What alot of people dont understand (people against the bail out) is that if this bail out doesnt happen, we will all still pay the price, probably a bigger price.

It makes me angry too but if something isnt done its going to get real ugly.  The worst thing Bush did was sign the new  bankruptcy law several years ago.  The greedy banks decided that now Americans will have to pay... no more chapter 7's, Lets loan money to any one and every one.  A real free for all!  I hate corporate America and all there damn greed.  They are destroying this country.  No one is holding them accountable!  Our government turns a blind eye!  Middle class America gets to pay for it and the rich get richer every day.  I dont know about the rest of you, but Im really tired of it!

Those people who think this is a "last eight years" problem are fooling themselves.  The absolute root cause is the easing of historic lending restrictions at the insistance of Democrat politicians.  Don't believe me?  Go back to the September 30, 1999 New York Times and read the article entitled "Fannie Mae Eases Credit to Aid Mortgage Lending."  No one believes the times is in the Republicans corner, right?  

Here's a few quotes:

"The action....will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans."

"Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people "

"In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans."

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

"In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescuesimilar to that of the savings and loan industry in the 1980's."

This is a direct result of the bill pushed on the US people by the democrats trying to push people who couldn't afford it into home ownership through legislation and pressure.

I am too, lets do somting like protesting and somthing ... we are loseing our America. what a wast of our freedom the corp took away.  I am sad, so sad..

Do we really believe all that we hear or should we question why the urgency in the bail out. It has recently been reported that the Bush family fortune is invested and held in several of the finanical institutions and is at serious risk should the bail out not be approved. Also many of our political leaders have millions of dollars that will be saved by the bail out. Meanwhile back at the ranch with middle America we will not get any relief, but will have to pay additional taxes to pay for the bail out.  The first people that get paid are the foreign banks and investors that have invested in our government prior to the bail out.

No date, no nice dinner and a drive to see the sunset, we just got screwed.

I hope that the american people are going to take conscience about what is going on in this country...we need to show our hunger towards the government and this corporate that make billions of dollars on the real people of america. We need to let them ear how mad we are. We need to change the entire system or this country is going to fall. Look at the roman empire! Greed destroyed it and that can happen to us! Stop watching stupid things on TV and try to make a difference!If people in general were informed they would'ne vote for Bush. Look at where we are now...10 billions $ a month for the war, we owe 500 billions to china and our economy is going to put half of the people in america in a very bad situation.

This started in the 90's when the large banks decided that the FICO score would allow their computer models to make credit decisions for Personal Bankers.  For the record most Personal Bankers or Mortgage Originators are sales people who get paid for VOLUME.  Sales and Credit should never be put together.  This allows the models to be "gamed."  If a credit application scenario does not work one way - change the co-borrowers around - if that works the computer model will probably approve an additional unsecured credit line on the applicants checking account.  Sell all you can and load the customer up!  The customer will often get themselves in a jam and get overextended.  

Another question - whatever happened to Anti-Trust Laws?  Finance and almost every other industry has been merged and merged and merged for the last 15 years.  These quasi Monoplies then become - "Too Big to Fail" influence government and regulation and then need a bail out.  Throw in the Bankruptcy changes and this is what you get.  We have let our leaders, if you can call them that, sell the US out so that their real constituents, the large corporations, get what they want.  

Separate Banking - Finance and Insurance and reinact the Anti-Trust Laws.  It creates this thing called competition!

The real problem is this rush to be a part of the international market place.  This is America.  We need to take care of American companies.  Free trade is great if we get as much as we give.  Unfortunately, that never happens.  If we ensure that any country that wants to sell products in this country opens its markets to our products, we would be in much better shape.

There are six things that should happen to strengthen the economy;

1  Get a better deal from all of our trade agreements.... the word is "reciprocal."

2  Stop playing policeman to the world and stop spending our money on wars.

3  Stop giving tax breaks to companies that move jobs overseas.... increase their taxes.

4  Invest in education.... that is our future.... public schools need money and support as do colleges in America.

5  Close our borders and get rid of those who don't belong here.

6  Stop bailing private companies out of trouble.... the market will take care of its self if given half a chance.  Start sending crooks to jail who steal money from investors.

That's my take on it.  Trickle down never trickles down and free trade is never free.  So lets get busy.

Dennis

Read the entire Times article with little interest (My heart didn't go pitter-patter.)

It really doesnt say much except for the fact that these guys live in some silly little world. They sit in their steel towers where they make "important" decisions that really do nothing other than ensure their own excessive wealth. They are oblivious to the masses at ground level. At the end of the day they will be whisked away in their chauffered cars and into their gated homes. (For sure ADT is doing great right now.) No contact with ordinary people. And that's the way they must have it. Most people don't care about the "difficult" decisions they make. We know they have made club status, and that club could never include most of us. Nor would we want it to.

In the end, I feel, what concerns the money titans the most, especially during the last few weeks and months, is people are not as complacent as they thought. In fact, the masses are very angry. And only God knows what may be in store.

Just a few more thoughts and I'll step off my soapbox: the polical decision to adopt the bailout had to include "protections for Main Street". What a ridiculous statement. Why do ordinary citizens need protection from this bailout. Consider that and I think we can know the underlying truth. Following the adoption of the bailout, the market was supposed to go sky high, right? No doubt that's what everyone thought. Instead, it sank. From it's high, down about 450. Proof positive this bailout is basically meaningless except to those who stood to lose the most. And that, my friends, is who our esteemed politcians are really protecting.

Want the names of all the politicians who stood their ground in the House and Senate, who refused to support the bailout as it was written? (In my opinion, these are the good guys.) You can find out at Congress.org.

Ron,

People need to hear alot more of your voice. It's seems obvious you're an insider - somebody who knows how the machine works. Keep in mind though, "we" did not "let" our politicians do anything. Most people dont understand this stuff and/or have other things to think about. "We" need you and more people like you to speak up, to not go along, to keep things right.

Pulling the wool over the publics Eyes seems to be the  political scheme that has been played out to it's fullest during these 8 years. And now the fleecing of America has been complete. The sheep have been Sheared.