And What Do YOU Think?

I don't understand why the proposal being totuted by Newt Gingrich and hsi ilk are not being given due consideration. The accounting rules changes we are living under are unreasonable. The idea of making loans at treatury rates plus 2% is a viable and workable arrangement to work out the problems, rather than buying them and holding them. The taxpayer should not have to become the owner of these depressed assets. The owners of these assets should be given some breathing room to deal with them on their own, and assume responsibility for the choices they have made. This is the problem in taday's society, everyone wants to claim victim status, transferring responsibility for their situation to some unseen villian entity, and get the government to bail them out. I am currently dealing with the results of the housing slump in a real world situation which is only due to the loss of real estate valuations. I made an employment change in May 2008 primarily in consideration of quality of life issues. (Interestingly enough, my former employer was an AIG subsidiary!) As a result I had to relocate. My previous home had to be sold, and I have had a buyer under contract since August 22, 2008. The home was just appraised for $104,000 on Sepetember 22, 2008. I paid $148,500 for it (under market value and appraised at $151,000 at the time of purchase) in March of 2005. I am losing my down payment, and looking at having to deal with a short sale loss of $34,000 plus closing costs, assuming the mortgage company agrees to the short sale. I have agreed to "make good" on the full amount under acceptable repayment terms. Even though this home was bought with a conventional mortgage, the mortagee tells me they need approval from Fannie Mae for the short sale. I don't expect this to happen in the near future while Fannie is working through the confusion likely to be associated with their being nationalized by the US Government. In the meantime, I am struggling to keep the mortgage current while paying rent in my current home, and doing what I can to keep up with energy, food, and other costs for a family of 6. I was not a subprime borrower, and was not in default, but because of the "market conditions" I am losing big time. Has anyone offer to bail me out with taxpayer dollars? Not a chance! I am accepting responsibility for my situation and working it out with integrity. So should Wall Street!

I think they need to pass something so the banks can free up credit for small busineses and people who need credit to survive. Also for student loans and other loans. If they don't come up with something, then all those people who are screaming not to make a rescue plan might loose their jobs or some of their 401ks!!

1) If it's so darn critical, why did the House adjourn for a holiday? The rest of the world works (even on Christmas) if it's an emergency. 2) We do need to do something, but no one has explained why we have to BUY the securities instead of LOANING funds. Most of us don't disagree that a package is needed - we're just arguing that this one is the wrong answer. 3) The Bush administration blew it by proposing a bailout that could not possibly pass congress. $700B in the hands of one person, subject to no review? Sounds like a plan from the Politburo. Again, if it's a true emergency, why propose something that could not possibly pass? This looks and smells like a power grab, cronyism, and sheer egotistical hubris. 4) The plan didn't address the root causes of the problem: The Community Reinvestment ACT and Mark-to-Market. 5) If it's an emergency, you don't go assigning blame right now (e.g. Speaker Pelosi), but at the same time you sure don't let the people responsible for causing the problem design the solution (Frank and Dodd) - most of all though, you sure as heck don't laud them for their leadership! Everyone - both parties - is equally guilty in this situation. Recommendations: 1) Remove Paulson, Dodd and Frank from conversation (ideally Pelosi as well - too polarizing to lead). 2) Stop fearmongering and setting unrealistic expectations as to timeline. 3) Suspend Mark-To-Market 4) Repeal Community Reinvestment Act 5) Wait one week to see what happens. Then, if more action is needed: 6) Establish FDIC/SIPC self-funding insurance program for CDO and MBS instruments. Initial funding by the government. 7) Establish accounting rules, SEC rules, etc to unwind the collateralized securities and strip out the sub-prime/failing mortgages. Rebundle the good ones. I'd also like to see a 0% capital gains tax and 10% corporate tax rate to stimulate new capital inflows into our markets, but that's a stretch. We should also repeal Sarbanes-Oxley. These are widely known, but doing those things provides no pork, no power, and no spin. Everyone would have to take some blame, and no one gets to deal out rewards.

LIZ: Does it really matter what we the voters think? Congress and especially the Senate are somehow immune to what should be done. I understand the draft proposal for this bailout is north of 400 pages and contains junk such as mental illness payements. Every one of the Senators who support this nonsense ought to be arrested. Don't these people have any shame?

I oppose the bail-out bill in its current form. I don't doubt that the economy is in for some hard times, but I do think that compromising our free market principles by giving the federal government such broad power will, in the long run, be more detrimental to our country. I think this problem in the economy is essentially a moral failure on the part of the country as a whole, not just wall street, but main street and the government as well. We as a nation are up to our eyeballs in debt, people are living beyond their means, investors are not content with reasonable returns, investment banks make risky loans (leveaged 30+ per cent), and the government "do gooders" essentially demand unsound loans from banks to people who cannot afford them. We are all at fault. We will, no doubt, reap what we sow as a nation. A "quick fix" like the current bail-out couldn't possibly correct all of the above sins. I think we will have to work through the consequences of our profligate life styles. Maybe if we get through this crisis we will be a better nation for it.

The senate bill address the problem in 113 pages what is the other 375 or so pages about. This is so typical of Washington to not focus on getting something done right but trying to put everthing in a bill including the kitchen dishwasher so we can get something passed. This is why any bail/buyout will not work. There are plenty of people in industry and business that could put together a package and run it properly that could focus on the problem at hand and not be worried about re-election or funding their coffers for the next election and they wonder why the American people are starting to stand up and say ENOUGH IS ENOUGH!!!!!!!

No bailout.

I think the scare tactics employed by the socalled experts are over the top. Question: what percentage of mortgages are being paid on time these days? My guess is that it is a very high percent; probably close to 90%. If that is true, then you're telling me that we plan to spend $700 billion to bail out whom? This plan is worse than foolish, it borders on being criminal. Who are we going to bail out next? General Motors? GE? Heck; how about my company? We could use an infusion of taxpayer cash too! People in Washington have lost touch with "Mainstreet." As you may recall, we have already had to jerk them back from the abyss of Immigration "Reform." Now it looks as if our business is unfinished. We need to get their attention again. Thanks for letting me rant! Bill Foster

I am absolutely opposed to any bailout! however, I admit that I dont have all the facts that other much smarter people have such as Mr. Buffet so I will defer to his much better informed opinion. If he says we need it, that is good enough for me. Bill in Bama

NO BAILOUT! Reason is simple - I am among many that are getting tired of paying my bills and then being told that I have to pay those created by others that cannot afford or don't want to pay theirs; AND then being told if I don't the world will fall apart. LET IT FALL APART!