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It's wait and see after Bush signs rescue plan
By Jim Abrams
Associated Press
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WASHINGTON, D.C. -- After two weeks of anguishing debate, Congress has passed and President Bush signed a massive plan to save the financial industry and the economy at large from an unthinkable free fall. Now, the world holds its breath, seeing if it will work. | Weller votes 'yes' and Johnson votes 'no' | Illinois roll call | Video

Passage of the $700 billion financial rescue package came after Treasury Secretary Henry Paulson at a meeting last month shocked congressional leaders into action by warning of pending economic collapse without immediate congressional intervention.

Paulson said after the climactic House vote Friday that he already had staff working out details and was lining up advisers from outside the government to get the money flowing.

The immediate response to the 263-171 vote was not promising. Wall Street, which plunged a record 778 points after the House initially rejected the bill last Monday, fell 157 points on Friday as more economic bad news, such as a jump in job losses, outweighed news that Congress was finally coming to the rescue.

Still, Bush and Congress made clear that the legislation was urgent and vital. “We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country,” Bush said after the House vote. He acknowledged that “our economy continues to face serious challenges.”

“We know that if we do nothing this crisis is likely to worsen and put us in a slump the likes of which most of us have never seen,” said House Republican leader John Boehner, R-Ohio, who worked with House and Senate Republican and Democratic leaders in a rare bipartisan response to what both parties saw as a dire threat to the nation’s economic well-being.

“We are addressing the real pain felt by Mr. and Mrs. Jones on Main Street,” House Speaker Nancy Pelosi, D-Calif., said. “They are why we must pass this legislation today.”

The legislation gives the government broad authority to buy up toxic mortgage-related investments and other distressed assets from shaky financial institutions. The hope is that it will restore confidence in markets and thaw a near-freeze in credit availability that has begun to affect the ability of community banks to loan, businesses to obtain money for payrolls and investments and individuals from getting credit to buy a home or a car.

Raised ceiling on insured deposits

The measure, in another effort to help smaller banks with serious liquidity problems, also raised the ceiling on federally insured deposits from $100,000 to $250,000. It increases federal oversight over Wall Street transactions and assures that CEOs whose companies benefit from the bailout don’t leave with huge golden parachute payoffs.

Rep. Barney Frank, D-Mass., the Financial Services Committee chairman and a key negotiator over the past weeks, said the measure was just the beginning of a much larger task Congress will tackle next year: overhauling housing policy and financial regulation in a legislative effort comparable to the New Deal.

The political story preceding the House vote Friday was nearly as dramatic as the financial and economic upheavals going on outside Washington.

Last Monday, despite urgent pleas from Bush and his senior financial advisers and the support of congressional leaders, the House voted 228-205 to reject the rescue plan. Stock markets around the world plunged, then recovered to some extent, as economists warned that not since the Great Depression had the United States faced such a crisis.

But the 95 Democrats and 133 Republicans who voted against the bill were responding to a deluge of calls and messages from their constituents demanding that they defeat what many saw as a $700 billion giveaway to Wall Street when average Americans were getting no help.

On Wednesday, the Senate, shortly before it recessed for the election, stepped in, voting 74-25 for a package that linked the rescue bill to a giant bill extending popular tax breaks such as the research-and-development tax credit, providing incentives for renewable energy resources and giving tax relief to disaster victims. That bill, costing an additional $110 billion, included a measure to give benefits parity to people with mental health problems. The Senate also added the boost in the ceiling for bank deposits.

Those additions were enough to sway some House members who voted “no” the first time around. Others were swamped by calls from business and political leaders warning of the possible consequences of inaction.

“I’ve never talked to as many bank presidents in my life,” said Rep. Joe Knollenberg, R-Mich., who said he had also been lobbied by General Motors CEO Rick Wagoner and other auto executives.

California Gov. Arnold Schwarzenegger sent out a letter warning that, absent a clear resolution to the financial crisis, California and other states “may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal Treasury for short-term financing.”

The two presidential candidates also weighed in. Democrat Barack Obama spoke to many in the Congressional Black Caucus and helped persuade 13 to switch their votes. Nine freshmen Democrats also switched to “yes” votes after a conference call with Obama in which he promised an economic stimulus bill would be a top priority if he is elected.

Republican John McCain also lobbied for the measure, according to aides who declined to release a list of lawmakers he called.

“It’s disgusting that we would ever be brought to this floor to cast this vote,” said Rep. Zach Wamp of Tennessee, a Republican who changed to a “yes” vote. But “Congress has to act. We are out of options. Hold your hand over your heart and vote ‘yes.”‘

Not all were convinced. “The Treasury plan throws an ungodly amount at Wall Street,” said Rep. Marcy Kaptur, D-Ohio. “This is just an end run around, right before an election. Pray for our republic.”

In the end, 33 Democrats and 25 Republicans switched from opposition to support. In all, 91 Republicans joined 172 Democrats to support the measure while 108 Republicans and 63 Democrats voted ‘no.”
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President Bush signs the Emergency Economic Stabilization Act of 2008 in the Oval Office after the House passed the $700 billion financial bailout bill at the White House in Washington, Friday, Oct. 3, 2008. (AP Photo/Charles Dharapak)
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Reader comments on this story - 68 total

Note: All views and opinions expressed in reader comments are solely those of the individual submitting the comment, and not those of the Pantagraph or its staff.

let's be reasonable wrote on Oct 17, 2008 11:03 AM:

" " The republican right wing fanatics have driven all the moderates out of the party. The party is now a shadow of the Eisenhower days and will be beaten so badly in this election that it will really have to reevaluate its stance on all issues. Who wants all our tax money to go to the rich? Who wants greedy pig filthy rich republicans giving handouts to Wall Street? Who wants Roe vs. Wade repealed (data show a LARGE majority of Americans do not)? Who wants our personal freedoms discarded so we as citizens can be locked up in jail without access to a lawyer? Who wants politicians imposing their personal moral beliefs on others? Who wants social security privatized? People are TOTALLY FED UP with a bunch of republicans who drove the economy off the clif just to give tax breaks to millionaires. Citizens dislike this EXTREME right wing republican B.S. and are going to vote the knucklehead idiots out of office big time. " "

jipsi wrote on Oct 14, 2008 11:53 PM:

" arete: Thanks for the correction. It was, indeed, FDR who made that famous quote.
I must have been in a hurry when I typed in 'Teddy' (for Theodore Roosevelt, an earlier president)...

And no, I was being totally SERIOUS.
What in my comment sounded 'humorous'??

In the event of almost any kind of disaster, I am more inclined to be concerned with the resulting PANIC of citizens, and the dire consequences of that panic, than any natural or manmade disaster itself. "

arete wrote on Oct 14, 2008 5:41 PM:

" jipsi, that was Franklin Roosevelt. I hope, I fervently hope, you were being humorous. "

jipsi wrote on Oct 12, 2008 12:57 AM:

" The government needs to just FREEZE EVERYTHING on the stock market scene, and indefinitely.
NO ONE should be 'jumping ship', because THAT ACTION is the VERY REASON the stock market (and the United States!) is in trouble!

It's like a panic at the supermarket: somebody mentions 'blizzard' and suddenly everyone, even those already well-stocked with basics at home, clear shelves of everything from apple sauce to zip-lock baggies.
In a few hours, there is NO MILK, WATER, BATTERIES or BREAD to be found in a 50 miles radius...
And NO STORM in sight.

The ANSWER is NOT for powers-that-be to hand the stores loads of money to truck in EVEN MORE stuff to handle the stampeding demand; it's to INFORM PEOPLE to stop panicking over rumors AND to force the stores to NOT RAISE PRICES, and NOT ALLOW people to take more than 1 item (rules) etc. at a time. Some might even suggest that the stores be CLOSED for a few days or a week, until everyone has been EDUCATED (thus, calmed down when they see things start to 'normalize').

Teddy Roosevelt said it best: "The only thing we have to fear... is FEAR ITSELF." "

Patriot wrote on Oct 11, 2008 4:44 PM:

" Jim Abrams is a good propagandist. This isn't a rescue plan it's a theft from the American taxpayer. "

jipsi wrote on Oct 11, 2008 10:11 AM:

" One more thing... the SMARTEST thing to have done with the 'bailout' is to INJECT that money into the BUYING public: even $5,000 to 10,000 per TAXPAYING CITIZEN (earning LESS than $100k a year) would go a long way toward creating a BOOMING ECONOMY!
Think of the mortgages that would get that shot in the arm, the new car purchases that could be aided with the extra down, the credit card balances that could be cut in half, or paid in full...

What the HeII are the government's financial team THINKING??? It's SO TRANSPARENT: even 'joe sixpack' can see that this was simply the government good ol' boys doing the business good ol' boys a favor...

None of this 'aid' will trickle down to the MAJORITY of American citizens; in fact, we will still see jobs lost, small business closures, bankruptcies, evictions and foreclosures.
Too many businesses want to (and WILL) just take the money and run (in the black). "

jipsi wrote on Oct 11, 2008 10:02 AM:

" Hmm.
How 'bout Ms. Smith on Side St., USA???

Rich people are losing a ton of money, big business is in big doo-doo, and guess who gets to foot the bill?
US, the US of USA, the working lower-to-middle class janes and joes, that's who.
The tax dollars that get sucked down this drain will be coming from OUR suffering backs, not those of the 6 to 7 figure income execs and/or state and federal government figureheads (you know, the jobs with the important-sounding titles that are CREATED so pop can get his new son-in-law inline for a 6-figure starter income?).
The 'bailout' helps no one. It is simply throwing money into a gurgling, flushing toilet

FREEZE the stock market NOW. Make it where a request to SELL has to go through a review process over 10 days or something, first. Find a way to RECRUIT new investors (the janes and joes of America?) to start BUYing up the 'bottom of the barrel' stocks immediately.
And only open the markets again when sufficient UPWARD movement (the new investors) has happened...
No expert, that's for sure. But my opinion, my poor person logic... "

BigBrother wrote on Oct 4, 2008 10:50 AM:

" Not one person in forclosure will be refinanced. Not one person that has been forclosed on will get thier home back. Not one person with balloon mortgage rates will be refinanced. Not one tax payer in bankruptcy due to high interest rates will be assisted.

However

The corporations that have bought up failing companies for pennies on the dollar and inherited 50 to 80 year old buildings. Buildings they borrowed twice the value on and will be selling these liabilities to the government in return for paying off the loans attached to them. The taxpayers get falling down condemed buildings while the corporations get fresh cash.

Tell me again how this helps the people!! "

cocoa wrote on Oct 4, 2008 10:24 AM:

" OGS - Something tells me Obama isn't the only politician that's "bought and paid for" in D.C., lol. They ALL are. If anyone can show me an honest politician who doesn't have money from questionable sources in his/her account, I'd be astounded. And that goes for both Dems and Reps. Until we start paying closer attention to candidates outside the two main groups, it'll be the same old, same old for the rest of our lives in America. "

Dave wrote on Oct 4, 2008 10:15 AM:

" JJ2: Spending money we don't have is wrong regardless of who gets it but I know you are saying if we spend that money give it to us instead of the banks.
The real problem with this bill is we don't have 700 Billion dollars. You can't borrow yourself rich. Most stupid congressmen still think we can.
I'm hearing this morning that banks in Europe are teetering on financial disaster.
I'm pretty sure our politicians will hold our system together for a few more months or maybe even years but eventually doom is coming.
Maybe it will be time enough for smart people to get out of debt and save some money. Maybe buy some gold and store up food and toilet paper. We better wake up. "

PWNZILLA wrote on Oct 4, 2008 10:03 AM:

" jphibbes....i'll join you in the tea party. something needs to be done. "

jphibbes wrote on Oct 4, 2008 8:54 AM:

" Is this not the type of thing that led to the American Revolution? Voting won't fix this, because government officials don't care about American people. I say it is time for a another "Tea Party". Almost every system in this country is broken beyond repair because the Royal families in our nation will never allow equality and freedom for all, but will use these terms as catch phrases to make us believe in the myth. Roman rule always fails and it has failed again. Good Luck my fellow slaves of oppression. "

markets work wrote on Oct 4, 2008 7:53 AM:

" To JJ2: You might want to check your math, not to mention the whole idea. $85 bil for 200 mil people is $425 per person. It would take $85 Trillion to get $425,000.

The only thing dumber than the government spending money they don't have on businesses is giving it directly to the taxpayer. At least there might be some job creation with the later, but otherwise it's just redistribution.

There simply is no way to spend yourself out of this problem - that is what got us there in the first place. "

2tired wrote on Oct 4, 2008 7:43 AM:

" It's a good thing now since Hot Rod made it offical and started closing Pontiac Prison started moving inmates on Friday. LIghts are to be out on Nov 14. Livingston. Woodford, and Mclean counties will be able to apply for money. Its nice of them closing in Nov now employees will have time to spend with their families over the holidays "

justmythoughts wrote on Oct 4, 2008 7:17 AM:

" The word that keeps coming to mind in all of this mess is "precedence", and that scares me even more than this bill. "

Jarhead71 wrote on Oct 4, 2008 7:01 AM:

" Complain all we want, but unless you take this anger and frustration to the polls in November, you are part of the problem, not part of the solution. I mistyped earlier, I know LaHood is not up for re-election, so there is nothing we can do about him, but Durbin, Obama, McCain and others are up for election along with several other Republicans and Democrats that paid the ransome to multimillionaire bad bankers on Wall Street. We need to vote them all out! If they voted for the bypartisan bailout, we need to vote them out and replace them with 3rd party candidates. "

justmythoughts wrote on Oct 4, 2008 6:39 AM:

" Nice introduction, Associated Press. Bush didn't sign a $700 billion anything, it was what, $850 billion when he signed it? "

Annienap wrote on Oct 4, 2008 1:27 AM:

" It will be the middle income and poorer people who will be paying for all of this, as usual. Isn't it just wonderful that NASCAR track owners, rum drinkers, wool research, wooden arrows for children, etc. are all funded? I guess these things are more important than food and healthcare for children, meds for the elderly, etc. I do believe the government should take those wooden arrows to the racetrack and when they get drunk on rum, use the wooden arrows to shoot some of that itchy wool up someones behind; namely - ALL OF Congress's behind. "

The Original JD wrote on Oct 4, 2008 1:06 AM:

" I love how people try and dump this on Bush. The problem does back to the days of Clinton. The liberals passed regulations which forced lending institutions to loan money to people that without the regulation would not have gotten the loan because their ability to repay it was questionable. Well, they got their loans, defaulted, and now have cost everyone $700 billion. If you want to blame some, blame the liberals (Like Obama) whose socialist mentality of spreading the wealth always costs much more than they ever spread your way. "

jj2 wrote on Oct 3, 2008 11:12 PM:

" Part One
Here's an idea made by just a regular ole American.

He is against the $85,000,000,000.00 bailout of AIG.

Instead, he’s in favor of giving $85,000,000,000 to Americas in a We Deserve It Dividend.

To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.

So divide 200 million adults 18+ into $85 billon that equals $425,000.00. "

jj2 wrote on Oct 3, 2008 11:12 PM:

" Part Two
He's plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.

Of course, it would NOT be tax free. So let's assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00. "

jj2 wrote on Oct 3, 2008 11:11 PM:

" Part Three
What would you do with $297,500.00 to $595,000.00 in your family? Pay off your mortgage, housing crisis solved. Repay college loans, what a great boost to new grads. Put away money for college. A great investment in our youth and future. Save in a bank, create money to loan to entrepreneurs. Buy a new ca, create jobs. Invest in the market, capital drives growth. Pay for your parent's medical insurance. health care improves. Enable Deadbeat Dads to come clean or else "

jj2 wrote on Oct 3, 2008 11:11 PM:

" Part Four
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( 'vote buy' ) economic incentive that is being proposed by one of our candidates for President.

If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+! "

jj2 wrote on Oct 3, 2008 11:11 PM:

" Part Five
As for AIG liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up.

Here's he's rationale. We, the people who make up America, deserve it and AIG doesn't.

Sure it's a crazy idea that can 'never work.'

But can you imagine the Coast-To-Coast Block Party! "

jj2 wrote on Oct 3, 2008 11:10 PM:

" Part Six
How do you spell Economic Boom?

Trust fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than the geniuses at AIG.

And remember, the plan only really costs $ 59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

And just think. American's would have to pay state taxes too so the state you live in would benefit too. Not that the officials that run our state deserve it but right now they are having trouble paying the state bills. We'll except for those traveling expenses for our governor. "

say wrote on Oct 3, 2008 9:18 PM:

" if we read the bible it talks about tough times coming in the end times people.. get ready this is only the start.. We need to have our eyes on JESUS!!! "

miskaffon wrote on Oct 3, 2008 9:09 PM:

" All of this seems like a farce; look at it this way. A few days ago there was a THREE page bill; simple help for the failing banks. Influx to help bolster the economy. Voted down, quickly and efficiently. Why? Because it didn't have ENOUGH trash with it. Now, fast foward to today's criminal action by the government. A FOUR HUNDRED page hunk of garbage legislation was FORCED down our throats AGAINST OUR WILL!!!!! by a bunch of power-hungry socialists who do not for ONE moment have the best interest of the population of our country at heart. What a sad, terrible day in the history of this country. Drive the last nail in the coffin of this once great nation; today is the day it died forever. "

dan wrote on Oct 3, 2008 8:09 PM:

" what a bunch of worthless jerks - standing around congratulating themselves for finding another way to get into my pockets to cover for their squandering the money they keep increasingly taking from me. Historic cooperation - no - historic CMA - yes with the most arrogant absolute lack of resonsibility I could never have imagined before this. Can't wait to give them Health care - bet they can't either. "

noogie wrote on Oct 3, 2008 7:20 PM:

" That's something that should have been signed behind closed doors. Nothing to be proud of, Russ. "

truthiness wrote on Oct 3, 2008 7:14 PM:

" Unbelievable.

No wait.. it isn't.. this is Bush's America... NOTHING is out of the realm of the imagination. "

420 wrote on Oct 3, 2008 7:11 PM:

" Something is very fishy when they tell us they can not afford to give affordable healthcare to all people of this country but can afford to give hundreds of billions to the most wealthiest citizens of this country? I think we as citizen should realy truly be calling for an idependent investigation. This is way bigger than watergate...
Mr. Bush sadly has been a disgrace to our nation and neither party has any change to offer. We as a nation missed the only real chance for real reform with Dr. Ron Paul and much more of the same of what you see here is in store for the fore seeable future...
I bet the world is laughing now... "

truthiness wrote on Oct 3, 2008 7:04 PM:

" Why is it illegal for me to go to Kinkos and print money to cover my bills, but the government can? "

Not so Political wrote on Oct 3, 2008 5:58 PM:

" I am pulling my money out of the bank until the economy levels out. I just do not thing that FDIC will beable to cover all of us when the $ crashes. "

FollowTheConsitution wrote on Oct 3, 2008 5:55 PM:

" Obama will save us! LOL

I pledge allegiance to the coming political messiah and to the socialist vision for which he stands. One nation, under Obama, with increasing taxation and diminishing freedom for all. "

jphibbes wrote on Oct 3, 2008 4:39 PM:

" This is very bad. The worst will come in the fact that the price of everything will go up further. They don't have to charge you a "fair price" because credit allows them to charge way more for products because it will be bought on promise. If they didn't bail out wall street the markets would have fallen and so would the price of everything, because people would be dealing with real wealth as opposed to this sadistic economic system of fraud. The masters of our society use this system to keep the people serving them while they enjoy the benefits of fooling the public and live a fine life of leisure and imaginary status. This system has failed time and time again, but they do nothing to fix it. "

The Original JD wrote on Oct 3, 2008 4:12 PM:

" Senile Old Man: Where do you think the money is coming from? Considering that the budget is running at a deficit, the money has to be borrowed from the world banks. It is a loan which is added to the $10 trillion we already owe the world bank, and pay yearly interest on, but nothing on the principle. So while our taxes are not immediately going up, our debt is. It is a debt with will eventually have to be paid through massive priniting of money (creating an effect on the economy like post-WWII Germany) or massive taxation of the people. This is a reality. "

FollowTheConsitution wrote on Oct 3, 2008 3:42 PM:

" Senile old man

Would you take your life savings and put all on one number at the roulette table?

That is pretty much what the government just did today! So if this bailout does not work and everything crashes again, do you propose just printing up another $700B and throwing it at the wall again???

You are correct this would have caused us big problems without it passing, BUT, this only delays this problem because it will not solve it! We merely put this off for a little longer and now when it hits us again this will hurt us ten fold had we just dealt with this now instead! Believe me, I wish I was wrong, but they did nothing to prevent this from happening again! "

OGS wrote on Oct 3, 2008 3:21 PM:

" Paulson just became Financial Dictator with YOUR MONEY! "

Senile old man wrote on Oct 3, 2008 3:05 PM:

" Thank goodness this passed,…seriously, it needed to pass, most of you think you are going to have to pay for it, but you won’t. your taxes will not raise for this. You would have to pay for it if it did not pass. It was quite possible that foreign direct investment would have been pulled further hurting our credit as a nation. It would have been very, very bad. It is not just bailing out a few companies, it is bailing out our nation,…so you better man up and realize it. "

OGS wrote on Oct 3, 2008 2:42 PM:

" Goldman Sachs has donated something like $692K to Obama's war chest. Can you say, "bought and paid for?" Obama gets thousands and gives up hundreds of billions! The oldest occupation in the world lives in darkness in D.C. "

OGS wrote on Oct 3, 2008 2:40 PM:

" Congress just gave $700+ billion to the banks so the banks can loan it back to us!
Please choose from the following which best describes this debacle!
Theft, theft, theft, or all of the above. "

The Original JD wrote on Oct 3, 2008 2:30 PM:

" Congress does not really care what the people think. They are so seperated from their constituents that they are totally clueless. The only people they care about are the lobbiests in their offices with the suitcase of money. The people are only the means to that end. This problem was caused by government meddling in the market, and more meddling is not going to fix it. It is better to have a meltdown now, than to allow congress to spend all this money to create the illusion of stablility, and have a bigger breakdown next year. "

sfarmy wrote on Oct 3, 2008 2:24 PM:

" As far as I am concerned congress has just committed an act of Treason against the American worker. I served my country and went where I was told when I was told and did what I was told and am retired from the Army. Congress was told not to vote for it by the American people. This is a dark day for America. We need to reclaim America and vote all those in congress out of office this November. "

Sweetcheeks wrote on Oct 3, 2008 2:03 PM:

" FTC:
I agree 100% This was a very bad thing and this is not a party issue. BOTH of these losers pushed for this. Did I see someone mention 3rd party? "

nonya wrote on Oct 3, 2008 2:02 PM:

" This was an e-mail I recieved. Too bad we can't get this "

Scapegoat wrote on Oct 3, 2008 1:57 PM:

" Nonya - I like the idea of paying off my mortgage just as much as the next person, but I have to point out that the originator of the chain email you're referencing is terrible at math. $85 billion divided by 200 million Americans 18+ equals approximately $425 each. Even the more recently proposed $700 billion bailout would only equal roughly $3,500 per adult - a nice sum, no doubt, but hardly enough to clear our debt. "

nonya wrote on Oct 3, 2008 1:49 PM:

" Part 3-Here's my rationale. We deserve it and AIG doesn't. Sure it's a crazy idea that can "never work."But can you imagine the Coast-To-Coast Block Party! How do you spell Economic Boom? I trust my fellow adult Americans to know how to use the $85 Billion. We Deserve It Dividend more than do the geniuses at AIG or in Washington DC. And remember, My plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam. Ahhh...I feel so much better getting that off my chest."
Kindest personal regards, PS: Feel free to pass this along to your pals as it's either good for laugh or a tear or a very sobering thought on how to best use
$85 Billion!! "

nonya wrote on Oct 3, 2008 1:49 PM:

" Part 2-Pay off your mortgage - housing crisis solved. Repay college loans - what a great boost to new grads Put away money for college - it'll be there. Save in a bank - create money to loan to entrepreneurs. Buy a new car - create jobs. Invest in the market - capital drives growth. Pay for your parent's medical insurance - health care improves. Enable Deadbeat Dads to come clean - or else. Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And, of course, for those serving in our Armed Forces. If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ("vote buy") economic incentive that is being proposed by one of our candidates for President. If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+! As for AIG - liquidate it. Sell off its parts.
Let American General go back to being American General. Sell off the real estate.
Let the private sector bargain hunters cut it up . "

nonya wrote on Oct 3, 2008 1:48 PM:

" NOW here's a plan I could live with.
"I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a We
Deserve It Dividend. To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.. So divide 200 million adults 18+ into $85 billon that equals $425,000.00. My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend. Of course, it would NOT be tax free.So let's assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes.That sends $25,500,000,000 right back to Uncle Sam. But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife team has $595,000.00. What would you do with $297,500.00 to $595,000.00 in your family? "

Sweetcheeks wrote on Oct 3, 2008 1:47 PM:

" FTC:
I agree 100% This was a very bad thing and this is not a party issue. BOTH of these losers pushed for this. Did I see someone mention 3rd party? "

Sweetcheeks wrote on Oct 3, 2008 1:44 PM:

" What epic failure. The president now expects us to pay for his rich buddies stupidity. "

OGS wrote on Oct 3, 2008 1:43 PM:

" Welcome to Fascist America! Where the rich keep profits and losses are socialized! "

Jarhead71 wrote on Oct 3, 2008 1:37 PM:

" This is no JOKE! Say good bye to your freedom! WE the people have one opportunity the first week of November to get our country back. If we do not vote OUT Durbin, LaHood and others that voted to subsidize multimillionaire bankers with working American's tax dollars, we better get our passports up to date and move out of this country before the communists in the Congress and on Wall Street close the borders. THIS ACT IS subjucating American free enterprise and replacing it with Czar Paulson. Why even elect a President? Paulson has all the money and all the power in the USA. Did anyone vote for Paulson? "

Scapegoat wrote on Oct 3, 2008 1:31 PM:

" Apparently, RyanE, sarcasm comes to your doorstep to die. I realize that the funds will not come from China. I was merely making a frustrated remark about the general state of our current fiscal habits. "

isabelle wrote on Oct 3, 2008 1:27 PM:

" ONLY IN AMERICA-
this is where you shine. I have to agree that the wooden shaft business seems a little silly! "

OGS wrote on Oct 3, 2008 1:22 PM:

" The bill passes, the stock market is falling. Guess we'll all be curious about the end of the day. "

OGS wrote on Oct 3, 2008 1:21 PM:

" 91% of America said NO BAILOUT, yet the bill passed.
Vote 3rd Party - - - SEND A CLEAR MESSAGE TO THOSE WHO DO NOT REPRESENT YOU!
Washington - You're Fired! "

The One wrote on Oct 3, 2008 1:17 PM:

" THIS IS A JOKE. I actually watched the "debate" over this on CSPAN today and my God are we in trouble. I heard quotes like "Voting for the wrong bill is better than a no vote". "I place my hand over my heart and pray to God this is the right thing to do."
Man we are in trouble with this, we have put people in charge of our money WHO HAVE NO IDEA WHAT THEY ARE DOING. Voting no and putting together a bill that will actually do something would have been prudent. We just dumped $850 Billion into our system. $850 + AIG $85 + $200 home bailout+ plus the others = $1.3 TRILLION in the last 30 or so days!!!!! Thats 12% of our national deficit. The value of your dollar has just dropped BIG TIME. You better stock up now on what you can while you still have some spending power to your money. Good luck "

Noober wrote on Oct 3, 2008 1:16 PM:

" This has been a valuable lesson in how our government works and why it is considered broken. Big Business and wall street have bullied our representatives into ingnoring the people and listening to them. "

RyanE wrote on Oct 3, 2008 1:03 PM:

" Not that I particularly agree with the stabilization act, but in response to Scapegoat's short-sighted post, the money will not come from China; it is actually just a shifting of funds. The public basically wants out of the private financial system and into Treasuries. But the financial system has been unable to meet that demand, because it can’t sell off toxic paper. Now, under this act, the Treasury will buy the toxic paper, which will give the financial sector the funds to pay off debtors, who will use the funds to buy the Treasuries the feds will have to issue to finance the toxic-paper purchases. "

Scapegoat wrote on Oct 3, 2008 12:59 PM:

" FTC - I believe your boy, McCain, also voted for the measure. They both made a bad decision, as did numerous other members of Congress. "

FollowTheConsitution wrote on Oct 3, 2008 12:57 PM:

" What would happen if people stood on a corner offering to pay people to vote for their candidate to be elected? Yet the government is allowed to do this!

What are they going to do in 6 - 12 months after this fails and they need twice as much the next time around? "

illini boy wrote on Oct 3, 2008 12:52 PM:

" Why do we allow these people to remain in office, The system is broken, corrupt, full of self serving inept ego maniacs who do not even do their jobs. They vote the way their staff tells them is best for re-election, always have and always will and we send them right back for more every election. "

Scapegoat wrote on Oct 3, 2008 12:41 PM:

" American taxpayers who show responsibility in their own finances are the ones paying twice for this absurdly bloated "corrective" action. That this didn't pass until all the little earmark incentives were added is disgusting to me. How can our government call for fiscal reform and responsibility when it's unwilling to reform by reigning in its own spending? The financial sector may be out of debt, but the country is now even further mortgaged to China. "

FollowTheConsitution wrote on Oct 3, 2008 12:34 PM:

" Government corruption at its finest!

Pad a bill to BUY votes, LIE to Americans by saying more Americans are now calling in being in favor of the bill! BS! I have not heard much of anyone that was against it now saying they are other than politicians! Just a big scam on the people once again by our government! I hope people pay good attention here and remember everyone of these idiots that voted against their demands come election day when they are up for re-election. None up them deserve a single vote!

Get use to this people, because if Obama is elected you will see a LOT more of this type of corruption in the very near future! It will be modern day slavery! "

localliberty wrote on Oct 3, 2008 10:40 AM:

" I hope that the House will again stand up for a hands off approach to the market. We NEED a market correction, which will only come from the government finally having the restraint to stop pumping money into an already inflated system. Hands off! Please call your Representative and tell them to vote for freedom, and cast a "NO" vote for the bailout legislation.
I believe that Tim Johnson will vote no again, but I don't know about Jerry Weller. He abstained the first time around, and I called his office in Washington and they say that he doesn't KNOW how he'll vote today :) Thats crazy. "

ONLY IN AMERICA wrote on Oct 3, 2008 10:05 AM:

" 20 SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN
21 WOODEN ARROWS DESIGNED FOR USE BY
22 CHILDREN.
23 (a) IN GENERAL.—Paragraph (2) of section 4161(b)
24 is amended by redesignating subparagraph (B) as sub301
O:\AYO\AYO08C32.xml S.L.C.
1 paragraph (C) and by inserting after subparagraph (A)
2 the following new subparagraph:
3 ‘‘(B) EXEMPTION FOR CERTAIN WOODEN
4 ARROW SHAFTS.—Subparagraph (A) shall not
5 apply to any shaft consisting of all natural
6 wood with no laminations or artificial means of
7 enhancing the spine of such shaft (whether sold
8 separately or incorporated as part of a finished
9 or unfinished product) of a type used in the
10 manufacture of any arrow which after its as11
sembly—
12 ‘‘(i) measures 5⁄16 of an inch or less in
13 diameter, and
14 ‘‘(ii) is not suitable for use with a bow
15 described in paragraph (1)(A).’’.
16 (b) EFFECTIVE DATE.—The amendments made by
17 this section shall apply to shafts first sold after the date
18 of enactment of this Act. "

marlaj56 wrote on Oct 3, 2008 9:34 AM:

" So, now if we give them this absurb amount of money, do we get back the money we have lost now in our 401 and retirement accounts?? No, you say? So we pay twice for being nothing more than hard working Americans. Something stinks. "
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