I’m still appalled by the amount of money that is needed to bail out Wall Street, or whoever, for whatever reason! I never thought it was totally for the housing market! I mean just think of it, and I know that so many have been thinking about this 700 BILLION $$$$. No one can comprehend just how much money this is. Well, not unless you’re one of the tycoons getting a golden parachute package.
I'm even MORE appalled today by the way everyone doesn't even KNOW what will happen IF this bill doesn't pass at all~! UNREAL~!!
If this IS all about bailing out corporations who made bad decisions about home loans, where is all of the money that they made from those loans? Let them pay it all back and take away their golden parachutes or they can go to JAIL---do not collect $200.00 and NO bailout.
IF I DO NOT pay my mortgage, I LOSE my home, and NO one will bail ME OUT! I’m OUT of my home! NO BAILOUT! And guess what? My home will go up for sale and someone else will buy my home. That's how it works on my end!
I am an American citizen and live by the laws of the Constitution! EVERYONE has to.
They (whoever "they" are) should too!
I am part of WE the People!
Does WE THE PEOPLE still count????
I object to the bailout! It's UN-American!!!
Read this :
Have you wondered what all the commotion about this 700 billion dollar bail-out? We have had several bail-outs and no arguing. What makes this one different? This proposal gives Paulson the privilege of printing money, taxing American citizens and the ability to spend the money without a budget proposal or even informing the taxpayers or congress.
Lawmakers are uncomfortable giving Paulson - and his successor - the sweeping authority the plan seeks. The plan shields the Treasury Department from legal challenges and does not require any reporting to Congress. Treasury, which has proposed a two-year program, would hire Wall Street firms to manage asset purchases. These guys caused the problem, why should we employ them to supposedly fix the problem? This is not free money they are spending. THIS IS A TAX BILL YOU WILL PAY!!
"It's unprecedented, unfettered power," said Sen. Barbara Mikulski, D-Md. "The intrinsic nature of our Constitution ... was always checks and balances."
The way to solve the problem so this doesn't continue is derivatives needs to be outlawed. This was illegal until 1982. This does NOT have to do with greedy Americans buying more home than they could afford. The derivatives market is estimated to be a ONE quadrillion US dollars. This is not a mistake I do mean quadrillion. We can't bail this out even if we wanted to. We have to let the free market work this out. In the 700 billion dollar proposal there is no mention of STOPPING DIREVITIVES TRADING. If we are going to bail-out a gambler, wouldn't you demand they stop gambling. Common sense says YES! Trading derivatives is gambling. Nobody owns the underlying asset! Selling short a stock you don't own is an example.
Shouldn't we protect the taxpayer? Bernanke pointed out that when the Fed provided an $85 billion loan to insurance giant American International Group, it made a claim on nearly 80% of AIG stock. But he said the proposed bailout program is a different matter. Companies whose troubled securities would be bought are not necessarily failing (they will continue trading derivatives) and the American taxpayers get no collateral to get repaid for this LOAN.
Another way to spend 700 billion dollars could be give each state about 14 billion dollars to each state to build or repair their infrastructure. This would put millions of Americans back to work and improve the country we live in. It would also DECENTRALIZE the money control. Under this scenario more control would be given to the people as opposed to giving ONE MAN (Paulson) all authority. How come something like this hasn't been proposed? Don't react in FEAR. Use your brain. Think about what we are doing.
This is a power grab not a fix for our ailing economy. Please contact your representatives and let them know how you want transparency on how our tax dollars are being spent, checks and balances, separation of power, and protection of our CONSTITUTION. Also, let them know we will hold them responsible for any legislation they pass whether they read it or not. Don't let the free market system die. We don't want our government to own all the banks (your checking account, savings, CDs), all the mutual funds (your retirement funds), and all our real estate (repossessed homes). You will be living in a dictatorship if you don't voice your opinion now.
As of today, 9/29/08---
At about 2:00 pm on September 29, 2008, the Bailout Bill didn't pass.
No one knows what to do or what will happen. Our leaders don't know what will happen if they don't pay their bills? Ask any hard working citizen who loses their job and
can't pay their bills. They can answer that one!
I've received a lot of messages and emails about this write up and how many DIS-approve of this massive bailout. You also have the right to APPROVE the bailout. SO FAR, as of today, WE THE PEOPLE still have FREEDOM of speech! As I know it now, freedom of speech isn't a crime. Yet!
Put your comments in here, please. :)
Mary Lynn Plaisance
"Antoine, we're NOT In the Land of Sha Bebe anymore!" said the Queen to the Cajun Wizard.
WELL---------- my last UPDATE!
The BAILOUT BILL passed the Senate and the House on October 3, 2008 and was immediately signed by President George W. Bush! Now all the monies can be paid OFF that was owed before HE gets out of office, and then the next president can keep on with the same pattern of conduct.
In my opinion, it makes NO difference if I go and vote! With the winner NOT being elected by the majority of THE PEOPLE, I still don't understand how my ONE DAMN vote counts.....................but I WILL go and VOTE so that I can maintain my gripping RIGHTS!!!!!!
I thought that this time would be different, but FEAR still RULES, and as long as you can keep the majority panicked and in FEAR........anyone can conquer the WORLD.
And they did just that! This time it is- The End!
Speaker of the House Nancy Pelosi, D-Calif., signs the financial rescue package on Capitol Hill that will be sent to the White House for President Bush to approve