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

[OutOfContext]

2,325 dollars is what each and every American (July pop figure) is being asked to give Wall Street.

[kay]

I was on board with it until I witnessed the absolute brazen behavior of Bush's loyal lackeys, and their immediate push to garner some political gain from this crisis.

It probably matters, a lot, if credit markets freeze, and it probably hurts the lower tier worse.

But, I've given it some thought, and I don't feel like extending conservatives credit. It will just serve to reinforce and bolster their absolutely amazing arrogance.

[AndyfromCanadaEH]

DO NOT let Congress have oversight to spend $700B. The Congress has driven America into a land of excess : ever increasing trade deficits, every increasing spending, every increasing corruption, every increasing illegal immigrants, ever increasing prison loads, ever increasing outsourcing, ever increasing crime and of course ever increasing debt .... $13,000,00­0,000,000!­!. WOW ... how is that even possible?

What to do? Give the $700B to Canada! We are very efficient and can elect a new Prime Minister in a few months for next to nothing in cost, unlike the USA which will spend $1,000,000,000 to elect their next President and take 2 years doing it. Canada can fix the housing crisis and the incoming financial tsunami that will hit the USA. We will simply relocate Americans to the real "land of the free". We dont have a huge chain of debt around everyone's throats here. And we have free medical treatment for everyone! And no guns!!! And very little crime!!! YA!!

[AdLib]

From what I hear, there's a long line forming for Canadian citizenship if McCain wins.

[FixTheBroken]

I love dual citizenship

[FixTheBroken]

You might need that extra money to support the flood of defectors that come to CA if McCain gets elected, of if, God forbid, Palin becomes our President.

[kay]

"the whole world is watching to see if we can act quickly to shore up our markets and prevent damage to our capital markets, businesses, our housing sector, and retirement accounts.

"Failure to act would have broad consequences far beyond Wall Street. It would threaten small business owners and homeowners on Main Street."

President Bush is saying that conservatives destroyed confidence in US markets.

He's begging you to throw him a life-line, because he doesn't want to be known as Hoover.

[SCG]

Then they should sign on the democratic line, and grumble later.

We'll see who blinks first, I'm not scared.

If I was a billionaire, I would be.

[kay]

They're terrified.

Isn't it amazing how they trashed the credit rating they inherited, unearned, in 8 short years?

The wrecking crew want your children's checkbook. Trust them!

[lornejl]

Hey ditto heads, free market, yes or no ? That means zero bail out, what say you ?

[chappelforpres]

I'd say; there's never really been a "free market" economy, just a Reptilian "free pass" enabling slimy robber barrons to plunder the plebs, like the grifters they are. Too late to lament, crying "socialism", pleading to allow their toxic dust to settle where it will, wiping out hapless millions as panic fed shorts pile on like sharks. And who's that slinking out of the harbor? Boatloads of grinning perpetrators, casting off their treasure laden boats to sail into the sunset.

[TiffanyHusseinBanned]

If you had to select an economic advisor, who would you pick?

Sen. Gramm or Warren Buffet

[williamg]

Carly Fiorina! She did an awesome job of running HP into the ground.

[TiffanyHusseinBanned]

Me too. ;)

[IowaKid]

Yea she drove it right over the cliff.

[SCG]

Dr. Ravi Batra.

[FixTheBroken]

I would pick Jimmy Buffett over Gramm.

[JiminNC]

Or Shoney's seafood buffet

[MourningDude]

Warren Buffet is spending his large stockpile of cash like it's going out of style.

While others hoard cash and gold, he's gobbling up investments as quickly as possible.

Sounds like he believes that the fundamentals of the economy are strong, and that this crisis will pass.

[TiffanyHusseinBanned]

So you are unable to make that decision? OK thanks!

[AdLib]

Charles Keating.

[williamg]

John McCain, Monday: "The fundamentals of our economy are strong"

John McCain, Monday afternoon: "We are in an economic crisis."

[MrCleaveland]

The two statements are not mutually exclusive.

[ThunderclapNewman]

Yes, they are.

[AdLib]

They are indeed, as are "MrCleaveland" and "smart".

[Eoin45]

You and intelligence are mutually exclusive MrC.

[chappelforpres]

Not necessarily, but practically speaking, they are. Try Dow at 6000 in two short weeks with McCan't decide, or McFlip, in charge.

And please, with almost every one of our illustrious representative taking cash from one entity or another, there has never been "a free market economy".
But hey, feel free to smoke that Reagan "folksy" daydream. Just remember, that warm gooey feeling you've been getting, is just one special interest or another trickling down your leg.

[HypnoToad]

Oh I see all the trol)s have now shown up. Pathetic group of hired posters. Lunch hour must be over.

[OkieMon]

Oil is really shooting up again in the commodities markets…not a good sign….the govt wants to stop shorting (gambling with credit) in the stock market but they need to do the same in the commodities markets….in fact the potential of banning shorting in the stock market is likely feeding this latest frenzy in the commodities markets….

[SCG]

Republican contribution to humanity these last 30 years.....

E rection Pills.

[Dansden]

You don't know RESENTMENT- this is the equivalence of a MIDDLE-CLASS CIVIL WAR COUP throwing out BOTH Parties and establishing a new one based upon the U.S. Constitution and men and women of character elected as true patritots to the dream of American enterprise and American security and American Health......it's a coming if this legislature bends OVER ONE MORE TIME for MCBUSH and his CRONIES OF BOTH PARTIES!!!!!!

It's coming because our grandchildren mean more to us than our political ideologies and partisanship....we want them to see what American was dreamed to become rather than this 'apparition of corruption, collusion and compromise' that WALL STREET has 'NIGHTMARED' our future with this time.....

[Novelismo]

Unfortunately, the "permissive" Conservative Deregulators have spent millions buying protection in the halls of Congress, so there probably won't be any corporate or personal accountability. I doubt anyone will pie Hank Paulson for suggesting that "no crime was committed." And he certainly won't get fired.

First they robbed us; now the same folks want to sell us some "protection."

Welcome to organized crime -- financial crime.

[andyboy]

Boy rich people will do just about anything to avoid losing a dollar.

Remember folks..This is all for us. These guys are going to swallow hard and steal the money for you America. What grit.

They aren't even whining like liberals always do. They're just extending and open hand. Brave. Patriotic. Resolute.

Thank God for the neo-con Republicans. I don't know if anyone else could have ever steered us out of this morass.

Why I wouldn't doubt if they would even have the courage to empty the whole Treasury out if need be to "save" us.

It's alot of money but somebody has to steal it.

The criminals are looting America of every last dollar. Not Wall St........ Our own "leaders'.

[Novelismo]

Financial crimes on this scale are difficult to understand. But it's even more difficult to understand why the scoundrels who have always supported the Conservative Deregulators -- the companies and the individuals who profited most -- can't be prosecuted. Surely it wouldn't take that much to make their behavior a federal crime punishable by a long vacation at Guantanamo? Behavior that increases the instability of the financial markets could be a felony -- it should be a capital crime -- but it's neither of these things because the richest Americans keep paying off your Congressmen and Senators. They're so cynical that they expect us all to go along with letting them rob us -- AGAIN.

But I say -- let them disgorge their profits for the last five years.

[williamg]

WhyYouPDSing,

Are you proud of the job Bush has done as President?

[WhyYouPDSing]

Absolutely, I am, because he succeeded in forcing you Liberals to waste 8 years of your lives being filled with hate. I love that.

[Novelismo]

His scorched earth attacks on democracy and civil liberties are something any good German could have been proud of during the Thirties ....

[mrJJ]

McCain=Keating5 http://www.youtube.com/watch?v=kJ2eayWR3dU

Gramm=Enro­n=Dregulat­ion=Countr­y of Whiners

McCains Campaign Manager=35k mos for 5 yeasr to help Freddy & Fanny duck regulators

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

Lets see $200 Billion For McCains Keating5's S&L mess. $700 Billion for McCains deregulation of Wall Street mess.

Then we add $596 trillion in derivatives debt (Thank You, Sen Gramm), over $2.5 trillion in credit card debt, and $58 trillion in credit default swaps

http://www.wallstreetdigest.com/hotline.php

Good Job Sen McCain

[Novelismo]

Politics is about who gets the money. McCain has been a very successful politician. But, like other Conservative Deregulators, he is extremely cynical about the gullibility of ordinary Americans. His pathetic lies threaten America's families.

[LHoney]

http://www.votenobailout.org/

[fleaba]

This bailout is totally bogus, I can't believe that our taxes would go to pay not only Wall Street cronies, but European banks as well. (like we will pay for the 6 week vacation time for Germena bankers....I don't think so) This is fascisim, pure and simple. Exactly which taxpayers are going to be paying for this. Certainly not the middle class who will have no homes, jobs, food or fuel.

Contact your Senators ASAP.

You can e-mail via the True Majority Website or call.. I did both..If you type in your name and state you will be signed up for True Majority (you can opt out of receiving their e-mails at any time).
http://www.truemajority.org/NoBailout/switchboard.php

[Novelismo]

The bailout isn't bogus -- the problem is that no politician dares propose that the companies and individuals who robbed America should have to pay for their financial crimes. At the very least, they can disgorge all the money they made defrauding ordinary middle class Americans. Some of them should go to jail. Plenty of empty cells at Guantanamo these days. The Conservative Deregulators and the corporations and individuals who paid them off to look the other way while they stole several trillion dollars are the real danger to America.

And on top of that, they are the only reason we can't all have six weeks of vacation.

There has to be at least one senator who will stand up and filibuster the bailout until disgorging the profits before getting any bailout money is part of the package.