Region's legislators struggle with terms of financial bailout

I want to point out to you that advocate national health insurance will not want to follow up w/ you about your experiences w/ national health care in Canada. They have no questions. Many Americans prefer to believe their own opinions rather than weighing the facts first. To listen to someone such as yourself they may have to admit they were in error which is simply unfashionable. They seem to think it is a game w/ no results. Placing your hand on a hot stove teaches you not to do so again. The offer of more socialists programs and bail outs will lessen the pain even more. Many want Obama just so they can believe they will be able to remain comfortably numb.

You wrote:

"When Fannie Mae and Freddie Mac were created, with regulatory advantages that made it impossible to compete with them, thus making everyone in the lending industry either go along or get out, our lending system was effectively nationalized. Though much of the industry remained in private hands, there was effectively a 'single lender system' everyone had to work with.
Having seen how well that worked out, are you folks still sure you want a 'single payer' nationalized health care system?
Just think, we can bring the efficiency of the DMV, the compassion of the IRS, the speed of FEMA and the cost effectiveness of Fannie Mae to your doctor's office.
Ain't government grand?"

You hit the nail so squarely on the head that it needs this repeat to make sure everybody catches it.
As a Canadian, I can say without a doubt that we don't want a nationalized health care system here. What we have can be improved upon, but government is Not the answer.
Likewise, government needs to withdraw from its role in the financial system, not add to it.

The irony of the current financial problems is that it has highlighted the difference between Obama & McCain supporters. One group looks at the problem for what it is inthat it is poor business decisions made by these companies and they should be allowed to fail. Let the free market take it on. The other group thinks that the goverment should have regulated business' into how they do business, and it is the goverments job to babysit the free market. In addition, the feel the goverment should step in and fix the problem.

As all politics are local, the real problem here is the individual. This idealogy of goverment intervention only fosters an illusion of our need for a nanny goverment. This starts with the individual. Grow up. The buck stops with you.

It is great to finally see the Republican’s and McCain admitting they are all screwed up and have run our country into the ground. To see them blasting the GOP and Bush as a disastrous administration, out of touch and a sleep at the switch seems refreshing after eight years of lemming behavior. You can blame the President and your own Party for the crisis but where does that leave McCain? His party is to blame, he is a reformer that has to clean up the GOP (Palin makes the same claim) and his experience challenging the GOP is his strong point?

Frankly I am conflicted watching the Dems carry the bailout ball down field. That action seems insane. If I were House Speaker Nancy Pelosi, I’d take a seat and tell the GOP to “call me” when they have an acceptable plan to fix the mess the Bush administration created. By helping the GOP and GW fix this mess, they put the Dems in very bad position should the bailout fail to fix the economy. The voters do not support a bailout so why are they pushing the bailout? Let the GOP take the bailout beating as it is their problem… Successful or not, the Dems win…

Warner sys,"life isn't fair". life is more fair for the rich and super rich. Life is extremely fair for those mega rich corporate owners responsible the economic crisis we face. Now, the People are to pay for their bad investments. Nobody pays for my debts except me.
Investments Banks and credit houses do not make money. The government prints paper and backs its value by a promise to pay. Market gamblers take that paper, passes it onto other investors with a promise of an increase in the amount of paper each holds.
The 'market' was created by rich land owners who came together to fix prices on their goods. This behavior created monopolies that overthrew countries and controlled prices for goods.
It took decades of government intervention to place controls on mega conglomerates and break their monopolies. The free market Republicans mouthe about never existed. The majority of all industry has been owned by corpotations that began with the robber Barons of the past.
I say let them fall. Bring in honest accountants and build a new family friendly financial system.

We are the ones footing the bill we should be the ones voting on it and not leaving it up to our reps. to do if for us. I vote NO!

Loans that were given to section 8 housing people who could not afford the loan nor did they ever plan to repay the loan is the problem. This was nothing more than affirmative action,PC business practices which should NEVER have been done! Now look where we are. Thanks Democrats and your PC thinking!!

Can McCain handle more than 1 problem at a time? Does he realize he is going to be commander-in-chief of (2) wars? Does he want to postpone one war to focus on the other? Which one does he want to postpone?

First he said he would debate...then he wanted to postpone...now he is ready to debate...WOW! How decisive. What a great leader he will be.

Well, here goes your nationalized healthcare! If you owe money, the government will own you.

If the taxpayers are going to have to foot the bill for this madness then lets have a old fashion vote. You, me, everyone goes to the polls and that will settle it once and for all. You elected guys don't like that idea huh?

Yet, we easily forget. Our nation is falling fast, and more than just economically.

Boy have you got your finger on the pulse! Senator with all due respect, how can ANYONE sustify spending $700,000,000,000 dollars on a MAYBE? The economy is in trouble and somehow you and all the rest of the idiots up there have it figured that spending more money to bail out a private concern will make things better? I'm sure glad I don't keep my finances in order like you guys do. The water there in Washington needs to be tested for the STUPID VIRUS --- seems like everyone is catching it.

Everything will be fine if they don't do the bail out. I'm suppose to trust Bush when he gave his speach. Whats the worse that could happen if we don't bail these rich people out. Credit dries up? Isn't that the problem anyways? We have to start understanding that we don't NEED these things that we take out huge loans for. I was always tought that if you can't pay for it in cash don't buy it. If disaster strikes I have no problem pitching a tent somewhere and growing my own food. Think about it all you really need is food and water and its free. Open up your eyes every politician is a human in disguise.

my active duty days.
Once the real concern had been forgotten and the mathematic majors had succeeded in getting dang near everyone off on a tangent...I grabbed a coin out of my pocket and started screaming "Shiney thing! Shiney thing!" just to get them back on track.
Focus on the goal...and don't try the "ends justify the means" horse-hockey. I've been thereand I've done that.
The last two I'll believe are Barney Frank and Chris Dodd. Next is our President, followed by Senator Reed, Speaker Pelosi....AAARRRGHHHH!!!!!!!

When Fannie Mae and Freddie Mac were created, with regulatory advantages that made it impossible to compete with them, thus making everyone in the lending industry either go along or get out, our lending system was effectively nationalized. Though much of the industry remained in private hands, there was effectively a 'single lender system' everyone had to work with.

Having seen how well that worked out, are you folks still sure you want a 'single payer' nationalized health care system?

Just think, we can bring the efficiency of the DMV, the compassion of the IRS, the speed of FEMA and the cost effectiveness of Fannie Mae to your doctor's office.

Ain't government grand?

The Democrats have enough votes to pass any bailout legislation. Why won't Speaker Pelosi and Majority Leader Reid bring it to a vote?

Simple. Pelosi and Reid want the majority of Republicans to vote for the legislation so the Democrats won't be left holding the bag should the whole thing collapse.

They're not as interested in main street as they are in their political hides.

A few of them that are against Bush and McCain's "massive federal support program".

Will those few win or are they just RINOs?

Property values around Hampton Roads and across the nation were falsely inflated. Values of homes which had not been remodeled were valued the same, by tax assessors, as homes which had been remodeled and sold. This was done out of greed to collect property tax at an inflated and unrealistic rate. The result is banks buying non-remodeled homes at remodeled prices, typically $100,000.00 to $200,000.00 above the real value. A bail-out would only attempt to legitimize the improper value. The market must correct itself back to the real value and Wall Street and the cities needs to bear the responsibility.

Someone once in the industry spilled the beans on a website about lending. The maximum loan you could get with no proof of job, no proof of income and no assets was $995,000. The proof that would be required to get this loan was 1 year of paying the monthly nut on time of a loan 1/2 that value. So if you could show proof that you paid on a $500K loan for 1 year, then you could qualify for a $995K loan. Obviously this wasn't conforming, and wouldn't be purchased by the GSEs. But well, that's why we have this bail out non-sense today. I still like the stories of the $700K+ loans to the illegal immigrants that earn $15K. "Just put $10,000 in the box for additional monthly income and we're good to go!" said the broker.

Isn't it ironic that the Republicans are so anxious to resort to a most liberal Democratic strategy--namely, a massive federal support program

Pay attention...it is Congressional Republicans that are blocking the deal.

Please call the current Financial Services disaster by it's proper name: a gigantic continuing criminal enterprise, a national Ponzi scheme, an international fraud. Ironically, like all good confidence schemes, this crime was worked against yet also with the aid of every citizen who invests in the new "Ownership Society."

It was perpetrated by Wall Street, enabled by payola--sorry, political contributions--and favors lavished on Capital Hill and in the White House. Blame extends to all members of both political parties in Congress. Regulators at the Fed and at Treasury acted as Wall Street Mafia Lieutenants, turning a conveniently blind regulatory eye to the building credit tsunami as they rotated in and out of "public service," offering their expertise in new-style Wall Street markets and financial instruments that mere career civil servants were too stupid to understand

We all know how we got in this situation. And we know that the government as it is now is incapable of rectifying the situation or guarenteeing that if Wall Street is bailed out, we will ever see any of that money again. So why don't we try this: let the people who "qualified" for these home loans, refinances, and other credit be allowed to remain in their homes, continued to pay on their mortgages and other loans just as they have been doing all along, and become more solvent as the economy improves. They have to live somewhere and it does no one any good to have an accumulation of uninhabited, foreclosed homes on the market. At least the banks stand to recoup some, most, or maybe all of the monies that they are owed. The odds of strengthening the economy this way is probably better than it would be if we just turned over huge sums of money to these Wall Street bandits with minumun oversight or regulation

Whatever is done, or isn't done by Congress, if they don't repeal the Community Reinvestment Act (CRA) which spawned groups like ACORN, we'll be back in the same situation somewhere down the road. When the bankers were extorted into making NINJA loans (No Income, No Job Applications) by ACORN, the end result is the current situation. You can't loan a deadbeat $200,000 for a house and expect anything but eventual foreclosure.

This began in the 1970's or even earlier.
Should the federal government get back to their basic resposnibilities, adhere to the Constitution, forego special treatment and interests, place the country first vice either political party...more importantly lock out all those who reside on J, K, L, and M Streets (these are the special interest/lobbyists) we'll begin to make progress.
Each of elected officials needs to have one of those small hour glass pieces that come with some of the board games. When a lobbyist or special interest rep walks in - turn it over. When the sand runs out - don't let the door hit you on the way outta my office.

The question should be what happens if we do bail out Wall Street? Who's going to buy up $700 million worth of new issue. The Treasury will have to offer higher interest rates to those investors mostly foreign. And then we have to service that debt (some $9.7 trillion) with the rest of the annual federal budgets. And none of that include the pending $53 trillion for Social Security, Medicaid, and other entitlement programs. We will not be able to afford to fund education, defense, transportation,-they will all have to be drastically cut.

No my friends, this problem wasn't "sneaking up" on the government. They closed their eyes to it. The collapse is now or later when we can no longer service the debt or no sovereign comes forward to buy our bonds.

I wish congress could set up an "emergency comptroller" with the power to actually control the spending authorized under the budget and limit expend

Speaker Pelosi and Senator Reid have the votes from their party to pass this -- the President will sign it, so why the delay? The two of them have passed plenty, this session and last, with no support from Republicans, so how do they expect it now? They can take all of the credit, so why won't they? Could it be that they don't think it will work, and they want political cover when it fails? Naaaaahhhhhh......

I double dare Washington to put online the current and most popular bail out, rescue, safe us from ourselves plans.
What I'm hearing and what I've been able to read for myself without X, Y, Z pundits telling me what is in them...let me read it.

Call your Congressman/woman and/or U.S. Senator. I got all three of mine on speed dial and contact them regularly...over a dozen times this week alone.

Congress creates programs to allow people with little or no income to buy a home. Congress forces risky investment upon these financial institutions threatening lawsuits against anyone that refuses to comply. Sub-prime loans are allowed to get these same low or no income people into mortgages. Cheap money drives up the cost of all homes. Glutinous realtors and mortgage bankers grow fat on the excess. There is total disregard for credit checks, down-payments, ad nauseam. These junk mortgages start to fail as the buyers are unable to make payments. Congress and company executives now want the taxpayer to bail them out of this one facade of their business. The other facades of these businesses are still sound! A bailout today will result in increased interest rates and higher inflation. Dangerous precedence is set into motion. Any institution that can dramatically effect the economy

The article mentions that all are concerned that executives at these ailing institutions have a limit put on their "golden parachutes". Why would they be receiving any type of bonus? If their companies are failing and require government bailout, their contracts should be voided. The enormous salaries and bonuses need to be eliminated entirely as part of the bailout agreement. If any future profit is to be made, it needs to go to the ones who provided the funds to bail these corporations out. That would be you and me, folks.

Isn't it ironic that the Republicans are so anxious to resort to a most liberal Democratic strategy--namely, a massive federal support program--to fix a problem they knew was coming, but failed to resolve. My, how their thinking changes when push comes to shove!