FROM CNN's Jack Cafferty:
The Bush Administration wants Congress to approve that $700 billion bailout package of troubled Wall Street firms… and fast.
President Bush said this morning "the whole world is watching to see if we can act quickly."
But let's remember this is Congress we're talking about.
Senate Democrats want to put their stamp on it and have sent around a plan of their own by way of a counter-proposal from Senate Banking Committee Chair Christopher Dodd.
Democrats are a little worried about protecting homeowners in the future.
They're also concerned about signing over a blank check to the Treasury Department without any clear plan to protect taxpayers.
They want some oversight of the bailout plan.
The government is sailing into uncharted waters, and there are no guarantees whatever they come up with will do the trick.
The idea seems to be that doing nothing would have been disastrous… so doing something is better than that.
As far as how fast they get it done… Congress is scheduled to adjourn for the rest of the year on Friday - and when their vacation is threatened, they sometimes can move fairly quickly.
Let's just hope they can get it right.
Here’s my question to you: What will it take to restore confidence in the U.S. financial system?
Interested to know which ones made it on air?
Confidence in the U.S. economy can only be restored by electing a new president willing to change the disastrous policies of the last 8 years. Trickle down economics and tax cuts for the wealthy have run the economy into the ground.
The first step will be that Congress exercises its duty to the American People by watching the purse strings. Congress has a constitutional duty to get it right. Getting it right will take time. Hours, maybe days. Writing a Blank Check to the Bush Administration takes seconds.
The only things that may restore my confidence in this government are the big business Republicans out of office and seeing the "leaders" of these companies held responsible for the mess they created.
Sherry from Montrose, Iowa writes:
It'd take someone to step up and say "We're sorry. We tried our trickle-down theory, and we were wrong. It doesn't work, and we're going to stop it now". But instead, all that will change is that the Republicans will claim they just did it wrong, or with the wrong person. This time, you bet, it will all work just fine. So vote McCain, and flush the rest away.
If Wall Street wants to be bailed out by the taxpayers, then they have to give us ownership of their companies, cut the pay of CEOs to more reasonable levels, and be more transparent in their dealings. The U.S. Treasury Secretary should not have such unfettered powers as Bush is asking for.
Thom from Negaunee, Michigan writes:
My guess would be about 30 years, a balanced budget, and a totally new Congress.