Click the play button to see what Jack and our viewers had to say.
FROM CNN's Jack Cafferty:
Republican Senator Jim Inhofe from Oklahoma wants to put a "freeze" on the remaining cash in the big government bailout of the financial industry. In this week's lame duck session, Inhofe plans to push for legislation that will require Treasury Secretary Henry Paulson's plan for the remaining $350 billion in the bailout package to be voted on in Congress.
Watch: Cafferty: Bailout freeze?
Despite promises from Congressional leaders that there would be both, there is absolutely no transparency or congressional oversight on where the first $290 billion has gone. Senator Inhofe suggests Paulson "may have given the money to his friends."
Inhofe, who voted against the bailout package when it was originally passed, said in a letter to fellow lawmakers this weekend, "It is Congress's duty to have a say in what happens with the remaining authorized amount of $350 billion. It is clear that it was a mistake to sign a blank check to one man for such a tremendous amount of money."
Here’s my question to you: Should Congress freeze the remaining bailout money?
Interested to know which ones made it on air?
Robert from Wayne, New Jersey writes:
The bailout money should be frozen. The entire bailout plan was hastily concocted by Congress to help improve their public image and make Americans believe the government was trying to help them. When Congress rushes to pass a bailout plan worth $700 billion in less than a month, no one should be surprised that the money is being misused and unregulated.
Cee from Kansas writes:
Yes, freeze the remainder until there is accountability for the monies distributed to date. Transparency was supposed to be built in to the plan. Show us who got the money, how much they got, what they intend to do with it, and what they did with it.
Ken from Seattle, Washington writes:
Yes. Paulson duped us all into thinking the world was going to come to an end unless taxpayers gave him 700 billion dollars to do with as he pleased. He gave taxpayers a wink and a nod regarding actually doing something constructive by helping homeowners hang onto their homes in order to convince us his intentions were good. All he has done is help out his crooked cronies on Wall Street and in the banking community.
Brian from Puerto Rico writes:
A freeze would seem a good move. If they are unwilling to say what they have done with the money so far, they must have something to hide.
Yes. It is clear that Paulson and the Bush administration and even our Congress have no clue what is going on at this time and they're simply throwing money at everything that burps. It is time for a short pause to put some deliberate thought into what is it we're trying to accomplish.
Gary from El Centro, California writes:
I'm afraid the horse is already out of the barn and well down the road on this one. Once again the Bush administration scared us all into giving them absolute authority and no oversight. When will we ever learn?
In a way I don't care if they freeze it or not. What I would like is transparency, after all this is my money too.
Yes there should be an accounting for ALL this bailout money. We are footing the bill for nothing we will get in return, unlike investors, corporate executives etc. As usual the taxpayers are getting a screwing not an accounting!!!
Jack it appears that our esteemed leaders are socializing debt, and funneling profits up. This type of economics is irresponsible. There should be no more bail out money, Period.
I am totally appalled by what I am hearing concerning the bank bailout. It seems not only is there no oversight or regulation regarding the moneys already handed over, but we have enlisted cronies to administer the process. We have law firms that are known to represent the biggest banks conducting the transactions. We have zero stipulations on how the money is spent. It is being spent on salaries, bonuses, dividends and mergers. We pass a law that encourages through tax breaks, the merger of more banks. So now they become untouchable? We can't let any bank fail when there are only 3 left?!
It is just hard to believe after all we've been through with the Bush Admin. that Congress would pass such a piece of legislation and then turn their backs on the American people. I wasn't against the bail out, but I expected now more than ever our elected officials would keep an incredibly close eye on how this was handled.
Paulson's news conference the other day looked like a kid who got caught in the candy jar, and still Congress has had nothing to say – and nothing to do about any of it. We can't wait till Jan. 20th and hope a new president can somehow rescue this, all the money will be gone and the taxpayers will be gone too!
I really think that they should. Look, we are in a financial rut as it is and giving bailouts or handouts (however you want to look at it) is not good especially when many of hard working Americans over years have lost jobs and faces more crisis to come.
Jack, I would freeze it, they're going to bankrupt America if the bailouts don't stop. I'm broke, and no one is coming to my rescue, where's my Robin Hood?
Absolutely Jack ! If the next President is ever to recover the trust of the American people , Treasury must be stopped . There are questions now about "insider" deals and conflict of interest . Paulson can do far too much damage in the next 60 days to allow him to control this any longer . Transparency , transparency , transparency!!!!!
What I’d like to know is how do I get a job where you can screw up your job so royally that the whole world goes into recession and you get a multi-million dollar bonus and an all expense paid vacation at a high end resort?
Yes, and this time attach some strings. There's been enough said about CEO pay, and lavish retreats, but there should be a stipulation about unfreezing money the banks lend to companies that are doing well, and need it to cover short term costs. The banks need to get their heads out of their rear ends and do their part to get our economy going again.
Maybe they should, Also, it wouldn't hurt if they actually hired that guy to oversee these transactions before letting them continue. The bailout bill created a position to oversee the funds distribution process and that position is – as yet -unfilled.
So they let out all the kids at recess with a big stack of cookies and forgot to hire a teacher to watch over them. And Paulson is having a field day.
The current congress has been accused of doing nothing, so I don't see how freezing a plan is doing something. They need to enact a plan that has safeguards for the taxpayers, and responsibilities for those receiving corporate welfare.
In view of the fact that no one in congress knew there was a meltdown in the works, I don’t think there is enough brain trust there to handle the problem. Let Warren Buffet tackle it he has common sense and experience in financial matters.
Absolutely. It's apparent they do not have a plan. Without a plan you cannot achieve a goal. Yes, freeze the money until a plan, a goal, and oversight is in place. No bonus' and no trips.
Freeze it until January 21st. Despite being the "CEO President", Bush seems to have no concept of getting value for money invested. If this is how he negotiates with corporate executives, it is a good thing he avoided negotiations with our enemies.
Yes. The money was supposed to seep down to the masses in the form of restoring lending for cars, homes, etc. through banks. It hasn't happened and the whereabouts of the bailout cash seems to be a state secret. It's like a very rich shell game.
Why not? Did these companies freeze these monies,when they were
being so generous to their big office CEO's and others ,while looking down at the people who really made the companies what they are? The working people. Oh yea, What happened to telling the truth about where the money really went?
I think they should freeze the remaining bailout. Why should tax dollars go to instututions that set aside billions to hand out bonuses and perks to the very people who screwed everything up? Then again, we don't want all those poor millionares to have to change their lifestyle because they didn't get their bonus this year!
Absolutely! What I want to know is why firing, indicting & freezing the assets of those who caused this disaster is thought of as too extreme a measure? Am I the only person who believes these people are criminals? Taking these measures first is the only way consumer confidence can be restored, otherwise we'll just think it's corrupt business as usual, and we haven't got a chance.
No, they should finally start to control it!
At the time the bailout was approved, I heard a lot of angry talk in Congress about having the funds applied to specific purposes - increasing available credit, for example - and about not having them applied to purposes that wouldn't help the critical financial situation, like buying out the competition or giving huge CEO bonuses.
What happened to all that big talk? Just big talk?
There are two things Congress needs to do at this point. First, focus on a resolution to the auto industry crisis, we cannot allow this core industry to fail. The second thing is to get the bailout oversight committee setup, so the American people know where our tax dollars are being spent. We don't have much time left for these things and frankly the wheels of government are turning far too SLOW!!
Yes, they should freeze it. This bailout represents everything that is wrong with our government. Our economy's a problem, so instead of looking at the issue, we throw money at people who lobby for it and allow them to use that money for big end of the year bonuses. So the problem remains, and we're even deeper in debt. Is it too soon/late for a vote of no confidence?
Congress should create a more clearly defined plan with appropriate regulations to be imposed on the bailout. The way it has been handled to date has resembled something more a kin to a heist than a government program. What ever the public does pay out should be returned with equity. AThe bailout should not be a handout for shareholders and trustfund babies.
Jack. All remaining bailout funds should immediately be frozen until Paulson and the rest of Bush's crooks can tell us taxpayers what they are planning on spending it on, and how Congress and the Administration are going to assure the American people that none, repeat NONE, of those funds are going into the pockets of executives and management, especially those taht are shipping jobs out of the country or just plain old firing people so the few at the top can get bigger bonuses and pay raises. I knew as soon as the bailout was approved these crooks would be scheming to get their greedy paws on it for themselves.
Jack we were bamboozled in the first place with lies about the nation collapsing without the bailout, well guess what, we didn't and instead as usual the government spent our money in places we can't even find out about. They hae proven again and again not to be trusted with our money.
Definitely. The fox has been in the hen house long enough.
I totally believe this whole economic meltdown was manufactured by the financial industry so that Bush could give them a parting gift (the bailout money). It is obscene that many of the companies who are getting the bailout money don't even pay taxes.
Freeze as in refuse to use it? No.
Freeze as in stop using it until controls, and regulations for its use are in place? Yes. The scandalous use of our bailout money for bonuses for top executives that broke into the news last week is a very good reason we need to have accountability.
I think if they don't we should make efforts in replacing the liars who took our money on false pretense. They are supposed to be smart enough not to just hand over the funds without any plans of how or where it was to be spent. Makes you wonder how they spent the rest of our 2 trillion dollar debt. I don't think these guys have the intelligence or responsibility to handle our money. If we get it frozen who do we allow to handle the debt already paid out?
Absolutely they should. It seems s though the firms that received help are either continuing their lavish seminars & meetings or they are sitting on the money & not using the money for its intent (saving it for their bonuses????). Where's all this transparancy that was demanded by Congress! It time to Congress to demand it by freezing the remainder of it & relooking at this whole mess again! No more money out until there is an accounting for the use of the money that has been doled out! Is this too hard of a concept for Congress to grasp!
yes,yes,yes we cant trust the Bush ,cronnies on getting the right things done,they should all just leave the White House early and allow Obamas team to come in to give us a Happy New year,we cant wait on them to keep feeding their rich freinds any longer.
bay pines fl
let the auto industry figure this out on there own. First thing unions have to make major concessions. Management needs to say no to union demands. I understand over 1500.00 U S is the cost associated with each vehicle for union health care and the like. Why should the U S and indirectly the Canadian Tax payer continue to help out mismanagement of the big 3. I feel for all concerned, the failure of the big 3 and related indutries will have an effect on me and my family as well. It is time that we as North Americans start living within our means. The chickens have all come to roost, time to get comfortable living on less.
Maybe not freeze, but demand accountability. We, as taxpayers, deserve the right to know where every single dollar goes. We have also spoken about helping Mainstreet and not just Wallstreet and banks. But once again this Administration is not listening.
People are worried about USA being bankrupt? We are ten trillion dollars in debt at this time.
Do you wonder why people who are rich at this time are trying to purchase entities that are banks so that they can get their hands on the 700 Billion? Greed never ceases irregardless if the nation went under and ceased to exist. How disgusting can humans be?
We should never have given money to the Financial Institutions in the manner we did – it is the same as giving guns to a serial robber.
All the so called executives who have been playing musical chairs with executive positions, moving from one company to another, and extracting large amounts of money from the company should be fired Then jailed for 20 yrs. if we can find something illegal on them.
I see shades of Rome here.
No NO Jack, I just made a sign to put over my garage, NEW BANK COMING....I need some of that free money. If GE, American Express and every Pay Day loan company can get some why not me. I promise I will lend it out to those who really need it. I will be first in line.
Yes. This really is the people's money – as in Money Market Funds. I spoke with a friend earlier today. They have deferred income savings. As of Sept.28th ,all money put into these funds and reinvested dividends are "put at youir own risk" because of the BailOut! All funds prior to Sept. 28th are insured. This BailOut is taking money from the little guy's savings and giving it to a bunch of narsistic and corupt executives who couldn't manage their jobs before. Why trust them now?
Bailout the Banks and the auto sector now, later the airlines and manufacturing, eventually the retail and farmers....and finally get around to bailing out me.
Absolutely it should be frozen. Economic treason was committed against the American people and now these same people are being rewarded. This has been the largest transfer of wealth in the history of the US. No more funds should be distributed without oversight and transparancy.
Freeze the BAILOUT MONEY? If we do not freeze it then sooner or later, China will freeze them for us.
No, they should re-direct it – to American taxpayers.
YES, and wait for our new president to work out the details of how it should be spent. This would be only fair as he will be blamed for what happens. Also we should watch the look on Paulson face if we do freeze it.
Yes Jack, these fools have already prove to the country and world that a Freeze needs to be put on the bailout monies. Oh, and while they are in the freezing mode, freeze themselves.
I don't think it should be frozen, but I would like to see more control over it and more transparency of what it is being used for.
Yes, we should freeze the money until transparency and restrictions are in place. Our elected officials owe it to the public to use this money as wisely as possible.
Yes Jack it needs to be frozen.....just like any other laundered money- there needs to be a cooling off period. Let's see if they can come up with a good plan by the end of January......
Freeze the remaining money? All those clowns that voted for bail-outs should be made to run back to each and every bank and company that received our money, and demand it be returned immediately. Then they ought to boot themselves out of office. It's the only gentlemanly thing to do...
Here is what Congress should do. Take 400 billion of the bailout money and give $10,000 each to the 40 million working Americans who pay no income tax. That money would flow right back into the economy and create tens of thousands of new jobs.
Not only should their be a freeze, WE should ask for a refund on the misuse of the funds already allocated. Nothing, absolutely, nothing should be dished out until rules, and regulations be established, and adhured to. It sould be obvious that these (ceo's) don't have the selfcontrol to do what is right. So, we must either demand a change of the guard, or treat them like the selfish children they appear to be. As bad as I hate strick regulations, I believe in this case, WE SIMPLY DON'T HAVE A CHOICE!!!!
The bailout should have never happened in the first placek at least not to the banks and mortgage companies. But at least we could regulate it and make sure when we do give this money away, a total restructure shold be mandatory. How can we not make them accountable?
Jack, not only do they need to freeze it, but they should audit those that took the money to ensure the expenditures went for “needed” items and not junkets, bonuses, or vacations. Next, they need to get oversight set up like yesterday and put Paulson and his cronies under house arrest so they don’t do anymore harm. Parse that money out on an “as-needed” basis and wait until President Elect Obama is sworn in.
Absolutly, freeze it untill smarter people take over the government. The bailout use untill now shows how useless it is. It is a wrong assumption that there is not enough investments. Too many investments created bubbles that burst. It is a wrong assumption that there is a credit frezze because banks have no money. It is because they can not find viable borowers who are not overburdened by previous debt or expect good ones to resist colapsing sales. Banks switched to pre 9/11 good lending practices and that is taking the toll. In other words, investment banks that were doing risky lending switched to being deposit banks that never did overly risky lending.
Absolutely. Require any company that accepts bailout money to contribute the top 15% of their executives for a mandated full-time two year community service program and no salary, retreats, perks, bonuses or any other way of redistributing our money to the rich....
And no dollars to Detroit if the unions aren't willing to make concessions. I think unions have been good for this country in the past, but after reading their refusal to cooperate while we "help them keep their jobs" – nope – no money for them.
Jack: The last part of the bailout funds should be frozen. Congress should made accountable for these funds and independent accounting firm should be compel to account for the funds every 6 months. I hope they make the loans to the American Auto industry. Japan, South Korea, India, and some European countries support their auto industries for decades with tax payers funds. Why can we do it???
They need to freeze it ASAP and then re-write the bill so that we have better control over how the money is spent – i.e. – get rid of high salaries, golden parachutes and ALL bonuses. If the companies don't want to comply, then they don't get a bailout – plain and simple!
That would be a logical choice Jack. Congress seldom does anything logical. They would much rather play 'fiscal wack a mole' with the problem then do the right thing which is to let those businesses that are poorly managed stand or fail on their own merits. The sooner they do the sooner they can file chapter 11. Save the money for extended unemployment benefits and all these other grandiose Obama plans.
The wealthy will not stand by and pay for it. That is a pipe dream. They have the assets to move themselves and their business outside of this country with excessively high taxation imposed . Most hard working people do not. They also can not afford to pay that 3 percent increase in the price of everything that Obama wants to levy on the wealthy. It is called the trickle down theory jack. The poor always pay for higher taxes on the wealthy. One way or the other.
Yes it should be some kind of accountability, look if the IRS can come after me for a few dollars why cant we be concern about 700 hundard billion????????.
Jack they need to give some bail out money to the Big Three.
And then freez the rest of the bailout money.
Hubie Nelson Barton MS
Take all the bailout money away from those financial institutions and let's start all over again with someone who really knows what he is doing and has NO ties to anyone on Wall Street. Also, let the oil companies bailout the Big 3 auto guys, since they work hand in hand to decide our transportation anyway.
the whole thing was a panic move in the first place. I can't see it making a difference. If they announce "we are freezing the bailout money" maybe some stock will dip, but the over all trend will probably stay the same.
Yes, freeze it and then send the all REAL taxpayers a check......you know like the bonus checks all that fat cats get.
Now that we know that the banks and Wall St. are using the money as their own personal piggy bank (bonuses,dividends,buying other banks,etc.) the money should be frozen,a special master appointed and the crooks who stole the money fired,prosecuted and jailed.
I believe that the bailout plan needs to be revised setting strict regulation in place and concrete provisions for paying back taspayers. Carte Blanche should not be in the bailout "vocabulary!"
Considering that the CEO’s of the bail-ees have not extended credit as the money was intended, but instead have been spending it on resorts and spas just as they have squandered their shareholder’s money on bad decisions, they should get nothing more – and they need to return anything they took so far. Further, none of them should get any bonuses or golden parachutes when they are fired.
not only should it be frozen but the money for these financial crooks like AIG should be cancelled. they got 150 BILLION so they could go "party like it's the 1990's" and it has done NOTHING to stabilize the financial markets.
Henry Paulson is just another incompetent Wall Street Weasel who's looting the Treasury. we would be better off with Pat Paulsen from the old Smothers Brothers TV show in the 1960's running the Treasury and Pat's been DEAD for more a than a decade!!!
Since it appears apparent they do not know what they are doing they should not spend one more dollar until guidelines, regulations and proper monitoring are instilled. There needs to be specific instructions on how these funds are spent, mandating that not
one penny can go to bonuses, perks etc the financial community
seems to thrive on.
It is our money and not one cent should be wasted on mistakes,
ill thought out plans and cronyism.
Yes Jack, Congress should freeze the remaining bailout funds, until the Treasury Department has properly explained and accounted for the funds that have already been dispensed. This explanation should include the benefit of the outlay and their payback plan.
Freeze the remaining of the bailout money until Congress understands when to be Mr(s). Scrooge instead of Santa Claus.
The continued activities of these firms only shows us the taxpayers that they are not serious about fixing the problem. They just took the handout and gave out the big bonuses and then lived it up in Phoenix. What would it take exactally for them to figure it out? My company has not seen bonuses in 3 years, and with the year they have it, they are still planning to pay bonuses, with our money? In the words of President-Elect Obama, "Enough!". I mean really, enough...
no don't freez , loan some to the auto industry, the auto industry pay taxes too, and if they don't help us they will be in a worse depression
Heck yes they should freeze it.
And then President Obama should demand that AIG return the money they squandered at that California Resort.
It should then be mandated that every single dollar given to these failing companies/corporations be accounted for and made public.
No million dollar payouts to CEO's and the like. No more vacations on our dime.
No, Jack. But they should definitely CHILL.
It doesn't really matter. They're almost out of money anyway.
Jack, freezing the influx of bailout money would be just as harmful as any freeze on government spending or a dramatic drop in consumer spending. Our economy needs money to be moving, not hidden under the mattress.
The bail-out is a joke. You have the fox that ate the chickens watching the henhouse in charge of all the eggs. The bail-out should have been for the people that got left hanging with nothing, not the CEO fat-cats that got bonuses for driving their business into the ground.
The government should set it up just like they did for student loans. The government work with the people so they can pay their loans, the banks and banking institutions get their money and the economy stays afloat.
Of course, the fat-cats don't get their bonuses and perks when people pay their loans off.
I think we need to be patient. We are a nation of instant gratification mongers. The bail out will take time and they told us from the beginning that it was a start not an end all be all. I just would like to make sure that it is being given out correctly.
Yes...freeze away until there are safeguards put into effect and accountability and transparency. I am really sick and tired of seeing the taxpayer being highjacked by these arrogant, greedy, narcissistic high end scam artists. While people are losing their jobs and homes, these people think they are "entitled" to their huge bonuses and perks so they can continue to live the good life without conscience. There are alot of hard working people this year that are not going to get bonuses, turkeys or Christmas parties this year or because their employers are struggling to stay afloat and these guys have the nerve to give themselves bonuses with taxpayer dollars. If you ask me the bailouts have been going to a bunch of psychpaths!
Yes until they figure out how best to utilize the money and have strict oversight
These crooks, especially Paulson, are creating a bonus bonanza for their corporate pals.
No more bonuses – for AIG, the auto industry,...
Congress needs to say no!
Paulson and Berneke pleaded for a bailout plan, they got it and now they are wanting to change directions with the allocation. God help us! We were suckered again. I don't think a freeze would even help. We are going to see more failures as CEO's party and kick back at fine resorts.
When your teenager screws up his credit card, and the account is frozen, you might decide to pay off the balance, but if you do, then you also would be smart to take over complete MANAGEMENT of the account. If not, the same stupid mistakes will just be repeated.
Absolutely Jack! Paulson has proven his incompetence time and time again. The world won't fall apart in the sixty or so days until Obama is elected, or in the week until he names a Treasury Secretary. If it's that critical to spend down that money, let's at least let Obama name HIS person, and put that person to work with Paulson until Obama is officially POTUS. I can only begin to imagine how much more damage Bush & Company can do in the next sixty-odd days.
ABSOLUTELY! The "bailout" has been a dismal failure up to this point! NOTHING has been resolved and, to date, it has served only to entice more of Corporate America to the feeding trough! Frankly, Corporate America has been enjoying a free ride at the expense of middle-class America for the past 8 years and, if failing following 8 years of tax breaks, outsourcing, etc., there should be NO bailout – let those "failing" businesses fail! Afterall, is that not what a "free market economy" is all about!? Only the strong shall prevail!
Yes,freeze it. The banks are as tight-fisted as ever- the money is still frozen unless they want another merger. Even non-qualified institutions are trying to buy banks so they they can get in on the dole. Like Pres. Elect Obama says- if a policy is not working, try something else. We should try perculate up instead of trickle down. If that money were given to taxpayers as a stimulas, how long do you think it would it take to thaw? That money would rip through the economy overnight- morgage and car payments would be made. People would buy more food, clothes, cars, and even go Christmas shopping.
Why is it that no one is saying anything about TAXES. All the governments, from City to Washington is trying to devert us from
the real economy; our purchasing power. These governmental agencies are great for their mis-directions. They are having us watch one hand without us noticing that the other is in our pockets.
Bill, Temecula, CA
Too late, Jack. These yahoos that keep telling us they are going to save the economy are walking us right over a cliff. While we debate if there should be a freeze, they are quietly stealing us blind and laughing at us all the way to their off shore accounts. What we are witnessing is the deliberate sacking of America, with China waiting in the wings to buy us up at bargain basement prices.
What does Inhofe know about "freezing"? He believes that global warming is a hoax made up by liberals.....
Yes! They should freeze this money until the oversight already in the bailout bill is enacted; to do anything less is to fail in their constitutional duty.
Yes, freeze the remainder until there is accountability for the monies distributed to date. Tranparency was supposed to be built in to the plan. Show us who got the money, how much they got, what they intend to do with it, and what they did with it.
Yes they should. Freeze it and redistribute it to Main Street. If they give at least 50,000 to all tax payers that make fewer than 200, 000 dollars we could bail out the banks and auto makers. We would buy a car and pay off our mortgages. Bail us out first, and let us pick and choose whom we want to bail out.
Freeze the remaining dollars left in the payoff, er bailout. Demand AIG return evrery penny they received and then jail their officers for fraud and theft.
We've been lied to yet again by the Bush Admin. I'd have never suspected that.
I'm afraid the horse is already out of the barn and well down the road on this one. Once again the Bush administration scared us all into giving them absolute authority and no oversight. When will we ever learn?
Absolutely. This administration has once again shown its incompetence by just pushing the funds out with now accountability or stipulations or oversight about how the funds are disbursed . . . Gee, isn't that the kind of policy that lead to this mess to begin with. Who would have thought that the same incompetent administration would repeat the same blunders over and over again?
Let's leave some money for the Obama administration to have a chance at actually improving the situation, and having the funds perform the actions they were intended to perform in the first place, with guarantees up front and oversight.
For once, I agree with a Republican. YES! It should be frozen!
Yes. Paulson duped us all into thinking the world was going to come to an end unless taxpayers gave him 700 billion dollars to do with as he pleased. He gave taxpayers a wink and a nod regarding actually doing something constructive by helping homeowners hang onto their homes in order to convince us his intentions were good. All he has done is help out his crooked cronies on Wall Street and in the banking community. What we need before we release another dime is someone honest and competent at treasury.
they should freeze it and give it back to us. It's not working anyway and I could use a little bailout myself.
Absolutely. We are giving too much money away to fat cats and overpaid executives. We should let these banks fail and let them be bought out by those who have the cash and ability to reorganize these companies.
I don't know enough about today's financial markets to even have an opinion on how to handle the remaining bailout money. And the scary part is that the Treasury, the Fed, the Congress, and the Predent don't seem to know what's going on either.
Freeze the bailout money? Sure Jack, but if this was a loan, we call it in from the banks and corporations who have used it for VP bonuses. But knowing the brainiacs we have who passed this bailout, there were probably no conditions placed on the bailout funds, nor will these guys be held accountable for fund mismanagement .
Incompetence at its best Jack. Just when you think they can't do anything else, they manage to top themselves.
And as for the auto industry – let the oil companies bail them out, God knows they have more than enough profit to help out.
Secretary Paulson has shown that he can't really be trusted with this job. He secretly rescinded a twenty year old tax law to benefit corporations to the tune of one hundred and forty billion dollars. The bailout money seems to be disapperaing down a rabbit hole, and the president seems to not be involved. I think it would be best to hang onto the money until someone can be put in charge that actually gives a hoot.
Yes until we get to the bottom of where all the money went to that is now missing. Probably a lot of it went into these big balloon payments made to these CEO's that have wrecked the economy, and who know where else. All I know is none of it trickled down to my level.
Yes, freeze it as long as Larry (Bush), Moe (Cheney), and Curly (Paulson) are running this comedy of errors.
Let's wait for January 21st when there will be intelligence, direction, and openness.
This plan would doom us for an extremely bad recession! The stock market would plunge very badly!
jack, call me crazy but I have said this all along and people think I
am crazy. Of course Paulsin is giving his friends the money, they knew life would change during the elections, so it all got
dreamed up and the "wag the dog" went into play: Lie to the people and steal all you can while you can. This is a sham and we bought
fear again: I say freeze the money, investigate and recall it all: let big
business fall and we can start all over again, hopefully a few americans will learn and protect their hard earned cash. There is more to this than even you can report in 60 seconds, I wish you had more time to let us know the truth:
Mack from Massachusetts:
Jack: They absolutely need to put a "freeze" on the remaining bailout funding. They bailout is a "complete mess" with not panel or oversight to track the funding. Obama needs to replace Paulson and Bernake as soon as he can, because it is apparent they have no idea on what the hell is going on. It is Halloween in Washington, and the "treats" are being giving out like there is no tomorrow, and the "tricks" are being played on the American taxpayers.
Absolutely freeze that money until we get a clear accounting about where and how the earlier billions were spent. Congress or the Treasury should put up a web site that shows us every detail. Lack of transparency and oversight is part of the problem that got us into this mess – is there no learning curve?
That's as good as plan as I have heard from anyone else. By the way you're doing a good job Paulie.
Dont' let Paulson or Bush decide what to do with it. There should be investigations as to how the initial sum was spent as well, and if Paulson and Bush are sticking it the American people once again, then we will hold them (all the thieves) accountable to their actions – just like Bush will be accountable for many many many many of his actions.
Yes they should, until Pulson gives an account of the money he has used so far. Why give the Treasury more money when they can't or won't say were it went.
I can't believe that much money has been allocated without a plan to ensure it's intended use. This is truly frightening. I think it's time to cut losses and move on. Don't allow them to spend another dime.
A freeze would seem a good move. If they are unwilling to say what they have done with the $ so far, they must have something to hide.
Start checking their bank accounts and offshore accounts; who knows what you might turn up.
Let's just freeze Bush, Cheney, and Paulson. We can thaw them out January 20th at 11:59 a.m., let them wave goodbye and then toss them into a nice warm moving van. In the meantime let Obama and his team figure out the best way to spend the the rest of the bailout bucks.
Tim in Texas
Yes, they should. The bailout was designed to help the main street but it has been modified to help Wall Street’s CEO. They have enough money and let them take the hit.
The problem I see with the auto bail out is they are not really bailing out the auto industry,but we are bailing out the Unions.This industry needs to take it's lumps from pandering to labor unions.They wanted twenty-five dollars an hour to sweep the floor,then once the got it ,they couldn't or wouldn't sweep the damn floor!!!!!!!
I do not trust Bush and Paulson at all.
If President-elect Obama has no say until he takes office than a freeze is a good idea.
Don't think for a second that Bush doesn't have one more screw-up left in his presidency.
Congress has handed Paulson a 700B check and said spend it as you like; he should have be the first one to go as he has NO accountability as to how the monies are being spent; and they let him continue, wake up congress and America! Freeze all monies and when Obama takes office; he should state that when he does he'll be looking for accountability and if it is evident that those who have not been accountable for this they should ALL go. If Obama wants to get a hand on our ecomony there should be heads rolling when he takes office on the 21st., both Dems and/or Rep. If Obama isn't going to be the man of change; then he won't have my vote next election.
They should put me in charge of the last $350 billion... I sure as heck could find a better way to spend it than these guys.
Yes. It is clear that Paulson and the Bush administration and even our congress have no clue what is going on at this time and they're simply throwing money at everything that burps. It is time for a short pause toput some deliberate thought into what is it we're trying to accomplish.
Your darn right that money should be frozen. It's bad enough we didn't like the bailout in the first place because we didn't trust the whole process, now they have only proven we were right! Nobody's bailing me out on my mortgage payments and health insurance costs so too bad. I have to be responsible so do they.
If they've really spent half of it already, I'd REALLY like to know where it all went before they spend any more, Jack.
although the original bail-out proposal was 4 thin pages, and teh result was 400-plus pages, there doesn't seem to be anything in it to protect the interests of the american people! what about the foreclosure problem? what about small businesses who are letting their workers go or who are about to shut their doors? It is these kind of problems I want and expect our government to help with. Just giving a big check to a big bank or mortgage company doesn't mean that businesses or strapped homeowners are getting the money they need to help stimulate ourselves out of this quagmire. I am not an economist, but it seems clearer to me than it does to Hank Paulson. We have to put a name on each check we write – such as "this is for small business lines of credit" or "this is for homeowners with usurious adjustable mortgage rates on homes that are underwater". Perhaps then the money will "trickle" where it is needed most – into the economy instead of into wall street..
YES > Can we wait until Jan. 20th?. Then perhaps sane people of intelligence in Gov't and congress can handle the situation with a great deal of thought and logic. & accountability.
Of course the bailout money should be frozen otherwise they will give the rest also to the Rothschild-dynasty Paulson's so called "friends".
9-11 Was an inside job.
Yes Jack, That money should be frozen and have it ready to give to "Main Street". Seems like to me, we're about to get into a Heavy Recession, and god forbid, not a Depression. Thousands of employees are going to lose their jobs and if that's the case, the rest of the bailout money should be used for "Main Street".
Democrats need to learn from recent history here.
Their Wall Street Bailout vote is the new Iraq Invasion vote. If this bailout is as mishandle as the invasion, then come the next election cycle, get ready for "I didn't vote for the bailout" campaign slogans like you did with the invasion.
In fact more of the public supported the Iraq invasion in 2003 then people who currently support the bailout so this is a real opening for the wounded republican party.
Yes, any further bailout should not be considered unless the recipients propose a credible plan for the use of the money and stipulate payback terms and assign whatever real property they gave as collateral. Then, maybe.
William in Indiana
Funny, how after all these years the Republicans are using the "R" word. "Regulation".
It should be frozen until January 20th when the new administration will use it to jump start the future rather then reward the incompetence of the past.
Yes, the bail-out money should be frozen if it cannot be accounted.
There should be a bi-partisan watchdog group put on as oversight....not to include Barney Frank or Chris Dodd or anybody else who said there was nothing wrong at Fannie and Freddie or receives campaign contributions from financial institutions....duh.
Transparency should be as follows.......
We should only be taking debt instruments which are convertible to common stock and available online for all taxpayers to watch grow.
Yes, they should! This whole bailout has been a typical Bush administration con, with no prior planning, no oversight, no transparency, and only helping big buisiness, not the taxpayers who are forced to pay for it. I say freeze it until the new administration takes over in January and give Paulson two options, ether keep his promises or go to Jail!
This question indicates how sad Americas leaders are ,they beg for the money without a clue as to how it will be administrated. They're not smart enough to give away our money. Looks to me like someone would have thought of this before now. What we need is another Blue Ribbon comitee to tell us who should get the free money. They should fire Henery Paulson first
You betcha Jack! Who would give all of their hard earned cash to someone without a plan or budget who just says trust me, I'll fix your economic worries. However, if you don't give me the money (now) you will certainly go down in economic ruin. Wait a minute, Congress did just that and we said okay! Now we are trying to get our money back. Good luck!
I think the rest should be frozen for awhile....until the proper assessments are made for who should get the help. It seems that it's just going toward year end bonuses at this point and the transparency is non-existent!
I want to see an accounting of every last million of those dollars!!! Everyone has their hand out right now and I think it went out of control in one man's hands.
If we ever needed a 'committee', it's now! But by that I mean that it should be made up of more people who have the interests and survival of the citizens of this country in mind!...and not just interests and survival of the handful of irresponsible millionaire idiots who got us into this mess in the first place!
As each day passes, I wonder if it might have been better if the money was given to each and every citizen of this country so it really could help Main street...and trickle up. So far, it doesn't seem to be reaching any of the streets I know and the problem is getting worse instead of better!!
YES.....this is a no brainer!!!!!!!!!!!!!!!1
Congress should freeze the money, then invest it in time travel technology. Then they could go back in time and demand a bailout package that had some transparency and oversight written in it. That's not hindsight bias, thats just common sense. And heck, if the time machine doesn't pan out, then the money would have had an equal effect on the economy anyways.
Freeze it, take a breath, and really plan out what needs to be done with the remaining money. there are those that argue that perhaps things would already be much much worse if the bail out had not happened and those who say it is a mess and has not worked at all (looking at the market as "proof"). the truth may be somewhere in between, but the one thing that is absolutely certain is that more thought needs to go into how to use next 300 billion. the question is not should the money be used, the question is how should it be used. home owners need to be helped desperately, laid off workers need to be helped desperately, the car companies need to be spanked, put in the corner and be told to really think about what they did wrong and come up with some amazing change in behavior in order to even think they are getting some, etc.
No bail out. Loan it at the same rate a person would have to pay with a bad credit history.
Inhofe is one of the good reasons for term limits – but, as to the bail-out, the money has been voted on already and there should be a over-sight committe to insure that the tax payer's money is not being wasted – If the game has changed since the money was allocated then there should be Legislative input as to where the money is to go and when, otherwise get the politics out of this mess and follow some sort of plan – I'm so sick of this in-fighting by the old guard on both sides while the Country falls further into a hole. Lynn, SD Calif.
The money needs to be frozen until the oversight committees are established and ready to work.
Jack, This is such a scam that the only way to begin making it right is for a lot of folks to go to jail for a very long time. It seems like a good reason to keep Gitmo open. Back a wagon up to the White House, Senate, and Congress and load them all up for the boat ride south.
Although I do understandd the wisdom of not telling the American people where the money is going in order to avoid runs on those banks, oversight is critical.
I would like to see a freeze until a joint group or republicans and democrats review where the money has gone to date and approve each and every new pice of money that goes out. After all Obama is going to be left cleaning up this GOP mess, his to be soon administration deserves to have input as to where the money is going.
Yes the remaining money should be frozen until somebody competent is charged with allocating it out. So far nearly $300 Billion has been handed out and nobody seems to know who it's gone to or what for purpose! Also this money is being given to companies without any preconditions as to what they are to use it for. The banks aren't using it to finance lending, as it was intended, they are using it to pay bonuses, pay share dividends and even to fund buying other banks!
Do ducks quack......this bailout was a joke, while middle class is in shambles while big companies who is at the fault of all this gets rewarded for doing bad business. If i overdraw my bank account I get charged an overdraft fee but seems in big corps world the more you go in debt the more money your handed and I'm still struggling and overdrown, pulling myself out of debt. Thanks for the help.
Why should we freeze the corporate robbery? Any transparency will be as clear as mud anyway!
Of course there should be a plan submitted for Congressional approval before any of those funds are released to the Treasury. Perhaps it should wait for the new Congress. Paulson has admitted he was wrong, and it is likely he still doesn't have much of a clue. It is time to wind down the Bush incompetency.
Yes a freeze it what's needed until some firm regulation is in place with accountability. The way this bail out is structured is misleading and reckless just like the last eight years of the Bush Administration.
I'm truly disappointed with the way congress handle this bail out plan. You would think congress would have learned from the failed mistake of the pass by having structured guidelines for distribution of funds. Instead, this lack of COMMON SINCE mentality is what we don't need. Freeze the bail out plan until there's cohesive regulations and restriction in place.
Why not, their sorry bailout plan isn't working the way they told us it would. Maybe President Bush will order a new surge to fix our economy this time...
C.I., New York
why stop now Dubya has a couple of months. Let them spend it all and shut the door on it. Pass a law that this can never happen again, period not matter what, no mulligans, no take backs, never ever again. Then tale over AIG, GM. Fanny and Freddie get them in the black and buy everyone Health Care with the profits.
Absolutely, the American people have a right to know who their money is being given to.
The only reason a lame duck Congress would get anything done before their term expires would be to give the money to THEIR friends. Besides, only $300 billion of incompetence later (cheap by recent standards) Paulsen may actually be getting it right. One of the voices in his head finally told him that In a consumption-driven economy, maybe he should put the money where it will be used to create consumption instead of being hoarded.
Yes, they should until they get a better handle on what they are doing, put some type of oversight in place for the companies receiving the monies.
Congress should not only freeze the remaining bailout funds, but repeal the bailout and demand immediate repayment from the institutions that have abused the funding. If the affending institutions can't return the funds the government should seize the Institutions assets and place the company under a conservatorship. Government should also hold all upper management accountable and seize their assets if it is warranted to cover the losses under their mis-management. Congress could have taken a better approach by starting at the bottom by taking care of the people who could least afford the crisis caused by the wealthy elite of this Nation who live lifestyles so far above the rest of our society it is almost criminal because it has been funded by greed.
We should definitely freeze whatever is left of the bailout money until an oversight committee has been hired. Before one more cent is allocated, Henry Paulson MUST account for every penny he has given out. The paper trail must be transparent. We need to know who is getting this money. Look at the fiasco at AIG, with bonuses to management coming out of taxpayer bailout funds! If any improprieties are discovered, jail sentences need to be imposed on the perpetrators. I can't believe that Henry Paulson was given a blank check and nobody is watching the store!!! How stupid is our government? How many times will the taxpayers be TOLD (not asked) to bail out failing financial institutions, insurance companies, manufacturers or cities??? This boils down to "taxation without representation!"
They shouldn't have authorized this plan in the first place. The money should have gone directly into working with home owners to slow the stream of foreclosures that is further depressing the housing values for all Americans.
Instead what we got was yet another trickle down economics plan that funneled massive amounts of tax payer money towards companies that gambled in the credit default swap market. Now we will watch as this money will fail to trickle past the massive executive bonus packages of the vary same gamblers that got us into this mess.
Yes, Congress should freeze bailout money now until the
20th of January and real accountability will finaly be present
and The Good Old Boy Cronies will finally reach the end of the
road at least for the next four years.
my feeling is that if they wanted to jump start the economy they should have given each american citizen who votes and pays taxes a portion of the money. We could then pay off our bills, paydown our mortgage and back payments, buy some christmas presents and feel that maybe with alittle hard work and budgeting we can get thru this. I don't like the fact that fat cats are getting the money. It should be put into a trust account and they can borrow the money at a certain interest rate, only if they remove the idoits that got them into this mess in the first place. No raises or bonuses for anyone, CEO's must take a hit in the wallet for the good of the company, just like the average guy on the street. If they were so great and smart then they would not have helped themselves to tax payer money to buy themselves fancy houses, cars, and or trips. Treat them like the simple minded people they are, BUT remember that they have sharp teeth.
Who would think that I would every agree with Inhofe about anything?
Yes, Jack. Absolutely. The approval of the theft of this money from our treasury was crazy in the first place. It is simply being hoarded and used to conduct business as usual by the friends of Bush and Paulson. It's a crime what our representatives have allowed to take place. They were frightened into this bonehead move at election time just as they were frightened at previous election times to okee dokee the Patriot Act, the invasion of Iraq, FISA......you name it. Our elected leaders have caved in time and again to the bullies in the White House. Shameful!
San Clemente, Cal.
Please stop the goverment from trying to help. The country was built with an open exchange system and this has led to the greatest ecomony in the world. Only intervention by goverment has created this mess we are in now. Let the economy correct it self.
P S if the goverment has so much money sitting around I could use an extra billion for my company
Jack: my taxes are being used for this bailout just like every other working American in this country.. I say instead of bailing out the very companies that have put us into this mess, use the remainder of the funds for Unemployment Benefits for those that have lost their jobs because of those compaines that have benefitted greatly by the lack of oversight.
Yes it should. It then should be reinacted for the next administration to administer. This administration is the most crooked in American history and it is beyond me that the democrats pushed and voted for this farce in the first place. Shame on Pelosi and Reid!
Freeze the bailout money, everyone is coming out of the woodwork for funds, cities have applied, soon all business's that are about to go chapter 11 will be looking for money. Joes Hot Dog Stand in Maspeth will need bailout money, how far does this go ?
Senator Inhofe is absolutley right. Paulson, despite his introverted demeanor is looking out for no one except his former Wall Street Cronies. He is the one who insisted on total control himself with no accountabililty. However, any apresident worth his salt would have booted him out of the Oval office at the kind of suggestion that only the T Secretary control it. The closer we get to the end of the Bush syndicate, the more we find out about the possible thieves and robbers. No wonder Bush is talking about a blanket pardon.
Freeze the bailout balance and put a stop payment on the first checks that were sent out. This whole secret bailout for the buddies must be stopped. Or send me a check for a couple of million and I'll just go on my way. After all, we all can be bought. Just look at the election results.
Yes Jack freeze the money. Then they should send a check for $8,000 to all americans who had to suffer under George Bush for the last 8 years.
If Congress has to vote on it, that means Bush has to sign off on it.... We all know how that will end so why waste the time...
Well, considering what Paulson and his cronies have done with the bailout money, yes, maybe it should be frozen. All the promises of transparency, accountability, etc. has "Gone with the Wind." We have no way of enforcing accountability. Maybe the poor managed companies need to fail. Just not sure where to go next.
Virginia Beach, VA
If they can not control were its going then they need to terminate the agreement. Send me some I would be happy to help the housing market!!!
In a word: ABSOLUTELY. We are at the end of arguably one of the most deceitful presidential administrations in history. We've already given Wall St. folks close to 450 billion (if you include was was given out to AIG et al before the bailout), which they have apparently wasted no time in using to line their own pockets and feather their own nests while letting middle America continue to slide deeper into a quagmire by refusing to loosen credit. Let's put a freeze on anything more until the new administration and congress/senate takes office and this whole "bailout" thing can be looked at and re-worked. If they need more money, let them sell their million dollar second and third homes, or yachts, and their Bentleys and Rolls Royces, or take a dip out of their savings and buy some preferred shares. Or, how about they forego that huge annual bonus that we the taxpayers have just been duped into giving them?
Whatever happened to the days when CEO's invested their own money back into the company as a show of confidence?
Wake up, people. Paulson has no clothes!
St. George, UT
Jack – If what you are saying is accurate - that the bail out is proceeding without transparency, then I would agree that a freeze in order, but not because I think this is a time to pull back. I have to agree that this is a time of financial peril, and that the solutions are going to have significant price tags. It's an uncomfortable feeling...yes. But sadly, it is the situation we are in after years of failed policies and financial institutions lacking regulation. To put a finer point on it - we must stop the bleeding!
Yeah, sure, the airplane is in a death spiral down into the murky waters of depression and the pilot should just take a fifteen minute break. Yeah, right.
Big Freeze, Please.
These guys are leaving office, remember. Do they even care to get this right? Or do they just want to leave a bigger mess for the new adminstration? I'm sure King Paulson and his buddies over at "Government Saks", are laughing all the way to their Swiss bank accounts.
The same dopes who gave hundreds of billions to millionaires with no strings attached now are opposed to giving a paltry 25-50 billion to the auto folks unless the workers accept lower pensions and wages and a cap is put on executives' salaries. Why are they "acting" responsible now? Better late than never. Yes, freeze all bailout funds until rules are in place with accounting practices and requirements that will apply to any industry that wants tax payer funds. Then make those retroactive! Then make 5 or 6 billion available now to insure the children that Bush has refused to allow. No one gets anything until the kids get health insurance.
What a pathetic gov't we have!
I think Congress shoud freeze a big portion of the bail out money for after Obama's innaugutarion.
Also, the congress should establishes a tougher control of this money because what we are seeing is everyone trying to get a portion of the money and nobody has a sight on that.
This whole thing was presented to congress and us with a hasty "sky is falling" mentality and amazingly congress handed over it's fiscal responsibilitys to the executive branch. Paulson's handling of the bailout money has at best been clumsy, indescisive,and ineffective. At worst it has the appearance of farewell parting gifts from the Bush administration to the fat cat's on wall street. The funds should be frozen and congress should reclaim it's fiscal responsibilities and do it's job.
We should definitely "stop payment" on that check until they really know what they're going to do with it.
The bailout money should be frozen. The enitre bailout plan was hastily concocted by Congress to help improve their public image and make Americans believe the government was trying to help them. When Congress rushes to pass a bailout plan worth $700 billion in less than a month, no one should be surprised that the money is being misused and unregulated.
Duh! It's about time somebody in Congress sees the light that the swindlers, super con artists and our greatly admired governmental officials hoped to keep dim for years to come.
Congress should: 1) Freeze the bailout money until the new administration is in place and clear / transparent guidelines are in place to monitor what is acutually happening, there is compliance with the guidelines and 2) Should freeze the auto industry and push them into a pre-packaged bankruptcy.
Freeze it. If loans need to be made, fine. But, the American public needs to know who is given the loans and the conditions. The banks and AIG that already received the bailout should account for every dime. And, using Goldman Sachs as an example, NO ONE should receive a Christmas bonus this year. 'especially any company that receives government tax dollars. It's a no-brainer! As I've said, it's going be hard to pay federal income tax this year knowing that it's going to be thrown into a black hole.
Giving billions to companies so they can continue in their same greedy irresponsible ways is obviously unacceptable. Allowing them to collapse, bringing secondary and tertiary supplier companies and hundreds of thousands of employees down with them, turning blind eyes and deaf ears to the resulting human misery, is unamerican. There must surely be better ways to run these companies, and better leaders willing to take them in these better directions. Congress should dedicate itself to understanding what went wrong with any company seeking a bailout, to understanding how such a company could more responsibly pursue its business, to identifying more capable, less greedy leaders for such companies, and to imposing strict rules of business conduct and oversight before granting a penny of bailout money. Free market capitalism, run with benevolence and genuine regard for the citizens, is the best economic system ever devised. It can be too easily corrupted into a monster, however, by free market capitalists with no reins.
I don't think these men and women who are managing the process are trying to hurt our country. They are doing the best they can in a very bad situation. However, it is also clear they are not sure which way the the wind is blowing and are basically guessing their way through remedies hoping one will stick.
Jack: the congress voted to approve the bailout monies.their actions only confirms the level of incompentence and other adjatives I will not use.Pete Garza
Jack – Not one more dime should leave Washington until 1/20/2009.
Jack, Yes they should certainly freeze the money before Bush and his crew give it all to their friends. They should give the Auto industry 25 billion to keep them afloat while they retool for the future. Let's not let the auto industry die like this crew let the steel industry die.
Yes they should. Although I am a democrat, this republican has the right idea. I have no idea why the Senate didn't include massive oversight in previous legislation. Although I voted for Obama, I am very dissappointed that he voted for this bill and that he wants to bail out the Big Three. The automakers made their own bed, now let them lie in it, and if need be, let them die in it. As a taxpayer I have had it with the BS peddled by Corporate America. I have no sympathy for the auto industry! Its time for the American people to wake up and start paying attention to keep this kind of crisis from happening again.
Boynton Beach, FL
Yes; Yes; Yes!!! Shoul;d I say it again Yes
Congress was supposed to hire people to monitor the bailout, and they have yet to do so. Rather than freeze the funds left, they need to step up and do the oversight they are already pledged to do.
YES freeze the bailout money. I just read the CEO of Goldman Sachs has foregone his bonus this year. Last year he had a salary of $600,000 AND a bonus of 68 MILLION. And this in a company that is heading for bankruptcy. Now that they received billions and the spotlight is on him, he will step back just a little. The company has obviously been oblivious to any fiscal responsibility and "care of duty" (Once upon a time a standard demanded of leadership). Why keep them afloat. Invest the money in small banks who have responsibly given credit to their customers.
Yes. It's obvious that none of this money is going towards jobs or saving homes but only in the hands of selfish Wall Street sharks. I can not understand why it's OK to give hundreds of Billions of dollars to investment firms with a mind set that they need it to pay Billions of dollars for executive bonuses but not a few Billion to the auto industry that is responsible for paychecks for millions of working men and women on Mainstreets all across America.
Apparently Paulson took care of his buddies so now he doesn't know what to do. The agreement with us giving taxpayers money was to put rules on how the money is used. But with Bush and Paulson, they just filled their pocket books and the pocket books of their buddies. Higher management contracts, perks, and severance packages should be null and void and if they don't like it, they can get lost. No one is worth the kind of money Bush allowed them to receive. The money is not to be used for dividends, spa treatments, duck hunting, but to help the economy and the American people.
Yes absolutely. We have a new administration coming to power; and frankly I trust the Obama Administration more than the Bush Adm. Which is funny because Obama doesn't even have one yet.
Congress absolute has to grab the purse strings, and the sooner the better. Giving Bush and Paulson a blank check was always a bad idea. Now we are told that the money dished out so far is going to companies who use the moolah to give their execs bonuses and send them on "junkets."
W's legacy now is to give money to his friends. Our money. Stay turned...I don't think this is going to be over on Inauguration Day.
Yes, the remaining $350 billion should be stopped, I've even written my representatives in Congress with my objections to more money going to Paulson.
If you feel strongly, blogging about it will get you nowhere, your only power is through your representatives and they can't read your mind.
Yes no more bail outs these companys are going to have to adjust and union contracts are going to have to change !
Freeze to absolute zero Jack, there is no oversight at all and at this point all our bailout seems to be is a classic Bait and Switch pulled by Paulson and Kashkari. I am sick to my stomach over this whole thing.
As far as the auto industry is concerned I think we need a very specifically defined bailout, and quite frankly the attitude of the UAW is not helping this industry, I have news for Mr. it was not the economy that drove the auto industry out. Rather it was their continued execution of a faulty business model and years of not adjusting to being out competed by foreign manufacturers. They need to accept their role in the failure of this industry, the UAW included, and begin to retool their operations and product. They need to begin building the quality, efficient, and reasonably priced vehicles that American's want, and they need to build them to a scale that counts on only 1/3 to 1/2 of americans buying new cars every year.
Absolutely. I think of how urgent those know-it-alls made the bailout appear...it had to be passed immediately...couldn't even sleep on it over the weekend. And now they're telling us "oops...we've changed our mind about what we were adamant about and 100% sure of a month ago". And whatever changes they have made have obviously NOT worked. The falling prices on the stock market most days reveals that whatever they are doing is not working. And I don't want to hear "imagine how worse it would've been?" Says who?
Absolutely! There is going to be a Conga Line a mile long of corporations and municipalities with their hands out seeking white collar welfare. We are Americans and we are ALL in bad shape right now. We have to all learn to to self-course correct our way out of this addiction to credit. No entity should receive a "bail out". Let's do this "right" as FDR did instead of trying to do it "right away". There's no quick fix and no large infusion of cash from an idiot like Paulson is going to fix anything!
I think that no money should transfer to any institution until they have laid out a budget and had it approved by Congress. So far the receivers of taxpayers money have treated it like found money, meaning they can do anything they want and not havet o answer to anyone. This has to stop!!!
Yes the bail out money should be frozen. Not another penny should be distibuted until
1. The companies receiving the money document exactly how the money will be used,
2. The government is able to determine that the money is being used as described,
3. Executive compensation is severely curtailed, and is tied to company performance, and
4. Severe penalties are enacted for those companies who fail to live up to our expectations.
I don't care about a freeze. I would like to know where it goes and to whom and for what.
NO... but they should slash 50% of all federal spending ..everything, salaries, pensions, military, everything .. that's the least federal employees could do to prove they are patriots ...
You can't even buy a burger without getting a receipt so I think there should be a money trail for every dime. Of course then again we are letting the most corrupt administration in US history handle a blank check. For God's sake somebody needs to starting throwing these crooks in jail or this become the greatest heist in history. I'd be more than happy to investigate.
If that money can not be distributed with transparency, I think congress should freeze it and let Obama's administration handle it. I do not think for a moment that Paulson has any interest in rescuing our economy at this point. He has nothing to gain by it.
Well, it sounds like it's a little late for a vote now that almost half is gone. How can $290,000,000,000 vanish without a trace, anyway? This is criminal...
I think the government should stop the bailouts. Our next generation wil already be in debt enough. Let them fall and rebuild just like any other business. If any more bailouts are given, it should be given to the tax payers.
Eric, Johnson City,TN
Dear Jack: It is evident that there is not accountability in the Goverment. The people in United State would be very happy if some of Officials, members of Congress both side of the isle, and corporate executives including in the stock exchange are trown of their jobs and show up in handcuff in front of the cameras, and their money they took impounded. That would be not only change but Democracy. Then the people of New York would start having faith in Goverment. Drastic Maybe, but unfortunately necessary to send the message to the World. Forget Globalism and free trade, Ah! and bailouts.
YES! Freeze the money; Paulson and the other undercover bank operatives (don't forget he comes from Goldman Sachs) are just using the bailout to stock their own capital; they are not issuing this money in the form of any loans to any businesses or the American people/ Everyday they are collecting the interest from this cash; by the FED and this is just Monopoly money to them; lets see how many times they PASS GO AND COLLECT THEIR SALARY!
Once again we trust Congress to do what is right and they screw it up. Yep, let's not just freeze the money, but hide all the Congressional leaders in a freezer somewhere.
Yes, Jack, let's freeze the remaining bailout money until we actually get some oversight and a competent administration in place. The current cadre of clowns couldn't be counted on to properly manage an Arabian horse association.
What difference does it make, Jack? No one holds any of these crooks to any accountability. Justice has left America.
Wow, I thought Baghdad would freeze over before I agreed with Inhofe. Not only do we need to freeze this money, but Paulson needs to get the boot. I don’t want 1 more dime wasted under this excuse for a president. Everything he touches turns to crap. Perhaps he could go back to Crawfish, stay off TV and let things run on auto pilot? Stupid questions: 1. How much of this bail out fell into al Qaeda's hands? 2. Given the stupidity of this administration, does anyone want to bet that they didn't get a piece of this?
They should freeze it.
Bush doesn't have the answers and Obama needs time to get his cabinet together before he makes such important decisions about the economy. We're talking about a lot of money and decisions that will save us from financial ruin or perpetuate the downward spiral.
Yes, Yes, Yes!! The administration started giving out money without anyway to track it and the people who need it most have not seen a dime. When will the homeowner and middle class bail out come?
Absolutely, Jack. Isn't it obvious?
Yes, because congress has shown the responsibility necessary to approach the financial crisis in a responsible and bi-partisan manner.
I'm glad I was able to type that, there's no way I could of said it without bursting into laughter.
Usually I think Inhofe is pretty much an idiot; but in this case he's right. Trusting "Ol Hank is not a great idea. He's proven himself to be too secretive and not quite firing on all cylinders. Though the bailout, in theory, was a good idea – no one from George the Simple on down has treated it correctly.
Without question. "Hank the Bank" needs his credit line cut off immediately. I don't think anyone admires what Paulson is responsible for right now, but at the same time what protections are in place to keep him from further enriching his friends on Wall Street over the next couple of months.
Las Vegas, Nevada
It was a robbery on the American people. So many were against it when they were talking about it especially Lou Dobbs. He said it would not work. No more bailout. If they need help it has to be a loan and if they can not agree with the loan then file bankruptcy or lose there business. Give the smaller car companies a chance to grow or be created there will be a lot of equipment availabe to buy. Also with a loan they should get rid of CEO's and COO's and bring in fresh ideas and new individuals with new ideas. Since GM decided to put all their money on gas guzzling SUV's.
Theymost certainly SHOULD. paulson made changes to how he was going to spend the money, after he had said he would not, and after it was voted on. In short he lied to get the money, in advertising it is called bait and switch. congress was smart enough to know that they needed to have some control of the way Paulson spendsz MY money so they put the ability to freeze it in the law. Now all they need to do is act, if Paulson wants to distribute the money in a manner different than he told congress he should ahve to go BACXK to Congress and explain why and what the expected returns are. if Congress does not accept his redistribution plan than they should fporce him to spend it the way EVERYONE agreed to spend the money.
No. And congress should instead be focusing on how to help the stumbling auto industry with some of that money.
Yes, I believe they should. In essence the bail out was sought and the plan given. It was unequivocally indicated that it would be used to shore up the bad loans by means of consuming them with the funds. Now as much as I hate the bail out, it was needed...and the plan to address the bad loans was the way to address it. But now that he has the money, he's just going to 'give it' to the banks that lost our money in the first place? There is no over sight with this path. It's simply a blank check and faith that they will use it wisely.
We have seen how wise they are, they do not deserve faith. They need complete regulation over seeing all of their moves with this money.
Jack, Congress should really slow down the process of dealing with the financial situation. It didn't start yesterday. Therefore it will
take more than tomorrow to solve it.
Jack, the money should be frozen because it never should have been given to greedy executives who tanked their own companies and walked away with millions. Why don't we see small businesses and average families getting bailed out rather than fat cats and Henry Paulson cronies.
I think that the bailout should be frozen, its obvious that Sec. Paulson doesn't have a clue how to manage this, and is just giving it to the 'free market' to use as it sees fit. wasn't it the free market that got into this mess to begin with?
By all means. Let's close the barn door after the horses have gotten out. Congressional oversight? I thought they had that in the first place. This is what happens when you: A. Believe a republican telling you all is lost if you don't do something right away, and B. Believe a republican.
Don't freeze it but rip the secret veil off – If there is nothing to hide (which at this point no one should be planning on getting a piece of this cash pie) why can't we know how OUR money is being spent!
Freeze baby freeze.
There should have been Oversight....from the begining. So, yes the "freeze" should be set in place, while they are setting up an oversight commity>
I think we should probably freeze some of the money unless it is absolutely needed for a dire situation. But then what is dire now in these economic times. Everyone wants a piece of the pie, heck, I'll take a piece too. I am so angry that we are helping companies that managed thier businesses poorly. I do understand that some of it is necessary for the good of the whole country but the handouts need to be limited. The auto companies are one of those that needs to restructure or fall. I hate to see people loose thie job but the company I worked for went under and no one bailed them out. Where all this money goes needs to be clearly documented to the American people.
Deb in LA
Yes, freeze it and then give me just $30,000 so I can pay off my college tuition.
certainly, paulson is doing a terrible job.
They should absolutely freeze it. AND they should ask for the rest of it back!
Freeze it? No, they should recind it. Let's just have a big do over. Send the tax money back to the american people. We can all spend our money and stimulate the economy back into action.
Considering the bailout should never have been approved in the first place, you can bet that I believe we should freeze the rest of it.
Yes, the bailouts should be frozen until the new administration takes over. Then a bailout board shoul be established and firms should have to apply for help and submit a plan of how it will be used. If they are approved they get the money and a federal accountant that must approve each payment made by the bailed out firm. Then this civil servant must report to congress how the money was spent.
Hello! Main street calling!! Where's my bailout money!! Where's my neighbors bailout money? Hello? Is there anybody there? Anyone at all? Hello??
No, the funds should NOT be frozen. The system is starved for liquidity and it would self-destructive to withhold them. What should be done is that whenever funds are distributed, such as to the auto industry, strong contingencies should be added to elicit correct usage of the funds and point those entities in a direction that will benefit consumers. The auto industry shouldn't get a dime unless it agrees to immediately begin re-tooling so that it can manufacture cars that get higher mileage and create less pollution. Make them an offer they cannot refuse, or it won't get done.
At this point, it doesn't matter. The bailout should not have been voted through. I doubt any freeze would occur. Money is meaningless to these large corporations that it's being given to so freely.
Absolutely, we should freeze it ! Then Congress needs to start investigating where the first $290 billion went and where it is now. Senator Inhofe and all congressmen and senators who voted against this socialist Bailout to the super-rich should be commended and supported in their efforts to prevent further rip-offs by our congress. Let your congressman and senators know that you oppose socialism for the rich!
It seems to me that the big oil companies should be the ones bailing out the crashing automobile companies. The ultra rich oil magnates should share the American burden and also invest in their own future. We, the middle class, cannot even make mortgage payments.
Freeze bailing out the filthy rich that are sinking the country's economy into a blackhole. Let them fund their blackhole with all the oil loot they hoarded. Better yet they should pay down some of the deficit the country is swimming in. Who needs to be bailed out are the people that lost their homes to those unscrouplus robers the Government is in the process of bailing out. What a sham? Where is the justice in this?????
No bail out money for the big three auto makers. If there produce is below standard, it is not because of the america people.
Yes. a freeze of those funds should be mandated now. And before any more money is distributed there should be an accounting of where the first $290 billion went, as well as an assessment about the effectiveness of how those funds were distributed. We shouldn't be creating a man-made black hole with taxpayers' money.
Absolutley, why would you want to give the money to the rich guys who got us into this mess instead of giving it to the poor guys who are victims of this mess?
Absolutely not, but credit must be restored. That's really what's killing GM and retailers. This deregulation theory (Classical Economics from 19th century) is really for bone heads. What would Teddy Roosevelt think about regulation? Ralph, Yakima, Wa.
tampa,fl they do it all the time with us taxpayers, give and take back, so why not? corporations should learn how the welfare game is played. the election is over, our politicians don't need anyone for a few years, get used to being ignored and lied to.
This so called "bailout" will go down in history as the Greatest Heist ever!
Absolutely. Wall Street has already gotten it's gift from Santa Paulson. Now is the time for someone who knows how to get a better return on our investment to make the decisions.
I thought the money was supposed to trickle down to the people who need the loans. The trickle I'm feeling right now has nothing to do with money.
ABSOLUTELY!!! The Goverment should have the power to giveth and taketh whenever it is deemed that tax payers money is being abused. The problem in the last 8 years is because no one gave a damn about accountability from the war in Iraq to Wall st.
It is TIME we as the people stop this non-sense once and for all. If my kid has to be accountable for his or her actions, why not the rest of America?
Freeze and let Obama make the decisions. He's the one that has to live with it. Bush will get lost in Texas and could care less,even though he's the dumbo that got us into this.
Jack: When I watch the ticker tape of wall street I can't stop but think, that "WALL STREET" just wants their hands on the rest of the money.
I don't see any movement to go after the BUMBS that put us in this mess. This is like taking a spoiled kid to a toy store and telling them you have a ton of money, the kid will buy the store.
I think the FED has not made it clear, so FREEZE the money to see what throws first.
We have a choice, help our corporations or slip from a recession to a full blown recession. Maybe the best way would be to put restrictions on the use of the money, bring CEO and the management pay back to reality and make it a crime to give stock options and golden parachutes to anyone. I manage to live on a lot less per year than these people get per day. As for the auto industry, we can.t really aford to loose 3 million jobs but chrysler "borrowed" money a few years ago and managed to pay it back so why not GM? If they can't pay it back it will belong to the taxpayers.
Well, of course, the republicans want to stop the money now that they already have their $100 billion in pork they needed to grease the vote.
What!! No oversite. Now that looks like a true example of spreading the wealth to your rich friends.
I would like to see a freeze on the money with the exception of extending unemployment benefits and a stimulus for the people.
I would also like for the first monies that have already been signed by President Bush to the auto workers to get to them as soon as possible.
January 21, 2009 is a long time for middle and low income families to wait. The need is dire now for so many.
There should be no more monies given to wall street, banks or big insurance companies, actually that money should be requested back immediately.
ABSOLUTELY! The remaining money should be frozen until the Obama administration begins. Bush, Paulson, et al don't know what they're doing! It's so strange how I seem to trust and believe Obama will fix things, but I do.
I want Obama on January 21st 2009 to call all these people who received bail-out money and not using it the way it was intended to give the money back, or face prosecution.
I'd like someone to point out where in the constitution that it says it's okay to take money from all taxpayers and give it to a few corporations. I'd also like to know where the money is coming from. Are we borrowing the money at interest? Are we printing it out of thin air and causing inflation?
On a side note. We have reached an agreement with Iraqi lawmakers on a timetable for withdrawl. Does anyone care that OUR Senate is required to approve this by 2/3 majority???
So much for checks and balances.
I am sick of the back biting. Can't wait for the Obama administration to take over. Maybe, just maybe we can ge this ship on course.
700 B for spa treatments and duck hunting? lol
Freezing would not help boost the economy, but physical responsibility and strict accounting should be in order. Also, a higher percentage of interest pay back should be set. The workers need to become more of a voice in their workplace and a ceiling set on any CEO benefits. An increased effort for energy efficient vehicles should be a priority. Companies must create more to cost less and last longer.
Congress should just freeze. Period.
Didn't one of the federal reserve banks hire a top executive from one of the failed banks? That's comforting.
The big 3 and the consumers deserve this disaster. For 30 plus years, Detroit gave us garbage and we bought. Even when the oil prices were $4/gallon, they advertized SUVs. We drive automatic transmissions knowing full well that a standard can give you 60-100 miles more for a tank of gas.
I drive from Burlington MA, to Arlington, VA on one tank of gas. 18 gallons, stick shift and I drive a Volvo S60. Take that!! I borrowed my cousin's Honda Odyssey and had to fill the tank more than 2 times for one leg of the same journey. Bottom line, we're stupid and lazy. You buy, you pay, you suffer. You manufacture, you don't sell, your competition is way ahead of you, SUFFER! The blame goes both ways--consumer and manufacturer. No sympathy here.
We should freese that money before all of it goes into the black hole. This is irresponsible to manage money like this. Those people should go to jail right now.
Yes! Freeze the darn money. Any more bail out money being distributed and Americans should call the cops because they are being robbed. Any one know of a good lawyer?
Jack we need to buy a lot of orange jumpsuits and shackles for these crooks,that is if we ever catch them in time.They probably have a signing statement saying they have been pardoned for their crimes already.
Good idea. Especially since Congress is balking making the GM loan. What management changes and guarantees were written into the $700 billion bailout? If the GM loan is made it may be a good idea to put a freeze on compensation increases and all types of bonuses until the loan is repaid. Even require a temporary wage reduction until the loan is repaid.
YES and take keep paulson's hands out of the pot. This lunatic is still allowing the banks and other finanical institues to do what they were doing to get us into this mess. This is $7 billion dollars somebody needs to be keeping track and that somebody should not be paulson.
Yes a freeze and total cancellation as well. TARP was brought to us by the same people that brought us the weapons of mass destruction.
The sky is not falling nor are the dominoes.
No Jack because of all the jobs that will be lost if the auto companies go bankrupt BUT if we bail them out they should all stop making cars that run on gasoline and begin the change needed to save our environment!
Does it really surprise anyone that the Fed has given away billions of dollars and refuses to disclose to whom and how much? The AMerican people overwhelmingly opposed this 'bailout' and it passed anyway. Our representatives did not do their job. They failed to represent the people, yet those same people re-elected the very representatives that fail to represent.
The Japanese tried this bailout strategy in the early 90's and they suffered for a decade. Let's all hope that our suffering doesn't last that long, although history says it will.
I don't live on Wall Street or Main Street, but I am one of those people who have worked for years and now I continue to watch my tax dollars be spent on bailing out those that I can't see are thankful for getting my money. So many companys continue to take it as my money is some thing they should get, and the person who seem to be able to plan how this money is spent continue to change his mind on what should be done and can't help but believing that stopping this money from going out is better than what going on now. I thought this money was to help others like me, but big business continue to get the money and spend it so that people who work for them can live the high life. Let's go back and redo the rules on how this money can be spent and who get's it.
Absolutely. They should also throw Paulson in jail while they're at it.
That is a good thought. After a couple of companies received money from that fund and decided to give management biig bonuses, there are major strings that need to be added to this money. I don't feel it is legitimate for the companies to give millions in bonuses when they have received taxpayer money.
Absolutely they should freeze the balance of the bailout. It's obvious this was another con job based upon fear and ignorance...just like the war. Congress doesn't know whether to rely upon the "so-called experts" or call their bluff and stuff their requests up their...
Congress should LOAN the auto companies the money to re-tool and start competing for more fuel-efficient cars. Save millions of jobs and re-vitalize Michigan and the mid-west. If they can bail out the banks and insurance companies, they can save manufacturing in the US,
There should be transperency and the funds should be frozen until we decide exactly how these funds should jump start the economy
Yes..this bailout situation is starting to smell fishy
Absolutely freeze the balance until Congress wises up and puts some accountability in play.
This is one American who is sick and tired of Congress throwing money to their cronies on Wall Street with "No strings Attached"...
Then spend a fraction of it on bailing out and retooling the auto industry so they can start making fuel efficient cars.
When has the DJIA made a significant impact on anyone's life except for the ultra rich anyway?
Yes I think we should put an immediate freeze on the money we are giving out to the very people who destroyed the econony. We have no idea what it is being used for. There should be a bailout to people who have worked their entire life & now find the money in their 401K is now half gone & they cannot draw out any money to live on for fear of depleting the entire account. This happened to me. I retired in March of this year & after receiving a few checks the bottom fell out of my account. I had no warning of the trouble ahead or I would have transferred my money to a bank account. Every day I watch the market for a glimmer of hope but nothing seems to happen. Where is the money going & what is it helping. Please furnish an email address for Nancy Pelosi or a President Obama aid so I can pass along my comments & suggestions.
Jack, We at least need to freeze any funds that might be at risk of going to the auto makers. They are in the condition they are in, in large part, because of the adverse affect the unions have had on business in this country. The non-union workers and the U.S. plants making Toyotas and Hondas are doing very well. If the big three bite the dust, let the unions take care of the workers who they have been milking for dues for decades.
Ted in Georgia
How about we just freeze every Politicians, CEO' and Corporate Executive's salary period. Their healthcare and Retirements too. Freeze everything, then they can take all the time they want to straighten out this mess. Funny, I think if we did this, it would get corrected in a big hurry!
When Paulson told Congress he needed 700 billion don't ask why and he will use it anyway he wanted to and if you don't the black abbiss will follow I didn't think he would get it I guess he did afterall.
I don't like the term bailout to start with. Frankly, the term "bail "usually is attached to some criminal offense, and when bail is being offered, there needs to be collateral. Is there collateral?
Is this a bailout or a handout? Or are they one and the same here?
YES!!! YES!!! YES!!!! Congress must insist on a FREEZE!!!
We desparately need to get a handle on these situations!!
We desparately need oversight on this money!!!
The way things are being handled now is completely irresponsible and worse....not getting the job DONE!!!
FREEZE THE MONEY!!!
Yep, till January 20th.
If i'm not mistaken, which I usually am when dealing with the Feds, part of the money was suppose to help people in foreclosure. Then the next day, Paulson changed his mind , but then today I heard a different story about our taxpayer money, Just take the population, divide it up, and give me my part so I can save my house.
Kenneth Chadbourn N.C.
the democrats messed it up? now no one knows where the money went?
who got this money and how much did they get?
I would say to freeze it, but that will do no good. They will all get their dirty hands on our money. It was a bad idea to pass this, and we see what has happened now. This is ridiculous, someone bail me out!
Congress should not have gone on break until the money was monitored and accounted for.
Absolutely, no more release of funds to bail out anybody until transparency and oversight are in place.
No vote needed, already approved by a vote.
I don't understand the thinking of others who feel they have the right to take your money and use it as their own. For the ordinary citizen, I think that’s called stealing.
Not only should they freeze the bailout money, but they should also demand a criminal investigation of Paulson and gang to see exactly what he did with our money.
YES we cannot let this administration get away with any more crimes against the united states and the world
Absolutely Jack. When will this congress and the rest of the political machine wake up and start protecting the taxpayer money. It is time the tax payers started voting these imbeciles out.
In a word..
As taxpayers shouldering this burden, we should demand oversight and transparency. We have been hurt by these shadowy figures stealing all of our money for long enough.
Well duh! Don't touch any more of that money because you are making things worse. The best option is to reverse the bail out money and give it back to the tax payers. We are the ones that worked for it after all.
Yes, all of the money should be frozen until there can be accountability for where it has gone, and where the remaining money will be going. It is our money saving the economy, we should know where it is going.
Sounds like the same crooks are at it again!
Time to have financial hearings that we never had. Then and only then can we blame ourselves!!
Can you say "Absolute Zero?" Given what this administration has done when it has been forced to tranceparency, I shudder to think what they do when it is not required! Or, if science won't bring the freeze to absolute zero, how about "Haliburton" as a freeze-it battle cry!
trm, Brooklyn, NY
A full accounting of all funds is definitely in order, and anything out of order should result in legal action. As a tax payer, I'm tired of being cleaned out so that special interests can have their piece of pie.
Yes! Paulson engineered the biggest heist in our history and we are left holding the bag. Who gets to pay the bill? Us! Who gets the benefits? Paulson and his cronnies.
AS LONG AS 'freeze' does not mean 'deadlock' and we wait and wait and wait for something to be done while Congress argues, and our economy goes down the drain.
Discussion is imperative, but action MUST be taken soon regardless if there is a concensus on what is done. Inactivity is inexcuseable here.
Freezing the money? Humm, I have a bad feeling that if that were so, harm could come to the Big 3. Though I'm not a big fan of bailing them out, I see how all these companies are just looking for reasons to lay off its employees. Instead of restructuring and taking a cut in pay of all the upper brass, they cut the work force. This is adding to the economic down turn. Under strict guide lines and concordances, give the Big 3 a settlement and then freeze the remaining money.
Of course they should freeze it. After that they should hand in their resignations, so maybe we can get some people who will work for us.
i think they should put a freeze on the money this was our tax dollars and we should know where the money goes and as for paulson he is a crook and he hired the rest of the crooks that work for him
of course, congress should have established the oversight office immediately and no money should ever have been distributed to anyone without oversight. It is unimaginable to me that anyone would have any confidence in anyone from this wretched administration and given them a blank check for any amount of money. Treasury secy should be required to disclose the distribution of every cent given and every cent to be given before any further monies are disbursed.
Absolutely freeze the money still left in the bailout.
Remove everything remaining from the hands of Treasury Secretary Paulson. It should be used by the new administration to prevent foreclosures for the lower middle class.
Yes Jack should freeze these funds. Nothing surprises me about these people. They will continue to lie and push the American people as far as they can because we let them. When will it stop. Oh yeah change we can believe in...or is it
As I understand it, the banks are either sitting on the money they've already been given or using it for unintended purposes, like mergers. I suggest that they (the banks) be told to make loans to the automakers from that money or loose claim to any further help.
Absolutely. The fact that some of the employees who work for companies that are being bailed out are getting bonuses is proof positive the lunatics are running the asylum. Someone needs to take charge. Bonuses? They should be lucky that unlike many of us they have jobs.
There should be a freeze until we find out where the money has gone and not allowing the guy who let this mess happen dish out more to his friends. And yes, he/his people have given it to his friends. Here in Ohio, National City was denied bailout money.. PNC was given bailout money and in turn purchased National City. How can a bank be given bailout money.. then turn around and buy another back??? Friends!!!! Now that his given his buddies some money, oh... this isn't working.. we have to do something else. How convienant! Now he's looking for other ways to help his friends at our expense. Oversite, yeah right!
I believe that it should be frozen, if we do not have proper oversight the money may not be passed out correctly. Personally, I was in favor of no bailout at all, we can not give businesses money because they messed up, the citizens of the U.S did not. This being said, now that it is passed we must do it correctly rather than coming back in 6 months and asking for another 700 billion because they did not hand it out correctly.
Living in Michigan, and fearing what the fall of the Big 3 will do to this state, I say absolutely freeze the rest of the money. So far all we've seen is the money go to AIG and all of Paulson's Wall St. buddies and not anywhere near where it was promised. If we're going to let the Big 3 fail, then let's make Wall St. give up their bonuses! We've been swindled one last time by this administration.
No more voting. Congress already voted to give Paulson this mountain of money without strings. Having shown they have no judgment, they now want to impose their judgment. Paulson needs to drop everything and bail me out. It'll cost a lot less than $25 billion - and I'll promise not to come back for more.
Freeze it now! Get the first half back and while your are at it, freeze everyone in Washington. Those idiots in Congress voted for a $850 billion bailout with no oversight, no restrictions, no strings, no concessions. And now they are upset that there is no oversight, no restrictions, no strings, and no concessions. This is the biggest scam ever pulled on the American working public!
Until we know how every dime is spent, freeze it.
Yes. A little accountability where a lot of money is concerned would not only be refreshing but appropriate. This 'trickle down' idea is not working. Has never worked. Will never work. It is a good idea to think about a 'bubble up' approach and see how that goes. Afterall, you plant a seed and it grows. It doesn't work the other way around.
Before Congress approves spending the rest of the money, it needs to look very closely at the matter. Congress should get Obama's concurrence before any more "bailout" money is spent.
Jim, Craig, CO
Yes, Now, Yesterday! Suspend all authority until 20th January.
Immediately restore pre-Gregorian calendar, that'll bring the inauguration 13 days earlier.
Better Bush sends everyone home for Thanksgiving and don't come back till after Christmas, at least admit his government has been a smokescreen for 8 years.
Seriously though, have Supreme Court supervise it from now to inauguration. They got us into this mess. They should not take their holiday so the rest of us can!
Why let the Congress freeze it now? It's apparent that Paulson's plan needs the remaining $350 billion bailout. Use it before it's too late!
Definitely freeze the balance of the money and stop any funds that have been promised but the checks or whatever have not already been sent.
The "Big Three" are asking for a LOAN, not free money. The alternative, can you imagine several million more requesting unemployment compensation, where will that money come from and it will never be returned to the government.
Yes. . . Yes. . . and YES!
Absolutely, positively, unequivocally –YES, Congress should
freeze the remainder of the 700 Billion. It should never have been
approved. But since it was, freeze the remainder of it. It is unwise
to subject the tax payers to this type of uncontrolled spending.
Senator Inhofe needs to retire. Thats all.
No. Congress should not freeze the remainder of the 700 billion dollars. They should distribute it to the people to stimulate the economy from the bottom up, where all the wealth comes from to start with.
Absolutely !!! Freeze it now and launch investigation immediately where EXACTLY the already used funds have gone.
Yes! No more money until the previous money is accounted for...No more money until who ever is overseeing the transaction is setup..
If they don't know what to do with the money let the next administration take care of it.
Definitely freeze the money.
Jack,this reminds me of that T.V commercial that asks,Whats left in your wallet.
Absolutely they should freeze the money. I didn't agree with bailouts then and I don't agree with them now.
I admit I was for the Bailout Plan because I couldn't imagine just letting the building burn to the ground and not trying to do anything to make it stop. So I put my faith in Paulson and the rest of the government, call me naive, but the lack of transparency and the sheer lack of professionalism (i.e. not even appointing officials to oversee the plan yet) is simply not acceptable.
Only if they had thought about that 350 billion dollars ago.Idiots.
It’s hard to believe that seven hundred billion dollars can be given to the Secretary of Treasury without someone in the senate looking over his shoulder. Maybe this was a conspiracy.
The congress didn't know what they were doing when they approved the bailout. Why would we think they know more now???
Yes they need to freeze the 350 Billion dollars! Take the money and divide it amoung the people to pay their mortage which will help the banks, buy a car that will help the auto industry, who know's they may even invest in the stock market. This country is starting to look foolish...you think?
Debra from Florida
While freezing the funds might allow some time for better insight as to where the funds should go, Congress should NOT be charged with that oversight. If pork-happy Congress was left to decide where the money went, it's likely that more wooden-arrow companies and the like would be the benefactors. This IS Paulsen's job, but the gravity of this situation might call for more of a team approach.
As far as I'm concerned, they can stop bailing out Wall Street bankers and start bailing out Main Street. By giving loans (not a handout) to GM, Ford and Chrysler, they will be saving jobs not only in Detroit, but the manufacturers that build components that go into making automobiles. This would be helping people in all states.
Come on now Jack,why should they do that,christmas is just around the corner and the CEO's will need the money to buy presents for their girlfriends/boyfriends as well as for the christmas parties and the winter holiday in the Alps.
We gave the military a blank check for Iraq. Wwe have bailed out banks with a blank check, we are contemplating sneding another balnk check to Detroit.
Where's my blank chck?
We see more oversight is now need, since a direction taken so far doesn't secure trust. The issue was to promote confidence. Lack of accountability encourages Dis-Trust.
Just like an American human family, if the one in charge of the money cannot explain to the spouse how that money was spent, another arrangement must be found if the integrity of trust is to remain between the couple.
So is it between Government and the people. Same basic fundamental principle apply.
They should REVOKE all the remaining money not already wasted on corporate welfare. This push that screamed past Capitalism.... free wheeled through consurmism going full bore to a one world collectivist apology being paid for by borrowing any future for me and generations to come...... no unearned handouts...... that means everyone...... John Galt will win this battle
This country would have benefited more, if the funds were given to the citizens of this country to spend. It would have stimulated the ecomony more than sending a bunch of over stuffed Bank executives out to picnic.
YES!! of course!! Paulson is just giving money to his friends. Where is the oversight? How could they pass a bill where Paulson could do whatever he wanted? FREEZE THE MONEY ASAP!
Of course we should freeze the money. If we are going to throw money at the problem we should at least be able to see what we're aiming at.
Greed and an unregulated market have gotten us in to this mess!
An unqualified YES! There should be provisals attached to any funding going out with severe penalties to the Execs and board members who run the Corporations. Example if the Auto Mfgers get bailout financing they should be required to retool and produce the cars that are fuel effcient and money into research and developement for Greener Cars. There has been enough gouging it has to stop.
I new the seven hundred billion dollar bailout was mistake. I don't know what it is about George W Bush and Congress. They gave him a blank check with the USA Patriot Act. They gave him a blank check with the Iraq War Authorization. And now they've given his Treasury Secretary a blank check to bailout whomever he sees fit. What is it about George W Bush that he can scare Congress into giving him a free hand to do what ever he wants on any issue? I've never seen anything like it.
I was not for this BLANK CHECK in the first place.
Deffinately it has to be frozen and much more thought has to be given who we should be helping.
I have a business myself and no one would help me if I get in a tough spot, but sometimes we have to make exceptions like for the Auto Industry.
Yes, it is correct, bad decisions and planning has been made by these companies, but the impact of them going under is just too great to judt "throwing them to the dogs" sort of speak.
Especially since we hope that they will develope our new green cars for us in the future.
Freeze it let and require complete accountability for the funds immediately. This has become a boondoogle.
Absolutely! After taking the time to view last week's congressional hearings on C-Span and the responses of Paulson and his Boy Wonder I was livid. They are raiding the treasury and everyone except the taxpayer is benefiting. Paulson, Bernake and The Boy Wonder should be escorted out of the Treasury's office and they should leave the check book at the door on their way out!
I think that the finance industry and it's bridegroom (the Bush administration) has answered the question for us: YES! We should freeze the funding until the new administration takes control. The executive "retreat" and the mysterious disappearance of the first half of the money is "classic" Bushonomics and should be halted immediately. Once again, it appears that the American people have been hood-winked by the administration and it's big business cronies! They go us for one last money grab before leaving office.
From Niles, Ohio
Absolutely they should freeze whatever is left of the bail out money. I guess old habits are hard to break for this administration. Just do whatever you want with the tax payers money "and don't ask me where it went " I guess they want to go out in a blaze of Repulican glory.
I don't see anything wrong with freezing the bailout money until everyone finds out what it is being used for. And why can't Paulson reveal a list of what has already been done with the measley $290 Million that is gone. This has always been an accident waiting to happen. Before you know it all the money will be gone and no one will know what happen to it and then we will need another $700 Billion dollars to help with what the original money was supposed to be used for and before you know it that money will be gone also. It is just a vicious cycle and someone better take the responsiblity to make sure that our money is being spent the way it was supposed to.
Absolutely they should freeze the money! They shouldn't have given one dime. This crisis is the result of the unnatural actions of the Fed in their effort to control the markets. The fed should be forced to be completely transparent. They have issued so many loans and so much credit, I am afraid the dollar will never regain its value. The United States is spending more money than it has in its coffers and this crisis is a correction; it is the natural consequence of our actions. There must be a correction and there isn't anything the Fed or Congress can do to stop it. When will people wake up? The government can't save you, auto makers, banks, or anyone else. It scares me that lawmakers are so completely blind to what they are doing to this country.
YES! This is a TOTAL no-brainer. It should have been done at the beginning of the mess. The fact that it wasn't is yet another indication of incompetence. Let us all hope that will change . . . in 2009.
Give me a bail out. I only need $1B... I promise I'll stimulate the economy. (The american economy)
Jack, I'm thinking that not only should all the bailout money be frozen I also believe that ALL CEO's be fired and given the same severance package the hourly employees recieve. If this is not done we are throwing good money after bad, and this is our money this time. I'm a "dumb woman from Arkansas" and I can see that is the only way to fix this problem is to make the changes from the top.
Yes, freeze it.
Paulson is an insider, giving our money away to his cronies with no oversight or accountability at all. Like so much of this administration, something got railroaded through congress as a crisis - strangely reminiscent of how we got into the Iraq war.
I want to see some of these guys in prison.
Is everyone in Washington asleep at the switch and going to continue to let this train wreck happen, How can one man be soley responsible for the allocation of this kind of money, It's just nuts. Lets hope the new administration will break up the "good ole boys" network. I say freeze the funds assemble a panel and and a majority decision determines who and when receives funds.
Freezing the bailout money isn't in the plan.
Directing the fed to cut a check for the balance of the $700b to Paulson to distribute our to friends and exemployees of the fed bankers and goldman sachs.
There was an interesting artical in one of the overseas newspapers calling the bailout a severance package for the present administration and friend
As as former GAO analyst I can tell you that Congress had and still has at its disposal its "investigative arm"- the GAO to conduct ongoing oversight. What is wrong with these folks? Don't they even know the legislative tools they have for oversight. god help us all.
Mike G. Aurora, Colorado
Should the rest of the bailout money be frozen? Definitely. This was a bad deal done too quickly at the frenetic urging (yet again, the sky is falling) of Bush & Co. without nearly enough protections and safeguards for taxpayer dollars. That this bailout could be pushed through in the condition that it was speaks volumes for Congresses inability to wisely and effectively handle this economic emergency. By now it's apparent nobody really has a clue what to do. Meantime Paulson's buds in banking are making off with our money and doing what they will. Preposterous.
I am so sick of the way our money is being spend without any over sight. The money should be frozen until Congress can review where the money is going. The distribution of the funds should also be made transparent.
What will be the next scare? If we don't bail out the auto industry by Friday, we will not be able to drive!
We have too much manufacturing capacity of car brands we don't care for buying anyway, so let them go chapter 11. Someone will pick up the pieces worth saving – and please.... don't' let that someone be us tax payers.
Anyone ready to invest in Hummer, Buick, Mercury and Lincoln?....Anyone??
Freeze them out !!!
What should be done will not be done!
We should eliminate the FED and let the banks fall where they will. Go back to Constitutional money created by the Treasury.
AND YES! FREEZE THE FUNDS... probably won't be anything left to freeze by now.
Absolutely!!! They need to take a closer look at where the money is going. Maybe I can give them better advice than the "experts". Maybe the government should use a fraction of the balance to give a LARGE stimilus check to each tax paying citizen..in my opinion, that would help solve the credit and mortgage crisis!
YES! Nothing has changed except for bailouts of more banks while I am having a hard time with receiving student loans!
Jack! Freeze that sucker immediately! All one has to do is think of "Enron" to see that the culture of big American business (men) has gone awry, and cannot be trusted to do the work of "the people", US, not his (Paulson's) rich friends, the people. Needless to say Jack, we are in serious trouble as a Nation, and I'm surprised to see how calm most Americans are when hearing that their lives (financial and otherwise) have been altered severely by the actions of a very few and their greed. As we bask in the honeymoon period of this financial meltdown, the lessons do not seem to have been learned and it is business as usual with the wolves guarding the hen house. I just turned 50 this summer and I am very scared for my future on many fronts. Who can help us?
The remaining Bailout Money should absolutely be frozen until Congress has been informed as to what Paulson's plans are for it, but we also have the right to know how the $290 billion was spent. And since I am looking for employment and have a strong financial background how can I apply for one of the positions needed to staff the oversight committee. More 'mainstreeters' might be beneficial on Capital Hill......
YES,it's obvious that officials in charge of this bailout dont liveup to expectation of american by not oversight on this money,moreso,i think both the officials and executive of these giant corporations should fire and replace by reliable people.
Yes they should! It seems to me they are making new rules about how they are going to use the money. They ask for the money for one thing and then changed in mid-stream.
Don't allow them to make up new project that we know nothing about.
Let's see, that 700 billion dollars is our tax money right? America just had an election right? I'm pretty sure they have made a decision about who they want to manage their tax dollars....so hell yes, freeze it until January 20th. Maybe then we'll have some responsible spending of our tax dollars and even some accountability for where our tax dollars are giong.
There should not be one more dollar handed out. This whole situation is turning out worse than it started. Let the American voters vote where the money should go. We have had enough of this.
I say that the money should be frozen and then used for a pay as you go method. With the national debt already high, pulling back on spending that is not necessary would be better for our nation's future.
You know Jack, this is exactly what happens when things are not
planned well. This bailout was rushed and Bush doesn't care what
happens next because he's not going to be around much longer, it's
someone else's responsibility. All this makes me sick to my
Of course. I can not believe how fast and loose the government plays with public money as if it drops from the sky with no strings. It's disgusting and we the people seem to be helpless to stop it, elections not withstanding.
Not only should Congress freeze the remaining $350 billion dollars of the financial bailout, they should retrieve the $350 billion dollars that has already been passed out. When these financial executives can give out the types of bonuses they plan to give out for running their company into the ground and continue to spend outrageous amounts on conferences and spa getaways, it only means they don't need the taxpayers money.
Yes, unless they are approved by The Congress. They should be regulated. The group that has it now are more concerned with bailing out the ones that caused the problems instead of the citizens that are in trouble because of the misuse of the trust given them. We have to be sure not to put the fox in charge of the hen house again.
By the time Congress can agree on something. It will be like closing the barn door after all the horses have gone. Did they ever find the billions missin in Iraq?
Guy from Texas
The automakers should request a bailout for the oil companies.
They have the billions in profits and it is to their advantage to
see the automakers succeed.
Freeze it. Congress was very smart in passing this plan, but is failing miserably now that the terms are becoming an issue. Congress needs to put strict conditions on this money, I'm 21 years old and understand that this bailout is something our country dearly needs and also realize that I will be paying for it for the rest of my life. For these companies to just continue what they are doing is unacceptable, the money was infused in these companies on the premise that it would be used to help us take out loans, and spur on some sort of growth!!! Britain did it, and it seems like it working over there.
Yes Jack; Without a question! Congress should not only withhold any remaining taxpayer's money but should hold all those responsible for the demolition of our economy and our incompetent leaders who allowed it to happen on their watch be held responsible.
Absolutely, there should be a freeze on the bailout money. The public had no say in whether or not we wanted to loan the money, we had no say in where the money was going or how it's spent. I DO NOT trust Henry Paulson's ability to spend this money the way it should be spent. If he were capable of alotting the money wisely, perhaps there may not be a need for this bailout. He may be fronting the money for more CEO luxury retreats, and until we know that's not the case he shouldn't even be able to look at the money, much less spend it.
Giving this much money to a few individuals without accountability is like putting the fox in the hen house and expecting the fox to be a vegetarian. There must be strict and visible accountability for all rescues/bailouts. They should be loans that get paid back, just as Chrysler paid their loan back when it was run by Lee Iacccoa. Effective Oversight and regulation are crucial.
Absolutely. It was my understanding that the money would have oversight. No one should have sole spending power on that much taxpayer money.
everybody says union workers should take paycuts did people who work wallstreet take pay cuts
Dear Jack, I have been a Democrat my entire adult life but this is one issue in which I happen to strongly agree with the Republicans. I think the bailout plan was a bad idea and I fully support Senator Inhofe and his proposal to freeze the remaining $350 Billion that was appropriated for this absurd plan. We are all to blame for this financial crisis and we all need to learn a great lesson from our mistakes. Jeff from Bayonne, NJ.
Hire Warren Buffet to oversee the bail-out. I guarantee you it wouldn't be wasted if he was the man in charge. You could probably pay him a billion and still come out ahead compared to the people overseeing it now.
Sure all monies should be frozen and thawed after 01/20/09, so that we can have accurate accounting records from that day forward and records on who the money goes to and how much. Please keep a tax payers balance to the end of 2009
If I'm not mistaken, the bailout goes to big corporations with the intention that it will either increase supply or increase jobs. In other words, it should 'trickle down' to the common american.
Haven't we learned yet that this type of economics fails 90% of the time? My suggestion is to give the bailout money to the American public and let the free market run its course.
Freeze the salaries paid to our politicians, indefinately suspend any retirement to them as well. and sick the IRS on them. and oh ya, deny them umemployment benefits. Now that is real change and that will get will get results.
Yes, put a freeze on it, and then return it back to those it belongs to
As usual, Congress is a day late and $290 billion short before the lightbulb finally came on. They make themselves look like idiots–yet i suppose better late than never. So yes they should.
The biggest theft in American history while everyone is watching it happen and letting it happen! So what did McCain go back to Washington for? Where was his experience to make sure the bill would not get passed till an oversight comittee was in place? We need common sense now more than experience.
What money, I thought the US Govt took a loan from China to bailout all those big wigs? Are you telling me they have money now to freeze? Congress is a block of ice as I see it already. The only thing they froze were jobs for good people to make a living.
Yes, we should freeze the bailout money, and tell AIG we want our check back.
Of course it should be frozen! They should have divied that money amongst us regular hard working citizens of the US, and we could have done a better job of spreading it around to all the industries to feed the economy better than they are doing!
Yes, its is a right idea –to congress freeze the money.
When it is hard to find buyers for them //How can they repay loan with interest???Yes it is right idea to Freeze the Fund. They are fine till Dec'08..why in hurry??
Yes and they must acquire documentation to exactly where all the distributed funds have gone and to who. Taxpayers also should be the majority ownership and have the final say in who, what, when and where in the all the business entities receiving these funds.
As I understand it, these companies would be out of business if it wasn't for these taxpayers funds.
This should be non-negotiable and if these troubled companies will not accept these oversite rules then they should not accept taxpayers money.
I cannot believe that the auto companies need to be bailed out since they paid millions to lobbyists to keep gas mileage low, build large autos and to pay no attention to global warming. In the 1970s, GM came out with the Chevy Vega to compete with Japan. Total piece of junk. . I was born in Detroit and everyone was connected in one way or another with the auto industry. Unfortunately, the big "three" let their greed and ignorance lead them to this plight.
I want to know when Congress will be sending me a whopping check for living within my means. I am currently being penalized by the system for acting responsibly and managing my debts over the past X years. And now they want to pass the irresponsible debt of individuals and individual corporations and pass those to our our irresponsible governement to mis manage. Now my future is being penalized and I don't like that.
Darwin was ultimately right about life and about business!
They should give the remaining money to American Taxpayers to help bail them out. I could use a spa treatment too!
Jack, As we have seen today more people have lost their jobs. A freeze on the money would jeaopardize many more jobs. Help the auto industry; they have hybrids and smaller cars in Europe- bring them over here. No more time to waste. This is urgent- no freeze Mr. Inhof, please consider the state of the economy.
Charmaine, we can do this!!!
Personally ... I'm in a catch 22.
Politically, I do not believe this is the proper role of government.
Economically, I need some of the companies that benefit from this to be in business long enough to pay off the bonds we own.
I'm appalled at this bailout to begin with. It should be given to John Q. Public so that mortgages, credit cards, and car payments can be paid off. We, as a nation, need to get our house in order. If that doesn't happen, the D word will be prominent over the next few years.
I can't believe that is all the money that is left from the bailout! Well Congress really needs to attach some strings to this money. It just seems like much of it has been wasted and this country really can't handle much of that anymore.
I absolutely think there should be a freeze on bailout as well as give back the money they missused. I still think we would be allot futher ahead if each american got the ballout money. We would pay off our mortgages and debt. And maybe some spending.
Yes. These are the same people who said there were WMD's, and we know where that got us. Just another example of how incompetent Bush and his cronies really are. I trust the Obama Administration to do the right thing, unlike its predecessors.
yes . they should be investigate all of them , no question , they are corrupted
Congress should not have given any money to those large Companies in the first place. Large companies do not spend money to stemulate the ecconomy. The Money should have been given to the American people because they would spend the money to help the auto industry, banking, insurance, and mortgage companies. AIG the insurance company has raised it's renewal premiums by from 28% to 50%: They are abusing the American People. Freeze the money and make them account for the money already given away.
Does anyone trust the present administation? I certainly don't. No restraints, no oversite?
I've been trying to get that point across ever since this bailout idea came up. How do our "expert" congressional members allow themselves to be bamboozled like this?
It seems incredible that there was not strict oversight in the first place. Congress must trust the administration more than I do.
Liberals and conservatives agree on this issue – there should be no more bailouts.
by the time they freeze it it will be all gone
I absolutely agree with legislation to freeze remaining funds for the bailout. Paulson cannot be trusted with our money, and will probably favor his friends while handing out taxpayers' money. And another thing...why haven't the news journalists talked about his prior employment with one of the financials...which he helped to lead into financial ruin!
Freeze the money until the Obama admin. is in full swing. I don't think anybody in this country trusts the "fiscal conservatives" anymore. Better leave it to the "tax and spend" liberals– they have more experience with this kind of thing...
Dear Jack, This Administration should have three hundred – fifty millions Eyes on them at all times, not a blank check. after eight years this administration has not earned my trust in any way and they do need a lot of oversight fur sure
Yes, what has happened to the bailout money?
With only a few weeks left in office this whole administration is behaving like bank robbers who, after clearing out all the cash they can carry, are now snatching the last few dollars as they head out the door...
(You're right, it IS getting ugly out there!)
Long Beach, California
must be bonus time .
I think that the money should be put on hold until we see where the other 290 billion went. Then the rest of the money should not be released until we get an oversight board to make sure it's getting done correctly. It's the taxpayers money for goodness sakes, out children and their children will be paying this back for forever if we don't get it right.
Doling out this money blindly is not what we signed up for. Once the pillage is done and the thieving administration is gone we’ll be stonewalled with diplomatic immunity and never know where it went. How ironic that the only industry with a real product and jobs, with ability to repay, auto manufacturers, can’t get a piece of it,,too transparent I suppose.
Sure a freeze should be implemented.No one man should that kind of power with tax payers money,even if the economy has a surplus.If there is no freeze,its only politically moral, to start bringing Prez-Elect Obamas team up date on what their out-going agenda is, after all,every one won except the tax paying middle- class worker during this administration.
It seems obvious that this is a continuance of the government saying one thing and doing another. we were promised transparency and oversight and now money that could of done so much for our country has been wasted. typical? yes. surprised? nah.
Yes they should freeze it. Paulson and the Bush administration told us that the money would be used to bail-out middle America. Help people who had these toxic mortgage. Now Paulson says none of the money will be used for the toxic mortgages. He's just slicing it up to his fat cat friends to bail them out. We were told that there would be accountability. Listening to the senate hearings today, none of them know where the monies are going or how it's being spent or how much is left of the first 350mil. I guess this is just another shock and awe theory of the Bush administration. They wait to the last minute to shock us about the crisis and then we're in awe when we give them what they want only to find out that we've been lied to again. What a mess.
The new USAmerican corporate model:
privative profits, socialize stupidity.
Yes! I also think that the companies that have received bailout monies should be prosecuted not rewarded, if the funds were used improperly. The people in the top positions should be fired for the mess they created under their watch. I also think that the big 3 auto corps should either 1.restructure or 2.the oil companies should loan them the money they say they need. They're dependant on eachother anyway.
Definitely, It should never have been given without oversight. Apparently, we never learn. When dealing with snakes and sharks we should be very very careful.
No. Use the money more wisely. Consolidate consumers high interest credit cards into one low payment. This would raise their credit scores making them eligible to get auto loans, mortgage loans, and more spending power right now to boost this economy. The banks and auto industry can receive the money this way making everyone stronger.
I'd give that a big yes
Freeze It !! Freeze it until somebody smarter than Paulson figures out how to spend it in a way that will do us all some good. Freeze it until we have an Inspector General with the power to smack down corporate executives who expect bonuses as usual. Freeze it until CEO wages to average American worker wages are at a ten to one ratio instead of a thousand to one ratio. Freeze it for any company that gives golden parachutes to executives that drove their company into the ground.
An oversight committee and prescribed method of transparency should have been established when the bill was passed. What kind of irresponsible jokers are running the show in Washington? Politicians sicken me.
Absolutely congress should freeze the remaining bailout money and hold it 'till hell freezes over, 'till the cows come home, and 'till pigs fly.
I live in Allen Park, which is right next to Detroit. We are hit hard. My house just got foreclosed and I was laid off from Ford a year ago. We need the money more than anyone.
Where is the oversight we were promised? I thought that the financial crisis would have taught us that a lack of transparency was a terrible thing, after all it is what got us into this mess in the first place. Congress should freeze the remaining funds until we get a list of where each taxpayer dollar was spent. No more bailouts until we know where our money is going!
Fool me once, shame on you. Fool me twice, shame on me. We've been spoofed by two inarticulate, somewhat stupid, men in high positions, i.e. George W. and Paulson. How stupid are we? If it turns out that Paulson divided out this money in any way short of working on resolving the economic crisis, he should be jailed! So, yes, the rest of the money should be frozen until we know for sure what has happened to the money that's been spent already and until the new administration is in place and can oversee it.
Yes! Freeze it until companies show they want to survive. Allow them to go into Chapter 11 and restructure into a smarter business model. If the products can't compete on a global level, loose them.
As a small business owner, it infuriates me that Congress isn't forcing their hand. No one is going to help me if I begin to fail.
The Bush administration continues to allow big corporations to rule the world, even as it crumbles at their feet.
YES... The billions already handed out have been done with little, if any oversight or controls. Congress needs to find out where the money is going and make certain that the taxpayers are safeguarded. (Treasury was supposed to do that, but isn't.) At present it looks more like a "giveaway" to the "well connected" than anything else.
No transparency from the Bush administration? I didn't see that one coming...
Doesn't matter, too little too late. We are living through what every other country has gone through that used a fiat monetary system. It is designed to fail! Then add on top of that trying to manipulate the market! I believe we need to stop trying to fix the symptoms and concentrate on the problem. We might as well bailout every person in the world with a billion dollars each so that we can quickly clean the slate (have complete failure) and start over again. Our true national debt is closer to 55 trillion dollars. How can we pay that off when there is not that many dollars to pay it off with and we are charged interest for every dollar created (loaned) from the Federal Reserve!
The American tax payers give, without their own input, $700 Billion to save Wall Street Firms and Banks. So what do they do with the money? Do they lend the money to the people who need it NO, they pay dividens and they buy other banks and oh yes of course they Lay Off Thousands of those tax payers whose money they took.
Freez the rest of our money in the so called Bailout Fund.
Good Old Wall Street and the Fat Cats always taking care of themselves and no one else.
Yes, plain and simple, until it can be shown, on paper, where it has been spent, and will be spent. Just like a kid asking for money, you need to know where you're money is going.
I say yes! weren't told one thing and then another was done? Weren't we the American people putting our futures on the line by using our taxes to [pay for this bailout and isn't Paulson just lining the pockets of banks that will not let go of the money they are supposed to be lending out again? I woudl say yes lets freeze this money until we can get someone we trust to dish it out properly
Yes- In general-Money should only "lent" after documentation of need and a pro-forma on repayment. If you lie on the application you go to jail! ( I remember the papers I filled out when I made my first loan application for $5000!)
Yes-Car manufactuers Also-Until they submit pro-forma plan that mirrors companies such as Toyota (America) Larry San Antonio TX.
No freeze, redirect. What if we were to bail out people instead of companies? Consumers are the ones that spend money at the stores not the stores spending money or the banks; it is the people that buy cars, toys, food, gas, and everything else. Take that $700B and divide it out to every tax payer and then watch the economy grow. I know I would spread a lot around my community if I had $300,000. Give the money to the people so they can re-build Main Street which in turn builds Wall Street. We must work from the bottom up not the top down.
It is shocking to hear that there is not transparency, so yes, it should be frozon until there is supervision and until the public can see how their money is being doled out.
Bailout money isn't the answer...common sense is.
Paulson wanted absolute control over what he did with the money, and apparently he has taken it - despite Congress, YES, they should enforce transparency and oversight.
I sent several congress people a note asking who bailed me out. Not only was I against the bailout, but my mouth dropped open when I heard the first 1/3 spent did not work....
By all means, Jack. It is apparent that these "experts" are clueless. They are gamblers and everyone knows that you don't support a problem gambler's self-destructive habits. Someone should also take away their guns and their car keys.
We should absolutely require complete trnsparency as was promised by the entire congress (Democrat and Republican) when we passed the bailout package.
I'm tired of reading all this blame Bush stuff – we passed this bill in congress not on a presidential whim and we should demand a complete accounting of where the money is going.
Yes, until the new administration takes office. Then they should consider replacing Paulson, and anyone with connections to the very industry that we are bailing out. Change means no conflict of interest starting 1/09.
Isn't this bailout thing a fun one! As much as I would like to blame Bush for all of these problems, there are certainly others that need to be held in account as well, however it appears the money is very much like the old street vendor shell game & that shouldn't fly! We should have given the bailout money to the American people, because they were the ones who got hurt the most, let the corporations get bailed out through the normal channels of being sold as failures, legislate total transparency of "Our" funds, and most of all, prosecute those CEO's & politicians who played fast & loose with the American economy. Corporate "Ivory Towers" have never been & never will be a productive part of America's economy! That should get their attention!
I don't think they should freeze it but we need to know how it being spent every dime of it. I am afraid if there is no supervision some of the CEOs might get mighty rich swindling the money.
When I got to the banker and I ask for money, he wants to know everything about the transaction, and I mean EVERYTHING.
I believe that something should be done to the President for letting all this happen during his 8 years in office and now this by someone he appointed. I believe that a President should not be able to just walk away and be able to keep getting paid during his retirement for leaving this mess. It is just like having Mickey Mouse as President do whatever you want it does not matter because you get to leave and still get paid for messing up.
Heck No!!! I work for AIG and you all already know the mess they've done with the money that was given to them. Even though I'm an emplyee of AIG, I would rather have the company file for Chapter 11 and give everything back to its employees and tax payers. No company, bank, etc. should get a dime.
I would rather wit until Jan. 20th, 2009 and see what the new administration will do. Los Angeles, Ca.
Yes there should be a freeze. I'd like to see those crooks sitting on parachutes aboard a military transport headed to Gitmo where military interrogators are waiting to question them on their part in bring this economy to its knees. After all, after 9/11/, al Qaeda said they wanted to ruin our economy. What is the difference between alQaeda and these crooks, friends in very high places.
Frozen and thawed out after there is some really tight oversite. This is my money we're talking about! Enough of Republican free-for-alls. Can I get a bailout? We can't meet our mortgage.
Yes a freeze and oversight is necessary! The company screwed it up the first time with there financial situation, so what does that tell everyone. You ever heard "Once bitten, twice shy!" Thats my money too, and I for one don't feel comfortable handing a blank check to anyone!
Not only should the bailout money be frozen–so should all of Paulson's financial accounts, for he's apparently been offering bailouts to his friends to continue their business as usual ways. In addition, a special prosecutor should be appointed to probe Paulson and his actions regarding the bailout.
Congress should freeze the remaining bailout money, absolutely. Even better, change the 12th ammendment so that Barak Obama doesn't have to wait till January 20 -and we can be rid of the Bush administration sooner rather than later. Hehehe...
Before another nickel is handed out, we must have an audit on every dollar that has been given thus far! Any future money given to anyone must be monitored to be sure it's going where intended! The money does not grow on the tree in my backyard!!!!
jack, until someone knows for sure what they are going to do with our money, take your time and get it right.
I love how everyone was pushing for the bailout, but now everyone has jumped ship. This was never a good idea, with or without oversight. Socialism is socialism, no matter what you want to call it. And now we are talking about a bailout of the auto makers who have a work force that's been allowed to thrive under the protection of union thugs for years. Let the businesses that are heading towards failure, go ahead and fail. That will allow the market to truly hit the bottom.
Doesn't really matter at this point Jack. This country is screwed beyond repair. Both parties are to blame and the world knows it.
The bailout bill was pushed through the House and Senate through fear and Hank Paulson has done nothing but hand out money to whoever wants it. No one has seen any report from the goverment regarding where the money is going and no one has even talked about sending in independent audit firms to review what has been going on. If there was ever a time to stop this bailout the time is now. The bailout has indebted my children and I for decades to come and should be stopped at any cost.
Declare an end to the bailouts. Auto, bank, insurance, homeowner.
People in this nation need to return to some notion of self-responsibility.
If you make the mess, then you live with it.
And as for those who lead with their chins in the area of investments... don't. Clearly, you cannot afford the losses.
yes – it is that simple. car manufacturers have been greedy (for themselves) and negligent (to us) by continuing to avoid making gas-frugal engines. they deserve the dilemma they are in and they should not be giving anyone a bonus of any sort. we welcome them to the real world! we will not learn as a nation unless some businesses hurt – and hurt a lot.
Hey ! Where's the tax payers bailout . Let these big Corperations get bailout money from Check N Go , like I do when I'm short of ends.
to put it simply: yes.
Plain and simple. YES. Freeze it and put Paulson in Gitmo for terrorizing Americans in order to get his grubby hands on $700 billion dollars.
From day one all the bailout has amounted to was a "pardon" to these grossly mismanaged companies with grossly overpaid executives. WE TAXPAYERS have yet to see a dollar of it "trickle down" to do any real, quantifiable good.
For the time being, I feel that Congress should freeze the remaining 350 billion dollars and wait until President-Elect Obama takes office to unfreeze it.
What about a vote on the whole situation. This is still Democracy, not a corporation making the rules for there employees! We bailout these corporations time and time again. Who is being held accountable?
They should have put this on a national ballot and let the American people finally decide our own fate and let us take the economy back into our own hands. I bet the average citizen can make a better decision.
Oh and as for the the auto industry bailout, let's not get started. With the record profits the oil companies were making, maybe they should dish out some cash to the auto makers, by all means it will impact them too.
Besides from freezing the rest of the bailout money, first someone has to account as to where it went. President Bush is useless and a pindead so we need someone intelligent and we can trust. One thing, where does this end? Wall Street, banks,automakers, states? This bailout should not have been approved in the first place.
Yes! Yes! Yes! (and it'd better be before Paulson is replaced. Otherwise, it just may be too late.)
Of course freeze OUR taxpayer dollars!! If the banks and others who recieved this bailout DON'T loan this out to those who need it. Seems like they're just squandering these funds(AIG) on big salaries and bonuses to the top tier pirates. Why is there NO oversight on these funds??? Replace Paulson as he is one of them.
Absolutely no more bailouts without conditions and oversight for anyone!!!! NO more free money....In fact call in AIG's funds..they just party and lavish huge amounts to "Keep the best people there"...
I could use a bail out myself.
Congress should not freeze the bail out money. On the contrary, Congress should redirect the bail out money, and distribute it to every U.S. taxpayer in a serious and effective stimulus check.
If you give a mousey secretary a cookie...
Absolutely essential for this oversight!
Americans want to know how every dollar is spent–Congress should be just as careful with its checkbook as we all have to be right now!
Everyone I talk to is angry about this bailout.
ALL of the money should frozen. EVERY dime nickel and penny should be accounted for, and all the criminals on wall street and in washington should all be imprisoned with no chance of bail.
Irresponsible credit holders should be put in work camps to pay off all their debts. Maybe we'll start to see some made in America products if this were to happen
if this were any other country these people would be publicly executed to teach others a lesson about what happens when you're greedy and irresponsible; but instead America reward these people with bonuses, bailouts, and more credit to do what they wish.
There is no justice for all... why do I have to suffer and pay for their crimes?
Yes freeze the bailout money, This is a fiasco in the making. Just like our worthless Congress signed the Patriot Act the day after receiving it, WITHOUT THOUROUGHLY READING IT, they decide to give Henry Paulson, of the Bush administration, did I say, Bush administration, the keys to the kindgom. Lets freeze the bailout money and Congress. But who do we get to do it??
This is not the Treasury's money – it's ours! Our congresspeople should DEMAND full disclosure about where this money went and what it is being used for. Until such accountability is given, the rest should be withheld. If they can demonstrate that it went to a reasonable set of recipients, and these recipients can demonstrate to us with full documentation that they have applied it where prudence would suggest it will help the OVERALL ECONOMY (not their own bottom lines alone), then we can perhaps skeptically say "oookkkaaaaaayyyyy.....now tell me again just what you're planning to do with the next increment if we give it to you?" This whole thing seemed like a Chinese fire drill when it occurred, and the arguments and warnings were pretty vague. It sure FEELS like WMD.....
Jack: We should definitely freeze the remaining funds. The banks are protecting their own assets and buying up smaller institutions when what they need to do is lend it to taxpayers. Better yet, screw lending through the banks–let's divey up the remaining $350 billion and see if we can't stimulate the economy on our own.
That money should be given to the millions of taxpayers so that we could jump start the economy. It's aparent that the rich will just sit on that money and tell congress that we need more . By giving the money to taxpayers we will be able to pay off bills buy new cars new pc . With all that money being put back into the economy jobs will be saved People will be able to get their mortgages paid up . WE the taxpayer are getting the shaft
I was completely against this bailout/robbery from the beginning and continue to be against them. Not only freeze but repeal would be a great idea in my opinion.
Who really cares anymore? Were you really expecting "oversight" with this bailout boondoggle? What's a few more billion? Let them piss it all away like they do the rest of our tax dollars. Bottom line, it no longer matters. When the FED runs out of money, they will just fire up the printing presses and make more. It's free, right? Suckers....
Yes, I think it should be frozen. It seem like the the institutions that should be using it aren't, and all the others want to snag part of it. This "bailout" looks like it isn't working.
But, that is not really a surprise. It is a good thing that these banks didn't have WMDs. Woo hoo!
Stop giving money to failures so they can spend it unwisely.
I do not want to support these guys!!!! Crooks!!!!!
Step back a bit and find other ways besides throwing money away.
This is sounding worse every day. What about transparency???
Yes freeze it. As I understood (as much as the average American could) the law when it was passed there was to be strict oversight and transparency. Either the Treasury secretary and the Bush Administration are not honoring the letter of the law or the law was flawed to begin with. Make all the bums in Washington come back from their vacations and get it right.
This is truly a tragic comedy. Tragic due to the crisis affecting main st. because of the slight of hand by wall st/bankers. Unfortunately they come on TV and try to tell us "stuff is getting done" and expect us to believe it – despite the reality of what's really going on out here on main st. Comedy – well Jon Stewart will have material from this for a VERY LONG time. The man just doesn't have to try, the material is writing itself.
I tend to agree with the majority of the responses already received...freeze the payouts, you betcha!
However, I notice that many folks think that president elect Obama will be the second coming of Christ and immediately solve all our economic problems...wont work that way folks.
Accountability is an absolute requirement!
Our only hope is for our elected officials to truly work in a bipartisan way and always strive for what's best for the USA, not for party or personal reasons. Unfortunately, I don't expect to see that in my lifetime.
As I understood the "bail out" it was to help homeowners by buying up "toxic" mortgages. Paulson has stated that they will not be buying up one bad mortgage. Instead the corporations are getting all the money and the people who are in trouble get nothing. Hmmm, business as usual for the Bush Administration. His Administration has never been for the people, by the people. It has always been for corporate America, by corporate America. There is plenty of blame to go around for this mess on both sides of the aisle, but Bush and his cronies are mainly to blame.
"Freezing" the reamining funds sounds like a good idea to me. There never were enough controls or oversight on where the money was going and they've certainly given out more than their $50B a month estimate – wouldn't the average American like a budget of like that. The government has no concept of how to budget or spend wisely. I say "freeze it" before they sell us all down the river. We're headed for a depression and the government can't spend their way out of it so let's hold on to our hats, buckle in, and get ready for the ride of our lives.
I asked my Senator Feingold to vote no for the bailout, and he did. Paulson rotated from under George Bush Sr, to Goldman Sachs, to George Bush Sr, to Goldman Sachs many years. Goldman Sachs, Halliburton, and Cerberus deeply involved with Bush Administration and have made vast fortunes under Bush. (Cerberus Hedge Fund run by Treasurer to Bush Sr. with its ADP Industries, Blackwater Security, went from 10 million to 167 billion under Bush)
Freeze that money, put it under Congress.
The bill was flawed from the beginning due to the lack of transparency and accountability. We wrote Paulsen and his twenty something controller a blank check to do whatever he wants with our money. That is what got us in the problems we face now in the first place.
I think that ship has sailed and we should concentrate on any future bailouts having restrictions, accountability and transparency.
What a joke. The rich get richer. This is just another way for the Bush administration to take care of its friends on the way out. We have been robbed!
How do you take a horrible situation and make it worse?
Easy. Trust the government and congress to put their two cents in. I'm no anarchist but I can't even IMAGINE how these people in charge could have possibly made it any worse.
Seriously, I'm no conspiracy theoriest either but it almost seems like those in charge are purposefully trying to screw up the economy and siphon money from the middle class to line the pockets of the rich. If that's not happening, can someone tell me exactly what IS happening?
Thye would rather freeze them than use them for scruplous means like paying huge bonuses to their executives. If 50K of thet money was was given to each home owner, it would go a long way.
As if they should have ever approved them... Now it's like Christmas in July.
Every investment firm now wants to be a bank to get some of the free-loot-booty.
What Congress should do is an investigation to see "what go us here in the first place".......
Let"s remember they had to go on vacation around that time, we couldn't ask them to do that!
And make Paulson and everyone who got money wash dishes until it's paid for.
Don't freeze it....just change it. You can't give that amount of money to anyone without having some type of control. Use the money to institute Sheila Bair's mortgage plan. Re-work the toxic mortgages that are on the books and help people stay in their homes. Require banks to loosen their lending criteria and extend credit to homeowners, people who want to be homeowners and small business owners.
This will not solve all of the issues that we are facing but it will go a lot further then these banks using the government's billion dollar blank checks to buy other banks.
Yes, a freeze is in order. It is turning into a laugher.
The beginnings of a bailout remind me very much about the beginnings of the 2nd Iraq war.
Misrepresentations were made, Americans were told there was an imminent crisis or danger. Immediate action was needed. Then, money started to "disappear". No one can account for much of the money spent on the Iraq War either. This Administration has a history with this sort of thing.
Why wouldn't Paulson, just to establish his own credibility, be giving congress information, step by step, as to where all the money has gone, to whom, and what it was used for? Why wouldn't congress and the American people be told, day by day, how money was being distributed.
It's an outrage.
When will we ever learn. as long as we allow the Federal Reserve to operate we will always be in DEBT.
Freeze means frozen. We want the economy to move not freeze up.
I think there's a lot to be said about our country's economy, as well as some Americans attitude toward it, when our financial institutions cannot even complete the simple task of handing out money to those who need it.
Freeze it or watch it burn. That's really the only two choices because these people clearly don't know how to manage our money. I say, no more bailouts or loans to anyone. Period. Enough is enough. And quit blaming Pres. Bush for this mess. The congress has the blame for this and they should all be voted out of office next time around.
Freeze it, and if possible ask for a refund.
Spend it all, it our grandkids money anyway even if they are only in diapers and don't have jobs yet. Just wait till they do . ha ha boy will they be suprised. Sure glad I am retiring and getting all this social security money before any of you get to. I gots mine. Thanks
What amazes me, Jack, is the shock and awe that people are expressing regarding the fact that there is no oversight or accountability regarding this $700 billion. Hello!!! This is the still the Bush Administration! Didn't anyone read the proposal when it first aired on the web? I did. It was typical Bush. "Give me and my cronies free reign to do what we want, and we'll make ourselves look busy doing the right thing while we completely screw you over". Doesn't anyone remember the Patriot Act? Did anyone really think this would be any different?
First of all the people weren't dooped into anything! The bailout was approved despite what the people said. We did not want the bailout to happen. So now look at the markets, did the bailout change anything? Heck NO! My 401 is still dropping and nothing has changed. Now they want to do the same thing with the automakers! People wake UP! Let them know WE DO NOT WANT THIS!
I think there should absolutely be a freeze on this money. Paulson has shown himself to be unreliable in regards to what will be done with that money. It seems as though he gave away the first installment to his friends to further their failing companies with no penalties for the mistakes they made that brought them to needing a handout to begin with. At some point we all need to learn from our mistakes.
No Jack, I won't freeze the funds but instead I'll freeze these door knobs who are wasting these taxpayers hard earned money. Put them in a deep freezer and throw away the keys.
If Paulson has in any way given his 'friends' money, he should be hung on national TV for treason!
This whole bailout package was a bad idea from the start. It shocks me so many people in Congress got behind it so quickly and why haven't they done more to ensure the transparency. We should always be leary of quick action by Congress.
Freeze everything until Obama takes office and appoints a new Treasury Secretary! What we really need is that oversight committee that they talked about but never materialized. No one person should be allowed to funnel the bailout money.
We are in deep trouble in the first place because of greed and our first part of the bailout turned us all into suckers. I don't exactly think we need a freeze, but any further money given out should have exactly what it is to be used for as a part of the legal paperwork. I also think these people that wasted the first bailout should be prosecuted and made to repay us for the bonuses and other inappropriate ways it was used. I also think the Management responsible for the "Simon Legree" mortgages should be prosecuted and put in jail as well as having their personal property siezed in order to pay back what they can. They obviously made these sucker loans with the idea from the get-go of repossessing most of these homes eventually and should be tried as criminals. We are having a world-wide crisis now as a result of it.
Yes The Bail Out should be frozen. But Hank Paulson should be tried for treaon for the theft of over 2 Trillion that has been dished out with no Transparency of where it went or the right of the public to ask how it was spent and which financial firms got their booty.
I am furious that the banks are raising their interest rates on credit cards as they receive billions of dollars in bail out money. The banks have screwed us twice, first by taking our tax dollars and second raising the interest rates to loan us our own tax dollars. Good grief!
I want my money back.
If all businesses were run like congress, which it appears some are, we would be in a heck of a mess. OH! Yes we are!
We would all be better off if the government stayed the heck out of this. Our economic mess was created by government meddling, and more government meddling is not going to make it better. The only people that can clean up the mess government created are you and me, the everyday folks out in the real world that are buying, selling, saving, and investing. The economy does not need a government to run it, so the government should just stay out of it. As Reagan said, government is not the solution it is the PROBLEM.
Freeze now!!!!!! No money from us until we start talking about owning what we buy. After we take part ownership of the auto industry, the next to follow will be the airlines, railroads, and oil companies. Respectfully submitted, ronald moore
Not only should they freeze the bailout money, but they need to force the Treasury and the Fed to disclose where the 2 trillion in loans has been made.
The whole idea of the bailout is sinister: the companies that need bailout pushed prices up to an unsustainable level, and when this was violently rejected by the market, those companies are going bankrupt right now, unless somebody gives them money to operate for a little bit longer. The problem is this doesn't fix anything, it just gives the same people (that got us into this) more money to continue doing the same, i.e. trying to "save" the high prices so that the "economy doesn't go in recession", blah, blah ... The bailout should stop and the money to be put into real project. Otherwise the money would just disappear into a black hole and the taxpayers would not see any benefit of it.
Yes, they should freeze the money...AND....
Pass a new law that all of the dispersed money be paid back to the federal government (AKA Joe Taxpayer) by the end of the fiscal year.
yes until we hear a plan, how to monitor, comtroll and manage it.
Freeze the bailout funds. Permantly.
Yes, it should be frozen, better yet it should be voided. The Congress is there to do the bidding of the majority of the people, and the LEAST the majority of people from both parties want, is the bailout frozen, revued, restructured, re voted, and over sited!!
It doesn't matter what we think.
Deosn't matter. It's already too late anyway. Congress is just as gullable as most of America. Create fear and panic. Enough people bought into it to pass it..
Problem is that more the 51% of the economy has fallen down the hill and is now pulling the rest down. It will take a wile to settle at the bottom.
And there it will stay.. Hope you know how to grow you're own food..
A list of bailout recipients and dollar amounts would be nice. It will then be interesting to see if Secretary Paulson accepts a job with one of the big reciepents in February. Wall Street combined with my government are making me a pathologicial pessimist.
How fast would the economy fire up if the 700B was divided among all breathing Americans? about 2 days I would say.
Freeze it? Eliminate it all together! Until the world operates on sound money & revolts completely free of central banking, any bailout, now or in the future, will do nothing more than prolong the deleveraging that has to happen on it's own.
Freeze it! Full financial transparency and regulation are necessary before another dime goes out. The Federal Government should appoint a group auditors to go through the financial records of each company requesting bailout funds. The result of the audit should be a list of recommendations to cut expenses, improve the balance sheet and turn the company around. If Executive Management chooses not to implement the recommendations, then, they don't get a dime of the bailout money.
All bonuses should be suspended indefinitely and everyone in the company should take a 10% pay cut. If management balks and says that auditors don't understand their business/industry...I say, neither do you. If you did, you would need to be bailed out.
I usually never agree with Sen. Inhofe on anything, but he is dead on with this idea. The government should absolutely freeze the remaining bailout money. Look what AIG is doing with the money. As for Henry Paulson, he is nothing but a fear-mongering jerk. It's no wonder that Paulson, the former CEO of Goldman Sachs, wanted his Wall Street buddies to get a big, fat check from the government. He tried to scare everyone into wanting this bailout to pass, and, now that it has, the economy is still struggling. Why should we trust him? I hope that Obama kicks Paulson out the minute he takes office.
The balance should be distributed to every tax payer and their family. Then each individual can select where to inject their money. Personally, I want a new flat screen!
At the ceremony for the new president... after Obama is sworn in, he should turn over his shoulder and say, "Mr. Bush, Mr. Cheney your now both under arrest in violation of our national security." Turn the FBI on them and start asking questions that were never asked during the administration.
$700 Billion is nothing. Ask Rumsfeld where the 2 Trillion Dollars went from the Defense Department. I would love to know... the only problem is all the papers involved in the investigation where in the exact office that was hit by the Plane which hit the Pentagon during 911... Hummm. I know if that was me stealing money from the Gov I would have multiple agencies asking me question and probably be under arrest writing this from a Federal Prison.
Gotta love how things work: They privatize the profits and socialize the losses.
Yes, at least until the country gets a simple but high level detailing of the expenditures date. Frankly, all we get is a lot of administration double speak when they talk where the money has gone so far. John Hall
Jack, the issue is not the money, the issue is transparency. There is no system in place to track where taxpayer money goes when it enters into the accounts of a private company; after all, its a PRIVATE company. But this isn't private money, its public money.
If they can prove to me that the money isn't being misspent, mishandled or paying for corporate outings, I wont complain, there are people in this country who need help, and I am not opposed to that. But I am opposed to a free ride for anyone; rich OR poor.
Everyone knew that the bailout was stupid in the first place, and that it wouldn't work. But everyone had to support it in an election year. Now we've got a monkey coming to run the whole works right into socialism. This will be measured in tens of trillions before the experiment fails, and we'll be set back three or five decades. But Jack won't live to see that . . .
I would like Paulson to announce his plans in public. I mean call a meeting, ask all who are interested, to gather around a listen. This goes for the politicians ... walk into a public place, and tell the American people we need a loan from you, announce there will be not disclosure, announce the money will be used to finance large corporations, announce there are no guarantees, and lets see how this goes over.
I think about 10 town hall meetings should just about settle this issue, and if he's still standing, lets see if he's starting to get the big picture.
If that's what it takes to get transparency and to know where the money is going, then yes, freeze the funds. The people, through Congress, should have a say on where the money is going. It is our money after all.
...should we bailout the Corporate Executies who stold from us..?
What if there isn't this 'economic collapse' that they've told us, what if it was all a hoax to get into the taxpayer's pocket?
Absolutely not. That money was earmarked for Henry Paulson's personal use and it's none of our business who he gives it to.
Just who do you people think you are?
Yes, freeze it now! Don't give those people one more cent of the tax payer's money to bolster their positions. But it is funny to me all the people blaming the Republicans for a very very Democrat piece of legislation. Conservative's have all been saying that you cannot privatize gains while subsidizing losses. 51% of the people in this country amaze me. Don't drink the koolaid folks!
Congress should freeze anything and everything the Bush administration tries to do, since everything he has touched has turned to crap.
Lets just get people into finding out exactly what and how much is really missing from the war and find out the real situation Obama is going to face over the next 4 years. Because I for one believe Obama is inheriting a much worse situation then the Administration is admitting too.
What is happening to America? We are bailing all kinds of people out when people are starving. What we really need to do is put a FREEZE on all AID from any source that leaves this country... Churches, Aid Organizations, Personal, whomever. Create a limited law which prohibits funding for anyone outside the US, regardless if it's public or private funds.
It's time we put Americans First and then help everyone else. Let a citizen of France, the UK, or some other country flip the 20 cents a day for some kid in Africa. It's time Americans start giving to Americans. Charity starts at home.
I think we should send these companies (like AIG) our mailing addresses, so they can pay us back when they're ready to pay back what they've borrowed.
I like to think of myself as an intellectual. This 700 billion dollar ordeal has shown me how little I know! I feel rather foolish because our government squawked like Chicken Little, but so far nothing has been done to stop the sky from falling…I don’t understand! Is Paulson planning a lavish vacation on our dime? Am I expecting too much too soon....WHAT!
Dazed and confused
Congress should send the bailout money to THE TAXPAYERS. With conditions.
That we should all pay off all our debts. That way all the failing corporations would get the money, but the PEOPLE
shouldnt we have had a plan in the first place???? Seriously why did they pass this bailout in the first place. No matter what happens congress isnt going to listen to any of us, and paulson and all the other elite a-holes are going to laugh at us.
That we should all pay off all our debts. That way all the failing corporations would get the money, but the PEOPLE would get a break.
Yes, Yes, One Thousand Times Yes!!!!!!!!!!!!!!!!!!!
Being originally from RUssia, I know too well how those things work. I have no doubt that the main beneficiaries are buddies of those who keeps the key.
YES!!! This is the problem when you only put one person in charge of something and they think they know everything.
I want to know when these "bailouts" will end? First banks, now the automakers want some, what about us? Yet again we get the raw end of the deal!
Jack, this is groundbreaking news to me, "Despite promises from Congressional leaders that there would be both, there is absolutely no transparency or congressional oversight on where the first $290 billion has gone"
So you mean to tell me Paulson is just doing what he sees fit with the cash and Congress is not overseeing this. Had I known this was Paulson's plan, I would have been more active in getting the Congressmen and congresswomen in my state to vote against the bailout. I don't see how this differs from business as usual. I believe this should have been the initial implementation of "change".
Since this Bailout plan didn't work, can I get my money back?
Yes, too free a hand with billions of dollars in taxpayer money should be controlled with the tightest reins possible. No decision should be made on any allotment to ANY company without a congressional approval – perhaps a selected oversite group rather than the whole of congress. We don't need more executive CEO's taking home tax dollars or companies rewarding sales personnel with expensive trips.
I am at the same time amazed and disgusted at those of you pointing fingers and readily blaming the Bush administration when it was largely DEMOCRATS who pushed this through. If it hadn't passed, you'd still be pointing the finger at the Bush administration.
All that aside, yes, freeze the money until there is full, open accountability.
Post ALL transactions online for taxpayer scrutiny! Accountability for votes!
I was against the bailout from the beginning, along with about 80% of the American people. I find it ironic that we invade other countries in the name of democracy and freedom, yet our government won't even listen to the wishes of it's people.
Crimes are being committed here, folks. And very big ones! Freeze the bailout funds. Freeze all of the banking channels of those who are assumed to have collected federal money. We need a FBI investigation into where the money slipped off to so far and we need a new Fed chair who doesn't handle money like "Brownie" handled the rescue of New Orleans.
Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV.
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