Was never a fan of the bail out plan. I hope that Congress–House of Rep gets this situation under control.

I think it’s part of Americas problem to wait to be bailed out. I think we have had sooo many people use credit cards to buy stuff they can’t afford, buy houses that they think they can just keep refinancing to get the payments low. At this point I say we are on our own and can’t just sit back and wait for a bailout so let’s all step our game up and Spend on the things that are important. I install cable and people will let the car get behind and not pay the gas bill but they refuse to let that luxury item like the cable get cut off. Americas priorites are just backwards.

@ Sigh I heard that

But yeah I wasn’t feeling the bailout either

This bill would not have been agreed to had it not been for John McCain… This is a bipartisan accomplishment, a bipartisan success. And if people want to get something done in Washington, they just watch John McCain. He’s been the guy whose name is at the top of major pieces of legislation for a long time.”
– Mitt Romney, NBC’s Today show, 9/29/08.

I’ll take “Lying Maverick” for 600, Alex.

“You have the Daily Double!!!!”

I can’t make this stuff up. McCain took credit for getting the deal done, reaching across the aisle in a bipartisan effort to bail out the economy. Then he turns around and blames Pelosi’s speech for not getting the bill past. I know republicans are sensitive, but damn! A woman “hurt their feelings” so they punish the entire country? Once again, the Republicans have demonstrated their mundane ineptness to take action for the greater good of the nation.

Not a good day to be a Republican…..

AGAIN!!

I was no advocate for the plan; however, I understand why it was needed. If companies can’t do business because they are failing and/or the banks aren’t loaning because they dont’ have any money to loan…our winters will get a little colder. This is exactly what caused the Great Depression….companies were going out of business, banks were shutting down and people were unable to find jobs….

Be careful with what you wish for.
http://www.lovelifedrama.com - A FREE online Urban Fiction Novel

The idea that taxpayers would have to bail out selfish companies who have never done us any favors does suck. However, what are our alternatives? We don’t need a run on the banks, we don’t need to people to stop investing and these companies employ lots of folks. The results could be catastrophic! I do think that if we are going to give them the money, it should not be a blank check and they should be required to re-build with set asides for American jobs. They should be required during the time the government is substantially invested to hold a certain percentage of jobs for America only. We need to get something significant out of this.

Its such a complicated situation and these politicians are trying to save their jobs while not giving a crap whether the rest of us lose ours. I’m so sick of this whole thing, I don’t know what to do.

Wow!

&

Jeeze!

@Sigh and Dame. With you 110%

I wasn’t a fan either. I think the people who made it all happen (bank closures and buyouts, foreclosures) should take responsibility and bail themselves out. Why should I be held accountable for their mismanagement?

I thought John McCain saved us all!! Where is he at now? What is he talking about now? I thought this was in the bag and it was because of him…yet, it’s his party that did not listen to him….Some leader!

I’m not in favor of the bill but the house seems determined to pass it. I have to give Nancy Pelosi some credit to make sure that these decisions are not made in a moments notice, 700B is a lot of money. My concern is that they (republicans) need to make more informed and methodical decisions that will not make the “have not’s” have less. and the ” have’s” get even more.

Personally, I really thinks they should be forced to lie in thier own beds, then maybe they will think twice when they “make them” the next time.

As the country’s financial system teeters on the brink of disaster, you need a game plan to minimize the damage.

1. Check that your bank accounts are federally insured.

The Federal Deposit Insurance Corp. (FDIC) guarantees deposits up to $100,000 per person. If you have to hold more than that, spread it across multiple banks. As a taxpayer, you are paying for this insurance, so use it.

DO - 2. Make sure your brokerage accounts are federally insured, too.

The Securities Investor Protection Corp. (SIPC) guarantees you at places like Lehman Bros. (LEH, news, msgs), Merrill Lynch (MER, news, msgs) and E-Trade Financial (ETFC, news, msgs) up to $500,000, including $100,000 in cash. The same rules apply: If you have more to invest, spread it across multiple firms. Note that the SIPC only makes sure you get your shares and bonds back if a brokerage fails. It does not, obviously, guarantee those investments’ value.

3. Put money in thy purse.
If this market and this economy get any tougher, cash isn’t going to be just king anymore. It’s going to be king, queen, emperor, lord high chamberlain and the whole court. The easiest way to make or find a buck is to save it. So take an ax to those family budgets — the restaurant meals, the Superduper Everything Cable package, the rip-off checking account with the high fees and low interest. It’s all costing you.

4. Set up a home-equity line of credit while you still can.
Normally it would not be advisable to take on more debt, but if access to ready cash might be a lifesaver, it’s best to line it up now. That’s true especially if you are worried about your job. Credit is already tight, and it may get a lot tighter.

D0 - The panic on Wall Street just caused a collapse in the interest rate on long-term U.S. Treasury bonds, as lots of investors rushed there for safety. And that usually leads to a fall in long-term mortgage rates.

6. Don’t wait for your worst investments to “recover.”
If you ever saw John Cleese and Michael Palin perform their famous skit about the dead parrot, you know exactly what I mean. No, your Fannie Mae (FNM, news, msgs) shares aren’t “resting.” They’re lying at the bottom of the cage with their feet in the air. What more do you need to know? Stop waiting for them to “recover” before you sort out your portfolio.

7. Don’t panic.
Journalists, like markets, tend to move in herds. And by the nature of their jobs, they write about the plane that crashes instead of the thousands that land safely. Remember, too, that pundits want to seem really wise by putting on serious expressions and saying things like “We don’t know how this thing is going to play out” and “The situation could get a lot worse.” Bah.

Guess what. We never know how things are going to play out. And the situation could get a lot better, too.

DO - 8. When it comes to your short-term money needs, nothing has changed.
Any money you might need within the next year or two should be held in cash or equivalents. That was true two years ago, and it is true now. The stock market is no home for money you may need urgently. It could fall 30% or jump 30%. Nobody knows. You can get a one-year CD paying 5% right now, and it’s federally guaranteed.

9. If you are investing for five years or more, buy some stock.
The investment outlook is much, much better today than it has been for several years, because shares are much cheaper. World markets overall have fallen 27% from last year’s peak. They’re not a steal at current levels, but they are not particularly expensive either. Invest globally. Vanguard Total World Stock (VTWSX) gives you the whole world and low fees.
If you are looking for a value, Morningstar analyst Bridget Hughes likes Oakmark Global (OAKGX). Another good one is Tweedy, Browne’s new Worldwide High Dividend Yield Value (TBHDX).

This list is not comprehensive. Remember: I am not trying to call the bottom of the market. Things could fall quite a bit further. No one knows. So invest little, often and broadly.

10. If you want to worry about anything, worry about your taxes.
The worse this crisis gets, the more the feds will end up putting taxpayers on the hook to prevent a meltdown. Taxes will go up sooner or later anyway, no matter who wins the election, because of our gigantic federal deficit. If you think Lehman Bros. was bad, you should look at Uncle Sam. You can forget about any talk of tax breaks. Oh, and if you want a break from worrying about taxes, worry about Treasury bonds. Deficits won’t do anything good for them.

The thing that kills me is McCain talking about “fat cats” as if he isn’t one of the fat cats. Give me a break…this man will do anything to win. The republican party is a joke…they are all lying selfish people…How can what happened be blamed on Pelosi’s speach…she spoke on the truth…I guess the American people are being punished because Pelosi told the truth… Their kids are not the ones who will be getting kicked out of school and loosing their homes…they are all millionaires. I do not agree with the plan…I believe they need to tally up some of their own money…why should poor people have to pay for it? But, then again, if this isn’t done…then what will become of this country?

I am glad this bill failed we (America) need to take time and think before we react and I am sorry why should I bail out the rich or the wanna be Jones. I am living within my means and staying a float now you want me to use my tax money to help those who made the choice to take a greater risk then they could afford NO. If we are going to do that I want complete loan forgiveness for my education.

The thing that concerns me is that, Republicans opposed this bill more than the Democrats! There’s more to this plan than what meet the eye. And frankly, anything that Bush is passionate about scares me.

Bush wants to bail out all of his big wig friends before he leaves office, so that we all can suffer when he is out of office and he and his friends are living the high life with thier 10 houses and yachts. Please!

I was never really in favor for the bailout but I don’t we have many other choices…

BUSH IS A JOKE!!! SO HAPPY THE BAIL OUT PLAN FAIL

Well well well mccain so much for beinf a “maverick” lol.. i found it funny he wasn’t tryin to take no comments about the rejection of the bill yesterday…

@ dukesman2000 AND kahmmillion

Let us remember that first and foremost that Obama and McCain are both paid members of congress and it was their duty to go to the weekend meeting on this bill. Debates and all that are cute but they did help the issues. No body likes it when employees us company time to further their own intrest, and the American people are no different. But you know people just want to see people urgue. Niether one said anything that they hadn’t already said so the 2 mil to put on this show could have been saved. Hey maybe it could have been put into the market. McCain nor Obama can be put at total blame for this this. Let us not forget that member of congress serve at the will of the people more so than the President. US citizens for the most part are against this bill. Remember the turn in congress was suppose to bring the troops home, but the Dems’ Congress fail to do this even thought they had the majority to do so. Now alot of election are coming up. No matter who is president members of congress still have to get elected. This is a bad bill but in the Area that I am in people have money and the are land rich. This is the land of George Bush, Framk Mayborne and LBJ( president) so of course Chet Edwards voted yes. Property values are going up here, and taxes are kinda low. So my point is to say what ever the people of the congressmen’s area wants that’s how he/ or she will vote. Ron Paul said no and he has a large following of new Americans.

this country is slowly going down i honestly believe that its just a matter of time. even if the bailout was passed and approve whats next? we’re in soo much debt it makes no sense. the markets will climb a little but it will continue to be low.

To be honest i dont see why taxpayers should be the ones to bailout these big financial compaines when they got themseleves into the mess their in with all their foolishness like giving people mortages and other loans they know people cant repay what kind of nosense is that??

I want them to take that 700 billion and give it to us working class ppl who really need it…that way, WE can put it back into the economy. Instead of giving the money to careless banks, who knowingly did this to themselves.

And another thing…I’m Hella tired of seeing them showing the miserable faces of investment bankers on Wall Street every time the DOW takes a dive. How ’bout they show the millions of homeowners and their families that are going into foreclosure…and us regular folks who are being killed by higher costs of living…how about they show that. This whole thing just disgusts me. Either way, the rich will get richer and the poor…well, you know the rest.

If you have the Lord Jesus Christ on your side, everything will be alright.

I think now is the time to buy silver and gold. The dollar is worthless, and it is getting worthless by the day!

I say they stratgize a plan to include the consumers. It is not our fault that they are in trouble. We are having problems as well. High gas prices, food prices on the rise, clothing prices increas. Where is our bailout? It is not fair for businesses to get a bailout and we not get anything.

Simply put….

Damned if you do Damned if you dont!!!

Either way the economy is F*(ked!!. At the end of the day we will all end up paying for the mess up

JA

I know you addressed me in your post but your comment was too difficult to read.

Amen to #24!

Jeeze!

glad it failed-so will mccain suspended again to try to come up with another fail plan

I don’t know why they’re trying to blame Nancy Pelosi(whos a democrat) for the bills favor. Especially when more Republicans voted “no” to the bill than Democrats. It just saddens me because food has been expensive for months, as well as fuel, the house market has sunk and Washington is just starting to realize it?? They’ve never bailed us out before, but they want us to bail them out…ummm not really fair

I also agree with #24. These are messed up times, but with the good Lord’s help, this too shall pass. Forgive me for my previous pessimistic rant.

EVERYONE KNOW’S WHO’S AT FAULT WHY WE ARE IN THIS MESS IS THE 1ST PLACE (BUSH). He dosen’t care for the simple fact that he nor does anyone in the senate pay taxes (AT ALL). I’m greatful that we have some people in there that do give somewhat of a damn about us. I personally am happy that they rejected the plan for the simple fact “THERE WAS NO GUARNTEE THAT IT WOULD’VE WORKED IN THE 1ST PLACE” Let’s say they would’ve paid the $700 billion the market is still plunging so we would’ve been TRILLIONS of dollars in debt. I just hope and PRAY Barack get’s in there he has 1 hell of a mess to clean up but I know he can do it without making the taxpayers pay for someone else greed without any reprocussion.

I must admit that I am surprised that it did not pass. I was never in favor of the plan, but felt that they would pass it anyway - especially since I believe these guys to be asleep at the wheel more often than not.

I can say that I am elated that it did not pass. And as always, make sure your own house is in {financial} order before depending on the goverment. Sure, my 401(k) is down right now, but I won’t need it for another 30-40 years - trust me, it will rebound by then.

Now, if they can only close the loophole on these CEO’s and their golden parachutes…hmmm

I believe that money will be of better use on Main St. Give that bailout to some of these homeowners and watch them build the econmy back up with this heavy burden lifted off of their shoulders.

I DON’T THINK THEY SHOULD USE $700 BILLION TOWARD BAILING OUT CORPORATIONS WHO’S C.O.O.’S ARE ON VH1′S FABULOUS LIFE OF…(HEDGEFUND MANAGERS) IT IS SICKENING. I DON’T KNOW WHAT CAN BE DONE TO SOLVE THE PROBLEM. THIS COUNTRY IS ON LIFE SUPPORT AND NEEDS A REVIVAL. I AM TRYING TO FIGURE OUT WHAT COUNTRIES WOULD BE GREAT TO START OVER IN… I BELIEVE IT MAY COME TO THAT POINT FOR MANY AMERICANS.

@ Karen…

Agreed.. why the hell should we give them 700 billion for screwing us.. we should get a lot out of this like some damn regulation..

They shouldn’t bail us out. How are we (as a people) can’t give to the poor, but going to pay out the riches, liabilities! I think it was a good decision not to pass it, but for all visitors, WELCOME TO AMERICA!

you know nancy pelosi talks a good game but tme and time again she has caved in to cheney/bush and their tactics. a failed war, in which she said no more blank checks, bush got his tax cuts and we the people got a measly stimulus check. katrina failure and on and on. pelosi and reid need to step down they have been exposed. and this is her talkin about this is a buy in not bail out is hogwash. and if you believe her i’ve think again you people will have been TOOK– YOU’VE BEEN HOODWINKED, YOU’VE BEEN BAMBOOZLED. this parting gift that bush is getting is not right and needs to be stopped. on GMA this am chris cumo was at wall st, on the stock market floor trying to scare up two ladies in the congress a republican/and a democrat who had to ‘check’ him for fear mongering and the tone in his voice as if he was trying to scare people.and the women told him they won’t railroad a bill through for bush, and to watch his tone he got checked. also another good reason to have women well represented in a obama admin. last tell jeff johnson he’s wearing out using the word ignorance over and over again in his commentary on tjms true the word fits the bill in most cases but hes going over board and needs to use another choice of words like ‘lack of knowledge’ just try someting new. you can only beat a horse for so long, and mr. johnson and the word ignorance has played out. just word to the wise.

Everyone who is saying they are glad the bill did not get passed clearly does not understand the effect this will have on you the common people. If you think not bailing stopping this bill from passing will the CEO’s and big traders on Wall Street then you have another thing coming. The average salary of a trader is 1.5 million and the average salary CEO of a bank is 9.84 million. Most of these people who you think you are sticking it to do not have a 401K and are not saving for retirement. And since they were privy to insider trader’s information they have not lost anything in the stock market – believe they pulled their shit before this mess hits. In layman’s term when shit hits the fan they will be OK, but I guarantee that you will not be.

This is not just Wall Street that is getting help, you are being helped too. If you think that Wall Street falling would not have an impact on you, you are making a sad mistake. How do you think the company you work for funds payroll so you can get paid bi-weekly and weekly? They borrow the money. If this credit crisis hits then you will not get paid. Plus, the government did not pluck 700 billion out of the sky, this money was borrowed and if other countries lose confidence in America’s economy they will not lend us money, or if they do it will be a very high interest rate. So it will be going from one extreme to another. Believe me, there is more to it than this but the problem with government is that they use too much big words and numbers that the common folk do not understand so they trivialize the situation.

Surprised! I would hope this is a lesson to the people who spend recklessly trying to out do one another. Please people know the value of a dollar. I’ve never owned a credit card and never will even for emergencies cause that mean I ain’t got it and if I ain’t got it I just ain’t got it. How could we live comfortably knowing we’re piled with debt, again learn the value of a dollar, America is greedy as hell!

This bill is nothing more than an attempt by the Federal Reserve (which is a privately owned bank, not part of the U.S. Government) to take control of major U.S. banking institutions, their assets, and basically hold the mortgage of millions of homeowners. Who do you think we owe the national debt to? The Federal Reserve. But they’re still dicking over the American public. While this Bailout bill stalled, the still passed another bill in which the Federal Reserve still pumped $630 billion (counterfeit money) into the financial market, bailing out the auto industry with a $25 billion dollar tax-payer subsidized loan and eliminating the long-standing ban on oil drilling off the Atlantic and Pacific coasts.

This country is being pillaged for everything while you’re busy worried about what star is wearing what, and who is the hottest in the game. Why do you think these stars are paid so much??? To distract you from the real issues at hand. WAKE UP PEOPLE!!!

OUR COUNTRY IS IN BAD SHAPE

@ 39

if the common people will spend their money wisely, then it wouldnt effect them. This bailout, if passed, will effect the ones mostly who do spend their money wisely, not the immature who just waste their money. And trust, our taxes will go right to paying this off! Trust!

Two homes have been foreclosed and one home quick sold in the last 6months on my street. The government has got to intervene now because all of these problems are only going to create more problems. We have a weak dollar, businesses are closing, my own bank (wachovia) just got bought out, we are in a recession, and fighting a war. I don’t know a whole lot about history just a little. Usually wars stimulate the economy and will help end a recession. This war has worsened our situation and i think we might be looking at a depression in the future. I think it’s a shame we taxpayers would pick up the slack but i think it’s silly to think those fat-cats will help fix the problem with their money. Most politicans are greedy and selfish… fat cats just like McCain. They can survive a depression. It’s the rest of us who will suffer. I hope those politicans get it together and try to help the people who really need it -the middle class and the poor.

@ Cotton…

If common people spend their money wisely it wouldn’t affect them? What does that mean? It most certainly will affect you. What wise ways could common folks have spent their money other than investing in homes, stock, bonds, or retirement plans? Well if your money is in either one of those aforementioned instruments, you are being affected. Do you work? Do have a retirement plan? Have you looked at your statements lately? I guarantee you have lost money; and if something is not done, you will eventually lose it all. That is the morbid reality of this situation.

and i agree with dukesman… couldn’t have said it better myself. If you aren’t making a high six fig salary (not $100,000 think $300,000 or more) you will feel the punch. Imagine you credit card limits lower, your interest rates higher, it’ll be harder to get loans or even home equity loans. And it takes more money to by the same stuff. They need to renegioate/ refinance these homes and give people mortages that they can afford.

and this is my last comment… I am interested in what Rihanna is wearing AND current events (just like this one)…GASP

THANKS ANDY

dukes,

I’m saying the people who spend their money on materialistic items. And then they complain about other stuff on which is causing the bail out. I do agree that innocent people with loans and stuff for good intentions are going to go thru the process of struggling for a while.

To answer your question. Yes I work, I work for this country. I’m in the military, and deployed for the next 6 months of my life and I can see right thru the eyes of the government, but that’s another story. And as far as retirement, yes I got that as well, But I aint retiring no time soon, plus I’m getting out the military next summer. With 3 degrees and only going to be 23, and plus going right back into school once I GET OUT, all paid by the military (which is also paying my rent and books). And because I’m financially stable and smart, I have no bills and my statement look pretty well off to me. But I am one person of the 300 million in the country and I am far from perfect. But if people keep their monies to themselves and don’t rely on the government to help them, (which is rare) they wouldn’t be struggling with the rest of this nation.

Lol. You can’t make this stuff up. I think that it’s becoming abundantly clear (or at least it should) that America is on it’s last legs, and justifiably so. All the centuries of lies, excess, murder, slavery, and decadence have brought this place to where it presently is, teetering on ruin. The other nations are literally sitting back licking their chops like hungry lions for this place to finally implode. The white man modeled America on ancient Egypt, Babylon, Greece, and Rome when he conjured it and now it will suffer the same fate of those empires. I don’t think that many people realize the era that we are going into. There is a reason why they called this plan a “bail out”, lol. America has imprisoned itself in it’s own credit system and cannot free itself even if it wanted to. It also stands for the top, elite devils that will take their (and your) money and run as anarchy ensues in the streets of America for the “common man”. What possible plan can be developed to financially redeem a gigantic corporation, which is all America is, that is 7 trillion dollars in debt? There is only one, WAR. This is why Obama stated in his debate with McCain that he will attack Pakistan. He knows the deal. McCain, like a true devil, acted as if he didn’t know that Pakistan is on the agenda regardless of who gets appointed to the number one hatchetman position on planet earth, a.k.a the President of the United States.

These corrupt American institutions have been borrowing from Peter to pay Paul and now it is time to pay the piper. The “average Joe” will have to chip in whether he/she likes it or not because the legislation that they will pass will take your monopoly money before you have a chance to say no. The reason why they tell people to not panic amidst all this ruin is because Wall Street is based on witchcraft. The belief is that as long as people “believe” in the system, it will resurrect itself. Now I do agree that everyone should panic. If you worship this financial system (the American greenback which is worth NOTHING), America, the white man as god, this political system, etc., you most certainly should panic and worry. As this man falls, his wisdom will fail him and he will not have any answers for the public.

Judas…

Happy New Year, brother…lol.

“War time equals economic boom” days are over. Those economic strategies are now antiquated. America has always been a continent of opportunity, a promising land for the adventurous capitalist as well as for the poor immigrant. Yet, during the Gilded Age, the rapid transformation from an agricultural and mercantile economy to industrialism, presented unprecedented opportunities to daring speculators and inventive entrepreneurs. Those days are over! The workers who toiled in the plants and mills to jump start the economy during the 1930’s have all been replaced by technology. Everything is virtual trade….

@ mona

Almost everyone pays tax. Even President Bush. He pays a lot of taxes. Everyone in the Senate pays taxes as well. Now some people who dont pay taxes that use tax dollars… If you have two kids and make less than 25000 a year. 2500 per child equals 5000, tax paid during the year is about 1500 give or take 100. 5000-1500 equals 3500. you just made 3500 dollars on the government( tax payers) and manage to pay not 1 dollar in tax. ( this is not including Day care allotment)

@ Cotton

I feel you, but a lot of people just cant except the fact that they may play a part in their own undoing. It’s always some one else fault. Just keep doing you boo boo and be safe out there.

@ Ja

Appreciate the love and you know I will be safe. No doubt! Country just needs prayer! PERIOD!

[...] Wednesday night, the Senate passed 74-25 a financial bailout plan similar to one the House rejected earlier this week. Presidential candidates Sens. Barack Obama and John McCain voted in [...]