Money Beat

Let's see.... why don't we trust them? The people that are voting for this bail out are the people that can afford to dabble in the stock market. They are saving thier own asses as well, with money hard working Americans have earned! Like putting the fox in charge of the hen house. No Bail Out!

NO BAILOUT NO BAILOUT DOES ANYONE IN THE WHITE HOUSE HEAR ALL OF US...OR DO WE HAVE TO SHOW YOU COME ELECTION TIME...OR DOES THAT EVEN MATTER ANYMORE....

An hour ago there was a comment alleging "It is as pork laden as all their efforts at law-making. There are protections for Puerto Rican rum, children's wooden arrows and movie productions written in and something called the Domenici-Wellstone mental health center." I have read the entire ESSA, as well as used the PDF search tool, and I do not find any of the alleged pork provisions. Is this some kind of joke?

I'm tired of being called, essentially, stupid, aren't you all? They really think the only reason we don't agree with this 'plan' is that they didn't spin it right? Please!

It's not that it wasn't sold right - just like with the Iraq war, the news networks played their part in trying to convince the country that this bailout was right. What was missing from most of the conversation was discussion about the viable alternatives or other steps the federal government could take to minimize a recession.

Two words.

NFL Cheerleaders.

Obviously, the author of this blog doesn't get it.

No Bailout, I am sick and tired of taking care of the rich who are lying and laughing all the way to the bank with our money. Its time for America to clean up its act.

With cheerleaders like Henry Paulson leading the way for a bailout its no wonder the American public is outraged. Paulson made 163 million in his last year as Goldman Sachs CEO, now, who's side do you think he's on? Congress is no more than a bunch of wealthy idiots if they pass this package.

http://latimesblogs.latimes.com/washington/2008/09/chris-dodd.html This is unbelieveable.

Some of the comments I've read really do reflect the poor job the administration in Washington has done with this mess.....right down to the use of the term "bailout." If we called it what it is....."rescue," much more understanding could have been built into that term rather than the former. A "rescue" is, indeed, in order beause, folks, if this CREDIT CRISIS expands, we will....all of us...
be talking and looking for a "bailout."

expat7...You are absolutely right. We don't want this bill to pass to make them richer. We will pay this bill the rest of our lives. Our children will too.

http://latimesblogs.latimes.com/washington/2008/09/chris-dodd.html

Is there any truth to this? The FED wants to have no reserve limits? What will it do to the dollar?

"
SEC. 128. ACCELERATION OF EFFECTIVE DATE.
Section 203 of the Financial Services Regulatory Relief Act of 2006 (12 U.S.C. 461 note) is amended by striking ‘‘October 1, 2011’’ and inserting ‘‘October 1, 2008’’.
I wonder if this is the real meat of the bill. What is it referring to in the Financial Services Regulatory Relief Act of 2006?
http://www.govtrack.us/co...
SEC. 202. INCREASED FLEXIBILITY FOR THE FEDERAL RESERVE BOARD TO ESTABLISH RESERVE REQUIREMENTS.
Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C. 461(b)(2)(A)) is amended--
(1) in clause (i), by striking `the ratio of 3 per centum' and inserting `a ratio of not greater than 3 percent (and which may be zero)'; and
(2) in clause (ii), by striking `and not less than 8 per centum,' and inserting `(and which may be zero),'.
SEC. 203. EFFECTIVE DATE.
The amendments made by this title shall take effect October 1, 2011.
Here is the original bill to which this is referring:
http://www.federalreserve...
2. Reserve requirements.
A. Each depository institution shall maintain reserves against its transaction accounts as the Board may prescribe by regulation solely for the purpose of implementing monetary policy--
i. in the ratio of 3 per centum for that portion of its total transaction accounts of $25,000,000 or less, subject to subparagraph (C); and*
ii. in the ratio of 12 per centum, or in such other ratio as the Board may prescribe not greater than 14 per centum and not less than 8 per centum, for that portion of its total transaction accounts in excess of $25,000,000, subject to subparagraph (C)."

No sales job should convince us to take medicine that none of us believe will remedy what ails us or cleanse the mistakes of the past. We understand that the high-rolling days of the past decade are over. We also understand, through good old-fashioned common sense, that trying to sweep these assets under the rug of our staggering national debt is more than unwise...it is dangerous. The plan was hastily conceived from the start, and despite some window dressing, its basic formula remains in tact.

Many of us, I believe, see this as a MASSIVE, but very WET BAND AID. That even as we try to put it on the wound, it is coming undone.

Our whole economy is based on massive consumption based on borrowing. No amount of bailout will work. The fundamentals need to be changed. American individuals are broke as is the country. Just listen to Ron Paul and you will understand the obvious.

Since when do politicians know what is better for us than we do? We The People of the United States of America do not want this bailout!!! It is time for our elected leaders in Washington and at home to do their jobs! Their jobs are to listen to their constituants, not bail out Wall Street!! NO BAILOUT!!!
I vow to personally campaign against my representatives if they vote yes on this bailout!! Unlike them, I will keep my word!!! Bank on it!

The very first post here by Eugene Surratt is 100% correct. We must keep the pressure on our elected officials to NOT pass this bailout bill. We must allow the markets to self correct and rid us of the toxic housing and business failure debts.

All this bill will do is artifically extend the problem to crash upon us-again, down the road. The U.S. dollar is nearing it's end as a worldwide financial currency if we don't purge the corruption out of it's value.

WaMU, AIG, Bear Stearns, Merryl Lynch, Wachovia, let them fail and let their debts go with them.

Both Dems and the GOP are to blame for this, both parties let the American people down by mismanaging our financial system. I suggest the next thing we demand be purged is every incumbant who votes for this bill, maybe they will then hear the voice of the people to which they serve.

The bottom line is that we NEED to get back to a time where it takes a little work and preparation to qualify for a loan. Save up a down payment for Pete's sake. That's virtually a foreign concept now for most Americans. Only those with some conservative (financially speaking, not politically speaking) common sense do it any more. Everyone else is getting 100% to 125% loans. And do we even want to talk about credit cards? There was a time when Americans loathed being in debt, it was a horrible thing to avoid if at all possible. A mortgage was the only debt my parents ever accepted and that 90 DOLLAR monthly payment gnawed at them until it was gone. I have to admit, I've been less frugal and I've learned the hard way why they had that attitude. Turns out mom and dad knew right.

They have money, but they won't lend it, but they would be happy to lend ours? which btw isn't even really ours, it's our kids.

Mean while cars continue to be financed to anyone with a heart beat and the steady flow of credit card offers continues.

This prop up of a screwed up house of cards has got to end somewhere. Vote No

No bailout! What should be done is make banks rewrite the mortgages to a lower fixed rate so that way people can keep their homes, banks can keep money coming in, and taxpayers don't have to bail them out. What's in it for us? Are we getting a piece of the pie? NO. We're screwed so let's fix it, and that means NO BAILOUT. The market didn't fail when the House voted NO, it won't fail if the Senate votes NO. If a business like a bank isn't managing it's assets correctly, who has the idea they will manage public money! NO BAILOUT!

bur, search for these sections:
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)
Tax earmark “extenders” in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)

The Federal Reserve MUST GO!!!
We need to get back to the gold standard in this country for things to turn around!

I think their additions were mere incentives which failed to change any problems with the bill. The bill needs a more concrete payback plan. Like a % of these companies profits or wages something that will start paying back the $700 billion bailout. Or at least create a fund for the next crisis then go on to payback when all these crisis are over. The way it is now, It is little more then a delay measure until the next crisis.

I am amazed at some of the responses posted here. A lot of folks did not do thier homework, have misunderstood or are simply too emotionaly tied up to understand. In addition the news media has done a very poor job of honestly presenting the facts but a wonderful job of presenting information that is misleading and or wrong. Brings back memories of "yellow press".
I agree we need to put new people in the do nothing Congress and it should be ASAP.

The problem in the author's mind is not that the bailout bill is nothing but pork-laden corporate welfare.

The problem is we country folk in red states are too stupid to understand finance and that the President did a bad job of making us "get it".

Typical condescending liberal media.

I am not stupid. I understand the bailout completely. I would rather weather the storm Paulson is predicting than give these schmucks any of my hard earned tax dollars.

I was pleased to see Democrats and Republicans come together to defeat that bill in the House. Finally bipartisanship that works for us!