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It is public relations so that people don't think of it as a bailout for Wall Street.
But before you call your congressman to oppose the bill, this bill is needed to loosen up the credit markets. With the credit markets in a freeze, employers will not be able to borrow money to meet their payroll. So if the bill is not passed, don't be surprised if your future paychecks bounce.
Yes, the $700 billion pricetag is a lot, but doing nothing will potentially cost trillions of dollars down the road. Going to the dentist is painful, but if you don't go, your teeth will decline and you will have to have a root canal, which is far more painful than a typical cleaning. So it's your choice: do you want to break a finger today, or break an entire arm later?
Lots of companies rely on loans to make ends meet, especially those who have been affected by the downturn significantly. Even Fortune 500 corporations have loans.
And the bill WILL pass. Today, the European Union even put pressure on the U.S. to pass the bill.
EU calls for quick passage of U.S. bailout plan
BRUSSELS, Sept. 30 (Xinhua) -- The European Union (EU) urged the U.S. authorities on Tuesday to quickly pass the 700-billion-dollar financial bailout plan after it was rejected by the U.S. House of Representatives.
In an unusually strong statement, the European Commission spokesman Johannes Laitenberger reminded U.S. lawmakers and politicians that Washington has to shoulder a "special responsibility" in the current situation since the financial turmoil the world is facing today has originated in the U.S.
"The United States must take its responsibility in this situation, must show statesmanship for the sake of their own country, and for the sake of the world," Laitenberger told reporters at a daily news briefing.
Laitenberger said the EU was disappointed that the U.S. House of Representatives voted to reject the Bush administration's 700- billion-dollar bailout plan on Monday, adding that a solution should be sought swiftly.
"We expect that the decision will go through soon," said Laitenberger.
German Chancellor Angela Merkel also said Tuesday that the quick passage of a bailout plan is "the precondition for creating new confidence on the markets."
How much money is the German government going to pitch in? The French? British?
this bill is needed to loosen up the credit markets
I disagree. The credit markets need tightening, not loosening. This bill may put a band-aid on a gaping wound but eventually the underlying problems need to be addressed. Vast amounts of credit is one major problem over the past 10 years. Most businesses didn't used to need loans to meet payroll... the system needs changing.
"How much money is the German government going to pitch in? The French? British?"
The other week, foreign central banks pumped $180 billion into the system to make it easier for people to get credit.
And if the foreigners get angry at us for not passing the bill, they will dump the dollar, and that will cause it to become toilet paper. And they won't lend us any more money so the only way for the government to get money will be to print it, and that will destroy the value of the dollar.
I agree with Dutty.
I emailed my Congressman John Doolittle and told him not to vote for the bailout. I emailed him again this morning saying "Thank you" for voting against the bailout.
I hope others do the same.
There are other solutions to this problem, very few people are talking about this fact.
It is government intervention into the market that caused this problem... the last thing we need is another law blazing a trail through congress. The plan needs to be smart and lay blame to those who deserve it.... I fear that the blame truly belongs to those writing this 'bailout' plan.
The longer it takes the more questions will be answered to the public about the true nature of this fiasco. Don't spend our money on something without letting us know all the details!!!
You find the contact info for your congressman here: http://www.house.gov/writerep/
So when we send our troops to help other countries that are suffering from militant oppression, liberals get very upset.
But when we send our money to aid the economies of other rich companies, Liberals want to cough up 700 billion?
Palm ------> Face
"The plan needs to be smart and lay blame to those who deserve it...."
And what exactly will playing the blame game do to fix the economic mess?????
"Don't spend our money on something without letting us know all the details!!!"
All 100+ pages of the bill are online available for the public to read.
Depends on what bailout you are talking about, The Dems have their version and the Reps have their own also. Its the Dems version that include the homeowners, the Reps have none for the homeowners. They are crafting something that will be acceptable to both parties.
What econmic mess? I call this a very long overdue correction... What I see is people worried because they cannot keep their 3500 a
As far as car loans.. BUY A USED CAR off of eBay. If you can't afford to pay cash then don't buy a car.. OH my.... where are the good old days.
You know when you would buy a house for life and not even count on breaking even for 5 years. 5 years was the norm for paying off the realtors and loan commissions..
College.. STOP GOING... It is a waste of money and until the universities stop gutting the middle class because the govt will pay for it then stop going. Learn how to program computers online.. Universities are antiquated. k Everything you need to know is on the internet.
ooopss.. slippery submit...
What economic mess? I call this a very long overdue correction... What I see is people worried because they cannot keep their 3500 sq ft house.
As far as car loans.. BUY A USED CAR off of eBay. If you can't afford to pay cash then don't buy a car.. OH my.... where are the good old days.
In the old days...you would buy a house for life and not even count on breaking even for 5 years. 5 years was the norm for paying off the Realtor and loan commissions..
College.. STOP GOING... It is a waste of money and until the universities stop gutting the middle class because the govt will pay for it then stop going. Learn how to program computers online.. Universities are antiquated. Everything you need to know is on the internet.
We need to stop the insanity..
"College.. STOP GOING... It is a waste of money and until the universities stop gutting the middle class because the govt will pay for it then stop going. Learn how to program computers online.. Universities are antiquated. k Everything you need to know is on the internet."
This is a joke, right? Please do not tell me you are serious...
If he is talking about Computer Programming, then NO it isn't a Joke, it's the truth, my GF when I was 17 had a job paying something like 30k a year, becuase she was self taught web site developer.
Hell even in my job as a Civil Engineer, 90% of what I do was taught to me on the job training. What I learn in school compliments it some, but I am just going for the piece of paper to hang on my wall, so I can make more money.
Today most employers want to see a college degree on your resume. COmputers today are much more advanced then when you were 17 and you cannot teach yourself how to program them.
I had a great job in college. I was a self-taught embedded software "engineer." Had I not graduated, I would be still doing this job, and it would not be so great by now. 30k is a ****load of money... for a teenager.
There is a reason why job ads usually specify both education and experience. You won't go far if you lack either.
And I will have to mark today's date in a calendar. It's probably the first time I agree with Alpine.
Today most employers want to see a college degree on your resume.
True, but not for IT jobs, they only want Certifications, which require no degree or training, just a test.
COmputers today are much more advanced then when you were 17
True, thanks for reminding me I am old, and I am no longer hip and cool. There was a reason why I left out the fact that my old GF programmed in HTML =O oh noes
and you cannot teach yourself how to program them.
Very untrue, How many 17 year old computer programmers' names would you like me to supply you with?
And before anyone makes any suggestions as to the reason why I happen to have contact information for 17 year old computer programmers.. No it is not becuase I'm some sicko.
I recently had an idea for a website, so I posted on craigslist to inquire about website design and I got a crap load of responses, several of them were from 17-19 year olds who didn't have much experience. They still had nice websites too.
To the OP.
right now it appears that loan modifications may be less costly than foreclosures. In the past the thinking was the opposite, but many people are thinking that a 20-25% reduction in the value of the loan, which might entice people into staying is better than losing 40% + by foreclosing and having to sell the property
"I would vote for obama in a new york second except he constantly repeats this with no explanation."
You forgot to mention that McCain is exactly the same as Obama on this issue, so it doesn't really matter who you vote for in November in that aspect (I'd vote Obama long before I voted McCain).
I'm all for "keeping people in their homes"...as long as the people, like my wife and I, who were priced right out of the market by greedy investors, greedy loan officers and flat out dumb people who thought they could afford a $420k house on a $40k/year household income, are taken into consideration. Give first time home buyers 1% interest on a 30 year fixed along with downpayment assistance and I'll consider. Still doesn't make me less furious though, about the thought of some idiot who bought a half million dollar house on a McDonalds salary may get to keep their house though.
"How much money is the German government going to pitch in? The French? British?"
Probably about the same amount that a greedy corporate imbacile who caused this mess on Wall Street will end up pitching in-zero, ziltch and nada. They'll just ride their $600 million golden shower...I mean parachute..off into the promised land, while the people who end up paying for EVERYTHING in this country are again called apon to shoulder even more burden- the middle class.
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Why is "keeping people in their homes" constantly repeated?
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triplec13
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Why is "keeping people in their homes" constantly repeated by politicians, market pundits and the mainstream media?
Why is it my blood pressures goes through the roof every time I have to hear a politician, market pundit or media dork say we should add to the bill some kind of provision to help keep people in their homes.. Please give me a reason why I should agree? Why should I, living in my 1000 square foot home in the middle of the Midwest be happy about using my tax dollars to keep the people who decided they just needed to have that 3500 sq ft home with a pool and hot tub and granite counter tops overlooking the valley on one side and the ocean on the other?
Why do these people think this would actually change my mind about supporting this bill? Every time I hear this I hate it even more.. I would vote for obama in a new york second except he constantly repeats this with no explanation. I cannot support keeping people in big beautiful homes who make less money than me on my dollar.. It does not make sense and is not right..
"""""We must "keep people in their homes" ! """"""
If this is so important how about giving the rest of us a free house for life !!!! Then maybe I might stop calling my congressman to oppose this bill!!
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