Why Nancy Pelosi and the rest of Congress can go to Hell.

Submitted by jimsarr on Mon, 09/29/2008 - 9:36pm.

I'm not one to place blame on either the Democrats or Republicans for the current financial crisis that we are in today. But when you look at what these sleeze-balls in Washington did today by voting 'No' on the Bailout plan aimed at saving the American Economy from self destruction, you must realize why we are going to take a huge hit financially. For starters, for a non-partisian bill that Nancy Pelosi helped draft you would think she was playing for the other team today. Instead of rallying all of Congress to vote yes and save the economy, she goes out and gives a Partisian, Bush-bashing speech influencing many House GOP to vote 'no' along with several of her 'friends.' On top of that, Representatives more concerned about the state of the re-election campaign than the state of the economy voted no. It is unbelievable that faced with the current crisis that these men and women elected by the American people would go out and stab them in the back simply to save their own asses. I'm pretty sure we don't need any of these selfish people representing the American government. I want to puke right now. Down with Nancy Pelosi and anyone that voted no today. If anything happens it's on their shoulders.

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Politics

I Trust Warren Buffet, if he

Submitted by Coldice4678 on Mon, 09/29/2008 - 10:18pm.

I Trust Warren Buffet, if he thought the bailout was a horrible I idea, I think the bailout was a horrible idea.

While I don't think this

Submitted by andrew on Mon, 09/29/2008 - 10:30pm.

While I don't think this bailout should have passed in its current state i DO NOT trust warren buffet. Anybody who has that much of a financial stake in the particular situation cannot be considered unbiased in any way. OF COURSE he wants them to pump 700 billion plus dollars into the companies he just bought five billion dollars worth of shares of. That would be like me a shareholder of apple going around saying the only way to save our economy is to put billions of dollars into apple. Obviously it would make me richer and that's all I would be thinking about. In fact when they said they were going to pass the bailout speculation that it would go through made warren buffet 900 million dollars richer. So while I think the sage is indeed an amazing investor he should not be commenting on the situation because of conflicts of interest.

I have a question, how come

Submitted by eduardo (not verified) on Tue, 09/30/2008 - 12:20pm.

I have a question, how come other wall street companies aren't coughing up millions of dollars to save the economy? Why should they take the same amount off of my taxes as these wall street guys to "save" the economy?

If something does happen, JIM, it would not be on those people who voted NO (regardless whether or not they are right), its on the companies who screwed up in the first place. I mean, for example, if you were in ridiculous debt and couldn't get out of it and couldn't make your payments, and later asked your 'friend' to bail you out of debt...would it be his fault if he decided not to? No.

Maybe the government should act to try to help the companies but giving them 700 billion dollars - which would cost 2000+ dollars to each of us - toward a plan that may or may not work is crazy. You got them saying things like "the American people will get a good value for their money", "whether its the full amount (return value), its hard to know", or "I can't predict the future". These statements are not strong, they won't convince anyone.

Just like Andrew said...the only reason all these politicians are pushing for this plan so strongly is because they are loosing money on their stocks. Its naive to say otherwise.

it is not naive to say

Submitted by jimsarr on Tue, 09/30/2008 - 5:44pm.

it is not naive to say otherwise, as Andrew pointed out in the comment below. Because of the no vote on the Bailout plan, Wall Street fell almost 800 points Monday, which is 7%. That is a loss of over double what the Bailout plan was. I understand everything being said about the money coming from the tax payers and the dividends that may accompany it later. Andrew is right that in its current state its not so great and that yes it does need revision, but this plan is NOT to try to save these companies. It all comes back to us, and by reforming these companies it does help the American people. And still whether or not you believe that the deal is good or not, If we have politicians in Washington who believe that it would help America and still voted no because of their re-election campaign, that is very dangerous. I want them out. Oh and don't call me naive Mr. 9/11 was an inside job.

didn't the stock go up by

Submitted by eduardo (not verified) on Tue, 09/30/2008 - 7:05pm.

didn't the stock go up by 400 today?

look the only thing I'm saying is that maybe the government should make ALL those CEO's and heads of the banks pay for this disaster. All those people fill their pockets with money from banks (institutions) that are mainly ran and need the public who invest/insert their money in such banks.

You well know that these CEOs don't loose, they know when their banks start declining. They make sure they get their share of the pie and, if they have to, they leave and let the bank/institution fail. And, although I'm not suggesting they want their banks to crash, all those CEOs care about is getting theirs..and now you and I have to help them? It's just frustrating. They'll get their help and go back to ripping people off...just like AllState tried to do by raising their policies by 70%.

The 1st problem there was

Submitted by Coldice4678 on Tue, 09/30/2008 - 3:12pm.

The 1st problem there was only one strategy on the table, you need options to make wiser decision especially one at this scale.

Not having the bailout always the market to adjust itself, the Private sector doesn't want to compete with the government. Apparently all the banks that went under and now attach to larger banks should prove better for bank customers, because of closer competition, regional domination may dissolve in alot of places.(I never notice regional domination in Florida, probably because they accommodate for all the visitors from up north.) As CNN MONEY explained me yesterday, let the private do their thing without government intervention.

you are wise beyond your

Submitted by eduardo (not verified) on Tue, 09/30/2008 - 3:30pm.

you are wise beyond your years, coldice4678

Of course there is always

Submitted by andrew on Tue, 09/30/2008 - 4:37pm.

Of course there is always the flip side of things as Bloomberg pointed out yesterday. The stock losses more than doubled the total amount of the bailout meaning that by not spending 700billion 2trillion dollars were lost in a single day. While I still don't support the bailout as it is written a little bit of food for thought is that quite possibly this all would have been avoided if congressional democrats hadn't thwarted the bill co-sponsored by Mccain in 2003. The bill would have reformed Fannie Mae and Freddie Mac making them practice more sound lending techniques.