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Stephanopoulos: What's Next? Congress Mulls Four Options
September 29, 2008 7:05 PM
ABC News' George Stephanopoulos reports: There are meetings going on right now on Capitol Hill to try to figure out what to do about the $700 billion Wall Street bailout bill that failed to pass the House today.
Congressional sources tell ABC News that what they're talking about right now are three or four basic baskets of options:
# 1 -- Muscle Bailout Bill Through House: Some leaders suggest those House Republicans on the fence will be swayed by seeing what the markets do tomorrow, which could be more bad news. The Dow Jones Industrial Average dropped over 700 points today as the administration's bailout bill failed in Congress This option would see House leaders try again to muscle through the votes they need to get the $700 billion bailout bill passed.
#2 -- Pass Bailout in Senate First: Some Senate and House leaders have been talking about letting the Senate go first and pass the bailout package, ABC News has learned. There appears to be broader support in the Senate for the bailout package. This option would see the Senate vote first which would increase the pressure on the House to pass the Bush administration's bailout bill.
#3 -- Make Small Tweaks to the Bill: Congressional leaders wonder if perhaps there are a couple of small tweaks they can make to the package that would bring along the 12 votes they lost the vote by. Option A, sources say, could be adding a line that some economists have said is absolutely necessary for the FDIC to guarantee all deposits in transaction accounts, not just up to $100,000. That would deal with the credit crunch and it would be quite popular, some on Capitol Hill argue. Option B would be eliminating the mark-to-market rule that many Republicans and conservatives complain about, which ensures financial decision-makers must show their losses in real time.
#4 -- Get More Democrats On Board: Finally, one other unlikely option talked about on Capitol Hill is to try to pass the bill almost entirely with the Democratic majority in the House. That would require adding a major stimulus package favored by Democrats, infrastructure spending, unemployment insurance spending, and heating and food stamp assistance for low-income Americans.
All of that is being discussed right now. We're not likely to hear members have landed on any single proposal until at least tomorrow.
Nothing will be done for at least a day and a half as Congress is in recess because of the Jewish New Year. The Senate won't be back until Wednesday afternoon and the House of Representatives is adjourned until Thursday.
However the bigger sell to Congress to do something may be the consequences of not acting. More bad news through the end of the week that might do it.
Bailout Politics
Everyone knew it was going to be a close vote, but we've never seen anything like this.
There was a Republican president, a Democratic Speaker of the House, a Democratic majority leader, the entire Republican and Democratic leadership from both sides of Congress and both presidential candidates Barack Obama and John McCain arguing for this package.
But a peek at the upcoming congressional races of the people who voted against this package provides some insight.
We calculate there are about 31 competitive House races divided between Democratic and Republican House members, and 24 of the 31 members in competitive districts voted against this package.
No one wants to vote for this. Even those who were arguing for it on the House floor today said 'we know this package is painful, we know it's hard to argue that we should be spending up to $700 billion in a way that might end up benefiting the banks.' It's a hard pill to swallow despite the arguments about what's its going to mean for Main Street.
However the fundamental problem for Republicans is that in an election year when the incumbent is not on the ballot, but you've had eight straight years of Republicans in the White House, any bad economic news is likely to fall harder at this point on Republicans.
Obama called on Congress to get the bill passed and McCain blamed Obama and House Speaker Nancy Pelosi for injecting what he called "unnecessary partisanship" into the equation.
Many Republicans are complaining about a floor speech Pelosi gave prior to the vote, where she laid so much of the blame on eight years of Republican economics and President George Bush's policies.
The Democrats are arguing it's unbelievable that hurt feelings would prompt the Republicans to switch their vote and perhaps cause an economic disaster.
Neither presidential candidate has given any indication that they are going to suspend their campaign and run back to Washington, DC to deal with this. However it's likely well see both Obama and McCain in Washington in person when that vote finally comes.
September 29, 2008 in McCain, John, Obama, Barack, Vote 2008: Democrats, Vote 2008: Republicans, Washington | Permalink | User Comments (458)
By the end of the day the corrupt media will surely blame John Mc Cain for the fact 96 democratic house members voted NO for this bill.
My question is this. Why bother even have elections if the media is hell bent on rigging the outcome anyway ?
Posted by: infoseeking | Sep 29, 2008 7:13:26 PM
i oppose a bailout at the middle class' expense. we have heard doom and gloom scenarios from this administration since iraq. and i don't buy em anymore. the market will correct itself and those who made poor choices will be penalized, period. that is free enterprise.
Posted by: ron | Sep 29, 2008 7:14:09 PM
Here is the deal... are their seats SAFE come election time?
Among 38 incumbent congressmen in races rated as "toss-up" or "lean" by Swing State Project, just 8 voted for the bailout as opposed to 30 against
Posted by: Libratine | Sep 29, 2008 7:17:57 PM
um, 2/3 of Dems voted for it, 2/3 of reps voted against it, McCain is the leader of their party, and was already claiming credit for having brought the thing together. Country first indeed.
Posted by: Danny | Sep 29, 2008 7:20:07 PM
Republicans need to do their share and get 12 more House members.
Posted by: Sandra | Sep 29, 2008 7:23:49 PM
.
AS much as this bailout package makes me ill, I see it as a necessary evil. We have no choice. Otherwise, I see a depression coming our way....I'm stocking up.
Posted by: jen | Sep 29, 2008 7:24:26 PM
the media is not rigging anything. Let's calm down and remember that a Republican, Bush, has been sitting in the WH for 8 years! Re-elected, I might add, after starting a widely unpopular war! So, if the media has a true liberal bias, I'm sure they could have ensured a Kerry victory. This has nothing to do with the media. It has to do with the sheer incompetence of the GOP, Bush and now McCain. Nobody put a gun to his head and asked him to declare that he was going to troop to DC. Nobody asked him to march back to Ole Miss for the debate. He could have skipped it if he wanted to. Nobody forced him to pick Palin. If she can't answer the Alaska/Russia question for the 3rd consecutive time, that's the fault of the "liberal" media?! C'mon. Sometimes we need to get our head out of the sand and get a clearer look at what's happening in the world.
Posted by: Truth17 | Sep 29, 2008 7:24:33 PM
McCain and his campaign are a team of the most prolific liars in modern political history... and it appears they are spinning out of control!!!!!!!!!!!!
Posted by: Libratine | Sep 29, 2008 7:25:04 PM
Why is there no television coverage of the protests in the streets?
The banksters and the complicit politicians are losing their grip because the people don't believe their lies anymore.
Let the uber rich bail themselves out. The rest of us will need to take care of each other because it is very clear that nobody else will.
Posted by: Pamela Cosmo | Sep 29, 2008 7:26:35 PM
... A sweet ‘bailout’ alternative. A plan all Americans would be proud of.
Assumptions:
Financial bust is NOT caused by Democrats and/or Republicans – but is systemic and has been evolving for decades.
Today’s poor financial conditions are symptoms of a failed system (only) and has fueled a never ending and escalating cycle of consumerism and indebtedness among a majority of Americans. Not good.
Fixing a broken system is the only ‘real’ solution while ‘bailing’ out or creating more debt will simply broaden the pain in the short and long term – not to mention devalue the already declining dollar.
Based on these assumptions, the mere suggestion of what follows will stun the planet and awake Americans in ways no one has ever experienced. Invest in the American people. A conjured up political solution in Congress will never work.
7 Point Rescue, Security & Freedom Proposal
1. Emergency and immediate troop redeployment to the homeland - bare minimum skeletal staff to remain in sensitive zones
2. Ensure all Veteran benefits are in place and fully operational to support troops and families
3. Red alert spending freeze all federal non-essentials
4. Invest in new grid system to deliver wind and solar energy from the heartland to all points east and west to be fully installed in 6 years
5. Invest in new transportation systems to include natural gas, hybrid mass transit systems and automobiles with a goal to phase out ALL combustion engines in 8 years.
6. Abolish the Federal Reserve - Federal government to assume responsibility to maintain and create currency. Consider value based currency such as the GOLD standard.
7. Abolish the IRS and federal income taxes to allow the ingenuity of Americans to meet ALL said objectives.
Thanks for listening.
Posted by: dave | Sep 29, 2008 7:27:59 PM
pelosi, Obama and Dean have spent years
throwing Propaganda around to "Blame Bush" Blame the Government" for everything, even as they moved forward on destorying the nation.
If Pelosi and the Democratic/chicago machine want to take over the government and business and industry they will have to work at it, and not have it handed to them.
Posted by: seah | Sep 29, 2008 7:30:27 PM
Reality will hit and they will pass something.
Fact of the matter is they will not want to face the public when they are out of work and in 4 weeks a lot will be out of work if there isn't a BIll.
They will be able to say I voted against it, but the economy trumped my concern, etc.
Posted by: Thinking | Sep 29, 2008 7:31:13 PM
I believe Paulson was right, the consequences of not passing a bill and passing it quickly is worse by far than just passing the bill. No one really wants to do it, but it is clear that not only the U.S. market, but markets overseas are responding to this financial problem. Speaker of the House Nancy Pelosi should learn to keep her mouth shut. There was a basic agreement to put aside partisanship and do what was in the interests of the country. She apparently did not get that memo. Just could not wait to point the finger at the Republicans. From my recollection, the Democrats are the ones that instructed Fannie Mae to put 50% of its mortages in the low-income to low-middle income group, a group as a whole who could not otherwise qualify for a new home with NOTHING down. There are other underlying causes, so there is plenty of blame to go around. What really stands out in voters minds right now is the extremely low approval rating of the Congress, now controlled by the Democrats. That approval rating is lower than that by far than President Bush. Congress, in the House vote did nothing to disprove or improve the approval rating. It is well-deserved, for Republicans AND Democrats. Please get off your gluteus maximi and do the republic's business, please.
Posted by: curtis41 | Sep 29, 2008 7:31:23 PM
McCain and his campaign are a team of the most prolific liars in modern political history... and it appears they are spinning out of control!!!!!!!!!!!!
Posted by: Libratine
where have youe been?..is this your first campaign?
Posted by: LordHelpLiberals | Sep 29, 2008 7:31:29 PM
i'm confused..earlier in the week liberals were complaining about Bush's plan for 700 billion and bailing them out...using tax payers money , etc...now they are blaming REPS for not passing it..what the H E L L do you people really want?..do you know?
Posted by: LordHelpLiberals | Sep 29, 2008 7:33:52 PM
Don't any of you use your brain? President Bush inherited a mess left over from Bill Clinton, who was a colossal disgrace to our presidency. His administration reaped the benefits of President Ronald Reagan's efforts. As for the war, are you idiots not remembering the attack on September 11th?!? It was unprovoked and the retaliation was UNANIMOUSLY voted YES!!!And don't forget--President Bush has been fighting a liberal Democratic Congress at every turn.
As for the McCain/Palin ticket - God Bless them both! They are our only hope. When America becomes so gullible that they believe the rehearsed lines from Obama and whats-his-name we are in a sad sad state.
Posted by: Carol | Sep 29, 2008 7:35:43 PM
Carol ..well said..
Posted by: LordHelpLiberals | Sep 29, 2008 7:39:08 PM
Add a provision that eliminates golden parachutes for the execs of failed and failing companies (not just tax them) and the bailout will pass.
Posted by: In_Indiana | Sep 29, 2008 7:40:35 PM
@ infoseeking
I think the Republicans wrote the book on rigging the outcome of elections. You all must be running scared, all the old tactics are comming out. Blame the media, if the media was liberal, Bush and Co. would be in jail
Posted by: fearforthefuture | Sep 29, 2008 7:47:16 PM
@ infoseeking
I think the Republicans wrote the book on rigging the outcome of elections. You all must be running scared, all the old tactics are comming out. Blame the media, if the media was liberal, Bush and Co. would be in jail
Posted by: fearforthefuture | Sep 29, 2008 7:47:18 PM
How can it be that the two guys who got it so wrong right up until we were in the middle of this mess (Paulson and Bernanke) testify before both houses, but neither body saw fit to seek counsel from even one of the many independent economists who've all had it right for so long?
Posted by: Redwood | Sep 29, 2008 7:48:01 PM
NO Bailout for wallstreet
That is a real plan.
Posted by: Duane Z | Sep 29, 2008 7:49:40 PM
Carol & Lord Help Liberals - stop talking to yourself. It is so sick that you feel the need to make a fake person to respond in your favor.
Posted by: caroltoo | Sep 29, 2008 7:50:22 PM
Yipee!! The great depression 2.0 starts the day after 29-9, *cries*
Posted by: thedayafter | Sep 29, 2008 7:50:26 PM
Caroltoo - well said
Posted by: carolthree | Sep 29, 2008 7:50:54 PM
ABC - Please list the 12 + House Republicans at the Press conference with Cantor of Virginia who chose not to vote for the bill only because their feelings got hurt. They have no place in Congress if they have such thin skin and their are quite of few of us that would like them to find employment elsewhere.
Posted by: Take a hike GOP | Sep 29, 2008 7:51:24 PM
Did I hear election rigging? Oh never mind. There is also a solution. POWER SHARING. Obama-President, McCain, Prime minister. Lol :)
Posted by: thedayafter | Sep 29, 2008 7:53:55 PM
Blame lies at republican feet, they killed this, now they try and deny that fact. Gutless, irresponsible, political assholess the lot. Come November, remember who killed our economy. the neo-cons.
Posted by: JR | Sep 29, 2008 7:55:33 PM
Let's leave McCain and his political opportunism (look like he's fixing the bailout = economic boost)out of the next round of talks, shall we?
Posted by: matt | Sep 29, 2008 7:55:40 PM
Carol,
What Crap!
Posted by: Thinking | Sep 29, 2008 7:55:44 PM
This bail out is only a shock absorber, the crash will come sooner or laetr
Posted by: cathy | Sep 29, 2008 7:57:25 PM
Carol, I appreciate your satiric use of irony... but it might be lost on others.
George W. Bush inherited not a mess, but a record budget surplus. That surplus was the result of an economic plan that was passed by the Democratic Congress on a party line vote. Republicans warned of economic collapse: instead was saw an enormous economic expansion.
For 2/3 of his presidency, George W. Bush had a Republican Congress. Not a Democratic one.
And any disgrace brought to the White House by Clinton for his sexual escapade has been far, far, far exceeded by an administration that treasonously outed a CIA agent, invaded Iraq in retaliation for 9/11 by using trumped-up intelligence, and which officially sanctioned the use of torture - a policy that America had rejected from the time of the Revolutionary War.
Posted by: Malacandra | Sep 29, 2008 7:58:35 PM
LordHelpLiberals said: As for the war, are you idiots not remembering the attack on September 11th?!?
You mean the attack that had NOTHING WHATSOEVER TO DO WITH IRAQ?
Yeah, I remember it - I lived 5 blocks away. And I am still pissed off at GWB for dropping the ball in Afghanistan, and letting OBL escape - just so he could get some payback for daddy in Iraq. And then not even do that war correctly. Talk about screwing the pooch; Bush screwed the whole kennel.
Posted by: Matt V | Sep 29, 2008 7:58:42 PM
Bill Clinton left a 5 trillion surplus,Lil Bush had a Republican Congress for the first 6 years,and were 10 trillion in debt now.All Bill Clinton did was get a BJ from a fat girl, big deal. Please don't make me defend Dem's. And Reagan was an idot, he is the reason alot of people lost there money today in 401k's instead of having there money in a savings account.
Ex Republican
Posted by: RGeier | Sep 29, 2008 8:00:41 PM
I need to correct a factual error in my previous post: by the time George W. Bush leaves office, he'll have had a Republican Congress for 3/4 of his presidency (75%). Not 2/3 (66%).
Blaming Democrats for the failure of this most miserable administration is simply untenable.
Posted by: Malacandra | Sep 29, 2008 8:01:13 PM
You idiotic Republican's that oppose the bail out for ideological reasons deserve to lose your 401k's. I sure will not feel sorry for you when your out on the Street with nothing but the clothing on your back. You are too dumb to realize that this is going to hurt everyone--regardless of who is to blame (obviously Republican's who caused this mess and Wall Street..duh). When you pull the lever to elect McCain, you can do it with the clear conviction that you put ideology before common sense and stupidity before reason.
Posted by: steve | Sep 29, 2008 8:05:54 PM
Nancy Pelosi gave a speech before the vote to derail the few Republicans needed for approval. Barack Obama continues campaigning and has done NOTHING to change the vote of some 93 democrats voting against the bailout---Obama has done nothing to rally full support of his own party!!!! Shock but no surprise. Both have none this to give Obama a lead and win the Election---neither care about America...just wealth and power.
Posted by: Ann | Sep 29, 2008 8:07:16 PM
Sorry, meant that previous one for Carol.
Carol is a little dim. If Clinton is responsible for Bush's problems, then Carter is responsible for Reagan's "success"
Posted by: Matt V | Sep 29, 2008 8:07:22 PM
And besides, Bill cliton created alot of jobs for Americans in the dry cleaning bussiness and still is I here. :) LOL
EX Republican
Posted by: RGeier | Sep 29, 2008 8:08:23 PM
Why can't there be an option #5 - Listen to the economists who say don't waste taxpayer money on the bailout - instead, eliminate the programs that caused this mess to begin with. It's cheaper and a faster way to fix this problem.
Posted by: Very Concerned | Sep 29, 2008 8:08:33 PM
Nancy Pelosi gave a speech before the vote to derail the few Republicans needed for approval. Barack Obama continues campaigning and has done NOTHING to change the vote of some 93 democrats voting against the bailout---Obama has done nothing to rally full support of his own party!!!! Shock but no surprise. This is deliberate to give Obama a lead and win the Election---neither care about America...just wealth and power.
Posted by: Ann | Sep 29, 2008 8:09:19 PM
Fire Pelosi who can't even deliver her own party on a bill...investigate Chris Dodd and Barney Frank for their participation and failure to stop this meltdown, fire all encumbants who were complicit...AND DO NOT BAIL OUT COMPANIES THAT ACTED IRRESPONSIBLY.
Posted by: jenns | Sep 29, 2008 8:09:40 PM
GEORGE STAPHANOPOLOUS
ANOTHER LIBERAL PUNDIT HEAD..
NOTHING HE SAYS HERE IS GONNA HAPPEN.
MCCAIN SHOULD STAY AWAY FROM THIS MESS.. THE DEMO CONGRESS IS EVEN MORE GUILTY THAN THE PRESIDENT BECAUSE THEY ARE THE LAW..
ID SAY PUBLIC TRIAL FOR ALL THE CEOS,'
GIVE THEM NO MORE THAN $300 BILLION FOR THEIR TRASHY ASSETS. GIVE EM AN I.O.U, A PIECE OF PAPAER, FOR THE REST. IF IT FAILS, TOO BAD, WE FIND THE CEOS AND MAKE THEM PAY..SELL THEIR ASSETS
ONCE YOU OVERTIGHTEN REGULATIONS, WE BECOME A MARXIST NATION..
THOSE ARE ALL OBAMA FRIENDS,,,FANNIE MAE, AIG, CROOKS... HE WILL THROW THEM UNDER THE BUS NOW..
Posted by: TJ, THE CLINTONITE | Sep 29, 2008 8:10:08 PM
I like option #5 :)
Posted by: Concerned American | Sep 29, 2008 8:10:09 PM
Democrats have their fingerprints all over this socialist mess which intended to give housing to those who could not afford it...what is ludicrous is asking the very entity that caused the mess to fix it...we need to get government's hands off our markets, and we would be alot better off.
Posted by: jenns | Sep 29, 2008 8:12:05 PM
SINCE OPEC AND THE CHINESE ARE SUCKING UP ALL OUR MONEY --LET THEM BAIL US OUT--OR GET OUT---SHUT DOWN THOSE FREAKING WALMARTS--(CHINESE JUNKYARDS)----SPEND 700 BILLION ON ALTERNATE ENERGY---TO HELL WITH THEM ALL.
Posted by: rodney | Sep 29, 2008 8:12:18 PM
Remember Reagan's famous question?
Are you better off now than you were 8 years ago?
DOW 1-19-2001: 10,587.59
DOW 9-29-2008: 10,365.45
NASDAQ 1-19-2001 = 2770.38
NASDAQ 9-29-2008 = 1983.73
CPI, 1-19-2001: 175
CPI, 9-29-2008: 219
Dollar exchange with Euro, 1-19-2001: 1.068
Dollar exchange with Euro, 9-29-2008: .695
After 8 years of a republican president and 6 years of a republican congress, there's not a whole lot to show for it.
Posted by: Matt V | Sep 29, 2008 8:12:21 PM
I want a dpression! Bring it on. It's time for all of you spend more than earn idiots to pay up. If you can't live within your means tough! Grow up.
Posted by: Spirit Rebel | Sep 29, 2008 8:12:26 PM
"The original strategy of providing only emergency lending during a liquidity crisis made sense. Nationalizing financial institutions does not. When your neighbor's house is on fire you lend him a hose; you don't have him sign over the deed to the house before you help him put out the fire," - Dean Martin, State Treasurer of Arizona. ~~ The failure of this bill today was a good thing.
Posted by: Maude | Sep 29, 2008 8:12:29 PM
Ok, first off, both parties bear the responsibility of this mess. Second, many economists have sent a joint letter to Congress and the WH to say NO!! Look on CNN and read about the economists who think bankruptcy would be a preferrable choice to bailing these fat cats out. They have it right.
Yes, things will be bad - for a while. But in the long run, it will be healthier for the economy and the financial markets overall.
Do I like this alternative? Not one little bit. I'm already a victim of the economy, laid off because the company was doing poorly, and looking for a new job isn't getting any easier. I hate the situation I'm in now and if things get worse economically, then I'm royally screwed. But to me, if this fixes the mess in the long run and we can keep this from EVER happening again, I'm all for it.
I am totally against the morons who got us into this mess getting their butts saved to MAYBE fix the problem. If it doesn't work, how do any of these people think we're going to get out of it then?
The only sure way to fix the problem and prevent it from ever happening again is to kill off the companies that are into it the deepest. Survival of the fittest doesn't just apply to animals. Survival of the the most competent business people makes a heck of a lot more sense to me than making idiots fat cats into Emperors! Remember the story about the ant and the grasshopper? Well, those disgusting pigs on Wall Street need to learn the same lesson the grasshopper did.
Posted by: This is SO Old | Sep 29, 2008 8:12:56 PM
Senator Obama was right we did take our eye off the ball as far as Bin-Ladin is concerned.Iraq was not where he was
Posted by: jojobo1 | Sep 29, 2008 8:13:10 PM
Fire Pelosi and Reid...they are inept. They don't need the republicans to pass this bill, they just want to hide behind someone when their idiotic plan doesn't do what it was intended to do.
Posted by: jenns | Sep 29, 2008 8:13:43 PM
The House was right to reject this sorry piece of legislation. While it is necessary to stabilize the financial system, there is no justification for rewarding the bad investment decisions of businesses and individuals. Do you think any of these potential recipients of the proposed bailout were ever motivated by the common good? No I didn't think so.
Posted by: FedUpUSA | Sep 29, 2008 8:14:15 PM
I received the following idea that has been circulating around the web and I must say that agree with this email. Take this seriously, I am sick and tired of bailing out the government and these so called high dollar businesses who can't manage their own funds. 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.
Repay 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,
Birk
T. J. Birkenmeier, A Creative Guy & Citizen of the Republic
PS: Feel free to pass this along to your pals as a very sobering thought on how to best use $85 Billion!!
Posted by: Susan Hollander | Sep 29, 2008 8:14:58 PM
I would rather see massive investigations into who told the banks to get involved in handing out loser loans, and prosecution of any and all policitians and corporate executives who profited from the fees generated by giving out said loans, I would also like to see any CEO of a bankrupted bank also prosecuted and their assets seized until it is determined they did not have a hand in sinking their company and profiting from it.
Posted by: jenns | Sep 29, 2008 8:15:40 PM
Hey Susan.. check the math.. it might be off a few decimal places :)
Posted by: Concerned American | Sep 29, 2008 8:16:42 PM
I honestly believe that Nancy Pelosi has a brain disorder...she and her cohorts won't let us drill for our own oil, wants to hand billions over to crooks who already stole billions, and can't even get her own party to back her evil schemes...
Posted by: jenns | Sep 29, 2008 8:18:16 PM
I saw the almost unprecedented allocation of Charles Gibson's half hour Administration cheerleading exercise and was not surprised to find that there was not one minute devoted to alternative plans which would have made any bail out of Wall Street revenue neutral. There are good plans out there; Thomas Hartman's immediately comes to mind (hint). It would be nice to see ABC report on them. Perhaps, that would be asking too much?
Posted by: MIke | Sep 29, 2008 8:19:30 PM
Perhaps it will take a great depression to wake up citizens to the fact that socialism doesn't work.
Posted by: jenns | Sep 29, 2008 8:19:41 PM
A majority of Republicans reject the most important bill in recent years, a bill that the Republican president, the Republican presidential nominee and the Republican House leaders have urged them to pass. They do so after the Democratic leadership have worked around the clock for over a week to accomodate their wishes, led by the Republican leaders to believe not once but twice that the Republicans would vote for the bill.
On days like this I feel happy that I am not a Republican. The GOP has become irrelevant. Sad. Shameful.
Posted by: El_Pajaro | Sep 29, 2008 8:19:48 PM
Oh how I long for the days when the only trouble our president got into was a blow job. I love how republicans still bring that up. Are you still proud to be republicans? You finally have shot to hell the entire infrastructure of America. Our cities are falling apart, schools are failing and now a economic depression is looming
Thanks but no thanks to more of the same
Obama/Biden 08
Posted by: fearforthefuture | Sep 29, 2008 8:19:57 PM
Oh how I long for the days when the only trouble our president got into was a blow job. I love how republicans still bring that up. Are you still proud to be republicans? You finally have shot to hell the entire infrastructure of America. Our cities are falling apart, schools are failing and now a economic depression is looming
Thanks but no thanks to more of the same
Obama/Biden 08
Posted by: fearforthefuture | Sep 29, 2008 8:19:57 PM
How ABOUT Congress listens to the PEOPLE...we don't want a bailout that REWARDS...irresponsible homeowners and banks!
Yes it will be a little rough, but the world is NOT going to end like the mediak portrays! And in the end ONLY the strongest banks and responsible homeowners will survive.
Posted by: MikeFromNJ | Sep 29, 2008 8:20:01 PM
SPEND THE MONEY ON ALTERNATE ENERGY AND WE ALL WILL BE BETTER OFF---SCREW WALLSTREET --THE HOME OF MILLIONAIRS
Posted by: rodney | Sep 29, 2008 8:20:15 PM
I watched the entire World News report on the economic crisis and the failed bail-out plan tonight. I can understand how the subsequent fall-out will likely impact every American in varying degrees, but what irritates me (and why I'm glad the bail-out failed) is why should the millions of Americans who have been frugal with their finances and avoided risky mortgages, etc. be heavily burdened with paying the price for those who knowingly or otherwise made unwise financial choices? I am especially concerned that the CEO's of too many lending institutions made milliions personally at our expense and will never be held accountable. Regardless of the economic impact, why should I trust the American government to solve another crisis that private enterprise created AND "solve" it at the expense of taxpayers who may have had no involvement in the risky, if not illegal, activity?
Someone PLEASE answer that for me.
By the way, I am a Wachovia customer.
Posted by: Tom T in Florida | Sep 29, 2008 8:20:29 PM
I honestly hope the democrats inherit their own mess...then perhaps the idiot voting population who keep giving them power will finally get how completely stupid and inept they really are...go for it Obama...mess us up but good.
Posted by: whodunit | Sep 29, 2008 8:20:59 PM
Ann said:
"Nancy Pelosi gave a speech before the vote to derail the few Republicans needed for approval [and] to give Obama a lead and win the Election."
Of course, Ann. And because their feelings were hurt by what Pelosi said, those poor, sensitive Republicans decided to vote against the best interests of the country, as well as to help Pelosi get Obama elected, by defeating this bill! Is that what you really believe? Please. Since when has any Republican cast their vote based on what Pelosi says?
Posted by: John from CA | Sep 29, 2008 8:21:04 PM
Roll call on the vote:
In favor: 140 D; 65 R
Against: 95 D; 133 R
http://clerk.house.gov/evs/2008/roll674.xml
So 2/3 of Republicans voted against this bill, while 60% of Democrats voted in favor. Thus, if you were angered that Congressional gridlock caused a 7% drop in the Dow today, blame the Republicans.
Let's go with #4---get the Democrats on board, a few moderate Republicans, and get it done. The Republicans had a lot of input in this bill and then backstabbed the Democrats, because, according to the Republicans, Nancy Pelosi made a mean speech. You've gotta be kidding me with that excuse.
Posted by: JoshA | Sep 29, 2008 8:22:16 PM
The best option is just to vote again and to see if the Republican neocons want to vote for another trillion dollar one-day loss in the stock market.
Posted by: JAB | Sep 29, 2008 8:22:41 PM
how about we forget technologies that have yet to be invented and go after our own oil...what a concept...we will never, I repeat NEVER be completely free of using oil...it makes up most of products we use everyday...even aspirin..go look it up...we will be using oil forever...so we just as well use our own up and then go buy it on the market. For what we would save in one year buying it through foreign merchants, we could pay for this stupid bailout...as we spend 700 billion a year to buy someone elses oil.
Posted by: whodunit | Sep 29, 2008 8:23:14 PM
Obama is sitting back watching his party emplode, unable to deliver a bill that they don't need any republicans to pass, his way of helping out, is saying, just call me if you need anything...lol what a dolt.
Posted by: obamaisbraindead | Sep 29, 2008 8:25:09 PM
This is another solution and no one wants to hear it or deal with it....Ron Paul has called this collaspe from the start. The link below comes straight from his site...he's not running for President anymore! Actually, I feel he was never running for President, his mission was to educate the public. I'm a Democrat and I'm tired of both parties!
http://www.campaignforliberty.com/
The federal government and the Federal Reserve are responsible for this mess with their excessive regulations, easy credit, and other money and market manipulation schemes. Today’s rejection was a rejection of further worsening the problem with the same intervention that got us to this point. Yes, there will be some pain because of what the government has brought about, but the rejection of further intervention will make sure that that pain isn’t made much, much worse for many more people.
We now need to turn our attention to getting our financial system back on its feet. As C4L President John Tate pointed out in his email last week, it is time to:
1.) End the Bailouts - Congress must revoke the Federal Reserve’s authority to bail out failed businesses at your expense.
2.) Cut Taxes and Curb Regulation - If we really want to stimulate businesses and revive the market, we need to cut corporate and capital gains taxes, spurring investors to come back to the market and making it easier to attract new workers and clients. It is also time to end failed legislation like Sarbanes-Oxley, which has crippled capital markets, diminished our competitiveness, and greatly harmed small businesses.
3.) Reduce Spending - We must freeze all non-entitlement spending by the federal government at current levels and eliminate wasteful spending both domestically and in our trillion-dollar overseas budget. Our debt has to come down, and it won’t until we start living within our means.
4.) Reform the Monetary System - If we are to have long-term economic progress, we must end the system of printing money out of thin air. The current laws limiting the circulation of gold and silver-backed currency must be overturned. We can no longer base our money on the empty promises of bureaucrats that it is sound.
The market will have to adjust, and the nation will have to deal with the effects of what the government has brought upon us, but the answer is not to weaken the dollar, continue to sell our debt and national security to China and Saudi Arabia, and socialize what remains of the American free market.
Posted by: kennedy | Sep 29, 2008 8:25:41 PM
Vote Tally:
Dems: Yes 140 Repubs: Yes 65
Dems: No 95 Repubs: 133
More Dems than GOP voted for it.
More Dems voted for it than against it.
This is a GOP failure, pure and simple. McCain's leadership: EPIC FAIL.
House Minority Leader: EPIC FAIL.
House GOP: Country Last. Election First.
Posted by: Matt V | Sep 29, 2008 8:26:03 PM
Pelosi is a liar and an inept politician. She has the majority and still can't get thru her bill...if she thinks it's so great, why does she keep waiting for republican approval...it's because she knows this bill stinks and is gutless to take any responsibility for it. She is the worst speaker we have ever had in the history of congress.
Posted by: pelosiisstupid | Sep 29, 2008 8:26:57 PM
When you are on the brink of the second Great Republican Depression in U.S. History, it's the worst possible time to have a lame duck President. George Bush is the lamest *uck this country has ever had.
Posted by: hamishdad | Sep 29, 2008 8:27:04 PM
jen...your about a dumb as a box of rocks...first of all..its a democratic majority house..and didn't nancy say..first 100 days..of what 'NOTHING' but lip service and helping other democrats rich off scams like frannie mae..Nancy couldn't run a water faucet and should be run out...and Barney Franks is nothing but a hair-lipped crook that supported the scam...Democrats had 212 votes..but 95 Democrats that do think of Americans voted the right way...'NAY' for more Democratic Scams.
Posted by: JWx2 | Sep 29, 2008 8:27:09 PM
Susan - One slight problem: $85,000,000,000 divided by 200,000,000 people = $425 per person, not $425,000.
Posted by: Paige | Sep 29, 2008 8:28:17 PM
Jenn said:
"Perhaps it will take a great depression to wake up citizens to the fact that socialism doesn't work."
What's sad is that not only is it raw, unchecked, free marke



