Biggest bailout, but is it enough?

LEAVE PARTISANSHIP BEHIND! VOTE THE INCUMBENTS OUT !.... The ridiculous argument that congress is making boils down to one basic premise: that these 2 ordinary guys (one who never lead anything other than a classroom and the other who made his fortune gambling on Wall Street) can all of a sudden predict with certainty the economic future of this country. If these 2 guys were so smart why weren’t the ringing the alarm bill months ago? The fortune tellers however do deserve credit for accurately predicting that top congressional leaders were so beholden to Wall Street for years of financial support that they would work weekends in backrooms to get the big fix in. However it still begs the question that: if this really is a national economic crisis then why are our legislatures negotiating the details of the solution in secret behind closed doors instead of on the floor of the houses. You would think that given that the cost of this bailout is almost $10,000 per household that congress would hold lots of hearings with expert economists and scholars far and wide to seek some kind of consensus or assurance that this $10,000 for tax bill every American household would solve the problem.

According to these two fortune tellers (the gambler and the professor) the bailout purpose is to buy stuff no capitalist will touch in an effort to free up money. Well from my experience there nothing like a bargain to get people to buy and put money to work. Why don’t we pass legislation that forces the banks to sell either write down or sell the assets. If the bank fails we let the FDIC step in and protect the taxpayer. After all it is their job. These two fortune tellers (the gambler and the professor) also said it is import that we free up money so that the banks can lend to businesses for investments and to consumers for purchases using credit cards and other loans. They say that absent this bailout companies would have no money to expand or, in some cases, to make payroll. Seems like if companies can’t meet payroll without a loan they are already too far gone. Credit tightening for consumers sound reasonable given that the problem is a result of consumer credit being too freely available. Experts agree that regardless of what happens, good people with good credit who are not overleveraged will still be able to get a loan PIGS GET FAT and HOGS GET SLAUGHTERED The gambler and the professor bet correctly that the upcoming recess and Jewish holiday would allow them to rush the bailout through. The Congressional leadership did their part by telling their party members that they can sidestep repercussions of voting for the bailout with the same ease as they did for the voting for going to war. They think that if you claim that everyone is suffering and that they believed that they acted selfishly to try and prevent a the deep and prolonged recession that it will give them the political cover they need. The American people will not be so easily fooled. Despite all the hype and hysteria from the fortune tellers (the gambler and the professor) congress might come to its senses. It might realize that even if the markets do decline that it is not going to be the end of the world despite what those two fortune tellers think. Because if the bailout is the right answer it will be able to rescue and resuscitate the markets from the worst case scenario whether it be 3 days, or 3 weeks or 3 months from now. It is time for the American People to wake up and take this country back from the special interests. Tell everyone you know that we all need to send a message to Washington that the voice of the American people stills counts by voting out each and every incumbent who votes for the bailout without an open debate.

This will not be enough. The same kids are still in charge of the cookie jar. Frank, Dodd, Pelosi Et. all need to resign! Hope the American people will keep this in mind come election day and reward the brave Republican minority, who stood up for us common folks.

Good people do not need laws to tell them to act responsibly, while bad people will find a way around the law..........famous saying of Plato.

Radioceleb99 is right. Tell everyone you know. Also, another bit that wasn't publicized: The bailout includes buying stuff from foreign banks (despite some weak language asserting that it doesn't). This is a quoted portion of bailout bill: "To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101." It also has money to give to vaguely defined institutions that serve "underserved populations." That's Democrat pork. GOP should force Dems to pass it, don't help them out. Make Dems use every last vote needed to pass it. And WE should vote out everone who votes for it. That's our choice.

"Once the government obtains the mortgages and mortgage-backed securities, it can modify the loans, for example, by reducing the principal or the interest rate" Just great, how many more lowlifes will now stop paying mortgages they could afford to jump on this band wagon? The government rewarding bad behavior by sticking it to the people who have and are acting responsibly and paying their debts. NO BAILOUT - if there is no credit then save up your money and pay cash!!