I guess the question is would you invest with crooks? I liken this to the bank robbers being given 700 billion dollars to bail out the banks they robbed with taxpayers money. Bush had hoped for a quick vote with no questions asked. Good news for Henry Paulson who will give Goldman Sachs and Morgan Stanley big bucks as Paulson increases his share holdings. Deutsche Bank and Royal Bank of Scotland will get a big part of the money. Daddy Bush made sure Royal Bank of Scotland who has First Tee and Daddy Bush is a board member. Let's hope Waxman can see behind the smoke and mirrors before all our money is stolen. As Law Makers worked all night on a deal, John McCain was having dinner with friends. So much for putting the people first. Sarah is Bar jumping in hopes of getting votes.

I was glad I read Bush appointed US Tresury Secretary Paul O'Neill's book after he was fired by Bush in his first term. Yes O'Neill told Bush his plan would bring a recession and it happen. Former Gov. Spitzer wrote an artile in the NYTimes in 2007 about how he found the fraud in the housing marking in Wall Street. Yes quickly Spitzer was forced out as Americans didn't pay attention to the facts.

It's so easy to say I told you so but when it was right in your face for 7 years it hurts. Obama and his team will have their hands full to repair this problem. We'll be seeing more of the pass crimes unfold.

See you at 6:30

Best to my friends Lisa, Laural, Stephanie, Claudia, Celine, Anna and Matt

Who do you want leading the country,
the man who came running to face the
fiscal crisis, or the dude who had
to check his schedule, first? The
man who answers to no one but God,
or the guy who answers to Oprah?

Ya think Ivan is shaking in his boots
at the thought of facing Barack Obama?
When Vladomir and his fifteen thousand
nukes come barrelling across the Danube,
who do you call to stop him, the fighter
pilot or the captain of the debate team?

This is not a tough decision.

Dear Lester,

Thank you, thank you, THANK YOU to Tom Aspell for his report on Iraq's farming community, and the help USAID has been able to provide them.  It was so nice to see a sign of hope, after five years of Iraq's infrastructure, economy, and population being decimated by war.  (It's plain to see that those farmers are NOT benefiting from Iraq's oil profits.)  It is wonderful to know, too, that - in addition to the work of USAID - the blood, sweat, and tears of our service men and women is showing positive results.

To Stephanie:  Please be careful up there in Maine, as Hurricane Kyle heads your way.  I'll keep you in my prayers.

Love, as usual, to all the regulars:  Lisa, Jackie, Stephanie, Celine, Claudia, Anna, and Matt.  XOXO

Lester:

Just checked the schedule and no Nightly in my neck of the woods!    Looks like I am going to have to turn on another network!   While I love and appreciate sports, Sunday night news drives me nuts!  One week on and one week off.    Anyway, we will miss you all tonight!

How's everyone else feeling about the bail out?   My local paper said Americans may make money off the deal in coming years.  I really could not understand the entire article.    It made no sense to me on how Americans could make billons.

Sorry for the double post!  I forgot to link it.  

Frank Rich wrote an OP-ED this weekend for the NYTimes.    The most funny line of his OP-ED was in reference to McCain and the 3 page bail out plan.

(Maybe he was waiting for it to arrive by Western Union instead of PDF.)

http://www.nytimes.com/2008/09/28/opinion/28rich.html?_r=1&hp&oref=slogin


Sunday Night Bests to All!

Tonight on the MSNBC.com front page there was a link called "How we got into this mess" by Newsweek. Let me give an  approach of explaining.

At first, there was the mindset. An American from birth on it taught in the media that consumerism is the essential thing. Saving should be disgraced. Americans haven't learnt to save a penny from the money they have earned. The savings quota in the US is 100 Dollar earned equals 1 Dollar saved. In Germany the quota is 100:10 in Euros.

Secondly there are the mortgages. So we have learned that America is Consumer Nation. So there is the thing about getting a credit. You only get a credit by having a good score. A good score you get only by having a owned house. In order to buy a house you need a mortgage. So people in the US bought houses with exuberant values (over 250,000 Dollar an average). So they had debts all over the place with more consuming in the pipeline (cars, travel, ...).

So now the banks that owned the mortgages, which by the way couldn't be payed back by the American people because of low wages, other mortgages, had to make a profit out of the mortgages. So the banks sold them in mortgage backed securities to other institutions or countries like China, United Arab Emirates or Europe. But those MBS had high risk because American certainly couldn't pay them back. But now the President and other organizations critizised China for its human rights record, but refusing to acknowledge that China had 700 billion Dollar in debts bought from the United States. So the Chinese government asked for the money because China was insulted internationally because of criticism of the United States. But the US couldn't pay it back because it waged two wars in Iraq and Afghanistan which had valued already at 500 billion and counting. So they asked the Federal Reserve for 700 billion Dollars in order to pay back the debts China had bought from the United States. I guess the best situation for China to ask for the money was right now in the midst of a Presidential election, that is a turning point in US history.

So basically Consumer Nation is a dead species in the United States because no one saved money for emergency, Americans have high debts, and no one is able to pay back the mortgages they have started.

I hope the United States won't fall into recession because that would mean a global depression. The reason for the whole situation right now is the American situation of shear consumerism without saving.

And last but not least there were the Democratic Party:
WHO invented Fannie Mae and Freddie Mac: The DEMOCRATS
WHEN started excessive CEO compensation: Under President Clinton who was a DEMOCRAT
WHO controlled the last 2 years the Congress: The DEMOCRATS
WHO called Indymac not able to finance itself and causing therefore the crisis Senator Charles Schumer, a DEMOCRAT
WHICH party now tries to make itself the hero of the economic crisis by sending an armada of top people (Pelosi, Dodd, Schumer, Reid) to the interviews in all newspapers and all photos: The DEMOCRATS.
Who is the biggest hoax in that economic crisis: Chuck Schumer of the DEMOCRATic Party.

This BAILOUT is a crock, what about the consumers who have been victimized by these Finaancial Institutions? Where is their relief? What about the poor savers who have been gettins a lousy .5%->8% on savngs accounts while the banks have loaned their money for 24% interest, and lord help if a consumer has a problem with 1 bank, all the consumers credit cards go to the max default rate, usually 24-29%. Who gets to keep all this windfall RICO PROFITS, the short answer is the BAILED out CEO's thats who. If the bailout goes thru then it is time to clean out BOTH houses. It is time to call for the ouster of ALL POLITICIANS and start over fresh, with people who are not CROOKED FILTY POLITICIANS, but with the average american, then we will have laws that are of the people, by the people and for the people, and not those carpetbaggers in washington. What we need is not a bailout but a grass roots revolt against corporate GREED and influence peddling. They should be made to take the hit and if that puts them out of business, I say good riddance, we the people should not have to pay for their excesses, corporate Helicopters, jets, 4 martini business lunches and hookers and astronominal pay salaries and perk that the normal person can't begin to comprehend, 1 billion and the company goes bankrupt, 20 million for 17 days at Washinton mutual, are they for real? what about the shareholders? Oh yeah, I forgot they just bankroll the company, other than that they are just road kill to the CEO's my mistake in forgetting our place.  Since both candidates back the plan its time for a HOWDY DOOTY write in for president because they are for the bailout, you would of thunk 1 of them would have seen the injustice and rallied Congress against the plan, but oops, no they have their hands out for money from these companies too. Maybe its time to tear it all down and start over because the taxpayer like the meek will inherit the earth, they get to herit it but not to enjoy like the filty rich, we just work and die to the filty riches amusement. after all TAXES is 1 of the 2 only certain things in life.

Hi NBC News,

when will you ask the Obama campaign to stop publishing the newest campaign ad featuring Tom Brokaw and Keith Olbermann. I still haven't heard a complaint by NBC News to forbid the Obama campaign using material from NBC News. I know you should do it, because the clip furthermore displays NBC News as the campaign HQ of the Obama campaign. And you already tried to undo that issue by relocating Keith Olbermann from the RNC and putting David Gregory into the campaign coverage anchor on MSNBC instead of Olbermann/Chris Matthews.

http://www.youtube.com/watch?v=EzuIHjQYW2c

CBS and FOX already denied both campaigns using their material to be included into campaign ads.

RE: The Bailout

The American worker / homeowner is the backbone of our economy.  And I feel the bailout should be specifically for the American worker / homeowner.  

I feel it SHOULD NOT INCLUDE commercial real estate mortages.

Thanks,
Wayne Slabaugh

This was passed on to me:

Here's the Fix.    

I'm against the $85,000,000,000.00 bailout of AIG. Instead, I'm in favor of

giving $85,000,000,000 to America in a "We Deserve It Dividend". To make the math

simple, let's assume there are 200,000,000 bonifide "Legal" U.S. Citizens 18+. Our

population is about 301,000,000 +/- counting every man, woman and child. So

200,000,000 might be a fair stab at adults 18 and up.. So divide 200 million adults 18+ into $85 billon that equals $425,000.00. My plan is to give $425, 000

to every person 18+ as a "We Deserve It Dividend". Of course, it would NOT be tax

free. So let's assume a tax rate of 30%. Every individual 18+ has to pay

$127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam. But it

means that every adult 18+ has $297,500.00 in their pocket. A husband and wife

have $595,000.00. What would you do with $297,500.00 to $595,000.00 in your

family? Pay off your mortgage - housing crisis solved. Repay college loans -

what a great boost to new grads Put away money for college - it'll be there Save

in a bank - create money to loan to entrepreneurs. Buy a new car - create jobs

Invest in the market - capital drives growth Pay for your parent's medical

insurance - health care improves. Enable Deadbeat Dads to come clean or else.


Remember this is for every adult U S Citizen 18+ including the folks who lost

their jobs at Lehman Brothers, GM, Ford, Chrysler,  and every other company that is cutting back.

And of course, for those serving in our Armed Forces. If we're going to

re-distribute wealth let's really do it...instead of trickling out a puny

$1000.00 economic incentive that is being proposed
by one of our candidates for

President. If we're going to do an $85 billion bailout, let's bail out every

adult U S Citizen 18+! As for AIG - liquidate it. Sell off its parts. Let

American General go back to being American General. Sell off the real estate.

Let the private sector bargain hunters cut it
up and clean it up. Here's my

rationale. We deserve it and AIG doesn't. Sure it's a crazy idea that can work.

But can you imagine the Coast-To-Coast Block Party! How do you spell Economic =0D

Boom? I trust my fellow adult Americans to know how to use the $85 Billion "We

Deserve It Dividend" more than the geniuses at AIG or in Washington DC. Even Bush and Buddies would get a piece legally (SORRY, THEY WOULD HAVE TO PAY THE TAX TOO). And

remember, The Family plan  only really costs $59.5 Billion because $25.5

Billion is returned instantly in taxes to Uncle Sam. Ahhh...I feel so much

better getting that off my chest.

THINK WHAT WE "The tax payers" COULD DO WITH THE $700 BILLION .. TALK ABOUT A BOOST, WHAT WOULD YOU BUY? LET US PAY-OFF OUR HOMES NOT LINE THE BANKERS POCKETS !!!!!!!
IF I HAVE TO PAY FOR IT, LET ME HAVE IT.

ONLY 36 MORE DAYS, THANK GOD!

Lester, Remember the old phrase:
" Never let your dog watch your food and Never let Congress watch your money!"

Well Lester, I am not sure I trust this here bunch of foxes with our hen house.  I would really like NBC to get ahold of Newt Gingrich and see what he thinks of all this.. Remember, he may be partially to blame, so you can have your fun with him as well.

Hank Freeman

mr holt  i keep  hearing about  bailout. what i like to know is why we give money to people that cant manage, and got our econemy in this mess .  so we can have another  katrina mess . i suggest give it to the people ,not wall street the people will know how to spent it right its easier to distribute

Good Evening Mr.Holt, Nice to see you this evening even though because of the golf tournament I didn't see the broadcast I did view it on the website. Great broadcast as always. Now for the reports. First of all the report by Michelle Kosinski concerning the gas shortages in the Southeast. It does not seem to be getting better in Georgia. Newt Gingrich saying that he was in Atlanta and there was no gas resembling a third world country certainly was disturbing to hear. People sleeping in cars and the long lines are normal things to see here. And many people lining up real early in certain places this morning. One has to hunt for a gas station with gas around here and it is not easy because one station could have it one day and not have it the next day. I hope that things improve very soon!
On another note the report by Mr.Costello regarding the bailout plan for the economy hopefully will help this crisis. All those 110 pages with information about the installments on money to buy the bad debt of the mortgages and many other things sounds confusing and difficult to understand for many Americans. I really hope after all this negotiating there will be enough votes to move forward and form something to help this terrible economy.
Now as you stated 37more days until election day. It can't come any sooner? I realize Debates still need to be done, but it has been such a long election process I cannot wait until all this is decided.
Finally, the piece by Mr.Taibbi on the legacy of Paul Newman and charity work concerning "The Hole in the Wall" camps showed he cared so much about helping others not as lucky as him especially children dealing with diseases. The camp certainly made the young girl in the piece feel so much better and she even wanted to go back. It touches ones heart to hear how one person can make such a huge difference in others lives. Mr.Newman did wonderful work as an actor and philantropist. And of course husband and father most importantly too. He will be greatly missed by many people.
Thank you for the broadcast Mr.Holt. Peace to You and to ALL!

Lots of Love to Laurel,Jackie,Stephanie,Claudia,Celine,Anna and Matt!
Be Well Always!
Stay Safe and Well Richard! Hope to see you soon on Nightly News!
XOXO

Nothing is ever what it appears to be on the surface.  We are told "The Bill" suggests we will hold corporate salaries of bailed company Execs @ $500,000 because as explained you have to pay for talent - But will we utilize the Same Greedy, Fraudelent and Probably Criminal Talent that brought our country to this point while lining their collective pockets ??  --  We are told that "The Bill" creates a discretionary opportunity for the people (but really the govt.) to take some stake/ownership in the failed companies that are recipients of these funds - But lets say that I am a corp. that has not criminally, fraudently or greedily attempted to Rip off the American People and I am not failing, But the govt. now has an ownership stake in my largest competitor - Who Will Stop the Probable Massive Unfair Advantage my previously failed competitor will receive from the government that now has partial ownership and won't worry about the interest of the Corporations that did not fail "We The People" ??   We are told that there will be transparency in every thing that the appointed group will do with their flexible and immediate power to move forward as they see fit -- Paulsen, Bernake, Head of the SEC and the head of the Housing Authority Correct ?? (All of them looked the other way and are Part of the Problem - People who should also be exiting out the same door that Bush does in Jan. 09) Who will be the eyes of "We The People" ?? We need people overseeing this process that have only our interest as the priority - What is wrong with this picture ??  This may just be an Iceberg of Titanic Proportions.

America has been prostituted by the WallStreet  Pimps.
Why aren't the millionaires and  billionaires emptying out their wallets to help out? Because they just don't give a damn. We have to work all of our lives to pay our bills, buy our homes and put our klds through school. Nobody was there to bail us out if we had a financial meltdown. We did it by honest hard work. This is only going to get worse before it gets better. I guarantee you, this is only the top of the iceberg. WallStreet is like the Titanic, The Ship hit an iceberg and we're going down with it!

I have just read the latest draft.  I do not like it, but I find it acceptable with the exception of the insurance clause.

THE INSURANCE CLAUSE IS A TROJAN HORSE THAT CREATES A HUGE RISK.

The insurance clause would allow for the Treasury to provide insurance at an arbitrary premium to cover up to 100% of the total amount of the asset:  “Such guarantee may be on such terms and conditions as are determined by the Secretary”.  This ultimately will result in a direct transfer of wealth to firms that choose to use the insurance option.  Why?  Those companies will be able to identify their riskiest assets and will “insure” those. Most like the premium charged will not reflect the actual risk.  Thus, ultimately these firms will benefit at the cost of tax payers.

It is also a huge gaping hole.  The draft specifies: “The amount of premiums collected under this subsection shall offset the amount authorized to be purchased under section 115.”  Assuming that Paulson collects a low premium, this insurance could be expected to cover the entire bad debts in the system; in other words, this places the U.S. tax payer at far more risk than the entire $700 Billion initially suggested.

I would like to see Congressmen pressed on this issue.

Thank you,

Contrary to what's being reported, there is NO limit on executive pay imposed as part of this bailout (rip-off). The bill limits deductions of exec pay to $500K, but that will have no effect since companies losing money won't be paying income tax anyway.

As usual, republicans rely on the stupidity of the majority.

I don't think it is right to bail out the fat cats when famlies are loosing homes at record levels. Why not use some of the money to refinance homes and stop the repos. Make the fat cat CEOs use the millions of dollars they have been paid to to get the companies in the shape they are in. The people that work for a living did not create this problem. Why should we be taxed with THEIR problems that they created.

As I see it, the financial meltdown goes much deeper than the world of Wall Street. A great deal of the problem rests with The International Swaps and Derivatives Association. The International Swaps and Derivatives Association (ISDA) is the largest financial trade association in the world, representing leading participants in the unregulated privately negotiated derivatives industry. The association was chartered in 1985, and includes more than 850 member institutions from 54 countries on six continents. These members include most of the world’s major institutions that deal in, and are leading end-users of, privately negotiated derivatives, as well as many of the businesses, governmental entities and other end-users that rely on derivatives to manage efficiently the financial market risks inherent in their core economic activities. Robert Pickel, Executive Director and Chief Executive Officer, ISDA and the members of this association should be called before Congress.   Robert Pickel, and the actions of the ISDA and their members have been the main reason why this country of ours is in a state of crisis.  The truth is this:  Wall Street has a market that runs within their market and it goes unregulated and it is called the derivatives market.  If the financial rescue of Wall Street is to work then the derivatives market in this country needs to be brought to a standstill...  The derivatives market that operates within the market can not and should not be.  

You know that old story about Peter to pay Paul? Well, this new one, "steeling from Us to pay Them" needs to stop here and now! Example of this that proves true would be the fact that:



    If they "pay back" the money they so wrongly took out of the social security account, then they would be able to work a deal with those others maybe! Did they pay it back, "NO!"  This taking from again and again needs to stop here! how about this; we take all their pay checks, "all of them" until the social security is paid back! Please, be sure to ask them about this offer. If they say "NO"  then we see right there that they just want to keep taking from the needy... Why in the world do we have to watch commercials that ask people to "Fill a Bus" with any and all school needs so that the children would have what they need, but yet, they will give 250 billion to the very people that has already screwed us once? Why? It does not make any sense what so ever, unless this scam goes all the way up to bushes pockets also... Has anyone with the power to do so, check to see if this might be the case too? Think about it, we got screwed once now, they are about to do it to us again, yet bush is one of those trying to suddenly, "we never heard anything about anything until 2 weeks ago", just before his term is up", and yes, suddenly trying to get this pasted with threat tactics even!" It's not right, it's not fair, and I believe that this one is corrupt all the way to the top! knowing that this may be true, why won't a few of you reporters get in his face about all the social security money that was "borrowed'' from our future account, and demand an answer about that payment that was to be paid back, let alone the begging that needs to be done for our children's school supplies?

This is insane, and it needs to STOP NOW!



Artie in Utica



'

1956: What is good for General Motors is good for the United States
2008: What is good for Wall Street is good for the United States
but let's loan General Motors $25 billon anyway.

I hope they don't vote for the bailout.  If they would give every man, woman and child $200,000 instead, we could pay off our homes instead of defaulting on the loans.  We could buy cars and stimulate the economy.  This would be better than giving Wall St. 700 billion dollars.  Or have other countries contribute to the bailout since this is a global company and affects them too.

No one in their right mind wants this "Rescue Package", however, rather than worrying about the price of the package, people need to be thinking of the price of doing nothing...The US economy cannot be allowed to fail, no matter whose "fault" it is...We are all to blame...Remember the old adage, if it seems to good to be true...Many people on "Main Street" took advantage of credit cards, subprime mortgages, etc. and now they're having to pay for their mistakes...Such is life...

Dear Lester/Brian,

I'm see Wachovia selling themselves to CitiGroup for a yard sale price.  If the banks believe that this bailout will work why are they still scrambling to be bought out?  Jim Cramer said many will not use the bailout because they will be limited on thier compansation.  If true many will still allow the bank/financial institution to fail to reap personal financial gain ahead of saving the corporation, so how will this bailout help the economy if few
of those use it because of the same reason that got them into this mess in the first place...(GREED!!!)?

In 2004, my husband & I lost our home of 20 Years, as well as over 1/2 million $$ due to some bad business decisions. No one was there to bail us out when we had to file bankruptcy.  We just had to "deal with It".  This was a great learning experience and today we are better off for having been through it.

Why should greedy Wall Street execs be rewarded for all of their  poor business decisions. They will come through this individually "smelling like a rose" and go on to bilk investors and the public again.

Until the unbridled credit in America is reigned in, and the "entitlement mentality" of all Americans is changed, our economny will never improve.  

Thank you to the Republicans of the United States House of Represenatives for preventing the passage of the "bailout" measure offered by the traitor, G. Bush. Our course in the short term may be more bleak, but the long term survival of America as a capitalist nation may have been preserved. Let the institutions fail... let the Congress repeal the asinine laws of the 90's that mandated poor loan decisions be made in favor of those who cannot repay... let those of us who live within our means repay our own debts and let those of us who took advantage of "easy credit terms" try to remember the faces of our grandfathers. THANK YOU, REPS!

The media can help right now.  We should be using television how it excels....to communicate and educate the american public.  But, the media and newscasters have to stop with the catchy headlines like, "bailout of fat cats on wall street", and go with the education.  This is NOT a bailout, it is a selling of assets to the federal government...assets that are most probably worth more than their current mark to market value....the crisis is because no one knows what these assets (mortgages are worth) and banks have to keep writing them down, affecting their liquidity.  Our mortgage is one of those "toxic" mortgages, simply because we chose not to give lots of financial statements when we got it...it is a "no documents" loan.  So, I am sure our $700,000 mortgage has been written down to under $200,000 by our mortgage holder, yet we are still happily and easily making our mortgage payments.  I think the federal government will do well on this transaction and we must educate the american public to this.
Please try.

Will you help me get a copy of the actual bill that outlines the Bialout Bill as proposed and voted down by the US House of Representatives?  Can it go on TV Somewhere.  All of the Internet sites for any House of Repsentative Member is "conveniently" not accessible now.  I and many other Americans

RE: Bail out - There is a suggestion that has been made to our illustrious leaders that the $700 b $$ be borrowed to give to the People; anyone over 18 - amts to about $487,000 per person, they pay taxes - 50%, and they pay off their mtg, cars, buy new cars, pay off cred cards, etc and on and on - what an infusion, yet no reply for any senator, congressman, Obama, McCain, Mr Bush or anyone else as to why this can't be done!  If we are going to bail out anyone, lets do it for the people that pay our illustrious leaders!  You'd also have people retire, and thus create jobs - good paying ones - Personally, I'm ready for a Boston Tea Party, as I know now exactly how they felt!

In regards to the bail out vote failing, I believe the American public has spoken.  If the banks and wall street get bailed out, the people who have already lost their homes aren't getting their homes back.  These families are still on the street.  I believe the public is saying that they would rather have the $700 billion dollars in their pocket instead of in the pockets of those who have already mismanaged their business.  Also, jobs for Americans haven't been created as they should have been for the last twenty years. If stable careers are not created for college grads, then a constant flow of money is not available to them to purchase the American Dream. On top of presenting the illusion of the American Dream to the American public, to appraise homes at values more than they are worth and then to add a variable interest rate on top of all of that with gas and food prices sky rocketing! All in itself is a legal ripping off of the American people.  The American people want the $700 billion dollars in their pockets in the form of stimulus checks.  Let the American people create the jobs and create a new banking system.  I'm sure America has many bright graduates who have great ideas of reforming our economic and banking structure that will be more fair for the public and keep money available to the taxpayers.  Americans should not be threatened by the either/or fallacy that is being presented to us now.  We are Americans, and if we have to we'll go back to bartering and hand shake promises.

The need for the bailout comes from Congress making laws pushing for sub prime mortgages to people who were not financially secure enough to afford a house. Owning a house is called the American Dream because it takes a while to get to it-the Dream.Why doesn't the press cover who was responsible for this faulty legislation passed by Congress?!

The need for the bailout comes from Congress making laws pushing for sub prime mortgages to people who were not financially secure enough to afford a house. Owning a house is called the American Dream because it takes a while to get to it-the Dream.Why doesn't the press cover who was responsible for this faulty legislation passed by Congress?!

Lawmakers actually want a financial crisis, yes I said it! They are trying to ruin the dollar therefore creating a NEED for the Amero a North American union of Maexico, Canada, and U.S. just like the Euro. Problem is they will trample our Constitution and rights taken away. Why don't we change our leaders now before they continue to lie and do harm to us? My two ideas are: eliminate the one man President position and Congress entirely (even just temporarily) and create a National Council just like we have a City Council of 10-12 people a Chairman and all. City Councils are swift, concise, take in different views, and is a democratic ideology. The National Council would vote on immediate laws and reforms to FIX things and this cuts the fueding and bills that never get through.  -OR- we fire all of the current Congress and President not by vote, by a 2008/09 Declaration of Independence (the old DOI pertains to today if read carefully) and install only Libertarians/Greens/Independents the Democrats and Repubs are corrupt.  All elections should be individuals and their views only anyways, not my team your team, the party system is disgusting even to old people like my Grandmother, Parents. So we could install some Libertarians and/or Green Party people to have their crack at FIXING things.  Seriously we eventually will have more independents move into higher positions, let's speed up the transition and fire all these REP/DEM people and give the Ralph Nader, Ron Paul people their time NOW. They aren't idiots or hippies, they have an ideology that if implemented would make a free country free and not suffering and forced into a new world order. Please present these ideas on your t.v. broadcast.

I have not heard any one talk about Bonds. We have put out special bond programs for years in good times and bad to raise money, people got the country out of trouble and when it came time to cash in there bonds  made a profit also. a win win answer. Please pass this on . Thank You

The say they listen to the American people. Are you listning? They are saying no to the bailout. Who's bailing out the poor, those without homes to go too, without money to buy food, without gas. Our money was there , who is going to help us? Let those who get more than enough learn to do without like we have.

It is now anybody's guess as to what is likely to be the next step in this ingenious game of economic "Russian Roulette" that our "financial gurus", and now the House of Representatives, is trying to play with our money.

Crisis;Karl Rowe; The control words of the Reppublican Party.  The failure of the Bail Out, is a political setup for John McCain to step in and arrange the vote with the house to past the next bill. The republican vote was the one that came up short on the final tally. Remember they all agreed they had a workable bill. Wham; John McCain is your man, he comes to the rescue,just a political scam to establish power and phony election leadership.  The attachs on Nancy P gives them their excuse. I was a Repulican delegate for two National Conventions from Alaska 76 & 80...... I changed my party registration. Don't be surprised when McCain comes to the rescue with this political scam next meetings in DC... Anything to win, lets hope it backfires on his election effort for such lack of leadership. Shows what happens when people are desperate...........Good Luck...voters
I guess Barack could really take over by just passing the bill with the democrates and leave the republicans short changed..........Let's have a gusher up and get rid of the trickle down.........

If it comes dowm too all american's to bailout wall street in paying more taxes,and then the goverment owning more bank loans.I think every american should receive 2 million,this would pay off all the bank loans.This would be cheaper than 700 billion,and fix the problem at the bottom instead of the top.

Lester,
Re: this so-called 'Bail Out' plan...You know what?  I'm sick and tired of listening to the government's plans to give all of the "help" to the corporations.  I propose that, for once, the government provides some effective assistance to the PEOPLE -- not that ridiculous one-time payment that Administration dreamed up earlier this year.  1) Re-write every home loan that has been sold in the last 4 years using the current values of each property. This will reduce the monthly mortgage payments, keep the people in their homes and rectify the fraudulent loans that have been promoted over the last few years.  2) Write-off a chunk of the credit card debts as long as the people agree to cancel all but one of their credit cards, which they shouldn't be using anyway.

I personally would also like to see the executives of the biggest players in this debacle get fired -- they clearly don't deserve the title or the responsibility; so, get rid of them!  Bring in new business leaders who recognize this event as a wake-up call and show a genuine ability to lead this nation out of this mess.

The entire nation needed a wake-up call.  The level of greed, the people's dependence on credit and a failure by all to consider the long-term effects of our actions certainly have been the foundation of America's attitude for quite some time now.  America desperately needs an attitude change.

Lastly, I would like to see America's eyes, ears and hearts open up to the ideas of the worldwide community.  The world's criticisms of our Administration's policies and our economic habits deserve genuine consideration.

Thank you and good luck!

Here is an idea, why not lend federal money to these companies rather then just give them money.  Also make the loan contingent on not pay of golden parachutes after firing those who got us into this state.   I have a sincere problem giving money to badly managed companies so they can payout golden parachutes.

Why do you keep calling this a Wall Street Bailout?  This problem affects all americans.  My wife and I are retired and living on social security and our IRAs.  Yesterday ,Sept 29, we lost $16,000 because Congress would not act!  Why don,t you report and resent this problem as what it is, a national econimic problem that affects all Americans?

Of interest perhaps, Mr. Holt, regarding the article
you wrote on Odd Anniversary and I replied that
actually the world was never the same after 1979.
In this morning's Louisville Courier-Joural, a brief
quote:  "The old Wall Street began to die a
lingering death in 1979 when I.B.M. told morgAn Stanley that it wanted to have Salomon Brothers co-
manage a &1 Billion debt issue."

The rise to power of Saddam and it goes on and on,
incredible.

Phyllis Kunz

Our representatives received so many phone calls and e-mails from their constituents about the bailout that for the first time, members of Congress are scared for their political lives. Hard working Americans have had enough of tax dollars being wasted and misused, that the bailout, even if it is in the best interest of middle America, was the last straw. We have seen our tax dollars at work: trailers rotting in fields after hurricane Katrina, illegal aliens receiving Social Security, Medicare and Medicaid systems riddled with fraud, representatives raising their own salaries, and  pork/pet projects in the budget to appease lobbyists. Throwing money after more money seems the only answer Congress understands. Sometimes, money is not the answer.  And then there is the political parties bickering back and forth. Afraid that one party will get oneupmanship on the other party.  Are they really looking after the best interest for middle America?  Why were the banks and loan companies instructed to renegotiate housing loans? Have a fixed interest rate and pay for a longer length of time. If every politician controlled their own finances like they do this country's budget, every member in Congress would be broke. There should be consequences for bad decisions. But why do all Americans have to pay for the irresponsibilty of others including the ones in Congress?  Tax payers have lost confidence in our Congressmen and women to do their jobs.

Why isn't the media reporting that the mortgage mess began years ago, and has escalated over the past 8?  I am a certified residential real estate appraiser, and I have watched the industry change greatly over the last 10-15 years, not only on the banking side, but from the attitude of the American public.  Countless loans were made to individuals that should have never been given credit.  It goes to prove that if it sounds too good to be true, it is!   I have not heard anyone in the news talk about the facts in the mortgage industry.  Since 1993, banks and mortgage companies do not need to have appraisals performed for loan amounts of $250,000.  These institutions can use a tax value, computer generated value, insurance value, etc... instead of having a real person view and value a property.  In my 20 years in the industry, you have no idea what a home is really like until you viewed the interior.   Banks and mortgage companies really push the equity lines of credit, which have hurt more homeowners here in Ohio than have helped.  Many homeowners have several loans on their properties, and everything is great as long as they have jobs to pay the bills, but many foreclosures happen from the other factors, such as loss of income, additional expenses, hospitalization costs, etc...  I've seen homeowners take out the equity in their homes to buy boats, drapes or to go on vacation.  We are a country of instantaneous gratification, and we are not will to work and save for anything.  Shame on us.  We are a country of credit.  It is sad to think that people are charging cups of coffee and newspapers due to a lack of liquid funds. The bottom line is that everyone is to blame.  When things go wrong, people are always looking to someone else to blame, instead of looking within.  If you live in debt, and are not responsible for your debt, you have no one to blame except yourself. Unfortunately, Congress will have to do something, and even more unfortunate, hard working, honest, live within their means people like myself will have to pay for not only the billionaires that have greatly contributed to this mess, but to the individual homeowners who thought that they were getting a house for free.   As Ben Franklin said so long ago, "Never a borrower or lender be."

During the AIG Bail Out, an individual (Birk) constructed an economic plan, which I think is Genius!

It goes as follows:

Bail Out BONUSES..



I'm against the $85,000,000,000.00 bailout of AIG .

Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.

To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+  into $85 billon that equals $425,000.00.

My plan is to give $425,000 to every Legal American citizen 18+ as a We Deserve It Dividend.

Of course, it would NOT be tax free. So let's assume a tax rate of 30%.

Every Legal individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.

But it means that every Legal American adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family? Pay off your mortgage - housing crisis solved. Repay college loans - what a great boost to new grads Put away money for college - it'll be there Save in a bank - create money to loan to entrepreneurs. Buy a new car - create jobs Invest in the market - capital drives growth Pay for your parent's medical insurance - health care improves Enable Deadbeat Dads to come clean - or else

Remember this is for every Legal adult U S Citizen 18 + including the folks who lost their jobs at Lehmann Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( 'vote buy' ) economic incentive that is being proposed by one of our candidates for President.

If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!

As for AIG - liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up.

Here's my rationale. We deserve it and AIG doesn't.

Sure it's a crazy idea that can 'never work.'

But can you imagine the Coast-To-Coast Block Party !

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC .

And remember, The this plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

NOW DO THE MATH ON $700 BILLION!

Now tell me why not this plan?  If we have to pay for it, We should have the right to receive Deserve It Dividends and get America back on track!

Ahhh...I feel so much better getting that off my chest.!

PS:  Feel free to pass this along to your pals as it's either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!  

OR FOR THAT MATTER....$700 BILLION!


Please see if you can get the Public's opinion.



Thank you,

watching the reports about the bail out. all is said about FDIC. i have my money in a credit union and it is NCUA protected  -  am i safe having my money in a credit union ? does FDIC regulated credit unions ? do i need to move my money to a bank ?

So we should be okay with a government that comes out and tells us this bill needs to be passed right NOW without any checks and balances in place? Does anyone have any idea why a government would come out and make such an unbelievable request? Why are they trying to shove this down the throat of every American? Could it be that Paulson wants to take care of his own base? Paulson who is an ex Chairman and Chief Executive Officer of Goldman Sachs with ties to AIG and other recently taken over companies. Is the man pulling the strings? It seems that the hurry to get this bill approved is more about not finding out certain details about Paulson’s past and his affiliations to big business then it is about helping our country. This administration has never been up front with the American people so why would they start now. Americans should be in an UPROAR over what is going on right now!

  We act as if we have this money, we don't! We don't notice the Fed pumping in 850 Billion the last 2 days. They have! I think we have pretty much borrowed enough now, Dubui likes it, look at what they are building on American workers's backs. China and Russia likes the bail out too. Most of all, the ruthless overpaid, merciless, greedy CEOs and Wall Street would love this. Where was the mercy they showed to thousands of homeless and starving American people as they farmer their jobs out of country and made loans, the made sure they couldn't pay. Where was Media? Nobody reported Tent City (Google that).

  This is not an American tradgedy, not for honest working folk. It is only one for greedy tyrants and foreign countrys. The people our forefathers warned us about. Kennedy warned us about. Lincoln warned us about. Jefferson warned us about, and more.

 Yes, we lost some pensions (I did), but if this had went through, it would have been worthless. By not passing it the dollar gained ground against other currencies, oil fell, and hope arose. Even today's markets came back a bit.

  This event also showed us just who are for the American people, and who isn't. Remember that come vote time, I will. This also let me see both canadiates are Wall Street and Corporation (foreign & domestic) owned. Is there not just 1 honest person that could serve the interest of the people and nation of this once great country now on life support from more that just this event?

  It should also show that people are fed up, so much so, even media lies can't fool them.

 

Here's the question that main street is trying to figure out and no one--including the media--is answering:  There is apparently a "credit crunch" that will be harmful to the economy.  But there are healthy banks--BofA, Wells Fargo, U.S. Bank, local banks--that can step in and offer such credit.  They are already advertising in the newspaper, etc. to get more customers.  If they don't have enough liquidity, lend them the money.  Don't just give $700B to the people who got us into this mess. No bailout; we'll survive this and be much better off than if we are saddled with more huge debt.  

IF  THE VP MODERATOR STEPS DOWN, AS I THINK SHE
SHOULD, I HOPE YOU RELACE HER  YOU ARE ALWAYS
FAIR AND OBJECTIVE.  YOU ASK  TOUGH QUESTIONS,
BUT ARE TOTALLY PROFESSIONAL

PHYLLIS KUNZ

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