House defeats $700B financial industry bailout

[sanfordssj]

How does everyone feel about this? Is this the right thing to do, or is it a bail out that the government has no business IN?

I personally feel that the government has no business in the private sector and to bail out these companies and CEO's. A bail out isn't helping the fact that they where irresponsible with providing these types of loans in the first place! There is NO help what so ever for anyone who is currently or has gone through foreclosure, and these CEO's need to feel the wrath of the American people who have paid there lucrative salaries based on bad business practices. This is just my personal opinion going into this right now. I hope to see what everyone else has to say and see other perspectives from all of you.

I personally would like to see $20,000 paid to every HOME OWNER! It would be a lot cheaper and bring instant relief.

Steve

[Collins Country]

I DONT BELIEVE WE SHOULD HAVE TO PAY FOR THESE BIG FAT CEO's MISTAKES AND DDONT FORGET THEIR BIG FAT BONUSES!

AS FAR AS THE BAILOUT AND GOVERNMENT INTERFERING, THE THE DEMACRATS WAY! STICKING THEIR NOSE WHERE IT DOES NOT BELONG. IT DID NOT COME FROM THE OTHER SIDE BECAUSE THEY CANT GET ANYTHING OUT OF COMMITTEE BECAUSE OF THE DEMS.

[bluegrass]

*******

[sanfordssj]

I DONT BELIEVE WE SHOULD HAVE TO PAY FOR THESE BIG FAT CEO's MISTAKES AND DDONT FORGET THEIR BIG FAT BONUSES!

AS FAR AS THE BAILOUT AND GOVERNMENT INTERFERING, THE THE DEMACRATS WAY! STICKING THEIR NOSE WHERE IT DOES NOT BELONG. IT DID NOT COME FROM THE OTHER SIDE BECAUSE THEY CANT GET ANYTHING OUT OF COMMITTEE BECAUSE OF THE DEMS.

I'm a democrat, and i think the president who came up with this bright ideal is a republican?

It doesn't matter to me about what party is doing this because neither have any business taking government into the free markets. I can't believe one of the Presidental canidates hasn't stepped up and said this is bull! This could totally turn the tides of this ellection if McCain would stand up to the buy out. I think he is felling to much pressure. Obama would most likely be in trouble if he did.

I'm glad to see the house step up and say no, although a think it really comes down to it being an elaction year and they don't want any part of Bush's quick fix. The four reps from Ohio: 3 voted for, and 1 against. I will make sure i vote for him and against the other three come November!

[Pike Ridge Beagles]

I say no bail out. In fact...I say jail time would be more appropriate for the executives..followed by many of the politicians, would be in order.

[S.R.Patch]

If we had only infused SS into the market we wouldn't be in this mess...burn baby burn.

[Pike Ridge Beagles]

From an Ohio politician:

Dear Mr. XYZ:

Thank you for expressing your concerns with the problems in the financial sector and proposals to address them.

A lot of Ohioans, including me, are angry at the thought of bailing out people who made a lot of money making bad business decisions that created problems in neighborhoods across Ohio.

I agree that we need to avoid rewarding excessive risk taking. These institutions made unwise decisions, and taxpayers should not be expected to simply cover their losses.

On September 20th, Treasury Secretary Paulson sent a proposal to Congress that would have given him almost unfettered authority to spend $700 billion purchasing troubled assets from financial institutions. A few days later, my colleagues on the Banking Committee and I held a hearing at which Secretary Paulson, Federal Reserve Chairman Bernanke, and others testified.

They made a strong case for the need to act quickly to prevent further damage to our economy. The turmoil in the credit markets has the potential to do great damage to a lot of innocent bystanders. I am afraid that if we do not act, the economic instability could affect thousands of American jobs and the savings of countless middle class families.

But Secretary Paulson’s proposal is not the right answer. No Secretary should be given a $700 billion blank check. Taxpayers must be given an opportunity to recover their money, and assurances their tax dollars will not fund lavish pay and golden parachutes. We need strong rules to guard against abuse, and to ensure all types of institutions and regions are helped. And we need to ensure that the roots of the problem – struggling homeowners – get help.

In the days ahead, we need to focus on containing the damage to middle class families and local businesses as much as possible. In the months ahead, we need to take a hard look at how financial markets are regulated so we never find ourselves in this situation again.

Thank you again for contacting me. I will certainly keep your views in mind as the Senate decides how to restore strength to our economy.
Sincerely,
Sherrod Brown

[WrongsideRandy]

Here's an email I received a few days ago...kinda makes sense I think...





So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

My plan is to give $425,0 00 to every person 18+ as a
We Deserve It Dividend.

Sounds like a great plan.....the only problem I see is when I divide $85,000,000,000.00 by 200,000,000 that equals $425.00 Each, instead of $475,000.........and if they gave us $700,000,000,000 divided by the 200 million people.........we would each get $3,500.00

[S.R.Patch]

I need a bail-out too, I bought a new truck and now with the gas problem I'm upside-down on my loan. The loan is more than the truck is worth...wa, wa, wa.
Who cares about the national debt, give us the money to blow, we need to buy more junk. Do you feel the earth moving, it's your grandparents rolling over in the grave. "Want never paid for what hard work gave".

[Pike Ridge Beagles]

"Want never paid for what hard work gave".

Nice quote....I will share one I heard from my mother as a child on many occasions, LOL:
"Can't almost died in the poor house."

[Bev]

...and one from my mother, "The best helping hand is at the end of your own arm."

[bluegrass]

Randy, you are absolutely correct...


I didnt do the numbers, just copied and pasted...but I DO know who sent it to me and am I gonna grill his azz over this one, LOL


Tony

[WrongsideRandy]

Randy, you are absolutely correct...


I didnt do the numbers, just copied and pasted...but I DO know who sent it to me and am I gonna grill his azz over this one, LOL


Tony

Well Tony, It took me 3 tries and finally going to a special calculator on the internet to get the answer....I never realized how much $700 billion dollars was until I started trying to divide it by 200 million......sure is a lot of zero's, I can see how the math got messed up. Best to you.