House Reject Bailout 228-205 What Will Happen If No Bailout Happens?
59Republicans Vote 2-1 Against Bailout
Well, the House has voted down the bailout.Dow drops over 120 points since announcement. Busch and White House 'very disappointed'. What now? How will this effect our economy? Seems some of us Americans who still use our voices are calling our elected officials and they are actually listening. Thank God we live in a Country where we have that freedom. Now, what is your opinion? Is this good that they voted it down? Are they wrong? How do you feel?
UPDATE: DOW continues to fall. Down by 748 points since the announcement of the bailout failing to pass in the House. The price of oil has been falling since then. How do these 2 facts effect us? I just saw an interview saying that it is good for the average US citizen. That it will help us since it didn't pass. Were they right?
PrintShare it! — Rate it: up down flag this hub
Comments
wandererh, As always, I appreciate you reading my hub and commenting. You are so right about the unchartered waters. Good wording by the way. It seems they are also having a hard time in finding the right answer for us. Looks like about everyone is mad at everyone up there on the hill. I'm proud so many people are calling in and making their voices heard. Please come back!
I think it, for the present time, is a bad decision to not go through with the bailout. It is going to affect the lives of several thousands of Americans if their lender goes under because of the "short-sightedness" of a few politicians. It should have been their obligation to save the "American Way" (of Life) to pass this bailout. I feel for the families that this is going to effect.
Now the shockwaves are going to be felt on American soil, and eventually will be felt worldwide.
Shame on the House! Shame! They don't realize what they have done now ...
I don;t think it will hurt us that they didn't pass it. In fact, I am glad that it didn't pass. From what I have been able to gather on the bailout, the government would be securing mortages and such that those companies once held. It seems to me that it is against the law in the US to hold property in that way. Even if that is wrong, who would take over the copmpanies to try and get them back on their feet? The same people who robbed them and drove them into the ground? I think there should be a DNR on them.
If they were to take over my mortgage say, how much say so would they have in my life and how I conduct my life? I do know one thing for sure, I am glad I don't have a mortgage on my house.
The MLMTeam, Welcome. It's nice to meet you. Thank you for taking your time to read my hub. I just saw part the Repubs talk about the situation. They are laying the blame at the feet of Pelosi. This is such a huge huge thing either way it goes. I hope they end up making the right decision for all of us. I listened to Dave Ramsey last night and he was saying kind of what you did, in that, Americans will feel it if something is not done to help this situation. Again, thank you for coming by and commenting. Please come back anytime.
SirDent, DNR as in 'do not resussitate'? LOL I haven't seen that term since I worked at the hospital. It's hard for so many to see how the government should reward those huge companies who made such horrible decisions and give them more money to make the same ones again. That scares people. I agree, I'm so thankful we don't owe on our house. It's not a mansion by any means, in fact, it's kinda small compared to many, but we own it lock, stock and barrell. I think all of this goes back to 1999, when the president in office made the decision to change the laws that banks and insurance companies be kept seperate. He changed that, now look what we have on our hands. Scary! You know you are always welcome here and I always look forward to your comments. Good point about the government being involved in our personal business. I don't want it and I don't think those who think they think it's good do either. They claim that would be protection, but that's not true. We would then be trying to protect ourselves from our own government. A place I never want to have to be in. But, to quote Charlton Heston, 'You can have it when you pry it from my cold dead hands.' I cringe to think it could come to that. Good statement about the governemnt.
Just imagine if the goevernment was to get hold of your property. Next would be all your money. While they wave the deed to your house before you they say, if you take this mark we will give your house back and your debt will be cleared. We will give you so much money to get back on your feet and a job, but as we said, you must first be marked so we can keep track of you.
Ok, that's not scary, that is terrifying!!!! Do you see this as the beginning of the end?
Hi allshookup, I'm back. I don't really know what you mean by this being the beginning of the end, but I think historians will look back at this period (maybe even the rejection of the bailout) as the turning point in which the US lost to China as the world's economic superpower.
Just my opinion - I don't have anything to back that up.
I am very happy the vote failed. There is NO provision in our Constitution for such a bailout. Every such action is a move towards socialism, which has failed every time it has been tried. This topic will be the subject of my next newspaper column, http://laplantesrants.blogspot.com (not published until Thursday), as I put a more personal and local spin on the actual dollar amounts involved for the home town readers. I actually wrote it prior to the vote and had to go back and edit the column after the vote. You can get it on my hub, though, since I publish those at will.
wandererh. Welcome back! I agree in the fact that we are making China rich. Since the free trade agreement, we have lost so much. I still don't know why he did that. It was horrible for our country. My small town has almost shut down due to all of the jobs going to Mexico and China and elsewhere. Our county relied so much on factories and we have lost all but 2 now. And they are in danger of shutting down now. People here have to drive sometimes over an hour 1 way to work. This is not due to traffic like in big cities, this it because work is so far away. It's sad and disheartening. I'm glad you brought up China since they are really part of all of this. Thank you for that and for all of your comments! And I don't feel what you said is opinoin, I feel it's fact.
troylaplante, Welcome. Nice to meet you. I know a lot of feel just like you do. We are in a huge mess and it doesn't need to be made bigger. I wonder if I mess up my finances, will they bail me out? Anything that leads toward the government taking more of a role in my life, I am against. Socialism can sneak in in the form of 'protecting' us. We really need to keep our eyes open when any part of the government tries to take more of a role in our lives. I do not want to live in another Russia or China. But I know that it could happen. I feel that is why this election is so important. And also why this bailout thing could have a huge impact on us if not done correctly. Thank you so much for your time in reading my hub and commenting. I look forward to reading your blog. Please feel free to come back anytime.
I generally agree that it stinks of socialism when the US government steps in to rescue a failing company, but the bailout does have its purposes.
Without the bailout, what is going to happen is that the $700 billion in bad debt will come to light in the coming months. You will see $100 billion next week, and another $100 billion the week after, and another $100 billion 2 months later and so on. This is bad for the financial marlets and confidence in general.
With the bailout, you take all the bad news at once. The markets will adjust accordingly and confidence will be restored.
If I was an investor, I would prefer the bailout to have happened.
What would have happened if the bailout went through?
If they would have authorized the bailout, it should have also been agreed that any of these CEOs of failing institutions be *NOT* compensated with any buy-out packages.
They failed in their capacity to do their job properly, and should not be "rewarded" for their falure. If we got fired tomorrow from our job, would we be given a "severance" for incompentency? Methinkst not. That's just adding to the overburden.
It's just saying that it's okay that they screwed it up, and they can move on to screw up another company.
The buck has to stop somewhere! I think that I brougt up an interesting question, didn't I?
wandererh, welcome back! So, what you're saying is that you feel that we are going to bail them out one way or another? That in some way the government will find a way to take the money and get those companies out of trouble? I saw on FOX News that many investors have sold everything they have and that's why I just added an update on the hub. It's made the DOW drop fast. Some are blaming Obama for not rallying the Dems to get it done, while McCain rallied the Repubs and got them there to vote and get something done. What do you think?
TheMLMTeam, welcome back! Yes, you have brought up a great question. I agree with you. If it passes, those who made the mistakes should not have anything to do with those companies again. If they do, we could be facing this again, but at a larger scale. I wonder what was in the final draft about how much those people can be involved in it. Do you know? And no, if my husband were fired tomorrow, we would not expect money for it. Odd how those people do. It's almost like they aren't living in the real world with the rest of us.
What would have happened if the bailout went through?
If they would have authorized the bailout, it should have also been agreed that any of these CEOs of failing institutions be *NOT* compensated with any buy-out packages.
They failed in their capacity to do their job properly, and should not be "rewarded" for their falure. If we got fired tomorrow from our job, would we be given a "severance" for incompentency? Methinkst not. That's just adding to the overburden.
It's just saying that it's okay that they screwed up, and they can move on to screw up another company.
The buck has to stop somewhere! I think that I brougt up an interesting question, didn't I?
I think the situation has progressed to a point in which it is no longer about a company failing and the US government bailing it out. If that is the case, then the company should definitely be allowed to fail.
I think it is about restoring confidence and getting things running normally again. Right now, fear is gripping the markets. And it is not only affecting the financial markets but the wider economy as well. And this is not only in the US but the rest of the world as well.
If this continues, more and more people will just take their money out of the bank and keep it under their pillow. They will not invest it, or spend it, or use it to start a business. This is very bad for the world economy.
If this actually happens, it could "cost" the US taxpayers more than the $700 billion bailout package. In fact, just today, more than $1 trillion has been wiped off the value of stocks.
Just my 2 cents. What do you guys think?
wandererh, I agree, people are dropping all of their investments quickly due to fear. I have seen both sides speak on this. From what they are saying, it is because so many Americans have called in and told their elected officials to vote against it. So, do you think that the American people just didn't understand it and that's why they wanted it voted down? They just said that the DOW is down 777 points since the vote. Do you think that Americans didn't understand the impact of the whole situation?
I understand what you're saying Wandererh. I do have a question though. How much is one million dollars worth these days? Lets take a look at a possible future event.
Everyone runs on their bank and removes all their money. Banks go bankrupt and now there are no banks left. The government is broke and at a standstill. Gold does not back the currency of the US anymore. In fact, nothing backs it really, except the federal government.
Congress decides to make all US currency void. They sell out to the UN or NATO and join the EU. What good is million dollars at that time then?
UGH! I hate to even see those initials UN, NATO, EU. It would be a way to bring us to a one world currency.
Yes it would Allshookup. The world is heading that way already. There are just a few more things that need to be done.
SirDent, I guess we could look at that 2 ways. That means we'll be going home soon, positive on that side. What we have to go through before it happens, negative on that side. I have a friend in Phoenix, he said that there's a machine at some of the major stores that you can scan your fingerprint to buy things. I was in shock. I had never heard of it here. But we are in the sticks in hickville. So, I guess that's why it's not here yet. It's coming.
Jesus said we will go through tribulations. But guess what!! God said that he is in the whirlwind and the storm. :D
Glory to God forevemore \o/
Very true! He is our consolation. The one comfort we have and the one comfort we need. And it looks like a huge storm is on the horizon. I'm glad we have Storm Insurance!
This problem is like a raw oyster - the more you chew on it, the bigger it gets. While Bulls make money, Bears also make money but hogs get slaughtered. Greed has driven this problem to the brink, and we can thank ex-President Clinton for signing the bill that started the slide. But, this is the greatest country in the world, populated by the greatest, most resourceful people in the world. This too shall pass.
cegainesjr, Welcome! Love that southern theology. But you're right on target. Clinton sold us down the river in 1999 when he changed that law that seperated the banks and the insurance companies. Now, here we are. I saw on TV today where Obama is also involved in all this. One of the banks involved was apparently a cash cow for some people. And I wholeheartedly agree that this is the greatest country in the world. Couldn't have said it better myself. I hope you come by any of my hubs and comment. You are always welcome. If you have any leftovers, send them south!!! I'll be waiting! Thanks for taking your time to read my hub and comment! I appreciate it!
I lost at least 6,000 dollars today from my retirment fund
Wall sTreet is a gamble but that's where my annuity invested my money.
Someone should go to jail not get a golden parachute. In my opinion this whole thing was rigged several months ago and the credit crisis is nothing more than a way to scam the government.
pacwriter, Welcome! I'm so sorry for your loss. I read you hub on this, it was very good. That's a whole whole lot of money. I'm sure they all knew it was coming but we were kept in the dark about most of it. I hope our elected officials wake up. I went to see how my elected officials voted. All but 1 from my state voted NO on the bailout. The DOW has dropped almost 800 points in a matter of hours. Oil prices are dropping though. I wonder where this will leave all of us. I just heard that China told the White House earlier today they are cutting our water off. No more money from them. Maybe now we will become more self-sufficient. Again, I'm sorry for your loss. Thank you for taking your time to read my hub and comment, I know today can't be easy for you. My prayers to you and your family. Please come back anytime.
Allshookup;
I, too, am sad for the individual investors that lost money. However, that may just be a paper loss when the market rebounds.
I am thrilled to see that the bill was defeated, but I fear that it will just be passed in a few days. It looks like more puppeteering in our leaders. This is about building a monarchy for the President. Thankfully, this time, the people had had enough, and they screamed "no". The question is if they will continue to scream "no". We told Congress what to do, and we should always tell Congress what to do. That's America.
I just cannot believe that the fat cats will be made to pay for screwing up so bad. Americans do not want these jerks bailed out. That is fantastic that Americans are so vocal about this. It is the wrong thing to do to make our great grandchildren pay for our mismanagement of our economy. I have heard that the $700B is more like $1.5T - more than twice the amount. American has spoken, and we need to take America back.
Let me assure all of you, who question this, that the best way to deal with this is to stand firm and not allow this bailout. It will kill us. I have read many opinions here that are not real, but belief in twisted rhetoric to approve this theft of our money. Nothing will be hurt by this bailout dying a hard death. All the losers in this will be replaced by other firms, who will know better. However, we will win by not eating all their losses with our tax dollars.
Allshookup, you were not willing to flatter FDR. He championed the rewriting of our economy by revoking the gold standard, too. I am sure that even he never envisioned that Americans would allow things to get this far out of hand. I am proud to be an American today, and I hope to continue to say that as this stinking bailout is defeated.
By the way, this market fall today was just a show. I cannot see too many individual investors selling off at these prices. This was institutions selling. All this does is make the losers on Wall St eat their losses. I eat mine when I mess up, and so do you. That is the American way.
Thanks for puttting this together, Allshookup.
VP, I know that he did some good things. I think I posted on your hub to Ben that I realized that he did do this for America and it was the right thing. I know he did good things. I just hate he helped take the Bible out of school. The country has gone downhill morally since. You can't take God out of anything and expect it to succeed. Sadly, Bill Clinton changed that law in 1999 that FDR made. Now look at us. We are in trouble because of it. I just saw Bill O'reilly say that he lost so much today, he won't have to pay taxes for 3 years. Obama wants to tax the rich Americans and the capital gain. Well, what is he gonna tax now? He don't have much left to tax. I wonder now who he'll try to tax. All but one of our elected officials voted no on the bailout. My husband told me he was actually proud of some of the people from our state he had never been proud of before. My friend's husband is a Dem, he voted no. Hubby was ready to call him up if he didn't.
I kind of agree with VP. After a few earmarks are attached and everyone gets what they think is their fair share, then it will pass.
More pork everyone?
I am just amazed that this is even being considered frankly. I do not say that in the context of this thread. This is just my feelings. The lack of a bailout only makes a temporary difficulty in getting loans and a short term market pullback. I do not see it hurting anything else, except a few firms that employ very few poeple. If this was GM or Microsoft, that would be another thing. However, GM fell to $8 a share from $40 a share. That really does scare me. They were the largest company in the world a few years ago. Humongous job losses have accompanied that drop. That does hurt America.
Well, obviously, loans were too easy to get. That is why housing went crazy, then tanked. that happened a year ago. Nothing is new there. The market already tumbled, so nothing is new there.
All this is is a way to pay back the good ole boys. Nothing will change in executive compensation. All the existing contracts can't be changed. that is illegal. So, a few companies cannot hgive away our farms, I mean the farm. that is worth a trillion or so? I can't believe anyone could seriously consider that? This is world record fear mongering at the very best ever.
I feel that if there is any kind of bailout it should be policies and regulation so that the greedy will not be capable of letting this happen again.
Yopu must also remeber that it doesn;t only affect us in the US. It affects the whole world. Even thoiugh many will rejoice if the US does fall into a depression, they will not rejoice long because they will be in it also.
I have been talking with friends and family about the situation today as well (I think it is on everyone's mind). You brought up something about China cutting us off that I had not heard yet. From everything I can research the Free Trade Agreement by Clinton kind of started this snowball rolling years ago. IF they decide to go through with the bail out, are there any bills in the works for bringing work back into the US? We buy so many things and very little of it is actually made here. People who used to work in these industries have lost their jobs over the time since, complete towns are going into depression, jobs are harder and harder to find, the ones that are out there are not paying squat, and now we are seeing the ramifications of that.
Frankly I don't think that either nominee for our new President is able to address what is going on for one simple fact. They are CAREER politicians. This CAREER politician situation gives them all golden parachutes and leaves us with decisions made by who padded their pockets to get there. I am glad and I hope the bill was not passed due to politicians actually listening to what people have to say, but I am not holding my breath that they don't pass it next week or month.
I am thankful for the freedoms we have in this country like being able to write these hubs saying whatever we chose. I just worry as many do that if the government takes over land/loans that they will have WAY too much control over us. Many already allow themselves to be led in their choices by the media (and don't get me started on other groups), we really need to step up as people of this contry and get someone in office who has our interests in mind, not the CEO's or the parties that gave them the money to get into office in the first place.
Curosity question... Does anyone know how much has been spent by Obama/McCain on their campaigns total? Couldn't this money have been donated to a better source than over played commercials, private jets, thousand dollar plate dinners, etc? Have any of them put anything towards the country they want to run?
blogging2, you have to remember that we the American people are just as fault by whom we elect into office now and in the past, and as far as us Americans buying things that are not made here losing our jobs is the fault of the people also, if nobody out there bought non made in the USA products then they would not sell them, but on the flip side many manufacturers here in the U.S won't deal with small business' forcing them to source overseas for products, so on a good note, if a small business is able to prosper selling overseas goods and grow their company they can employ many Americans which could actually create more jobs.
yellow- I understand what you are saying about who was voted in, but it seems like the choices keep getting to be worse and worse. Personally I dislike the idea that my vote should go to the lesser of 2 evils... Of course I live in FL so who knows if my vote will count or not, and we must remember that in the case that "we the American people" vote "incorrectly" there is the electoral college to "fix our mistake."
And while yes you are correct that if people didn't buy non-US made products there would be more products made here, with the NAFTA bill passed (by Clinton literally buying congress I might add), the prices can't be matched by a US company. Other countries have more people and can produce them at a lower cost and it doesn't cost them the extra to come into the states which is what kept it fair (layman's description I know there is more to it), but the fact remains that companies are out to make a profit. Why would they buy from here for more when they can get the same thing from elsewhere cheaper?
As for bussiness propering selling overseas goods isn't that what WalMart is doing? Yes, they are employing many, but many of these used to have significantly higher paying jobs (which is why they bought the homes/cars they had) to be cashier's or greeters at WalMart for minimum wages. My point is just that while I wholeheartedly feel that Bush has been a horrible president, these issues started over 8 years ago.
This is not to get off the bail out issue! I don't think it is a solution, though I do feel for people who have lost so much in the market today. I think that the statement above was true it is not individual investors that caused that but the big dogs who often use computer programs to determine what is going to happen and in turn cause it to happen.
Just was wondering if anything was being done to help the people affected by the loss of their homes etc that is a major part of this problem (one that as another has mentioned Obama was a supporter of the loan industry and it's choices back when it started before Bush with the sub-prime loans which I personally feel had to do with the loss of jobs and income due to NAFTA). There is no way a 700 Billion dollar problem cropped up overnight and I don't think there will be an overnight fix.
Just hope that we can bring some of it back into the US. Sorry this was so long, I will keep future postings shorter I promise!
blogging2, The root of this problem was the mortgage crisis at which while the house was battling it out there was only one itsy bitsy clause in there about the mortgages, so no, they have done nothing for the people that have been affected by the loss of their homes etc.....
Yellow0 Thank you, that was what I was trying to make sure of. Sorry I was a little long winded with it, but the mortgage crisis didn't just happen over night, the loss of jobs, and viable income has contributed to the situation as much if not more so than the loans that preyed on those unfortunate enough to be caught in the situation.
blogging2, The loss of jobs has contributed to it now but it's because of the mortgage crisis and the high oil prices that contributed to the loss of jobs to begin with.
yellow- I disagree, we see that because it is what is going on now, but in talking with my family (they were paying attention when the NAFTA situation occured honestly I was in HS and didn't really care), but that was when the jobs started to go overseas. The oil situation has had it's own ramifications don't get me wrong, but in what I have seen it started with NAFTA and the bailout would be a bandaid on a more serious problem of people still can't afford their homes and jobs are harder to come by. Towns are shutting down, and that did not happen over night or because of oil or mortgages. Personally I see smoke and mirrors when the real problem is people need jobs, not for the government to give 700 billion to people who have already reaped the rewards and cashed out. Just my opinion though!
All things have dawn and dusk, and now we are watching the dusk of debt driven economy. There is nothing one can do really, be this one the president or a bum. The best one can shoot for is prepare himself for the inevitable.
ouch, unfortunately I think you are right Misha... it has been too long comming.
The thing that pisses me off is that the answer my party always gives about solving problems is to "trust the free market" the market will balance out problems. I to some extent buy that as an actual theory. But that's not what happens. The power-brokers let the market work for them when it does, but meddle when it doesn't. If it crashes, it crashes.
I will say, anyone who goes and pulls out all their stocks in a panic only has themselves to blame of that money you stuff under your matress is worthless down the road. Panic is not the answer. In my opinion, a patriot doesn't yank their funds when the market needs them, when the US needs them. Transfer to a company that might do somethign with it, but don't yank your money out from under my feet. You weren't spending it today anyway, so, use your brain, move it if you must, but don't pull it out from beneath your friends and neighbors.
Misha, I like your analogy with dawn and dusk. The parties over. It's time for us all to re-join the real world where if you have the money, then you can get the goods.
Here in the UK, our biggest mortgage lender, the Northern Rock was taken into government hands earlier this year as a result of toxic debt, sticky inter-bank lending etc. We have our own (thankfully smallish) mortgage with them, and so far everything has continued on as before. Since then several other UK banks have been swallowed by larger rivals as their values have dropped, and another big mortgage lender, Bradford & Bingley was taken on by the government this weekend.
In Belgium, Germany and Iceland, similar interventions have had to made by government. The European banks are going down like skittles. My advice to congress is to pick up your burden, swallow the bitter pill, then change sufficient laws to ensure that this debacle never, ever happens again.
I think the most important point to remember is that America was founded on a total distrust of government. We wrote the constitution to keep government out of everyone's business. We as Americans have collectiovely failed to do that. We are to blame for our problems here. Every bailout in the history of America has failed. There have been many, going back to the great depression and stock market crash of 1929.
Economics is a complicated science, like all sciences. Just as the average person should not try to practice chemistry, so the same is sort of true for economics. There are probably 50 key market indicators, and each one is interrelated. Our problem is that America has now implemented a financial system that even knowledgeable economists have no ability to rectify.
The original system of government given to us in America was the most brilliant piece of secular work there is by far. We need to go back to it and get government out of everyone else's business. Americans are entrusted with working together to run our own affairs. This defeat of the bailout from Americans' outrage was the best example I have seen in decades. We must turn up the heat on Congress now or we will have bailout 2, the same as bailout 1 by week's end. I am betting that determined resistance will not happen. The precious paper losses in the market will be returned. As was said, don't blame anyone but yourself if you do not jump out at 11,300 on the Dow.
The day of reconing is coming. Our debt is to China, our manufacturing is pretty much gone, we buy too many foreign goods, Russia and Iran will have most all the oil in twenty years, the housing bubble has burst and our government runs our lives. If this looks like a positive scenario, then invest in stocks. If not, study how Japan kicked our tails within fifty years of the time their were mercilessly destroyed in a war where they thought they were mightier than America. They won a war of peace by outsmarting America. I doubt if anyone even knows how they did it.
It seems like everyone needs to learn how to hunt Jackalopes and other small game animales to survive. I give lessons for a small fee if anyone is interested.
Allshookup, I'm glad the bail-out did not go through. I will be sorry if any form of bail-out happens. It would lead to massive inflation, and it would mean that even people who had their land and homes completely paid off would lose them to property taxes.
MightyHunter, yes, we should all learn to earn our own keep, whether by hunting small or large game, or growing a vegetable garden or picking fruit from our orchard or raising chickens for eggs.
Can you imagine how hard it would be to talk of socializing medicine or any part of our economy if we used commerce sparingly? Income tax is based on the idea that people sell their time to other people and get paid money. If we all found ways to support ourselves, and our commerce with others were something we did only for luxuries, not necessities, what would they tax?
Aya and Mighty Hunter;
True, indeed. Then we would not be able to have big government. Hmm, that sounds like what our forefathers had in mind. That was terrific for you all to add in that element of a proper economy.
I don't know too much about global economy; it's too vast for me to even attempt to understand it. but I do know that it is all leading to an ultimate climax and that is Armageddon. I would like to share this link >> http://hallindsey.org/ << and suggest that you at least check it out. I certainly don't know the answer to these problems, but I know some one who does.
Come quickly Lord Jesus, come.
I like reading Hal Lindsey's site SecondSamuel. One can always find a lot of good info there.
We just got home. Wow! You all have given me so much to think about. I agree so much with what all of you said about China. We are making them rich and ourselves poor. It was a horrible decision to use them as a bank for the US. Did they not think that they would not eventually want to collect? I think the bail out going through was a great thing. But, like you said, it may go through sometime this week, sadly. We need to be calling in if we feel it doesn't need to be passed. Gas here today is $3.25. That looked good at the pump. I appreaciate and welcome all of you taking your time to vist and read my hub and comment. They are all good and I really appreciate it! Please come back and give us updates on any information you find out. Again, thank you all!
Hi Allshookup: This is really a frightening situation and no one REALLY knows what the result of whichever reaction will be. Bail out or not to bail out. They have uncovered some emails between executives of one of the companies - 2 or 3 years ago - that read, "I hope we are already retired with our golden parachutes when this house of cards falls." (Or something to that effect.) So, they were aware that everything was doomed and a catistrophic collapse was imminent, yet the band played on. They were lining their pockets with zero concern for the masses. Whatever happens, those people should not escape retribution.
Thanks for a venue where this very important matter can be discussed.
Hey Christoph, Thanks for coming by again. Sadly, what you posted doesn't shock me. Although it does sadden me. I wonder how many things us 'common Americans' are really in the dark on. It shows the character of those people who did it. And something should be done to those people who let this happen. I wonder if they could finger every person who had a hand in it, how many on the hill would be in trouble? What do you think?
If they could "finger" everyone? Wow. That would be something. Unfortunately, only a few sacrificial goats are thrown to the wolves while most continue about their business.
You are so right. It's just plain wrong what they do to us. I have been busy all day trying to get people to call their elected officials and voice their opinions. If this bailout goes through, I feel it is a step toward a solicalist government. So, I've been calling everyone I knew of to call. I even called McCain and Obama. Does anyone really want the government owning their house? They can tell you what you can or can't do in it. I'd reather live in a shack that is mine and have freedom that live in a big house and not be free. I'm glad to see your concerned. Means you are a caring American. Thank you for that! We need more who care and not just sit idly as those people you talked about make decisions that effect our lives and the lives of our children and grandchildren. Thanks! :)
blogging2, out where I live the foreclsure crisis hit first then came the massive lay offs.
People here are losing their houses too. And our factories and small businesses are shutting down. Which results in many job losses. Our small town is dying. It's very sad. The jobs starting leaving when Clinton pushed the free trade agreement through. They started leaving and going to Mexico, China, everywhere but here. Now with the economy like it is, that may be the final nail in my town's coffin.
wandererh says:
15 months ago
I will say that we are in uncharted waters. The market have been making unprecedented moves recently and anybody who says that the know what is happening does not know what he is talking about.
As for for Bailout plan, I think it's a matter of damned if you do and damned if you don't. :(