of the above.

There should be no “bailout” — not of corporations nor of individuals who are being foreclosed upon.

By Rick

September 29, 2008 12:59 PM | Link to this

Ed,

Clinton did not invent teaser interest rates, which after 3 years skyrocketed to whatever banks wanted it to.

By PM

September 29, 2008 1:01 PM | Link to this

Have you ever bought something you know you shouldn’t have and marvelled that you did so?! Well, sooner or later, a price had to be paid: like an ongoing payment on your credit card. These Wall Street cheats, along with an accommodating government (Mr. Bush, Mr. Paulson, and so on —- yes yes yes, they KNEW YEARS AGO, even if Mr. Bush is a little dumb — he knew!!). Anyway, the house of cards is (has!) crumbled, and they still want their lavish life style. So, what can we do: nothing! But, we can put someone in office that by appearance has a character not amenable to what exists now — Obama. Get these dreadful cheats out of this place of lawful stealing and let’s put someone in who at least, at this moment, would have thoughts of, “Huh, this is wrong; I won’t do it!” From all practical appearances that would be Obama. Bush.Paulson.Cheney and all the other boys part of the system up their aren’t thinking of you — they’re thinking of themselves. That’s what they do.

By inou

September 29, 2008 1:12 PM | Link to this

NO! NO! NO!

By Biker Chick

September 29, 2008 1:18 PM | Link to this

No, No, No!!!! If this isn’t a good example of our “leaders” not listening to the American people, I don’t know what is.

This “bailout” plan is only going to add fuel to the fire that is Wall Street, it’s going to prolong the agony and it’s not going to do anything to help the economic situation in our county. Take the $700 billion and use it to make sure all deposits in banks are insured and pump dollars into the unemployment insurance accounts and then let the banks fail. Let the Wall Street firms fail. Let the businesses fail. Then and only then, will our free market system be able to get back to normal. Government intervention is one of the root causes of this whole fiasco. Government needs to stay out of the mortgage business and the investment business. Period!

Any

By Mike

September 29, 2008 1:24 PM | Link to this

If the average American is against it, it must be a good bill.

By Working Class

September 29, 2008 1:26 PM | Link to this

Corporate/Elite Socialism/Communism. The whole collapse revolves around falsely appreciated paper. Greedy corporate raiders and executives and speculators bankrupt the American Economy. The people the were suppose to know better some how forgot that 2+2=4. Instead they trade “sell” paper “derivatives” on some greatly exaggerated assets “mortgages”. Backed by houses that appreciated to fast to begin with because of greed. Now the homes are not worth the $500k they pushed for when they sold them to us they are worth their true value of $250k. But for the paper traders they lost on their speculation because the housing market couldnt sustain those bogus ass price increase every quarter. The bail out should be for the common everyday worker. I have Lost $80k and rising in my 401k because of this mess. Now who the hell is going to bail me out. As an American I am mad as hell. As a working class person that has done everything right I am down right furious. Give me a million dollars and i can keep my economy going for a lifetime which would be good for the American economy. If the the working class cant spend money or dont have money to spend or borrow then how does our capitalistic market based economy work??? If my neighborhood cant dont have money to spend then my neighborhood dies. Somebody real quick better think of a way to get more money to the working class to keep this nations economy going or else this bail out is nothing more than a band aid that will need to changed real soon.

By GaNative

September 29, 2008 1:31 PM | Link to this

Rick, you are very right in your postings. Clinton did not create the teaser rates and all this creative financing that is going on. Also on the homeowners losing their houses, you are right. Nobody can make mortage payments for long without a job. Once the savings runs out, you’re gonna need a job. I’ve seen people who had real good investments lose their homes because once they lost their jobs, and their investments have taken a beating like out 401k”s, then there was no way out. Senior Citizens are filing bankruptcies in record numbers. The only way I support this plan is that if they make the company bring every offshore job back to America, and secondly make the copmany hire American Citizens at it’s American headquarters and locations. That’s only fair if they are using our money. Why would I want to support someone that is not an American Citizen having a job, while many middle class Americans are jobless?

By Eugene V. Debitt

September 29, 2008 1:33 PM | Link to this

The real blame falls on FDR. Nobody should be “bailed out.” And, you people are naive fools for thinking that Obmamama would be different/better/whatever.

By Meter Man

September 29, 2008 1:36 PM | Link to this

Hey Jon, Wouldn’t $85 billion divided by 200 million be $425.00?? I believe in order for all Americans to get the $425,000 each, the amount paid would have to be $85 trillion. Even $700 billion divided by 200 million is only $3500

I don’t know tho, I am just a meter man!

By SayNo2McCain

September 29, 2008 1:40 PM | Link to this

If you can afford to pay RENT, to all you ELITE’s (those that think the working poor should not own homes), then you actaully can afford to purchase a home.

You guys act as if the HOMELESS were given these loans and that’s not true. The values of homes in most communities were well OVERSTATED and are now coming back towards their REAL VALUE. Some are even below the true Market.

Those adjustable rate mortgages are what got most people into this huge forclosure MESS.

I don’t understand why any of you would NOT want a judge to reset these mortgages to an amount in which the homeowners could AFFORD.

I guess those empty homes are not in your community or in your subdivision. I guess it’s not affecting your ability to SELL your homes. Well it’s affecting you NOW and I think you need to look at the bigger PICTURE, because 6 months AGO you were looking at this and saying HA HA HA and NOW THE JOKES on Y.O.U.

Enough SAID.

By Al

September 29, 2008 1:43 PM | Link to this

I have mixed feelings about the bill. But I nearly lost my lunch when I saw this video that partially explains how we got into this mess. In Democrats’ own words. Hang on til the end for what Bill Clintion said about it last week. http://www.youtube.com/watch?v=MGTcSi7Rs

By GaNative

September 29, 2008 1:46 PM | Link to this

Rick, you are very right in your postings. Clinton did not create the teaser rates and all this creative financing that is going on. Also on the homeowners losing their houses, you are right. Nobody can make mortage payments for long without a job. Once the savings runs out, you’re gonna need a job. I’ve seen people who had real good investments lose their homes because once they lost their jobs, and their investments have taken a beating like out 401k”s, then there was no way out. Senior Citizens are filing bankruptcies in record numbers. The only way I support this plan is that if they make the company bring every offshore job back to America, and secondly make the copmany hire American Citizens at it’s American headquarters and locations. That’s only fair if they are using our money. Why would I want to support someone that is not an American Citizen having a job, while many middle class Americans are jobless?

By Jennifer

September 29, 2008 1:54 PM | Link to this

Can someone please explain to me or tell me how I can find out how they came up with exactly $700 million. I would like to see this calculation.

By Jais

September 29, 2008 1:58 PM | Link to this

I know that if this was me, you people would already have shot me and torn the corpse apart.

What makes these investors and CEO’s so special? They arent, they are basically criminals. I will pay the taxes asked if they agree to put each member of congress and each member of these ceo criminals in jail for 30 years, or until such time as the money is repaid.

By GaNative

September 29, 2008 2:00 PM | Link to this

Jennifer, you’re off by some zeros. It’s actually $700 Billion

By GEMS

September 29, 2008 2:01 PM | Link to this

Bush why don’t you leave a couple of months early? We got it from here. Everything the Republicans touches turns to riches for them and taxes for the average American. Just leave already. I don�t trust them to do what they are saying they will do. They have never kept their word. Osama, Weapons of Mass destruction, Hurricane Katrina, to this pitiful excuse to tax me and my children�s children, is insane.

By Small Business Owner

September 29, 2008 2:19 PM | Link to this

I am against this bill. Its Socialism at its worst and will just allow goverment to get bigger and more people will expect the government to bail them out and provide for them. This has been created because of politcal correctness in offering loans to businesses and individuals who should not have gotten them in the first place. If a person cant pay thier home mortgage or has too much credit card debt, its thier fault and they should not expect fellow taxpayers to bail them out!!

By J

September 29, 2008 2:25 PM | Link to this

No way, no how, no bailout! I agree with many others on this blog. Fix the problem from the bottom up, not the top down. Run a lottery in each state, selecting a percentage of people who would have their mortgage paid off, up to $300,000, with an enforced requirement that these folks then use any freed up income to reduce all their remaining debt to zero within approx. three years. This is a better way to use $700bln. The banks get their money and the economy gets a long stimulus plan, much better than the silly plan forced on us earlier this year. Even if my mortgage was not selected, I’d rather see my struggling neighbor directly benefit than Wall Street.

By Tori

September 29, 2008 2:28 PM | Link to this

Sure, blame it all on Carter and Clinton, you are a Dumb*. All you die hard bush fans should now know the folly of your ways, and if you don’t get it yet, you deserve what you get. I want to survive and support my elderly Mom who has worked hard all of her life to have her last years in our home where she is comfortable. Make this be about us, our families, our American way of life that we knew would be there for us. Ask yourself how we got here, when we went to work everyday and put money in the bank, and got a mortgage at a rate we could afford. What will we have next year?

By hegelian71

September 29, 2008 2:28 PM | Link to this

HERE IS THE OVERALL PROBLEM: IT didn’t pass now… so, all the FED has to do now is dry up liquidity— ie: stop pumping billions into the market like it has over the past several days…effectively removing life support… then, once the market tanks—-(right now it is over 500 down!!!) they can say, “See?? I told you this would happen..”— then get it passed later under more duress…a catch 22—-but we have been in this catch 22 more or less since 1913…

By Shannon

September 29, 2008 2:29 PM | Link to this

No I don’t like it, but doing nothing (which is what seems to be the House of Representatives alternative as well as alot of people out there) is not an option as was just proven by the crashing stock market.

By Will

September 29, 2008 2:36 PM | Link to this

The bill did not pass in the House, damn foolish Representatives.

Can you morons agree on anything? You are dooming this country into a financial depression!!!!!

By Peadawg

September 29, 2008 2:45 PM | Link to this

I am ashamed to say I’m a republican right now. They voted majority to not pass it. The Dems voted for it mostly.

By Melissa

September 29, 2008 2:47 PM | Link to this

I have a scenario that I was thinking about earlier…

Right now, if a consumer does not pay his credit card bill, what happens? He may or may not have his wages garnished, but really, the creditor can do nothing but hope the consumer pays. In seven years, the bill is gone and the consumer moves on with his life.

Right now, if a taxpayer does not pay her taxes, the IRS can garnish wages and even sometimes imprison the culprit. If student loans, backed by the government, are not paid, then the government can garnish wages, withhold tax refunds, and may even one day withhold Social Security monies.

What happens when the government owns a large stake in our financial institutions? You don’t pay your mortgage and now your taxes are withheld. Perhaps this doesn’t work, now the goverment puts you in prison for not paying your obligations to the government. Think if you are behind on credit card payments… When will this end??

I can see debtors’ prisons. I can see totally intrusion of the government, even moreso than it is today, in our everyday finances.

This is all crazy. Crazy, indeed!

By Scott

September 29, 2008 2:47 PM | Link to this

The citizens of this country applaud the courage of the Republicans to break rank with President Bush and vote “No” on this ridiculous bailout package. We may all suffer, but we need to take our medicine. Wall-Street keeps telling us that the “sky is falling” and Armageddon is here. But I think they are emotionally manipulating the tax payer. As of now, the market is only down 4%. Which is not the 1,000 - 3,000 points that the nay-sayers were predicting. This propaganda is another attempt by the rich to manipulate the middle-class.

By JP

September 29, 2008 2:57 PM | Link to this

Those who depend on credit to buy new tires, pay a medical bill, pay for emergency repairs for their house are gonna suffer from the credit shrinkage.

Also, small businesses are going to have to pay for capital expenses using cash which, sorry to say, is going to cause further unemployment and underemployment.

Being cut off from credit is going to change the minds of those who simply are against this for vindictive reasons.

By JP

September 29, 2008 2:57 PM | Link to this

Those who depend on credit to buy new tires, pay a medical bill, pay for emergency repairs for their house are gonna suffer from the credit shrinkage.

Also, small businesses are going to have to pay for capital expenses using cash which, sorry to say, is going to cause further unemployment and underemployment.

Being cut off from credit is going to change the minds of those who simply are against this for vindictive reasons.

By Shannon

September 29, 2008 3:03 PM | Link to this

Wall-Street keeps telling us that the �sky is falling� and Armageddon is here.

Hey Scott, guess what … they sky fell today. Get real and catch a clue. It may have “only” feel 400 and some odd points today, but did you forget all that it dropped last week as well and will probably continue to drop if nothing is done??

By Will

September 29, 2008 3:30 PM | Link to this

It is sad to say, this bill is needed. Something needs to be done to keep a rein on what these Corporate Big Wigs do, too much mismanagement. They are the ones who created this hell. In addition, many people are at fault, you got into an agreement that you could not afford and understand. You spent money freely like there was no tomorrow.

Jobs need to be brought back into this country! Moreover, unions are not needed anymore, that is why some of these corporations went over seas. Most countries do not have Social Security laws - employer pays half here in the USA and its citizens who work overseas. Our Internal Revenue laws need to be rewritten, instead of patches. We need to apply the adjusted gross income in the tax returns to those who make $150,000+ a year in salaries. These are just a few things hurting the working people of this contry.

By citizen

September 29, 2008 5:03 PM | Link to this

If oil prices drop, the economy loosens up and we have more discretionary money to spend to jump start this economy. We can be proud of our Representatives for looking out for the majority of us who are against this bailout.

By ann

September 29, 2008 5:46 PM | Link to this

To everyone who brags that he/she “pays their bills on time and lives within their means”, if you didn’t pay cash for your house and pay cash for every single thing you buy, you are NOT living within your means. Credit is key to our businesses and personal lives. No credit and most people will be reliving the Great Depression. Yes, many have abused credit and the credit reporting agencies eventually catch up with them. They do pay higher, much higher, interest rates for further credit, if they can even get credit. But for the overwhelming majority of Americans who do manage their credit wisely and are patting themselves on the back and yelling NO to the bailout, they are being very naive. Cash is king and everyone else better worry a lot if this legislation doesn’t open up the credit spigots (yes, with oversight and more caution).

By citizen

September 29, 2008 7:16 PM | Link to this

I read somewhere that Hank Paulson was worth $500 million when he left Goldman Sachs. Now, wonder where he has HIS money invested? Could it be on Wall Street? Is that why he is pushing so hard for a bailout to prop up the stockmarket?

By War Eagle

September 29, 2008 9:53 PM | Link to this

Give taxpayers 700B and they will bail out the economy with precise spending and investment.. Govt. has ruin our way of life with greed, money and self-gratification. Its amazing, Barney Franks and Chris Dodd(Countrywide poster boy), who started this mess in 1995, under Clinton Administration is top spokesman to get us out of this mess…they need to be impeached..

By Cliff ATL

September 29, 2008 10:34 PM | Link to this

FIRST: This tax payer aid should be going to the tax payers for the very simple reason that the root cause of this MBO (Mortgage Backed Security) problem lies in the increased nationwide foreclosure rates and the inability of banks to profit and/or sell REO (Real Estate Owned) properties promptly and for sufficient prices.

Should the government “invest” in MBO’s without addressing the underlying foreclosure issue- those MBO investments will fall in value costing the tax payers in the U.S. billions if not trillions of dollars.

SECOND: Bailing out property owners at risk of foreclosure would cost billions less than simply buying all MBO’s from financial institutions.

With a projected 2 million foreclosure to take place this year. The $700 billion requested for Paulson�s plan would provide all 2 million foreclosed property owners with a total of $350,000/foreclosure. This plan could restrict the “claim” amount of each property to $50,000.

The plan could be as simple as:

Step one: Banks prior to foreclosing on a piece of property would be allowed to make a “claim” to the Federal Home Loan Bank. The “claim” payment from FHLB would bring the mortgage current and provide three months’ payment under the existing terms of that mortgage. This payment would provide the owners of the property with 90 days of which to either: find a job & get back in financial shape
sell the property refinance the mortgage debt modify the mortgage with the existing mortgage company The FHLB would place a “soft second” Lien on the property which would not need to be paid off with the first transfer (sell or refinance) of the property. This would allow homeowners to sell their homes for less than the mortgage balance and pass the soft second along to the new buyer or roll it into their new mortgage.

Should the 90 day “grace” period fail for the property owners - Banks would eventually foreclose on the property. The Banks could sell the foreclosed property less and pass the soft second to the new buyer.

How would the soft second Lien be paid back?

The soft seconds could sit dormant for a period of 5 years and then be amortized at the current T-bill rate + small % for Primary residential mortgages. For Investors the soft second placed on the property would immediately be amortized over a period of 10 years at the current t-bill rate + small % for the Government to realize a profit.

Step Two: Since the underlying foreclosure crisis would be averted - financial institutions prior to purchasing MBO’s evaluated them based on certain financial criteria considering a certain foreclosure rate.

Simply allow financial institutions to carry the mortgage backed securities on their books at �Mark to Purchase� prices. Any losses or gains would then be realized at the sale or disposition of the assets.

Step Three: When a Soft Second Lien is placed on a property a TAX CREDIT is provided to the mortgage company that refinances, modifies or provides “new” financing on the affected property whilst paying off the FHLB Lien or the Buyer who purchases the property with the FHLB Lien. The amount of the tax credit should be determined by the US Congress.

Step Four: There is an extreme glut of homes on the market in many parts of the U.S. For starters the government would institute a Builder’s Permit TAX of 100% of the average sale’s price of the home sales in the properties’ zip code. Once all FHLB liens have been paid off in an affected zip code this “permit tax” would be terminated.

Under no circumstances would the builder’s permit tax apply to properties within a one or two mile radius of a commuter rail station. Other limited exemptions would apply on a case by case basis. The need to stop new building would increase the value of existing properties and pay the FHLB liens off much faster!

Currently, there is a quality of housing issue in this country. There are many homes which are “sub-standard’ and in need of updating. Builders would instead of building new homes - invest in renovating the existing housing stock - fueled in part by the purchasing/renovating of properties that have been foreclosed on(tax credits for purchasing and reinvesting in foreclosed properties)

Step Five: There currently exists no market for MBO’s to be purchased & sold. The U.S. Government should work with the CBOT, NYSE, NASDAQ, or OEX to formulate a market in which MBO”s can be valued and sold. There is no doubt there are tremendously valuable assets for sale by the major financial institutions - right now, private investors (world citizens including US citizens) can not purchase, sale, or invest in these securities. With a market clearinghouse established, private investors purchasing & selling MBO’s, and financial institutions knowing the “market” value of their securities - - Government could bring back the “mark to market” accounting standard.

THIRD � Final Reason: The U.S. Dollar will fall tremendously in value should Henry Paulson�s plan to bail out Wall Street take place. Flooding the market with essentially $700 billion in new U.S. Currency, will make all holders of U.S. denominated assets poorer. The majority of most American�s nest eggs are held in dollar denominated assets.

The cost to holders of US dollar denominated assets will be greater than the cost of Paulson�s Wall Street bail out plan! Eventually all tax payer dollars will be repaid by the repayment of the “soft seconds” placed on distressed properties by the Federal Home Loan Bank (FHLB)! Tax payers will loose NO money under this plan and real estate values will be restored.

By Cliff ATL

September 29, 2008 10:36 PM | Link to this