If No Bailout, What Should We Do?

Has there been one apology from the people who got us into this mess? For half of my working life, I was a blue collar laborer. As a white collar worker, I've never been a manager. I've been unemployed. There were times when I made less that the poverty rate in my life. I never collected unemployment insurance. I've been hungry. I never collected food stamps. I have a credit card. I always pay all of the monthly statement; never carry a balance over. I have a house. I saved to make a required down-payment. I had a mortgage. Paid it off. I've saved money and put it into the stock market against my own retirement. I don't have a 401k. I keep little in a savings account--only enough for day-to-day operations. My savings is all invested in the stock market. As I understood it, my investment allows business the capital they need to make this country run. In return, I expect a dividend, a reasonable return on investment. If I need liquidity for unforeseen circumstances, liquidity should be there. The wall street casino no longer values this kind of investment. They have grossly and criminally mishandled my investment. They, in fact, do not deserve my investment. The government has not protected my investment. The government does not deserve my investment. Now, I don't have a retirement. The FDIC made sure of that. I'm not wiped out, but, in the current environment, I could be. Even if I don't get wiped out, I, now, irreversibly, won't have enough to retire without selling off my house. The taxes on my house are no longer in the budget. My chances of getting a job? About zero-point-zilch. I will move out of my house and rent. The rent will be higher than my property taxes, but I'll have cash flow. It's a downward spiral. The health care that I will not be able to afford will be next. Eventually, homelessness is not impossible. Homelessness is a cardboard box for a bedroom, sweat-box hot in summer and ice-box cold in winter, and a hand-out for dinner, maybe. Rescue? I'm only hearing ignorance and petty arguments from politicians. I'm hearing business as usual under a rhetoric of concern. Get my money back? The same way that social security is fully funded? Wall street is doing what they've done all along--looking after their own selfish self-interest. The anger of people comes because we recognize that wall street and government has been lying to us for many years. We think that the press is only supporting (parroting) politicians depending on who the owner of the media outlet is. Now, all of you, the politicians, wall street experts, the press, et al... ...now, you all proclaim you are finally telling the truth, and have the interest of the average citizen at heart. Explain to me why we should believe any of you?

I JUST WENT THROUGH THE FIRST 9 PAGES OF THE BAILOUT PLAN, MADE COMMENTS, STRIKETHROUGHS, HIGHLIGHTS AND SUGGESTIONS....WHEW!!!! WHAT A LOAD OF %q#%$#% ! I'VE COPIED IT BELOW. The problem is the paste function of this comment area doesn't transmit formating, so you can't see these things very clearly in this version. SEE WHAT YOU THINK.... [DISCUSSION DRAFT] 110TH CONGRESS 2D SESSION H. R. ll To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes. IN THE HOUSE OF REPRESENTATIVES Ml. llllll introduced the following bill; which was referred to the Committee on llllllllllllll A BILL To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 SECTION 1. SHORT TITLE AND TABLE OF CONTENTS. 4 (a) SHORT TITLE.—This Act may be cited as the 5 ‘‘Emergency Economic Stabilization Act of 2008’’. 2 O:\AYO\AYO08C04.xml 1 (b) TABLE OF CONTENTS.—The table of contents for 2 this Act is as follows: Sec. 1. Short title and table of contents. Sec. 2. Purposes. Sec. 3. Definitions. TITLE I—TROUBLED ASSETS RELIEF PROGRAM Sec. 101. Purchases of troubled assets. Sec. 102. Insurance of troubled assets. Sec. 103. Considerations. Sec. 104. Financial Stability Oversight Board. Sec. 105. Reports. Sec. 106. Rights; management; sale of troubled assets; revenues and sale proceeds. Sec. 107. Contracting procedures. Sec. 108. Conflicts of interest. Sec. 109. Foreclosure mitigation efforts. Sec. 110. Assistance to homeowners. Sec. 111. Executive compensation and corporate governance. Sec. 112. Coordination with foreign authorities and central banks. Sec. 113. Minimization of long-term costs and maximization of benefits for taxpayers. Sec. 114. Market transparency. Sec. 115. Graduated authorization to purchase. Sec. 116. Oversight and audits. Sec. 117. Study and report on margin authority. Sec. 118. Funding. Sec. 119. Judicial review and related matters. Sec. 120. Termination of authority. Sec. 121. Special Inspector General for the Troubled Asset Relief Program. Sec. 122. Increase in statutory limit on the public debt. Sec. 123. Credit reform. Sec. 124. HOPE for Homeowners amendments. Sec. 125. Congressional Oversight Panel. Sec. 126. FDIC authority. Sec. 127. Cooperation with the FBI. Sec. 128. Acceleration of effective date. Sec. 129. Disclosures on exercise of loan authority. Sec. 130. Technical corrections. Sec. 131. Exchange Stabilization Fund reimbursement. Sec. 132. Authority to suspend mark-to-market accounting. Sec. 133. Study on mark-to-market accounting. Sec. 134. Recoupment. Sec. 135. Preservation of authority. TITLE II—BUDGET-RELATED PROVISIONS Sec. 201. Information for congressional support agencies. Sec. 202. Reports by the Office of Management and Budget and the Congressional Budget Office. Sec. 203. Analysis in President’s Budget. Sec. 204. Emergency treatment. 3 O:\AYO\AYO08C04.xml TITLE III—TAX PROVISIONS Sec. 301. Gain or loss from sale or exchange of certain preferred stock. Sec. 302. Special rules for tax treatment of executive compensation of employers participating in the troubled assets relief program. Sec. 303. Extension of exclusion of income from discharge of qualified principal residence indebtedness. 1 SEC. 2. PURPOSES. 2 The purposes of this Act are— 3 (1) to immediately provide authority and facili4 ties that the Secretary of the Treasury can use to 5 restore liquidity and stability to the financial system 6 of the United States; and 7 (2) to ensure that such authority and such fa8 cilities are used in a manner that— 9 (A) protects home values, college funds, re10 tirement accounts, and life savings; 11 (B) preserves homeownership and pro12 motes jobs and economic growth; 13 (C) maximizes overall returns to the tax14 payers of the United States; and 15 (D) provides public accountability for the 16 exercise of such authority. 17 SEC. 3. DEFINITIONS. 18 For purposes of this Act, the following definitions 19 shall apply: 20 (1) APPROPRIATE COMMITTEES OF CON21 GRESS.—The term ‘‘appropriate committees of Con22 gress’’ means— 4 O:\AYO\AYO08C04.xml 1 (A) the Committee on Banking, Housing, 2 and Urban Affairs, the Committee on Finance, 3 the Committee on the Budget, and the Com4 mittee on Appropriations of the Senate; and 5 (B) the Committee on Financial Services, 6 the Committee on Ways and Means, the Com7 mittee on the Budget, and the Committee on 8 Appropriations of the House of Representatives. 9 (2) BOARD.—The term ‘‘Board’’ means the 10 Board of Governors of the Federal Reserve System. 11 (3) CONGRESSIONAL SUPPORT AGENCIES.—The 12 term ‘‘congressional support agencies’’ means the 13 Congressional Budget Office and the Joint Com14 mittee on Taxation. 15 (4) CORPORATION.—The term ‘‘Corporation’’ 16 means the Federal Deposit Insurance Corporation. 17 (5) FINANCIAL INSTITUTION.—The term ‘‘fi18 nancial institution’’ means any institution, including, 19 but not limited to, any bank, savings association, 20 credit union, security broker or dealer, or insurance 21 company, established and regulated under the laws 22 of the United States or any State, territory, or pos23 session of the United States, the District of Colum24 bia, Commonwealth of Puerto Rico, Commonwealth 25 of Northern Mariana Islands, Guam, American 5 O:\AYO\AYO08C04.xml 1 Samoa, or the United States Virgin Islands, and 2 having significant operations in the United States, 3 but excluding any central bank of, or institution 4 owned by, a foreign government. 5 (6) FUND.—The term ‘‘Fund’’ means the Trou6 bled Assets Insurance Financing Fund established 7 under section 102. 8 (7) SECRETARY.—The term ‘‘Secretary’’ means 9 the Secretary of the Treasury. 10 (8) TARP.—The term ‘‘TARP’’ means the 11 troubled asset relief program established under sec12 tion 101. 13 (9) TROUBLED ASSETS.—The term ‘‘troubled 14 assets’’ means— 15 (A) residential or commercial mortgages 16 and any securities, obligations, or other instru17 ments that are based on or related to such 18 mortgages, There is need for a leveraged index here that in each case was originated or 19 issued on or before March 14, 2008, the pur20 chase of which the Secretary determines pro21 motes financial market stability; and 22 (B) any other financial instrument that the 23 Secretary, after consultation with the Chairman 24 of the Board of Governors of the Federal Re25 serve System, determines the purchase of which 6 O:\AYO\AYO08C04.xml 1 is necessary to promote financial market sta2 bility, Are you crazy? Too subjective and self-serving but only upon transmittal transmittal??????? Should at least be changed to “approval” of such deter3 mination, in writing, to (change to “of”) the appropriate commit4 tees of Congress. 5 TITLE I—TROUBLED ASSETS 6 RELIEF PROGRAM 7 SEC. 101. PURCHASES OF TROUBLED ASSETS. 8 (a) OFFICES; AUTHORITY.— 9 (1) AUTHORITY.—The Secretary is authorized 10 to establish a troubled asset relief program (or 11 ‘‘TARP’’) to purchase, and to make and fund com12 mitments to purchase, troubled assets from any fi13 nancial institution, on such terms and conditions as 14 are determined by the Secretary, NO and in accordance 15 with this Act and the policies and procedures devel16 oped and published by the Secretary as approved by the appropriate commitees of Congress. 17 (2) COMMENCEMENT OF PROGRAM.—Establish18 ment of the policies and procedures and other simi19 lar administrative requirements imposed on the Sec20 retary by this Act are not intended to delay the com21 mencement of the TARP. 22 (3) ESTABLISHMENT OF TREASURY OFFICE.— 23 (A) IN GENERAL.—The Secretary shall im24 plement any authorized programs under paragraph (1) 25 through an Office of Financial Stability, estab7 O:\AYO\AYO08C04.xml 1 lished for such purpose within the Office of Do2 mestic Finance of the Department of the Treas3 ury, which office shall be headed by an Assist4 ant Secretary of the Treasury, appointed by the 5 President, by and with the advice and consent 6 of the Senate, except that an interim Assistant 7 Secretary may serve pending confirmation by 8 the Senate. Where is Congress here? 9 (B) CLERICAL AMENDMENTS.— 10 (i) TITLE 5.—Section 5315 of title 5, 11 United States Code, is amended in the 12 item relating to Assistant Secretaries of 13 the Treasury, by striking ‘‘(9)’’ and insert14 ing ‘‘(10)’’. 15 (ii) TITLE 31.—Section 301(e) of title 16 31, United States Code, is amended by 17 striking ‘‘9’’ and inserting ‘‘10’’. Explain this 18 (b) CONSULTATION.—In exercising the authority 19 under this section, the Secretary shall consult with the 20 Board of Governors of the Federal Reserve System, the 21 Corporation, the Comptroller of the Currency, the Direc22 tor of the Office of Thrift Supervision, and the Secretary 23 of Housing and Urban Development obtaining the approval of each of these entities and the appropriate commitees of Congress. 24 (c) NECESSARY ACTIONS.—The Secretary is author25 ized to take such actions as the Secretary deems necessary, as approved by the appropriate commitees of Congress 8 O:\AYO\AYO08C04.xml 1 to carry out the authorities in this Act, including, strike as approved by the appropriate commitees of Congress as approved by the appropriate commitees of Congress the following: 3 (1) The Secretary shall have direct hiring au4 thority with respect to the appointment of employees 5 to administer this Act. 6 (2) Entering into contracts, including contracts 7 for services authorized by section 3109 of title 5, 8 United States Code. Explain this 9 (3) Designating financial institutions as finan10 cial agents of the Federal Government, and such in11 stitutions shall perform all such reasonable duties 12 related to this Act as financial agents of the Federal 13 Government as may be required. Does this seem like a conflict of interest with potential for abuse to you??? 14 (4) In order to provide the Secretary with the 15 flexibility to manage troubled assets in a manner de16 signed to minimize cost to the taxpayers, ????? How about “eliminate loss of taxpayer funds” estab17 lishing vehicles that are authorized, subject to super18 vision by the Secretary appropriate commitees, to purchase, hold, and sell 19 troubled assets and issue obligations. 20 (5) Issuing such regulations and other guidance 21 as may be necessary or appropriate to define terms 22 or carry out the authorities or purposes of this Act. Too broad and sweeping 23 (d) PROGRAM GUIDELINES.—Before the earlier of 24 the end of the 2-business-day period beginning on the date 25 of the strike this first purchase of troubled assets pursuant to the 9 O:\AYO\AYO08C04.xml 1 authority under this section or the end of the 45-day pe2 riod beginning on the date of enactment of this Act, and this the 3 Secretary shall publish program guidelines approved by the appropriate Congressional commitees , including the 4 following: 5 (1) Mechanisms for purchasing troubled assets. 6 (2) Methods for pricing and valuing troubled 7 assets. 8 (3) Procedures for selecting asset managers. 9 (4) Criteria for identifying troubled assets for 10 purchase. Formatt 11 (e) PREVENTING UNJUST strike this ENRICHMENT.—In making 12 purchases under the authority of this Act, the Secretary 13 shall take such steps as may be necessary to prevent un14 Just strike this, too subjective enrichment of financial institutions participating in 15 a program established under this section, including by pre16 venting the sale of a troubled asset to the Secretary at 17 a higher remove this price higher than current market values. what the seller paid to purchase the 18 asset. This subsection does not apply to troubled assets 19 acquired in a merger or acquisition, or a purchase of as20 sets from a financial institution in conservatorship or re21 ceivership, or that has initiated bankruptcy proceedings 22 under title 11, United States Code. Strike all this 23 SEC. 102. INSURANCE OF TROUBLED ASSETS. 24 (a) AUTHORITY.— 10 O:\AYO\AYO08C04.xml 1 (1) IN GENERAL.—If the Secretary establishes 2 the program authorized under section 101, then the 3 Secretary shall establish a program as approved by the appropriate commitees of Congress to guarantee 4 troubled assets originated or issued prior to March 5 14, 2008, including such mortgage-backed securities. 6 (2) GUARANTEES.—In establishing any pro7 gram under this subsection, the Secretary may de8 velop guarantees as approved by the appropriate commitees of Congress of troubled assets and the associ9 ated premiums for such guarantees. Such guaran10 tees and premiums will be commensurate to the current risk associated the may be determined by strike this category 11 or class of the troubled assets to be guaranteed. 12 (3) EXTENT OF GUARANTEE.—Upon request of 13 a financial institution, the Secretary may guarantee 14 the timely payment of principal of, and interest on, 15 troubled assets in amounts not to exceed 100 per16 cent of such payments. Such guarantee may be on 17 such terms and conditions as are determined by the 18 Secretary, provided that such terms and conditions 19 are consistent with the purposes of this Act. Do you see any limitation of taxpayer damage?? Any mention of securty or collateral?? Any limit on the amount of interest?? Strike and re-write all of this! 20 (b) REPORTS.—Not later than 90 days after the date 21 of enactment of this Act, the Secretary shall report to the 22 appropriate committees of Congress and the taxpayers of the United States on the program estab23 lished under subsection (a). The report shall include….. (this needs more definition) 24 (c) PREMIUMS.— 11 O:\AYO\AYO08C04.xml 1 (1) IN GENERAL.—The Secretary shall collect 2 premiums from any and all financial institution partici3 pating in the program established under subsection save the financial institutions established by and in the name of the taxpayers of the United States 4 (a). Such premiums shall be in an amount that the 5 Secretary determines necessary to meet the purposes 6 of this Act and to provide sufficient reserves pursu7 ant to paragraph (3). 8 (2) AUTHORITY TO BASE PREMIUMS ON PROD9 UCT RISK.—In establishing any premium under 10 paragraph (1), the Secretary may will provide for vari11 ations in such rates commensurate according to the credit risk as12 sociated with the particular troubled asset that is 13 being guaranteed. The Secretary shall publish the 14 methodology for setting the premium for a class of 15 troubled assets together with an explanation of the 16 appropriateness of the class of assets for participa17 tion in the program established under this section in the same timeframe as established under paragraph “(b) Reports” above. 18 The methodology shall ensure that the premium is 19 consistent with paragraph (3). 20 (3) MINIMUM LEVEL.—The premiums referred 21 to in paragraph (1) shall be set by the Secretary at 22 a level necessary to create reserves sufficient to meet 23 anticipated claims, based on an actuarial analysis, 24 and to ensure that taxpayers are fully protected !!!!!!!!!!!!!!!THIS NEEDS A DEFINITION UNDER THIS ACT!!!!!!!!!!!! 1. 12 O:\AYO\AYO08C04.xml 1 (4) ADJUSTMENT TO PURCHASE AUTHORITY.— 2 The purchase authority limit in section 115 shall be 3 reduced by an amount equal to the difference be4 tween the total of the outstanding guaranteed obli5 gations and the balance in the Troubled Assets In6 surance Fund. 7 (d) TROUBLED ASSETS INSURANCE FINANCING 8 FUND.— 9 (1) DEPOSITS.—The Secretary shall deposit 10 fees collected under this section into the Fund estab11 lished under paragraph (2). 12 (2) ESTABLISHMENT.—There is established a 13 Troubled Assets Insurance Financing Fund that 14 shall consist of the amounts collected pursuant to 15 paragraph (1), and any balance in such fund shall 16 be invested by the Secretary in United States Treas17 ury securities, or kept in a special account designated for no other purpose and subject to audit. cash on hand or on deposit, 18 as necessary. 19 (3) PAYMENTS FROM FUND.—The Secretary 20 shall make payments from amounts deposited in the 21 Fund to fulfill obligations of the guarantees provided

Acorn forced Fannie to take bad loans by PC means. Fannie and Freddie are the companies that retiring congressmen go work for. So the congress had no inclination to fix this issue. In 2005 McCain (signed onto the S.190 legislation in order to calm Freddie and Fannies wild spending spree. The best quote I could find on this was the congress/special interests (all liberal special interests) pressured Fannie and Freddie to take risky Politically correct loans instead of Fiscally correct loans. Now the democrats are scrambling. Barack was directly involved in the push to get low income loans via his work with acorn and other race baiting organizations. The House wouldn’t stop them since post-retirement most of the congressmen made 2+ million per year salaries. Now the economy is crashing and if this bill passes all that will happen is the left will get away with it. And will be re-spending that money and we will be where we are in another year again. This is 25 years of pork barrel spending. We need to hold these democrats responsible. Don’t let them get away with it. Let the truth be known. This is a money grab and a power grab. They are selling the white house by income redistribution. Let us keep people in the houses that they lied to get into and couldn’t afford and lets place all the blame that should be on yourself on regular workers and “the man” when it truly is each individuals fault. “What can you do for me” needs to end and the new motto needs to be. “Ask not what your children can do for you, ask what you can do for your children” Don’t trap your children with the debts created by horrible almost criminal leadership.

Congress has now crossed the line. This bail out of Wall Street speculators must not be allowed. Let the free market work. Just a few weeks ago, according to John McCain, the economy was fundamentally sound. Now we are being asked to cough up another $3000 each to avert a 'financial crisis'. Whose crisis is it anyway? If you take $3000 from me, it becomes my financial crisis.

Question: why does Bernanke and Paulson want 700billion when predicted bank failures may run into the trillios of dollars? I do wonder if the Senate side is going to same strong populist opposition that the house ran into. At least in the Senate they don't act like childern and call people names. I honestly wonder if some of the left wing senators visited their districts where the real housing market is depressed? I can tell you there is a lot anger over this still.

Interesting that my network is not concerned with the "bail-out", but that the country is running head-on into socialism. Free markets either work, and will adjust or not. Changing our form of government by adopting Federal takeovers and electing left wing candidates may not be the answers for our future generations.

I'd much prefer to see legislation that could be called "Reform and Restitution". I think folks are hung up on the term bailout. The investment in R & R may be $700B, I'm not sure, since all the variables aren't known yet. Perhaps folks would feel that this isn't merely a bailout if our govt would provide concrete plans for taxpayer restitution. In what form and with what mechanisms will we be reimbursed. If you asking us to invest $700B, what is payback period ?? what is the expected ror on our investment. I've heard that it will be up to president, 2 presidents from know, to figure out how the taxpayer will be reimbursed. This is NOT acceptable. Would anyone make an investment in an asset with such ambiguous return prospects ?? Lets get something more concrete in the plan. Lets put some of the "bad mortgages" up on EBAY :-) and watch the various investment houses bid for them. The process would certainly be transparent to the taxpayer. Who knows, maybe a few savvy taxpayers could get a deal on a mortgage instruments ?? From what I've read, Reform is part of the plan. Lets make sure reform benefits the masses. Lets make sure reform prevents us from reliving this nightmare, and does not cause any new ones. Lets go back to the lending standards of yester year when you actually needed to afford a house in order to get a loan. Lets face it, the taxpayers are to blame here as well !! Don't tell me that ARM's and zero-down payment mortgages are too hard to understand. If you can't understand them, then you don't deserve a loan. Let's take a little more responsibility for this mess. We need govt reform, bank reform, and taxpayer reform to get back on the right track. We've spoken of govt and bank reform is past click reports, lets not forget that we as taxpayers could maker smarter personal decisions that would help out in the long run as well. While I am disgusted that we are in this state of affairs, we MUST do something to turn the ship around. Letting the banks fail is NOT the answer. There are simply too many of them that could go under. It's not 1 or 2, or even a handful. It could get a lot worse. Without the banks, we have no liquidity. Without liquidity, folks can't get small business loans, mortgages, student loans etc..The end effect is that the country becomes less productive and less effective in world landscape. Do we really want that to happen ?? I don'T !! Lets put aside the rhetoric and make America strong again !!

Aren't there just ove 300 million Americans? Why not give every American 1 or even 2 million bucks. Everybody gets rich, creating the greatest economic stimulus package ever, and screws the bad management crowd. Not to mention it's way, way, way cheaper. Thats my vote.

Just say NO to the bailout! Companies and individuals got us into this situation through creating, selling and buying high risk loans and not fully understanding the implications of their actions. The markets need to straighten the situation out no matter what the cost. Unemployment will rise, more companies will fail, the value of the dollar will drop, and interest rates will rise but this is the cost of corporate and individual irresponsibility. If companies buy the failing assets with government backing and these much larger companies fail. Who is going to bail them out and at what cost? Please don't think I'm speaking from a position of personal wealth. My family and I have been personally affected by the current economic conditions. I lost my job in June 2008, I have used up all of my savings and retirement to stay a float but I still feel people should just say NO to the bailout.

Allow all Americans a one time opportunity to refinance their mortgage at 6% 30 Fixed rate. No one wants to lose their home, give them a chance to make the payments!

Something is fishy in Denmark. When Hank Greenberg lines up to buy supposedly bad assets from AIG and others now offering to take on the so-called bad loans in bank portfolios, you know something is wrong with valuations. The Wall Street sharks are going to get rich when the government comes in and throws out the "trash" assets. Suspend mark to market rules as you would trading in disorderly markets and give the institutions some relief from artificially low prices. The can then earn their way out of the mess.

As of tonight everything hinges on the Senate. Senator Obama,Senator Biden had been recalled for this debate and vote on thier bill. Vote could late in the night in which the Asian markets will be already open. So thier vote could easily afffect trading on the asian markets. Question is now for Senator Barack Obama why didn't he return to Washington to take care of this problem instead of blabbling his mouth and bashing when this problem his party was directly responsible. Senator McCain did the right thing when he returned to deal with this crisis. Not returning to take care of the nation's business reflects bad judgement of Senator Obama's part. At Least McCain put country first when it came to this crisis.

The dow will tank to about 8200 regardless of the bailout or not. It doesn't give the middle class any more wages or less taxes. The economy will stall no matter what. The Bush tax cuts contributed to housing crisis. The banks made major mistakes and should pay for them so no bail-out. I don't want to be the proud owner of toxic assets. Give to 700 billion to the SBA if the problem is small business can't get loans. Those would be paid back. Also the change to the FDIC 250k vs 100k I don't think The FDIC has enough money at the 100K to cover a few failing banks, why would they raise the amount now?

Our portfolio neither gained nor losed in the last few days of upheavel in the stock market, as we neither bought or sold. Our retirement plan took a bit of a hit, but it will come back without the bailout for the bankers who caused this problem. Their magic money financeing of mortgages, and business loans caused this problem. Now they expect us, the american tax payer to bail them out so they continue with their greedy and self serving practices. We are tired of being told how ignorant and not understanding the fallout of not going along with this bailout, by the so-called experts and our elected officials. We understand just fine that it will put us and small business in a bind for a period of time but this in our opinion is better than bailing out the large banks to continue their failed policy. There is no way that the goverment should be allowed to put our childred and grandchildren in debt to cover the greedy wall street bankers.

The dire warnings, of the end of the world sort, that are being used to ram thru some kind of bailout bill remind me a lot of The Ticks' Argument. In case you're not familiar with it: Dog: "Mr. Tick, why do you have your head buried in my flesh?" Tick: "I'm saving your life." Dog: "I don't understand. Please explain." Tick: "By sucking your blood, I'm encouraging the your system to make fresh blood thereby maintaining good health." Dog: "Oh, ok. Thanks." Well this dog ain't buyin' it. Time to scratch.

The government seized $239 billion in bad loans from WaMu The government seized $312 billion more from Wachovia. Total seized = $552 billion WHY are they still asking for $700 billion when the government has already seized $550 billion? Can we get the numbers out to the public?

One more thing. I am happy that you have put together this blog! I hope you mention it more on your broadcast show to let more viewers give ideas! Thanks !

Alexis, I think the country has a basic problem with our system for handling complicated matters. We use inexperienced Legislators who answer to Lobbyists and have their thoughts mixed with re-election concerns. The solution, take an equal number of Economic leaders from our best Universities and set up a "House" and "Senate" to discuss and vote upon a solution. Think about it. No influence from Lobbyists or re-election distractions.

Quite simply, we are a free market economy! If these banks fail, let them fail and suffer the consequences. The trickle down to the people will happen but we will get over it soon. We can't keep throwing money at our problems!! I live a responsible life and take full responsibility for all my financial decisions and would never expect anyone, especially the government to EVER bail me out! Let's grow up America!!!

In true capitalist fashion, I want to see a Buffet-like Goldman deal. For those companies requiring capital, the government purchases senior preferred stock that puts the taxpayer ahead of the equity holders with a premium interest rate of 10%.

I still cannot believe how wrong this country has gone. Thgere are no Republicans or Democrats. They are both the same gig government spenders. This plan is flawed in it's premise that the Fed now will have to create new money, since we don't have it and then the taxpayer will begin paying interest on it. This in essence is unconstitutional. The Federal Reserve is a secretive body of private bankers and corporate heads. They should nott be allowed to print our money. Any senator that votes for this bill will have a hard time getting reelected as the nation is clearly against it. Where's the representation without taxation? The senators tonight need to vote for the Constitution of the United States. It is what defines us. It is the only thing we have left that gives us semblance of a democracy. The congress needs to get to work on another plan that does not include balloning our national debt. The markets will correct themselves. Let the markets decide.

Alexis, No one thing will correct this problem. We need a combination of accounting changes,fiscal responsibility on the part of the federal goverment, transparency for Wall Street as well as Main Street and revised lending rules to save people and mortgage lenders from themselves. No one has any faith or trust in any member of congress. Doesn't matter if they are democratic or republican, they can not be trusted on anything. We do need ore business leaders like Buffett to step up and tell it like it is. Then give us a plan to go forward with to clean up this Washington created mess. The American people have no one to blame but ourselves for this huge problem. We put these worthless people in Washington and now its time to take them ALL out and get some people in there who will deal with the problem and FIX IT, rather than trying to continue BS'ing the American public.

"No Stock Left Behind" I am not angry (as Brian Sullivan would put it). I am leery of governmental solutions based on recent programs. From my viewpoint, this economic mess was initiated by government (Glass-Stegall, mortgage standards relaxed, stock regulation changes). Why would a sober man think government intervention would stay financial Armageddon?

HR 3997,the Stabelization act was to hastily prepared. Having read the entire bill,it put to much power into one entity Treasury. Now get this: Title2 which addressed the President Budget and Tirle3 taxes; that part of the bill should've been addressed as seperate bills. It failed to address the costs of mortgage securities and what finicial instruments TARP,Trouble Asset Relief Programs would've been placed in.

IT'S CALLED FREE MARKETS AMERICA - WE ALWAYS MARK TO MARKET !!!! "A free market is a market in which property rights are voluntarily exchanged at a price arranged completely by the mutual consent of sellers and buyers." YOU LOVE IT ON THE WAY UP - YOU BETTER LOVE IT ON THE WAY DOWN !!!! Long or Short, AMERICA IS AMERICA, GET OVER IT !!! (JUST SAY NO TO UNFAIR RULES AND CARTEL PRICE FIXING - PAID FOR BY TAXPAYERS !)