I believe that it's time for everyone to start being accountable for their financial well-being from our public servants in Government on down to the "man under the bridge". I am absolutely outraged over this "$800 billion + roll of wallpaper that was put over a huge crack in the structural wall of our economy" piece of garbage that was passed by the Senate, and all of the PORK that was added to it! Our family, like many others will be at risk of losing our jobs and a large portion of the assets that we have accumulated as a result of our HARD WORK and our personal FISCAL RESPONSIBILITY, however, there has to be a price to be paid to get this great country back on track and we are willing to pay our share! We were not born with "silver spoons" in our mouths and will be able to again adjust to having nothing if that is what it takes. And to the media who believes that the general public that are against this "bailout" are idiots; I think they should reassess what is going on here...maybe they are the idiots!
Mexico succeeded in a similar case (FOBAPROA) The bank bailout is nothing more than to benefit the most powerful property with money from people (taxes) ... Now you see banks of Mexico, controlled by foreigners, and the worst thing is that we do not benefit at all. This is only a step to take possession of all this Mr George Bush and company
I think we need to follow some real financial experts like Dave Ramsey. He had the following excellent common sense plan to get us out of the mess the very people who are trying to fix it got us into. The yes's will not get my vote no matter what party they claim. Dave Ramsey said ---
"Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps:
Common Sense Plan.
I. INSURANCE
A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.
B. In order for a company to accept the government-backed insurance, they must do two things:
1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.
2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.
C. This backstop will cost less than $50 billion—a small fraction of the current proposal.
II. MARK TO MARKET
A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.
B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.
III. CAPITAL GAINS TAX
A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.
B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to
stand up, speak out, and fix this mess."
I am with all of you. I had it with this mess! I wrote and called both senators from Texas and when I see a Y next to their names just really fired me up! I am going to work hard to get them out of office because they are supposed to represent the people not chain the people down with tax money from the hard working. All of congress and the senate should be investigated. I would like to know all their personal investments and real estate dealings because how can you honestly say the majority of the public has it wrong and the bozo's on capital hill who got us in this mess have it right? I am a ticked off Texan!
Sell out!! God save our country. The Legislature was crafted to make laws, not to establish businesses. An ATROCIOUS precedent has been set!! Through Acorn, a Democratic Party orginization, people with low incomes were allowed to purchase above their means. Why not just give them homes,food, Health insurance etc. Democratt Platform=Work zero hours hours get paid for 40. Republicans=Work for what you get. The chickens have come home to roost, and the American people are knee deep in the end result. Mary Walston Greendale Indiana 47025
I still believe they all should have voted it down. Taxpayers have bailed out to many of these companies and banks because of their greed. Now it is expected for the taxpayers to foot the bill once again. And of course there is nothing to say that all this money will even do any good.
Rod
Balad, Iraq
Good Morning,
I want to personally thank you for making my decision for your re-election easier. With your yes vote for the Economy Bailout for Wall Street shows me that you are not in touch with Main Street America. I have decided that when you come up for re-election that I will NOT be voting for you. I have decided that it is time for a change and our current elected officials have been in office to long, and are only concerned about how much pork they can add to a bill.
Why does it matter about Excise Tax on wooden Arrows, Rum, or even an Audit for Carbon Footprint on our taxes that need to be included in the bailout? Why can we not pass a bill that only address and fixes the current issue, and not numerous unrelated issues? Why does the government feel that they do not have to live within their budget when the taxpayer is forced to live within theirs?
Why should we bailout those who make stupid mistakes? When small business’s fail because of bad economic times, bad investments, or bad management skills they are left with trying to stabilize and rebuild their business, yet with the banks started to fail because they gave risky loans it’s the Tax Payer that is coming to bail them out.
It is now time for the American people to take Personal Responsibility for our actions and to limit the control of government. To stand up and realize that our future is not controlled by the greedy incompetent politicians who seem to be more concerned about Special Interests and Pork Barrel spending then the will of their constituents.
It is time for you to go. It is time for Change. It is time that we stand up and say NO MORE! So thank you, a Yes from you on this bill has become a Yes From me for your opponent in the next election.
Congress is now well on the way to fixing a problem of their own making. Well done!
That said, it's time to give pink slips to those up for re-election next month.
Wow, in a time the Democrats want to have a hearing and attack everything Bush does, they haven't mentioned once having a hearing on the cause of this big crisis! I think that really shows who is really to blame for the shape of the economy.
Yet they still wag there finger and point to Bush....
America needs to understand this, and they need to understand this fast before we really become a failing socialist country...
I couldn't agree with Rich's comments above more. They caused this mess, and knowing that, continue to say that now isn't the time to assign blame. Of course not, they would have to point the fingers back at themselves. This is sick. I'm mad as hell, and I'm glad both of my Senators voted NO, and I wish the Senate had the cojones to vote this bill down like the house did. They even had the gaul to add over $100 Million in more pork because they saw an opportunity to do so?
I want the House to vote this bill down and look at alternatives. There are many, but they are feeling the heat to get something done now. It shouldn't have got to the "need this immediately" stage.
Fix the root problem. I don't want our government holding someones bad mortgate paper. Insurance is a better alternative. Are the members of both houses of congress STILL so hard headed and filled with greed they won't consider level headed alternatives like those posed by Dave Ramsey?
I think 525 new members of both houses would send the right message. Vote out incumbent members of both the House and the Senate. THAT will get someone's attention.
Jeff Wimmer
Biloxi, Mississippi
It is worst than Rich White states. There are members of the House that need to resign because of their involvement with ACORN and pressuring the banks to give out loans to those who could not afford to pay them back. Barney Frank, Congressman, and Senator Dodd need to resign immediately. Senator Obama, in addition to resigning from the Senate also needs to resign from running for president. This is only a start of those who need to be investigated. President Bush immediately needs to form a committee and begin investigations.
This is a sad day for our Constitution. Government is no longer for the People but against the People. Unfortunately, the People seem to vote these bureaucrats in with each election. Read the words of history of what our forefathers said about Government and what's happening today. George Washington and others warned of the Constitution being usurped by formalities. They can't over throw the Constitution directly so they do it through the powers they have been granted by the Constitution.
This bailout, in the end, will only encourage bad behavior and probably will ignite the bad train wreck that is waiting. There will be a price much larger than $700 billion to pay. Of course, the Fed already dumped over $600 billion into the credit market this week, so this is all farcical. The markets need to correct themselves through pains than to have the Government grow itself beyond our control. These financial institutes need to go bankrupt and pay what's due. People will lose jobs but we always rebuild. We are all on borrowed time and money. There is too much debt and spending of what we don't have. Hard times teaches discipline and control but our leaders are not willing to do what's right and hard in the end. They are cowards who only fear and throw the flames of fear into us.
If our Congress were serious in their pursuits of justice, they would cut spending and shrink themselves and not lob bad money for solvency. If Americans don't use the power of the vote to weed out enemies of the Constitution, then we will deserve the unfortunate fate that awaits us in the shadow of our Fatten Government.
1) Why are we leaving so much power in one man's hands (Secretery of the Treasury), who is not even an elected official? What kind of oversight is included for him?
2) I want to know who had the nerve to add the pork to this bill. Is it true that the bill is now essentially $850 billion? Even if not that much, whoever added the earmarks was essentially blackmailing the taxpayers.
Somebody tell these yahoos that you cant save a drowning victim by rendering C.P.R. while the victim is still in the pool.
housing is going to continue to fall and people are going to continue to lose them. but, hey we saved the bankers! see you in six months when we are doing this again.
Michael S.
Stockton, CA
How can only 25 people out of ninety nine "learned" folks get this wrong? Congress is primarily responsible for us getting to this point and now they are apologizing to us by making us pay for it. If you voted yes and you wanted my vote when your term is up...you have lost it.
Carl
North Myrtle Beach, SC
The list of company's getting a "get out of jail" pass continues to grow! The list of rich and unpunished are nationwide builders, automakers, airlines, and now Wall Street. What is going to happen to the taxpayer when 8 months out of a year's wages goes to taxes? Wall Street has done nothing to help themselves because they have the political power to get an easy pass handed to them by congress. And as soon as the "crisis" is over, Wall Street will go back to "business as usual" because no one wants to write legislation regarding reform.
I have a question. How come on Monday when the government was working on the Wall Street Bail Out Bill the market went down 778 points. When the bill was declared dead and did not pass on tuesday the stock market went up 485 points. Today the government is messing around with this bill again and the market is currently down 26 points and has been down all day. Now it is the day after the vote and the DJI Futures are off by 45 points and it is 5:36 in the morning. Do you think the market is trying to tell the Feds something, and the feds cant see it?
The calls to the feds by the people were aginst the bill. The Crongress went aginst the will of the people. I will bet you that when December rolls around you will see more Doom and Gloom in the market place. I think it is to time RE-ELECT NO ONE >>>>>>>VIVA THE REVOLUTION!
Hello...aren't these senators suppose to actually represent the people??? The majority of taxpayers oppose this but do the senators listen? So, congress is filled with fear and follow each other like sheep. The common taxpayer is concerned but not afraid...as for me I will not allow people in politics to shove propaganda down my throat to try to make me scared. Think this $700 billion will solve the financial problem...I don't think so. It will make it worse.
I know two GA senators who won't be getting a vote from me, I'll actually fund a campaign against them for this. YES! Take the taxpayers money and bail out Wall Street to make sure the people responsible get rich by their "golden parachutes" while those who work and strive to pay their bills and repay mortgages get nothing out of this. Something that is only a temporary fix...just like putting a wad of chewing gum on a leaky pipe. Eventually, the pipe will wear down and the gum will not be able to stop the force of the water as it gushes out.
Unbelieveable!
How can anyone be happy this has passed? Debt, debt, more debt to us the tax payer. I was employed at a start-up on Black Monday, October 19, 1987 when the market fell a ton. While we did not survive for other reasons, the point is that the market will right itself. It will always do so.
What happened to personal responsibility, and knowing better than to over-extend ones debt. Listening to Sen. Lindsey Graham lie to the extent as to say "ACORN is out ....", but so many other items are now in the Bill..... 3 pages to well over 500 ...... totally unacceptable and the American should be mad as hell and insist this does not pass.
D Gretlein
Escondido, CA 92026
I am glad senate finally passed it.They shouldn't have taken so long. I am a small business owner that has been hurting for the last year. I am now borrowing money to keep my business afloat. I feel that Nancy Pelosi should have been arrested by the President for trying to insite a riot. That was no time to show how childish she is. I am a democrat that is going to change to an independant because of these negotiations.
Thank you Frank Stansbury
PS I didn't get any wooden arrows for my business
Our House and our Senate are both full of America's CONS, Why is it that when they talk about this piece of crap bill that they always start off by saying either the Wall Street, the banks of what ever financial institution and then finally they very briefly mention doing something for the people of this country? If they were or are doing something for the people, then why don't they start off by mentioning the people first?
Secondly, when they have a FIRE DRILL in either the House or the Senate, why is it that they are always RUSHING a bill through rather than take some serious time and work the bill out as they so often do when it's not one of their screw ups in the first place. Why isn't even considered to seek the cause of the problem and repeal any PREVIOUS BILLS or LAWS that created the problem in the first place as this one was clearly caused by former President Bill Clinton. Also, wouldn't it not be more logical to give any new law a fair chance chance to really see (1) that the bill is workable (2) give the bill a chance to see the actual cost of the bill once set in motion (3) add a specific clause in the bill that simply states something to the effect that there will not be any loop holes of any sort in the bill that would cause the bill to do anything other than what is was specifically written out to serve only the intended sector of our society in which it was planned to target. (4) Give the President "Line Item Veto power" so as to prevent the lawmakers from having the opportunity to add trashy bills to other bills that has nothing to do with the subject that they are trying to pass. Create a new law so as to prevent any lobbyist from getting any benefit from any law.
I also believe that government should also create an official Lawmakers Jury to workout the details of any bills before either the House of the Senate to study and debate all the possibilities of any law before they go to the floor for vote. Each of these Jurors will have minimal qualification before ever being placed on the Jury.
At least senators are trying to put out fire before the whole house is gone, better than those house reps who only care about get re-elected, watching the house burned down with their NO vote
What a waste of 700 billion, in a few weeks, a month they'll be back for more, even bigger problem. Wait until the TRILLIONS in bad CDS's (credit default swaps) start to unravel.
The Fed is the original GSE, a private monopoly, now rotten to the core, with an out of touch professor at the helm. Congress today destroyed any chance of retirees having a life!! $700B + 630B (european central banks) + 200B (fannie&Freddie) + 85B (AIG) + Bear Stearns + ? $$$ open loans from the discount window. (1.7 trillion)
Approx. 2 TRILLION new hot printed paper - with more coming, Conress just created "HELLO INFLATION", but sucks we'll all make $200,000/yr, drive $90,000 cars. Of course gas will cost $25, etc and life won't be quite as good as today BUT ..... the POOR RETIREE will still be getting his FIXED PENSION BENEFIT - that $2-$3,000 a month doesn't even make it now - WOW the future looks bright.
Instead of letting the market naturally correct, and letting a lot of air out because it WAS OVER INFLATED, now Congress in it's rush to do SOMETHING (the correct medicine was to do nothing - has amputated the wrong limb - Congress can say the surgery was a SUCCESS - UNFORTUNATELY THE PATIENT DIED!!
J.C. Weydert
Stockton, California
If it contains the same provisions to bail out the banks then it is a MISTAKE! The middle class has to dig deep to pay our taxes and it is demoralizing to see the fat cats run for the bushes clutching their loot. We are still up to date, barely, but a lot of the folks out here in "fly over" country are not. When we count our pennies at the end of the month the thought comes to mind that our government only cares about us when they need us to fight and die for their interests. One wonders where the limp wristed liberals will be when the balloon goes up again.
This problem started in the late 90's when President Clinton pushed Fannie Mae and Freddie Mac to make home mortgages available to hundreds of thousands of people that were not going to be able to pay them once the teaser rates expired. I just read over 300 of the 451 pages in this bill. There was a link to a pdf file of the bill here on the Fox Business News site earlier this evening. I hope that link can be put back up on this page so others can read all of the tax deals packed into this bill. And how about that $50 million included in this bill to pay someone to keep tabs on the Secretary of the Treasurey as he spends the $700 Billion!
Cal Zethmayr
Crestview, Florida
When will it all stop? I want all those fat cats to sit in their own pile and have to claw their way up and out without a hand up and see how it feels.
But NO, the poor get poorer and the rich get a hand...I say send the SOB's to jail and make them pay the federal government for their keep so not to burden us, the TAX PAYERS anymore than we have been!!
YOU ARE WELCOME...!!
Now I also think the government should take a pay cut.
I think everyone needs a dose of reality, CONGRESS decides financial spending not the president. Currently we have a whole bunch of thieves working in that area, when did the passage of this bill take place.(Thieves in the night) Our country is broke--I am ready for them to get unemployment benefits only and have no job we can't afford their salaries, many houses, and other benefits. They get there salary increases that they voted for themselves, and no one can stop them. It is past time for a whole bunch of them to spend the rest of there lives in JAIL.
Wall Street makes 2% selling debt and another 2% buying debt. This crisis is mainly on Wall Street and the fees from $700 Billion will prevent "Paulson's People" from losing their jobs! Just do the math!
There is no shortage of cash. The banks still have as much as they did a month ago. The difference is they are now holding onto it so they can buy out the those with who the market's lose confidence. When Citi bought Wacovia, Wacovia had $800 Billion in assets Only 15% ($122 Billion) was distressed. So they purchased $678 Billion in assets for $2 Billion - sounds like a good deal to me!
The solutions is to start with the basic problem and address greed at all levels. (1) Reinstate the Usury Laws. (12% commercial, 18% Revolving Credit). Take these ARM's and force them to be either Fixed or Prime Plus 1%. When the lender raises the interest rate, he controls a self-fulfilling prophecy and can force anyone into foreclosure or bankruptcy. Fix the rates, and more people will be able to wait out the real estate correction cycle and pay the mortgage. "Financial Geniuses" who say, if the house is worth less than you owe, just turn the keys over to the lender are criminals. Virtually everyone who purchases an automobile is "upside down" for a while but people avoid the "repo guy"/foreclosure. This is a mindset!
Next, the financial companies that need bailout. Issue government insured Debentures which pay 7% interest. 20 years ago, a group did that for Edison Company to overcome a 3 billion dollar problem. Once released to wall street, it was over subscribed by a factor of 10 within 30 minutes! The Feds didn't allow it to be done again because there was no "juice" for the politicians or Wall Street aristocracy.
The designer of that program is 60 and still available in California if someone wants to talk to him.
I operate a small company in Ohio.
I'm still against the bailout, as are most of all Americans from what I understand.
I am also outraged with the fact that votes for this bill are bought with tagged on proposals.If this bill was so important why all the add ons to make it pass? Does it take bribes to pass such a needed bill to rescue our country?
The proposed $700 billion will end up being a down payment on a very expensive party for Wall Street with no return for the Tax Payer. It won't work.
Why should we the taxpayers be the safety net to bail out corrupt CEO's and greedy companies that fail?
It is wrong for our elected official, to ask us U.S. tax payers to carry the cost of this bill.
Thank you,
Scott Miller
One of my senators Max Baucus from MT voted for this. He is up for reelection. I will not vote for him and I will campaign agaisnt him. Dave Ramsey is right on when he says that these guys became so arrogant that they won't listen to their voters. I am sick and tired of Washington thinking they know what is best. Dave Ramsey rocks!
Pretty disappointed to find out both senators from Missouri voted for it right along with Boxer, Reid, Obama and Clinton.
A clear cut abuse of power to vote for something the American people said not to.
I say fire the treacherous traitors!
This is an 850 BILLION dollar transfer of money from the tax payer to the wealthy of America. I’ am sure that a large amount will enter the pockets of our money stealing senators and representatives.
Did you know that my and your grandchildren will be paying for this until they are 65 years old?
WE are stealing the life blood of our grandchildren, what a disgrace!
Congress needs to get us back on track and the vote by the Senate is the first step. When the House does its job then it will be the voters turn. Voters need to replace those in Congress who place their own interests before their constituents as well as those who have been "asleep at the switch". As a matter of fact limiting congressional terms no more than two consecutive terms would help to ensure no one becomes too entrenched, complacent and beholden to special interests.
Both of my senators voted for the bail out bill. I will now start working for their removal from office. I am going to become a political activist and I will not vote for either of them... the next time they stand for election..
The congress is supposed to represent the people..and they do not. And I will not vote for McCain or Obama when they stand for election in a few weeks..I see neither of them voted for or against the bail out bill..They both said they were for the bail out bill and yet did not go on record. Looks like they both lie...
I just can not believe this,, and I am very saddened and disspointed.
This bailout plan wasn't merely a bailout of the housing/finacial markets, it was a bailout of corrupt leadership from both the legislative and exective branches of what used to be a government of the people, for the people and by the people. How do we expect politicians who caused and facilitated this problem to fix it? I know, bribe us with more of our tax money that we don't have, write more legislation that won't work and continue to give unqualified borrowers more money to buy houses they can't afford. I wonder if Mr. T likes the way this plan came together? How can we give a non-elected official (Treasury Secretary Paulson) this much power. This plan doesn't limit his power, his power doesn't expire, it's carried over to the next Secretary (which will likely be Franklin Raines if Obama is elected and he stole over $100 million from Fanny Mae as the CEO by cooking the books like Enron but on a larger scale). Why does this plan not call for the investigation into the corruption that caused this problem? I know, that will be in the next $700 billion bailout because they'll say the first one wasn't enough. Oh, wait, they won't have to ask us for more money because Paulson has the power to increase it at his will. Welcome to the new Socialist Republic of America.
Our Georgia Senators sold us out. Lets hope the House exhibits some fortitude and remembers who they represent. I've already emailed my Senators and let them know the people of Georgia will remember today.
This vote is a disgrace. Congress should be ashamed of themselves. Voters need to wake up and vote the bums out of there. How come the sacrifices never come from their perks, bonuses and payroll. Why don't they give back their campaign "contributions" - translation pay offs back to be used against this debt. This is a bad bill and the taxpayers get the shaft again. Vote the bums out!!!!
This is disgusting! It had nothing to do with the constituents! It has always been about themselves. All the ayes need to be voted OUT OF OFFICE!!!
Sioux Falls, SD
Congress started this fire, fanned it, tossed on a gallon of gas and then, just before it burned the whole neighborhood, showed up to put out their fire. Arsonists!!!
How dare they pat themselves on their backs!
Rich White
Reynoldsburg, Ohio 43068
Sheri P
I believe that it's time for everyone to start being accountable for their financial well-being from our public servants in Government on down to the "man under the bridge". I am absolutely outraged over this "$800 billion + roll of wallpaper that was put over a huge crack in the structural wall of our economy" piece of garbage that was passed by the Senate, and all of the PORK that was added to it! Our family, like many others will be at risk of losing our jobs and a large portion of the assets that we have accumulated as a result of our HARD WORK and our personal FISCAL RESPONSIBILITY, however, there has to be a price to be paid to get this great country back on track and we are willing to pay our share! We were not born with "silver spoons" in our mouths and will be able to again adjust to having nothing if that is what it takes. And to the media who believes that the general public that are against this "bailout" are idiots; I think they should reassess what is going on here...maybe they are the idiots!
Exiquio
Mexico succeeded in a similar case (FOBAPROA) The bank bailout is nothing more than to benefit the most powerful property with money from people (taxes) ... Now you see banks of Mexico, controlled by foreigners, and the worst thing is that we do not benefit at all. This is only a step to take possession of all this Mr George Bush and company
William Richardson
I think we need to follow some real financial experts like Dave Ramsey. He had the following excellent common sense plan to get us out of the mess the very people who are trying to fix it got us into. The yes's will not get my vote no matter what party they claim. Dave Ramsey said --- "Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps: Common Sense Plan. I. INSURANCE A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity. B. In order for a company to accept the government-backed insurance, they must do two things: 1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage. a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes. b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while working with the borrower—again limiting foreclosures and ruined lives. 2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs. C. This backstop will cost less than $50 billion—a small fraction of the current proposal. II. MARK TO MARKET A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate. B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing. III. CAPITAL GAINS TAX A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing. B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to stand up, speak out, and fix this mess."
James Houck
I am with all of you. I had it with this mess! I wrote and called both senators from Texas and when I see a Y next to their names just really fired me up! I am going to work hard to get them out of office because they are supposed to represent the people not chain the people down with tax money from the hard working. All of congress and the senate should be investigated. I would like to know all their personal investments and real estate dealings because how can you honestly say the majority of the public has it wrong and the bozo's on capital hill who got us in this mess have it right? I am a ticked off Texan!
Mary Walston
Sell out!! God save our country. The Legislature was crafted to make laws, not to establish businesses. An ATROCIOUS precedent has been set!! Through Acorn, a Democratic Party orginization, people with low incomes were allowed to purchase above their means. Why not just give them homes,food, Health insurance etc. Democratt Platform=Work zero hours hours get paid for 40. Republicans=Work for what you get. The chickens have come home to roost, and the American people are knee deep in the end result. Mary Walston Greendale Indiana 47025
Rod Mathewson
I still believe they all should have voted it down. Taxpayers have bailed out to many of these companies and banks because of their greed. Now it is expected for the taxpayers to foot the bill once again. And of course there is nothing to say that all this money will even do any good. Rod Balad, Iraq
Kenneth Johnson
Good Morning, I want to personally thank you for making my decision for your re-election easier. With your yes vote for the Economy Bailout for Wall Street shows me that you are not in touch with Main Street America. I have decided that when you come up for re-election that I will NOT be voting for you. I have decided that it is time for a change and our current elected officials have been in office to long, and are only concerned about how much pork they can add to a bill. Why does it matter about Excise Tax on wooden Arrows, Rum, or even an Audit for Carbon Footprint on our taxes that need to be included in the bailout? Why can we not pass a bill that only address and fixes the current issue, and not numerous unrelated issues? Why does the government feel that they do not have to live within their budget when the taxpayer is forced to live within theirs? Why should we bailout those who make stupid mistakes? When small business’s fail because of bad economic times, bad investments, or bad management skills they are left with trying to stabilize and rebuild their business, yet with the banks started to fail because they gave risky loans it’s the Tax Payer that is coming to bail them out. It is now time for the American people to take Personal Responsibility for our actions and to limit the control of government. To stand up and realize that our future is not controlled by the greedy incompetent politicians who seem to be more concerned about Special Interests and Pork Barrel spending then the will of their constituents. It is time for you to go. It is time for Change. It is time that we stand up and say NO MORE! So thank you, a Yes from you on this bill has become a Yes From me for your opponent in the next election.
Lamar Green
Congress is now well on the way to fixing a problem of their own making. Well done! That said, it's time to give pink slips to those up for re-election next month.
Paul Deininger
Wow, in a time the Democrats want to have a hearing and attack everything Bush does, they haven't mentioned once having a hearing on the cause of this big crisis! I think that really shows who is really to blame for the shape of the economy. Yet they still wag there finger and point to Bush.... America needs to understand this, and they need to understand this fast before we really become a failing socialist country...
Jeff Wimmer
I couldn't agree with Rich's comments above more. They caused this mess, and knowing that, continue to say that now isn't the time to assign blame. Of course not, they would have to point the fingers back at themselves. This is sick. I'm mad as hell, and I'm glad both of my Senators voted NO, and I wish the Senate had the cojones to vote this bill down like the house did. They even had the gaul to add over $100 Million in more pork because they saw an opportunity to do so? I want the House to vote this bill down and look at alternatives. There are many, but they are feeling the heat to get something done now. It shouldn't have got to the "need this immediately" stage. Fix the root problem. I don't want our government holding someones bad mortgate paper. Insurance is a better alternative. Are the members of both houses of congress STILL so hard headed and filled with greed they won't consider level headed alternatives like those posed by Dave Ramsey? I think 525 new members of both houses would send the right message. Vote out incumbent members of both the House and the Senate. THAT will get someone's attention. Jeff Wimmer Biloxi, Mississippi
Anne
The Georgia Senators voted for the bill so I will help vote them OUT of office next chance I get hope it was worth it for them.
Phil Kubat
It is worst than Rich White states. There are members of the House that need to resign because of their involvement with ACORN and pressuring the banks to give out loans to those who could not afford to pay them back. Barney Frank, Congressman, and Senator Dodd need to resign immediately. Senator Obama, in addition to resigning from the Senate also needs to resign from running for president. This is only a start of those who need to be investigated. President Bush immediately needs to form a committee and begin investigations.
Aaron
This is a sad day for our Constitution. Government is no longer for the People but against the People. Unfortunately, the People seem to vote these bureaucrats in with each election. Read the words of history of what our forefathers said about Government and what's happening today. George Washington and others warned of the Constitution being usurped by formalities. They can't over throw the Constitution directly so they do it through the powers they have been granted by the Constitution. This bailout, in the end, will only encourage bad behavior and probably will ignite the bad train wreck that is waiting. There will be a price much larger than $700 billion to pay. Of course, the Fed already dumped over $600 billion into the credit market this week, so this is all farcical. The markets need to correct themselves through pains than to have the Government grow itself beyond our control. These financial institutes need to go bankrupt and pay what's due. People will lose jobs but we always rebuild. We are all on borrowed time and money. There is too much debt and spending of what we don't have. Hard times teaches discipline and control but our leaders are not willing to do what's right and hard in the end. They are cowards who only fear and throw the flames of fear into us. If our Congress were serious in their pursuits of justice, they would cut spending and shrink themselves and not lob bad money for solvency. If Americans don't use the power of the vote to weed out enemies of the Constitution, then we will deserve the unfortunate fate that awaits us in the shadow of our Fatten Government.
Tom Scheidler
1) Why are we leaving so much power in one man's hands (Secretery of the Treasury), who is not even an elected official? What kind of oversight is included for him? 2) I want to know who had the nerve to add the pork to this bill. Is it true that the bill is now essentially $850 billion? Even if not that much, whoever added the earmarks was essentially blackmailing the taxpayers.
michael S.
Somebody tell these yahoos that you cant save a drowning victim by rendering C.P.R. while the victim is still in the pool. housing is going to continue to fall and people are going to continue to lose them. but, hey we saved the bankers! see you in six months when we are doing this again. Michael S. Stockton, CA
Carl Spry
Correction to my previous post first sentence. (How can only 25 people out of ninety nine “learned” folks get this right?). Carl
Carl Spry
How can only 25 people out of ninety nine "learned" folks get this wrong? Congress is primarily responsible for us getting to this point and now they are apologizing to us by making us pay for it. If you voted yes and you wanted my vote when your term is up...you have lost it. Carl North Myrtle Beach, SC
CC
only 25 courageous senators
Cynthia Daugherty
The list of company's getting a "get out of jail" pass continues to grow! The list of rich and unpunished are nationwide builders, automakers, airlines, and now Wall Street. What is going to happen to the taxpayer when 8 months out of a year's wages goes to taxes? Wall Street has done nothing to help themselves because they have the political power to get an easy pass handed to them by congress. And as soon as the "crisis" is over, Wall Street will go back to "business as usual" because no one wants to write legislation regarding reform.
Joe Mac
I have a question. How come on Monday when the government was working on the Wall Street Bail Out Bill the market went down 778 points. When the bill was declared dead and did not pass on tuesday the stock market went up 485 points. Today the government is messing around with this bill again and the market is currently down 26 points and has been down all day. Now it is the day after the vote and the DJI Futures are off by 45 points and it is 5:36 in the morning. Do you think the market is trying to tell the Feds something, and the feds cant see it? The calls to the feds by the people were aginst the bill. The Crongress went aginst the will of the people. I will bet you that when December rolls around you will see more Doom and Gloom in the market place. I think it is to time RE-ELECT NO ONE >>>>>>>VIVA THE REVOLUTION!
Lance
Hello...aren't these senators suppose to actually represent the people??? The majority of taxpayers oppose this but do the senators listen? So, congress is filled with fear and follow each other like sheep. The common taxpayer is concerned but not afraid...as for me I will not allow people in politics to shove propaganda down my throat to try to make me scared. Think this $700 billion will solve the financial problem...I don't think so. It will make it worse.
Georgia Citizen
I know two GA senators who won't be getting a vote from me, I'll actually fund a campaign against them for this. YES! Take the taxpayers money and bail out Wall Street to make sure the people responsible get rich by their "golden parachutes" while those who work and strive to pay their bills and repay mortgages get nothing out of this. Something that is only a temporary fix...just like putting a wad of chewing gum on a leaky pipe. Eventually, the pipe will wear down and the gum will not be able to stop the force of the water as it gushes out.
David Gretlein
Unbelieveable! How can anyone be happy this has passed? Debt, debt, more debt to us the tax payer. I was employed at a start-up on Black Monday, October 19, 1987 when the market fell a ton. While we did not survive for other reasons, the point is that the market will right itself. It will always do so. What happened to personal responsibility, and knowing better than to over-extend ones debt. Listening to Sen. Lindsey Graham lie to the extent as to say "ACORN is out ....", but so many other items are now in the Bill..... 3 pages to well over 500 ...... totally unacceptable and the American should be mad as hell and insist this does not pass. D Gretlein Escondido, CA 92026
Frank Stansbury
I am glad senate finally passed it.They shouldn't have taken so long. I am a small business owner that has been hurting for the last year. I am now borrowing money to keep my business afloat. I feel that Nancy Pelosi should have been arrested by the President for trying to insite a riot. That was no time to show how childish she is. I am a democrat that is going to change to an independant because of these negotiations. Thank you Frank Stansbury PS I didn't get any wooden arrows for my business
JamesPN
Our House and our Senate are both full of America's CONS, Why is it that when they talk about this piece of crap bill that they always start off by saying either the Wall Street, the banks of what ever financial institution and then finally they very briefly mention doing something for the people of this country? If they were or are doing something for the people, then why don't they start off by mentioning the people first? Secondly, when they have a FIRE DRILL in either the House or the Senate, why is it that they are always RUSHING a bill through rather than take some serious time and work the bill out as they so often do when it's not one of their screw ups in the first place. Why isn't even considered to seek the cause of the problem and repeal any PREVIOUS BILLS or LAWS that created the problem in the first place as this one was clearly caused by former President Bill Clinton. Also, wouldn't it not be more logical to give any new law a fair chance chance to really see (1) that the bill is workable (2) give the bill a chance to see the actual cost of the bill once set in motion (3) add a specific clause in the bill that simply states something to the effect that there will not be any loop holes of any sort in the bill that would cause the bill to do anything other than what is was specifically written out to serve only the intended sector of our society in which it was planned to target. (4) Give the President "Line Item Veto power" so as to prevent the lawmakers from having the opportunity to add trashy bills to other bills that has nothing to do with the subject that they are trying to pass. Create a new law so as to prevent any lobbyist from getting any benefit from any law. I also believe that government should also create an official Lawmakers Jury to workout the details of any bills before either the House of the Senate to study and debate all the possibilities of any law before they go to the floor for vote. Each of these Jurors will have minimal qualification before ever being placed on the Jury.
Bo Liang
At least senators are trying to put out fire before the whole house is gone, better than those house reps who only care about get re-elected, watching the house burned down with their NO vote
J.C. Weydert
What a waste of 700 billion, in a few weeks, a month they'll be back for more, even bigger problem. Wait until the TRILLIONS in bad CDS's (credit default swaps) start to unravel. The Fed is the original GSE, a private monopoly, now rotten to the core, with an out of touch professor at the helm. Congress today destroyed any chance of retirees having a life!! $700B + 630B (european central banks) + 200B (fannie&Freddie) + 85B (AIG) + Bear Stearns + ? $$$ open loans from the discount window. (1.7 trillion) Approx. 2 TRILLION new hot printed paper - with more coming, Conress just created "HELLO INFLATION", but sucks we'll all make $200,000/yr, drive $90,000 cars. Of course gas will cost $25, etc and life won't be quite as good as today BUT ..... the POOR RETIREE will still be getting his FIXED PENSION BENEFIT - that $2-$3,000 a month doesn't even make it now - WOW the future looks bright. Instead of letting the market naturally correct, and letting a lot of air out because it WAS OVER INFLATED, now Congress in it's rush to do SOMETHING (the correct medicine was to do nothing - has amputated the wrong limb - Congress can say the surgery was a SUCCESS - UNFORTUNATELY THE PATIENT DIED!! J.C. Weydert Stockton, California
Monte J Forney USAF(Ret)
If it contains the same provisions to bail out the banks then it is a MISTAKE! The middle class has to dig deep to pay our taxes and it is demoralizing to see the fat cats run for the bushes clutching their loot. We are still up to date, barely, but a lot of the folks out here in "fly over" country are not. When we count our pennies at the end of the month the thought comes to mind that our government only cares about us when they need us to fight and die for their interests. One wonders where the limp wristed liberals will be when the balloon goes up again.
Cal Zethmayr
This problem started in the late 90's when President Clinton pushed Fannie Mae and Freddie Mac to make home mortgages available to hundreds of thousands of people that were not going to be able to pay them once the teaser rates expired. I just read over 300 of the 451 pages in this bill. There was a link to a pdf file of the bill here on the Fox Business News site earlier this evening. I hope that link can be put back up on this page so others can read all of the tax deals packed into this bill. And how about that $50 million included in this bill to pay someone to keep tabs on the Secretary of the Treasurey as he spends the $700 Billion! Cal Zethmayr Crestview, Florida
Tammy Rolfe
When will it all stop? I want all those fat cats to sit in their own pile and have to claw their way up and out without a hand up and see how it feels. But NO, the poor get poorer and the rich get a hand...I say send the SOB's to jail and make them pay the federal government for their keep so not to burden us, the TAX PAYERS anymore than we have been!! YOU ARE WELCOME...!! Now I also think the government should take a pay cut.
Gail
I think everyone needs a dose of reality, CONGRESS decides financial spending not the president. Currently we have a whole bunch of thieves working in that area, when did the passage of this bill take place.(Thieves in the night) Our country is broke--I am ready for them to get unemployment benefits only and have no job we can't afford their salaries, many houses, and other benefits. They get there salary increases that they voted for themselves, and no one can stop them. It is past time for a whole bunch of them to spend the rest of there lives in JAIL.
Neal Baker
Rich White could have not said it any better. Kudos Rich.
James Giddens
I hope these bastards burn in hell.
D Barry Weir
Wall Street makes 2% selling debt and another 2% buying debt. This crisis is mainly on Wall Street and the fees from $700 Billion will prevent "Paulson's People" from losing their jobs! Just do the math! There is no shortage of cash. The banks still have as much as they did a month ago. The difference is they are now holding onto it so they can buy out the those with who the market's lose confidence. When Citi bought Wacovia, Wacovia had $800 Billion in assets Only 15% ($122 Billion) was distressed. So they purchased $678 Billion in assets for $2 Billion - sounds like a good deal to me! The solutions is to start with the basic problem and address greed at all levels. (1) Reinstate the Usury Laws. (12% commercial, 18% Revolving Credit). Take these ARM's and force them to be either Fixed or Prime Plus 1%. When the lender raises the interest rate, he controls a self-fulfilling prophecy and can force anyone into foreclosure or bankruptcy. Fix the rates, and more people will be able to wait out the real estate correction cycle and pay the mortgage. "Financial Geniuses" who say, if the house is worth less than you owe, just turn the keys over to the lender are criminals. Virtually everyone who purchases an automobile is "upside down" for a while but people avoid the "repo guy"/foreclosure. This is a mindset! Next, the financial companies that need bailout. Issue government insured Debentures which pay 7% interest. 20 years ago, a group did that for Edison Company to overcome a 3 billion dollar problem. Once released to wall street, it was over subscribed by a factor of 10 within 30 minutes! The Feds didn't allow it to be done again because there was no "juice" for the politicians or Wall Street aristocracy. The designer of that program is 60 and still available in California if someone wants to talk to him.
Scott Miller
I operate a small company in Ohio. I'm still against the bailout, as are most of all Americans from what I understand. I am also outraged with the fact that votes for this bill are bought with tagged on proposals.If this bill was so important why all the add ons to make it pass? Does it take bribes to pass such a needed bill to rescue our country? The proposed $700 billion will end up being a down payment on a very expensive party for Wall Street with no return for the Tax Payer. It won't work. Why should we the taxpayers be the safety net to bail out corrupt CEO's and greedy companies that fail? It is wrong for our elected official, to ask us U.S. tax payers to carry the cost of this bill. Thank you, Scott Miller
Jeremy
One of my senators Max Baucus from MT voted for this. He is up for reelection. I will not vote for him and I will campaign agaisnt him. Dave Ramsey is right on when he says that these guys became so arrogant that they won't listen to their voters. I am sick and tired of Washington thinking they know what is best. Dave Ramsey rocks!
Larry
A pox on all of your houses that voted for this pig.
Jeff Kauffman
Pretty disappointed to find out both senators from Missouri voted for it right along with Boxer, Reid, Obama and Clinton. A clear cut abuse of power to vote for something the American people said not to. I say fire the treacherous traitors!
Eric
Senators Lamar Alexander & Bob Corker, I would start looking for a new job.
Jerry Rodgers
My two Arkansas senators will not receive my vote when thay come up for reelection
davo
This is an 850 BILLION dollar transfer of money from the tax payer to the wealthy of America. I’ am sure that a large amount will enter the pockets of our money stealing senators and representatives. Did you know that my and your grandchildren will be paying for this until they are 65 years old? WE are stealing the life blood of our grandchildren, what a disgrace!
Mike Vandenberg
Congress needs to get us back on track and the vote by the Senate is the first step. When the House does its job then it will be the voters turn. Voters need to replace those in Congress who place their own interests before their constituents as well as those who have been "asleep at the switch". As a matter of fact limiting congressional terms no more than two consecutive terms would help to ensure no one becomes too entrenched, complacent and beholden to special interests.
Barney Stanfield
Both of my senators voted for the bail out bill. I will now start working for their removal from office. I am going to become a political activist and I will not vote for either of them... the next time they stand for election.. The congress is supposed to represent the people..and they do not. And I will not vote for McCain or Obama when they stand for election in a few weeks..I see neither of them voted for or against the bail out bill..They both said they were for the bail out bill and yet did not go on record. Looks like they both lie... I just can not believe this,, and I am very saddened and disspointed.
Dave B.
This bailout plan wasn't merely a bailout of the housing/finacial markets, it was a bailout of corrupt leadership from both the legislative and exective branches of what used to be a government of the people, for the people and by the people. How do we expect politicians who caused and facilitated this problem to fix it? I know, bribe us with more of our tax money that we don't have, write more legislation that won't work and continue to give unqualified borrowers more money to buy houses they can't afford. I wonder if Mr. T likes the way this plan came together? How can we give a non-elected official (Treasury Secretary Paulson) this much power. This plan doesn't limit his power, his power doesn't expire, it's carried over to the next Secretary (which will likely be Franklin Raines if Obama is elected and he stole over $100 million from Fanny Mae as the CEO by cooking the books like Enron but on a larger scale). Why does this plan not call for the investigation into the corruption that caused this problem? I know, that will be in the next $700 billion bailout because they'll say the first one wasn't enough. Oh, wait, they won't have to ask us for more money because Paulson has the power to increase it at his will. Welcome to the new Socialist Republic of America.
Cheyenne
Our Georgia Senators sold us out. Lets hope the House exhibits some fortitude and remembers who they represent. I've already emailed my Senators and let them know the people of Georgia will remember today.
Catherine Hale
This vote is a disgrace. Congress should be ashamed of themselves. Voters need to wake up and vote the bums out of there. How come the sacrifices never come from their perks, bonuses and payroll. Why don't they give back their campaign "contributions" - translation pay offs back to be used against this debt. This is a bad bill and the taxpayers get the shaft again. Vote the bums out!!!!
Barbara
This is disgusting! It had nothing to do with the constituents! It has always been about themselves. All the ayes need to be voted OUT OF OFFICE!!! Sioux Falls, SD
Rich White
Congress started this fire, fanned it, tossed on a gallon of gas and then, just before it burned the whole neighborhood, showed up to put out their fire. Arsonists!!! How dare they pat themselves on their backs! Rich White Reynoldsburg, Ohio 43068