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Bailout Plan "Not Acceptable" to Congress

Bailout Plan "Not Acceptable" to Congress

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Bailout Plan "Not Acceptable" to Congress Treasury Secretary Henry M. Paulson Jr. received an angry and skeptical reception on Tuesday when he appeared before the Senate Banking Committee to ask Congress to promptly give him wide authority to rescue the nation's financial system. Mr. Paulson urged lawmakers "to enact this bill quickly and cleanly, and avoid slowing it down with other provisions that are unrelated or don't have broad support."

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Michelann Michelann 7 years
YY, I think homeowners, banks, and the Federal Reserve caused this mess together. None of them could have done it without the help of the others.
yesteryear yesteryear 7 years
when did i say socialism was great, organic? i don't WANT this bailout. i say let them fail... and send the responsible parties to jail. hopefully the fraud investigations will uncover some semblance of truth in this whole awful mess. so if deregulation didn't cause this - what do you think did? and don't tell me it's the homeowners. because that's bull.
organicsugr organicsugr 7 years
It's always surprising how little of a basic grasp of this situation people really have, YY. It's okay that we make up stories about how deregulation caused this problem, when in reality regulation has never historically led to more stability in the markets, if you'll recall what happened in 1929 after the Fed was established to prevent that very thing. But that's neither here nor there. (Actually, it's probably here.) I'm totally with you that socialism is great. Not because I want people to be profitable, but I just want everyone to be equal. It's also curious that people think a financial correction is the end of the universe. I think that compulsory economics classes should be a part of this 700 billion.
mydiadem mydiadem 7 years
This financial crisis has let me to a personal 180 on regulation/deregulation. You are told a capitalist market will adjust itself, that government intervention just gums up the works, it all made perfect sense in the textbooks. The problem is the continued pressure for corporations to grow grow grow and increase their share price without any ethics. You would like that the well educated hard working people that run these financial institutions wouldn't be so reckless and would have learned from Enron Tyco etc., but no dice. This completely sickens me, as a taxpayer I don't want any bailout legislation without having a very clear agenda based on 'what's in it for me?' just like I would investing my money in any other venture.
yesteryear yesteryear 7 years
organic - go back and read what's really going on and then come to us with a comment that reflects reality. deregulation allowed banks to do whatever they damn well pleased, they chose to let borrowers go hog wild (because it was legal - under the new, deregulated regulations), borrowers went hog wild (including, homeowners, but you know that investors were doing the same thing), then the housing bubble burst last summer, and now we are dealing with the consequences of ALL the bad investments. $700 billion probably wouldn't even scratch the surface of the dollars it would take to buy back all of the bad mortgages... why even try? no one's suggesting letting the homeowners get off scott free - actually they're suggesting letting the "expert" wall street people get off scott free. if we can stabilize the situation - stop the hemorrhaging - why shouldn't we? letting homeowners go to court to re-negotiate loans is a great way to deal with one element of this problem. it keeps people from losing their homes, keeps the empty houses off of the banks' balance sheets, and it allows the courts to step in and apply a little common sense to this whole mess for once.
yesteryear yesteryear 7 years
deregulation is at the bottom of this. men cannot be trusted to do the right thing when they could be making billions of dollars. sad, but true.
organicsugr organicsugr 7 years
"All these banks had to do was negotiate with the homeowners. No one wants to lose their homes." Yeah, that's how it worked. It didn't have to do with capital preservation (leading to a lack of interbank loans) due to the majority of mortgage heavy investments being illiquid. The problem wasn't the loss of faith in the ability of these banks to raise capital. The problem was definitely that banks didn't accept less interest. That's a feasible economic theory.
True-Song True-Song 7 years
I really with I knew more about this so I could have a well informed, fiery opinion.
stephley stephley 7 years
The price of everything is climbing, bills keep coming in, foreclosures keep happening, incredibly disappointing 401k statements are coming out, retirements are being postponed - I doubt anyone will be able to forget any time soon. Paulson's way too anxious to take control.
yesteryear yesteryear 7 years
its really awful. i'm getting really riled up reading the comments on the NYT article. one thing that's comforting is how ANGRY people are about this. i hope they don't forget in the next news cycle.
Adrenalynn75 Adrenalynn75 7 years
YY....this is what sickens me the most with this bailout. All these banks had to do was negotiate with the homeowners. No one wants to lose their homes. So instead they let all these people default on their mortgages and walk away from their dreams. And now the government is just going to rescue them. It absolutely sickens me. Yes, these people should have read the fine print on their loans. But the banks should have also made sure no one making $30K a year with bad credit can buy a home at half a million. But if they worked with homeowners more, maybe extended their home loan from 30 years to say 45 or something, anything, then I don't think we would be here. But they got greedy, and thought the market would adjust. Well it didn't and the housing crisis just cannonballed to where we are now. And its the taxpayers and current homeowners the will suffer the most. Did I mention how this sickens me to the core? :(
yesteryear yesteryear 7 years
sorry here's the link http://www.nytimes.com/2008/09/24/business/economy/24fannie.html?pagewanted=2&_r=2&hp
yesteryear yesteryear 7 years
from the NYT article: "But Congress and the administration remained at odds over the demands of some lawmakers, including limits on the pay of top executives and new authority to allow bankruptcy judges to reduce mortgage payments for borrowers facing foreclosure." why exactly are they AGAINST helping homeowners, but ok with letting the CEOs make money off of this disaster?! unbelievable.
Adrenalynn75 Adrenalynn75 7 years
Good. This is the biggest decision our government is going to make and they don't need to rush things. Total control by Paulson is unacceptable. When something effects Main Street as much as this will, we should have have opposition and careful thought put into it and alternative solutions if one can be found quickly.
yesteryear yesteryear 7 years
where are the riots?
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