United Liberty
Earth to Congress: No Bailout!
Thu, 09/25/2008 - 11:10pm | posted by Brett Bittner
A recent LA Times/Bloomberg poll shows that 55 percent of the American people do not support a taxpayer bailout of the financial sector of the economy, while only 31 percent think it is the government’s responsibility to provide these funds to the struggling firms. The first plan presented, drawn up by Treasury Secretary Henry Paulson and the Bush administration, has drawn fire from many legislators and political action groups. The Paulson plan calls for $700 billion dollars to be spent to purchase the assets that the mortgage companies are unable to sell, a transfer of more authority over the markets to the Federal Reserve, and no oversight or judicial review. That would be a hard pill to swallow for any legislation, let alone a taxpayer bailout of financial corporations.
Alternatives to the plan under development since June were the biggest topic on Capitol Hill yesterday as legislators fought to include things like equity stakes in the struggling corporations, offering the money strictly as a loan, pay restrictions for executives, and providing assistance to distressed homeowners as they worked to finalize details on a bi-partisan plan. Interestingly, the only thing not being thoroughly considered is that any bailout plan conceived be used as a last resort, rather than the first option. With over half of the population against a bailout, why is no one talking about letting the free market forces work?
While Congress works toward a “bipartisan solution,” the people from all over the political spectrum are organizing into groups against a bailout. The National Taxpayers’ Union, MoveOn.org, True Majority, Downsize DC, Credo, and FreedomWorks and many others have all begun petitions and movements against the bailout. Political action committees and candidates for office have also equipped concerned citizens with the tools to let Congress know what they think about the pending legislation.
Even with all of the fervor among the American people, Congress still worked toward crafting legislation yesterday, striking an agreement in principle that serves both Democrats and Republicans, yet abandons the beliefs of a majority of citizens. I stand as someone who is firmly against using taxpayer money to socialize the losses when the taxpayers did not directly benefit from the profitable times.
Should the petitions and outrage among the people stop or stall the bailout plan, Congress has a plan to add it to the Continuing Resolution, legislation that authorizes the spending necessary to perform the functions of the Federal Government. Since voting against a bill that combines the bailout with the legislation that funds the Federal Government would result in a shutdown of the government, this plan appeals to Congressional leaders. This action also gives Congress a pass on the obligation that spending legislation originate in the House, as the Continuing Resolution has already passed the House. Now, the Senate could simply take the Continuing Resolution, add language authorizing the bailout, send it back to the House for an up-or-down vote and push it along to President Bush to sign.
It appears that our elected representatives seem to have already decided that the bailout will happen, regardless of the will of the people. How excited are you to be paying just over $2000 each to cover someone else’s mistakes?
These politicians in Washington D.C. obviously live in a bubble that is better able to deflect any public opinion from coming in than any missile defense shield could ever hope to deflect a nuclear warhead. They only pretend to care when there’s an election on.
Against my desires…
Congress will take my money and give it to investors and banks which means..I won’t have any money and will have to go to the investors and banks…to borrow my own money back with interest…
and for this we pay these guys???…
This election I am voting for anyone who is against this bailout for the rich. I was formally a lifelong Democrat and have since become an Independent. The Democratic party is a disgrace and I hope that many an incumbant will be looking for other jobs after being voted out of office.
I think if there is a taxpayer bailout, those making under $150,000 should be totally tax exempt. Let the members of Congress personally purchase the assets that the mortgage companies are unable to sell, if that’s what they support.
I feel there is a lot of corruption on both parties (nobody cares about the voters).
Suggestion if you are presently unhappy:
DO NOT RE-ELECT ANYONE TO CONGRESS.
New plan. Give the $700 billion to the legal,tax paying, working class over 21, people of this country. Rough estimate would come to around $450 thousand per household.One check per household. Now take taxes out of this. Win win for the govt. That would leave around $250 thousand per household. With this we all could pay off all our credit card debt,school loans, car, boat,etc. ALL of our debt. Companies banks would have their money no loss. Every one is bailed out and life goes on. Think about it.
Other side do we get our donation to the bail out as a tax deduction????
It is amazing that our elected representatives represent us so poorly. the last poll I saw the US Legislature had a 9% approval rating. no one I know could hold their position with that level of performance. The total lack of responsiveness is once again demonstrated in this bail-out action. The maintenance of the “money machine” that congress counts on to fund thier political campaigns and pet projects is more important than the well being of the poor citizens that they represent. Most don’t have a clue what to do without being told by the guys that got us in this mess. The fact that Cogress, not the President, is responsible for the watch-dog efforts and legislation that is supposed to protect is totally ignored. It is hard for me to blame te President when we have had an ineffectual and toothless congress for at least the last two years. Who funds the government? It isn’t the President……who develops the legislation? It is supposed to be the Congress……who has failed us and is continuing to fail us with this bail-out? The President has a piece of the action but at least he took action….what has congess done??? react??? I have never seen so many grown men and woman in such high office act so stupid…..what happened to accountability and responsibility? Who do they work for?
Government does not belong in the market place - period. Government traditionally operates in a deficit. How long would private companies operating at a deficit remain in business? Keep the government out of the market and let the market do what the market does best - sink or swim. Ordinary citizens realize there are consequences for bad decisions. Its time those who have convinced themselves they are beyond such mundane things as consequences learn they are not exempt. Sometimes great opportunities present as disasters - it just takes some
one with vision and insight(and the ability not to hit “Submit”
This a clear case of “Taxation Without Representation”. It is unconstitutional and therefore illegal. Isn’t this way we fought the American Revolution in the first place. Maybe it is time for another one. Let’s all decide not to pay our taxes, just give yourself a “Bailout”.
To all the United Liberty members join me in the fight to take every house and senate seat for any third party that is running in every state. Also lets get a web site that tells who is running as a third party in every state. How we can help those running win. This bailout is crasy. I have a plan of buying those bad housing debts, looks like my free market is not going to work now. This is enslavement of the people, not a free democratic enterprise.
It is time for us the people to stop the talk and do something.
A different solution should have been found. The current $700 Billion plan lets Wall Street off the hook and does not punish them for their excesses.
If the Capital markets are gridlocked, why not come up with a Government-backed/owned National Business Bank that could offer direct loans to Businesses?
Why not set up “Mortgage Courts” and let judges decide on a case-by-case basis on the troubled mortgages? The judges would spread the pain between the culprits: the Lenders and the Borrowers.
If this sounds like Socialism, so what? Capitalism is evolving and these are no ordinary times.
If you missed last night’s live webcast of Treasury Secretary Henry Paulson and editor-in-chief Steve Adler, you can still watch it here. Further analysis of the discussion can be found at , MarketWatch, Bloomberg and Portfolio.com
Car companies are expected to boosts their sales and are expected to create more fuel-efficient cars as well as some of the alternatives to fuel-powered cars in order to have any financial support. What to expect on the future? And it really matters a lot when it comes to meeting the marketing goals and its profit margins.
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