Definietly not happy, the cost to the American middle should be measured in relative pain, and is it right-conservative-free-fair? Definitely not.

Business as usual, Atlas always ends up on his knees begging for bail-outs, unregulated slush funds (i.e. economic & political enterprises given religious tax exemptions), and freedom to pick up exactly where his big idealogy failed.

Who says that changing the way we do business (paygo) isn't such a bad idea? Credit card companies, banks, and the Government would no doubt lose the information it uses to keep up the constant economic attacks on individual citizens and business models would no doubt develop their own systems of payments cutting corrupt Wall Street banking out of the pie.

Freedom and liberty might once again be close but don't count out the Federalists and their Department of Economic Disruption & Distraction. They always attack the very base that supports their corrupted Union of Socialist Capital Markets to crush any & all opposition; These Federlists are the key to true freedom & liberty because their base support comes from the very people they attack and harm. Once the core base figures it out they will begin to dismantle the core power of a failed Socialist Market State and we can once again get back on track according to the vision of our founding fathers.

Just a note to Ayn: as it turns out your faithful servant AG was a laissez-faire monetarist!

74 Senators from the Socialist Captial Market Union voted Aye (for) this extortion of the dwindling USA treasury.

25 Senators from the USA voted Nay (against) this afterbirth of collusion, corruption, and failure.

At least there is still 25 brave souls serving the Constitution and vision our founding father's had for this Union.

No. If Bush wants it, it is a bad idea. I don't think he has ever had our best interests at heart. And none of the people he has put in positions of power have been ethical.

I'd like to see all of the variable rate mortgages changed to fixed rate, 30 year government loans and I'd like to have the FDIC take over banks that fail and I'd like congress to pass laws that make sure that banks cannot give mortgages or loans to people that are beyond their means.

Let me be clear. This bill started as a three page demand for $700 Billion of unrestricted funds by a Bush Administration official. If that wasn't offensive enough then George W. Bush spoke again to the American people using his patented "scare tactic" rhetoric which he used to start the war in Iraq and disregard civil rights under the guise of Homeland Security. With his approval rating practically non existent he and his words are poison. So, his insistence that the Bailout Bill is the right thing that must be done has doomed it to fail. The current protocol for reacting to anything Bush may say is as follows: If he says that something is good for America then do the exact opposite.

I am sorry that I do not understand the last comment that well. I think democracy is morphing into fake democracy.

Not sure which "last comment" you're referring to but if it's Fusionlink (which would be the post made before yours) I'm perplexed at what you find impossible to understand. I'm not agreeing with anyone here, though in some way I agree with something in what almost everyone here had to say, including Fusionlink. Bush has proven that he misunderstands EVERYTHING, so even if we take him at his word then his backing of something (like this bailout idea) is pretty much a guarantee that it's wrong. Just how wrong and in what way, I don't know. As for your comment about "fake democracy" I totally agree. That, to my mind, is one of the biggest issues in our country today. Most of what we have here is a "fake" version of the real thing. Fake religion, fake free speech, fake democracy, fake freedom, fake patriotism, fake EVERYTHING. As far as this bailout goes, at this point it's clear that they're just trying everything and anything they can think of so they're just taking wild stabs at a solution. No one is truly steering the ship. The problem here is so complex and so unprecedented that even the EXPERTS (fake experts?) don't understand it, so what chance do I possibly have?

I am constantly surprised at the democrats' inability to form and influence major legislation, but i shouldn't be. The end of the republican controlled congress, "rubber stamp congress", hasn't stopped bush from getting his way with every major bill.

So, it doesn't matter whether i am happy or unhappy with this bill. just like it doesn't matter whether i'm happy or unhappy with a war-on-terror, healthcare reform, education reform, immigration, or any other issue!

Major issues are decided for me by a paternalistic government which isn't concerned with their "child's'" suggestions. how's that for some apathy? None the less, I do appreciate your concern!

Yes. Unfortunately, too many people obtained loans they could not repay, and more tragically, lenders actually gave these people money. I do agree that more controls should be put in place to save people from themselves, but as your ordinary "Joe" gets bailed out by filing bankrupt, we have to bail out the middle class who have their life savings tied up in mutual funds, and other investments. Also there is a need to mention the hard working Americans who cannot keep working because of the economy, credit squeeze, and losing capital. As far as taxpayers are concerned, everyone is up in arms by saying it is going to cost the "taxpayers" alot of money. Lets be real. 2/5ths of this country do not pay taxes, but rather get credits/aid. the next 2/5ths pay 20% of the tax. The top 1/5 pays the other 80%. So to say that all Americans will pay is not truthful. It will really be the top 20% that cash flow the tax roll, just as they have done in years passed.

The current Bailout Package proposed in the Senate as of 10.1.2008 includes a complete Subversion of the Fair Value Accounting Rules. Do Not be Tricked. The $700B bailout Cannot be allowed to occur if these accounting standards are relaxed. The result would be worse than spending the money itself...

We talk of more regulation of the SEC, but the fact is that the currently proposed bailout is hiding a Large Subversion of Accounting Rules in the same way that the IRAQ war has hidden the increase in government contracting to Haliburton.

Subverting the Fair Value Accounting Rules means that banks can claim "Any Value They Choose" on their financial statements for the Bad Debt. This subversion of accounting rules will introduce a double standard in US Financial Reporting. Banks will be able to claim assets that are not real just like ENRON did. Also, changing the accounting rules will mean that Many on Wall Street that need to be prosecuted will more easily escape the US Dept of Justice. Make no mistake, subversion of accounting rules will mean economic ruin for the USA. No other country will allow such accounting practices. We will be fiscally out of step with the rest of the world if the US accounting rules are compromised.

It is one thing to provide $700B in financial relief. It is another to remove culpability of Wall Street Executives and stop any DOJ Prosecution of those responsible for leading he illegal activities (including potential prosecution of Henry Paulson).

Remember that violation of such Accounting Rules is why Benard Ebbers of WorldCOM and ENRON people Went TO JAIL. The US DOJ needs to Prosecute Past and Present the dishonest Wall Street Executives immediately, and especially focus on throwing those that framed the pyramid scheme of selling bad debt in jail now. This activity by DOJ will give the markets confidence again. Finally, the Director of the SEC need to be replaced immediately.

If you want to Bailout the dishonest Wall Street guys financially, we can find a way to do this that benefits the US taxpayer, ....But Do Not allow criminals to escape by changing the accounting standards law in bailout legislation. Tacking on a legal relaxation of US Accounting Standards to the $700B bailout will prevent prosecution of many that need to Go To Jail. Voting for the Bailout Package as it is presented today Ruins the US Financial System, compromises the US Dollar as the Reserve currency of the World, and allow the culpability of Wall Street to be compromised in a manner that would prevent the US DOJ from helping to rapid give the rest of the world confidence in the Justice of the US.

If you want to heal the Economy, resolve the economic crisis, Prosecute the Criminals on wall Street, Bailout the little guy and small business as a first priority and consider a tough package for banks that punishes the bad behavior and does not reward this bad behavior.

The bail out seems precipitous- but the analysis of the cause of the crisis seems dangerously flawed.
As a physician - it seems like a trend to blame the victim. If I prescribe a medication, I have a fiduciary responsibility - as 'the expert' and promoter of treatment- to monitor the patient's course. The Right is spinning this as irresponsible borrowing, misuse of credit, etc.
The experts were the folks who promoted and profited these bogus mortgages. Very few poor people had the wherewithall to produce fraudulent applications; they were encouraged to take No-income-No-asset variable loans. How this can be spun as primarily a problem of consumer greed is preposterous.
Follow the money: who made the fortunes, who is now impoverished...motive=responsibility=accountability

FINANCIAL RESCUE PLAN PROVISION CAN SAVE $700,000,000,000, END THE CREDIT CRUNCH, HELP HOMEOWNERS AND REDUCE INTEREST RATES

The financial rescue package contains a provision that permits troubled financial institutions to apply for insurance (federal guarantees) and could prevent an outlay of $700,000,000,000. Section 102. Furthermore, it can cut interest rates substantially, keep troubled homeowners in their homes, and certainly end the credit crunch.

The purchase assets provisions of the bill, buying paper at much less than its face value, will not put the financial institutions in enough funds to mitigate the credit crunch.

In fact the guarantee provision could even go too far in that direction. Administered sensibly by the Treasury Department it could be just right – if they would do it.

How?

If I’m a banker holding 13% sub prime mortgage paper now worth 40 on my books instead of 100, and I get a US Government full faith and credit pledge (insurance, really a guarantee) behind that debt, my lousy paper is worth way more than 100 right now. Maybe 120 or more. No one wants that. Inflation.
Big time.

So , when the banker comes in to get his insurance, he should pay a fee and, most important, agree that the interest rate on his paper will drop to 3.5%. He has to agree, because the US government can’t change his contract unilaterally.

In that way, his paper is worth 100. He sells it. He’s back in cash and the credit crunch is over. Regulations should cut back on the permission that sunk Lehman – ability to leverage cash 30 times. Twenty times does it nicely enough.

If you want to punish him because he was a bad boy, cut the interest a little so he only gets 90 cents on the dollar instead of 100. Less than that. No good. Because he won’t be able to do business and end the credit crunch.

New point. The homeowner who is paying 13% or whatever on the sub prime debt, a victim or a risk take or whatever (we’re at saving the economy not punishing him, his family and us now) should have his mortgage rate reduced to 5% so that he can pay his monthly charges. A sub prime mortgagor (interest rate, say 7and 1/2% or more) who has enough household income to do that should be part of the program. See below for the others.*

The difference between what the banker gets, say, 3.5%, to bring the paper to 100, and 5% ,what the homeowner pays, should go to the federal government to pay the costs of the program and any anticipated defaults.

That’s a program that works.

*For another program, are we, as taxpayers better off if the guy who can’t pay all of his mortgage is thrown into the street, or do we really pay more to keep him in other housing, welfare and so forth. Maybe he should be subsidized some to keep him in his home. As I say, that’s another program.

The program outlined above works. Secretary Paulson has given no assurance that his plan works.

Mike Zarin

Michael S. Zarin
President
Wellfleet Investments LLC
P.O. Box 222142
Great Neck, NY 11022-2142
Direct Delivery:
40 Cutter Mill Road - Suite 200
Great Neck, NY 11021
Tel: 516-487-7450
Fax: 516-487-7480
msz@wellfleetinvestments.com

traunched investor in this whole off-balance sheet scheme. So I say map back to all investors and trustees of swaps used in these failed special purpose vehicles, and seize their assets! Remember, you disguised and misled everyone into thinking default insurance was available when you squared & cubed CDO's and Credit Default Swaps making sure nothing was available when times get bad!

Seize all the assets, homes, stocks, CD's, anything and everything associated with anyone who has gained from any CDO, Swap, Special Vehicle that is a BUST! Use immenant domain!

The democrats have defended and taken us down with Fannie Mae I do wish this was common knowledge. The democrats use acorn to win elections this is vote fraud and I would like to see prosecutions for both. This is not good enough the word must get out this is crucial as the democrats have stopped allowing the USA to make money on oil and to save our own country with the tax revenues. I wish the word could get out all over TV radio and the internet
Is this change we can believe in or more of the same that has brought us to the brink of disaster?

i have my own solution. see my blog at http://gettingyourbusiness.blogspot.com