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September 30, 2008
Posted: 05:00 PM ET
What should be next for the bailout plan?
What should be next for the bailout plan?

FROM CNN’s Jack Cafferty:

Wall Street was looking for something yesterday. As the vote on the bailout package approached, the stock market was hinting that it wanted the package passed. In fact, as the votes were being tallied, the Dow Jones Industrials recovered a large part of a 600 point loss on the hope that the deal was actually going to happen. But when it became clear the bill was going to fail, the Dow registered its biggest drop ever– 777 points.

I don’t pretend to know whether or not a $700 billion bailout package is the answer to what ails our economy. But yesterday for a little while, the markets were hopeful.

And that was good for middle-class Americans. They have stood by and watched their 401(k)s hemorrhage for months. They were also told all weekend by their elected leaders that a rescue plan was on the way. Their elected leaders lied.   Again.   In the end, politics trumped everything else. Nancy Pelosi gave a speech and that angered some house republicans, and bingo, the whole project went right down the toilet.

Now it’s the Jewish holidays and nothing will happen for a couple more days. And once again, the middle class will take it in the shorts because some Washington moron wanted to make a point. They make me tired.

Here’s my question to you: What should be next for the bailout plan?

Interested to know which ones made it on air?

Scott writes:
Nothing. I’m hedged with puts against the Dow, S&P 500, and Nasdaq. “I’m from the government and I’m here to help you.” Has it ever worked before?

Selena writes:
The news all says “Don’t approve the bailout”. The House says “Don’t approve the bailout”. Facebook groups all say “Don’t bail out billionaires”. People are ridiculous. Does nobody understand that if we don’t bail out the stock market, the bottom will fall out of our banking and monetary system and we will all be in a depression? Does nobody understand how the market and economy works?

Hajah writes:
Seriously, Jack, I think it is time to bailout on this bailout plan. Everyone in Washington is trying to push the people into something we don’t want to do. I think that we should just let them fall on their faces, so they can see what it is like to be in the lower or middle class like the rest of us!

Diane from Florida writes:
Next? Flush it down the White House toilet along with the Patriot Act, FISA, Military Commissions Act and the “war” on terror. Toss in the Federal Reserve and we get our country back!

Samir writes:
The next step is this: Scrap the deal and give each American citizen $1 million. It’s not only cheaper and more effective, it will become very obvious who the illegal aliens are– the ones without a new Mercerdes in the driveway.

Cheryl writes:
Credit is what got us in this mess and more credit won’t get us out. As a nation we have to stop living beyond our means, spending more than we earn, and worshipping our “stuff.” No bailout.

Alan writes:
If one lost their thumb, fore-finger, ring finger and little finger, they would be positioned to salute Congress.

Filed under: US Economy


Ryan   September 30th, 2008 1:11 pm ET

I am kinda adopting the attitude Congress has, let’s take a couple days off and get to it later after a mini vacation. What is wrong with these people?>

Tom Veil   September 30th, 2008 1:14 pm ET

How about giving each citizen 1 million dollars. Cheaper than the bail out plan and it will effect everyone in a positive way directly. Promotes spending and consumer confidence. Win - Win.

JoeAlbanyNY   September 30th, 2008 1:14 pm ET

Jack,

The republicans and democrats that voted the bailout down did the right thing. The only people that should be protected under this plan are people who are at risk of loosing their homes and savings, not Wall street exce’s. Gaurantee the mortgage sector, gaurantee indivudal retirement accounts up to one million dollars, gaurantee money market accounts up to a certain limit and make more money available to certain banks. Let the rest be bought out or fail. Let the super rich walk in my shoes for a while then put them in jail where they belong.

Philip from Toronto   September 30th, 2008 1:15 pm ET

Use the bail-out money to support the banks at risk but take majorty shares in every company that is supported by the bail-out, then put a really angry $100,000 a year civil servant administrator in charge of CEO salaries/buyouts/ parachutes/corporate jets/country club memberships and the like. I think you will like the results.

Brent   September 30th, 2008 1:18 pm ET

I don’t think they should have a bailout plan. I think that one of two things should happen. Either let the companies fail and let the chips fall where they may or let these companies file bankruptcy like an ordinary individual or business. It is not our responsibility to bail out these arrogant gamblers. I don’t believe for a second that the US economy is going to fall into the abyss if some sort of bailout plan is not passed.

Jim   September 30th, 2008 1:18 pm ET

Jack,

The price tag should be upped to $800B to drive home the message that delaying is just going to make things worse.

Jim
Reno, Nevada

David Bebeau   September 30th, 2008 1:19 pm ET

Jack
There should be nothing next.When you have 8 out of 8 of our finest scholars saying this is flawed. I think we should listen.These men
who are trying to take our money and give it to companies to make dividends to give to rich stock holders are lost in space.
NO BAILOUT !! We take our lumps and start over……………Wall Street
has enough money to help out themselves,they caused it and they can fix it.And I might add the congress looked the other way while all this was going on,so they have no clean hands.
David Bebeau
Springfield Missouri

Kathryn   September 30th, 2008 1:19 pm ET

NO BAIL OUT PLAN for starters, Jack.

If financial institutions want to lay their hands on our hard earned tax payer money, let us have public hearings about it.

Let’s examine the situation calmly and seek the advice of economic experts and also suggestions from countries who faced similar banking crises in the past and rallied and thrived: Like Argentina and Sweden.

The economist, Nouriel Roubini, has many solutions that do not involve buying “toxic assets” with hard earned taxpayer money that would only benefit shareholders and unsecured creditors of bankers.

Let us - by all means - disregard EVERYTHING Bush/Paulson and Cheney have to say about ANYTHING because whatever agenda they have shoved down our throats has been disastrous for the United States and the world: the Iraq war, the Patriot Act and the de-regulation that created this financial crisis in the first place.

The stock market rallied this morning despite the doom and gloom predicted by fear mongering Bush - proof positive that the man lies lies lies like a rug.

I do not have faith that the congress knows how to handle the economy either. I want to hear from economists and professors OTHER THAN the people who created this mess in the first place.

Let us calmly, wisely and cautiously look at other solutions besides tossing our good money after bad. NO BAIL OUT - NOT NOW - NOT EVER.

Pliny - St. Louis, MO   September 30th, 2008 1:19 pm ET

There should not be a government bailout plan of any type. The government caused this problem by meddling with the economy, which caused malinvestments. Attempting to meddle some more will merely prop up assets that are overvalued, prevent needed economic shedding of bad investments, and make the problem worse. Reagan was right, government isn’t the solution to our problems, government IS the problem.

Pliny,
St. Louis, MO

Molly in NJ   September 30th, 2008 1:19 pm ET

I think experts in the financial world who really understand the complexities of banking, economics, markets, etc. should be asked to help with advice & recommendations…people who have nothing to gain or lose politically. People like Warren Buffet, Bill Gates, professors in our universities, economists. A group like this talking to the people would certainly be more readily trusted than what is coming from the white house.
We have a president who has a 10 percent approval & Paulson who came from Wall St. telling congress, many of whom don’t understand all of this much more than the average person, that they need to vote to give $700 billion away to keep the economy afloat. Well, main st. has been drowning for the last 8 yrs, the farmers went under long time ago, nobody’s bailing us out.

Marvin   September 30th, 2008 1:20 pm ET

How come no one has the balls to mention the real news? How the Fed Reserve is the reason for our money problems, The fiat money supply and Banking Loyals controlling the supply of money. How come you don’t mention people like Ron Paul or the over 200 economist that say it is the illegal SYSTEM that is the problem?

Rod from Allentown PA   September 30th, 2008 1:22 pm ET

What should be next? Nothing. The bail out plan is flawed as was clearly shown by the Democrats not being able to get enough votes to pass it. Are we going to continue to reward stupidity and Incopenance?
Let the people who got us into this mess work through it without we taxpayers always giving up our hard earned dollars. We should learn from past experiences that bailouts don’t work.

debbie from stamford, ct   September 30th, 2008 1:22 pm ET

Jack,
A couple months ago I was so excited about choosing a new president. Recent events have almost destroyed my faith in our
government and our leaders. I feel that Congress are acting like
children and feel like they need to punish us before they will approve tha bailout. The average American did not cause this but is feeling
the fallout from this crisis. WE will suffer the consequences not the
Senators or Congress. I hate to say this but my husband and I don”t
evan want to vote come election day. This crisis was a long time in the making and I can’t believe that the government did not see it
coming.

Monique Mellon, Moncton New Brunswick Canada   September 30th, 2008 1:23 pm ET

Jack,
Do up the best possible plan to help Joe Public not lose everything, put as many safeguards as possible to protect the taxpayers money, then grow a set, hold their nose and vote for the d@*#* bill!!!

Dennis, Cleveland ,Ohio   September 30th, 2008 1:23 pm ET

The bill that was just defeated should be adjusted to take care of the American Taxpayer, FIRST & FOREMOST! A TOTAL & COMPLETE bipartisan effort needs to come up with the RIGHT BILL and it MUST be passed ASAP!

Chris   September 30th, 2008 1:24 pm ET

Well, When I first started working way back when..I worked for a company that paid their employes the way everyone is talking about…with loans. If those companies go out of business because the loans are not there, What happens to the larger companies that use profits to pay their employes? Well look at it like this…there are more small businesses that employ the americans than the large companies. So if the smaller companies go under, Who will buy the product from the larger?

We need to bail out the companies that have put this country in its financial down fall. We already know whos fault it is…now comes the time to get rid of those that caused this, replace them with more responsible people, and give them the resources they will need to bring this economy back to where it was before George Bush jr. was elected president.

WE CANT AFFORD ANOTHER 4 MORE YEARS!!!

OBAMA/BIDEN For Our leaders

S. Gordon   September 30th, 2008 1:24 pm ET

I run a small business that does not depend on my bank–a regional bank with offices in over a dozen states–to issue credit so I can pay my bills. But when my money is deposited, can I find out if my bank is being stingy with the money, to the point of failing to issue credit to small businesses who have good credit ratings?

I would stop doing business with my bank if I found that they were sitting on my deposits, letting my neighbors’ businesses fail.

eric   September 30th, 2008 1:24 pm ET

Everyone is trying to blame incapable house leaders for not passing the bailout bill. Who is asking why the people are against it? We have a President who is basically saying that we have a weapon of mass destruction on Wall street. We have a Treasury Secretary who is supposed to be the only one that can handle the problem, yet he had done nothing to even bring the problem to the nation’s attention before this. And when he did, he wanted a blank check with no oversight or judicial review. As for the revised bill, we have Paulson overseeing Paulson. And gee, isn’t it funny that this whole thing just happens to come up just days before the end of the Bush administration, and while he is pressing to pass three more of these great free trade agreements that have enriched the American worker so well. You might as well have wrapped this bill around an eight day old fish. Let’s start with some real independent oversight with genuine judicial review.

Sylvia Miller   September 30th, 2008 1:25 pm ET

What is caused the financial turmoil in the United States? You, the people, who traded in forethought and sound financial planning, for grabbing whatever you could get. People are bloated on debt because they refuse to live with what they have rather than what they wish they have.

Let the bailout plan die. Let people experience the consequences of their own poor choices, and then maybe we would have a chance of a stable economy for the future.

Clearwater
British Columbia
Canada

Patrick, Marysville Oh   September 30th, 2008 1:25 pm ET

Jack, this plan should be allowed to die a slow…quiet death. There is no way (short of lying) that Congress or the President can make this not stink. It started out as an attempt to get a blank check from the American People…they wanted no oversight and no Congressional interference…in short they wanted more of the “Bush Doctrine” of economics.

Darrell / Anderson, Indiana   September 30th, 2008 1:25 pm ET

I think the plan needs to be killed altogether. I was for it, until I saw the scam the stock market pulled yesterday & Today.

Day 1, Pass the bill or the Stock Market will crash, Day 2, Lets buy back all this stock at a cheaper price.

If you are going to make the markets crash, then do it. Do Not Talk about it. This type of attitude makes me wonder if Dubya is not using Wallstreet personnel to help him hunt down Osama bin Laden.

Harry Temple III   September 30th, 2008 1:26 pm ET

My father had to take bankruptcy, we lost our home and had to move in with my grandparents. There was no bail-out for us. He became a self made millionaire. I took bankruptcy due to a failed restaurant deal. I had to borrow money from my cousin for gas for my car. I lived in a tent for a while. I came back and was able to retire at 60, five years ago.

There was no bail out for me. I did it on my own. My friend who is here on vacation took banruptcy twice. Like my dad and I there was no bail out for her. She and her husband just finished building a $500,000 on the water in Florida.

The hell with the bail-out package. Let the market do whatever without the tax payer being put on the hook.

Harry
Aspen, CO

PS: Home sales here are down 42.7%, that is the homes in the lower price range of 4 to 7 million dollars.

Eileen Fuller   September 30th, 2008 1:26 pm ET

Would you please tell Mr. Lou Dobbs that I think he is a doomsday screamer, high-horse, self-righteous, self-serving fool. He and his outrageous comments about the bailout are irresponsible and dangerous. We need people who are informed and can really tell the public the truth about the situation, not someone who self-righteously shouts one day “dam the Republicans and the next dam the Democtats.

Greg in Cabot AR   September 30th, 2008 1:27 pm ET

How about listening to the voters for a change, you know, us folks that are being asked to put up the cash to bail out wall street. Most people are very much against this bail-out because our 401K accounts, our retirement savings and our very jobs are being held hostage by the incompetent crooked Wall Street Wizards.

If I have to go to the poor house, the fools that created this mess need to loose their motor homes, private jets, summer cottages, and even go to jail if necessary.

ANN - DE   September 30th, 2008 1:28 pm ET

Hi Jack,

I say give the money back to the tax payers, the lower and middle class that actually need the money. If we had the money to send our children to school, buy a decent vehicle and bail ourselves out of debt, wouldn’t that help the economy?? The money would basically be recycled. The only difference, instead of the rich getting richer, the poor and middle class are actually given a chance to dig out from the holes.

Jessica (FT WORTH, TX)   September 30th, 2008 1:29 pm ET

What should be next? ANYTHING but sitting around and doing nothing!!! I’m sick of waiting patiently by the TV while people debate one whether or not to do something. Become like FDR and put up or shut up and get out of the way of those who want to fix this!

Phil Green   September 30th, 2008 1:29 pm ET

Hi, Jack -

I’m a Main Street guy. I’m also a Realtor and in the stock market on a limited basis. Since the big NO vote, I’ve had a margin call on some stock, costing me about $5k, and presided over the demise of a home purchase deal that cost me about $18k in commission. As a result, of this hit to my income, I may also be facing foreclosure and bankruptcy. And, of course, all this will ripple through the Main Street economy.

Regards, Phil in SoCal.

Janet, BC   September 30th, 2008 1:30 pm ET

Maybe the next step for the bailout plan should be to end it. Is that a step? The other thing is to give the American people the $2333 to every person (not family) if they think they can afford this. Or point out the $6557 per person they’ve spent on this war. Yes, let’s trust these people with out money. Time for a change, America! Let’s try to avoid the continuing merger of State and corporations.

Brett in Oriskany,Va   September 30th, 2008 1:30 pm ET

They all should listen to Lou Dobbs, whose interview with Kiran Chetry made more sense than anyone has in recent weeks. Bailout only prolongs the issue. The issue is worthless paper, better just burn the stuff, let the fat cats eat potted and ramen noodles for awhile ,rein in the greedy idiots on Wall street and the let the market ajust to real worth. With bailout we threaten the very base of the American economy.

Kirven Dunham   September 30th, 2008 1:30 pm ET

Put back the regulations. It is not sexy, but it is safe

Kirven
Rancho Cordova, CA

Barry (from Menlo Park, CA)   September 30th, 2008 1:31 pm ET

The Democrats have to stop calling for a bipartisan buy-in and instead pass the rescue plan using their majority power. That’ll help them regain some of the credibility they’ve lost since their 2006 electoral ascent to the majority. Anti-regulatory Republicans will take their ideology to their grave - or our country’s grave, whichever comes first. So what else is new? Democrats have to stop the finger-pointing and prove they can get their act together.

Justin, Oregon   September 30th, 2008 1:31 pm ET

I’m more offended by the Republicans posturing than by their rejection of the bailout. After years of calling anarchy freedom they chose to vote against the bill without providing any real alternative. If the economy was a car crash victim, they would be rejecting it at the hospital because of their so-called free market principles. If they have any capacity lead they should offer a coherent alternative proposal rather than trying to pretend they are still the party of small government.

frank from florida   September 30th, 2008 1:31 pm ET

Me and house.

peter a cirelli   September 30th, 2008 1:31 pm ET

all the bobbo’s that did not vote yes to the bailout plan should have there name and state listed big on your show, then the county can see what kind of nuts or idiots they voted in.

frank from florida   September 30th, 2008 1:32 pm ET

Me and my house.

g.k.   September 30th, 2008 1:32 pm ET

First and foremost - get the message right!
Keep the message simple so that ordinary folks understand it.

Then present it in simple terms, not in heavy economic jargon. The American people deserve some honest straightforward truth, for a change. After years of being bombarded with non truths, they are numb and cautious, they will not settle for anything thrown at them, unless it is the absolute God honest truth. Especially if it is good for them. And do not think Americans are not willing to sacrifice a little bit of comfort - they can very easily forgo that extra latte, that extra handbag, that extra pie - if they have to.

Jeff in Glen Carbon IL   September 30th, 2008 1:33 pm ET

A bail out that is essentially a loan should be a no brainer! I know one thing for certain, it is at least ten times worse than they say it is or a free-market Republican like Hank wouldn’t be begging for regulation. After the bailout is approved, the next thing they need to do is figure out how to de-deregulate. See, it is so hard to do, we don’t even have a word for it yet.

Patty   September 30th, 2008 1:33 pm ET

The bailout plan immediately did what Washington always does, hey, Mr. Taxpayer, we need another trillion dollars to fix your life. I receive at least 5 credit offers daily, my credit, although not bad is stretched. I have spent 6 years trying to get an insurance company to pay my disability benefits after court orders. They want to take control of all the money, make themselves rich off our backs, take favors to pass laws that gouge the taxpayers and then turn back to us for help. I am sick of watching them all live high while the guy breaking his back is paying the bill. I have no doubt the bailout contains all sorts of additional “little” favors attached.
As long as we elect oifficials based on the amount of money they can amass for their party, the wide difference in standard of living will continue. We elect officials that owe a large debt to corporations and individuals when they take office. The DOW Industrial should never have been as high as it was. They were trading money they knew did not exist. Bush had to pay back the campaign promises he made. The DOW is now where it belongs. A major loss to the rich and wealthy? YES. But as always, they tell us - Mr Taxpayer, either bail us out or we will make your life hard. Why don’t they say, hey, we will give back the money we have scammed over the past 7 years to save ourselves and you.

Patty - Kentucky

Keith Harris   September 30th, 2008 1:33 pm ET

I have a proposal. Cut all loan payments in half for six months, and tack on three months to the back of the loans. Also, no penalties for six months. This will double everyones budget, with no cost to the taxpayers. Foreclosures should decrease. The assets remain, so slowing the write-downs. Now, this doesn’t solve the lack of capital at the lenders. I would suggest a free-market solution: require all banks and lenders to double their preferred stock issued. Once sold, this would double their cash position. Buyers could be anyone, like China, Dubai or the US Government. An argument of diluting the value of the existing shares is moot when they are failing anyway.
PROBLEM SOLVED, with no taxpayer bailout.
Regards, Keith Harris

Elizabeth   September 30th, 2008 1:34 pm ET

Jack, There should NOT BE A BAIL OUT unless we have the following: 1) Criminal Prosecution for those who are responsible for this. (chain gang, not some hotel somewhere) 2) Regulation, 3) Audits 4) a maximum on all interest rates, lets say 5-6% on all existing loans homes, car loans, any existing credit cards, etc. until this is paid for. By addressing #4 people will be able to have more money on hand. If people then decide to default on their load, George can bail us out!
Elizabeth In North Carolina —

Rubin from St. Louis   September 30th, 2008 1:35 pm ET

I say wait. Time solves all problems and we’ve put too much haste into such an important deal. Let’s sit back and recalculate exactly what impacts our actions will have.

Mari Fernandez, Salt Lake City, Utah   September 30th, 2008 1:35 pm ET

Jack,

1. Congress needs to check their egos at the door.

2. House Republicans and the 93 Democrats that voted against the Bill need to be convinced that we, the People, will hold THEM RESPONSIBLE for EVERY DOLLAR WE LOSE IN OUR SAVINGS AND 401KS!

3. The Conservative Republicans who are for small government, ANTI-REGULATION, free-market ZEALOTS, need to step up and take RESPONSIBILITY FOR THE DISASTER FACING OUR ECONOMY!

4. Democrats need to UNITE AND LEAD! Pass a Bill, have courage to stand up!

PEOPLE ARE LOSING MONEY, ESPECIALLY THOSE OF US, NEARING RETIREMENT OR ALREADY RETIRED!

SUSANM   September 30th, 2008 1:35 pm ET

ABINGDON, MD.

IF THEY KNEW WHAT TO DO, THEY WOULD HAVE BOUGHT IT UP IN THE WHITE HOUSE. THEY DON’T LISTEN TO THE CITIZENS, WHY SHOULD I LISTEN TO THEM, THEY ALL ARE CORRUPT!

AndyZag Fairfax, VA   September 30th, 2008 1:37 pm ET

First of all the plan should be buried with full military honors. Next the White House Police should canvass the land and find all of the dissenting members of the house. These members who put self above country should be taken to a newly created gulag, kind of a Gitmo in Big Sky Country. (Sorry Montana.)
Next, we need to form a joint commission with members of the House, Senate, Representatives from the 50 States and three territories along with some of our most eminent scholars from academia need to get together. They need to be told they have 96 hours to develop a solution.
American Ingenuity to the rescue again!

E. Bennett   September 30th, 2008 1:37 pm ET

The heck with the bailout, forget it. Let the businesses that wrote these bad mortgages take the hit. If they go belly up somebody will replace them. It is called competition and it is all part of basic economics 101.
I would like to know why the news media is not pointing the finger of blame at the democrates for passing the legislation that allowed these bad mortgages to happen in the first place?
I would also like to say that the democrates got exactly what they wanted with the bailout vote. There is a democratic majority and they could have passed this bailout bill all by themselves if they wanted too! They chose not to let it pass so they could put the blame on John McCain for the sole purpose of making Obama look good.

Mark - Asheville, NC   September 30th, 2008 1:38 pm ET

Congress has adjourned for two days and as I write this the Dow is up 365 points! What does this tell us?

Wendy Theriault, Nashua, New Hampshire   September 30th, 2008 1:38 pm ET

I am opposed to any sort of bailout. Perhaps the pain that follows will cure people of living beyond their means and encourage individuals, businesses and the government to start acting fiscally responsibly and to take responsibility for their own actions or inactions.

Mike, Cleveland, Ohio   September 30th, 2008 1:38 pm ET

Congress needs to stop pointing fingers at each other to score cheap votes and start solving this mess. I can not imagine that we were 13 votes shy of staving off a Depression…rework the bailout plan or I’m going to bail out of this country!

Peter Fern Park, Fla.   September 30th, 2008 1:38 pm ET

How long can I go on?
If a rescue is inevitable…..
Legal actions against those that caused it should be included.
Force the break-up of the largest institutions to a more manageable size. No business should ever be allowed to get so large that it’s failure can bring down a nation.
Limit CEO pay of rescued institutions
Curtail all bonuses and dividends untill the money is paid back.
Force banks to rewrite the mortages to current maket value at fixed rates so homeowners can stay in their homes (small loss vs total loss).
Sieze some of the assets of current and past executives of those institutions being rescued. Let them feel real pain.

Mari Fernandez, Salt Lake City, Utah   September 30th, 2008 1:38 pm ET

PLEASE JACK SOMEONE EXPLAIN TO AMERICANS THAT WE ……ARE ………WALL STREET!

OUR SAVINGS, OUR 401KS, THE VALUE OF OUR HOMES ARE ALL TIED UP………. IN WALL STREET…….. THEY FAIL, WE FAIL!

ITS NOT ABOUT FEAR, ITS ABOUT FACING THE TRUTH!

Kevin   September 30th, 2008 1:38 pm ET

I think the people have spoken, this bailout plan stinks. We are going to get “hurt” either way. I for one will take my chances. What I saw yesterday is an example of politics for politics sake. Congress does not have our interest at heart. If they did we would have seen a bill that had the people in mind and politics, party, and earmarks aside. Instead we got the usual. Let the chips fall where they may, but keep government out of it at this point, they are a disappointment form the President to the speaker of the House to the Chairman of the Banking committee.

GORDON   September 30th, 2008 1:39 pm ET

DO YOU REMBER WHAT THEY SAY ABOUT THE FOX AND THE HEN HOUSE,
1 FIRE ALL THE CEO AND STAFF I WOULD SAY PUT THEM IN JAIL BUT BUSH WILL LET THEM OUT AT THE END OF HIS TERM WITH ALL THE OTHERS.. THE WORD “TRUST ME” DON’T CUT IT, EVERY TIME I HEARD IT I ENDED UP LOSEING SOMETHING AND MY FREEDOM WAS ONE OF THEN

Jeff DuShane, Flint, MI   September 30th, 2008 1:41 pm ET

Jack,

Perhaps SOMEONE could stand up and tell us what this thing really means. The administration cries wolf and tells us the sky is falling. Economists say it will either freeze the credit markets or that it won’t affect much. Free market gurus tell us the market will self-correct after a little financial pain. Maybe if SOMEONE could give the rest of America a real answer we’d be more inclined to make a decision.

Jeff
Flint, MI

Jolly Potter, NY   September 30th, 2008 1:41 pm ET

Jack,

it seems to the average person that the issue has been transferred from the Fat Cats of Wall Street to the Fat Cats of Washington. Not one elected official seems to be suffering the same angst and pain as te American taxpayer. Therefore, with an issue of such monumental importance as a ‘bailout’ plan would it not be a good idea - since our elected officials cannot agree - to put it to the taxpayer and stage a Referundum together with ALL the options on the table discussed in Public by our elected officials, the SEC and a body of independant Financial gurus. What would it take to do this ? We seem to be able to have a National ‘vote’ on American Idol, Dancing with the Stars with no problems.

Nuria in Miami   September 30th, 2008 1:42 pm ET

How about auditing the accounts of those that profited from this mess? Take back those inflated bonuses and some of those golden parachutes. Let them foot the bill for this. Or I like one of the previous suggestions, give the taxpayers some of that money. Please, the stimulus was a joke. Like $600 will get you anywhere when the price of everything has skyrocketed. I paid my bills with that money, did that stimulate the economy? Now, give me a few hundred thousand dollars tax free, and I’ll stimulate the heck out of the economy!

Robert Fuson   September 30th, 2008 1:43 pm ET

The bailout will be useless unless the american voters force the congress to end the corruption and waste in both the congress and the regulatory agencies,and other agencies that they created and are responsible for policing.These are the root causes of not only this crisis buy most of the other problems in this country. R.Fuson,Glencoe,Ky.

Jim Worrell   September 30th, 2008 1:43 pm ET

Now that the market is rebounding, the sky has not fallen. This is the end of the Paulson lead raid on the U.S. Treasury. Bush and Paulson tried to spread fear and stampede Congress into stealing 700 billion from the American taxpayers. It failed. Keep government out of the market place and allow free enterprise work.

Anna - Santa Teresa, New Mexico   September 30th, 2008 1:43 pm ET

Merely saying it will affect everyone one on Wall Street and Main Street is not enough. People need to know ***HOW*** its going to affect them personally and ***HOW SOON*** they will feel the effects. In other words, the President and Congress needs to sell it to the people. How are we, the people, supposed to agree to Bush’s $700,000,000,000.00 bailout plan based on his speech last week? His speech was full of air and no meat (as usual).

John (Knauertown, PA)   September 30th, 2008 1:44 pm ET

How were we planning on paying tor the bailout? Anybody figure out how much this would cost every tax payer? What programs will be slashed to offset the deficit spending?

How about cutting the Pentagon spending to $50 billion and take the other $600 billion to pay for this welfare for the rich and powerful.

C. Farrell, Houston, Tx   September 30th, 2008 1:45 pm ET

Jack, that’s a good question but nobody in Washington is asking us, the American people, what should be done next, in fact they have never asked. Washington always talks about unilateral agreements when dealing with foreign countries, well how about some of that unilateral agreement when dealing with the American people.

Gloria   September 30th, 2008 1:45 pm ET

I have a question? Who is on the board of directors for these banks and financial institutions that are allowing these outlandish wages, bonuses, etc these CIO’s are receiving? Are they possibly some of the same persons rushing this bailout and what kind of salaries are they getting?

KarenB in Polk County, Florida   September 30th, 2008 1:45 pm ET

Wall street ought to take and find it’s own “out” of this thing.
only thing govt should do is regulate them, buy up the mortgages–
put people back in houses with affordable pmts and let things
work themselves out. Wall Street and greedy bankers overall caused
this mess.
Get rid of “Larry, Moe and Curly”…

and all the folks “blaming” each other should hush. Remember, the Congress is majority Democrats, if they wanted to push the thing thru, they should have made sure of their own party–then worry about converting the Republican votes. Obviously the Democrats didn’t want it to pass.

Michael "C" Lorton, Virginia   September 30th, 2008 1:46 pm ET

Tthe problem with the nation’s troubled financial system is that Americans don’t have enough money to pay their mortgages. Bailing out the banks by having the US government buy troubled mortgage-backed securities is the wrong way–that is like handing a $700 billion blank check to the people — bankers and investors — whose greed and risky behavior caused the problem in the first place.

The right way (at least one) is for Congress help homeowners who’ve already lost their homes buy them back and to help homeowners on the brink of foreclosure from losing their homes and pass strong regulations so it won’t happen again. Helping homeowners directly is a lot cheaper, more direct, and more cost-effective than handing banks $700 billion. It focuses on consumers, not lenders. It stimulates demand, but requires banks to provide home loans that consumers can afford. It doesn’t reward banks and investors for their greed and mismanagement, but reduces the toxic mortgages that are now turning Wall Street banks into a house of cards.

George Yesalavich   September 30th, 2008 1:46 pm ET

Write it in a 12th grade English level. That way members of Congress might understand it and explain it to Americans.

Also the bill should be written by members of Congress or their staff, and the Congressman or Senator must be able to explain any provision they add or put in.

Lobbyists or any person affiliated with the industries involved cannot write any part of the bill.

As a side light, all bills introduced in either the house and senate in the future should bed subject to the same rules. Write it and explain it.

Kerryn   September 30th, 2008 1:46 pm ET

Well, where do failed legislative policies go? To that big legislative circular file in the sky!
Since we did not want 1% of the budget to help poor women and children in the late 90’s, why do we want to help poor ole millionaires? Jack, the sky didn’t fall, and if my logic and history prove to be right–these millionaires won’t just throw up their hands and walk away. They will become “self sufficient” and fix their own problems. It may take some government funded training, but they can do it. We’ll teach them how to set thier alarm, pick up the garbage on the trading floor, and make affordable child care available. But we won’t just keep giving them money so they can make more money on all those illigitimate loans!

Sandra --Cordell, Oklahoma   September 30th, 2008 1:47 pm ET

Oh,Jack, I have been waiting for you to ask. They should dump their plan and take the plan every working person and fixed income person in the country is talking about, even on TV. I have heard them on CNN when they invite people to call in on this and I heard it first thing this morning on my radio when the alarm went off and I hear it every evening when I go to have coffee with my friends…………..This is it and I’m sure you have already heard it…..Take that $700 Bil and split it up between all of the tax paying and retired people in this country and they will staighten things out………they couldn’t do any worse than the people that created this mess. Am I too old or what that I don’t remember when we quit putting our profits back into our businesses to keep them solvent and started pocketing the profits and operating on credit!!!! What a system.

Stacy from Loudoun County, VA   September 30th, 2008 1:48 pm ET

Jack, let’s create Chinese finger locks out of the proposal and lock Eric Cantor and Nancy Pelosi together with it. Then, we turn on a web cam. Let’s charge 10 dollar subscriptions and you’ll have the bailout money in a month…and you may have two less politicians to worry about to boot!

Precious Coker   September 30th, 2008 1:48 pm ET

One that will include a speech as to how “wonderful”the Bush-Chenny administration has been ,so the house Republicans can then vote yea!!

JP Murray   September 30th, 2008 1:49 pm ET

With oil dipping below $100 a barrel, the oil companies surely must need some help.
And shouldn’t the congress get a salary raise?

Oh and one more question, last time oil was sub $100 a barrel what was price at pump? Any disparated today?

Charlie in NH   September 30th, 2008 1:49 pm ET

Check in to how many members of congress bought in to hedge funds before they voted down the bail out program. It seems that being a national politician now gives one the capability to do insider trading.

Jayne   September 30th, 2008 1:50 pm ET

The top economists in the country should convene immediately and draft a wise, considered plan that will benefit both the private sector and business sector. The credit market needs an immediate infusion of cash so people don’t lose jobs, miss paychecks or suffer any of the other consequences likely because of the lack of credit. Here in the northeast banks have been offering loans for heating oil. What happens if they can’t make those loans? Grandma freezes to death this winter. This entire fiasco must be grabbed from the fists of politicians up for election in November and decided by sensible, educated people.

lydie   September 30th, 2008 1:51 pm ET

If we need to inject 700 Billion to save the economy , well let’s do it
BUT since these companies, such as AIG, have enormous Real Estate assets all over the world, at least 1.5 Trillions of clear and free assets should be transferred in exchange to the government and sold to repay that depth immediatly.
Miami

Missy Welch   September 30th, 2008 1:51 pm ET

What next? A big resounding nothing! Let the market FREE itself. Doesn’t anyone notice that the Market is up, so far today, and that Oil prices are coming down? When are the American people going to stand up and say, enough and mean it? Do we not notice the manipulation that is going on even during this “crisis”.
Ok, so I can pat myself on the back for not living above our means. I have never had a new car, and I could have afforded one! Afforded being the key word here. There is no way, after the silver spoon crowd is done scaring us all again into things we know are wrong, that they will let this market fail. They have to much champagne on ice to let “it” go to waste. Paulson and his cronies should really be ashamed of themselves and we should all quit being fools. I have not heard anyone ask him about his Goldman Sachs holdings and what he stands to gain or lose?
For cryin’ out loud….ohhhhhh yah make that whining out loud…..after all our economy is strong and some of us are just whining….it’s mental you know!

Missy Welch….Richmond Beach…Washington

Mark   September 30th, 2008 1:52 pm ET

When majority of economists say something needs to be done I believe them, but if majority of us say don’t do it then ok. When the economy fails though I really will have little patience for the whining they will most certainly do. I do not like the idea but I also do not like the idea of seeing my family and friends have to struggle. Reality is that this is going to impact the middle and lower class more than anyone, the fat cats on wall street have so much they will not miss the little they wil lose. Going forward though we need to tax them severely to pay for this and to insure they pay their fair share.

Ginger Harper   September 30th, 2008 1:53 pm ET

Jack, This bailout needs to be studied and considered very carefully. The American people need to realize that we have already helped AIG and JP Morgan, who inturn has bailed out WaMu.

The rich are getting richer at our expense. The are plowing money into stocks like AIG, which will recover, I would be doing the same if I had more that $5.00 to my name.

Also what they are not saying is that the market was falling fast before the announcement yesterday of the bailout not passing the house. Our market needs help but I am afraid at this point that it is another Republican ploy to get rich real fast before Obama taks office because he will not play their get rich games and will truly help us, the ex-middle class.

We need to be careful that we are not being fooled by these get rich professionals and also that we not allow Bin Laden and his followers to buy up our banking stock at low prices and take control of our banking systemus. We are in a critical situation.

Mike - TN   September 30th, 2008 1:53 pm ET

I have no idea what the next step should be. I doubt that any one person does, given the complexities involved. Whatever it is, though, I can only wish that the people involved in solving the problem will separate themselves from any personal agenda. I hate the sound of axes grinding when someone else is deciding on my financial future.

Linda Richards   September 30th, 2008 1:53 pm ET

Jack,
Why does the media insist on the promoting the bailout plan? Why rush to support a bad idea by modifying it? Sound familiar? You say we don’t understand the connection between Wall and Main Street. We do. We just don’t TRUST the same guys that got us into this mess to get us out of it. We need a new strategy with new faces. I think the candidates should promote the idea that they will have no power to do anything about our problems during their administration if this plan is passed….endorse a moratorium and wait until the election is over and the ball is in their court. It’s in their best interest. They will certainly get no credit for a turnaround and all of the blame for the failure of Bush’s financial proposal. Linda in Woodbury, NJ

Dave in MO   September 30th, 2008 1:54 pm ET

My wife and I have decided to stop paying are mortgage so we can get in on the action. So what should be next is hopefully getting a free ride on Uncle Sam. Why play by the rules if others don’t haft to?

Chris, Thousand Oaks Ca   September 30th, 2008 1:55 pm ET

There should be no rush to get this passed - I’m not convinced we’re not being hoodwinked by the perpetrator of WMD’s in Iraq. We need to get our best economists on this to figure out what and how big this problem really is before we run off half-cocked (no pun intended) like we have the past 8 years. The American people (except the ones that have stupidly overextended themselves) deserve better.

BARB IN TEXAS   September 30th, 2008 1:56 pm ET

Hi Jack, Like most when you gamble and lose you eat your losses. So lets restructure this bill so that any CEO and Upper level management who were in on the bad decisions are allowed to eat their loses. Fire them ! No severance packages! Most of us get little or no notice of terminations/ severance so why should they. Then structure the bailout to actually relieve the credit constriction(crunch).
What most people are upset about is that the people who gambled and lost are not going to pay. I don’t want the receptionist at these companies to be unemployed, just the IDIOT BOSS ! Next in separate legislation re-regulate the industry. Have real oversight with up to date technology to handle this fast moving business economy. The people doing the oversight should be background checked annually to make sure they remain independent and there should be enough of them to monitor the whole industry. Expense yes, prudent absolutely! We all have to accept that man is basically self serving!
Regulations = GREED CONTROL!

Les   September 30th, 2008 1:56 pm ET

The disconnect between the news media , politicians and the people has never been more obvious when you blatanly show your glee that oil prices are on the rise, even though that menas higher gas prices for us regulular joes who don’t invest in oil futures. It’s sad but at least now you are shown for what you are, You are not us thats for sure. Stop asking who’s to blame for this, we want to know who to thank. Please tell us who voted no on this bailout so we can vote for them. Why don’y you guys show the other side of the story. Yesterday was a great day for America.

john in Brooklyn   September 30th, 2008 1:57 pm ET

Jack,

What is to stop speculators from buying up these bastardized securities for pennies on the dollar anticipating enormous profit when the government buys them at higher rates?

Tell me that some foreign government (perhaps some recently successful and extremely crafty soon to be lone super power in the Far East…or maybe one of our Arab ‘allies’ in the Middle East)…is not going to float us the $700 billion loan, while currently buying up as many of the worthless mortgage securities for next to nothing…only to cash them back in to oblivious Uncle Sam…only to be repaid again later for the original loan amount?????

I will give you a dollar today for an apple today, only to bite out 90 percent of it for 10 cents, hand you back the core (no seeds), and have you pay me another dollar plus interest down the road…

Chinese Capitalism 101 (They might even give us a bootleg DVD of Batman with the deal)

Paul, Louisiana   September 30th, 2008 1:58 pm ET

Nothing. The Federal Reserve just injected 650 Billion anyways. They can fix this problem without Congressional approval. We will pay for it whether Congress likes it or not and I think that is our biggest problem. The fact that the Fed and the Presidents Working Group on Financial Markets can do whatever they want without Congressional Approval. I thought only Congress shall have the Power of the Purse……..

Barbara - 65 yr old white female in NC   September 30th, 2008 1:59 pm ET

20% decrease in pay for our leaders in DC.

Am I right to understand they took August off, now they will get October, November, and December off too?

Make that 33% decrease in pay for our leaders in DC.

Douglas in Minnesota   September 30th, 2008 2:01 pm ET

Jack, first we have to stop callin this a “bail-out.” It is an effort to keep our economy from collapsing. Many things have led-up to this mess, and there’s plenty of blame to go around. But right now, finger pointing, bi-partisanship, political maneuvering, and looking for scape-goats is not going to solve the problem. Congress HAS to try and pass an amended form of this effort. Do I like it ? No! Do I want to be unemployed, lose my home, and live on the street? Hell NO!!!!!!!!!

As distateful as this effort is, it HAS to be done. Credit markets are tightening more, and no one knows how long before the economy seizes-up. I am scared to death of what the future holds. Many are celebrating yesterday’s vote as a victory for the average American. If the “recovery effort” is not passed, that victory will be hollow; a Pyhrric, victory. And soon, many will experince –first hand — the agony of economic defeat.

It is all to easy to find blame. But lets fix the mess first, find ways to prevent it from happening again, and then tar and feather those responsible. We’re Americans. We’re tough and reslilient. We can can get through tough situation IF we work together. But right now, we’re not all working together. Ignoring the problem isn’t going to make it go away, and the problem WILL affect us all. Getting thorough this situation is going to be tough on all of us; lets not make it any tougher by refusing to address and fix the problem.

Sally   September 30th, 2008 2:02 pm ET

Can anyone assure us, the American public, that once these companies, banks and businesses are “bailed out” that they will NOT take the money and run? filing bankruptcy and leaving their customers holding on to unrealized dreams?

Also, out of curiosity, how many of these potential “bail outs” will go to foreign owned banks, businesses, and companies that operate in our Country with our Citizens’ money?

Jack, Fort Myers   September 30th, 2008 2:02 pm ET

There should be no rescue plan–until it is clear who, what, where those rescue tax dollars are being donated so graciously by our leaders.

More information please Mr. Bush.

-Disgusted   September 30th, 2008 2:02 pm ET

How about we give the Republican’s cover by increasing FDIC Insurance to $250,000 that way they can say, “We took a stand for small businesses whch are the backbone of our economy.” statement and we the voter can voice our opinion of their conduct this November.

Doris/St. Louis, MO   September 30th, 2008 2:03 pm ET

Jack, if this wasn’t so serious I would be rolling on the floor and laughing out loud(LOL). This however is a gravely serious issue, the next step, and in my opinon the only step is to help Middle America, by the way, IT’S OUR MONEY!!!!!!!!!!.

Andrew Tudor   September 30th, 2008 2:03 pm ET

Where is the leader in Washington proclaiming “All we have to fear is fear itself” (FDR). Instead we have Bush, Paulsen, Bernake, Pelosi and Frank running around like chickens screaming “The sky is falling.” The bank bailout was too rushed, not clearly thought out, and would have made the country way over extended.

The root of the financial problem isn’t the housing collapse, that’s a symptom. The underling cause is the fact that America; banks, homeowners, the government, businesses, the country as a whole; have allowed the debt to income ratio get out of control. You do not improve that by taking on more debt. Yes in five years the tax payer might come out ahead but what if we don’t make it to five years. As it stands now, if the interest rate to recapitalize the national debt rises to 8%, 10%, 12%. Over a third of the annual national budget for the United States will go to interest on the national debt, and we will have to begin paying down that debt and quickly; where is the budget then.

Something needs to be down about the financial crises I agree. But, the plan that was voted on would have failed. It did not address the fundamental issues creating the problem and would have made us very vulnerable when many other countries are aiming to knock us off our perch.

Please remember, the markets did not fall yesterday because the bailout bill failed. A panicked leadership promised Wall Street a $700 Billion dollar early Christmas present and when they did not get it they through a tantrum. The markets will settle out to where they were before talk of the bailout began.

America needs someone to be calm, claim we are working on some help and then take the time to come up with a good solution not a $700 billion dollar band aid on top of a high fever.

andrew from New Castle, IN

Annie Kraft Naples FL   September 30th, 2008 2:03 pm ET

let the market correct itself

Dee   September 30th, 2008 2:04 pm ET

Start from scratch rather than adding any more pages to Paulson’s deeply-flawed plan that rewards bad executive decisions at the taxpayers’ expense. A good blueprint might be the 1980’s bail-out plan that worked without bankrupting the Treasury.

Donna, Cincinnati, OH   September 30th, 2008 2:05 pm ET

NO BAILOUT!!!

What doesn’t kill us will make us stronger and I seriously believe that this country would be better off missing a few greedy CEO’s and Wall Street tycoons. Wall Street and government got themselves into this mess, let them get themselves out of it….but stay away from what little money I have. I am sick of bearing the price of government overspending and waste.

Marilyn   September 30th, 2008 2:05 pm ET

Nancy Pelosi should study the Newt Gingrich playbook and remember she has a majority. Bush wants a bailout? Fine. Forget bipartisanship. Write a bill that all the Democrats in the House and Senate will agree to send it to the White House. The bill should include provisions for hanging Wall Streeters from the street lights of Main Street. The people will support it and Bush can sign it or be damned.

Ray   September 30th, 2008 2:05 pm ET

If the government want’s to spend 700 billion of our money send it to the working people of the US, you know the one’s that really make the wheels of American Economy move, oh I forgot we only bailout the rich.

Ed Reed   September 30th, 2008 2:07 pm ET

How should I know, Jack? If you looked at my investment portfolio, it would be obvious to you that I’m no financial expert. You might just as well ask me a question about astrophysics or brain surgery. There are times we have to rely upon the experts and if they can’t agree, then God help us.

Ed Reed
Port Aransas, TX

marya ann   September 30th, 2008 2:07 pm ET

Clarity.

mary ann   September 30th, 2008 2:08 pm ET

Clarity

wally Ruehmann las vegas nv   September 30th, 2008 2:08 pm ET

use the paper it’s written on to start a fire when you run out of heating oil this winter. they need money, start by repossessing bush, Chaney’s bank account’s and other executives that caused this mess over the last 8 years i’ve seen nothing but arm twisting, scare tactics it’s sickening. how about a government garage sale, iam sure we have some world war 2 sub’s on mothball’s somewhere. why do the sheep always have to bail out the big fat piggy’s the starving tax payer’s should be the last people to pay up, . this is one HUGE con job before they hit the road. STAND UP TO THEM PEOPLE………

Michael from the Golden State of California   September 30th, 2008 2:08 pm ET

Jack,
One of the biggest problems, is that no one has explained this problem in a manner that every day Americans can understand and relate to. We need someone to tell us what is going on in terms that we can relate to, and WHY we need to bail out the bankers on Wall Street.

The candidate that can achieve this and provide an equally understandable explanation of the bail out, will have the upper hand in how the public views this situation.

Cindi-Omaha, NE   September 30th, 2008 2:08 pm ET

I say give the tax payers that money if you really want to pump up the economy. What a stimulous package that would be!

Rocky from Chicopee, Ma   September 30th, 2008 2:08 pm ET

Send me my check.

Foster   September 30th, 2008 2:09 pm ET

My Bail out and Stimulus package;

Give each tax payer $1,000,000.00 with a precondition to payoff their mortgage. It will be less expensive then $700b. In fact you can even give $250b to Wall St. The tax payer’s who don’t owe mortgage will buy a home or invest in their childrens education and healthcare.

Help is on the way!

perry jones   September 30th, 2008 2:09 pm ET

let thing settel down and pull all the pork out and make it so the busness side pays there own way wall street should pay there own way and the home owners should lose there homes if they dont pay this shoud not be a tax payer problem
perry jones
council bluffs iowa

irene easter   September 30th, 2008 2:10 pm ET

********BAIL OUT US CITIZENS NOT WALLSTREET********

Please urge Congress to not bail out Wall Street and give the money to US Citizens. We will fix our economy ourselves. It will give us an opportunity to create our own financial security and improve our nation.
Do the math! In the long run, it will benefit Wall Street.

Jerry from Monroe Co., WV   September 30th, 2008 2:10 pm ET

Well, Jack, this is one complicated mess that was not our doing and I can’t stand that those who caused it may benifit. I believe those opposed to the bill are up for re-election by a margin of 3 to 1.
Their would-be voters are mad as hell and don’t understand the possible ramifcations of doing nothing- they don’t want a dime of taxpayer money going to Wall Street execs who put us here. Maybe we need a Plan “B” that congress can back without fear of loosing their re-election. Give a $10,000 stimulas check to every taxpayer with the caveat that they can’t put it under their mattress. This huge sum-
$7B would make it’s way to banks through loan paments, deposits,
purchases, and credit card payments thus unfreezing crdit. Some banks would go bankrupt. Such is Capitalism. Privatizing profit and socializing losses was never a good idea.

Eli Oklahoma   September 30th, 2008 2:11 pm ET

Why do anything?

There are a lot of more important things to do.

Rob   September 30th, 2008 2:11 pm ET

start from scratch . get rid of Paulson and bring in Bloomberg / .Buffet where is the executive cap-there is none–500 k are you kidding thats no cap.
the CEO’s responsible for this need to be prosecuted. take away their golden parachutes -free healthcare and let them do some serious time .If there has to be a loan give it to the citzens of the U.S to help us –not to the people that caused this .

Mike Smith, New Orleans LA   September 30th, 2008 2:11 pm ET

There is a much simpler solution to the bail out plan. Let the Bush family pay the tab. After all, it was their friends and family who caused it.

R. L. Eshleman   September 30th, 2008 2:12 pm ET

Help me understand

The American Taxpayer is being asked to put up a huge amount of money to prop up financial institutions who have lent too much money to too many people who cannot pay them back. The reason given is to avoid a credit “freeze-up” that would make it harder for people to borrow money. If people cannot borrow money, then they will not spend it and our economy will slow down.

True enough, but this crisis is exactly caused by us making too much money available to people who should not be borrowing it in the first place, all in the name of keeping our economy going. So, are we not just putting another band aid on the pig? Eventually, our economy will have to be built on creating value rather than borrowing it. Why not start now and avoid and even bigger crash later?

Richard,
Ohio

Carol Christine - CT   September 30th, 2008 2:12 pm ET

Answer simple - ANOTHER N O VOTE. Let the poor managers go down the tubes with their mis-managed companies. We should NOT have to pay for BAILING them out. They are ALL going to get “golden parachutes” anyway. I’m NOT in favor of paying for those. No one will bail me out if I can’t pay my mortgage or TAXES. No one is going to help me pay my childs college tuition. VOTE N O - NO BAIL OUT - NO RESCUE NO NO NO NO NO NO NO NO NO NO GET IT ? N O

NO BAIL OUT NO BAILOUT NO RESCUE NO R E S C U E
HOWEVER YOU SAY IT - NO NO NO NO NO NO NO NO NO NO
NO
WARNING: I will be monitoring my CONGRESSMAN , SENATOR and REPRESENTATIVE for how THEY VOTED. VOTE N O

Joyce   September 30th, 2008 2:12 pm ET

Why doesn’t the government take the $85 billion promised to AIG and divide it among all the taxpayers to pay off our mortgages thus solving the bad debt problem, infusing money into the banking system, and rescuing the economy without the $700 billion tax bill. Imagine the block parties!

Ed   September 30th, 2008 2:13 pm ET

Jack, no bailout! This administration has been wrong about *everything* they’ve done and they’re certainly on the wrong track here. Handing out $700B does two things: First, it reinforces unsound financial behavior. — Don’t worry, the government will rescue you. Second, the banks in question will offload their most risky mortgages, the ones most likely to default. It’s unlikely that we’ll ever see a return from those high risk mortgages.

There are other solutions, being proposed by real working economists, that don’t require US taxpayers to foot the bill. Let’’s stop rushing towards a bailout and actually come up with a plan that will work.

Ed
Durham, NC

Jeremy: Port Huron, Mi   September 30th, 2008 2:13 pm ET

Wow. I’m going to have to agree with Tom Veil and say that each American citizen automatically receives $1,000,000. Much cheaper than the bailout plan, and it would virtually eliminate poverty. People who have debt, could pay it all off and start over again. College students like myself could finish school without worrying about $100,000 of debt when they are finished. Banks would would get their re-payments in full and everything would be resolved.

Diane/Allentown, PA   September 30th, 2008 2:13 pm ET

Here’s a novel idea Jack - how about they itemize exactly what is contained in the $700 Billion buyout. Where is the money going, and what amount is going where - and run it by us - it’s our money!!

And here’s a real good follow-up - WHERE are they getting this money - we already have a huge deficit - is China paying for this too?

The whole thing is scary, and they need to learn from the past, when the Bush Administration wants something FAST - there’s something going to bite you in the a** when the smoke clears. Remember the weapons of mass destruction??? Come on Congress, wake up!

Gene Casuse Fort Collins, CO   September 30th, 2008 2:13 pm ET

Jack,

They should polish it up a little bit, maybe add some words like please and thank you ( for the GOP), and get it passed. I am tired of hearing main street saying bail us out. Have some pride nation!

thanks

John, Winston Salem, NC   September 30th, 2008 2:13 pm ET

Whatever it is, us, the taxpayers, will have to suffer the consequences. We always end up paying to save the wealthy and forget about the middle class.

Ryan -Galesburg, IL   September 30th, 2008 2:14 pm ET

Jack, this bill failed because it didn’t address what Americans are concerned about, and because the republicans that brought us to this disaster have become a disaster themselves.

This is the time for Congress to show that they “get it”, and install consumer protections for lending, credit card policies and the myriad other ways corporate America is slowly drowning the middle class. They promise to come back to these issues, but our confidence in these promises has fallen lower than the markets themselves.

Wayne   September 30th, 2008 2:14 pm ET

I believe we need to build the economy from the foundation up and not from the top down. Puring money into the foundation of the economy, which includes people and businesses that have established good business practices and responsibilities, will revitalize the nation.

Malka D. Oceanside CA   September 30th, 2008 2:14 pm ET

the shredder

lance   September 30th, 2008 2:14 pm ET

Well Jack I would say no to the bail out if I thougt a lot of retired or near retired people would not be harmed. So not being an expert on the subject on finances, I reluctantly say yes because of the possible damage that could arise. I say reluctantly because I don’t trust so much of hard working America’s money being put into the same hand’s of crook’s and irresponsible politians. I wish people would just admit that trikle down reganomics is what got us to this point and run away from these deregulating no bid swindelers. Please people we did half the job by giving the congress to Dem’s now we need a Dem. president so we can get regulations back where they need to be, because as long as we have a republican pres. he will veto all good bills the Democratic Congress passes. That my fellow Americans is why we have a unproductive Congress because all Lil Bush will do is kill all good ideas any Dem’s have!!! So no unbalanced Congress and President and maybe we can get back on track just like in the good old Pres. Clinton day’s.

trinabaker   September 30th, 2008 2:14 pm ET

I have heard so many different ideas about this and maybe it’s just me but shouldn’t this start from the bottom up? I am no financial guru, however, it seems to me if you have 700 billion to give away why not give it to people who can’t pay their mortgages and infuse the economy that way? Why not give it to small business’ to pay their payrolls. Why does it always start at the top with the wealthy and the average American has to wait for the scraps? We keep hearing ‘do what’s best for main street’ but I don’t see this happening.

Trina

Lawrenc, KS

Jennifer W (Burlington, IA)   September 30th, 2008 2:15 pm ET

Jack,
I seriously think that the Republicans need to quit this blame game and own up to their side of the bargain. Each party was to get half of their members on board. The Republicans failed in their effort and need to take responsibility for their own failure and get it done. They made an agreement, now its time to deliver on that agreement. I have become increasingly disgusted with republicans this election because they somehow feel unobligated to meet their promises and responsibilities. So instead of owning up to their obligations, they blame democrats. How is that bipartisan? I’ll let you decide.

Meg Ulmes   September 30th, 2008 2:15 pm ET

Jack–
The short-term focus should be to do what is necessary to get things back on an even keel so the system works. Then Congress needs to get down to work and find out the roots of this problem and fix it. Get a short-term fix started and long-term find out what is really wrong and really fix it. The present administration should not be calling the shots–no one can trust them.

Troy, Ohio

Rex in Portland, Ore.   September 30th, 2008 2:15 pm ET

The problem is not fixed. It is obvious that this congress is incapable of fixing anything, and since it is such a lame duck it should not even try. Best it recess until Jan. 20, 2009, and let the chips fall where they may.

However, the next congress should fix the problem immediately. Just how they can reign in the Wall Street behemoths, control greed, eliminate corruption, protect the consumer / taxpayer / investor / public, and restore some sort of decency to government and trust in government by the people remains to be seen. AFTER congress has fixed the problem with re-regulation, re-appointment, and after thousands of heads have rolled down Wall Street and thousands more illegal and immoral brokers / bankers / bondsmen / politicians / etc have filed their bankruptcy suits and been impeached then congress should institute some sort of bail-out or ‘earn’-out program to stabilize the markets.

You wanted to know. I told you. Now what?

George   September 30th, 2008 2:16 pm ET

Well we are where we are because of no leadership in this country for the last 8 years, but regardless who is to blame for this mess, it is up to us to right this great ship that we call the United States of America, and put her to smoother sailing. Partisanship has no place in this in these decisions, as we are all American, and want the best for our great Nation.

Maureen / Newman, California   September 30th, 2008 2:16 pm ET

The bill needs to be altered asap. We need a bill that will penalize not benefit the administrators and CEO’s that created this mess. This means no money to them at all. A bill that will jump start the lending institutions so that companies do not go out of business or lay off employees because they can’t meet the payroll or pay the bills. We need a plan to oversee that this does not happen again, and I think this plan should not include Paulson or any people connected with Wall Street otherwise Americans will not trust it. And lastly, we need to rewrite the bad loans. If we fail to rewrite these mortgages and allow the foreclosures to continue, anything else we do will not matter since foreclosure is the root of the problem. Bush really needs to stay off television also. To many people do not trust him.

Ray, Calif   September 30th, 2008 2:16 pm ET

Jack, one that works and that does not bailout the risktakers on wallstreet. One that the Democrats can’t try to claim it as their own idea…suppose to be bipartisan..right Jack??

Jim Notley   September 30th, 2008 2:16 pm ET

Perhaps people should read Liar’s Poker a non-fiction, semi-autobiographical book by Michael Lewis describing the author’s experiences as a bond salesman on Wall Street. The players in this book have surfaced in several less than becoming situations. His circumstances in bond sales have just been repeated on a larger scale in the mortgage collateralazation process.

The question is, do we need bail outs? Perhaps there is another way of providing needed credit for consumers and business that doesn’t bring in the greedy Liar’s Poker players.

The last time the Bush Administration came up with an emergency plan we were told of the WMDs. Where are the WMDs in the ecomomic crises? Perhaps the leader in fixing theSavings and Loan scandal of the 1980’s should be asked for his thoughts and leadership.

Jim Notley
8102 Granite Ave.
Orangevale, CA 95662

Richard McKinney, Texas   September 30th, 2008 2:16 pm ET

Let the chips fall where they may. The government should raise the unemployment benefit allowance though because there are going to be a whole lot of people out of work soon with no place to go to look for work.
Hungry people will not go without food for long. The crime rate is going to rise and You won’t be able to find a jury to convict someone who was just trying to feed their family either.

Charlie (Bethpage, NY)   September 30th, 2008 2:17 pm ET

When you gamble, sometimes you lose…in this case, let the chips fall where they may. No bailout. Let it be a wake up call for the future.

Dr. Frank Davis   September 30th, 2008 2:17 pm ET

The Republicans should behave like true Republicans and say Wall Street’s problem is Wall Street’s problem, not the tax payers’. Money will be available when the borrowing public is willing to pay a proper price for it. That proper price has traditionally been 3% above current inflation. Interest rates will have to rise to mobilize capital for this consumer addictive economy. The Democratic idea that biased persons, like Jack Cafferty, have that all that needs to be done is for “the greedy” American public to pay more taxes or give more power to incompetent government, while recognizing its’ incompetence, is duplicitous!

brent briscoe   September 30th, 2008 2:18 pm ET

What type of tax qualified retirement plan do the members of congress have? If their own money was in the market would some of them have voted differently? If our congress was compensated based on their performance they would probably owe the tax payers some money.

Pablo in Arlington Texas   September 30th, 2008 2:18 pm ET

Jack
I’d say the GOP needs to get its schizophrenic ranks together. If the bailout/asset purchase works and they are not on board, they are screwed. If it doesn’t work, at least they tried.
I think their main problem they have is that voting for the package gives the lie to one of their chief economic myths, i.e. that the Free Market is able to self correct and is in all circumstances to be preferred to the Mixed Market. That is and always has been a LIE even Adam Smith said so… but I guess they did not read that far into the book.
Pablo

Terry from North Carolina   September 30th, 2008 2:18 pm ET

Jack
Lets lock all the people who are responsible to come up with a solution to this bailout in a room and not let them out till we have legislation that is acceptable to everyone and the bill passes. To let these people go home to campaign for the up coming election is a slap in the face to the American taxpayers.

Anthony Smith   September 30th, 2008 2:18 pm ET

Nothing! George Bush tried to sell us the goods before and used PATRIOTISM as a strongarm method. If you didn’t agree with him, you weren’t American. Again, he is threatening the American people and lawmakers by saying agree with the plan or disaster will be looming. Face it, no one trusts the guy. We should send a message to George that we are not buying his goods anymore!

Wildwood Crest, NJ

Scott - Wichita, Kansas   September 30th, 2008 2:18 pm ET

Let them fail. A few bankruptcies isn’t as bad for the country as a government-run market, Jack

Rick Walker   September 30th, 2008 2:19 pm ET

It seems to me that, although a tremendous hardship, NOT bailing out whomever would help put our country’s financial status where it should have been before all of the artificial, and unethical “processing” took place. We should leave our children with no money to cope with the results of the climate change.

KC in Ohio   September 30th, 2008 2:19 pm ET

Take a poll of EVERY econominst to see if there needs to be a bail-out plan. Just because Dubya says we ne