As most of you may know by now, the bailout plan failed in the House today.
The Democrats and Republicans blamed each other for the failure, making things even worse.
The bad news hit Wall Street hard, as the Dow lost 777 points.
That is the biggest loss in the history of the Dow.
In fact, the Dow lost 400 points in just ten minutes because of economic worry.
The U.S. economy is in major crisis.
This is a problem that is felt around the world in many different ways.
It will be interesting to see how Wall Street does in the next couple of days because the House will take up the bailout plan again on Thursday.
So just because the bailout plan failed today, it does not mean the plan is dead.
Far from it.
But there is a lot of work to do.
In my opinion, there is one thing that needs to be done first.
That is the Democrats and Republicans have to stop pointing fingers at each other.
This is not a power game.
This is an economic tragedy that is hurting a lot of people.
The leaders in Washington have lost their focus when it comes to many issues.
Self interest far too often, seems to be more important than the interest of the people.
The United States was founded on the words ... "We the people."
That means the people come first.
We the people, which also means we the voters, elect those we trust to be our voice.
We did not elect them to play political games of Republican vs. Democrat and who gets credit for what.
The losers in their latest game will be the people.
And our future, at least our near future, is at stake.
If our leaders do not understand that, then maybe we should send them all a good message on election day.
After all, it does come down to us!
George Vreeland Hill
rate
email
print
link to this page
Comments: 45
Don't sell out your children's birthright for a couple bucks... couple trillion bucks. Socialism simply doesn't work.
Whether this passes (and it probably will in some form), the world is not going to end even if it doesn't.
Evidence:
Oil prices dropped and get this! The dollar went up. What do you think that means? We're a heck of a lot sounder than the rest of the world.
Be of good faith.
No, I will not sell out.
I also will not fear.
I like your posts.
Thanks.
Keep the Government out of it.
One thing that I agree with the Republicans about is that a compulsory insurance program should be formed with all financial institutions forced to pay a fee or tax for every transaction to build a fund so that they can bail themselves out if there is a next time. I'm not convinced they can't do it this time. But I'm convinced that if we don't help this week a lot of small businesses and average people are going to lose big time.
I just won't fret over it...I will continue to go on with the way my life is and let God control my life. It is easier than the panic mode and going nuts. Be blessed
1. A SLUSH FUND for Millionaires with a mere 20% Tax. If they tell you there are NO "Golden Parachutes," do NOT be decieved. THERE ARE.
2. A FREE CHEQUE for any "special interests" of Paulson's choosing.
3. This DOES INCLUDE ACORN!
4. This ALSO DOES INCLUDE LA RAZA!
5. A BLANK CHEQUE for Paulson. He insists that he be given a BLANK Cheque, to be used in ANY way that he see's fiT. UNACCEPTABLE!
There also should be included in this "bill" JAIL TERMS for Paulson, Bernanke, Cox, Fwank, Pelosi, Watters, Dodd, Obama, Gorelic, and the Dem who INSISTED on CRA and "affordable Housing," and also obstructed when REPUBLICANS warned of TROUBLE in '02, '05 etc., etc.
Might as well throw Bush, and McCain/Kennedy in there as well; they allow ILLEGAL IMMIGRATION to this day, and have been forcing the Banking and Mortgage Industry to hand out Loans for ILLEGALS for YEARS.
I do believe we need this bailout however. It has not been marketed correctly. I fear that as we saw in the 1930s, people will not support any kind of government involvement until it directly affects them---Believe me, it will and it will not be pretty. Retirement account values, real estate values, consumer credit, the most mundane financial transaction will be adversely affected if we do not stabilize the markets. Those are the unfortunate facts.
We won't agree on this, but I DO understand your position.
Do we need ACTION? Of Course! NOT the action the Dem are trying to fool us with. PLEASE see my points, above. They are ALL Correct.
You are being lied to, Kay...there ARE funds in slush form for BOTH ACORN and LaRAZA...AND the "parachutes." They are being disguised in the form of a BLANK cheque to Paulson. As I have stated...he is demanding the freedom to use those funds as he pleases, and if you read the Bill, he "pleases" to fund both of those groups, in ADDITION to ANY FOREIGN interests that he see's fit.
UNACCEPTABLE.
Please read it.
Where is the fear? Millionaires are not worried about the economy. They will not be on the bread line if the budget is not brought to an economic change. The fear is what will happen to those who have not. Those who work hard will have to work harder and those who don't work... well you and I both know what is going to happen.
This may be the talk of what will be the payday for he who is able to get a book deal or a movie deal but what ever happens as George has said the people will accept it just as they will accept whatever person gets elected to be president. The people really don't matter it is just a selected few who count and no matter what you might think as a member of the American People you will always be subjected to whatever financial or mental delima that comes out of the minds of the rich people who make up the world. Without these rich people what kind of people will we be? We need them! We support their generations to come! We make their ideas into our ways of life! They may give us opportunity but they never lead to the up-keep of the entire people.
I don't mean to go on and on but just because you are not in need today; when the crap of indifference hits the fan where will you be and who will you stand up with?
I think the real problem is communication. There has not been enough plain talk, to explain to the general masses as to what will happen if some kind of compromise is not reached. I also don't think the Stock Market deserves to be bailed out, but the alternative is worse than the cure. We've bailed out a lot of other industries over the years. I think if they stopped ALL earmarks until they came up with a plan to fix this, want to bet they could work something out a little faster?
Though I doubt that you will be back, there is much to what you have said.
Tell me; what is it that YOU see? What solutions would you be amenable to, and how would you like to alter what you've said about Society, and the flow of things? Do you believe that someone with my beliefs MUST belong to an Elite and "Ruling" Class? I sense suffering, and a bit of frustration. Would you imagine that mine is a life without a "story" that would make many cringe?
Answer me, if you have had occasion to read this.
Also, consider this; if you purchased a Home, and the Bank appraised this Home at $430,000, and the Sale Price was $430,000, and the median Value in the neighbourhood was $430,000, and then the VALUE of that Home, to the Bank, was dropped to $380,000, and you were now UPSIDE DOWN and unable to re-Finance, does that make YOU irresponsible? Or would you say that you were not responsible for the devious lending practices of that Bank, appraiser, and Realty Company?
Again, I understand Your position here; so, let us discuss it. Question #1 is quite important, by the bye.
I find the re-finance debate interesting. Let me understand, you cannot afford a mortgage to begin with, so you take out a variable rate mortgage initially, betting that your home will increase in value so that miraculously you will be able to re-finance it to an even more favorable rate later. Let's back up here. How about you only buy a home you can afford to finance at a fixed rate for a standard 30 years. Kind of takes all the speculation out of the roof over your head don't you think?
By the way I've said this before, there is no shame in renting.
Soon there came people who wanted more than to just take care of their families they also wanted to lay back on the wealth of the land, so slavery was established. Because of the revolutions of slaves, slavery had to be given a new name. This is when the name was changed into employment, in any form of the word.
There are people today who will never face a financial crisis but have created it because of the greed for something that was never theirs to own. If there were no millionaires, what kind of situations would exist today? I know that some might say that we would not be as technical as we are today but in realization everything that is in operation today has came from the operations of what was yesterday. The minds of mankind will never be idle and therefore there will be a cure to keep things just as they are for a certain people. These people are not a people of race, they are a people of wealth and greed.
At the top of the pyramid are the wealthy, below that will always be somebody that wants to get to the top and others who will be holding things all together and complaining that they are not getting a fair chance. These people will protest and still they will be just as some of the people who know the situation but give comments that support the theory of those who are wealthy. They are blinded by the opportunities they will never get and the opportunities that they put so much effort in to achieve.
Remember in the movie "The 10 commandments" there was a rat that persuaded the slaves of Egypt to build an idol god because MOSES stayed too long getting things together with the real and TRUE GOD. Listen to the comments that believe everything but the REAL TRUTH! They know in their hearts what is going on but refuse to bare witness to that which is right in front of their eyes. George didn't just make this point available for comments, he made this article for people to see where they stand when life becomes unbearable to those who are really weak as the meek. And in the end the MEEK SHALL INHERIT THE EARTH...
I certainly wish you would have answered me.
The solution to this is to take away the riches and wealth of those who watch dog it with the lives of others who desire to have such riches. The solution is to create a world where the differences of mankind are not a sickness that pushes others away. The solution is for each and every one of us to do onto others, as we want to be treated by others. The solution is for us to find out what LOVE really is and SHARE IT UNCONDITIONALLY!!! The solution is to find an attitude of forever compassion where as the words of others don't offend us to a point that we try to bring others to our disappointed state of mind.
The world I see will never be because there are so many who don't see with my same eyes only because they would much rather believe that this world will never exist. The world I see will come to pass if the minds of people would give in to helping each other after the storm has passed. After rebuilding new homes for the poor and unfortunate and feeding all who are hungry we can continue to stand together and make sure that no one suffers the trauma of not being able to express themselves.
I apologize for not giving you the answer you wanted but maybe one day we will see things the same way. Maybe one day we won't come together because of an article on a financial crisis but because we are indeed FAMILY.
You apologised for "not giving me the answer that I wanted..." Have you considered for a moment that I DIDN'T have a specific answer in mind?
Dwayne, I asked You for Your answer, because THAT was the answer that I value. Truly, Wayne, Your answer was the only one that I was interested in.
Dwayne, I assure You of this...if all knew HIM, our Evil would not disappear...but in the defeat of Our Grace, and His, would be rendered irrelevant.
Now, what do You say? Is it better to FEEL Good, or to DO Good?
This is the problem that is troubling America's finances. This is why I'm trying to stress the greed that has caused this problem in the first place. It is know that a rich man will never make his way into HEAVEN. So many tend not to believe in GOD. They are praised and glorified by people who look at the luxuries thinking that they will someday be able to afford these things that last just as long as they live. But the lives of the flesh of mankind is very short. So the rich try to obtain as much as possible to live in the luxuries of the flesh. There is a spiritual side to mankind and if you silence yourself you will recognize the voices that occur when no one is around. These voices sometimes cause people to get medical conditions. The spirit is taking over and the flesh is trying so hard to keep it under control but sometimes the flesh just can't win.
Spirits can take control when the flesh is under the influence of mind altering drugs or when the mind is being overcome by false influence. False influence is a method of brainwashing or hypnosis. When people are told that they are in danger over and over again, then given an example of the danger that may cause them to die - our minds or spirits begin to take control and we believe that we are in danger. This will make us do things to defend our lives. So we put the weight of our life against the danger that we are in. Some of us are worriers and we right away consider dying for the cause.
Listen at the conversations that go along with the bail out of our poorly financed America. People have never seen trillions of dollars, not even those who work in the federal reserve but they will acknowledge that currency is being destroyed each and every day but a brain washing controls the obvious and makes them actually think that America is financially strapped. The devil is a liar!!! I would much rather believe that my spirit will be at TOTAL PEACE when the almighty dollar has come to value nothing... For it is the evil root that causes a good mind to rot with wickedness.
I would much rather DO GOOD and FEEL GOOD DOING GOOD than to FEEL GOOD without returning the good that I feel... GOD BLESS
You tell him nothing.
Also, in paragraph #2: "Let me understand, {you cannot afford a mortgage to begin with,} so you take out a variable rate mortgage initially..." You've ignored my words completely. Who SAID that the borrower COULDN'T afford scenario #1? I've pointed out the LOSS incurred at the hand of a decietful Mortgage Company and their appraiser. ALL "allowable" by Dem CRA GUIDELINES.
Would You care to explain how "mental health initiatives," a Light Rail System spanning the LENGTH of California, a funded "study" on WOOL, funding for Childrens' Wooden Arrows, Ceo "parachutes," Millions for ACORN, etc., etc., are related to a Wall-Street bailout, and RELIEF for credit-troubled Americans???
This "bill" is BS.
This meltdown is best illustrated using a "pyramid" format.
At the bottom of the pyramid were the ignorant dupes conned by dishonest lenders into purchasing homes beyond their means, entering short term ARMs.
The second level were the real estate speculators who purchased properties with the same short term ARMs in hopes of flipping these properties at a profit.
The third level were the dishonest lenders, who saw themselves in a win-win situation. If those on the bottom couldn't pay, they could flip the properties, and they knew the speculators were good for the money.
At the top of the pyramid were the investment and large banks who bought the bundled mortgages at a premium in hopes of sitting back and collecting the money.
The bubble burst when those at the bottom couldn't pay, the supply of homes exceeded demand, and house values plummeted. We know what happened next.
The bill before the House of Representatives today, seeks to buy the bad paper, freeing up credit so the large banks who bought this tainted paper can once again lend money to businesses and the public at large. The crisis was not the fault of CRA guidelines however misguided they may be. Banks are in the business of making money, not extending charity. It is the old story of greed and opportunity.
Said "dupes."
Of course, I haven't removed 'human nature' from this debate for a moment.
We are in agreement, then; even when we speak at cross-purposes. ;)
As I have said, certainly, we must do SOMETHING...this is not it.
Exactly! So naturally, lets give Paulson and the rest of those crooks a blank cheque!
Kay, I'll see your 25 years in Banking (and I respect it, too!) and RAISE you with my 20 in Real Estate and Mortgage...oh, wait...25 is more than 20...:)
Never thought I'd meet a Banker who subscribes to the "Keynesian" philosophy. You ARE one singular Woman!
Where is Your sense of adventure, Kay? Don't you think it would be ripping and good fun to live in a split-level packing crate? :)
Depends, who gets the top part? :)