Glad the Wall Street Rescue Plan Failed?

Jen...said:
Cut cap gain, cut corp taxes, cut individ taxes - we are way overtaxed;

Ok, maybe you are rich, corp taxes are already low and they get tax loops; capital gaines only hurts people if they have a big windfall or sell a home, so where are you going with this?

another problem evident by these blogs is people are tired of these idiot politicians playing the blame game... if there is one thing we should learn... politics is great in a debate but no so good to effectively run a country... that should be our focus

If banks don't trust each other enough to lend money to one another, then why should I trust them with *my* tax money. Let them open books to each other, and whomever is TRULY solvent will be lending/lent to, and the rest of them will fail.

I say spend the $700 billion replenishing people's 401Ks, social security and medicare for those about to retire. I'm young enough to make it all back.

I mean, did anyone see what the "oversight board" consisted of in that rescue bill? Economists? No.

Bernanke and Cox, that's who. That's having the Foxes guarding the hen house.

alask...that sounds great, but if you have had a house for 7 years and when you bought it you were fine, and now everything has increased such as electric, gas, heat, food to twice the value, your budget is pretty well trashed. I work two jobs also, buy still canoot keep up. My house taxes have gone from $1,900 in 2000 to $5,005 in 2008.
So how can you even keep ahead of it if you haven't had a pay raise, take another part time job?

tomb...so who wasn't watching the hen house?

Basic economics - when you cut capital gains, which is what you earn from market returns, you encourage investment, i.e, the infusion of private capital. If government were to suspend cap gains for 2-5 years, it innures to the benefit of everyone with a 401K to those like Warren Buffet - who can immediately flood the market with capital. Just see- announce the cut, the markets immediately go up. What the economic system needs is a dose of true conservatism, which has never failed, and has been absent from this administration's economic approach.

Also- consider this. I am not rich; I work, my husband works, and we have three children. look at taxation in terms of the percentage of your income you are actually able to live on. When the fed. government takes 15% in FICA/SS plus 28% in Income taxes, 6% to state taxes, that is 49%; you are already living on only half of what you earn(and then for those of us who tithe 10% of our gross income to the church, which we do). Add to that the 10% sales tax in our parish/county at the stores. And Joe Biden has the nerve to say that we just need to be more patriotic and pay more? I say- government needs to be more efficient and learn to spend less, including not spending 700 billion to bailout companies caught-up in a necessary market correction for the issuance of too much bad paper - born by the collision of the greed of CLinton appointees at the helms of Freddie/Fannie and the socialist policies in Sarbanes/Oxley.

When I was in grad school had to write a paper about what do do with Social Security. Of course many where in favor of getting rid of SS and allowing everyone to put money in to stocks. Well I said it then and I'll say it now ... this is exactly why social security can not be abolished. If you think your 401's took a beating what would you do if this was all you had and the stock market tanked.
I don't trust a thing Bush tells the public " need to go to war because they have WMD"
Don't bail them out. Open a new central bank for giving out loans if it is so needed. Not let the crooks get the money again to line their own pockets.
Just remember giving out loans that can't be repaid is what got us hear in the first place.
People that took out a million dollar mortage for a 800 sq foot house in California how stupid can you be.The price of home are adjusting to what they really are worth.

Them tagging on other things to this bill is stupid and an insult to the US Citizens.

If they are going to bail out and save the economy of the banking system. Adding other things to the bill Just adds instult to injury.

The Democrats have taken advantage of other important bills to add their pet projects to just to get them passed.

Why do they continue such tactics?

For the Auto makers and ACORN to gain from the disaster in the country. Are we sure this is a disaster or a way to make money off the people?

The people should be told of all the stipulations of this bill.

What assests does this company have.

What property do they own

How much can be liquidated to help.

What are the risk and the benifits the people or govenment will receive?

Who exactly will gain from the passage of this bill?

Will the additives of this bill be removed, who and why were they added in the first place.

Will the people have say so over who resumes ownership of this buiness? if yes how, if no why not.

We do not want it falling into the wrong hands.

We the people, who are paying for this, deserve to have the details and information about the plain and circumstances. and not just political talk and bull crap. detailed information. Plus the right to tell the government yes or no you can't with it.

ABC ASKS.

Glad the Wall Street Rescue Plan Failed?

You bet.........i love it.....

DON'T BAILOUT WALL STREET.....
WALL STREET DESTROYED THE AMERICAN
DREAM.......
DON'T MAKE RICHER THE "GREEDY FAT CATS".

Check out on You Tube Marcy Kaptur, a
Democrat from Ohio, who opposed the bailout. She has two clips - Let's Play Wall Street and They Want Mama.
She's got my vote. That's the type of thing I'd like to hear from our Democratic Presidential nominee but he's in bed with Wall Street, just like everyone else, so it's not going to happen. The real candidates for the people and with real political courage are nowhere to be found on either
Presidential ticket .

There is not a liquidity problem in the credit markets. A few moments ago I read an AP article that said the Fed made available 920 billion dollars to banks yesterday. The article siad this had little effect because the banks are afraid to lend the money. If this 920 billion had no effect, how would a 700 bailout be helpful?

Secretary Paulson is not being honest when he says the credit markets are drying up. The money for the bailout he proposes wouldn't even be used to add liquidity to the credit markets. It would be used to buy bad debt from Wall Street investment banks and other investors. Most of this bad debt are derivatives that are nearly impossible to put a value on.

The ones who would benefit most from this bailout are the large investors and executives of the companies that created the problem. All the former colleagues of Secretary Paulson when he was the head of Goldmann, Sachs and earned 163million dollars before he left to joint the Treasury would benefit.

I am thrilled that the Congress defeated this bill. I hope they continue to defeat it.

Absolutely. I have lost a lot of money in the stock market, but then again those assets are probably way overvalued. Greenspan has inflated our entire monetary system including prices over the last 3 decades. Now it time to pay the bills. Our government is broke and so are the people. What a combination! Time to replace Bush with Ron Paul...you know the guy that had the guts to tell us everything was going to crash. Pessimism doesn't win election though.

ENOUGH! - I completely agree with all that you said....I am sick and tired of all the childish accusations going back and forth from the party leaders as well as the followers on these forums. BOTH parties are to blame for this mess and BOTH parties need to come together and work something out as ADULTS.

Carey's Bailout..

Credit. The reason the Treasury needs 700 billion from us to bail out mismanaged banks and the BIG F's. And this really goes back to lending policies that created huge amounts of bad loans, none of which would have been made in the days when you needed 10% or better down (called savings), stable record of employment, good credit, a criteria of not exceeding a specified debt to asset and income to debt service ration. In other words, you had to be able to "live within your means" .

My daughter Carey is of the new generation of borrowers, becoming of age in a time when credit was easy. She and her husband embarked on the have it now quest, supported by easy access to credit cards, balance transfers, no down car and motorcycle purchases, and easy student loans. Now they are maxed out their ability to service debt, and any hiccup in income flow would put them down. Groceries are purchased with credit cards, and when one is maxed, another offer for low interest, balance transfer shows up.

Carey and John bought non-essential items with no down credit and have negative equity in most of what they own. To sell the Harley Carey bought John when she graduated university she would have to come up with $3,000 cash in addition to the proceeds of the sale, presuming she could sell it close to "book". On the truck Carey and John own it is worse. Try $6,000 to get out.

My sense is that my daughters story is not unique, for if it was the banks would not be in trouble. There is no one in government proposing to bailout Americans who have mismanaged their finances. Instead we are being asked to bail out the very institutions that have promoted with enthusiasm the very programs that brought them under and have made it easy for uninformed, and maybe even naive Americans, especially the younger ones, to take irresponsible financial actions.

As I watch Carey and John now try to find answers for a way out, I can only think of corporate who were paid millions in salaries and perks to act responsibly. I commend the Congressmen, Dems and GOP, for stopping yet another bailout of the private sector. This will sort itself out if left alone for nothing creates action like the drive for more profit. The "credit" issue will be taken care of in the free market for now it is credit that drives business. There will be a slow down certainly, but not a collapse.

Our elected officials have a bigger obligation to us it seems , and that is to lead by example. When the federal government acts in a financially responsible manner ie. balanced budget and no deficit, the rest of the country will most likely do the same. Or maybe when we, as the government, take responsibility for our financial lives the people we elect to manage business and government will do the same.

Yes, we should know the details before they sign on the dotted line. Also, what about accountability after they get the money? All of this was malfeasance on the part of Fannie Mae, Freddie Mac.,etc. It then created a domino effect. I should hope the FBI connect the dots real soon. Whatever the truth is, it affects us all the same. The truth will set you free, but you'll still have to pay for other people's actions and inactions.
Always read the fine print.

It is not about freeing up credit. If it was the FED would strong arm lenders that borrown from the ferderal reserve - even on overnight loans. if they dont free up credit and reduce borrowing rates they will be cut off from the FED funds.
Also, why can't Paulson identify and relay to the American people what assets he wishes to purchase and for what amount on the dollar. And if you really want to know what the biggest fear is research Credit Default Swaps and other derivatives. I am not in the market at the moment, but I might pull my saving out and as Pelosi puts it "buy in" when I think it is a good deal. I also keep looking for foreclosed home near a lake that I can buy reasonably. However, this artifical proppoing up of stocks and housing prices is distorting how the market is supposed to work, Either go to communism or stay with Capitalism, but dont change the rules for some without changing the rules for all!

Wall Street bonuses declined just 4.7 percent last year to an average of $180,420 per worker, according to the latest figures published this week by the New York State Comptroller's office. Financial firms were expected to cut bonuses up to 10 percent from a year ago, according to previous industry projections.

Just a year ago, individuals working in finance in New York City enjoyed record payouts of $33.9 billion. This year, the total bonus pool shrank to $33.2 billion.

I think I am going to cry - waaaaaaaaaaa

It is an ominous trend that the voting populace no longer trusts our financial system and its upper-level participants OR our government. It has always been a tenuous thing, but clearly it is at an all-time low. Anything pitched by the financial system or the government is immediately suspect, and the people are saying "NO". It's not a Democratic or Republican thing anymore. It is nothing less than a crisis in confidence of anything other than self-reliance, individualism, and hard work. As hard as life may get if the economy tanks, there is a larger-than-ever segment for whom the proper response is "so be it". Perhaps we have reached a point when Americans are willing to live through a complete recalibration of the country's values and priorities. It will be particularly painful for those who have lifestyles entirely dependent upon the house of cards that is our economy, and for those whose entire existence depends upon government largesse. No one says it will be pretty, but I cannot help but think it is necessary.