And What Do YOU Think?

No Bail-out. No rescue. Due to the way the government runs anything they touch this will only become another Washington failure. $700 Billion is only the beginning. Paulson will certainly make sure his buddies are taken care of first and then he'll need more and more and more.....

I agree there is a MAJOR credit problem, but could it just be that the banks of China, England & EU just will not loan us more $$$$ unless the US Treasury buys back the old sub prime loans that are in the "Home Loans packages". That can be the ONLY reason that they want to allow the US treasury is going to be able to "Purchase assets" back from overseas. I do not support this new bill and will work to make sure that those that vote for it will not get re-elected next time. The Congress really needs to think before they act. I do not know how I lived before FoxBusiness Channel, keep up the great job

After reading all 451 pages of HR 1424 I find the bill as unacceptable for a free America. Particularly objectionable are: • Purchase of assets by the US Government. (Insuring yes, Ownership no) • The need to help family keep homes – If a family has a history of buying too expensive a home and not paying their bills they should not be rewarded. (We do have apartment buildings) • Energy Improvement Act – Should be relabeled as the $10/Gallon gasoline and $0.45/kwh bill. Where’s the drilling? • Tax credit for Film Industry – They are obviously so much more important than the taxpayer. • Mental Health Parity and Addiction Equity Act – My health insurance again increases greatly. It seems that Mark to Market correction, capital gain tax relief, and insurance would provide a free market solution as opposed to this socialistic bill.

Liz it's socialism plain and simple. I have written many comments on other FBN blogs. However, it's obvious that the NYC/Washington/Media establishment thinks the rest of America does not deserve to lick their shoes.

The media and politicians are portraying the American people as too simple minded to understand the consequences of not passing this bill. I watch with amusement as the media spends whole segments discussing how it wasn't explained to us in simple enough terms or "sold to us" properly to cause the panic and fear that they think we should be feeling. Commonly I hear "why don't they understand how important this is to them!" We get it, we understand! It's going to be great depression #2! Okay, enough already! Now, let me tell you some reasons why it doesn't matter to us as much as you think it should and why we still don't want this bailout: First off, I don't know too many people who would trust the government to do the right thing with their hard earned money. And why should we? They haven't given us much reason to. So we might get a depression anyway, and be $700 billion poorer while we're going thru it! Second, not all of us are convinced that this plan will even work. Personally, I think that house prices need to drop dramatically to be back in line with incomes. I don't see this bailout plan stopping that from happening. The markets need to correct for lots of reasons. I'm not sure the correction can or should be slowed down or stopped. Third, this is a lot of money to add to our deficit. The United States doesn't have the money for this. They know it, and we know it too. Most of us are used to balancing our budget, we are scratching our heads wondering how the government thinks they are going to pull this off. The consequences of this much debt is scary. Many folks I've talked to said they would gladly go thru a great depression right now to save their kids from having to deal with this later. Fourth, Americans are good and ticked off that we are letting those responsible off the hook. With good reason! Some so ticked that they are willing to risk a great depression, just to see those culprits punished. (I personally think this is really dumb, emotions getting in the way here) Fifth, mainstreet doesn't have as far to fall as wallstreet does. Losing a job, a house, lots of folks have dealt with that before and gotten thru it. Lots of us send our kids to community colleges or make them take a job to pay for it. So college loans aren't a concern for many. Lots of people don't have 401k's or retirement plans, they are just living paycheck to paycheck. Many of those that do, are willing to take a hit on them for the reasons I stated above. Sixth, you can't tell me that if you got the smartest economists in the world in a room together, that they couldn't figure out a plan without spending tax payers money. It doesn't look like they are trying hard enough, exploring all the options out there. So we are not convinced that they have made the right choice, this rush job to get this passed, most people don't buy it. In other words, the "financial meltdown" everyone is talking about doesn't freak us all out on main street as bad as you think we should be freaked out. We don't have as far to fall, or as much to lose as the wall streeters do. We are used to doing things ourselves without the government "saving us". The middle class is being taxed to death from all sides, and we are really getting tired of it. Hence, the anger. Anyway, we already know how to mow our own yard, make hamburger helper five different ways, say "NO" to our kids when they want something, drive on gas fumes until payday, wire that thingamajig together on the car until we can afford to get to the repair shop, turn the thermostat down and bundle up in the winter, clip coupons, and the list goes on... my guess is that we will all survive a great depression, our grandparents did. We mainstreeters are very resourceful and adaptable. We know the true things that make us rich in life like our faith, family, and friends. Money is just icing on the cake. We KNOW we will be okay even if the great depression #2 happens. We KNOW we will survive. So, you all can stop worrying about us now, okay?? On a personal note, we seen this coming years ago. We have our mortgage, car loans, and credit card debt paid off. So we are sitting better than most. (Yes, Dave Ramsey we are debt free!!) I suggest others do the same, just in case our government can't figure this out for you!

Our represenatives, better still our government as a whole are not being forthright with all of the details of these so called bail outs. Maybe I only speak for myself when I say this but a piece of legislation (400 + pages, I read that somewhere) like the bail out that failed was more than just an instrument to relieve banks of morgage bundles/securities that are impacting the banks liquidity. There is a lot more going on and the public is in the dark. If our government wants public understanding and support then they need to start disclosing relevant details and first and foremost, they need to be honest. Our government has been less than honest with us, the people that put them in office and this needs to change. (wishful thinking, I know naive on my part) Second, The lawmakers need to stop attaching their pet projects to a piece of legislation whose sole purpose is to stimulate/rescue or economy. For once can our represenative be selfless and act in our, the constituents interest rather than a few special interest groups. Leave the politics at home for this vote and let's get the job at hand done and soon.

I am not in favor of this bill. The main reason I do not like this bill is that our Government gets it's hands on a large lump sum of taxpayer money. There has almost always been businesses that are "pets" of certain members of Congress that end up with a portion the money and those certain businesses do not necessarily help solve the actual problem the money was to solve. Basically, there is always mismanagement, such as what got us to this point, that will continue to persist. Also, the statement that it "Does away with golden parachutes" is an absolute lie! The same guys that made this mess will still get their, as they call it, well deserved pay. That's just sick. Tim

The banking industry is the only one that gets away with changing the rules. When banks are in trouble, we do away with accounting rules that hurt their books. There is no another industry in America that gets away with that, because it is against the law.Read the new bill, there are new rules now, no mark to market, banks can now sell bad assets that they acquired in buying up other banks, and we have to pay for it. I guess I would just say, What's the use of voicing our opinions? Rules are changed in mid-stream. Most of the structured investment vehicles or derivatives that are really going to do the damage aren't even regulated, nor are hedge funds. So, I guess I wonder why everyone is regulated but the financial industry? We the people truly have no voice in any of these matters.

I would feel more comfortable with our Legislators if a complete plan was laid out before the public. We know that the mortgage backed instruments started this mess and there will be many more surprises as we go into the coming years, i.e. Jumbo mortgages, credit cards, bad car loans, etc.. It is expected that approx.1.5 million homes will be foreclosed in the next couple of years.Something on the order of $225 Billion worth. This is a monumental problem with no game plan. Why ?

It really comes down to this. Could I honestly expect to by bailed out if I levered up 30:1 on oil futures when they were trading at $146 a barrel? Do we bail out the small business owner who didn't manage his capital wisely? Do we want to be a nation were government allocates capital instead of a free people? Is government capable of running an economy? Where does the money come from? When do our debt holders give up on their investment in the US and start redeeming dollars for things of real value? Why should the middle class have to pay more for basic staples like food and energy so that wall street can swindle up the next batch of idiot investors that get caught up in the next bubble? Why is the senate going to pass the "modified" version of this bail out tonight even though 90% of the American population opposes it? Are we being represented at all by our elected officials? Are we just slaves on the plantation at this point? Am I just a piece of government property? Does no taxation without representation ring a bell, or have they stripped out such revolutionary ideas on the government controlled education centers? Is our government being used to unjustly fatten up the wallets of campaign contributers, corporations, the medical industrial complex, special interest groups, federal reserve shareholders, global financiers, and other liberty hating illuminati members? It's time we make a stand people. I'm all for a march on DC. These bureaucrats need to know that they've pushed the American people too far.

I do believe we need some type of government intervention and we need it soon, but I am totally against the Paulson plan for a few reasons. Most importantly: Think about the execution of this plan and it and smells like, and is a Socialist cesspool. I hope Paulson has a new lawn mower, because he is going to need it. Principles of democracy, capitalism and free markets is central to what has made America great. And they DO matter and have been proven time and again to be the best approach. America has endured times of much pain and sacrifice to preserve our system. This is a time of challenge and it is a disgrace that government is putting a gun to our head loaded with a Socialist plan that THEY don't even know if it will work, doesn't target the source of the problem and all without allowing for the debate of alternative "free market" solutions that ARE out there. I won't even go into the moral hazard involved, but all this at the cost of $700 billion AND our principles. The cost is so high, there is no dollar value you can place on it. I would add that the we can thank Paulson for the fear and loss of confidence. We are Americans and have always been prepared to do whatever is necessary, he may have needed to scare Congress into action, but he didn't have to do that to the American public. Shame on those (including Bill O'Reilly) who accuse me and anyone else who believe that sticking to our principles are wishing for destruction of our economy -- quite the contrary, I believe it will lead us down the BEST path to our recovery in both the short and long run. There is no easy way out of this one.

Give each taxpayer $100,000 (single), 200,000 (married). They will use it to make house payments, secured loan payments and unsecured loan payments while purchasing durable and nondurable goods. The impact on the economy will be immediate. The banking system will be flush, jobs will be created or at least sustained, consumer confidence will improve and the Fed can stabilize interest rates to stave off inflationary influences while lending support to the dollar.

Happy, health, and properous New Year, Liz. I guess I reluctantly support this bill even though its become loaded up with alot of junk. Experts who know more about financial matters than I ever will are mixed in opinion but the preponderance of opinion appears to be in support of the "bailout rescue" plan as proposed. What swings me over to support is the position of Chairman Bernanke who has sounded alarm bells. Say what you will about his Fed leadership, I believe him to be an honest, honorable man who has studdied the roots of the Great Depression. Larry Kudlow of CNBC has also come around to supporting this bill and I know him to be a strong free market man. I would prefer the "insurance" method rather than the government buying all the bad paper but I think that it probably won't be more than an option that SecTreas has already discouraged. If the experts are right something must be done to free up credit but the question I must ask is, are they right? My ATM still spits out cash and I STILL get offers for credit cards in the mail! Are we being hustled? Are there other possible plans we could adopt which would be better? Yes, certainly, but this train has left the station and if this bill is not enacted then look for 10% or more drop in the Dow and other major indicies.

Liz, I think we need some sort of rescue program. Someone who can afford to hold these mortgages long term needs to come on the scene, and given the scope and urgency of the problem the government is the only viable option. People would do well to note that the government would be buying the mortgages, exchanging one asset (cash) for another (the mortgage). This isn't a handout, nor is it a loan; it's a business transaction on which the government might well end up making a profit. Even if it doesn't, buying the mortgages is the only way I can see that liquidity will ever be restored. The mark to market accounting rule needs to be eliminated too, but that's an afterthought at this point. Anyway that's my two cents and I'm a huge fan.

Liz, I am firmly against this bailout. First, it is being proposed by the very same folks that enabled this credit crunch. Second, it is not the only potential answer ( those proposing this bailout are not sure if it will work )they could continue to pump liqiudity into the system,the damage to the dollar and deficit would most likely be the same. Third, if we give the political class ( Bush admin. and leaders in Congress )the billions, they get to pick the winners and losers as they go about buying up troubled securities. Thats a lot of power to be giving politicians, I would much rather have the Market decide.

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 your system to make fresh blood thereby maintaining good health." Dog: "Oh, ok. Thanks." Well this dog ain't buyin' it. Time to scratch.

Liz, I am firmly against the Rescue Plan. This is mainly because throwing good mony after bad is not the solution to the problem. Our political leaders in Washington don't seem to realize or care what the true root of the problem is. All they want to do is keep bailing out the folks who took risks they shouldn't have and failed. We, the taxpayers, have already had to spend nearly a trillion dollars to bail out troubled institutions. Each time we were told that there would be no more bailouts since this would fix the problem. Guess what, next week, another bailout happens because the problem wasn't fixed. Now, the taxpayers are being asked to once again spend nearly a trillion dollars to bailout more institutions. However, the 110-page Bill the House defeated was not the answer. For one, it gave Paulson ungodly amount of power that could not be challenged by any judicial or adminstrative authority so he could spend $700 billion of our tax dollars any way he saw fit. Second the golden parachute rule wouldn't have stop current CEOs from getting them as the rule only applied to thise that were hired after an institution took bailout money. Third, no one has any idea what these toxic assests are even worth. Paulson would be able to decide what to pay for them and could end up buying them for more than their really worth. After all, you can't go out and buy a car without know how much it's worth so you know if you can truly afford it. If we allow Paulson to buy these assets in such a fashion, the taxpayers have no idea what their getting for their money. Fourth, all of our political leadership is telling us that the taxpayers will recover all of the money we paid for the bill back with extra once the assets are sold. Anyone who owns stocks, mutal funds, and other investment vehicles knows that there is no way to predict if that will be true or not. Finally, no one can explain how they came up with the $700 billion figure. If you read both versions of the bill, neither do the people who wrote it. If our leaders want to really do something that's a more common sense approach, then I recommend they the go to www.daveramsey.com and look at the look at "The Common Sense Fix" he has on his site. Here's a link to it: http://www.daveramsey.com/media/pdf/the_common_sense_fix.pdf

Congressional ACCOUNTABILITY Would it be too much to ask that our Senators and House Representatives be required to sign a statement under oath, prior to casting their vote, that they "have read all 'nnn' pages of the proposed legislation . . ." ? Al B. Little Ferry, NJ

Warren Buffet obviously stands to lose if our corrupt congress doesn't give the banks a trillion dollars. Bottom line, the average consumer is in debt up to his a**. We do not need anymore credit or debt to enslave us. Let true capitalism reign!! The banks took a risk, they lost...too bad!!! When I lose money on my portfolio, nobody rushes in to save me. If the government gets into this, we are no longer a capitalist nation..we will be socialists.....period.

I am against any taxpayer funds being used. I get it, I understand the problem and am getting tired of being talked to as if I were a child by Washington and media. Borrowing for payroll means its already over for your business. I firmly believe that even if this is passed as with the other bailouts, this is only a short-term thing. After the stock market crash of 1929 government intervention made the Great Depression longer and harder. People and companies fail every day. since when is governments response to make everyone whole or financially equal. If you take away great risk, you limit great reward. The recession is already going to happen. Credit markets tightening up are a natural result of the anything goes lending that happened. The market will self correct. My preference is quick and painful correction, rather than a painful major surgery after which I die.

I'm sick and tired of this whole thing. Wall Street makes outragous profits from dangerous investments. But when something goes wrong, they go running to the Government for help. What ever happened to FREE ENTERPRISE?! And government hands off attitude by corporate America. Vote NO on the Bail Out!!!

Patriotic, American citizens have heeded expert politician and media warnings for the past months and years. The position we find ourselves in is not surprising. We are prepared for the disastrous, helter-skelter fallout both media and politicians assure us will occur. Patriotic, American citizens invest for the long-term and understand that emotional, panic driven legislation, reporting, and decision-making is neither useful nor accurate. My congressional representatives indicate approximately 80% of their constituency agrees with this sentiment.

Broadcasters say it's difficult for the average person to understand the whole problem. It's complex, and it basically takes a masters degree to understand what the cause or a fix is. I feel that all these brainiacs who figured out how to manipulate the financial markets to their extreme benefit and then got out when things got bad will also figure out how to manipulate any new legislation that is enacted and once again, my 401k will suffer and they will get richer. It seems any one with authority and power abuses it to their benefit. I don't trust congress to do anything to my benefit unless there is a loop hole for it to benefit them more. I think that congressmen and women should never receive any financial benefit to serving except their paycheck. Not even being paid to speak at a function. They should not be able to invest in the stock market and only allowed to own the house they live in. They seem to vote according to their personal interests. No lobbyists!!! So, since I don't trust congress to act on my behalf, I don't want them to provide a bailout with my tax dollars.

Having read the Resolution Liz I can tell you I found a lot problems with it. I didn't hate the Stabelization act but looking at it like a business corporate professional,it didn't deal with the problem deap enough. Like what financial intramental would the TARP bad assets be placed in? ETFs? Hedge Funds? I scowered through that 110pg bill in less than 2 mornings. Overall summerary: it didn't deal with the depressed housing market. It didn't mention how it sell off unsoold inventory. Overall the bill was to quickly put together; for a business plan it wasn't throughly thought out. Consequences not considered. Especially giving the reins to the Treasury Secratary. However it gave perception of saving bad banks of wall street rather addressing mainstreet. Title2 which dealt with the President's budget and title3 taxes should've been kept seperate bills becouse it convulutes the mission of the failed bill. Simply put: a badly written business plan that needed a lot tweeking. Hos did I do?

The part I don't get is that no one seems to be saying the relaxing of the "mark to market" accounting rule won't work. It seems to come up as a possible alternative and then we hear about how we "have to do this huge investment to save our economy." I would like someone to explain why this other option does not or will not create the same level of liquidity in the market as this big money investment of tax dollars. I haven't heard that yet. The idea of suspending the mark-to-market accounting rule and imposing a "rolling 3 year average" while allowing the companies with the bad paper to create "holding companies withing themselves" so as to take the bad paper off their books while purchasing some type of insurance to cover these investments from the Feds seems reasonable. We are left to wonder who wants our money and why? The Treasury Sec. already bailed out AIG where Goldman Sachs held 20Billion in bad paper and left Lehman out to dry. Why?