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Economic Bailout or Rescue: Do you support a financial rescue or bailout of private financial institutions by congress using taxpayer dollars?
Comment: The Congress's Banking Committee is responsibile for this disaster. Barney Frank and Christofer Dodd are the worse of the bunch. Congress, and the Senate "Democrat" Controlled makes the laws and when there is a disaster the President gets the blame. Chris saved over $300.000 dollars from Fanny Mae on his home when he purchased it. "We The People" Get Nothing. The U.S. Government is supposed to work for us. Isn't that a laugh. The U.S. Constitution starts off by saying, "WE THE PEOPLE". Not we the Congress or Senate. They are a joke. from Pensacola by Penelope
Comment: Help the people... from Pensacola Fl. by Frank
Comment: There must be a complete investigation into this debacle and those that allowed it to happen should be identified and exposed to the public. from Pensacola, FL by Charles
Comment: This is quoted and I have not fully digested it yet but good reading and makes you think...
Years of bad decisions and stupid mistakes have created an economic nightmare in this country,
but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support
any congressperson who votes to implement such a policy. Instead, I submit the following threestep
Common Sense Plan.
I. INSURANCE
a. Insure the subprime bonds/mortgages with an underlying FHA-type insurance.
Government-insured and backed loans would have an instant market all over the
world, creating immediate and needed liquidity.
b. In order for a company to accept the government-backed insurance, they must do two
things:
1. Rewrite any mortgage that is more than three months delinquent to a
6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the
balance. This brings homeowners current and allows them a
chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or
the sale of the property to pay off the bad loan. In the event of
foreclosure or short sale, the borrower will not be held liable
for any deficit balance. FHA does this now, and that
encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and
ruined lives.
2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and
executive team members as long as the company holds these
government-insured bonds/mortgages. This keeps underperforming
executives from being paid when they don’t do their jobs.
c. This backstop will cost less than $50 billion—a small fraction of the current proposal.
II. MARK TO MARKET
a. Remove mark to market accounting rules for two years on only subprime Tier III
bonds/mortgages. This keeps companies from being forced to artificially mark down
bonds/mortgages below the value of the underlying mortgages and real estate.
b. This move creates patience in the market and has an immediate stabilizing effect on
failing and ailing banks—and it costs the taxpayer nothing.
III. CAPITAL GAINS TAX
a. Remove the capital gains tax completely. Investors will flood the real estate and stock
market in search of tax-free profits, creating tremendous—and immediate—liquidity in
the markets. Again, this costs the taxpayer nothing.
b. This move will be seen as a lightning rod politically because many will say it is helping
the rich. The truth is the rich will benefit, but it will be their money that stimulates the
economy. This will enable all Americans to have more stable jobs and retirement
investments that go up instead of down.
This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to
stand up, speak out, and fix this mess. from Pensacola by Eric
Comment: Nobody bails out the nearly 50 million (and climbing) Americans without health insurance, but the government doesn't mind taking care of wealthy corporations and protecting corrupt government entities, so I say, "No how, no way, NO BAIL OUT." from Pensacola/FL by Carol
Comment: I feel the banks are colluding to not give loans to force the government's hand in bailing them out of their greed. I do not want to saddle my children with debt for the rest of their lives. So far not one person has been arrested or gone to jail. Arrest the principals, sell their mansions, yachts, Bentleys, etc, and put that money toward the bad loans. Then I might believe there is a real "problem." I think it is all manufactured BS. from Milton by John
Comment: This equals over $5,000 per taxpayer (138 million in 2007. I could pay off some outstanding debt of my own (that I admitedly made a poor decision in acquiring)!! from Ft Walton Beach by Amy
Comment: I think a credit crunch is long overdue. If you can't pay cash, you don't need it. And if one more obese person whines about not being able to afford food for their kids I think I'll laugh in their fat face. People and Businesses need learn the difference between WANT and NEED. I'll take a recession over a bailout. from Pace, FL by Judie
Comment: A bailout of this proportion will help perpetuate a falsely inflated economy. America needs to get back to a more reality-based economy; even if we have to hurt awhile. Most Americans survived the first Depression with a stronger character, work ethic and sense of self than if not allowed to be a part of the long term solution. from Milton, FL by Beverly
Comment: The same people that got us in this mess is telling us to let them use our money to get us out.How many in the house and congress go home day to day worrying about paying their bills.while they set up there like fat cats we cover their debts.This is wrong and we need to start saying we aren,t going to take it anymore from pensacola,fl by joe
Comment: I think the bailout is wrong...Taxpayers' money to pay back what the FatCat CEO's have squandered and stolen. from Pensacola, Florida by Philip T.
Comment: NO BAILOUT! Instead do something that will restore our credibility in the world economy. Do something that will leave no doubt the United States of America is the best government on the planet and the safest place in invest.
If we (USA) are powerful enough to seize assets of whole foreign countries (Panama, Iraq, etc.) because we determined them to be bad guys; we can certainly seize the assets of the few people who created these bad investments. They made a ton of money and all these transactions have a strong paper trail so we can easily identify everyone involved. We seize all their assets, including the Bush and Cheney family fortunes, senators, congressmen and lobbyist involved in creating these bad instruments. Replace their personal family assets with shares of these bad investments at the value they were first placed on the books (collaborated by the CPA firms who qualified their financial statements). They created these assets and if they are unwilling to stand behind them, then they must have intended to defraud. This will force these people to fix these bad instruments and if they do not fix them in a reasonable amount of time; they will spend the rest of their natural lives in prison.
I know it may sound harsh, but if we turn over and bail them out, they will do this again and again. Our financial system will loose credibility with the rest of the world and the rest of the world will not be investing in our economy. The US economy will be known as a dangerous and stupid place to invest, full of thieves and cheats.
The truth of the matter is that these super rich bastards have contributed so much money into our political system that they are pretty much untouchable. They desperately want this bailout before the end of the fiscal year because it will make their financial statements look healthier and strong enough to justify obscene bonuses and payoffs.
from Gulf Breeze by Edward
Comment: In our history our government never stepped in and helped a "failed" bank, this is a new idea that gives other banks the idea that they can mismanage there money and the government will step in and bail them out. When banks fail, they do not disappear, the people that work for them do not go totally unemployed, other banks come in and buy the banks assets out. We the taxpayer are the ones paying for the misdoings of businessmen, and is not what we should be condoning. I do not support the rescue of any banks that fail. from Pensacola Florida by Jake
Comment: let the banks & institution
investment banks clean up their own mess. from pensacola fl by lela
Comment: I DO NOT SUPPORT THIS BAILOUT OF THESE FINANCIAL INSTITUTIONS. from PENSACOLA,FL by SANDRA
Comment: The things that happen to much of our tax dollars is obscene. Is there no shame any more for a lack of integrity? We have MUCH MORE reason to revolt, than did our ancestors at the Boston Tea Party. from Walnut Hill by Elizabeth
Comment: I think the democratic idiots who were in charge of Fanny-mae and Freddie-Mac need to be in jail for their acts of screwing us, the taxpayers, while pocketing many, many, dollars for their own benfit. At the same, time, they are trying to put the blame on Republicans and the private sector for the results of their greediness. from gulf breeze by connie
Comment: I do NOT agree w/ the bailouts. If my family had negative assets & negative cash flow, banks would not lend us money. So why should we as taxpayers pay the price for the government to bail out institutions w/ negative assets & negative cash flow as well? Furthermore, we have lost part of our 401k's because of failed investments in funds that economic advisors state 'don't move money... don't change a thing, etc.' So, if these institutions are getting a bail out reprieve, where's mine? from Pensacola by Sally
Comment: Give all homeowners a voucher (each homeowner gets the same amount), good only towards their mortgage. When the homeowner signs & mails it to their mortgage company, then the company gets the money for that voucher & the amount is credited to the homeowners mortgage. That way all homeowners & mortgage companies get help. from Pensacola, FL by A.
Comment: why shuold we the tax payers pay for this what are we going to get out of this besides watching the rich stay rich and the poor stay poor its not right lets help the people that are loosing their homes to these people i just dont think its right that when a big corporation gets into trouble our government wants to bail them out what happened to the billions of dollars they profited over the years where is it i am a small business owner strugling to make it im not asking anyone to bail me out like i said we need to help the ones that need it we are paying almost $4.00 for gas and deisel and these companys are profiting billions thats wrong when people have to spend half or more of there pay check to get to work and are still loosing their homes whats wrong with this picture lets help these people i could go on and on but lets not beat the dead horse lets do something about it i know this is my opinion probably doesnt count what is happening is wrong thanks for listing from pensacola by kevin
Comment: I've more or less been out of work since last Novemeber and now I am supposed to pay to help some of the most wealthy in the country, please? Haven't we done enough to bail out faild Bush banking programs. Remember Neil Bush? from Pensacola/Florida by Roger
Comment: No!!! If the government can't handle Frannie & Freddie, then they need to sell them to someone who knows how to do business!! The government does NOT need to be involved in the business market anyway! I believe in capitalism and free enterprise!!! from Milton, FL by Kim
Comment: this is absolutely ridicules! i find it very funny how this nation promotes a "free market system" yet, hands out corporate welfare to businesses that cannot be survive in the business environment. the writing was on the wall long ago when the republican congress in the early 90's decided to lessen government regulations for industries and the disparity of the officers (CEO)pay was thousands of times greater than the lowest paid worker! the "free market system" to these knuckleheads encouraged monopolization rather than more competition! these are the same folks that said greed was good...and advocates this buyout in order to save their own investments! not to save american jobs! from pensacola by h
Comment: I would like to see the homeowners and small business owners bailed out! After months of a failing economy these are the REAL losers! Credit scores have dropped,so why can't these loan companies be required to work with homeowners on some kind of 3 year plan , re-structure the home loan to lower payments for a short term to deter default, and work with small businesses to operate: They are the gas that keep the economy going! jobs will be available, people can pay their bills, and in the end the big guys have to suffer a little! What is wrong with that? from Navarre,Fl by JAMES
Comment: I do not support this bailout. They should be giving this money to the taxpayers. Then they can turn around and pay off their homes and other mortgages, invest the money, pay for college or whatever they may need. By doing this financial institutions would get back on their feet. from Jay FL by Mary
Comment: Bob, we love you. Hang in there. We need you in this town. from Pensacola, Fl by Grey
Comment: I support a rescue plan, but not the one that the Senate passed yesterday. The passage of that one proves that the Senators are either indifferent or very poorly informed. This Bill contains $192 million for Puerto Rico and Virgin Island rum producers, $6 million for manufacturers of kids wooden arrows in Oregon, $81 million for small to medium film and TV production, $223 for Alaskan fishermen impacted by the Valdez oil spill, which, incidently happened almost 20 years ago; and my favorite, $128 million for auto race tracks...and the list goes on. NOTHING should be added to a bill unless it actually has something to do with the main idea of it. from Crestview, FL by Doug
Comment: I would go for the bill if I the tax payer can make the same money they make. Don't use my money for the banks to make money! from Alabama by Charles
Comment: Doesn't everyone get it yet? We the taxpayers are footing the bills for the salaries of the (tax-exempt) US Congress, and many,many other elected officials, not to mention their lifetime pensions. ANYONE engaged in private financial enterprises on Wall Street knew the risk going in. Just because their "get rich quick" schemes blew up in their faces, why is it the taxpayers fault? If we must bailout these incompetents on Wall Street, I say NOT ONE CENT WASTED ON "GOLDEN PARACHUTES", or pension plans. from Mary Esther, Fl. by Tom
Comment: Why is it that your station( and others), are making this about" helping wall street"? This bill is so much more. Your job is to "inform" not "inflame". Try doing some research and reporting, not just giving lip service to certain political groups. The very ones against this "bailout" are the ones that have benefited the most, (Dodd) for example. Your job is to report the news not just give lip service to a few political organizations. Try reading more than the back of the cereal box in the morning. from Pensacola, Florida by Eunice
Comment: We should put that money into a fund where people can apply for 0% loans to pay off their higher interest debts. Freeze their credit until it's paid off. Garnish wages / SS benefits, etc if they default. This would help the average citizen and small business. This would allow consumers to put money back into the economy. The bailout is only going to benefit the fat cats on Wall Street, it won't trickle down. It's time for "trickle up" economics. Start with helping hard working Americans trying to make a living and the benefits will trickle up the economic ladder. from Pensacola, FL by Lori
Comment: I think that they would save a lot of money giving the money to the taxpayers and letting then use it to pay their bills instead of some money grubbing fool to do what he wants with it. We are just asking for more trouble. from Fairhope, Alabama by Cheryl
Comment: It's all about protecting the fatcats. from Santa Rosa Beach, FL by Mike
Comment: That's crap!! We taxpayers didn't cause this mess, so why should we have to pay for it??? from Milton, FL by Jennifer
Comment: it is not our responsibility to bail out these banks. there is plenty of good people and companies going belly up right now. it is not fair to all the hard working citizens that are having a problem barely earning a living. how about splitting just 500 billion between all the u.s. citizens and see how fast our economy rebounds! from pensacola by dave
Comment: I think it is rediclus for Me to have to pay for a bank lending money to those to buy a home for $300,000 who could not pay for a $100,000 home. from Milton, Fl by Edmon
Comment: Absolutely NO! Federal government should stay out of the marketplace. Congress should NOT take taxpayer funds to "bail out" poorly run businesses. The "free market" is not free anymore if government tries to control it. You only have to look at social security, FDR's voluntary contribution to a trust fund, to see what happens when government intervenes. from Niceville/FL by David
Comment: Why don't they list the Senators that sponser all the tag on bills? from Destin by Brandon
Comment: to help out the economy,they need to give the middle class and the lower class a piece of the money to help people get back on their feet again and once that hapens, then the buisnesses is able to give more hours and more money on the paychecks due to customer service bein high once again. from pensacola by kim
Comment: take the 700 billion and divide it up and give it to every tax paying adult in the country.... maybe it's time the federal governmnet start taking care of the tax payers...not the crooks on wall street..... from cantonment by tim
Comment: One bailout leads to another. This will not help my family. It will only hurt. The fat cats are the only ones who benefit. from Pace, Florida by Cheryl
Comment: Why was social security not bailed out before it runs out. from Atmore,Alabama by Betty
Comment: Same thing that got us in this mess(affortable housing and all the turkeys) from molino by lamar
Comment: Have we not covered the Bush family long enough.
http://www.hereinreality.com/familyvalues.html
And don't forget Mcain was a member of the Keating five. from Pensacola/Florida by Roger
Comment: It seems that everytime you turn around now everyone has their hands held out. Now the States are asking for Government help. When is it going to STOP. I see now end on site. from Mary Esther FL by Alan
Comment: This is a way to avoid failure of the economic system, but I'm madder than a wet hen that the situation has developed. I've always been frugal and lived within my means, even though my children were always angry that they couldn't have namebrand clothes and the latest tennis shoes, go to the movies or out to eat, and get a car when they turned 16. My older child in particular. But I was a single mother, teaching in the Escambia County School District. I thought that medical insurance was more important than Levi jeans. I have wondered where the money for all these expensive houses was coming from. They stopped building a home that I could afford a long time ago. from Pensacola, FL by Patricia E
Comment: hell no! from East Hill by Mikey
Comment: They should be demaning and putting in place a means for Fiscal Responsibility and Accountability. Let the Free Market take care of itself. from Crestview,FL by Tom
Comment: If you are going to bailout anyone bailout the citizen not the mismanaged institutions. from Pensacola, FL by K
Comment: I would support the bailout plan if it included Stock Injection. Why hasn't the major networks informed the public of this option for the bailout??? from Ft. Walton Beach, FL by Wayne
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