Main Street's Resentment Over Wall Street Bailout

Washington Post :

The bailout doesn't smell right to the people of Manassas Park, where the foreclosure signs are as common as azaleas. They know all about bad debt here. This is a terrain of oversize dreams, misjudgment, financial calamity -- and empty houses. "Foreclosure. Foreclosure. Foreclosure," said Ed Merkle, 58, as he pointed to the "for sale" signs lining his street.

But Merkle, a defense contractor, said he has lived within his means in an era of easy credit. He didn't take on a huge loan even when his bank encouraged him to dream bigger.

Read the whole story: Washington Post

Comments

[Jessegirl]

Repubs say "Country First"...but which one?

Chin*a ?....or Ir*a*q?

[fiorastar]

They mean country MUSIC, don't they?

[BronxBorn]

Now, now Jessegirl, let's not get to truthy.

[lornejl]

George W Bush;

" Congress must act now "

[Artos]

lornejl,

I would ask Georgie, why the rush. Are you afraid it might hurt your legacy even further to have the country go belly up during your last few months. OH Oh too late Georgie Boy, Too late.

[ZHarris]

To the trolz who want to hang the Gramm-Leach-Bliley Act on Bill Clinton. They should admit the act sill permitted strong oversight.

"The Gramm-Leach-Bliley Act amends the Company Act, the Investment Advisers Act (Advisers Act) and the Securities Exchange Act of 1934 (Exchange Act) to ensure that the U.S. Securities and Exchange Commission (SEC) has full authority over the securities activities of banks, including investment company activities."

http://www.pepperlaw.com/pepper/publications_article.cfm?rid=106.0

The question should be, what has the SEC under BushCo done for the last 8 years?
Wait a minute, I'll answer that question.

NOTHING

[MourningDude]

McCain said he would "fire" the head of the SEC for negligence, and Obama mocked and criticized him for doing that.

[apogee2perogee]

Why didn't he pursue a firing last year and prevent this crisis?

[WLA]

Because it is not possible, perhaps?

[ZHarris]

Bush: "Heck of a job, Brownie..."

[ThunderclapNewman]

The president lacks the authority to fire the head of an independent federal agency.

McCain should have been mocked for being so clueless.

[HypnoToad]

Wow the Rethugs are in total meltdown.

[Artos]

HypnoToad,

Either that or this is the Calamity that they have planned for so as to enact Martial Law. A last ditch means to hold on to power. Could it be. Is the economic ruination of America covered as a justification for establishing Martial Law, i wonder?

[Norge]

The bail out does not smell right because they will be bailing bilge water in the form of fiat monies with the top of the tank covered with dead rats who have been roting for a very long time.

[williamg]

Republicans: Everyone is to blame, except the people in charge of our government the last 8 years.

[PumaAnn]

Only the fools will think this is strictly a Republican deal.

There is clear evidence to the contrary, and PEOPLE (regardless of your affiliation) need to insist that is the clear message, and both parties step up to the plate.

Pelosi did nothing. She absolutely denied accountability. O said Dems were accountable, but only in FL on a campaign talk. Mac is on TV accepting the beating for the Republicans.

until the Dems step up and are accountable, this current support for them will dissapate and this will turn out to be the core issue that defeated them.

The Congress is hugely unpopular for a reason. People were right. People ARE right.

The Dem party is as bad as the Repubs.

End of story.

[OutOfContext]

How bout dem Ste-lurs?

[StarfishusBovinae]

HA! Gotta love dem Pats!

[OutOfContext]

Blame game warning!!!

This is the HERE AND NOW.

"Nice job, Brownie"

[ibsteve2u]

And, amusingly enough, as if in anticipation of receiving that $700 billion in taxpayer money, the big banks' investment advisors are saying "Gee - those regional banks are overvalued. You should sell.".

I think the "Cheap." and "To us." is just implied.

Well, America - after being kicked in the teeth by the Seven Sisters of Big Oil for 50 years, are you ready for the approaching day when Paulson finishes setting the stage for the birth of the Seven Brothers of Big Banks??

[OutOfContext]

Blame game warning!!!

This is the HERE AND NOW.

How many Iraqi's were on the planes on 911?

?

[OutOfContext]

Blame game warning!!!

This is the HERE AND NOW.

Do younz guys think it's fair RIGHT NOW to ask each and every American for $2,325 to bail out folks that gave themselves billions in bonuses?

?

[WhyYouPDSing]

Bar.ney Fran.k created sub-prime lending so poor people could be homeowners too. IT DID NOT WORK.

[Freedomscap]

OK, now what...?

[WhyYouPDSing]

Ba.rney Fr.ank should resign immediately!

[ThunderclapNewman]

No.
He did not.

[WLA]

And the Martians invaded yesterday.

[lornejl]

The Dictator Barney Frank, I knew it !

[HypnoToad]

McCain & the GOP ..
How Did your Senator Vote?
Gramm-Leach-Bliley Financial Services Modernization Act.

53 Republican Senators plus one Democrat - AYE
44 Democrats no Republicans - NAY

Economist Robert Kuttner has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis. Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly". 100's of bank WILL FAIL the FDIC does not have enough funds to cover the potential losses. of course Uncle Sam will have to add more capital to the bail out. "John McCain voted FOR the bank laws that led to the current credit crisis. John Mccain's economic advisor WROTE the law. 53 Republicans voted YES to the law. When you're in danger of losing your house, can you take a chance on more of the same from those who wrecked out economy?" http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105

[ThunderclapNewman]

As I type, the Dow is down 254 points.

Our economy is swirling the bowl, and the troIIs here want to play games and ask off-topic questions.

That's why they're Republicans---utterly self-absorbed and uncaring.

[lornejl]

And blame dems, now that is a neat trick.

[abby4ever]

Why did the D ow shoot up at news of the res cue b ill and yet fall that hard today? Maybe people are getting sus picious or having second thoughts. And why is Bu sh in such a hurry? I smell a ra t.

[MrCleaveland]

Weren't you the guy who wrote Friday, "As I type, the Dow is up over 300 points"?

I didn't think so.

[ThunderclapNewman]

Nope.

The uptick on Thursday and Friday was expected as traders bought low.

Now they're selling.

[WhyYouPDSing]

You don't want to hold on until after the bailout is signed into law to make blanket remarks about the stock market and the economy? Why didn't you say that on Friday when the market was up 368 points?

[PumaAnn]

The Dow fell due to the Dems deciding to turn this political.

Simple stuff.

O doesn't care. He made the headline.

[WLA]

So you would just toss them the checkbook?

[ThunderclapNewman]

L I A R.

[BradPittsburgh]

Democrats from Carter to Clinton helped roll back the government's regulatory power, but as the economic crisis deepens, "regulation" is no longer such a dir*ty word.

http://www.motherjones.com/commentary/columns/2008/03/deregulation-economic-crisis.html

[HypnoToad]

McCain & the GOP ..
How Did your Senator Vote?
Gramm-Leach-Bliley Financial Services Modernization Act.

53 Republican Senators plus one Democrat - AYE
44 Democrats no Republicans - NAY

Economist Robert Kuttner has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis. Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly". 100's of bank WILL FAIL the FDIC does not have enough funds to cover the potential losses. of course Uncle Sam will have to add more capital to the bail out. "John McCain voted FOR the bank laws that led to the current credit crisis. John Mccain's economic advisor WROTE the law. 53 Republicans voted YES to the law. When you're in danger of losing your house, can you take a chance on more of the same from those who wrecked out economy?" http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105

[WLA]

Wrong. It started with Reagan, and WJC had a weak veto pen for the Gramm-Leach-Bliley Act that had ONE Democrat vote for it. One.

You do not get to rewrite histroy, tr0ll.

[BradPittsburgh]

Democrats from Carter to Clinton helped roll back the government's regulatory power, but as the economic crisis deepens, "regulation" is no longer such a dirty word.

http://www.motherjones.com/commentary/columns/2008/03/deregulation-economic-crisis.html

[williamg]

Geez! Brad is a broken record. Blaming Carter for the problems of the last 8 years? How silly is that.

[lornejl]

It's pretty advanced really, most blame FDR and work their way up.

[Freedomscap]

Describe Reagonimics?

[WLA]

Wrong. It started with Reagan, and WJC had a weak veto pen for the Gramm-Leach-Bliley Act that had ONE Democrat vote for it. One.

You do not get to rewrite histroy, tr0ll.

[Liberoservative]

Don't forget the Republican Gramm-Leach-Bliley Act