Comments on: I Guess I Spoke Too Soon!? No Deal on $700 Billion Bailout.. Yet.

By: Curt

Curt — Sat, 27 Sep 2008 03:42:32 +0000

The entire Paulson bailout plan is a bad idea and I hope it never passes. We should let some of these organziations fail and talk to the leading economics in the nation about alternative plans. It the stock market is going to tank, the best thing just may be to let it go and begin rebuilding the economy – rather then slowly bleeding for the next decade.

Curts last blog post..McCain Tried the Reform Freddie and Fannie In 2006

By: The Happy Rock

The Happy Rock — Fri, 26 Sep 2008 15:51:46 +0000

I think the Fed’s power and tinkering is part of the problem that caused this mess. We as people(consumers and business) have the energy, determination, brains, and motivation to figure out solutions. Government should be enabling people and solutions not taking control, printing money, wildly changing markets and interest rates, spending much more than they have, etc.

By: Peter

Peter — Fri, 26 Sep 2008 15:40:50 +0000

Well said. I am leaning towards something that puts more responsibility on these companies, and not on the taxpayers. I definitely don’t like the $700 billion bailout, and I don’t want the treasury to have free rein to do what they want without oversight – that is key.

By: The Happy Rock

The Happy Rock — Fri, 26 Sep 2008 15:23:56 +0000

I was glued to the TV last night, I found it great to see the political machine working well IMO.

Here is my take :

Bush/Paulson were pushing a really crappy plan were it seemed the Fed gets a free check to bailout out whatever companies they deemed worthy and companies got free money and didn’t have to take responsibility. The tax payers got a huge tax liability with which they will buy overpriced junky assets.

Democratics and some republicans agreed with GW in principle, but changed a crappy bill to make it less crappy but putting some more oversight giving smaller blanks checks to the fed so they could periodically check in and then taking profits from the company and giving it back to tax payers and limiting executive pay. Tax payers are still left in similar boats.

The house republicans are looking for a plan that doesn’t make taxpayers pay for the mistakes of huge financial companies. They are saying that 99-1 calls to their office are saying no bailout, they want to get reelected in Nov, so they are listening. That is how the system is designed!! People should have power.

I would like to see a solution that puts more responsibility on the people involved and less on the innocent bi-standards. I would like to see a plan that encourages the private sector invest and one that allows the housing market to correct to a level that Americans can really afford. That includes each of us taking responsibility for not ‘needing’ a 3000 square foot home that we can’t afford. I want the Fed to have less power and I don’t want them printing money to devalue the dollar any further.

From this point, I hope that we get a small plan that holds things over and takes into account more market based solutions rather than socialized solutions and then they will figure the rest out later.