WASHINGTON - Warned of a possible financial panic, key Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry and said they would present it to the Bush administration in hopes of a vote within days. ADVERTISEMENT click here Emerging from a two-hour negotiating session, Sen. Chris Dodd, D-Conn., the Banking Committee chairman said, "We are very confident that we can act expeditiously." "I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president," said Sen. Bob Bennett, R-Utah. The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan. Tony Fratto, the White House deputy press secretary said the announcement was "a good sign that progress is being made." http://news.yahoo.com/s/ap/20080925/ap_on_bi_ge/financial_meltdown About time...
Dear Sen. McCain: This memorandum is to inform you of the American People's decision to deny your request to skip the Presidential Debate on Friday. The people found your reasoning and excuses for planning on missing the debate severely lacking especially now that it has become clear that the Congress did not need your help in crafting a bailout proposal. Please be prepared to defend your positions in detail against your opponent, Sen. Obama in Mississippi on Friday. Thank you, Signed/ The American People P.S. Tell your new girlfriend Sarah that we will not be accepting any notes from her either.
Its amazing how fast they can come to a decision when it comes to rich people in giving them money. Why not make those thieves foot most of the bill. Make them give up their bonus money
No kidding -- they can hammer out a 700bill package in two days for a select group of Wall St. execs, but they can't get an immigration deal done of the the course of an entire summer last year?
All of you who are against this simply just don't understand the repercussions that would occur if we did not pass this. It's not just for Wall Street execs or for rich people. "Bailout" is such a misleading word that's been thrown around in the media. It's a bill to put liquidity back in the markets, not a "bailout" Without liquidity in the market, the credit dies up. What does that lead to? That means your personal savings such as 401k or retirement accounts decrease in value. The values of your homes will decrease because of the increased foreclosures that will happen. It would be even more difficult than it is now to get a loan for your business, car, or even sending your kinds to college. A high rise in unemployment would occur. I can go on and on but simply put, without injecting liquidity in the market so banks can start lending again would lead to a deep depression. And the government is the only entity that can pull us out of it. Everyone else is too highly leveraged.
Give me a giant break. Im against them walking away scott free with billions in the pocket and a bailout with our money when they don't have to give up anything at all in this. Show us the clause where these corrupt clowns have to give up their bonuses along with myself and my kids when we had NOTHING to do with this at all.
You know I try to stay away from threads in the D&D to avoid reading crap like this, but if you are honestly more concerned about some executive getting his bonus instead of the effect a depression would have on your life and your family's as well, then you are simply ignorant. I'm sure you would be just fine with losing your house, being out of your job, or losing your savings just as long as some executive did not get his bonus!!
^^^^understand the sentiment, but totally separate situation. nothing needed to be done in iraq, and there was no urgency to rush through the admendment. in this situation, something needs to be done, and it needs to be done quickly.
Um...all of our problems are over? I guess that's wonderful, cause up until an hour ago, we were entering a Great Depression type situation. We really fixed that one right up quick and easy.
You act like it is 100% guaranteed to fix the problem. There are tons of economists all over the world that do not believe that this will help and that basically we are privatizing all of the profits and socialising all of the losses. This is bailing out all of the idiots that got us into this situation. While no one wants a depression type situation, maybe that's exactly what our idiot country needs to get every one's priorities straight again. Maybe then, everyday people will actually give a **** about what goes on and gets involved again. I say screw these idiot wall street douchbags and screw the ignorant, unconcerned people that have a laissez-faire attitude.
so who are these key lawmakers, and how do you go about voting against them in november, or in two years?
No, but it IS necessary. And all of them are theoretical economists. Everyone who actually deals wiith this stuff, directly or indirectly, seems to see it differently. No, it's not. The companies that got involved in this have already had their values slashed and are going to write off billions on their books. This is bailing out the rest of us from dealing with the aftereffects of those people's mistakes. How does punishing a financial responsible homeowner or a random employee of a small business who did nothing wrong help teach a lesson or get priorities straight? And screw 250 million other Americans in the process. A little starvation and homelessness and joblessness for people who did nothing wrong is a small price to pay to make sure those evil Wall Street people learn their lesson, right?
That wasn't what the administration, most of Congress, most of the media, and most of the public said in 2002. Six years later, only the public has wised up. Whoever coined the term the "Authorization to Use Financial Force" is a wise man.
outside of becoming difficult to get lines of credit, what other effects would not bailing these companies out have on financially responsible people? life imitates art?
