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Lawmakers Seem Near Deal on BailoutBack to Article »
Senate and House negotiators hoped to reach a bipartisan consensus on the financial bailout before a high-stakes meeting at the White House to finalize the agreement.
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1.
September 25, 2008 11:27 am
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so is the debate still on if an agreement is made before this big WH meeting happens? this whole situation is rediculous. how on earth did so many people in washington let it get this out of control??? no one is in control! i say toss them all out!
— kdes1421, NY
Recommend Recommended by 7 Readers
2.
September 25, 2008 11:28 am
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I love how Obama's numbers get a jump, even when he's reluctant to go back to DC to help drive this thing. I suppose voters are used to him not actually performing any of his duties as a Senator.
— Steve C., Chicago
Recommend Recommended by 5 Readers
3.
September 25, 2008 11:28 am
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I hope they are planning to weight the impact of this bailout on the 1% of Americans who control 90% of its wealth. These are the Americans who benefitted most from Wallstreet excesses and who should carry the majority of the cost.Ordinary Americans are already paying the price is foreclosures, lost equity, reduced savings, job loss and threatened retirement.Let the people best able to absorb this mess step forward for the sake of the nation.
— Reality Check, Los Angeles
Recommend Recommended by 37 Readers
4.
September 25, 2008 11:28 am
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The deal should include a Special Prosecutor with subpoena power to start the inevitable investigations.
— dairubo, minneapolis
Recommend Recommended by 35 Readers
5.
September 25, 2008 11:28 am
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Heed the people's cry, Congress - no bailout.
— Joseph, Ontario
Recommend Recommended by 33 Readers
6.
September 25, 2008 11:29 am
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The fix is in - Welfare for the Rich - The Great american Way
— Bob B, New York
Recommend Recommended by 41 Readers
7.
September 25, 2008 11:31 am
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I vote for NO EXECUTIVE COMPENSATION. Maybe some of these execs can live off of their savings or sell some stuff on Craig's List like middle- and working-class folks when we lose our jobs, due to the greed of people like them. Having been laid off after 9-11, I can recommend beans and rice as a hearty, protein-rich meal.
— Kate Hill, New Yorker studying in London
Recommend Recommended by 49 Readers
8.
September 25, 2008 11:31 am
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Let me get this straight...we can't afford social security, medicare, medicaid, improvements to our infrastructure.We can afford a war in Iraq/Afghanistan.We can afford to turn Wall Street Executives who ruined our financial system into Welfare Queens.Here are my preconditions as a taxpayer.1. Require the Hedge Funds to put down 20% of the total bill. They have the money. If they need more they can sell a few mansions in Greenwich and a couple of yachts.2. Strict oversight of every penny spent. A federal take over isthe best way to do this.3. NO multimillion packages for these highway robbers. They should be made to feel like newly minted Welfare Queens. Give them say $100K for all their good work. I have taken paycuts so has everyone else I know.4. I want to be a stockholder like Warren Buffet. Return me something on my hard earned money.5. Cancel their passports...I don't want them skipping the country to enjoy the money they have shipped overseas with no extradition treaties.6. Make them live in a 2 bedroom house in like Levittown and buy a ford. If they need another job, let them look for it on Hotjobs and see what they can find.These stratospheric salaries and the egos built wiht it need to come back to earth with an explosion.
— pperlo, New York City
Recommend Recommended by 76 Readers
9.
September 25, 2008 11:32 am
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Nice day for a revolution.
— Jimmy Lohman, Austin, TX
Recommend Recommended by 41 Readers
10.
September 25, 2008 11:32 am
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How was John McCain able to make it to the conference when the Senate was in session yet was too busy fixing the economy and debate Obama which oddly enough, occurred after the session finished on Friday afternoon?
— Lawrence, SF
Recommend Recommended by 8 Readers
11.
September 25, 2008 11:32 am
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Hey Reality Check,What world do you live in? This is USA, home of privatize gains, socialize losses. We, the taxpayers, will be paying the price.
— BL, New Jersey
Recommend Recommended by 19 Readers
12.
September 25, 2008 11:32 am
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For anyone who actually was following this debate, it was obvious that a deal was imminent yesterday afternoon when Bernake and Paulson agreed to most of the concerns that had been raised.Just goes to show that McCain is no different from Bush - he exhibited very little understanding of the issue or where the debate on it stood, opting instead for political grandstanding.
— KM, philly
Recommend Recommended by 36 Readers
13.
September 25, 2008 11:32 am
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Pay limits are a distraction.The key elements in any deal must be public equity (on the same basis as Buffet's in GS), pricing of assets acquired, transparency/reporting requirements, judicial & administrative recourse.The article noted only public equity, but without any details. The other key elements go unmentioned.If the deal lacks these, it's a terrible deal for the public, a sweetheart deal for Paulson & his Wall St cronies.And what about reintroducing regulation? Not a peep in the piece. With regulation, it's a farce.
— RWeber, Geneva
Recommend Recommended by 22 Readers
14.
September 25, 2008 11:32 am
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Without some measure of support and protection for primary residence homeowners from intended (and unknown to us, who should NOT trust this bunch one iota) or unintended consequences of this bailout, it should NOT go forward.The suggestion that the government refinance (and profit) any and all of these (including allowing bankruptcy judges to mandate refinancing within this system to qualified, vetted Chapter 13 filers) has been made. It is the best way to ensure an end to this crisis, and will enable the taxpayers to profit long term (a forgotten business concept, IMHO), just as they did through the 1930s Great Depression.Congress should make the future of bush's plan contingent on this, and they should do it NOW, alongside the bailout. Hand it first to bush, make him sign IT before he signs the bailout into law. The voluntary scheme in the last stimulus and mortgage bills clearly is a failure.
— Nancy, NY
Recommend Recommended by 5 Readers
15.
September 25, 2008 11:32 am
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This is an historic moment of bipartisan cooperation. What will be interesting to watch now is how both Republicans and Democrats rush to take the credit for it. John McCain seems to be at the top of the list - just another installment in his hypocritical campaign.
— FKhan, Austin, Texas
Recommend Recommended by 7 Readers
16.
September 25, 2008 11:37 am
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The negotiations are among leaders of the relevant committees, which includes neither candidate. The candidates are there to show "buy in," in order to prevent the deal from seeming to favor either Party. Just watch McCain claim credit for the whole thing -- not just his role in bringing Republicans on board, but the whole thing. And, at the same time, saying he is above politics.
— msilbergeld, Baltimore MD
Recommend Recommended by 9 Readers
17.
September 25, 2008 11:37 am
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I love how people seem to think that not rushing to Washingtond automatically means you are not doing your job. Neither Obama nor McCain are on the relevant committees that would be negotiating a deal. They are not part of the process. People who lambast either McCain for rushing to D.C. to help or Obama for not are just injecting partisan rhetoric into this issue. I do find it extraordinary that Bush would ask for both Obama and McCain to meet with him, however. This is symbolic of what is needed as the two parties presumptive leaders can lend their stature to a plan and show a unified front with a president from a party that seems to glory in sowing discord among the population of this country. Note they are lending stature only, not actual work, which is done by the respective committees.Regardless, McCain's comments today that there is no emerging concensus flies in the face of reality and shows, yet again, that he seems to be running from a playbook that tries to ignore what is going on in favor of spin to suit his pollsters.
— Gris Gris, Denver, CO
Recommend Recommended by 19 Readers
18.
September 25, 2008 11:41 am
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This bail out should not happen. This corrupt industry needs to clean itself out. The drive to do this is political, Bush trying not to have the reputation of completely bringing down the financial system, which he has. Why should tax payer in this country help these greedy wall street bankers stay afloat and make more money and politicians to protect their shattered reputations.
— jam, New york
Recommend Recommended by 9 Readers
19.
September 25, 2008 11:41 am
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Think this bail out is a disgrace, its like hey we are going to buy all this junk from you, and give you nice clean balance sheets back, but hey it even gets better for you, you will not have to owe us anything for this, or give us any equity in your company, we are getting the taxpayers to shoulder this one, and they dont really understand this anyway.. so its all coolOn a serious note, how can you trust these republicans, i mean a former leader of GS, who earned hundreds of millions, and now is saying that executive pay in wall street is too high, is this guy having a laugh, what a joke.. what i would say is that if this bill goes through, against the vast majority of taxpayers wishes, the Democrats will get in, as how could you possible vote another republican in... so atleast something good might eventually come out of this, although this country and the generations ahead will have to shoulder this debt.. the last 8 years have been as bad as things can possibly get on all fronts.. a disgrace.. atleast hopefully things can only get better..
— shane, phillly
Recommend Recommended by 6 Readers
20.
September 25, 2008 11:41 am
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Welcome to the Great American Bipartisan Giveaway! I hope there is a roll call vote on this agreement so we all no who to send home in November.
— dave, Tucson
Recommend Recommended by 9 Readers
21.
September 25, 2008 11:41 am
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This is good news. Get the job done before the needless White House photo op this afternoon, and move forward to the presidential debate on Friday.
— Phxflyer, Phoenix
Recommend Recommended by 2 Readers
22.
September 25, 2008 11:41 am
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Thei bailout plan must not be free from oversight. THe executives that created this mess must be held accountable and the taxpayers who are footing this bill must profit from it. Every effort should be made to encure that first do not continue to pay obsene amnounts of money to staffers and not repay their debts to the taxpayers.It should not look like the politically powereful is helping the rich elite at the expenbse of the common man! This is the feeling I am getting....
— Kowlasar Misir, Edmonton, Alberta, Canada
Recommend Recommended by 3 Readers
23.
September 25, 2008 11:44 am
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If the Republicans in Congress and Senate wait for McCain today before they sign on the completed agreement in order to give credit to McCain, all the talk about non-partisanship by RNC is hogwash, plain and simple. McCain's advsisers must now be snickering in their seats and congratulating each other for everything they have caused. Meanwhile, the American people are left wondering about all the commotion when all they want is a thoughtful and fair deal.
— Celia, Toronto
Recommend Recommended by 0 Readers
24.
September 25, 2008 11:44 am
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Companies that foolishly lent money to people who foolishly borrowed money they couldn't afford to pay back, overseen by congressmen who foolishly felt that low income people deserved to own homes they couldn't pay the mortgages on...there's plenty of blame to go around. And I hope that the unfortunate, obligatory, partisan, finger-pointing and bickering currently going on is kept to a minimum in hammering out a resolution.And I also hope that people understand how serious this situation has become. Our economy and all that it entails is at stake. My grandfather told me about the crash of 1929 and how the common people felt it was good that rich people were finally going to suffer.Within a couple of months none of them had a job. This is not the time to make political points.
— Jason B., Massachusetts
Recommend Recommended by 2 Readers
25.
September 25, 2008 11:44 am
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I suggest a website which itemizes each purchase and the rationale for the purchase. Each line item should contain the company purchased from, the initial value of the asset, the purchased price of the asset and anticipated future value.How are they going to decide who to purchase from? How are they going to decided how much to pay for each asset? It has to be documented.And, of course, for each purchase, there should be an exchange of equity for the company.Ted
— Ted, Vancouver, BC
Recommend Recommended by 5 Readers
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