Economic bailout bill fails

regina said:
Sometimes I think that instead of the Congress voting on any economic bailout, they should author a bailout plan and then put that plan before the American people as an emergency referendum vote! Let us decide! How many of our congressmen are really voting the will of the people that they are suppose to represent? Of course they do not think that we are smart enough to really understand the issues at hand. I have heard this sentiment repeated many time on news shows. One news anchor said that we are not even smart enough to spell the word economic, let alone decide on an issue of this complexity
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Oh man, I REALLY like this idea.
 
LauraMax said:
Regina! LOL! We can't even get an election right! If we had a referendum on this it'd just end up going the way Diebold wants it to. :p
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Yea, you're both probably right. And Diebold is the reason I'm using a PAPER ballot this year. Will it help? It can't hurt.
 
cindi1 said:
You are correct - it's been going on since 1999 when the Clinton administration was pressuring loan companies to ease up on their standards.
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It was going on long before the Clinton administration. Regardless of whether Democrat or Republican, Those People (politicians) know nothing of what it's like for ordinary people. If they ever did they would have put a stop to loans and credit being given to people who were headed towards danger, and they would have stopped the banks from hitting us all with outrageous fees and interest. More than anything, after warning people not to rely on social security, they would have known someone needs to be watching the people managing our money. There is plenty of blame to go around, over many decades. But any time the HAVE's are in charge of THE HAVE NOTs money it's just asking for trouble, regardless of who's Democrat, Republican, or whatever. I really think this is much more about class than politics. And the politicians (ALL OF THEM) are way too tight with the people who took us where we are now. They're like cheating husbands who are all tears, sadness and regret... AFTER they get caught. But if they hadn't gotten caught they would never have stopped.
 
dorothyrd said:
sorry, Carol, but Bill Clinton also signed some things into law that started this ball rolling. I do agree that if the only reason for a no vote was Pelosi's ranting, well shame on them. They need to vote what they think is correct for the country.

Someone was posting things they remembered. My first mortgage loan in 1985 was a government subsidized loan. As a young married couple, with no deductibles, we were getting killed by income tax, so we were advise to buy a house. The problem, no down payment, only being out of school a year. But we qualified the the government loan, at a wonderful(insert sarcasm) rate of 13.2% and borrowed the down payment from my parents to make the 10% down. In our case, we did not default, we were a good risk, but it sure was not that hard to get. Once the country came out of the recession, we were able to refinance at a better rate, and then bought the home we are in now 7 years later.

So all of this loan underwriting had intentions of helping people get homes, but it got taken too far. These things were happening under Democratics and Republicans. And I will say it again, get yourselves to the table and figure out how to work together.

Also, do what I intend on doing, don't look at your 401k for awhile, it will just inflict pain.
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You know I bought my house in a bad neighborhood so it was only $59,900 (though it's REALLY old and always needs some pricey repair). When I went in for my mortgage the lender was all like "Well, with YOUR credit, you can get a loan for four times that amount..." Can you imagine? I KNEW I couldn't afford that, yet I work with a lot of people who took out huge loans for fabulous homes they had to know they couldn't afford. Still, you look around and everybody's doing it, which is what I thought when I bought my Toyota Camry, which I swear I regret. I really could have been just as happy with a Dodge Neon, at a MUCH lower price (and better fuel efficiency, which I know because I used to drive one). I'll be glad when nobody spends outrageous sums of money on cars and houses. I always thought it was nuts.

You know, I've been suffering from a terrible case of fiscal jealousy lately. If you're a Cardio Coach fan you know Sean O'Malley recently exorted his CC fans to join Facebook - so I did. When you do that a bunch of names of possible "friends" pop up. One of my "friends" was a guy I'd had a crush on in high school. I found out he's done very well for himself, has a fabulous house and all kinds of fabulous stuff. Most of you know I'm in the midst of trying to recover from my own personal financial crisis so, though I'd like to be happy for my old crush's fabulous life, it's kind of hard. That sense that I really made a wrong turn somewhere. I was discussing this with a co-worker who said "Are you kidding? Nobody's doing well in this economy. None of the stuff he has is paid for and he's probably in debt up to his eyeballs, teetering on the brink of bankruptcy!" I would never wish anything bad on my old crush but it did alleviate my envy somewhat to think things aren't always as they seem...

Yea, I want to get back to a much simpler life with less impressive stuff--- but I want everyone else to come WITH me so the costs of everything will HAVE to come down :)
 
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So Miron doesn't think we'll all go to Hell in a handbasket if the bailout doesn't happen. Just the opposite, of course, of what's being repeated constantly on the news. It's so frustrating.
 
dorothyrd said:
95 Democrats voted no. The bill failed by 23. Where was Obama, oh wait, he did not stop campaigning.

Actually this all tells me.....the bill was not good.
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Obama didn't do any grandstanding & claim he was gonna swoop in on a white horse to save the economy.

McKain's "suspension" WAS a continuation of his campaign. If you don't believe that, I've got a bridge to nowhere to sell you. :D
 
LauraMax said:
Obama didn't do any grandstanding & claim he was gonna swoop in on a white horse to save the economy.

McKain's "suspension" WAS a continuation of his campaign. If you don't believe that, I've got a bridge to nowhere to sell you. :D
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I think they both failed to look even remotely presidential. McCain looked goofy and opportunistic and Obama looked like he was avoiding taking any strong position. Sad, when both of them could have proved their mettle. I think the guy who comes out and really says something of import on helping the economy is going to be the one who locks up the election. Talk about a missed opportunity for both of them...

Sparrow
 
The News Corps (CNN, FOX, MSNBC, USATODAY) are all saying that the emails and phone calls from constituents were coming into the offices of our elected officials at a rate of 10-1 AGAINST this bail out.

My point being - maybe instead of fingerpointing based on party affiliation - we look at it as some of these people did what they were actually elected to do -listen to the people and vote what the people wanted and not along party lines.

Just a thought for which I am sure I will get flamed . .
 
That explains why the vote was SO bi-partisan against - conservative Republicans and left liberal Democrats voted against...there was no trend one way or the other....See, ya didn't get flamed!:p
 
hiitdogs said:
Nancy Pelosi shouldn't have said what she said, it was bad politics and it was dumb. But are they fricking kidding me, the Republicans didn't vote because their feelings were hurt by what Pelosi said?????? Give me a god damn break (Sorry, Baylian, I don't mean you, I am just talking in general) Are those guys kindergarteners or are they running our country. Get over it already!!!!! Both parties should be ashamed of themselves!!!!

It has been coming for years but the Republicans were the ones who put the death sentence on our economy by deregulating everything. The Republicans were the ones who wanted to give the Wall Street companies more tax breaks and deregulate them even further in that bill, when deregulation was what caused this problem.

Oh I just hate those politicians!!!!!
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I have been away most of the day - I want to Thank You Carola for the way your wrote the above. Caught me by surprise. However - I do feel it's bi-partisan. Both sides - guilty as he!!.
 
sparrow13 said:
Agreed, it will pass, and IMO a lot sooner that it would if we had allowed the Fed to continue with its huge, un-Constitutional power grab. This is not a Republican or a Democrat problem, it's a greed and failed monetary policy problem. There's enough blame to go all the way around. These nefarious boobs either failed to see this coming (I doubt it) or saw it coming and said nothing (yup) yet we were going to be willing to give them even more money to solve the problem they'd created in the first place? And include a provision that said no one could challenge, modify or change decisions made by the Chairmen of the Fed? WHAT???

I'm hopeful tonight. This too shall pass!!

Sparrow
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~"nefarious boobs" - BAHAHAHAHAHA! Good one!
 
It never seizes to me to hear Republicans come on tv and say, oh the good economy of the Clinton administration had nothing to do with the Democrats, it was because of a Republican Congress and the great work of Reagan and Bush in the previous years. But then they turn around and say the lousy economy we are going through now has been inherited by the Clinton administration.

The Republicans have been in the White House for 8 loooooong years, with a Republican controlled congress until 2007 and it is Clinton who is to blame for this mess?







 
hiitdogs said:
It never seizes to me to hear Republicans come on tv and say, oh the good economy of the Clinton administration had nothing to do with the Democrats, it was because of a Republican Congress and the great work of Reagan and Bush in the previous years. But then they turn around and say the lousy economy we are going through now has been inherited by the Clinton administration.

The Republicans have been in the White House for 8 loooooong years, with a Republican controlled congress until 2007 and it is Clinton who is to blame for this mess?


http://smiley.smileycentral.com/download/index.jhtml?partner=ZSzeb113_ZS&utm_id=7921
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OTOH, if the economy was booming, who do you think Republicans would give credit to? ;)
 
hiitdogs said:
It never seizes to me to hear Republicans come on tv and say, oh the good economy of the Clinton administration had nothing to do with the Democrats, it was because of a Republican Congress and the great work of Reagan and Bush in the previous years. But then they turn around and say the lousy economy we are going through now has been inherited by the Clinton administration.

The Republicans have been in the White House for 8 loooooong years, with a Republican controlled congress until 2007 and it is Clinton who is to blame for this mess?
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Eh, that's just politics. They all do stuff like that. A pox on both their houses!!
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Sparrow
 
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