The bailout: Passage looking likely?

the Pajama Pundit — Fri, 03 Oct 2008 13:35:25 GMT

I wonder how much pork will be in the final bill that is approved? In other words, how much of our hard-earned money will be used to bailout Wall Street... and how much will be used to fund research to see how long a bottle-nosed dolphin can hold it's breath underwater?

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The bailout: Passage looking likely?

Everett McKinley Dirksen — Fri, 03 Oct 2008 13:37:17 GMT

A trillion here, a trillion there. Pretty soon you're talking real money.

The bailout: Passage looking likely?

RD, Alexandria, VA — Fri, 03 Oct 2008 13:39:53 GMT

LET'S NOT POLITICIZE THIS. WE NEED THIS FINANCIAL FIX PASSED.... IT'S A START TO RECOVERY. INACTION WILL DOOM US TO A BIG RECESSION AND MAYBE DEPRESSION..... LISTEN TO BUFFET, GREENSPAN AND VOLCKER!!!

The bailout: Passage looking likely?

Fri, 03 Oct 2008 13:40:28 GMT

It's true "Gonzo Gate" has not gone away, and there is no bail out in sight. Stay tuned for much, much more further information on this ongoing saga.

The bailout: Passage looking likely?

Eric, Salinas, CA — Fri, 03 Oct 2008 13:41:10 GMT

The Senate bill is nothing but pork laden garbage that does not deserve to be passed. Trust the Seante to load it up with garbage like pork and dropping the mark to market rule. Yeah less regulation so the white collar criminal CEO crowd can rip us off as we bail them out.

I was sickened by how the Senators patted themselves on the back like they did something good when they passed a garbage bill. Those who voted for the bill should be all voted out.

Go Obama/Biden 08/12!

The bailout: Passage looking likely?

Paul Miller, Woodbridge, VA — Fri, 03 Oct 2008 13:42:35 GMT

Only in Washington could people balk at the cost of a $700 billion expenditure, only to be more inclined to vote for nearly the same thing at over $800 billion.

That aside, clearly we ought to try to avoid credit seizing up, regardless of how distasteful the means toward that might be.

The bailout: Passage looking likely?

Thed Weller — Fri, 03 Oct 2008 13:45:01 GMT

I find it intersting that banks are failing and being "absorbed" by bigger banks...and that's with congress doing nothing. More people are thinking about what they can do to save what they have and cut corners where they must. This is a "bad" thing? Maybe the markets are correcting themselves...Maybe the government should "give it some time". I'm just SO curious now to see what would happen if it fails a second time in the house. I'm a little nervous but still curious.

The bailout: Passage looking likely?

PEM59 — Fri, 03 Oct 2008 13:49:19 GMT

The present debate on the Bailout Bill shows one thing: the lack of foresight and oversight on the part of those in government, both in the administration and on Capitol Hill

How did it get to be a crisis situation? It may have been precipitated by the mortgage crisis, but that was only the straw that broke the camel’s back. Who did not ask the tough questions? It should not have gotten to the point where all choices are bad choices and where a bill has to be rushed through the congress in a matter of days. Rushing through a bill like this inevitably leads to bad legislation.

To use an analogy from work, where, a hypothetical project seems to be going along well. All of a sudden, it is “discovered” that an essential piece of equipment is missing. It has not even been ordered. It would properly be asked of the people running the project, and the people overseeing the project, why was this not ordered? How long would those who made the mistake keep their jobs? It seems as if this is a similar situation: Nobody asked the tough questions.

I will hold those in Congress, (Including Presidential and Vice Presidential Candidates), on both sides of the aisle, accountable for their lack of oversight on this issue.

The bailout: Passage looking likely?

John, MI — Fri, 03 Oct 2008 13:51:21 GMT

Woohoo, now my taxes can pay two mortgages!! Can I please get profit sharing for when those other houses are sold...?

The bailout: Passage looking likely?

The Deficit Hawk — Fri, 03 Oct 2008 13:54:21 GMT

If this passes, it will be the ultimate in irony. Most of the House members who voted against it, did so based on fiscal claims. It cost too much. Main street shouldn't be bailing out wall street. etc... So what did the Senate do to make it more appealing? Hike the cost via "sweeteners". eg - pork

Politicians being politicians.

The bailout: Passage looking likely?

marty holloman, columbia,s.c. — Fri, 03 Oct 2008 13:59:19 GMT

I support Sen Obama for President, that being said whoever ends up in the hot seat in Janurary better revisit this bill and make it right. If they dont they
will answer to the citizens of this country for this shamful display of partisan politics, on both sides of the aisle. How could they add pork to this bill they may not even be a band aid for what ails this country.
marty

The bailout: Passage looking likely?

toni tyler, Chesapeake, Va. — Fri, 03 Oct 2008 14:00:19 GMT

The House might remember that We have neglected feeding the economic-horse that created an environment allowing credit. American markets rose to their Global Position on the back of New Product Invention / New Product Manufacturing. The world communities bought the electric light, telephone, automobile, aircraft, radio,television,computer, pc, ThinkPad, and NASA (Kennedy's 10 year moonwalk plan)invented decades of a continuous flow of New Product Lines. Global Credit Markets were created with The American Economy atop the horse of Manufacturing.

We may blame deregulation of these markets, lack of oversight, dereliction of duty by many, an ill-educated public, and a varied palette of sins splashed against our credit tapestry but i submit it to be a decrease in our New Product Invention and Manufacturing that yields a poor foundation upon which these errors of judgment fall.

The liquid asset drain must also lay at the feet of our American penchant to immediately satisfy a lust for things rather than save to acquire or rather than 'work' the assets held. We like having 3-5 credit cards then pay the minimum on card #1 with card #3 and add a new purchase to the third. We like the 'No Money Down' deals, the 2 years without interest offer and we have not been informed that those contracts make their way to foreign buyers, drying both credit and liquidity wells from which we freely drink. We do not read the business sections for trends but merely check on our 401k gains. We sign Mortgage Documents without seeing a fraudulent "Balloon-Payment-Clause" due prior to our own solvency or ignore an adjustable interest rate that Chinese Markets may raise prior to our own.

If The United States Government must borrow more money from China then would it not better serve the strategic interest of Global Financial Markets to use the in-place structures? That is to say:

#1 HUD knows fixed assets; buy the bad mortgage paper, turn the resultant fixed asset over to HUD for disposition

#2 SBA knows the liquidity needed by 'the base' or Small Business; deposit enough to let them cover the day-to-day credit required but denied because of the depressed/choked bank lines

#3 The FED, (and/or) The United States Treasury know(s) the larger corporate structures; deposit enough to provide a "Trust Liquidity Fund"

# 4 Provide a direct but temporary 'stimulus package' to tax-payers (with some disdain,) coupled with a severe/aggressive education campaign (and last)

#5 Set the "Let's Go To The Moon Mark" of Venture Capitalization into the next New Product Lines, re-tool abandoned factories, build and sell to the Global Marketplace - "The Horse That Wins."

Yes, I let some banks fail. Yes, I let some corporate structures fail.Yes, I ignore the Wall Street tears. This is for a nation i love more than my own well.