Bail out Americans, not big companies

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Why do we calmly sit by while billions of dollars are sent to bail out these big companies? The first thing this does is enable their CEOs to get those ridiculous bonuses. Then the company is in an even better position to pressure people already in no position to repay a loan that the company OK'd in the first place.

I say don't bail out the huge companies that are draining this country and sending jobs to foreign countries and generally running over the people who made them what they are.

Why not bail out billions of dollars' worth of American citizens instead of the ridiculous companies? Let the company figure out how they are going to pay that CEO his $20 million bonus and give a break to the American worker.

Wolf Langner, Hephzibah

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G0d BleSs yOu
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G0d BleSs yOu 09/23/08 - 05:47 am
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amen. we are sitting here

amen. we are sitting here losing what little we have. while the rich get richer. i'm tired of it ,something has to stop. It is bad when I see people losing their homes because of taxes that are to high to pay. BUT HEY augusta getting a new baseball field.and james brown arena is getting a new sign.COME ON if we are in so much trouble STOP RAISING OUR TAXES,just to waste it ,or to bail everyone else out,let them figure it out like we have to.nobody helps us slowing drifing middle class thats only working our way into a cardboard box.

Ga Values
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Ga Values 09/23/08 - 06:14 am
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I simply do NOT understand

I simply do NOT understand why we are bailing out FOREIGN banks, buying deliquent auto loans, or buying notes without proper documentation. This looks like the mother of all taxpayer rip offs. McCain says COUNTRY FIRST, Saxby Chambliss says LOBBYIST FIRST.

Ga Values
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Ga Values 09/23/08 - 06:17 am
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Saxby Chanbliss has worked

Saxby Chanbliss has worked hard to get things done for his friends on Wall Street.

Yes to rewarding companies that send American jobs to China, India, and other countries. In 2004, Chambliss voted against closing up $39 billion in tax breaks for companies that outsource their jobs. [Vote 90, 5/11/04] In 2005, Chambliss voted against against repealing tax incentives for domestic companies that move their manufacturing plants out of the U.S. [Vote 63, 3/17/05]
He even gave those same companies a tax cut. In 2003, Chambliss voted to cut taxes on U.S. companies' overseas income from 35% to 5.25%. [Vote 165, 5/15/03]

Won't hold U.S. companies accountable if they deal with terrorists. Chambliss even voted against an amendment that makes U.S. businesses liable for dealing with foreign businesses that have links to terrorism. [Vote 203, 7/26/05]

rbk
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rbk 09/23/08 - 06:50 am
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The CEO's and most of their

The CEO's and most of their underlings aught to lose their bonuses and aught to face heavy fines for mismanagement, if the tax payer is going to have to pay for their bad decisions. Most of the borrowers should have to share some of the responsibility too, since most of them borrowed above their means to pay.

GACopperhead
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GACopperhead 09/23/08 - 07:36 am
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It's actually a viable

It's actually a viable concept, economically. if you assist those who are defaulting on mortgages, you then are helping the lending institutions. Values on housing slow their drop, so those loans are viable again. You end up with people able to pay their house notes(credit cards, cars, etc are not to be included), solvent lending institutions and the government, hopefully, paying less than what they will have to pay under the proposed bailout. I believe that the companies will get themselves into the same mess again, but a homeowner who was days away from the auction blocks might actually learn their lesson. I know I'll be hit for "socialism" but that isn't my intent. It's a more viable, less radical approach to solving this problem. WE MUST STOP USING SO MUCH CREDIT!!! We must start saving again, get away from the materialistic addiction and make ourselves and the COUNTRY solvent again.

anotherlook
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anotherlook 09/23/08 - 07:45 am
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It took the stroke of a pen,

It took the stroke of a pen, and only a matter of days, to make the decision to bail out Fannie Mae and Freddie Mac, (which represent $5 trillion of the nation's mortgages), and later AIG-American Insurance Groups. Moreover, it was recently announced that bail outs could be made to even foreign banks with significant holdings in the U.S. markets. I understand that there are certain commitments and obligations that we as a nation must honor. But this is a glaring contrast to our handling of the sub-prime mortgage crisis. Those who engaged in speculation during the sub-prime mortgage crisis and those whose opted for ARM (adjustable rate mortgages) lost their gamble. The values of homes sky rocketed in some areas and more and more investors tried to get in on the housing boom. When the prices came crashing down, consumers began paying more in mortgage payments than their homes were worth on the markets. The buyers disappered and irreputable mortgage marketers took their profits then cut and ran. There was little assistance that was afforded to those losing their homes. Granted, there were those that were truly exploited due to their own ignorance, inexperience, or greed. But for the most part, losing their homes was inevitable. We may have identified with their loss and breathed a collective sigh of relief that we had not suffered similarly, but for the most part, the response for everyday Americans was not one that garnered the enormous financial bail out that we are witnessing with banks, investment companies, mortgage firms and insurance groups. But at this particular juncture here we are: Katrina and Ike couldn't break us...the sub-prime mortgage crisis couldn't break us...the escalating price of oil and gas price hikes couldn't break us, and even the daily suffering of our fellow countrymen didn't break us, but we became broke, busted, and disgusted, when we chose to succour mammon and her illegitimate children. I'm afraid that the nation of the invisible hand has just experience a slight of hand. Let's get out of this shell game now!!!

justus4
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justus4 09/23/08 - 08:49 am
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America. This is what U get
Unpublished

America. This is what U get when U selected this guy, with all his failures, to become the US president. A quick look at his poor attempt to manage the Rangers, then his tour as Govenor, shows someone ill prepare to handle a crisis. He's not an exceptional individual or deep thinker, so this was predictable to some Americans. Those who voted for him should feel like fools, because his lack of intellegence & leadership has cost the American people greatly. And will cost future generations even more.

JohnRandolphHardisonCain
576
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JohnRandolphHardisonCain 09/23/08 - 09:04 am
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The American people are NOT

The American people are NOT buying Henry Paulson's pig in a poke anymore than they bought the immigration bill that the Bush "administration" tried to shove down their throats. Power to the People!

ibeewalkingtamemphis
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ibeewalkingtamemphis 09/23/08 - 09:23 am
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Justus, really how stupid are

Justus, really how stupid are you. The president can recommend action, he cannot introduce a bill nor approve it. Congress approves the bill which allocates the funds and the pres signs it, UH, who is the majority in Congress???? Idiot.

reddog
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reddog 09/23/08 - 09:47 am
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So much for a free market

So much for a free market economy! Let the chips fall where they may--this sounds like another hurry -up sweetheart deal for the rich and famous---and why do we stand by and let this happen because we are little people afraid to engage in the simplest battle even in our everyday life.
They keep us blinded by stupid in fighting about republicans and democrats, blacks and whites and they the rich who really have no party and no race only money--suck us dry!

ForHim
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ForHim 09/23/08 - 09:49 am
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The need for this bailout is

The need for this bailout is a result of pressure from the Clinton administration to Fannie Mae to begin a pilot program in 1999 to soften loan requirements for low and moderate income families with less than stellar credit ratings. When you loan money to people who can not afford the payments in the first place ... well, something bad is bound to come out of it. The need for this bailout was not something that has just happened ... it has been in the makings for quite some time.

peace4784
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peace4784 09/23/08 - 09:54 am
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It's time for the spineless,
Unpublished

It's time for the spineless, fearful and prayer warriors to step aside. It's time to deal with reality. No one is coming in the clouds with power and great glory to save us. What is going to make a difference is the same thing that has always made a difference throughout history. When greedy, psychopathic tyrants financially pilliage a country there is only one remedy. The gallows and the guilotine. It's time for heads to roll. The United States has been taken over with the consent of the gullible masses. The only thing left is for Martial Law to herd the dumb sheep into the forced labor camps or indentured servitude. All those with good sense and courage must converge on Washington, DC and show these jerks we mean business. Doing anything less means you may as well say goodbye to the Great Republic and say hello to the Fourth Reich. Prove me wrong. THE ONLY THING REQUIRED FOR EVIL TO PREVAIL IS FOR GOOD MEN TO DO NOTHING, EDMUND BURKE. We are where we are because good men are doing nothing. GET UP OFF YOUR KNEES, GET OUT OF THE CHURCH, AND GET IN THE STREET AND MAKE A STAND BEFORE IT'S TOO LATE! There is more of us then it is of them. We have numerical superiority. Let's do it!!

justthefacts
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justthefacts 09/23/08 - 10:11 am
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reddog, right on! Somebody

reddog, right on! Somebody finally gets it.

justthefacts
22079
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justthefacts 09/23/08 - 10:12 am
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peace, what time we leaving?

peace, what time we leaving?

disssman
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disssman 09/23/08 - 10:43 am
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If we are treating this

If we are treating this country like a Global Business in a Global Economy, then now is the time to sell the business! I wonder if we could put the country on E-Bay? In reality we should be sold to China because they now have the largest economy in the world and their manufacturing base is fully employed. Of course they aren't having a problem with gas, transportation and medical care either. Yeah the bottom line is we always think about this country as a business, so in keeping with this reasoning we should sell before the value drops any further. But then again maybe we shouldn't sell the entire country, rather, perhaps we should divest ourselves of some marketable assets like, the Mint, treasury Dept or the Various branches of military. I wouldn't try selling the Justice Dept or Homeland Security though, probably not a good enough return on our investment.

reddog
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reddog 09/23/08 - 10:45 am
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These are scary times --and

These are scary times --and unfortunately things will probably get worst before they get better. We are helpless in this fight--all we can do is to sure-up our own finances. Our voices mean nothing these fat cats are going to do whatever they want to and gives us just enough to appease us and keep us at each other throats!

live4now
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live4now 09/23/08 - 10:47 am
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the problem is greed, when

the problem is greed, when you loan more money to people then they can afford, then you have a problem. I bought my house last year in Nov. they wanted to give me 150,000. now lets think about that, I am single with one income and at that time a child in college, I could not afford that much house, but yet I was approved. I bought a nice 70,000 home instead. so some of the blame is also on the people that took more money than they could pay back.

imdstuf
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imdstuf 09/23/08 - 10:49 am
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Peace, they would turn the

Peace, they would turn the guns on the people.

live4now
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live4now 09/23/08 - 10:54 am
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I say cut the ceo's salary of

I say cut the ceo's salary of every major company and they could take care of themselves and not need to be bailed at our expense. soon there will not be a middle class just poor or rich.

reddog
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reddog 09/23/08 - 11:05 am
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There is plenty of blame to

There is plenty of blame to go around--and the lenders and borrowers should have to suffer the brunt of this bill. The Ceo's should get a 1 year severance pay and forfeit every thing else. Why reward failure? You screwed the American taxpayers and now you are going off in your yacht to Tahiti until the storm passes over, we forget and you get hired by some other corporation.

weekapaug05
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weekapaug05 09/23/08 - 11:25 am
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r11mcbell
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r11mcbell 09/23/08 - 12:04 pm
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This bailout is really for

This bailout is really for the poor. They don't create jobs and most don't pay taxes. Wakeup. The large companies create capital which then creates jobs. Poor people don't create capital and capital is the fuel which our country operates on. The bailout is actually a purchase as we get ownership in the company we held and actually get some hard assets. The new management will not have huge bonues and their will be oversite. In the end, it maybe like the Chrysler loan , paid in full and ahead of time. Without these loans and asset purchases we will be in a recession for several years. The people can't pay for their house when they are unemployed. At least now we have a chance.

LaTwon
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LaTwon 09/23/08 - 01:27 pm
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the federal reserve system is

the federal reserve system is a crime. they created the great depression and now great depression 2 could be right around the corner. a system of vampires that destroy our society for global goals. i say let the system fail.......................
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)

LaTwon
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LaTwon 09/23/08 - 01:44 pm
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LaTwon
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LaTwon 09/23/08 - 01:46 pm
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Ron Paul, whose words in

Ron Paul, whose words in Congress on September 10, 2003 foretold the future crisis:

"Despite the long-term damage to the economy inflicted by the government's interference in the housing market, the government's policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing. Perhaps the Federal Reserve can stave off the day of reckoning by purchasing GSE debt and pumping liquidity into the housing market, but this cannot hold off the inevitable drop in the housing market forever. In fact, postponing the necessary, but painful market corrections will only deepen the inevitable fall. The more people invested in the market, the greater the effects across the economy when the bubble bursts."

AThinkingMan
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AThinkingMan 09/23/08 - 04:45 pm
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Actually ibeewalkingtamemphis

Actually ibeewalkingtamemphis I'm afraid you are wrong. The president not only can but does introduce legislation. It used to be the practice to require that all legislation come from congress however this was NEVER a constitutional limitation, merely a tradition. One that has sadly passed into history. Also it is foolish to attempt to tie this problem to soft credit. Truthfully it was the folly and greed of those who had become used to unreasonable profits from poorly understood financial instruments. If you think that this could be tied to democratic policies, can you truly be so naive as to think that the republican experts would have missed the opportunity? Rather than point the finger, we would be best served to examine ourselves and puzzle out how we might have contributed to it and change our practices.

mojo
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mojo 09/23/08 - 04:49 pm
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Now I know where all those

Now I know where all those folks who weren't pay attention in economics landed - the chronicles' comment board.

Tujeez
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Tujeez 09/23/08 - 05:11 pm
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There are a lot of good

There are a lot of good points being expressed. Obvious, but good. The key,I believe, is for all of us to be aware of what is happening and what caused it.Good old fashioned greed. Speculation in all areas of the housing markets, buying,lending,investments,etc. The nature of people who love money is to make more, have more, spend more. When we allow ourselves to become a slave to money, those who make their livings exploiting us succeed. We've seen the results of our disease, diagnosed its' cause, the question is now,what are we going to do about it. Many will say there is nothing we can do about it. I say no. We can do something about it. Many of us have been. We can be responsible for ourselves. We can hold those who are not and have not been responsible accountable.
If I went to Las Vegas and gambled away my life savings, I wouldn't come home and expect my government to restore my savings. The problem is this crisis does not effect a few. Most of us are powerless to effect this problem. The government is the only entity big enough to remedy it. But they need to FIX the problem this time, not just carte blanche excuse those responsible. The rest of us need to VOTE responsibly.

jack
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jack 09/23/08 - 07:19 pm
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Justusdummies, it was BJ

Justusdummies, it was BJ Cliton, backed by the liberal DIMs in Congress like Barny Frank, that repealed the Glass-Steagall act that regulated these banking insitutions. It has also been this guy (?) frank's committee that was supposed to be overseeing these intitutions as well as DIMocRAT Senator Chris Dodd's committee (who got the MOST political contributions from both Fannie and /Freddie. Bush had little or nothing to do with it, numbskull, (and I ain't a Bush fan, either, I just know our how government works) but those who head up the SEC, etc, are just as at fault. They didn't do their jobs.. ..

jack
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jack 09/23/08 - 07:27 pm
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Frankly, I feel sorry for

Frankly, I feel sorry for those folks that are losing their homes because they have had som calamity in likfe, bu have NO pity for those that over extended themselves and now can't pay the note. I bought my latest house in '05 and it is one I could/can afford.

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